机构：2026年国产算力业绩弹性及投资确定性兼备

Group 1 - The core viewpoint is that both Chinese and US technology stocks have performed well since 2025, with the computing power sector leading the market, and there are localized explosive opportunities in models and applications [1] - Looking ahead to 2026, domestic computing power is on the rise, with performance elasticity and investment certainty, potentially replicating the long bull market seen in US stocks since 2023 [1] - The urgency for development in semiconductor equipment and AI chips has increased under overseas restrictions, making domestic substitution a prevailing trend [1] Group 2 - 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 cards [1] - The construction of multi-card clusters raises higher demands for the quantity and quality of components, creating greater investment opportunities across the supply chain, particularly in segments like liquid cooling, storage, power supply, optical modules, PCB, and quantum computing [1] - North American computing power is experiencing a rigid expansion in AI model computing demand, with the North American computing power industry chain having mature capacity and technical barriers in server assembly, high-end PCBs, and optical modules, which are core support links for computing infrastructure construction [1] Group 3 - Domestic computing power is forming a complete ecosystem through technological collaboration between AI models and domestic chip manufacturers, with continuous capacity expansion expected to accelerate the penetration of domestic computing power chips into the domestic computing infrastructure supply chain under the dual logic of "self-control + supply chain security" [1]