Investment Rating - The report maintains a "Positive" investment rating for the communication industry [9]. Core Insights - The communication sector saw a 3.65% increase in the 49th week of 2025, ranking 3rd among major industries, and a 70.43% increase since the beginning of the year, ranking 2nd [2][4]. - AWS launched the Trainium 3 chip, significantly enhancing performance and energy efficiency, while DeepSeek V3.2 made breakthroughs in inference capabilities and cost reduction for long sequences [2][5][6]. - The collaboration between AWS and NVIDIA is expected to accelerate the integration of self-developed chips with the NVIDIA ecosystem, clarifying the ASIC penetration logic [7]. Summary by Sections Market Performance - The communication sector's performance in the 49th week of 2025 was a 3.65% increase, with a year-to-date increase of 70.43% [2][4]. - Top gainers in the sector included Tianfu Communication (+25.8%), Tongyu Communication (+23.9%), and Meige Intelligent (+13.7%), while the largest declines were seen in Online and Offline (-11.8%), Data Port (-10.8%), and Kesi Technology (-8.6%) [4]. Technological Developments - AWS's Trainium 3 chip offers a 4.4x performance increase and a 40% improvement in energy efficiency, reducing training costs for clients by up to 50% [5]. - DeepSeek V3.2, the first open-source model to integrate "deep thinking" and "tool invocation," surpassed GPT-5 in inference benchmarks, significantly lowering costs for long sequence tasks [6]. Investment Recommendations - Recommended companies include China Mobile, China Telecom, and China Unicom in the operator category; Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication in optical modules; and AI applications such as Boshi Jie, Heertai, and Tuobang Co. [7].

Industry Developments - DeepSeek has released the V3.2 series models, enhancing agent capabilities with reasoning abilities on par with GPT-5, integrating thinking modes with tool invocation for everyday applications [1] - In the electric vehicle sector, Leap Motor achieved a delivery volume of 70,327 units in November, marking a year-on-year increase of over 75%, while NIO saw a 76.3% increase in deliveries [3] Market Trends - Silver prices have reached a new high of $58.8 per ounce, with a year-to-date increase exceeding 100%, driven by supply tightness and speculative pressures [2] - Gold prices have also risen, reaching a six-week high of $4,264 per ounce [2] Macroeconomic Insights - The Minister of Finance, Liu Fuan, emphasized the need to increase residents' income through various channels and to boost consumption as part of a proactive fiscal policy [4] Investment Insights - Analysts suggest that the market is currently experiencing frequent style shifts, with a focus on sectors like artificial intelligence and new energy for potential growth in the coming year [7][8] - Morgan Stanley predicts that Google's large-scale sales of TPU chips will significantly increase production forecasts, benefiting related hardware suppliers [9]