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通信行业周观点:博通芯片增长强劲,云商推理侧投入加速-20250608
Changjiang Securities·2025-06-08 08:44

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [9] Core Insights - The communication sector saw a 4.80% increase in the 23rd week of 2025, ranking first among major industries in the Yangtze River region; year-to-date, the sector is up 1.88%, ranking 16th [2][4] - Broadcom's FY25Q2 AI chip revenue reached approximately $4.4 billion, a 46% year-on-year increase, marking a historical high; demand for inference continues to grow [5] - Major tech companies are accelerating investments in AI infrastructure and applications, driving demand for inference and terminal computing power [6] - The communication sector is benefiting from the global acceleration of AI infrastructure and explosive demand for inference, with low valuations offering high cost-performance ratios [2][5] Summary by Sections Market Performance - In the 23rd week of 2025, the communication sector increased by 4.80%, leading the Yangtze River region; since the beginning of the year, it has risen by 1.88% [2][4] - Among companies with a market capitalization above 8 billion, the top three gainers this week were Taicheng Light (+30.3%), 263 (+24.4%), and Cambridge Technology (+23.7%); the top three losers were Ruijie Networks (-21.9%), Canqin Technology (-5.3%), and Haige Communication (-5.2%) [4] Company Performance - Broadcom's FY25Q2 revenue reached $15 billion, a 20.2% year-on-year increase, with net profit of $4.97 billion, up 134.1% [5] - Broadcom's AI-related chip revenue reached approximately $4.4 billion, a 46% year-on-year increase, contributing to a 17% growth in the semiconductor business [5] - The company has begun shipping its next-generation data center switch chip, Tomahawk 6, which significantly enhances AI workload network throughput [5] Investment Recommendations - The report recommends focusing on operators such as China Mobile, China Telecom, and China Unicom; for optical modules, it suggests Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [7] - For domestic computing, it highlights Fenghuo Communication, Huafeng Technology, and ZTE; for IoT, it recommends Heertai, Tuobang, and Meige Intelligent [7]