Soochow Securities·2025-09-11 04:06Investment Rating - The report maintains an "Overweight" rating for the electronic industry [1] Core Viewpoints - The current strength of domestic computing power is not the end of the "domestic computing power" market, but rather a preparation for a healthier rise in the next round. Recent signs indicate a potential "start" [1] - Active developments in the industry include major internet companies placing GPU orders, which fosters positive sentiment [1] - Companies are actively pursuing capital operations, such as Cambricon's fundraising approval and Haiguang's acquisition of Shuguang [2] - Major moves by downstream internet companies, such as Alibaba's strategic partnerships and AI ecosystem developments, suggest optimistic expectations for AI in the coming year [1] Summary by Sections Industry Trends - The report highlights a significant upcoming market trend driven by AI, with companies like Cambricon and Haiguang expected to open new market spaces [2] - The perspective on AI chips is shifting, with new product launches indicating a fresh evaluation framework for existing chips [2] - The report notes a strong correlation between domestic and overseas markets, with positive demand for ASICs and significant orders contributing to company valuations [2] Investment Recommendations - The report recommends focusing on companies such as Cambricon, Haiguang Information, Chipone, and Shengke Communication for investment opportunities [2] - Specific company metrics include: - Cambricon: Market cap of 532.56 billion, projected EPS growth from -1.08 to 9.62 [7] - Haiguang Information: Market cap of 427.75 billion, projected EPS growth from 0.83 to 1.85 [7] - Chipone: Market cap of 80.43 billion, projected EPS growth from -1.14 to 0.39 [7] - Shengke Communication: Market cap of 43.36 billion, projected EPS growth from -0.17 to 0.08 [7]