机构：算力硬件需求维持高景气

Core Insights - The National Development and Reform Commission (NDRC) highlights existing issues in China's computing power infrastructure, including small and scattered facilities and low efficiency of outdated equipment, indicating significant room for improvement in energy-saving and carbon reduction efforts [1] - First Shanghai Securities expresses optimism about the sustained high growth in computing power demand driven by AI applications, noting that both domestic and international AI applications are reaching a commercialization turning point [1] - Huaxi Securities recommends focusing on the domestic computing power industry chain, citing the unexpected growth of Alibaba Cloud and the launch of Huawei's super node cluster products as factors increasing attention on domestic computing power and AI applications [1] Industry Developments - The NDRC plans to prioritize the large-scale, intensive, and green development of computing power infrastructure, aiming to enhance efficiency through optimized construction layouts [1] - Domestic computing power capacity bottlenecks are expected to be broken through by 2026, with a significant increase in domestic chip production anticipated [1] - The acceleration of commercialization by overseas AI giants like OpenAI is expected to maintain high demand for computing hardware [1] Market Trends - The recent IPO approval of Moore Threads is expected to accelerate the scale and penetration of domestic AI computing power and applications [1] - The overall domestic computing power level is anticipated to improve due to advancements in manufacturing processes and chip architecture upgrades, which may lead to an increase in domestic market share [1]