Nvidia(US:NVDA) GOLDEN SUN SECURITIES·2025-06-29 07:31Investment Rating - The report maintains a "Buy" rating for key companies in the AI and computing power sector, specifically recommending companies like Zhongji Xuchuang and Xinyi Sheng [13]. Core Insights - The report emphasizes that AI is transitioning from a conceptual phase to a productivity tool, with significant contributions to enterprise revenue and user engagement [2][25]. - The demand for computing power is surging, with a notable supply-demand imbalance in the optical chip industry, leading to increased pressure on the supply chain [3][26]. - The report highlights the increasing willingness of users to pay for AI services, indicating a shift towards commercial viability for leading firms like OpenAI [28]. Summary by Sections Investment Strategy - The report suggests focusing on the computing power sector, particularly in optical communication and related technologies, as the market shows signs of recovery and growth potential [10][16]. Market Trends - The report notes a significant increase in the stock prices of domestic computing power companies, driven by the strong performance of Nvidia and the overall AI market resurgence [1][19]. Supply and Demand Dynamics - The report identifies a critical shortage in the supply of optical components, with leading manufacturers unable to meet the growing demand for high-speed optical modules [3][26][27]. - It also points out that the top manufacturers in the optical device market are gaining competitive advantages due to supply constraints [27]. User Engagement and Commercialization - The report highlights a doubling of active users for ChatGPT within two months, reflecting a growing acceptance and willingness to pay for AI services [28]. - It suggests that cloud service providers are accelerating their computing power investments to attract more customers [28]. A-Share Market Outlook - The report anticipates a shift in valuation for AI-related companies in the A-share market from traditional low PE ratios to a growth stock valuation model as AI commercialization progresses [31].