Investment Rating - The report maintains a "Positive" investment rating for the communication industry [11]. Core Insights - In the 44th week of 2025, the communication sector experienced a decline of 3.77%, ranking 32nd among primary industries in the Yangtze River region. However, since the beginning of 2025, the sector has risen by 61.65%, ranking 2nd among primary industries [2][6]. - NVIDIA announced that it expects to ship approximately 20 million units of its Blackwell and Rubin series GPUs, raising its sales guidance for GPUs to over $500 billion for the next five quarters. The company also revealed several collaborations for computing power development [2][9]. - The financial performance of the four major cloud service providers in North America was strong, with continued increases in capital expenditures and accelerated global computing investments [2][8]. Summary by Sections Market Performance - The communication sector's performance in the 44th week of 2025 showed a decline of 3.77%, while it has increased by 61.65% since the start of the year [2][6]. - Among companies with a market capitalization above 8 billion, the top three gainers were Guodun Quantum (+38.4%), LianTe Technology (+20.7%), and Kesi Technology (+13.5%). The top three decliners were Kehua Data (-17.3%), Dekeli (-13.9%), and Huafeng Technology (-13.7%) [6]. NVIDIA's GPU Forecast - At GTC 2025, NVIDIA projected that the combined shipments of its Blackwell and Rubin series GPUs would reach around 20 million units, significantly higher than the 4 million units of the previous Hopper series. The company is also collaborating with Oracle and the U.S. Department of Energy to build supercomputing systems with a total computing power of approximately 2200 EFLOPS, expected to be operational in the first half of 2026 [7][9]. North American Cloud Providers' Financials - Google reported Q3 2025 revenue of $102.35 billion, a year-on-year increase of 16%, with cloud revenue up 34% to $15.16 billion. Capital expenditures were raised to $91-93 billion [8][24]. - Meta's Q3 2025 revenue was $51.24 billion, up 26% year-on-year, with capital expenditures adjusted to $70-72 billion [8][24]. - Microsoft's Q3 2025 revenue reached $77.67 billion, a year-on-year increase of 18%, with Azure services growing by 40% [8][24]. - Amazon's Q3 2025 revenue was $180.17 billion, up 13% year-on-year, with AWS revenue increasing by 20% [8][24]. Investment Recommendations - The report recommends several companies based on their sectors: - Telecom Operators: China Mobile, China Telecom, China Unicom - Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid Cooling: Yingweike - Hollow Core Fiber: Fenghuo Communication, Hengtong Optic-Electric - Domestic Computing: Runze Technology, Guanghuan New Network - AI Applications: Boshi Jie, Heertai - Satellite Applications: Huace Navigation, Haige Communication [9].