【兴证通信】通信行业周报：重视国产算力链

Investment Rating - The industry investment rating is "Recommended (Maintain)" [2] Core Viewpoints - The report emphasizes the importance of domestic computing power chains, predicting that 2025 will be a pivotal year for the domestic large model computing power arms race, with major capital expenditures expected to exceed forecasts [10][23]. Summary by Sections Industry Dynamics - In the first eleven months of 2024, China's telecom business revenue reached 1,594.7 billion yuan, a year-on-year increase of 2.6% [15]. - In Q3 2024, cloud infrastructure service spending in mainland China reached 10.2 billion USD, growing by 11% year-on-year, with Alibaba Cloud, Huawei Cloud, and Tencent Cloud maintaining a combined market share of 70% [15]. - The report highlights the successful pilot of a multi-core fiber solution by Changfei Fiber and Tianjin Mobile [15]. Investment Highlights - ByteDance's MAU rapidly surpassed competitors, with a projected capital expenditure of 80 billion yuan in 2024, expected to double to 160 billion in 2025, focusing heavily on AI computing power [23]. - The DeepSeek-V3 model was launched with 671 billion parameters and a training cost of only 5.58 million USD, outperforming several leading models [24]. - The report recommends focusing on domestic supply chains for optical modules, IDC, copper cables, and connectors due to the increasing demand for self-controlled computing power [23]. Key Recommendations - The report suggests paying attention to companies such as DingTong Technology, XinYiSheng, and ZhongJi XuChuang for potential investment opportunities [25].