Investment Rating - Industry Rating: Recommended [4] Core Insights - The report emphasizes the importance of information communication as a critical infrastructure for the new round of technological upgrades, focusing on three major infrastructure networks: AI computing power infrastructure, integrated space-ground communication networks, and high-speed data circulation infrastructure [1][34] - The report highlights the rapid development of satellite internet and low-altitude economy, with a focus on the integration of satellite communication networks and the establishment of low-altitude economic networks [3][19] - The data element construction is crucial for building high-speed interconnected data circulation infrastructure, with significant growth expected in the data industry [24][27] - AI empowerment is seen as a key driver for industrial upgrades, with applications in various sectors including advanced manufacturing and smart manufacturing [29][30] Summary by Sections 1. Investment in Computing Power Infrastructure - Significant capital expenditure growth in computing power infrastructure, with major telecom operators increasing their investments [12][14] - Key beneficiaries include companies involved in AI chips, optical communication, and data center services [2][14][15] 2. Satellite and Low-Altitude Communication Infrastructure - The rapid deployment of satellite internet and the establishment of low-altitude economic networks are highlighted, with various companies benefiting from this trend [16][19][21] - Key beneficiaries include companies involved in satellite communication and low-altitude network equipment [6][23] 3. Data Element Construction - The data industry is projected to grow significantly, with a focus on building a robust data infrastructure to support data circulation [24][25][26] - Key beneficiaries include telecom operators and companies providing data platforms and security solutions [27][28] 4. AI Empowerment for Industrial Upgrades - AI is driving the transformation of traditional manufacturing into smart manufacturing, with a focus on enhancing productivity and efficiency [29][30][31] - Key beneficiaries include companies involved in AI applications across various sectors [35][36]