【财经分析】2025年AI算力成核心主线：多只概念股迎来“高光时刻” 盈利兑现获得持续溢价

Core Insights - The year 2025 was dominated by AI as a central theme in China's technology sector, with high valuations in the sector driven by both policy and demand, particularly in the computing power segment [2][3] - The computing power industry experienced significant growth, with a projected increase in intelligent computing power scale exceeding 40% in 2025, supported by advancements in large model technology and capital expenditure [3] Industry Performance - The A-share market saw several companies in the computing power sector achieve remarkable performance, with NewEase leading the industry with over 420% growth, and Cambrian Technologies surpassing Kweichow Moutai to become the "stock king" [2][7] - Industrial Fulian, a global leader in AI servers, reached a market capitalization of 1.23 trillion yuan, ranking ninth in the A-share market [2][7] Key Trends and Predictions - Analysts predict two major trends for 2026: continued global demand for AI computing power driven by increased capital expenditure from overseas cloud providers, and the deepening of domestic substitution with companies like Cambrian and Haiguang Information expected to achieve large-scale commercial success [2][3] - The liquid cooling segment is transitioning from an optional to a necessary solution in data centers, driven by its advantages in energy efficiency and cooling performance [4][5] Company Highlights - Companies like NewEase and Zhongji Xuchuang are recognized as "star enterprises" in the computing power sector, benefiting from high demand for optical modules and advanced technologies [4] - Cambrian Technologies reported a staggering revenue increase of 2386.38% year-on-year for the first three quarters of 2025, reflecting the successful application of domestic AI chips [10] - Industrial Fulian's revenue for the first three quarters of 2025 reached 603.93 billion yuan, a 38.4% increase year-on-year, with GPU AI servers becoming a core growth driver [11] Market Dynamics - The A-share market's trading volume reached a historic high of 400 trillion yuan in 2025, reflecting increased market activity and investor enthusiasm [7][8] - Public funds have shifted from tactical to strategic holdings in technology assets, with 24 out of the top 50 holdings in public funds being in the information technology sector [8][9] Future Outlook - The AI application sector is expected to accelerate commercialization in 2026, with new hardware forms like AI glasses anticipated to enter the market [12] - The performance of the large model sector in 2026 will depend on the ability of leading companies to maintain high growth in products and revenue, as well as the industry's transition from technology demonstration to real demand and payment [11][12]