金吾财讯 | 中国银河证券发研报指，随业绩提升通信指数回暖，人工智能预期不断变化。由于人工智能超预期发展，推理侧模型的快速普及，量子通信应用端的不断推广，带动了通信行业的成交额及估值水平持续回暖，反映了投资者对于相关公司未来业绩预期的乐观预测，高成长性对通信行业推动作用在业绩方面的正向影响或将逐步显现。同时，关税、国际形势的变化等对AI发展的预期产生了扰动，指标表现有所震荡，市场预期也在不断变化。该机构表示，展望下半年，我们与市场不同的观点在于，目前时点为AI预期的底部区域，AI算力产业链预期会不断复苏，带来新一轮的投资机遇显现。包括算力AI产业链边际改善，卫星互联网+量子科技方兴未艾，具体子板块表现在运营商、光通信、卫星互联网及量子科技等方面。该机构续指，当前通信行业的主要推动因素主要以运营商资本开支结构优化为基础，人工智能快速发展共振的新范式。建议关注：运营商、光模块、光器件/光芯片及光引擎、铜连接、卫星互联网、量子科技等板块相关标的。
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