Tianfeng Securities·2025-07-06 05:42Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Insights - The overseas computing power industry chain remains highly prosperous and has not been impacted by DeepSeek and trade frictions, with a stronger resonance in the fundamentals of the related industry chain. The AI industry is viewed as the main investment theme for the year, with expectations for significant developments in AI infrastructure and applications in 2025 [3][23][24]. - The government work report has included "deep-sea technology" for the first time, indicating a clear trend of improvement starting in 2025, with a focus on leading companies in the offshore wind and submarine cable industry [3][23]. Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations for optical modules and optical devices include: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology. Suggested stocks to watch include: Guangxun Technology, Suosi, Dingtong Technology, and others [4][26]. - For switch server PCBs, recommended stocks are: Hudian Co., Zhongxing Communication, and Ziguang Co. Suggested stocks to watch include: Shengke Communication, Ruijie Network, and others [4][26]. - Low valuation and high dividends for cloud and computing IDC resources are highlighted for China Mobile, China Telecom, and China Unicom [4][26]. - In AIDC and cooling solutions, key recommendations include: Yingweike, Runze Technology, and others. Suggested stocks to watch include: Shenling Environment and others [4][26]. - For AIGC applications and edge computing, key recommendations include: Guanghe Communication, Meige Intelligent, and Yiyuan Communication [4][26]. 2. Offshore Wind and Submarine Cables & Intelligent Driving - Key recommendations for offshore wind and submarine cables include: Hengtong Optic-Electric, Zhongtian Technology, and Dongfang Cable [5][27]. - For overseas recovery and leading concentration, recommended stocks include: Huace Navigation, Weisheng Information, and others [5][27]. - In intelligent driving, suggested stocks to watch include: modules and terminals, sensors, connectors, and structural components [5][27]. 3. Satellite Internet & Low Altitude Economy - The acceleration of national defense informatization and low-orbit satellite development is emphasized, with key recommendations including: Huace Navigation and Haige Communication. Suggested stocks to watch include: Chengchang Technology and others [6][28].