Capital Securities·2025-10-28 13:02Core Insights - The report emphasizes the acceleration of vertical integration across the entire AI industry chain, highlighting the growing importance of capital and energy in the AI competition [1][14] - Major AI companies like OpenAI and Alibaba are rapidly integrating chips, cloud computing, data centers, large models, and downstream applications, leading to increased demand for computing power, electricity, and capital [14][15] - The report suggests a focus on the resonance between supply and demand sides to overcome market challenges and achieve a reversal from the current state of internal competition [18][19] Economic Overview - The GDP for Q3 2025 reached 35.45 trillion yuan, reflecting a year-on-year growth of 4.8%, indicating overall economic stability [10] - Industrial output in September 2025 saw a year-on-year increase of 6.5%, marking the highest growth rate for Q3 2025 [10] - Fixed asset investment showed a cumulative year-on-year decline of 0.5% as of September 2025, with real estate and infrastructure investments being significant drag factors [10] AI Industry Developments - OpenAI is establishing a full-stack AI ecosystem by synchronously advancing models, products, and computing power, including partnerships with major chip manufacturers and investments in data centers [14] - Alibaba is also positioning itself as a full-stack AI service provider, with developments in AI chips, cloud computing, and applications, including the launch of AI-powered smart glasses [15] - The report highlights the importance of domestic AI advancements in computing performance and energy efficiency, as well as the evolution of edge AI and embodied intelligence technologies [19] Investment Recommendations - The report advises focusing on emerging industries such as photovoltaics, lithium batteries, and new energy vehicles, particularly in the context of domestic substitution policies and technological advancements [19] - It suggests monitoring the AI industry chain, including chips, servers, liquid cooling, power supplies, and downstream AI applications, to identify potential investment opportunities [19] Market Performance - The North Exchange 50 Index increased by 2.74% during the week of October 20-24, 2025, indicating a rise in market activity [20][21] - The North Exchange 50 Index has shown a year-to-date increase of 41.84%, although it remains lower than other indices such as the Wind Micro Index and the ChiNext Index [22] - The report notes significant volatility in the North Exchange 50 Index compared to the overall market [23]