东海证券晨会纪要

Group 1 - The report highlights the rapid development of AI large models, indicating that the semiconductor and optical module industries will benefit significantly in the long term due to increased demand for computing power, with AI server growth projected at a CAGR of approximately 29% over the next three years [32][36] - The report emphasizes that the global AI server market is expected to grow from approximately 855,000 units in 2023 to 2,369,000 units by 2026, driven by the demand for AI computing chips and supporting optical modules [32][36] - The report identifies that GPUs are the most common type of AI chips, accounting for about 89% of the AI computing market in China, and they represent approximately 70-75% of the cost of AI servers [33][36] Group 2 - The report discusses the recent changes in deposit growth rates, noting a significant slowdown in deposit growth since Q2 2023, influenced by the return of asset management products to banks and increased lending by commercial banks [39][41] - It highlights that the structure of deposits is becoming more balanced, with a notable convergence between corporate demand deposits and household time deposits, driven by recent policies in the real estate market [40][42] - The report suggests that macroeconomic policies are positively impacting deposit structures, with expectations for improved performance in both household and corporate deposits as a result of ongoing economic initiatives [42][43]