通信行业点评报告：OpenClaw兴起，算力板块有望迎来景气共振

Investment Rating - The report maintains a "Recommended" rating for the communication industry [3] Core Insights - The rise of OpenClaw signifies a shift in the AI industry from model capability to task completion capability, indicating a transition from "can chat" to "can do" [5][7] - The demand for reasoning computing power is surging, with token consumption increasing significantly due to the operational mechanisms of AI agents like OpenClaw [7][19] - The infrastructure for computing power is under structural pressure, leading to increased demand for AIDC facilities, computing power leasing, and CDN services [19][30] Summary by Sections Token Consumption and Demand for Reasoning Power - OpenClaw has transformed the AI landscape by enabling continuous task execution rather than one-off interactions, leading to a substantial increase in token consumption [7][8] - Token consumption has shifted from a human-machine dialogue model to a machine self-circulation model, with programming tasks becoming the largest category of usage [8][11] Impact of AI Agents on Communication Infrastructure - The explosion of AI agents is expected to drive demand for AIDC facilities, computing power leasing, and CDN services, as these are essential for supporting new AI workloads [19][30] - The current market is characterized by major players leading cloud deployments while startups focus on niche services, resulting in a rapid decrease in deployment barriers for individual developers and SMEs [19][20] Investment Recommendations - The report suggests focusing on companies related to AIDC, such as Runjian Co., Data Port, and Runze Technology, as well as those involved in optical modules and fiber optics [30]