算力板块热度攀升 机构称短期存估值回调压力

Core Viewpoint - The computing power sector has experienced significant growth, with the computing power index rising over 11% from September 8 to September 24, and a year-to-date increase of 74.5%, indicating heightened market interest in the industry [1] Group 1: Industry Growth Drivers - The global competition in computing power is still in its early stages, with substantial investments in computing infrastructure from various countries and companies, providing long-term demand support for the computing power industry [1] - Domestic chips have shown competitive performance in inference scenarios, with significant potential for domestic substitution as chip performance improves and software ecosystems develop. The years 2025 to 2027 are expected to be critical for domestic AI chips transitioning from the introduction phase to accelerated penetration in the internet market [1] - The application scenarios for computing power are continuously expanding, further driving industry growth [1] Group 2: Short-term Risks - There are concerns about overvaluation in certain sub-sectors, which may lead to a pullback in growth expectations over the next 1-2 years [2] - The risk of technological iteration may reshape the market competition landscape, posing challenges to existing participants [2] - Global supply chain uncertainties could disrupt the development pace of the industry [2] Group 3: Investment Opportunities - Focus on the domestic computing power core industry chain, including GPU, ASIC chips, optical modules, and liquid cooling equipment [2] - Consider investing in computing power service and cloud infrastructure providers, as the value of service segments continues to rise with diversified computing power demand [2] - Explore opportunities in green computing solution companies that align with the "East Data West Calculation" strategy and its requirements for Power Usage Effectiveness (PUE) [2]