银河证券：看好AI应用底部反弹 重视左侧布局机会

Group 1 - The AI sector experienced a slight decline in December, with shrinking trading volume and market divergence influenced by multiple domestic and international factors [1] - The market has already priced in expectations for interest rate changes from the Bank of Japan and the Federal Reserve, with a focus on short-term trading opportunities [1] - The report suggests a left-side layout in AI sectors with performance support, particularly in AI hardware like optical modules and PCBs [1] Group 2 - Nvidia's H200 chip sales approval to China marks a significant shift for the domestic computing power industry, with potential short-term impacts on local chip manufacturers [1] - The acquisition of Manus by Meta for several billion dollars highlights the growing commercial value of AI applications, positioning Meta to enhance its AI capabilities and integrate them into its product matrix [2] - The report emphasizes that the acquisition will accelerate the commercialization of AI applications, predicting 2026 as a pivotal year for AI application investments [2] Group 3 - Investment recommendations include focusing on the domestic computing power supply chain, IDC service providers, domestic software vendors, AI agents, cloud computing firms, and data element industry companies [3] - Specific companies to watch include Industrial Fulian, Inspur, and Huagong Information in the computing power supply chain, and Kingsoft Office and Tonghuashun in AI applications [3]