Investment Rating - The report maintains a "Positive" investment rating for the communication industry [10]. Core Insights - The communication sector saw an increase of 11.43% in the 43rd week of 2025, ranking first among major industries in the Yangtze River region. Year-to-date, the sector has risen by 67.97%, also ranking first [2][5]. - Anthropic and Google are collaborating to deploy up to 1 million TPUs, with an expected investment of several hundred billion dollars, aiming for a launch of over 1 GW computing cluster by 2026 [6]. - The introduction of OCS switch cabinets in Google's Ironwood super node architecture indicates a rapid advancement in the OCS industry, supported by significant orders for yttrium vanadate from Tengjing Technology [6][8]. - NVIDIA is considering providing guarantees for loans to OpenAI to support its data center expansion, with a total funding support of up to $100 billion planned for the construction of at least 10 GW AI computing clusters [7][8]. Summary by Sections Market Performance - In the 43rd week of 2025, the communication sector increased by 11.43%, leading the Yangtze River region's major industries. Since the beginning of the year, the sector has risen by 67.97% [2][5]. Key Collaborations and Developments - Anthropic's partnership with Google aims to deploy 1 million TPUs to meet the growing demand for AI model training and inference, with a project investment expected to reach hundreds of billions of dollars [6]. - The OCS industry is accelerating, as evidenced by Tengjing Technology's significant order for yttrium vanadate, which is crucial for the OCS technology [6]. AI and Computing Expansion - NVIDIA's potential loan guarantees for OpenAI are part of a broader strategy to support the expansion of AI computing capabilities, with OpenAI also launching the Atlas browser featuring integrated ChatGPT functionalities [7][8]. Investment Recommendations - The report recommends several companies across various segments, including: - Telecom Operators: China Mobile, China Telecom, China Unicom - Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid Cooling: Yingweike - Hollow Core Fiber: Fenghuo Communication, Hengtong Optic-Electric - Domestic Computing: Runze Technology, Guanghuan New Network - AI Applications: Boshi Jie, Heertai, Tuobang Co., Yiyuan Communication - Satellite Applications: Huace Navigation, Haige Communication [8].