Shanghai Securities·2025-08-26 13:20Investment Rating - The report maintains an "Overweight" rating for the communication industry [11] Core Insights - The H20 chip's production halt reinforces the logic of domestic chip replacement, with significant revenue growth reported by domestic chip manufacturers like Cambricon and Haiguang [5][20] - The OCS optical circuit switch is positioned for rapid growth, offering advantages such as low latency and high energy efficiency, with a projected demand increase driven by data center expansions [6][21] - The report highlights the importance of the AI server procurement by China Mobile, indicating a strong market for AI computing devices [23] Summary by Sections 1. Market Review - The communication sector index rose by 10.47% in the past week, outperforming other sectors [4][16] - Top-performing stocks included ZTE Corporation with a 32.21% increase and Dekeli with a 30.87% increase [18] 2. Weekly Topic: Acceleration of Domestic Chip Replacement and Optical Switching - Domestic chip manufacturers are transitioning from concept to performance realization, with Cambricon's Q1 revenue increasing 42 times year-on-year [5][20] - The market share of domestic chip suppliers in China's AI server market is expected to rise to 40% by 2025 [5][20] 3. Industry News - China Mobile's AI server procurement project has concluded, with a total procurement amount exceeding 5 billion yuan [23][24] - OpenAI reported a monthly revenue exceeding 1 billion USD, highlighting the ongoing demand for GPU and computing power [25] 4. Semi-Annual Report Overview - Key companies reported varied performance, with China Mobile's revenue at 543.77 billion yuan, showing a slight decline [26]