DeepSeek-V3.1发布，国产算力链迎来高景气

Investment Rating - The report maintains an "Overweight" rating for the communication industry and related sectors, specifically recommending "Buy" for companies like China Mobile, China Telecom, and Ruijie Networks, while suggesting "Hold" for China Unicom and Tai Chen Guang [8][55]. Core Insights - The release of DeepSeek-V3.1 marks a significant advancement in domestic computing power, with its mixed reasoning architecture and enhanced efficiency, indicating a sustained high demand for domestic computing infrastructure due to increased capital expenditure from internet companies and supply constraints on overseas GPUs [2][11][20]. - The report emphasizes the importance of focusing on the domestic computing power and its supporting industrial chain, including optical modules, AIDC, switches, and copper connections, as the market is expected to maintain high prosperity [2][20]. Summary by Sections Market Performance - The communication index rose by 10.84% last week, outperforming the Shanghai Composite Index and Shenzhen Component Index, which increased by 3.49% and 4.57% respectively [11][42]. Key Companies and Dynamics - The report highlights key companies such as Tai Chen Guang and Ruijie Networks in the AI computing power chain, and China Mobile, China Telecom, and China Unicom in core asset value reassessment [3][55]. - It also notes the growth potential in new productive forces like satellite internet and low-altitude economy, recommending companies like Huace Navigation and Hengtong Optic-Electric [3]. Recommended Companies - Tai Chen Guang (300570 CH) is rated "Overweight" with a target price of 162.38 CNY, supported by strong revenue growth in MPO products [55][56]. - Ruijie Networks (301165 CH) is rated "Buy" with a target price of 98.13 CNY, benefiting from the demand for internet AI data centers [55][58]. - China Mobile (600941 CH) is rated "Buy" with a target price of 126.30 CNY, showing resilience and growth potential in the AI+ sector [55][60]. - China Telecom (601728 CH) is rated "Buy" with a target price of 9.11 CNY, focusing on digital transformation and AI applications [55][60].