兴业策略：AI板块还有哪些低位方向？

Core Viewpoint - The AI market is transitioning from a focus on overseas computing power to a broader expansion into domestic computing power and downstream software applications, marking the beginning of a new phase in the AI ecosystem [1][2][6] Domestic Computing Power Expansion - Since late July, there has been a notable shift in the AI market towards domestic computing power and downstream applications, with significant gains observed in domestic computing power on August 22 [2][6] - The current expansion phase is still in its early stages, with numerous sub-sectors within domestic computing power and applications that warrant attention [1][2] Performance Comparison - Since June, the North American computing power chain has outperformed other sectors, with light modules and PCBs seeing increases of 102.3% and 91.3% respectively, while most other sectors have seen gains below 40% [2][5] - The price comparison between North American and domestic computing power chains remains high, indicating that domestic computing power has room for growth [5] Catalysts for Expansion - Recent developments, such as the release of the DeepSeek V3.1 model tailored for next-generation domestic chips, are reinforcing confidence in the domestic AI ecosystem and its potential for growth [6] - Anticipated catalysts include increased domestic chip production, renewed capital expenditures from major companies, and the upcoming release of DeepSeek R2 [6] Focus Areas for Investment - The focus for future investments should include the expansion of the domestic computing power chain (semiconductor equipment and materials) and the domestic downstream application sector (Hong Kong internet and software applications) [6][10] - The Hong Kong internet sector has underperformed compared to the A-share TMT industry since June, but it presents multiple rebound opportunities due to external liquidity sensitivity and accelerated domestic computing power replacement [6] Software Applications - The rapid advancement of domestic open-source models, exemplified by DeepSeek V3.1, enhances confidence in the domestic AI application landscape [13] - There is a growing focus on midstream software services (SAAS, AI agents, industry-specific software) and downstream applications (gaming, humanoid robots, e-government), as the upstream computing power market continues to expand [13]