Changjiang Securities·2025-11-25 08:42Investment Rating - The report maintains a "Positive" investment rating for the communication industry [10]. Core Insights - The communication sector experienced a decline of 2.80% in the 47th week of 2025, ranking 8th among major industries, but has risen 51.24% since the beginning of the year, ranking 2nd [2][4]. - Nvidia's FY26Q3 results exceeded expectations, with revenue reaching $57 billion, a year-on-year increase of 62% and a quarter-on-quarter increase of 22%. The data center business grew significantly, with revenue of $51.2 billion, up 66% year-on-year [5]. - Google's Gemini 3 showcases strong multimodal capabilities and is expected to enhance cost efficiency through self-developed TPU training [6]. - Global demand for computing power is accelerating, with major companies deepening ecosystem partnerships, validating industry prosperity and maintaining a positive outlook on AI and computing power [7]. Summary by Sections Market Performance - In the 47th week of 2025, the communication sector fell by 2.80%, ranking 8th among major industries, while year-to-date, it has increased by 51.24%, ranking 2nd [2][4]. Company Performance - Nvidia's FY26Q3 revenue was $57 billion, with a net profit of $31.9 billion, reflecting a year-on-year growth of 65% [5]. - Google’s Gemini 3 has over 650 million monthly active users, with a threefold increase in daily request volume compared to the previous quarter [6]. Investment Recommendations - The report recommends several companies across different segments: - Telecom operators: China Mobile, China Telecom, China Unicom - Optical modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid cooling: Yingweike - AI applications: Bosijie, Heertai, Tuobang Co., Yiyuan Communication [8].