国泰海通证券研究·2025-07-25 10:12Core Viewpoint - The communication industry is experiencing a positive turnaround in fund holdings, with a market value share of 3.90% in Q2 2025, reflecting a quarter-on-quarter increase of 1.31 percentage points, returning to the top ten sectors [1][3]. Group 1: Fund Holdings and Market Position - In Q2 2025, the communication sector's fund holdings ranked fifth among 31 primary industries, with the top five being electronics, power equipment, food and beverage, pharmaceuticals, and banking, with respective shares of 17.22%, 9.80%, 9.55%, 9.04%, and 7.90% [3]. - The AI industry chain remains a focal point, with the top three companies in the communication sector by fund holding market value being NewEase, Zhongji Xuchuang, and Hudian Co., with market values of 31.207 billion yuan (up 123.28%), 28.788 billion yuan (up 124.58%), and 12.311 billion yuan (up 178.32%) respectively [3]. Group 2: Industry Outlook and Growth Potential - The communication industry maintains an "overweight" rating, driven by the ongoing high growth phase of capital expenditure in computing power, closely aligned with the global AI development trajectory [2]. - Significant capital expenditures are anticipated in the domestic AI sector, with Alibaba projecting that its investment in cloud and AI infrastructure over the next three years will exceed the total of the past decade, while Tencent's capital expenditure is expected to triple year-on-year to 10.7 billion USD in 2024 [2]. - The AI computing power industry chain is expected to continue accelerating in 2025, with evolving demand in inference capabilities, presenting broader growth opportunities for the communication sector [2].