券商展望：国产算力方兴未艾，产业链迎业绩弹性

Core Viewpoint - AI computing power is becoming the main growth engine in the telecommunications industry, with a focus on investment opportunities in the computing power supply chain and the delivery capabilities of leading optical module manufacturers [1] Group 1: Industry Insights - The computing power sector has shown significant growth, with the semiconductor equipment and AI chip industries facing increased urgency for development due to overseas restrictions, making domestic substitution a prevailing trend [1] - The domestic chip manufacturers have begun to explore solutions such as super nodes to compensate for the performance disadvantages of single cards by leveraging the advantages of multiple card configurations [1] Group 2: Investment Opportunities - The construction of multi-card clusters raises higher demands for the quantity and quality of components, creating greater investment opportunities across the supply chain [1] - Specific segments such as liquid cooling, storage, power supply, optical modules, PCB, and quantum computing are expected to experience higher performance elasticity [1] Group 3: Market Outlook - Since 2025, both Chinese and American technology stocks have performed well, with the computing power sector leading market gains, and there are emerging opportunities on the model and application side [1] - Looking ahead to 2026, the domestic computing power market is expected to thrive, with performance elasticity and investment certainty, potentially replicating the long bull market seen in U.S. stocks since 2023 [1]