国泰海通｜通信：基金持仓环比回落，国产AI链有望续浪前行

Core Viewpoint - The communication industry is experiencing a decline in fund holdings, but there is significant potential for growth in AI-related investments due to increased capital expenditure in computing power and the acceleration of AI development in the domestic market [1][2]. Group 1: Fund Holdings Overview - In Q1 2025, the fund holdings in the communication industry accounted for 2.59% of the total market value, reflecting a decrease of 0.98 percentage points from the previous period, ranking 13th among 31 industries [2]. - The overweight ratio has also decreased to -1.76%, indicating a low allocation in the sector [2]. Group 2: Focus on AI Industry Chain - The top ten holdings represent 58% of the communication industry's total holdings, with a decrease of 3 percentage points [2]. - Eight out of the top ten holdings are focused on the AI industry chain, including companies involved in network equipment, device manufacturing, optical modules, and communication PCBs, which account for 82% of the top ten holdings [2]. - There is a noticeable increase in the proportion of holdings benefiting from the development of the domestic computing power industry chain [2]. Group 3: Industry Growth Potential - The domestic AI industry is entering a phase of rapid growth, with significant capital expenditure increases from major internet companies [1]. - Alibaba's latest financial report indicates that its capital expenditure on cloud and AI infrastructure over the next three years will exceed the total of the past decade [1]. - Tencent's capital expenditure is projected to triple year-on-year, reaching $10.7 billion in 2024 [1]. - The AI computing power industry chain is expected to continue accelerating in 2025, driven by evolving demand in inference applications, providing broader growth opportunities for the communication industry's related sectors [1].