In its research report, Huatai Securities took a retrospective look at the performance of the Communication (Shenwan) Index in 2025. It observed that the index faced considerable stock - price fluctuations in the early phase. This was mainly due to doubts surrounding AI computing power stories (for instance, the DeepSeek incident) and geopolitical upheavals. As time went on, the index gradually reverted to the pricing logic driven by industrial trends, with AI computing power emerging as the central theme.

Looking forward to 2026, the research report puts forward three investment themes within the framework of "one main and two supplementary" strategies:

Firstly, it advocates for a continuous focus on the AI computing power theme. The report expresses a positive outlook on the long - term development trend of the AI industry and emphasizes the need to keep an eye on investment opportunities within the AI computing power industrial chain, both in the domestic and international markets.

Secondly, it suggests taking positions in sectors with new quality productivity. Emerging fields such as commercial aerospace and satellite internet, the low - altitude economy, as well as quantum communication and computing, are expected to experience accelerated development with the initiation of the new "15th Five - Year Plan" cycle.

Thirdly, it calls for attention to the revaluation of core asset values. Leading enterprises (like telecom operators), which boast long - term competitiveness and earnings resilience, are anticipated to witness a rise in their valuations as market liquidity improves.