华龙证券：华龙内参2024年第239期，总第1798期（电子版）-20241231

Market Analysis - The market experienced a slight increase in trading volume, with the three major indices showing mixed performance The Shanghai and Shenzhen markets recorded a total trading volume of 1 43 trillion yuan, an increase of 161 4 billion yuan compared to the previous trading day [2] - Agricultural stocks surged collectively, financial stocks showed intraday fluctuations, and military-industrial stocks strengthened Retail stocks remained active [3] - Leading sectors included agriculture, Hainan, military equipment, and power grid equipment, while e-commerce, semiconductors, copper cable high-speed connections, and CPO sectors declined [4] AI Server Market - The global AI server market revenue reached 45 422 billion USD in Q2 2024, a 35% increase year-over-year AI servers now account for nearly 30% of all server revenue in Q2 2024 [6] - The server market is expected to grow significantly, with capital expenditure projected to increase by 22% in 2025, reaching over 280 billion USD By 2028, the server market is expected to reach 380 billion USD, and by 2030, it is projected to approach 500 billion USD [20] - Global AI server shipments are expected to grow by 41 5% in 2024, reaching 1 67 million units AI server shipments will account for 12 2% of total server shipments, with revenue share reaching 65% due to higher value-added AI servers [21] Stock Market Performance - The Shanghai Composite Index rose by 0 06%, while the Shenzhen Component Index fell by 0 13%, and the ChiNext Index dropped by 0 22% [15] - Over 3,500 stocks in the market rose, indicating a broad recovery in individual stocks [13] - AI hardware stocks experienced adjustments, with several stocks falling by more than 5% [14] Humanoid Robotics - The domestic humanoid robot market is projected to reach 2 76 billion yuan in 2024, with the potential to grow into a 100 billion yuan market by 2030 Key investment opportunities lie in high-value components with technical barriers, such as actuators, dexterous hands, and sensors [31] PC Market - Global PC shipments increased by 3 1% year-over-year in Q2 2024, reaching 62 5 million units This marks the second consecutive quarter of growth, driven by a moderate replacement cycle and a low base period [31]