KAIYUAN SECURITIES·2025-07-20 06:45Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a strong performance in the global AIDC (Artificial Intelligence Data Center) industry, driven by significant investments in AI-related computing infrastructure and a recovery in chip supply, particularly with the resumption of H20 and MI308 sales [6][16] - The report emphasizes the ongoing construction of data centers by major companies like Meta, which is expected to enhance AI capabilities and sustain performance in the overseas supply chain [17] - The report suggests a focus on seven key industry directions, including AIDC infrastructure, IT equipment, network devices, cloud computing, AI applications, satellite internet, and 6G technology [20] Summary by Sections 1. Weekly Investment Insights - The overseas AI computing industry is showing strong performance, with companies like NewEase and Zhongji Xuchuang expecting significant profit growth in H1 2025, driven by AI-related investments and product optimization [5][14] - The resumption of H20 and MI308 sales is expected to alleviate the domestic chip shortage, benefiting the entire AIDC supply chain [16] - Meta's substantial investment in data center construction is projected to enhance AI capabilities and ensure sustained performance in the overseas supply chain [17] - The report recommends focusing on seven major industry directions for investment, including AIDC infrastructure and AI applications [20] 2. Communication Data Tracking - As of May 2025, the total number of 5G base stations in China reached 4.486 million, with a net increase of 235,000 stations compared to the end of 2024 [28] - The number of 5G mobile phone users reached 1.098 billion, reflecting a year-on-year growth of 21.3% [28] - The report notes a decrease in 5G mobile phone shipments, with 21.19 million units shipped in May 2025, a year-on-year decline of 17% [28] 3. Operator Performance - The report highlights strong revenue growth in cloud computing services among major operators, with China Mobile's cloud revenue reaching 100.4 billion yuan in 2024, a year-on-year increase of 20.4% [44] - The ARPU (Average Revenue Per User) values for major operators remained stable, with slight variations noted [44][50]