中金公司：2025年AI推理需求有望加速发展 关注六大方向

Core Viewpoint - The demand for AI inference is expected to accelerate by 2025, maintaining a high demand for cloud hardware, while telecom equipment investment faces pressure, with recovery dependent on the growth of north-south traffic [1] Investment Directions - Focus on six major investment directions: 1) Upgrading AI hardware technology (liquid cooling, silicon photonics, CPO, data communication optical fibers) [1] 2) Maturation of the domestic AI hardware ecosystem [1] 3) Accelerated implementation of AI applications [1] 4) New productivity driving the digital transformation of enterprises [1] 5) Potential opportunities in the information industry from the "14th Five-Year Plan" policies [1] 6) Standard iteration from 5G-A to 6G [1]