Tebon Securities·2025-08-26 02:49Investment Strategy - Concerns over Nvidia's security may accelerate the replacement of domestic chips, creating a vacuum in the supply of computing chips in China. Recent advancements in domestic computing cards are expected to drive rapid development in the related industry chain. Nvidia's H20 computing chip has been reported to have serious security issues, which could negatively impact its future orders in the Chinese market. In 2024, over 50% of the data center accelerator cards in China are expected to be inference cards, with domestic computing cards projected to account for over 40% by the first half of 2025. The domestic accelerated computing server market is expected to grow by 97.3% year-on-year in 2024 and by 52.9% in 2025 [10][12][13] - The release of DeepSeek-V3.1 is expected to enhance the usability of domestic computing cards in large model applications. The V3.1 version supports UE8M0 FP8 precision, which significantly reduces storage and improves computational throughput compared to traditional FP16 and FP32 formats. This advancement is anticipated to lead to a qualitative leap in the application of domestic computing cards [11][14] - The demand for computing infrastructure from operators and cloud vendors is clear, with capital expenditures expected to increase in the second half of the year. The three major operators reported good growth in computing-related business revenues, with China Telecom's cloud service revenue at 57.3 billion yuan, China Unicom's at 37.6 billion yuan, and China Mobile's at 56.1 billion yuan. Capital expenditures for the first half of 2025 are projected to be 494 billion yuan for China Telecom, 348 billion yuan for China Unicom, and 928 billion yuan for China Mobile, accounting for 59.1%, 63.3%, and 61.4% of their annual expenditures respectively [12][13][18] Industry News - The successful launch of the low-orbit satellite internet 09 group marks a significant step in China's satellite internet development, with the country entering a high-density launch phase. This mission was the 590th flight of the Long March series of rockets, and it is expected to enhance the satellite internet network [15][16] - The budget for the 2025 rocket launch service procurement project by Shanghai Yuanxin Satellite Technology Co., Ltd. is approximately 1.336 billion yuan, with a focus on launching 94 satellites across seven missions. This indicates a growing emphasis on satellite internet and commercial space development in China [16][17] - Capital expenditures by the three major operators in the first half of 2025 were the lowest in recent years, totaling 112.8 billion yuan, a decrease of 16.5% year-on-year. However, there is an expectation of increased investment in AI and computing infrastructure in the second half of the year, which could significantly boost the domestic computing chain [18][19] Weekly Review and Focus - The communication sector saw a significant increase of 10.47% this week, outperforming major indices. The IDC and optical module sectors continued to lead gains, with increases of 14.59% and 14.41% respectively. The overall performance of the communication sector suggests strong investment opportunities in domestic computing chains and satellite internet [19][20]