一季报后AI算力展望依然乐观，去伪存真龙头受益

Investment Rating - The report maintains an "A" rating for the communication industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - The outlook for AI computing power remains optimistic post-Q1 earnings, with leading companies expected to benefit from the trend of "removing the false and retaining the true" [1]. - Strong capital expenditure from cloud giants is expected to drive growth in core sectors such as optical modules and copper connections, with significant year-on-year profit increases reported by key companies [3][11]. - Domestic computing power is anticipated to see stronger growth in the second half of the year, driven by increased capital expenditures and the introduction of new technologies [4][12]. - The military information technology sector is experiencing a notable recovery in orders, with a focus on smart, low-cost, and collaborative combat solutions [13]. Summary by Sections 1. Weekly Viewpoints and Investment Recommendations - The report highlights the robust capital expenditure from cloud giants, with Google reporting a 28% year-on-year revenue growth in its cloud division and a projected annual capital expenditure of $75 billion, up 43$12.7 billion, exceeding market expectations, although its guidance for Q2 was below expectations, leading to a stock price drop [35]. - Samsung's advanced process foundry has faced challenges in attracting major clients, resulting in delays in the construction of its 4nm wafer fab in Texas [35]. 5. Industry News - The report notes that Quanta Computer has seen an increase in orders compared to last year, indicating a positive trend in demand from major cloud service providers [42]. - TSMC is set to unveil its new A14 process technology, expected to enhance AI capabilities and improve energy efficiency in applications [42].