Group 1 - The core viewpoint of the report emphasizes the expansion of AI themes from a single algorithm to diversified scenarios, including computing power, C-end applications, autonomous driving, robotics, and AI for Science, indicating a transition from the "technology trigger" phase to a "steady recovery" and "production maturity" phase in the computing power sector [1][22][24] - The report highlights significant performance growth in domestic optical communication manufacturers, with NewEase's net profit expected to increase by over 380% year-on-year in Q1 2025, demonstrating the realization of performance in the computing power sector [1][22][24] - The report suggests that downstream applications of AI, such as AI agents, autonomous driving, and AI for Science, are likely to accelerate into maturity stages, showcasing practical commercial value [2][23] Group 2 - The report identifies a shift in institutional holdings from high-risk preferences to value growth in the computing power sector, with notable reductions in holdings of companies like Zhongji Xuchuang and Tianfu Communication [2][24] - The "pendulum effect" in the computing power sector is discussed, indicating a rebalancing of fundamentals and market chips, where lower-valued stocks may attract capital due to technological breakthroughs or order increases [3][24] - The report indicates that the optical module sector is entering a golden period of value growth, driven by product upgrades, connection value expansion, and a stable market structure [4][25][27] Group 3 - The report recommends focusing on key companies in the computing power supply chain, particularly in the optical module industry, such as Zhongji Xuchuang and NewEase, as well as smaller firms like Tianfu Communication and Shijia Photon [7][29] - It emphasizes the importance of technological barriers and high order visibility in the core segments of the computing power sector [3][24] - The report provides a detailed overview of the optical module industry, highlighting the demand for 800G optical modules in North America, projected to reach 20 million units by 2025 [4][27]

Core Viewpoint - The acceleration of digital transformation emphasizes the importance of autonomous and controllable computing power, with the launch of the E300 AI computing module aimed at edge scenarios being a significant development in this area [1][2]. Group 1: Product Development - The E300 AI computing module achieves a breakthrough in domestic computing power with 50 TOPS (50 trillion integer operations per second) and allows for the lightweight deployment of a 320 billion parameter model locally [1][2]. - The E300 is equipped with a self-developed domestic AI SoC chip AB100, and its modular design condenses powerful computing capabilities into a module smaller than 10 cm, making it easier to deploy in space-constrained edge devices [2]. Group 2: Market Applications - The E300 supports edge inference for mainstream open-source large models such as DeepSeek, Qwen, and Llama, enabling local deployment of large language models and supporting hundreds of visual models [4]. - The local data processing and private deployment capabilities of the E300 enhance data privacy and system security, catering to high-security and high-reliability AI application requirements in critical sectors like industry, energy, water conservancy, meteorology, government, and education [4].