GOLDEN SUN SECURITIES·2025-09-28 09:06Investment Rating - The report maintains a "Buy" rating for companies in the computing power sector, particularly recommending leading firms in the optical module industry such as Zhongji Xuchuang and Xinyi Sheng [8][11]. Core Insights - The collaboration between Nvidia and OpenAI marks a significant milestone, indicating that the demand for computing power is a long-term trend rather than a short-term phenomenon [24][25]. - Alibaba's CEO outlined a three-phase roadmap towards Artificial Super Intelligence (ASI), emphasizing the critical role of computing power in this evolution [27][28]. - The report highlights the ongoing arms race in computing infrastructure among major AI players, with unprecedented capital investments aimed at securing resources for future AI developments [30]. Summary by Sections Investment Strategy - The report suggests focusing on the computing power sector, particularly in optical communication, with specific companies recommended for investment [16]. - Key companies include Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, among others [9][16]. Market Overview - The communication sector experienced a decline, with quantum communication performing relatively well [20][21]. - The report notes that the overall market sentiment is influenced by significant investments in AI infrastructure, particularly from Nvidia and OpenAI [19][24]. AI Development and Computing Power - The partnership between Nvidia and OpenAI involves deploying at least 10 GW of AI data centers, with Nvidia planning to invest up to $100 billion [25][26]. - OpenAI's active user base has surpassed 700 million, highlighting the increasing demand for computing resources [26]. Phases of ASI Evolution - The three phases towards ASI include: 1. Emergence of general AI (AGI) 2. Autonomous action phase 3. Self-iterative phase, which demands nearly limitless computing power [29][28]. Future Outlook - The report anticipates a significant increase in capital expenditures (CAPEX) in the domestic market, driven by recent actions from major players like Alibaba [30][7]. - The computing power supply chain is expected to benefit across various segments, including AI chips, servers, and cooling solutions [30].