Guoxin Securities·2025-10-08 10:03Group 1 - The communication sector underperformed the market in September, with the Shanghai and Shenzhen 300 Index rising by 3.20% while the communication index fell by 0.15%, ranking 14th among 31 primary industries [2][14] - The PE valuation of major companies in the communication sector was 23.8 times in September, slightly below the historical median of 33.6 times over the past decade [2][16] - The top-performing segments in September included optical devices, optical modules, IDC, and optical fiber cables, with notable stock performances from companies like Tengjing Technology (+66%) and Chunzong Technology (+92%) [2][22] Group 2 - Global AI growth remains strong, with North American CSPs planning to invest over $370 billion in capital expenditures for FY2025, a 40% increase year-on-year [3][27] - Oracle reported a significant increase in its remaining performance obligations (RPO), reaching $455 billion, indicating robust demand for its cloud services [3][30] - The global Ethernet switch market is projected to reach $14.5 billion in Q2 2025, reflecting a 42.1% year-on-year growth, driven by strong demand from data centers [3][33] Group 3 - Domestic CSPs in China are expected to invest over 450 billion yuan in AI computing power by 2025, with companies like Alibaba and Tencent leading the charge [4][50] - The industrialization of domestic super-node data centers is accelerating, with Alibaba launching its new generation of AI servers and Huawei unveiling significant advancements in computing clusters [4][52][58] - The demand for optical modules remains high, with ongoing collaborations between major chip manufacturers and CSPs to meet the increasing needs for high-end chips [4][70] Group 4 - Investment recommendations emphasize the importance of monitoring the development of AI computing infrastructure, particularly in sectors like optical devices and communication equipment [5][21] - The three major telecom operators in China are highlighted as important assets for long-term investment due to their stable operations and increasing dividend payouts [5][21] - A recommended investment portfolio includes China Mobile, Zhongji Xuchuang, ZTE, and Guanghetong for the upcoming period [5][21]