机构：关注国内算力产业链闭环

Group 1 - The Ministry of Industry and Information Technology has issued guidelines for the construction of high-standard digital parks, emphasizing the need to enhance digital infrastructure, including the upgrade of network infrastructure and the promotion of 5G and high-speed optical networks [1] - The guidelines advocate for optimizing computing power infrastructure, aiming to improve the efficiency of computing resource utilization through a balanced approach to various computing applications [1] - Huaxi Securities suggests focusing on the domestic computing power industry chain, highlighting the increasing attention on domestic computing and AI applications following the strong growth of Alibaba Cloud and the launch of Huawei's super node cluster products [1] Group 2 - CITIC Securities notes that since 2025, both Chinese and American tech stocks have performed well, with the computing power sector leading market gains and opportunities emerging in models and applications [2] - Looking ahead to 2026, the domestic computing power sector is expected to thrive, with performance elasticity and investment certainty, potentially replicating the long bull market seen in US stocks since 2023 [2] - The urgency for domestic alternatives in semiconductor equipment and AI chips has increased due to overseas restrictions, and domestic chip manufacturers are exploring solutions like super nodes to overcome performance limitations [2]