通信行业周报：英伟达GTC推出CPO交换机，运营商财报陆续发布

Investment Rating - The industry investment rating is maintained as "Add" [7] Core Insights - Nvidia launched the Blackwell Ultra GPU and CPO switches at the GTC 2025 conference, marking a significant advancement in AI capabilities with a performance increase of 2.5 times compared to previous models [18][30] - The Chinese government has included "deep-sea technology" as a strategic emerging industry, emphasizing its importance in national development and security [19][31] - Aurora Star successfully completed China's first 400Gbps inter-satellite laser communication test, enhancing satellite internet capabilities [19][31] Market Review - The A-share Shenwan Communication Index fell by 3.85% from March 17 to March 21, underperforming the CSI 300 Index by 1.56 percentage points [21][26] - Within the Shenwan Communication sub-sectors, communication services dropped by 5.19%, while communication equipment decreased by 3.04% [22][24] - The overall performance of overseas indices remained weak, with the Nasdaq showing a slight increase of 0.17% [26][27] Investment Recommendations - The report suggests focusing on sectors such as optical modules, operators, and communication equipment [20] - Specific companies to watch include: - Optical Modules: Zhongji Xuchuang, Tianfu Communication, Xinyi Sheng - Operators: China Mobile, China Telecom, China Unicom - Communication Equipment: ZTE Corporation, Unisplendour [20]