西部证券晨会纪要-20250722

Core Conclusions - The communication industry is experiencing a dual increase in performance and valuation within the computing power sector, which remains the most certain direction for investment [1][5][9]. Communication Industry Insights - The communication sector outperformed the broader market, with a weekly increase of 7.56%, ranking first among 31 industries [5]. - Key stocks such as NewEase and Zhongji Xuchuang reported impressive half-year earnings forecasts, driven by significant growth in AI demand [5][8]. - The sub-sectors showing the highest gains include optical devices and modules (+9.59%), temperature control equipment (+8.59%), and power equipment (+8.25%) [6]. Investment Strategy - Focus on companies with high growth certainty in the computing power sector, particularly in optical modules and copper interconnects [9]. - The performance of major computing power companies indicates a sustained high demand for AI computing resources, with significant investments expected in data centers and computing leasing [9][10]. - The report emphasizes the importance of self-sufficiency in the computing power supply chain, highlighting the expansion of the Ascend industry chain and its positive impact on related companies [9]. Market Trends - The upcoming earnings reports are crucial for assessing the valuation alignment and performance of high-growth sectors [3][19]. - The North Exchange market is expected to maintain structural activity driven by policy support and industrial upgrades, although individual stock differentiation and external economic disturbances remain risks [19][23]. Fixed Income Insights - The first batch of 10 sci-tech bond ETFs has seen rapid growth, with total assets exceeding 88 billion yuan, indicating high trading activity [13][14]. - The current yield spreads for these ETFs are at historically low levels, suggesting limited room for further compression [14][15]. Key News and Developments - Meta is building the "Prometheus" AI supercomputing cluster, expected to reach 1GW of computing power by 2026, while Google DeepMind has introduced a new architecture that significantly enhances processing speed [8][9]. - The establishment of the China Yajiang Group marks a significant development in the industry, reflecting ongoing governmental support for technological innovation [18].