算力需求坚定AI投入，持续推荐光模块

Investment Rating - Industry rating: Recommended [5] Core Insights - OpenAI's commercial customer base is rapidly growing, with plans to increase annual revenue to $125 billion by 2029. The company reported an annual recurring revenue of $10 billion, up from $5.5 billion last year, driven by consumer products and API revenue [7][8] - Amazon is investing $20 billion to expand AI and cloud computing infrastructure, reinforcing its market position [7] - Oracle's performance guidance exceeded market expectations, with a projected cloud revenue growth rate increasing from 25% to over 40% in FY26, alongside a capital expenditure increase to $25 billion [8] - AMD forecasts that the global AI processor market will exceed $500 billion by 2028, following the release of its AI acceleration chips [11] Summary by Sections Section 1: Demand for Computing Power - The demand for computing power has surged due to advancements in computing chips, with significant growth in OpenAI's revenue and commercial clients. Major tech companies like Oracle and Meta are increasing capital expenditures, driven by rising AI demand, particularly from new enterprise clients [2][15] Section 2: Investment Recommendations - The computing sector is supported by underlying demand and valuation. High-speed optical modules are currently undervalued, with recommended beneficiaries including NewEase, Zhongji Xuchuang, and Tianfu Communication. Other recommended beneficiaries in computing equipment and data centers include Unisplendour, ZTE, and Guanghui New Network [3][15] Section 3: Recent Views on the Communication Sector - The communication sector is experiencing high volatility, but the computing-related fields show strong performance support. Key recommendations include operators like China Mobile and China Telecom, as well as equipment manufacturers like ZTE and Unisplendour [16][17]