KAIYUAN SECURITIES·2026-01-11 04:13Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights significant advancements in AI infrastructure, particularly with the launch of NVIDIA's Vera Rubin and AMD's MI455X, which are expected to accelerate demand for liquid cooling, optical modules, and CPO [12][15] - The domestic AIDC sector is showing signs of recovery, which may indicate an uptick in the domestic AI industry's performance [19] - The report emphasizes the importance of three core tracks: AIDC, liquid cooling, and domestic computing power, suggesting a robust investment outlook for these areas [21][22] Summary by Sections Weekly Investment Insights - NVIDIA's launch of the Vera Rubin cabinet and AMD's MI455X cabinet, both utilizing liquid cooling technology, is expected to drive demand in related sectors [12][15] - xAI has completed a $20 billion E-round financing, indicating strong backing from major players like NVIDIA and Cisco, which will support the expansion of AI computing infrastructure [17] - The Ministry of Industry and Information Technology is promoting the integration of AI and manufacturing, which is likely to boost demand for AI computing power [18] Communication Data Tracking - As of November 2025, China has 4.83 million 5G base stations, with a net increase of 579,000 stations from the end of 2024 [32] - The number of 5G mobile phone users reached 1.193 billion, reflecting a year-on-year growth of 19.06% [32] - 5G mobile phone shipments totaled 27.614 million units, accounting for 91.6% of total shipments, with a slight year-on-year increase of 1.08% [32] Operator Performance - In the first half of 2025, China Mobile's cloud revenue reached 56.1 billion yuan, up 11.3% year-on-year, while China Telecom's cloud revenue was 57.3 billion yuan, up 3.8% [51] - The ARPU values for the three major operators remained relatively stable, with slight decreases noted for China Unicom [56][59][62] Investment Recommendations - Recommended stocks in the AIDC sector include companies like Dazhi Technology, Guanghuan New Network, and Aofei Data, while beneficiaries include Century Internet and WanGuo Data [21] - For liquid cooling and power supply, recommended stocks include Yingwei Ke and beneficiaries like Kehua Data and Highlan [21] - In the optical network segment, recommended stocks include Zhongji Xuchuang and New Yi Sheng, with beneficiaries such as Ruijie Networks and Huafeng Technology [21]