智通财经网·2025-11-14 01:11Core Viewpoint - The application of AI and domestic substitution will be the main theme of technology investment in 2026, with AI evolving from isolated technological advancements to broader productivity integration with existing digital infrastructure [1] Market Review - Since 2025, both Chinese and US tech stocks have performed well, with a broad increase in AI computing power. The Chinese market has outperformed, with the CITIC Technology Five Industry Index, Hang Seng Technology Index, and Nasdaq Index rising by +41%, +30%, and +23% respectively as of November 7, 2025 [2] - AI infrastructure construction remains the main narrative, showing a broad-based increase across the entire industry chain, with CITIC Communications, CITIC Electronics, and the Philadelphia Semiconductor Index rising by +114%, +72%, and +45% respectively [2] Technology Trends - In 2025, despite the absence of revolutionary AI products, North America's major cloud service providers (CSPs) have consistently invested in AI infrastructure, with capital expenditures (Capex) expected to reach $400 billion, a 60% year-on-year increase [3] - The trend of domestic substitution is becoming inevitable, with domestic manufacturers like Huawei seeking to enhance system-level computing capabilities through communication capabilities [3] Policy Guidance - The "14th Five-Year Plan" has successfully met its core indicators, and the "15th Five-Year Plan" emphasizes improving technological self-reliance, with a focus on the AI industry chain for 2026 [4] - The plan highlights key areas such as integrated circuits and high-end equipment, indicating strong policy support for the domestic semiconductor and computing industry [4] Investment Logic - The domestic computing chain shows significant earnings elasticity, with potential yet to be fully tapped. The semiconductor equipment and AI chip investments are expected to have clear certainty under the wave of domestic substitution [5] - The model and application side may also see localized explosive opportunities, particularly in AI-enabled internet technology giants and rapidly commercializing AI applications [5] Industry Focus - The domestic computing industry is viewed as a long-term demand and breakthrough area, with a strong belief in the importance of computing power to national strength [6] AI Applications - AI applications in areas such as advertising, coding, and video generation are seeing rapid commercialization, with significant business value already generated [8] - The Robo X industry is expected to enter a phase of scale expansion from 1 to 100 in 2026, driven by advancements in autonomous driving technology and decreasing component costs [8]