A股的AI风，2026年吹向何方？

Core Viewpoint - The A-share market in 2025 witnessed a significant rise in technology stocks, particularly in AI and communication sectors, symbolized by the nicknames "Yizhongtian" and "Jilianhai" for six leading stocks [1][2]. Group 1: Market Overview - In 2025, the global AI technology entered a phase of large-scale application, with China experiencing accelerated penetration of "AI+" driven by policy support and industrial upgrades [2]. - The stocks referred to as "Yizhongtian" (Xinyi Sheng, Zhongji Xuchuang, Tianfu Communication) represent the optical module and communication equipment sector, while "Jilianhai" (Hanwujing, Industrial Fulian, Haiguang Information) represents the AI chip and computing hardware sector, becoming the focus of capital investment [2][3]. Group 2: Investment Logic - The popularity of the aforementioned stocks is not merely a result of a collective investment in large tech stocks but is based on two clear investment themes: "Yizhongtian" focuses on "data transmission," benefiting from the urgent demand for high-speed optical modules due to global computing power construction [3]. - "Jilianhai" emphasizes "computing power supply," with advancements in AI chip iterations from Hanwujing, breakthroughs in domestic CPU/DCU ecosystems from Haiguang Information, and AI server manufacturing from Industrial Fulian, forming a comprehensive computing infrastructure chain [3]. Group 3: Market Characteristics - The AI wave in the A-share market in 2025 is characterized by a deep recognition of the AI industry chain and emotional resonance among investors, indicating a shift towards technology-themed investments [5]. - Many companies experienced a "Davis double play" moment in Q3 2025, with performance significantly exceeding expectations, validating the authenticity and sustainability of AI demand [5]. - Market funds displayed strong consistency, with public funds and northbound capital collectively driving the sector's trading volume to remain among the highest in the market [5]. Group 4: Future Outlook - In 2026, the AI industry is expected to transition from infrastructure construction to application implementation and ecological competition, with structural differentiation anticipated within the AI sector [6]. - The focus on refined computing power construction will see advancements in 1.6T technology and continued high demand for 800G optical modules, while the narrative of self-control remains central for "Jilianhai" companies [6]. - As the AI industry chain moves from divergence to consensus in performance trends, 2026 is projected to be a fruitful year for domestic hard technology [6]. - Opportunities in AI applications are expected to emerge in 2026, with the acceleration of AI use cases in vertical industries such as finance, healthcare, education, and manufacturing [7]. - Following the "theme carnival" of 2025, the market is likely to enter a new phase of "value selection" in 2026, emphasizing the need for in-depth research on company fundamentals and industry trends [7].