【兴证计算机】从英伟达GTC及大厂开支看算力产业机会

Group 1 - The article emphasizes the upcoming earnings report season and suggests focusing on leading companies with strong earnings performance [2][4] - It highlights the importance of Q1 earnings expectations as a significant factor influencing stock prices, recommending the identification of core sectors and leading companies with potential earnings surprises [2][3] - The article notes a potential decline in market risk appetite due to earnings disclosures, suggesting that investors may consider increasing positions in high-quality leading stocks during market dips [2][3] Group 2 - Major companies are significantly increasing their capital expenditures, with Tencent planning a capital expenditure of 36.578 billion yuan for Q4 2024, a 386% year-on-year increase, and China Mobile announcing a 37.3 billion yuan investment in computing power for 2025 [2][3] - The article discusses the high growth prospects of the computing power industry, particularly following Nvidia's announcement of a new chip architecture at the GTC conference, which is expected to drive demand for AI model inference [2][3] - It recommends continuous monitoring of developments in the computing power industry and suggests positioning in core leading companies within this sector [2][3]