科技行业周报：重视国产算力产业链，AI应用强化算力CAPEX趋势-20260302

Investment Rating - The report emphasizes a positive outlook on the domestic computing power industry, predicting that 2026 will be a year of significant growth for domestic computing power products [2]. Core Insights - The report highlights the strong demand for AI applications, which is driving the need for increased computing power and capital expenditures (CAPEX) in the industry. The bottleneck in computing power is becoming evident as AI applications proliferate [2][4][6]. - Key companies to watch include Cambricon (寒武纪, 688256) as a representative of domestic computing power card suppliers, and SMIC (中芯国际, 981.HK) as a leading wafer foundry [2]. - The report also suggests focusing on the IC substrate industry due to supply constraints from upstream materials, particularly glass fiber cloth, which is expected to persist until 2027 [3]. - The AI narrative is strengthening, with traditional SaaS software facing challenges as AI tools gain traction in various business applications [4]. - The emergence of personal agents powered by large models is noted, with significant implications for computing power consumption, which is expected to increase dramatically [5]. - The report identifies opportunities in the optical module industry, particularly with companies like Zhongji Xuchuang (中际旭创, 300308) and Applied Optoelectronics (AAOI), which are well-positioned to benefit from supply chain challenges and increased demand [7]. - The report indicates that the electronic industry is experiencing price increases across various segments due to AI-driven demand and rising raw material costs [8]. - The advanced packaging industry is also highlighted, with domestic companies expected to benefit from increased demand driven by AI investments [9]. Summary by Sections Domestic Computing Power - The report anticipates a significant release of domestic computing power products in 2026, with positive feedback from internet companies regarding the new generation of computing chips [2]. IC Substrate Industry - The report suggests monitoring domestic IC substrate companies that are likely to benefit from price increases due to supply shortages [3]. AI Applications - The report discusses the growing impact of AI applications on traditional software industries and highlights the rapid development of AI tools for various business functions [4]. Personal Agents - The report notes the rise of personal agents and their implications for computing power consumption, predicting a substantial increase in demand for processing capabilities [5]. Optical Module Industry - The report emphasizes the potential for growth in the optical module sector, particularly for companies that are strategically positioned to navigate supply chain challenges [7]. Electronic Industry Pricing - The report highlights the trend of price increases in the electronic industry, driven by AI demand and rising material costs [8]. Advanced Packaging - The report indicates a positive outlook for domestic advanced packaging companies, driven by increased demand from AI investments [9].