Group 1 - The core viewpoint is that the AI sector, particularly large models and optical modules, shows significant growth potential, with AI hardware being a primary investment focus due to its profit release phase and clear growth trajectory over the next two years [1][2] - The optimism for the AI sector in 2023 is based on the expected advancements in large models, particularly with the introduction of NVIDIA's B series chips, which are anticipated to enhance model capabilities [1] - The optical module segment is highlighted as a critical sub-sector in AI investment, with strong demand from both downstream users and upstream chip manufacturers indicating a robust market environment [1] Group 2 - There is a caution regarding the short-term performance of leading optical module stocks, which have already seen significant price increases, suggesting a need for time to digest these gains before further investment [2] - The development of AI applications is perceived to be slower than market expectations, particularly in B2B contexts, where integrating large models into existing processes requires time [2][3] - The investment strategy should balance between AI hardware and applications, focusing on cost-effectiveness and identifying profitable AI applications that can create a commercial loop [3] Group 3 - The Hong Kong stock market has unique AI application companies, but the key factor for investment is the ability to produce quality products that meet user needs, regardless of the market [3]

[Table_ReportDate] 2025 年 06 月 09 日 [Table_Author] 分析师：李时樟 执业证书：S1030522060001 电话：18065826333 邮箱：lisz@csco.com.cn 分析师：罗晴 执业证书：S1030524110001 电话：13603091122 邮箱：luoqing@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 TMT [Table_Title] 海外算力与应用迎来新催化 TMT 行业周报（6 月第 1 周） [Table_S 行业观点： ummary] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_ReportType] [Table_BaseData] 1) 周度市场回顾。TMT 板块内一级行业上周（6/03-6/06）涨跌 幅为：通信（5.27%）、电子（3.60%）、计算机（2.79%）、 传媒（2.59%），TMT 板块整体跑赢沪深 300（0.88%）。TMT 板 块内涨幅靠前的三级子行业分别为印制电路板（9.89%）、通 信网络设备及器件（8.33%）、通信应用增值服务（6 ...