Guoxin Securities·2025-08-09 14:25Investment Rating - The report maintains an "Outperform" rating for the communication industry [5][68]. Core Insights - The AI inference demand is driving significant upgrades in front-end networks, as evidenced by the strong performance of North American tech companies like Arista and AMD [12][17]. - OpenAI's release of the GPT-5 series has significantly reduced inference costs and improved industry applications, particularly in health and coding [20][21]. - The commercial space sector in China is accelerating, with successful satellite launches enhancing the satellite internet landscape [61]. Summary by Sections Industry News Tracking - North American tech companies are showing strong earnings, with Arista reporting Q2 2025 revenue of $2.205 billion, a 10% increase quarter-over-quarter and a 30.4% increase year-over-year [12]. - AMD's data center business is rapidly growing, with Q2 2025 revenue of $3.24 billion, a 14% year-over-year increase [17]. - Taiwan's AI server ODM manufacturers reported a total revenue of NT$123.8577 billion in July 2025, an 18.82% year-over-year increase [37]. Investment Recommendations - Focus on AI computing infrastructure and the satellite internet industry, recommending companies like Huagong Technology, Guangxun Technology, and ZTE [68]. - Long-term investment in the three major telecom operators is advised due to their stable operations and increasing dividend payouts [68]. Market Performance Review - The communication index rose by 1.30% this week, with 5G, satellite internet, and IoT controllers showing strong performance [63][65].