Microsoft(US:MSFT) Changjiang Securities·2025-09-23 10:12Investment Rating - The report maintains a "Positive" investment rating for the communication industry [9]. Core Insights - The communication sector has seen a 0.36% increase in the 38th week of 2025, ranking 13th among major industries in the Yangtze River region. Since the beginning of 2025, the sector has surged by 63.61%, leading all industries in the same region [2][4]. - Huawei has announced the Ascend series chip roadmap, introducing the Atlas 950 super node and the Lingqu 2.0 interconnection protocol, aiming to build a cluster of over 520,000 cards, with the Atlas 960 targeting a million-card scale [5][7]. - Microsoft is accelerating the expansion of the Fairwater cluster, investing an additional $4 billion in Wisconsin, bringing the total investment to $7.3 billion, to support AI model training [6][7]. Summary by Sections Market Performance - In the 38th week of 2025, the communication sector rose by 0.36%, ranking 13th among major industries. Year-to-date, the sector has increased by 63.61%, ranking first [2][4]. - Notable stock performances include Dekeli (+59.1%), Changfei Fiber (+35.1%), and Guangku Technology (+27.6%) for gains, while Sanwei Communication (-14.0%), Yongding Co. (-10.8%), and Dongxin Peace (-10.2%) faced declines [4]. Technological Developments - Huawei's Atlas 950 super node, set to launch in Q4 2026, will utilize 8192 Ascend 950 DT chips, achieving a bandwidth of 16.3PB/s, significantly outperforming previous models [5]. - The Atlas 960 super node, expected in Q4 2027, will support up to 15,488 Ascend 960 chips, targeting high-density scenarios with a total computing power of 2 ZFLOPS [5]. Investment Recommendations - The report recommends several companies across various segments: - Telecom Operators: China Mobile, China Telecom, China Unicom - Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid Cooling: Yingweike - Hollow Core Fiber: Fenghuo Communication, Hengtong Optic-Electric - Domestic Computing: Runze Technology, Guanghuan New Network - AI Applications: Boshi Jie, Heertai - Satellite Applications: Huace Navigation, Haige Communication [7].