Tianfeng Securities: Firmly optimistic about investment opportunities in the AI industry chain.

Tianfeng Securities released a research report stating that the overseas computing power industry chain is still in high prosperity and has not been impacted by DeepSeek and trade frictions. On the contrary, the fundamentals of the related industry chain are even stronger, and they continue to be optimistic about investment opportunities in the overseas computing power industry chain. They firmly believe in the AI industry as the main investment theme of the year. In terms of domestic developments, with the continued progress of DeepSeek R2/V4 and related advancements in areas such as agents and multimodal aspects, they remain optimistic about the AI industry and the continued high prosperity of the AIDC industry chain. Overall, they are optimistic about 2025 becoming a key year for the domestic AI infrastructure competition and the flowering of applications. Both China and the US are making continuous progress in AI, while the inference end is also advancing consistently. They recommend keeping a close eye on the dynamics of the AI industry and investment opportunities in AI applications. Furthermore, for the first time, "deep-sea technology" has been included in the government work report. Tianfeng sees a clear trend of continuous improvement starting in 2025 and actively pays attention to leading manufacturers in the submarine cable industry chain. In the medium to long term, they suggest continuing to pay attention to investment opportunities in core targets of "AI + going global + satellite": overseas AI core areas such as optical modules & optical devices, liquid cooling, and other fields deserve attention as core recommendations. Additionally, they recommend actively monitoring core targets in domestic computing power lines such as domestic servers, switches, AIDC, liquid cooling, and other directions. As the domestic industry accelerates its recovery and overseas opportunities emerge, they actively seize industrial changes and core recommend leading manufacturers in the submarine cable industry. They have seen recent progress in the domestic satellite internet industry dynamic and are optimistic about the subsequent industry being catalyzed and driven.