2025 年 3 月通信行业指数弱于沪深 300 指数。通信行业指数 3 月 下跌 3.51%，跑输上证指数（+0.45%）、沪深 300 指数（-0.07%）、 深证成指（-1.01%）、创业板指（-3.07%）。

一季度行情回顾：板块表现略强于大市。一季度沪深 300 指数下跌 1.21%， 通信（申万）指数下跌 1.17%，略微跑赢大盘，在申万 31 个一级行业中排名 第 19。通信行业估值维持回暖趋势，处于近 10 年较低水平。各细分领域中， 物联网控制器、IDC、工业通信等领涨，涨幅分别为 36.17%、33.07%、18.12%。

资金端：投资额高增奠定景气基础。电源及电网建设作为纯内需导向的民生基础工程，历史投 资具备一定逆周期属性。近年来构建新型电力系统背景下投资额持续增长，2024 年国内电网 工程/电源工程投资额累计增长 15.3%/20.8%。边际看 25 年继续加速：1）国网与南网 25 年总 投资额预计 8250 亿，再创新高；2）国家电网 25Q1 加快电网投资建设，推进大规模设备更新 改造，截至 3 月底电网投资同比增长 27.7%，创一季度历史新高。

CoreWeave、Nebius 转型 All In 算力租赁，海外算力租赁价格高于国 内。CoreWeave：挖矿起家，紧抱英伟达，All In 算力租赁；拥有 32 个数据 中心，运行超 25 万+GPU，主要服务微软、英伟达、OpenAI、Meta、Google 等北美大客户；市值约 200 亿美元，为购买大量 GPU，资产负债率高达 92.66%。 Nebius：前身为俄罗斯版 Google，AI 浪潮下坚定转型算力租赁，市值约 50 亿 美元，提供全栈式 AI 解决方案，客户较为分散。以 HGX H100 的 8 卡服务器 为例，海外的算力租赁价格均高于国内，CoreWeave 官网报价换算约 26 万人 民币/月，Nebius 换算为 12 万人民币/月，Google Cloud 官网，按需使用报价约 47 万人民币/月，租赁 3 年则报价为 21 万人民币/月，根据搜狐财经数据，国 内租赁价格为 7 万人民币/月。

“AI+X产品”模式引发玩具市场裂变。AI革命是继蒸汽革命、电力革命和信息革命之后的第四次重大技术变革，在各个行业，在AI大模型新动力的加持下，会以“大模型+X产品”的模式催生出大量降本增效的新产品、新方式。AI玩具是 “AI +玩具”的融合产品。与传统的玩具产品相比，AI玩具通过搭载大型模型，可以通过语音识别、图像识别、自然语言处理、深度学习、情感分析等技术，实现交互和反馈，提供个性化的学习和娱乐体验。我们认为，相较于其他AI终端， AI玩具具备可互动性强、产品形态丰富、应用场景多元、目标群体广泛、产业链成熟等优势，成为较快落地的 AI 终端。

A digital workplace is defined as a virtual and modern version of the traditional workplace. It helps provide customized role-based solutions and services to employees. The employees can quickly access services and data from anywhere and at any time based on their requirements. The digital workplace uses smart devices like smartphone, laptop, among others and digital technology to adapt to the way people work, in addition to improved employee engagement and satisfaction levels.

A document management system (DMS) is a software solution designed to store, manage, and track electronic documents and images of paper-based information. It provides a centralized repository for documents, enabling easy retrieval, sharing, and collaboration. DMS enhances productivity by reducing the time spent searching for documents and streamlining business processes. It also supports compliance with regulatory requirements by maintaining audit trails and ensuring data integrity.

Document outsourcing is a BPO service, whose adoption is driven by the need to reduce fixed and overhead costs, avoid capital expenditure, improve business processes, ensure compliance with complex regulations, and enhance communication with customers.

As defined by the National Institute of Health, precision medicine is a medical approach that designs the customization of healthcare for disease treatment and prevention by considering changes in the genes, environment, and lifestyles of individuals. Precision medicine is the latest development in the healthcare sector. This approach helps researchers and doctors in identifying accurate and preventive treatments for diseases. The implementation of AI is advancing the development of precision medicine. Technology companies and medical organizations are using AI to develop precision medicine in multiple ways.

A drone data link system allows communication and enables the transfer of data between a drone and the ground station. The complexity of the technology used is dependent on the type of drone in operation and its mission characteristics.