通信行业2025年度中期投资策略：聚焦AI：算力纵深推进，应用加速落地

Core Insights - In 2025, overseas cloud service providers will significantly increase capital expenditures, accelerating the construction of computing power infrastructure, while AI terminal applications will flourish [4][11] - Telecom operators are positioned for both dividends and growth, with a continuous tilt towards intelligent computing investments [8][19] - The AI computing chain will maintain high prosperity across multiple segments, including optical modules, copper connections, liquid cooling, domestic servers, and IDC [4][9] Telecom Operators - The three major telecom operators have consistently delivered strong performance, with dividend payout ratios steadily increasing, making dividend returns attractive [8][19] - The construction of intelligent computing centers is accelerating, with a large procurement of domestic intelligent computing cards, significantly improving GPU utilization and sales rates [8][19] - Despite entering a downward cycle in total CAPEX, the proportion of computing power investments continues to rise, indicating increased investment intensity in the AI industry chain [8][19] AI Computing - In 2025, overseas cloud service providers' capital expenditures will reach a historical high, driven by demand for AI training and inference, leading to sustained high prosperity across various segments [9][30] - The demand for optical modules is rising, with significant revenue and profit growth for manufacturers in Q1 2025 [9][30] - The copper connection segment is benefiting from high-density interconnects, with manufacturers actively laying out high-speed line modules [9][30] AI Applications - AI large models are reducing costs and improving efficiency, leading to rapid evolution of AI terminal forms across various categories [10][11] - Module manufacturers are upgrading to intelligent and computing modules, significantly enhancing the value of individual products [10][11] - Companies like Guanghe Tong and Meige Intelligent are leveraging model platforms and self-developed AI stacks to empower traditional terminal upgrades [10][11] Investment Recommendations - The report recommends focusing on telecom operators such as China Mobile, China Telecom, and China Unicom, as well as key players in optical modules and domestic computing [11][19] - The current valuation of the sector remains low, offering high cost-performance for allocation [11][19] - Specific recommendations include companies like YF Communication, Huafeng Technology, and Yingweike in the domestic computing space [11][19]