AI、半导体：OpenAI构建算力产业生态圈

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][35] Core Views - The report highlights the construction of a computing power ecosystem by OpenAI, emphasizing the strategic partnerships and significant investments in AI infrastructure [1][3] - OpenAI has entered a four-year, multi-billion dollar chip supply agreement with AMD, which includes the provision of hundreds of thousands of AI chips to build a total of 6 GW of AI computing infrastructure [3] - The report anticipates a substantial increase in overall computing power, projecting a growth of up to 100,000 times by 2035, driven by general artificial intelligence [3] Summary by Sections Stock Recommendations - Preferred stocks show a relative return of 15.58% over 1 month, 33.37% over 3 months, and 51.57% over 12 months [2] - Absolute returns are 19.44% over 1 month, 48.5% over 3 months, and 67.05% over 12 months [2] Industry Performance - The electronic industry experienced a weekly decline of 2.63% from October 6 to October 10, 2025 [6] - The semiconductor sector, particularly integrated circuit packaging, showed a positive trend with a 1.57% increase [9] High-Frequency Data Tracking - TV panel prices are expected to stabilize due to healthy inventory levels and controlled production by leading manufacturers [17] - Memory prices, including DDR5 and DDR4, have shown an upward trend, with DDR5 prices rising from $8.242 to $8.577 and DDR4 from $21.038 to $21.750 during the specified period [20]