科技行业周报（第三十六周）：谷歌TPU推进，看好AI算力链-20250908

Investment Rating - The report maintains a "Buy" rating for the telecommunications sector and specific companies such as NewEase, ZTE, Ruijie Networks, China Mobile, and China Telecom, while China Unicom is rated as "Hold" [8][48]. Core Insights - Google is actively promoting the external deployment of its TPU (Tensor Processing Unit), which is a specialized AI accelerator designed to optimize matrix operations for machine learning training and inference [12][13]. - The seventh generation TPU, Ironwood, is specifically tailored for AI inference scenarios, boasting a peak computing power that is over 24 times that of the world's largest supercomputer, El Capitan, when configured with 9216 chips [2][19]. - The demand for 1.6T optical modules is expected to accelerate due to the high bandwidth requirements of the Ironwood cluster, which has a chip-to-chip communication bandwidth requirement of 1.2TBps [19][12]. Summary by Sections Market Overview - The telecommunications index fell by 2.68% last week, while the Shanghai Composite Index and Shenzhen Component Index decreased by 1.18% and 0.83%, respectively [11]. Key Companies and Dynamics - The report highlights key companies in the AI computing chain, recommending NewEase, ZTE, and Ruijie Networks for their growth potential in the AI computing sector [3]. - China Mobile, China Telecom, and China Unicom are identified as core assets with potential for value reassessment [3]. Company Performance - NewEase reported a revenue of 10.437 billion yuan in the first half of 2025, a year-on-year increase of 283%, and a net profit of 3.942 billion yuan, up 356% [49]. - ZTE's revenue for the first half of 2025 was 71.553 billion yuan, a year-on-year increase of 14.51%, while net profit decreased by 11.77% [52]. - Ruijie Networks achieved a revenue of 6.649 billion yuan and a net profit of 0.452 billion yuan in the first half of 2025, reflecting a year-on-year increase of 32% and 194%, respectively [53]. Future Outlook - The report suggests that the AI computing chain will continue to grow, driven by increasing demand for AI-related infrastructure and services [2][12]. - Companies are expected to benefit from the ongoing capital expenditures in AI computing and data centers, with projections for significant revenue growth in the coming years [49][53].