山西证券：OpenAI新品发布催化需求 低轨卫星发射继续加速

Group 1 - The "OpenAI 12Days" event introduced the official versions of o1 and pro, with ChatGPT pro showing improved performance in coding, mathematics, and writing, along with native image reasoning capabilities [1] - The increasing marginal costs of training and the continuous growth in cot reasoning computing power indicate a real and potentially exceeding demand for computing power by 2025, suggesting a shift to low valuation estimates for optical modules, copper connections, power supplies, and liquid cooling [1] Group 2 - Amazon showcased the trn1 ultra cabinet product, with cloud vendors' self-developed ASICs driving significant demand for high-speed copper connections, while component manufacturers are primarily located overseas and bare wire production capacity is concentrated domestically [2] - The successful launch of the third phase of the Yuanxin Qianfan satellite network in Taiyuan by SpaceX marks a significant step in low-orbit satellite internet development, which is crucial for 6G standard discourse, orbital frequency resources, and international space infrastructure competition, potentially accelerating China's low-orbit satellite constellation launches [3] Group 3 - Continuous event catalysts are expected to lead to certain performance contributions from related industry chain targets, driving a double-click market trend [4] - Recommended companies to focus on include Yingweike, Zhongji Xuchuang, and Wolong Nuclear Materials [5]