Investment Rating - The report maintains a "Buy" rating for the communication industry and communication equipment manufacturing sector [4]. Core Insights - The report highlights the ongoing transformation in AI infrastructure, with a shift towards "super nodes" to address single-card computing limitations, and the adoption of liquid cooling technology [2][11]. - Alibaba's commitment to open ecosystems is emphasized, with the introduction of the Alink interconnection protocol, aiming to create a high-speed interconnected system [2][19]. - The launch of the flagship model Qwen3-Max by Alibaba demonstrates significant advancements in AI capabilities, expanding into multimodal functionalities [2][24][26]. Summary by Sections Market Overview - The communication index decreased by 0.28% while the Shanghai Composite Index rose by 0.21% and the Shenzhen Component Index increased by 1.06% [2][10]. Key Companies and Dynamics - The report recommends several companies for investment, including ZTE Corporation, StarNet, China Mobile, and others, focusing on AI computing power, core asset value reassessment, and new productivity sectors [3][4][61]. AI Infrastructure Developments - The report discusses the emergence of super nodes in AI infrastructure, which optimize computing, networking, storage, and power supply [11]. - Liquid cooling technology is becoming standard across various components, indicating a shift towards more efficient cooling solutions in data centers [14]. Ecosystem and Open Source Initiatives - Alibaba aims to build an open-source ecosystem akin to an "Android" for AI, promoting the Alink protocol to break existing technological barriers [19][20]. - The growth of a developer community around AI models is noted, with significant increases in model usage and the introduction of new development frameworks [20]. Model Advancements - The Qwen3-Max model is highlighted for its superior performance, with extensive training data and capabilities that surpass competitors in various benchmarks [25][26]. - The next-generation model Qwen3-Next is introduced, showcasing improvements in computational efficiency and multimodal capabilities [26]. Investment Recommendations - The report lists specific stocks with target prices and investment ratings, indicating a bullish outlook on companies like ZTE Corporation and China Mobile [4][61].