东方财富证券：国产算力链景气度有望提升 AI硬科技仍是核心投资主线

Group 1: North American Computing Power - North American cloud vendors are expected to increase capital expenditure to over $600 billion by 2026, indicating a strong growth trajectory for computing power investments and infrastructure development [1] - The demand for AI commercial realization is being driven by open interconnectivity and power cost reduction, validating the rationale for computing power investments [1] - The rise in power consumption per card/cabinet in North America highlights the importance of power supply assurance for cloud computing capacity [1] Group 2: Domestic Computing Power - Domestic AI infrastructure is anticipated to grow rapidly by 2026, driven by continuous upgrades in models and increased capital expenditure from leading cloud vendors and telecom operators [2] - The IDC industry is expected to enter a cyclical turning point due to high demand and improved supply quality, presenting long-term investment value [2] - Structural alpha opportunities are emerging in the industry chain due to the upgrade of network architecture and computing power chips, benefiting segments like optical modules, liquid cooling, switches, and power supplies [2] Group 3: Edge AI - The edge AI market is on the verge of large-scale deployment, supported by policy initiatives and collaboration within the industry chain [3] - The introduction of innovative products, such as MetaAI glasses, is expected to accelerate market growth for edge AI [3] - The combination of policy guidance, ecosystem improvement, and demand growth is likely to create a solid foundation for edge AI, transitioning the industry from thematic catalysts to performance realization [3] Group 4: Telecom Operators - Telecom operators are experiencing a phase of capital expenditure reduction, business structure transformation, and increasing dividend ratios, which enhances their investment appeal [4] - The mature basic telecom business continues to serve as a revenue stabilizer, while cost management and AI integration support profit growth [4] - The rising dividend ratio in a low-interest-rate environment further highlights the value of telecom operators, with potential for continued valuation improvement [4]