Dongguan Securities·2025-06-18 09:58Group 1 - The communication industry maintains a stable growth trend, with telecom business revenue reaching 598.5 billion yuan from January to April 2025, showing a year-on-year growth of 8.2% [2][27] - The mobile internet traffic reached 119.9 billion GB, with a year-on-year growth of 15.6%, indicating a double-digit growth in average user access traffic [2][27] - The overall revenue and profit scale of the communication sector continue to grow positively, benefiting from the acceleration of 5G and IoT applications [2][27] Group 2 - The era of generalized AI applications is approaching, with significant advancements in cross-modal data fusion and the capabilities of large models, leading to increased demand for AI infrastructure [2][36] - AI applications are expanding in various sectors, including enterprise efficiency, healthcare, finance, and e-commerce, necessitating higher requirements for AI cluster infrastructure hardware [2][36] - The integration of AI and IoT is creating opportunities for edge AI, enabling real-time data collection and processing, thus enhancing decision-making capabilities in various industries [2][36] Group 3 - The report maintains an overweight rating for the communication industry, highlighting the positive growth in telecom business volume and revenue, as well as the continuous optimization of earnings quality [2][36] - The expected growth in data generation driven by AI applications will lead to increased demand for data communication, prompting cloud vendors and operators to invest in AI cluster infrastructure [2][36] - The report suggests focusing on related stocks that are likely to benefit from new demands in connectivity, such as optical modules and switches [2][36]