Guotai Junan Securities: Long-term recommendation to continue to focus on investment opportunities in the core targets of "AI + going global + satellites".

TF Securities research report indicates that in the medium to long term, it is advisable to continue to focus on investment opportunities in core areas such as "AI + going global + satellites": overseas AI core directions such as optical modules & optical devices, liquid cooling, and other areas are worth paying attention to, and are continuously recommended as core investments; in addition, domestically produced computational power lines like domestic servers, switches, AIDC, liquid cooling, and other directions are suggested for active attention as core targets. The domestic marine industry is accelerating its recovery, with good opportunities for overseas expansion, actively seizing industrial changes, and core recommendations for leading submarine cable manufacturers. Recently, there have been positive developments in the domestic dynamics of the satellite internet industry, and it is optimistic about the subsequent industry growth driven by catalysis.