Huaan Securities·2025-05-18 07:50Investment Rating - Industry investment rating: Overweight [2] Core Views - The report highlights the rapid iteration of multimodal large models in the domestic market, indicating that computing power remains a long-term theme for the computer industry [1][4] - The supply and demand sides of computing power are both favorable, with TSMC planning to open or upgrade nine advanced manufacturing plants in 2025, with an annual budget set between $38 billion and $42 billion [4][5] - The report emphasizes the strong momentum in AI development both domestically and internationally, suggesting potential investment opportunities in related companies [6][8] Weekly Market Review - From May 12 to May 16, 2025, the Shanghai Composite Index rose by 0.76%, the ChiNext Index increased by 1.38%, and the CSI 300 Index gained 1.12%. The Hang Seng Technology Index rose by 1.95%, while the Nasdaq Index surged by 7.15% [3][26] - Sector performance showed the Media Index decreased by 0.67%, while the Hang Seng Internet Technology Index increased by 2.1%. The AI Index fell by 0.95%, and the Computer Index dropped by 1.26% [3][26] AI Developments - Tencent released the Hunyuan Image 2.0 model on May 16, 2025, achieving real-time image generation capabilities, which enhances the creative process for professional designers [4][42] - Alibaba open-sourced the Wan2.1-VACE model on May 14, 2025, which supports video generation and editing, with versions that can run on consumer-grade graphics cards [4][43] Semiconductor Sector - TSMC is accelerating the production of 2nm technology in Taiwan and has completed the second phase of its Arizona plant, with plans for further expansion [5] - AMD achieved a 39.4% revenue share in the global server CPU market in Q1 2025, marking a significant increase from previous quarters [10][43] Investment Recommendations - Focus on overseas AI companies such as Meta, Adobe, Microsoft, Apple, Nvidia, AMD, and Amazon due to their advancements in model iterations [6][8] - In the domestic AI sector, companies like Baidu, Alibaba, Tencent, and Kuaishou are highlighted for their innovative developments [9][10]