通信行业周报：阿里夸克算力告急，火山引擎发布全模态模型，坚定看好全球AI智算产业链-20250629

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes a strong outlook for the global AI computing power industry chain, driven by advancements in AI applications and infrastructure [13][16] - The report highlights the increasing demand for computing power, particularly in the context of AI applications and the education sector, as evidenced by the surge in usage of the Quark system during the college entrance examination period [6][14] Summary by Sections 1. Investment Insights - The report discusses the launch of HiAgent 2.0 by Volcano Engine, which integrates development, operations, and testing processes for AI applications, enhancing efficiency and delivery [13] - The Quark system has generated over 3 million volunteer reports, indicating a significant spike in demand for computing resources, with Alibaba allocating 100 times more computing power than in 2024 to support this surge [6][14] - The report suggests that the acceleration of AI model iterations and improvements in inference performance will drive demand for AI computing resources across various sectors [15] 2. Investment Recommendations - The report identifies seven key industry directions for investment: AIDC data center construction, IT equipment, network devices, computing power leasing, cloud computing platforms, AI applications, and satellite internet & 6G [16][18] - Recommended stocks include New Idea Network Group, ZTE Corporation, and Unisplendour for AIDC data center construction and IT equipment [18][19] 3. Market Review - The communication index rose by 4.53% during the week of June 23-27, 2025, ranking second among TMT sectors [26] 4. Communication Data Tracking - As of April 2025, the total number of 5G base stations in China reached 4.439 million, with a net increase of 188,000 stations compared to the end of 2024 [27] - The number of 5G mobile phone users reached 1.081 billion, reflecting a year-on-year growth of 21.6% [27] - The report notes a slight decrease in the shipment of 5G mobile phones, with 19.889 million units shipped in April 2025, a year-on-year decrease of 1.7% [27]