HUAXI Securities·2025-09-28 11:02Investment Rating - Industry Rating: Recommended [3] Core Insights - The 2025 Yunqi Conference showcased advancements in AI technology, with Alibaba's flagship model Qwen3-Max entering the global top tier, achieving significant breakthroughs in multiple core metrics [10][16] - Alibaba is actively investing 380 billion in AI infrastructure, with plans for further investment, anticipating a tenfold increase in global data center energy consumption by 2032 to support the AI industry [21][25] - Domestic photolithography machines are making progress, with SMIC testing its first domestic DUV photolithography machine and other companies like Shanghai Microelectronics showcasing EUV projection exposure devices [11][35] Summary by Sections 1. Yunqi Conference and Domestic Computing Power - The conference emphasized the theme "Cloud Intelligence and Carbon-Silicon Symbiosis," highlighting the latest AI advancements [10] - Qwen3-Max achieved a 300% increase in parameter scale compared to its predecessor, with a coding capability pass rate of 89.7% in HumanEval tests [16] - The AI-native application architecture is emerging, indicating a shift from "cloud-native" to "AI-native" software definitions [13] 2. Breakthroughs in Domestic Photolithography Machines - SMIC is testing its first domestic DUV photolithography machine, which can potentially produce chips at 28nm and may advance to 7nm and 5nm [35] - The domestic photolithography industry is supported by national policies and increasing domestic demand, with significant investments in key technologies [30] 3. Investment Recommendations - Beneficiary stocks include Cambrian, ZTE, Haiguang Information, and Chipone [4][44] - The photolithography supply chain includes companies like Xuguang Electronics, Zhangjiang Hi-Tech, and Fuzhou Crystal Technology [4][44] 4. Market Overview - The computer industry ranked 9th this week, with a slight decline of 0.02%, while the CSI 300 index rose by 1.07% [45][49] - Year-to-date, the computer industry has increased by 24.95%, outperforming the CSI 300 by 9.32 percentage points [49]