Nvidia(US:NVDA) Shanxi Securities·2025-07-25 10:36Investment Rating - The report maintains an investment rating of "Outperform the Market" for the communication industry [1]. Core Insights - OpenAI has launched the new ChatGPT Agent, significantly enhancing its ability to perform complex, long-duration tasks, which is expected to drive demand for GPU computing and cloud servers [2][3][16]. - OpenAI's latest reasoning model has achieved gold medal status at the International Mathematical Olympiad (IMO), indicating a major advancement in reasoning capabilities and foreshadowing the upcoming release of GPT-5 [4][17]. - NVIDIA's Jetson Thor is set to be released, marking a breakthrough in physical and embodied AI, with significant computational power that is expected to propel industry growth [5][18]. - The computing sector is experiencing a surge, with leading companies in the IDC supply chain reaching new highs, driven by improved earnings confidence and long-term demand expectations [8][20]. Summary by Sections Industry Dynamics - OpenAI's ChatGPT Agent can automate various tasks and has been made available to Pro, Plus, and Team subscribers, with usage limits based on subscription type [3][16]. - The new reasoning model from OpenAI has achieved a score of 44.4 in the Human Last Exam (HLE) assessment, the highest publicly available score in the industry [3][16]. - NVIDIA's Jetson Thor products, T4000 and T5000, are set to launch, boasting high computational capabilities and compatibility with existing AI platforms [5][18]. Market Performance - The overall market saw an increase during the week of July 14-18, 2025, with the Shenwan Communication Index rising by 7.56% [9][21]. - The top-performing sectors included optical modules (+27.45%), liquid cooling (+10.16%), and IDC (+10.01%) [9][21]. - Notable individual stock performances included gains of +39.01% for Xinyisheng and +24.33% for Zhongji Xuchuang [9][21]. Recommendations - Companies to focus on include Zhongji Xuchuang, Dongshan Precision, Guangku Technology, and others in the overseas computing sector, as well as companies like Ruixinwei and Tianzhun Technology in the edge AI sector [21].