Development and Operations (DevOps) tools are software applications designed to support and automate various stages of the DevOps lifecycle, including development, testing, deployment, and monitoring. These tools facilitate collaboration between development, operations, and quality assurance teams, enabling faster and more efficient software delivery. They typically support key DevOps practices such as continuous integration and continuous delivery (CI/CD), automated testing, version control, and infrastructure management. By streamlining processes and improving communication, DevOps tools help organizations enhance productivity, reduce errors, and accelerate time-to-market for software products.

The digital marketing courses include both online and offline courses offered by educational institutions, training centers, and online learning platforms. Digital marketing, often known as online marketing, is the promotion of brands through the Internet and other kinds of digital communication to engage potential clients. This covers text and multimedia messages as well as email, social media, and web-based advertising as marketing channels.

Digital signage refers to the use of digital displays, such as screens, kiosks, and video walls, to present dynamic multimedia content for various purposes, including advertising, information dissemination, and engagement. It allows real-time content updates and interactive features, making it an effective communication and marketing tool in various industries. This technology is increasingly adopted in schools, colleges, and universities to create modern and interactive learning environments that cater to the evolving needs of students and educators.

Digital signage refers to electronic displays that use technologies like Liquid Crystal Display (LCD), Light Emitting Diode (LED), Organic Light Emitting Diode (OLED), projection, and e-paper to showcase digital content such as images, videos, and text. It is widely used in public spaces, retail stores, transportation systems, and corporate buildings to provide information, advertising, and entertainment. Digital signage offers numerous advantages over traditional signage, including centralized control over marketing content, real-time updates, and the ability to use interactive and personalized marketing strategies. This technology enhances customer engagement and provides a more dynamic and efficient way to communicate with consumers.

A digital signature is a process where the end-user digitally signs a document that is legally binding. Digital signatures authenticate the credibility of documents and the signature on it. Based on end users, the global digital signature market has been segmented into banking, financial services, and insurance (BFSI), government, healthcare, legal, and others.

AI 算力：海外市场铜光共进，关注技术和产品迭代拔估值机会。 AI 预训练、后训练、推理思维链共同组成了 AI 算力高增的三重曲线，2025 海外资本开支仍将保持可观增长。铜连接当下仍是 Scaleup 最优解，英伟达 是 2025 年铜连接最大客户，ASIC 部署加速催化，而 AEC 受益于速率升级、 TOR 架构以及 ASIC HBD 互联需求也将爆发。光模块仍有望成为 2025 AI 链 业绩贡献最大的板块，CPO&OIO 产业趋势愈加明朗，我们认为 2025 年 CPO 更多呈现主题投资风格，但背后隐藏的产业链变化、AI 光学格局变化值得注 意。同时，电源、液冷单位价值量提升趋势显著，优秀企业出海有望突破。

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。