Group 1 - Goldman Sachs has updated its global server market forecast, expecting total revenue to reach $433.1 billion, $606.1 billion, and $763.9 billion in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 71%, 40%, and 26% [2] - AI training servers are identified as the core growth engine, with projected revenues of $234.8 billion, $369.8 billion, and $506.2 billion for the same years, reflecting year-on-year growth rates of 97%, 57%, and 37% [2] - The report highlights a structural transformation in the global server market, driven by accelerated ASIC server penetration and significant capital expenditure growth from global cloud service providers, maintaining a high prosperity period from 2025 to 2027 [1][2] Group 2 - ASIC chip penetration in AI servers is expected to increase, with forecasts of 38%, 40%, and 50% for 2025, 2026, and 2027 respectively, up from a previous estimate of 45% for 2027 [3] - The demand for AI chips corresponding to AI servers is projected to reach 11 million, 16 million, and 21 million units in 2025, 2026, and 2027, representing increases of 7%, 17%, and 26% from previous forecasts [3] - The AI rack server market is shifting from reliance on Nvidia to a more diversified competition, with non-Nvidia solutions like AMD's Helios expected to gain market share [4] Group 3 - High-power AI training servers are projected to see significant growth, with shipment forecasts of 692,000, 952,000, and 1,227,000 units for 2025, 2026, and 2027, and corresponding market sizes of $180.2 billion, $205.2 billion, and $251.1 billion [5] - AI inference servers are expected to grow steadily, with shipment forecasts of 470,000, 539,000, and 656,000 units, and market size increasing from $29.8 billion to $48.4 billion from 2025 to 2027 [6] - The general server market is returning to normal growth, with shipment growth rates of 11%, 8%, and 2% for 2025, 2026, and 2027, and revenue growth rates of 51%, 19%, and 5% [7] Group 4 - Key companies in the server supply chain include ODM manufacturers like Wistron, Quanta, and Hon Hai, with Hon Hai being a leader in AI server market share [8] - Liquid cooling manufacturers such as AVC and Auras are highlighted for their roles in the cooling solutions for AI servers, with AVC providing custom cooling solutions for Nvidia's platforms [10][11] - TSMC is recognized as a foundational player in the AI chip and ASIC manufacturing sector, while companies like Chenbro and GCE are noted for their roles in critical components for server manufacturing [12]

（文章来源：北京商报） 北京商报讯1月5日，海光信息宣布，在近期举行的北京怀柔区2026年优化营商环境暨高质量发展推进大 会上，海光信息与怀柔科学城、科创发展中心正式签署战略合作协议，三方将围绕科研创新、成果转化 和算力基础设施建设开展深度协作，共同服务国家科技创新和区域高质量发展。 ...

Market Performance - On January 5, the three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 1.38% to 4023.42 points, the Shenzhen Component Index rising by 2.24% to 13828.63 points, and the ChiNext Index up by 2.85% to 3294.55 points [1] - The sectors that performed well included brain engineering, storage chips, and cloud gaming, while shale gas, natural gas, and insurance-related sectors saw declines [1] Fund Manager Changes - From January 1 to January 5, a total of 9 fund managers experienced changes in their positions, which can significantly impact the future performance of the funds they manage [2] - In the same period, 4 fund products announced fund manager departures, with reasons including job changes and personal reasons [3] - A total of 29 fund products announced new fund manager appointments, involving 7 new fund managers [3] Fund Performance - Wang Bo from Ping An Fund managed a total fund asset of 696 million yuan, with the highest return of 99.12% from the fund "Anxin Xinfang Youxuan Mixed A" during his tenure [3] - Li Jialiang from Southern Fund managed a total fund asset of 9.657 billion yuan, with the highest return of 163.15% from the "Southern Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF" during his tenure [3] Fund Research Activity - In the past month (December 6 to January 5), Huaxia Fund conducted the most company research, engaging with 43 listed companies, followed by Bosera Fund, Southern Fund, and E Fund, which researched 39, 32, and 29 companies respectively [5] - The chemical products industry was the most researched sector, with 161 instances, followed by the computer equipment industry with 112 instances [5] Recent Company Focus - In the last month, the most researched company by public funds was Zhongke Shuguang, which is in the specialized computer equipment industry, with 117 fund management companies participating in the research [5] - Other companies receiving significant attention included Haiguang Information and Changan Automobile, with 117 and 86 fund management companies involved in their research respectively [5] Recent Weekly Research Activity - In the week from December 29 to January 5, the company with the highest number of fund research engagements was Oulutong, with 30 fund institutions participating [6] - Other companies with notable research activity included Jingji Zhinu and Zhongwei Shares, with 29 and 26 fund institutions respectively [6]

Group 1 - The core viewpoint of the article highlights the performance of the chip ETF Guangfa (159801), which opened with a gain of 1.17% at 0.867 yuan [1] - The major holdings of the chip ETF include companies such as Cambricon, which rose by 1.43%, SMIC by 3.26%, and Huagong Technology by 1.38% [1] - The ETF's performance benchmark is the National Securities Semiconductor Chip Index, managed by Guangfa Fund Management Co., with a return of 71.26% since its inception on January 20, 2020, and a return of 3.95% over the past month [1]

Group 1 - The core viewpoint of the news highlights the strong performance of the digital economy theme index, which rose by 2.48% as of January 5, 2026, with significant gains from constituent stocks such as Zhongwei Company (up 11.62%) and Zhaoyi Innovation (up 7.24%) [1] - The digital economy ETF (560800) also saw an increase of 2.44%, reflecting the overall positive sentiment in the digital economy sector [1] - Baidu Group announced the spin-off of its AI chip subsidiary, Kunlun Chip, for an independent listing in Hong Kong, which is expected to enhance its market presence [1] - The "Chinese AI Six Little Dragons," including Zhiyuan AI and MiniMax, have initiated their Hong Kong IPOs, marking a significant step for domestic AI companies in accessing capital markets [1] - The semiconductor market is projected to reach a record high of $760.7 billion in 2026, driven by AI advancements, with a 9% growth expected from 2025 [2] - Domestic wafer fabs are experiencing a recovery in capacity utilization, supported by AI-driven demand for high-end storage solutions [2] - The demand for HBM and advanced storage is driving technological advancements in 3D NAND stacking and DRAM, leading to increased usage and value of etching and thin-film deposition equipment [2] Group 2 - As of December 31, 2025, the top ten weighted stocks in the digital economy theme index accounted for 52.63% of the index, with notable companies including Dongfang Fortune and Cambricon [3] - The digital economy ETF closely tracks the digital economy theme index, selecting companies with high digital infrastructure and application levels [2]

Core Viewpoint - The semiconductor ETF from Southern (159325) opened with a gain of 1.00%, indicating positive market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The Southern Semiconductor ETF (159325) opened at 1.509 yuan, reflecting a 1.00% increase [1] - Since its establishment on October 31, 2024, the fund has achieved a return of 49.44% [1] - The fund's performance over the past month has been a return of 5.54% [1] Group 2: Major Holdings - Key stocks in the Southern Semiconductor ETF include: - SMIC (中芯国际) with a gain of 3.26% [1] - Cambrian (寒武纪) up by 1.43% [1] - Haiguang Information (海光信息) increased by 1.38% [1] - Northern Huachuang (北方华创) rose by 1.94% [1] - Lanke Technology (澜起科技) up by 1.44% [1] - Zhaoyi Innovation (兆易创新) increased by 3.30% [1] - Zhongwei Company (中微公司) up by 1.94% [1] - OmniVision (豪威集团) rose by 0.37% [1] - Changdian Technology (长电科技) increased by 1.14% [1] Group 3: Management Information - The fund is managed by Southern Fund Management Co., Ltd. [1] - The fund managers are Zhao Zhuoxiong and He Dianhong [1] - The benchmark for the ETF's performance is the CSI Semiconductor Industry Select Index [1]

Group 1 - The semiconductor industry is expected to see significant growth, with chip design, semiconductor equipment, and materials projected to rise by 62.38%, 60.86%, and 37.31% respectively by 2025 [2] - The semiconductor theme index, focusing on the aforementioned three sectors, is anticipated to achieve a growth rate of 62.33% in 2025, with the semiconductor equipment ETF (561980) experiencing a net inflow of over 220 million yuan in the last five trading days [2] - The demand for semiconductor equipment is driven by advancements in AI and domestic substitution, particularly in the storage chip sector, which is reshaping the global pricing cycle [4][5] Group 2 - The storage chip segment accounts for approximately 30% of the integrated circuit market, making it a significant area for semiconductor equipment demand [5] - The global storage industry is entering a new upcycle, with DRAM and NAND prices rising since September 2024, and this trend is expected to continue through 2026 [5] - The shift towards 3D architecture in DRAM and NAND is projected to increase the service market for related equipment by approximately 1.7 times and 1.8 times respectively [6] Group 3 - The semiconductor equipment ETF (561980) tracks the CSI semiconductor index, which has a high concentration of leading companies in the semiconductor supply chain, with the top five companies accounting for over 50% of the index [6][8] - The CSI semiconductor index has shown a maximum increase of over 570% since the last upcycle, with a notable 63.92% increase in 2025, outperforming other semiconductor indices [7][8] - The high concentration of equipment, materials, and design sectors in the CSI semiconductor index indicates a strong potential for domestic substitution and ongoing market and policy support [8]

Summary of Conference Call on Domestic Computing Power Industry Industry Overview - The conference call focuses on the domestic computing power industry in China, particularly in the context of AI and related technologies [2][3][5]. Key Insights and Arguments - **Opportunities in Domestic Computing Power**: The domestic computing power market aligns with global trends in AI, presenting opportunities for domestic substitution, which could enhance growth potential as the overall market environment improves [2]. - **Expected Gaps Between Domestic and Overseas Computing Power**: In 2026, there are anticipated gaps in market perception, with domestic industry sentiment perceived as weaker than overseas. However, long-term capital expenditure in the domestic internet sector is expected to align closely with overseas levels due to GDP and user acceptance factors [3]. - **Catalysts for Growth**: Key catalysts for the growth of domestic computing power in 2026 include policy support, significant events, and performance forecasts, particularly in January [5]. - **CSP Capital Expenditure Trends**: Overseas CSP capital expenditure is projected to grow by approximately 50% in 2026, while domestic growth is expected to be 30-40%. However, historical data suggests that domestic capital expenditure could catch up in the coming years due to supply chain improvements and technological advancements [6]. - **Government Initiatives**: The Chinese government is likely to introduce plans related to intelligent computing during the 14th Five-Year Plan, which could serve as a significant catalyst for the development of AI and related industries [7]. Market Dynamics - **Current Market Conditions**: The market is currently at a low point, but a turning point is expected in the first half of 2026 with clearer market dynamics following internet tenders. Policy support is crucial for the listing of startups, although some advanced cards have not yet been permitted in the domestic market [9]. - **Performance of NVIDIA's H200**: The H200 product is primarily used in the training market, while domestic cards focus on inference needs. Although the H200 may not maintain its competitive edge in 2026, it will not significantly impact the trend towards self-sufficiency in China [11]. - **Chip Development by Major Companies**: Companies like Huawei, Haiguang, and Cambricon are advancing their chip technologies, with Huawei set to launch the 950 series in 2026, while Haiguang's products are expected to compete with NVIDIA's H100 [12]. Emerging Companies and Market Potential - **Startups**: Emerging companies such as Mu Xi, Mo Er, and Bi Ren Technology are rapidly advancing, with varying focuses on supply chain compatibility and performance optimization. Their growth potential is significant, with some companies showing strong revenue and profit growth [13]. - **Future Market Growth**: The outlook for the domestic chip market over the next two to three quarters is optimistic, driven by developments in supercomputing nodes and the resolution of supply chain issues [15]. Investment Recommendations - **Focus Areas for Investors**: Investors are advised to concentrate on the domestic computing power sector, particularly processor companies, server-related enterprises, and supercomputing core node companies. Early positioning in these areas is recommended [17]. - **Risks in the Sector**: Potential risks include macroeconomic impacts on downstream demand and intensified market competition. Individual company fundamentals may also affect overall industry performance [18]. Additional Important Points - **Domestic Inference Demand**: The demand for inference in China remains strong, with local models progressing rapidly, indicating a positive outlook for domestic capital expenditure and innovation [8]. - **Key Market Trends**: The development of supercomputing nodes and the ability to streamline domestic supply chains are critical for shaping the market landscape in 2026 [16].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **2026 Electronic Industry Predictions**, particularly in the **cloud computing** and **AI** sectors, highlighting significant trends and developments expected in the coming years [2][3][4]. Key Insights and Arguments Cloud Computing Sector - The **domestic cloud computing** sector, especially **domestic computing power**, is anticipated to experience substantial growth by the end of 2026, with major wafer fabs expected to release ample capacity, alleviating previous supply constraints [2][3]. - **ByteDance's** data consumption has shown remarkable growth, increasing from approximately **15-16 trillion** in May 2025 to over **50 trillion** by December 2025, indicating strong demand for domestic computing power [2]. - The **demand for domestic computing power** is projected to exceed **100 trillion** by mid-2026, setting a solid foundation for the performance of domestic computing companies [2][3]. - Leading companies like **Cambricon** and **Hygon** are expected to dominate in capacity supply and local government bidding, benefiting from the rising demand for inference chips, with **ASIC chips** likely to become as significant as **GPU** chips [2][3]. - The **domestic CS market** is under increasing pressure for localization, with local suppliers like **Shenghe Jingwei** expected to capture more market share in supercomputing nodes [2][3]. Edge Computing Sector - The **edge computing (SOC)** sector is set to benefit from the AI innovation wave, with smart hardware products such as glasses and robots expected to see significant development opportunities [4]. - The emergence of **multi-modal applications** (e.g., smart assistants) is anticipated to drive adjustments in app developers' permission management, leading to a diverse market landscape in 2026 [4]. 3D DRAM Technology - Despite slower-than-expected progress in the **3D DRAM** supply chain in 2025, optimism remains for 2026, with collaborations between **Zhaoyi Innovation** and leading companies indicating potential breakthroughs and new application scenarios [5]. Upcoming Trends and Technologies - Several key technology and product trends are expected in the second half of 2025, including the launch of specialized 3D hardware for mobile and automotive applications, which will enhance edge computing and storage capabilities [6][7]. - The **AI terminal devices** market is projected to gain traction, with major North American clients like **OpenAI** planning to introduce smart terminal products, potentially driving hardware sales and a replacement wave [7]. - The **domestic wafer foundry industry** is also highlighted, with leading companies like **SMIC** and **Huahong** expanding capacity, ensuring that the N2 process will no longer be a bottleneck for computing power development by 2026 [7]. Power Supply and Infrastructure - The **power density** in data centers is rapidly increasing, with **HVDC** (High Voltage Direct Current) expected to become a core focus in 2026, facilitating electrification upgrades and creating new growth opportunities [8][9]. - Upgrades in server power supply technology are anticipated to enhance the value of embedded modules and advanced cooling technologies, with companies like **Oulutong** and **Weiergao** positioned to benefit [9]. New Infrastructure and Advanced Packaging - The **new infrastructure** sector is expected to see significant growth in 2026, particularly in the **PCB** segment, with new products like **CO2 laser drilling** and advanced packaging set to achieve full-scale production [10][11]. - Advanced packaging products are expected to gradually achieve mass production among leading packaging and testing manufacturers, indicating a shift from demo machines to essential products in the next two years [11]. Additional Important Insights - The conference call emphasizes the importance of monitoring developments in the electronic industry, particularly in cloud computing, edge computing, and new infrastructure, as these areas are poised for significant growth and investment opportunities in the near future [2][3][4][5][6][7][8][9][10][11].

Investment Rating - The report recommends a positive investment outlook for the technology sector, specifically highlighting key stocks for January 2026 [6]. Core Insights - The report identifies several key companies within the technology sector, including Eastcompeace, Jincheng Electronics, Xinyi Technology, Tax Friend, Haiguang Information, Giant Network, and Perfect World, as potential investment opportunities [6][8][9][10][11][12][13][14]. Summary by Category Electronics - **Eastcompeace**: The company is entering a growth phase driven by AI technology breakthroughs, leading to increased capital expenditure from cloud vendors and a surge in demand for data servers. The acquisition of Solstice Optoelectronics enhances its position in optical communication [8]. - **Jincheng Electronics**: The company reported a revenue of 889 million yuan in Q3 2025, a year-on-year increase of 25.4%. The semiconductor business is expected to grow significantly, with an order backlog of approximately 1.791 billion yuan [9]. Communication - **Xinyi Technology**: As a leading manufacturer of high-speed optical modules, the company has made significant inroads with major clients like Amazon and is expected to see substantial profit growth from 2025 to 2027, with projected net profits of 94.97 million yuan, 166.16 million yuan, and 217.76 million yuan respectively [10]. - **Huafeng Technology**: The company is positioned to benefit from the high demand for AI applications and is expected to see net profits grow from 3.53 million yuan in 2025 to 8.73 million yuan by 2027 [10]. Computer - **Tax Friend**: The company is a leader in the financial IT sector, leveraging AI and big data to provide comprehensive solutions for businesses. It aims to enhance its product offerings and customer engagement through innovative AI-driven solutions [11]. - **Haiguang Information**: The company is a key player in the domestic high-end CPU market, expected to benefit from the growing demand for AI computing power. It aims to establish a comprehensive AI computing platform [12]. Media - **Giant Network**: The company is experiencing stable commercialization with new game releases and updates expected to drive user engagement and revenue growth [13]. - **Perfect World**: The company is preparing for the launch of its new game "Yihuan," which has shown strong pre-launch interest, and is also focusing on expanding its esports business [14].