[Huatai Securities: AI computing power construction drives demand for vector network analyzers] On September 23, Huatai Securities research report believes that AI computing power construction promotes the accelerated upgrading of high-speed interconnections, and vector network analyzers (VNA) are expected to usher in development opportunities. Data center networks are evolving towards 800G and 1.6T, and high-speed connectors, cables and high-end PCBs continue to have higher requirements for signal integrity and yield control, which will drive the demand for VNA testing to grow. At the same time, testing is upgrading to higher frequencies, more ports, and automation, which is expected to drive up the volume and price of VNAs. We are optimistic that domestic manufacturers will achieve growth in the context of downstream demand expansion and domestic substitution with the accumulation of radio frequency and microwave technology and continuous product iteration.