HTSC·2025-07-07 02:40Investment Rating - The report maintains an "Overweight" rating for the communication sector and related sub-sectors, including communication equipment manufacturing [8]. Core Insights - The report highlights significant developments in the AI industry, particularly the historical high market capitalization of Nvidia, which reached $3.92 trillion, surpassing Apple's previous record of $3.915 trillion [2][12]. - CoreWeave has deployed Nvidia's GB300 NVL72 system, achieving a 50-fold increase in inference model output compared to the previous generation [14]. - Century Internet has raised its revenue guidance from 9.1-9.3 billion yuan (10%-13% YoY growth) to 9.15-9.35 billion yuan (11%-13% YoY growth), reflecting optimism about new project launches and operational efficiency [2][16]. Summary by Sections Market Overview - The communication index fell by 0.10% last week, while the Shanghai Composite Index rose by 1.40% and the Shenzhen Component Index increased by 1.25% [12]. - Nvidia's stock price surged to $160.98, contributing to a positive sentiment in the domestic supply chain stocks [2][12]. Key Companies and Dynamics - The report recommends focusing on the AI computing power chain in the communication industry for 2025, highlighting companies such as Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Taicheng Light, and Ruijie Network [3]. - Core companies in asset value reassessment include China Mobile and China Telecom, while new productivity sectors like satellite internet and low-altitude economy are also emphasized [3]. Investment Opportunities - The report suggests monitoring investment opportunities in the AI computing power supply chain, including sectors like optical modules, copper connections, AIDC, switches, and liquid cooling [12][14]. - Specific stock recommendations include: - Zhongji Xuchuang (Buy, target price 164.78 yuan) - Xinyi Sheng (Buy, target price 128.76 yuan) - Tianfu Communication (Buy, target price 119.12 yuan) - Taicheng Light (Hold, target price 99.01 yuan) - Ruijie Network (Buy, target price 88.70 yuan) [8][52].