Nvidia(US:NVDA) 中金点睛·2025-08-13 23:51Core Viewpoint - The communication equipment sector has shown strong performance, with a 31.4% increase since the beginning of the year, driven by the growth in AI hardware demand and the development of domestic and overseas computing chains [2][6][20]. Group 1: Market Overview - As of August 8, 2025, the SW communication index has risen by 21.4% since the start of the year, indicating a robust market performance [6]. - The capital expenditure of the three major telecom operators is projected to decrease by 9.1% year-on-year to 289.8 billion yuan, with a continued focus on computing networks [5][19]. - The mobile internet traffic reached 186.7 billion GB in the first half of 2025, reflecting a year-on-year growth of 16.4% [5]. Group 2: AI Hardware Trends - The demand for AI hardware is expected to grow significantly, driven by advancements in large model capabilities and the increasing number of application scenarios [2][20]. - The introduction of new AI ASIC technologies is anticipated to enhance the penetration rate of cost-effective and low-power AI chips [4][29]. - The global AI server market is projected to reach approximately $300 billion in 2025, with a year-on-year growth rate of 46.1% [31]. Group 3: Domestic and Overseas Computing Chains - The domestic computing chain, primarily serving local cloud service providers, is expected to see substantial growth, with capital expenditures in data centers projected to reach nearly 400 billion yuan by 2025 [18][19]. - The overseas computing chain has also shown resilience, with major cloud service providers exceeding capital expenditure expectations, indicating a recovery in AI hardware demand [7][13]. Group 4: Policy and Strategic Opportunities - The upcoming "15th Five-Year Plan" is expected to emphasize digital infrastructure and the digital economy, which will drive growth in sectors such as marine economy and military communication [21][22]. - The marine economy is gaining strategic importance, with government support for offshore wind power and submarine cable construction [23][24]. - The military communication sector is poised for growth due to accelerated satellite internet deployment and increased demand for information technology in defense [26][27]. Group 5: Technological Advancements - The penetration of silicon photonics technology is expected to increase significantly, enhancing the performance and efficiency of optical modules [38][39]. - Co-Packaged Optics (CPO) technology is anticipated to gain traction, providing higher bandwidth and lower power consumption, although challenges remain before widespread adoption [41].