Core Insights - The report highlights the strong performance of 京沪高铁 (Beijing-Shanghai High-Speed Railway) with a total revenue of 42.157 billion yuan in 2024, representing a year-on-year growth of 3.62%, and a net profit of 12.768 billion yuan, up 10.59% year-on-year, indicating resilience during the post-pandemic recovery phase [3][14][15] - The report emphasizes the emergence of国产算力 (domestic computing power) as a significant driver in the AI industry, with华为 (Huawei) showcasing its昇腾 384超节点 (Ascend 384 super node) at the WAIC 2025, which is the largest in the industry and demonstrates a shift from chip-centric to system-level optimization [6][8][10] Group 1: Communication Industry - The report discusses the role of major telecom operators like中国移动 (China Mobile), 中国电信 (China Telecom), and 中国联通 (China Unicom) in the AI landscape, showcasing their transformation into AI infrastructure providers and industry enablers, which injects strong momentum into the digital transformation of the economy [10][11] - The operators are investing heavily in computing infrastructure, with China Mobile planning to invest 37.3 billion yuan in computing power, while both China Telecom and China Unicom are increasing their investments by over 20% year-on-year [13] Group 2: Transportation Industry - The京沪高铁 is recognized as a landmark project in China's high-speed rail network, having transported over 1.6 billion passengers since its opening, with a business model that relies on entrusted transportation management [15][16] - The report notes that the high-speed rail industry is expected to see over 3.2 billion passengers in 2024, with the increasing preference for high-speed rail as a travel option among the public [15][16] Group 3: Key Factors Influencing Growth - For the京沪高铁, factors such as a market-oriented pricing mechanism, strong economic support from the surrounding provinces, and advancements in train technology are identified as critical to sustaining growth [16] - In the domestic computing power sector, the increasing demand for controllable AI infrastructure due to high-end chip shortages and export restrictions is driving the growth of国产算力, with significant investments from major tech companies like阿里巴巴 (Alibaba) and腾讯 (Tencent) [8][10]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [11]. Core Insights - The report highlights that the three major telecom operators in China—China Mobile, China Telecom, and China Unicom—are transitioning from traditional communication providers to "AI infrastructure providers, industry enablers, and security guardians," significantly contributing to the digital transformation of the economy and society [1][3]. - The integration of AI into various sectors is seen as a key driver of the new technological revolution and industrial transformation, with telecom operators playing a crucial role in this evolution [1]. Summary by Sections Investment Recommendations - The report suggests that telecom operators will significantly benefit from the performance growth and value reassessment brought by intelligent computing services under the AI wave. It recommends focusing on the three major operators: China Mobile, China Telecom, and China Unicom, as well as their partnerships with computing service providers such as Runze Technology, Pingzhi Information, Zhongbei Communication, ZTE, Fenghuo Communication, and Unisplendour [3]. Industry Developments - The report emphasizes the practical AI capabilities demonstrated by the telecom operators at WAIC 2025, showcasing their role as a "digital infrastructure national team" and their technological leadership in building a smart service ecosystem that covers both industry and people's livelihoods [3]. - The collaboration between computing power and network innovation is highlighted as a core logic for the operators' computing infrastructure, leading to significant breakthroughs in computing resource utilization and efficiency [3]. Infrastructure Investment - In 2025, the three major operators are expected to increase their investments in computing infrastructure, with China Mobile planning to invest 37.3 billion RMB in this area. Both China Telecom and China Unicom are projected to see over 20% year-on-year growth in their computing investments [3]. - The report notes that the domestic server procurement by China Unicom has exceeded 90% for domestic servers, while China Mobile has the largest single liquid-cooled intelligent computing center among global operators, with over 85% of its computing power being domestically sourced [3].