Huaxi Securities released a research report stating that Google's TPU has officially entered commercial use, potentially challenging NVIDIA's dominant ecosystem, though the two ecosystems are expected to coexist in the future. Currently, amid global geopolitical conflicts, U.S.-China tech competition, uncertainties over overseas AI investments, and capital withdrawals, the domestic TMT sector—including communications—faces short-term valuation adjustments due to quarterly earnings reports, warranting cautious sector positioning.
Long-term trends such as 6G development, domestic substitution, self-sufficiency, and defense-related advancements are expected to drive opportunities in computing power leasing, satellite communications, defense communications, and 6G. The firm remains optimistic about the high-growth potential of these sectors over the medium to long term.
Key highlights include: - **Commercial Space Acceleration**: On November 25, the National Space Administration unveiled the "Action Plan for High-Quality and Safe Development of Commercial Space (2025–2027)," aiming to achieve high-quality commercial space development by 2027. A dedicated regulatory body, the Commercial Space Department, has been established, signaling strong policy support for the industry. - **Satellite Internet Applications**: The accelerated development of commercial space is expected to boost applications like direct satellite-to-phone connectivity and BeiDou messaging. Satellite networks form the foundation of 6G infrastructure, aligning with current 6G standardization timelines. Since August, authorities have indicated plans to issue satellite internet licenses, marking a critical step toward commercial operations. - **Industry Growth**: Satellite internet is rapidly advancing, with regular constellation launches improving communication capacity and reducing latency. Applications such as broadband satellite-to-phone links and low-orbit satellite-enabled autonomous driving systems are expected to materialize soon.
Recommended beneficiaries in satellite communications and IoT include: - **Chips & T/R Components**: Chengchang Technology, Guobo Electronics, Zhenlei Technology, Shanghai Hansun, and XinKe Mobile. - **Terminal Antennas**: Chengchang Technology, Tongyu Communication, Guobo Electronics, Maxscend, Tianrui Xintong (non-listed), and Kese Technology (non-listed). - **Terminal Chips & Core Networks**: China Mobile, China Unicom, China Telecom, Haige Communication, Hwa Create, and Zhenyou Technology. - **Testing Equipment**: Kunheng Shunwei and Chuangyuan Xinke.
**Risks**: Potential delays in technological progress, industry collaboration, or policy implementation.
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