Tianfeng Securities·2025-07-19 11:25Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Viewpoints - The overseas computing power industry chain remains highly prosperous and has not been impacted by DeepSeek and trade frictions, with stronger fundamental resonance in the related industry chain. The AI industry is viewed as the main investment theme for the year, with expectations for continued high prosperity in the AI sector and the AIDC industry chain. The year 2025 is anticipated to be a pivotal year for domestic AI infrastructure competition and application development [4][22]. - The report emphasizes the importance of "AI + overseas expansion + satellite" core investment opportunities, highlighting areas such as optical modules, liquid cooling, and domestic computing power lines. The report also notes the recovery of the offshore wind industry and the promising developments in the satellite internet sector [5][23]. Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include: - Optical modules & optical devices: Focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [6]. - Switch server PCB: Key recommendations include Huadian Co., ZTE, and Unisplendour [6]. - Low valuation, high dividend, and cloud computing IDC resource reassessment: China Mobile, China Telecom, and China Unicom [6]. - AIDC & cooling: Key recommendations include Yingweike, Runze Technology, and Guanghuan New Network [6]. - AIGC applications / edge computing: Key recommendations include Yiyuan Communication, Guanghetong, and Meige Intelligent [6]. 2. Offshore Wind and Submarine Cables & Intelligent Driving - Offshore wind and submarine cables: Key recommendations include Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [7]. - Recovery of overseas expansion & concentration on leading companies: Key recommendations include Huace Navigation, Weisheng Information, and Tuobang Co. [7]. - Intelligent driving: Suggested focus on modules & terminals, sensors, connectors, and structural components [7]. 3. Satellite Internet & Low Altitude Economy - Accelerated development of low-orbit satellites and low-altitude economy: Key recommendations include Huace Navigation and Haige Communication [8]. - Suggested focus on companies like Chengchang Technology, Zhenlei Technology, and Shenglu Communication [8]. 4. Market Performance Review - The communication sector rose by 7.02% during the week of July 14-18, outperforming the CSI 300 index by 5.93 percentage points. The communication equipment manufacturing sector increased by 9.80% [29][31].