The Huatai Securities Research Report pointed out that looking back at 2025, the communications index moved ahead in the midst of fluctuations. In the early stages, sector stock prices showed large fluctuations under the influence of AI computational power narrative questions and geopolitical shocks; later, they gradually returned to industry trend pricing logic, and AI computing power became the main market. Looking ahead to 2026, we are optimistic about the three main investment lines of “one main and two”: 1) continue to embrace the AI computing power main line: optimistic about AI industry trends and focus on investment opportunities in the computing power industry chain at home and abroad; 2) Side line 1 is new quality productivity: the “15th Five-Year Plan” new cycle starts, and emerging tracks such as commercial aerospace and satellite internet, low-altitude economy, quantum communication and computing are expected to accelerate development; 3) Side line 2 is core assets: as market liquidity improves, leading companies with long-term competitiveness and performance resilience are expected to usher in opportunities to improve.

The Huatai Securities Research Report pointed out that looking back at 2025, the communications index moved ahead in the midst of fluctuations. In the early stages, sector stock prices showed large fluctuations under the influence of AI computational power narrative questions and geopolitical shocks; later, they gradually returned to industry trend pricing logic, and AI computing power became the main market. Looking ahead to 2026, we are optimistic about the three main investment lines of “one main and two”: 1) continue to embrace the AI computing power main line: optimistic about AI industry trends and focus on investment opportunities in the computing power industry chain at home and abroad; 2) Side line 1 is new quality productivity: the “15th Five-Year Plan” new cycle starts, and emerging tracks such as commercial aerospace and satellite internet, low-altitude economy, quantum communication and computing are expected to accelerate development; 3) Side line 2 is core assets: as market liquidity improves, leading companies with long-term competitiveness and performance resilience are expected to usher in opportunities to improve.