Tebon Securities·2025-07-28 08:03Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [2] Core Insights - The report highlights significant advancements in AI infrastructure, particularly with the introduction of the CloudMatrix384 system, which marks a transition from "catching up" to "leading" in AI capabilities [10] - The global AI server market is expected to reach $298 billion by 2025, accounting for over 70% of the total server market, indicating a robust growth trajectory and increasing opportunities for domestic alternatives [11] - The report emphasizes the collaborative effects within the industry, suggesting that core suppliers are likely to experience performance elasticity due to rising demand for supporting equipment [12] Summary by Sections Investment Strategy - Technological breakthroughs are reshaping the AI computing landscape, with the CloudMatrix384 system setting a new industry benchmark [10] - The global AI server market is poised for explosive growth, with significant domestic replacement opportunities emerging [11] - The synergy within the supply chain is becoming more pronounced, leading to enhanced performance for key suppliers [12] Industry News - Major overseas companies continue to demand AI computing power, sustaining a high level of industry prosperity [13] - The U.S. has released a national AI strategy aimed at establishing dominance in the global AI landscape through innovation, infrastructure, and geopolitical positioning [14] - China Mobile's AI model has achieved top rankings in international assessments, showcasing advancements in human-computer interaction technology [16] - The acceleration of satellite internet construction is indicated by a recent tender for rocket launch services worth 1.336 billion yuan [17] Weekly Review and Focus - The telecommunications sector experienced a slight decline of 0.47% this week, underperforming compared to major indices [18] - Key stocks to watch include those in the AIDC and related supply chains, as well as long-term focus on major telecom operators and infrastructure providers [22]