国联民生证券2026年电子业策略：把握AI创新 找寻价值扩张方向

Core Insights - The report from Guolian Minsheng Securities emphasizes the importance of the computing power industry as a foundation for technology, expressing a long-term positive outlook and deep tracking of the sector [1] - The firm suggests actively seeking investment opportunities in segments with value expansion and increased capital expenditure, maintaining a focus on "speed + power" as the main theme [1] Group 1: Future Opportunities in Computing Power - In the coming year, the firm highlights the need to observe the commercial closure rhythm of CSPs and large model manufacturers to grasp the overall industry beta [1] - The analysis of capital expenditure (Capex) and return on investment (ROI) is crucial, with demand for computing power primarily driven by the number of tokens and Capex [1] - Companies with strong commercial closures, such as Google, have established a positive cycle of "expenditure → computing power → tokens → revenue → reinvestment" [1] Group 2: Investment Themes in AI and Computing Power - The firm continues to focus on "speed + power" in overseas computing power investments, emphasizing trends in optical technology and PCB upgrades [2] - Key trends include the performance line of optical modules, shortages in optical chips, and the increasing penetration of silicon photonics [2] - The report notes that the power density of single cards and cabinets is continuously increasing, leading to new requirements for power architecture and making liquid cooling a standard in data centers [2] Group 3: Domestic Computing Power Growth - The domestic computing power sector is expected to experience rapid growth in 2026, driven by advancements in large models and positive capital expenditure outlook from cloud manufacturers [3] - The supply side is transitioning from single-point breakthroughs to multiple points of growth in advanced domestic processes [3] - The report also highlights the semiconductor sector, focusing on the super cycle of storage empowered by AI and the benefits to equipment manufacturers from original factory expansions [3]