Tebon Securities·2025-05-19 14:05Investment Strategy - The report highlights that the recent adjustments in US chip export policies are expected to create opportunities for domestic chips in China, as the restrictions may push AI model manufacturers to shift towards local solutions despite the current technological gap [10][11][12] - It is noted that the long-term impact of US chip restrictions may lead to the establishment of an independent Chinese computing ecosystem, potentially enhancing competition against US firms [11][12] - The report indicates a decline in capital expenditures among major cloud vendors, which may accelerate the demand for domestic computing power as unmet needs from the first quarter are likely to be deferred to the second quarter [12][13] Industry News - The US has imposed new export controls, prohibiting the global use of Huawei's Ascend AI chips, which may compel Chinese model manufacturers to explore domestic computing options [14][15] - China Mobile has announced a centralized procurement project for AI general computing devices (inference type) with an estimated scale of 7,058 units, indicating strong demand in the inference segment [15][16] - Sichuan Province has introduced significant policies to support the low-altitude economy, which may lead to accelerated development in this sector [17][18] - The 2025 legislative work plan includes the preparation of regulations for satellite services, which could provide a legal basis for the large-scale construction of satellite internet [18] Market Review and Focus - The communication sector saw a slight increase of 0.02% this week, underperforming compared to major indices, with specific attention drawn to the performance of optical communication and RF indices [19][20] - The report suggests focusing on domestic computing and related sectors, including companies like Cambricon, Haiguang Information, and ZTE, as well as long-term attention on major operators and infrastructure providers [24]