Based on a research report from Galaxy Securities, the domestic communications industry maintained a solid growth trajectory during the Spring Festival, with the holiday having a negligible effect on sectors such as 5G-A, satellite internet, 6G, and optical communications. On the application front, incidents like AI agent-related company Zhipu's search for computing power partners and Doubao's suspension of its video call feature on February 16th underscored the current scarcity of computing power resources. With the continuous expansion of AI applications, the demand for computing power is on a steady rise.

Internationally, the construction of data centers and the development of GPU-XPU technology pathways have become focal points. NVIDIA, in particular, has maintained its leading position in the industry and further solidified its stance in the inference hardware market by acquiring technology protocol licensing from Groq. Before the holiday, market concerns regarding the communications industry primarily revolved around the progress of resuming work and production for optical communications companies in the first quarter, the projected capital expenditures in the computing power industry by 2027, and the pace of CPO technology adoption.

However, taking into account the development trend of computing power applications during the Spring Festival, along with overseas cloud providers' capital expenditure plans for 2026 and the order situations within the optical communications industry chain, it is evident that the computing power industry is still in a highly prosperous cycle. Additionally, China's optical communications industry chain actively resumed production during the Spring Festival, and the holiday's short-term impact on order fulfillment is expected to be minimal. Meanwhile, the collaboration between META and NVIDIA is anticipated to expedite the adoption of CPO technology.