东海证券晨会纪要

Group 1 - The report highlights the rapid growth of AI models and the long-term benefits for the semiconductor and optical module industries, driven by a compound annual growth rate (CAGR) of approximately 29% for AI server demand over the next three years [10][27] - The global AI server market is expected to grow from approximately 855,000 units in 2023 to 2,369,000 units by 2026, indicating a significant increase in demand for AI computing chips and supporting optical modules [10][27] - The report emphasizes the importance of High Bandwidth Memory (HBM) in addressing the memory bottleneck issue, as it offers high bandwidth, low power consumption, and compact size, making it the optimal solution for GPU memory [28] Group 2 - The report discusses the recent trends in deposit growth and structural rebalancing, noting a significant slowdown in deposit growth rates since Q2 2023, with a marked convergence between corporate demand deposits and household time deposits [14][15] - It identifies that the increase in deposits was primarily driven by the return of asset management products to banks and the expansion of bank balance sheets, which has created a favorable environment for multiple rounds of deposit rate cuts in 2023 [32][33] - The report anticipates that macroeconomic policies will positively influence deposit structure, with improvements in PMI, exports, and CPI contributing to a more favorable deposit environment [16][62]