Shanghai Securities·2025-08-21 12:18Investment Rating - The report maintains an "Overweight" rating for the communication industry [1][7] Core Insights - The necessity for large-scale computing power continues, with a competitive landscape intensifying. The release of OpenAI's GPT-5 confirms the sustained high demand for computing resources, as evidenced by a significant cloud service agreement with Oracle valued at approximately $30 billion annually [4][11] - Progress on the "Rubin" GPU architecture by NVIDIA is on track, with notable increases in liquid cooling component prices and a projected global market size for liquid cooling exceeding 70 billion yuan by 2026 [5][12] - The domestic AI chip ecosystem is improving, with companies like Cambricon raising funds to enhance their capabilities in AI chip development, indicating a growing market space for domestic chips [6][13][14] Summary by Sections Industry Overview - The communication industry is experiencing a robust performance compared to the CSI 300 index, with a notable increase in the industry index [3] Market Trends - Liquid cooling technology is gaining traction, with its penetration rate expected to rise from under 15% in 2023 to over 50% by 2025, driven by the increasing power requirements of data centers [5][12] - The price of copper-clad laminates and fiberglass cloth used in PCBs has seen significant increases due to supply shortages, indicating a tightening supply chain [5][12] Investment Opportunities - Recommended companies to watch include those in the optical module sector such as Zhongji Xuchuang and NewEase, as well as PCB manufacturers like Shenghong Technology and Huadian Technology, and liquid cooling firms like Invec and Sihuan New Materials [6][14]