Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating expected performance above the market benchmark by over 10% [49]. Core Insights - NVIDIA reported a record revenue of $57.006 billion for FY2026 Q3, with a year-on-year growth of 62% and a quarter-on-quarter growth of 22%, driven by strong demand in the AI sector [11][12]. - Google's Gemini 3.0 series was launched, showcasing advancements in deep reasoning and agent capabilities, outperforming previous models in various benchmarks [13][16]. - The optical cable export data for October 2025 showed a significant month-on-month growth of 26.14%, reflecting a sustained high demand in the industry [24]. Summary by Sections Industry News Tracking - NVIDIA's FY2026 Q3 revenue reached $57.006 billion, with data center revenue at $51.2 billion, marking a 62% year-on-year increase and a 22% quarter-on-quarter increase [11][12]. - Google's Gemini 3.0 series introduces a "Deep Think" mode, enhancing its ability to handle complex reasoning tasks, achieving notable scores in various benchmarks [13][16]. - Optical cable exports from China to the U.S. in October 2025 totaled 520 million yuan, with a year-on-year increase of 61.02% and a month-on-month increase of 26.14% [24]. Investment Recommendations - Continuous focus on AI computing infrastructure development is advised, with recommendations to monitor companies involved in optical devices, communication equipment, and liquid cooling technologies [46]. - The three major telecom operators are highlighted as important assets for dividend allocation, with stable operations and increasing dividend payouts [46]. Market Performance Review - The communication sector index decreased by 2.51%, while the Shanghai and Shenzhen 300 index fell by 3.77%, resulting in a relative return of 1.26% [36]. - Among sub-sectors, optical devices/chips and operators showed relatively better performance, with specific stocks like Tengjing Technology and Dekeli leading in gains [39].

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating expected performance above the market benchmark by over 10% [5][48]. Core Insights - Nvidia's FY2026 Q3 revenue reached $57.006 billion, showing a year-on-year growth of 62% and a quarter-on-quarter increase of 22%, driven by strong demand in AI and data center infrastructure [11][24]. - Google's release of the Gemini 3.0 series marks a shift towards deep reasoning and agent capabilities, outperforming previous models in various reasoning tasks [13][16]. - The cable export data for October 2025 shows a 26.14% month-on-month increase, reflecting sustained industry vitality, particularly in regions like Jiangsu and Shanghai [24][25]. Summary by Sections Industry News Tracking - Nvidia's Q3 revenue growth of 22% and strong performance in data centers, with expectations for continued growth into FY2026 [11][24]. - Google's Gemini 3.0 series introduces advanced reasoning capabilities, outperforming competitors in key benchmarks [13][16]. - October 2025 cable exports to the U.S. show significant growth, indicating a robust market environment [24][25]. Market Performance Review - The communication sector index decreased by 2.51%, while the broader market (CSI 300) fell by 3.77%, resulting in a relative outperformance of 1.26% [36][39]. - Specific segments such as optical devices and operators showed varying performance, with optical devices leading in gains [39][42]. Investment Recommendations - Continued focus on AI computing infrastructure is advised, with recommendations for companies involved in optical devices, communication equipment, and liquid cooling technologies [45]. - Long-term investment in major telecom operators is suggested due to their stable operations and increasing dividend payouts [45].