机构看好国产算力业绩释放，芯片ETF（159995.SZ）上涨1.72%，拓荆科技上涨9.37%

Group 1 - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 0.17%, driven by strong performances in the electronics, communications, and defense sectors, while the comprehensive and retail sectors lagged behind [1] - The chip technology stocks performed well, with the chip ETF (159995.SZ) rising by 1.72%, and notable individual stocks such as Tuojing Technology up by 9.37%, Longxin Zhongke up by 6.42%, Beijing Junzheng up by 5.63%, and Haowei Group up by 4.48% [1] Group 2 - The global demand for AI inference is rapidly increasing, leading overseas Cloud Service Providers (CSPs) to significantly increase their capital expenditures on computing infrastructure, with a total capital expenditure of $97.9 billion in Q3 2025, reflecting a quarter-on-quarter increase of 10% [3] - Domestic CSPs are still in a catch-up phase compared to their overseas counterparts, but leading domestic firms like ByteDance are approaching the scale of Google in terms of token call volume and business size [3] - Domestic advanced process expansion is steadily progressing, and the acceleration of self-controllable advancements in the industry chain is expected to significantly enhance the supply capacity of the domestic computing power industry, allowing domestic computing power manufacturers to benefit from the rising demand for AI inference and training [3]