Great Wall Securities·2025-08-04 07:47Investment Rating - The report maintains a "Buy" rating for multiple stocks in the communication sector, including 沪电股份 (002463.SZ), 美格智能 (002881.SZ), 中际旭创 (300308.SZ), 天孚通信 (300394.SZ), and others [1]. Core Insights - The WAIC 2025 conference highlighted the acceleration of AI large model iterations and the growing investment opportunities in the computing power industry chain [2][7]. - The conference showcased significant trends such as the practical application of embodied intelligence, AI enhancing personal efficiency, and the emergence of AI agents [3][6][21]. - The report emphasizes the increasing demand for computing power driven by advancements in AI models and the potential for AI-driven digital interactions to become a new hot sector [9][25]. Summary by Sections Industry Overview - The communication sector index rose by 2.54%, outperforming the Shanghai and Shenzhen 300 index, which fell by 1.75% [14][16]. - The report identifies key stocks to watch, including major telecom operators and technology companies involved in AI and computing power [26][27]. WAIC 2025 Highlights - The WAIC 2025 conference, held from July 26 to 28, featured over 800 companies and 3,000 exhibits, marking a significant milestone in AI development [2][28]. - Key trends observed include the practical implementation of embodied intelligence, AI's role in enhancing personal productivity, and the introduction of AI emotional companion products [3][6][21][31]. AI Model Developments - Google's Gemini 2.5 Deep Think model was introduced, showcasing improved performance in various benchmarks [7][39]. - The domestic model GLM-4.5 was released, achieving top rankings in multiple performance tests and offering competitive API pricing [8][49][50]. - Alibaba's launch of the Wan2.2 video generation model represents a significant advancement in video generation technology [52][55]. Investment Opportunities - The report suggests a focus on the computing power industry chain, highlighting the increasing need for advanced computing capabilities as AI models evolve [9][25]. - Recommended stocks span various sectors, including telecommunications, cloud computing, and AI technology, indicating a broad investment strategy [26][27].