KAIYUAN SECURITIES·2025-10-12 03:14Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the acceleration of capital expenditure by global AI giants, with domestic players like ByteDance, Alibaba, and Tencent entering a phase of large-scale investment in AI computing and applications [19] - The report highlights the importance of self-controlled computing power in the AI sector, suggesting that the computing power supply chain is a core focus area for investment [19] - The report recommends focusing on seven major industry directions, including network equipment, IT equipment, AIDC data center construction, computing power leasing, cloud computing platforms, AI applications, and satellite internet & 6G [19] Summary by Sections 1. Weekly Investment Insights - Global AI computing power is resonating, with a focus on self-controlled computing power [10] - OpenAI has released Sora2, a video and voice generation model, marking a significant advancement in video modeling capabilities [13][14] - OpenAI's DevDay 2025 introduced several tools and updates, positioning ChatGPT as a potential "operating system" for the AI era [15] - OpenAI has formed a strategic partnership with AMD to deploy 6GW of AMD GPU computing power for its next-generation AI infrastructure [16] - The report notes the acceleration of domestic computing power development with the release of new models [17][18] 2. Communication Data Tracking - As of August 2025, China has 4.646 million 5G base stations, with a net increase of 395,000 stations since the end of 2024 [29] - The number of 5G mobile phone users reached 1.154 billion, a year-on-year increase of 19.46% [29] - In June 2025, 5G mobile phone shipments were 18.436 million units, accounting for 81.6% of total shipments, with a year-on-year decrease of 16.7% [29] 3. Operator Performance - The report highlights strong growth in innovative business development among major operators, with revenue from cloud services showing significant increases [40][44] - In the first half of 2025, China Mobile's cloud revenue reached 56.1 billion yuan, up 11.3% year-on-year [44] - China Telecom's cloud revenue was 57.3 billion yuan, up 3.8% year-on-year, while China Unicom's cloud revenue reached 37.6 billion yuan, up 4.6% year-on-year [44]