Changjiang Securities·2025-07-24 23:30Investment Rating - The report maintains a "Positive" investment rating for the communication equipment industry [7]. Core Insights - Meta has announced plans for two large-scale data center projects, Prometheus and Hyperion, to support its Superintelligence Lab, enhancing deployment efficiency through lightweight tent structures and on-site natural gas power generation [2][4]. - Oracle and OpenAI have confirmed a 4.5GW expansion of the Stargate data center, accelerating overseas AI infrastructure development [2]. - The report suggests that the AI industry is at a "Davis Double-Click" moment, with accelerated commercialization driving PE valuation increases, particularly in the optical module and optical device sectors [2]. Summary by Sections Event Description - On July 14, Meta announced the construction of two large-scale data centers in the U.S. to support AI development, with the Prometheus project in Ohio and Hyperion in Louisiana [4]. - On July 22, Oracle and OpenAI announced a 4.5GW expansion of the Stargate data center capacity, increasing the previous agreement by nine times [4]. Event Commentary - Meta's new data centers will utilize a tent structure for faster deployment, with Prometheus expected to be completed by 2026 and Hyperion by early 2030, with a total investment of approximately $10 billion [10]. - The DSF architecture developed by Meta is expected to increase the usage of network components, with a focus on modularity and open-source collaboration [10]. - The Stargate project, now exceeding 5GW in total capacity, represents one of the largest AI cloud collaborations globally, equivalent to a quarter of the current operational data center capacity in the U.S. [10]. Investment Recommendations - The report highlights the potential for significant growth in the optical module and optical device sectors, recommending companies such as Zhongji Xuchuang, Xinyi Technology, Tianfu Communication, and Shijia Photon, while also monitoring Tai Chen Guang, Yuanjie Technology, and Changfei Fiber [10].