First Shanghai Securities·2026-03-02 12:51Group 1: Domestic Computing Industry Insights - The domestic computing industry is expected to see significant growth in 2026, with the new generation of computing chips, the 950 series from Company H, set to be mass-produced[4] - Internet companies have shown positive evaluations and strong purchasing intentions for the 950 chip, indicating robust demand in the downstream market[4] - Key domestic computing stocks recommended include Cambricon (688256) and SMIC (981.HK), with a focus on semiconductor supply chains[4] Group 2: AI and CAPEX Trends - AI applications are driving a significant increase in computing CAPEX, with North American CSPs planning substantial investments to meet rising demand[7] - The emergence of Agentic AI is expected to dramatically increase CPU performance requirements, potentially creating new bottlenecks in the market[9] - The AI inflation trend is spreading across the electronics industry, with price increases noted in various components due to heightened demand and rising raw material costs[10] Group 3: Supply Chain and Component Shortages - The IC substrate supply chain is facing bottlenecks due to a shortage of fiberglass cloth, with tight supply expected to persist until 2027[5] - Companies like Zhongji Xuchuang (300308) are proactively addressing supply chain issues through early stockpiling and new supplier development[8] - The advanced packaging industry is also experiencing increased demand, with domestic companies benefiting from a favorable market environment[11]