中泰证券：AI进入推理时代，看好通信板块投资机会

AI and Computing Power - AI entering the inference phase is expected to drive a new round of growth in computing power demand by 2025 [1] - The AI inference era will reshape the data center industry chain, with high-performance computing networks driving network technology iterations [1] - New solutions such as ultra-Ethernet, CPO, silicon photonics, copper connections, and AEC will be introduced [1] - AI cluster computing power and power consumption trends will increase structural demand for liquid cooling, high-end power supplies, and AIDC [1] - Opportunities in sub-industry chains such as switches, liquid cooling, optical interconnects, copper links, power supplies, AIDC, and AIOT are promising [1] Satellite and Communication Industry - Low-orbit satellite internet has achieved a 0-1 stage breakthrough, and the application of Beidou-3 has begun, accelerating the development of the satellite industry [1] - The space information industry, combining communication and navigation, brings incremental opportunities [1] - In the medium to long term, the value of C-end applications is expected to be released, promoting the continuous development of the industry [1] Operator and Infrastructure Opportunities - The value of operator dividends is emphasized, with opportunities driven by offshore wind and DCI pulling the optical cable industry upward [1]