算力板块回落，基金经理看好行情向“人工智能+”扩散

Core Viewpoint - The AI computing power sector is experiencing renewed attention driven by performance and policy support, with a focus on the sustainability of this trend in the long term [1][4]. Group 1: Market Performance - On August 27, the domestic computing power leader, Cambricon, saw its stock price peak at 1464.98 CNY, surpassing Kweichow Moutai, before closing at 1372.10 CNY, a rise of 3.24% [3]. - Cambricon's half-year report revealed a revenue of 2.881 billion CNY, a year-on-year increase of 4347.82%, and a net profit of 1.038 billion CNY, reversing a loss from the previous year [3]. - NewEase, another key player, experienced a stock price increase of 15% during the day, reaching a historical high of 324.42 CNY, before closing up 9.32% [3]. Group 2: Industry Trends - The AI computing power sector has seen significant growth across various sub-sectors this year, with companies like Shenghong Technology and NewEase experiencing year-to-date increases of 416.63% and 274.99%, respectively [4]. - Fund managers believe that the current market fluctuations are primarily driven by emotional responses, with profit-taking and portfolio adjustments being normal market behavior [4]. - The long-term outlook for the "selling shovel" model in the AI industry remains positive, with expectations of sustained high demand for computing power [4][5]. Group 3: Future Prospects - Fund managers anticipate that the demand for computing power will grow exponentially due to advancements in AI models and applications, with specific benefits expected for GPU and ASIC chips, optical modules, and related technologies [5][6]. - The AI industry is currently in a rapid expansion phase, with computing power as a foundational infrastructure expected to be a key beneficiary over the next three to five years [6]. - Despite challenges such as U.S.-China trade tensions, the domestic AI chip market is projected to grow, with the localization rate expected to rise from under 20% to over 40% [7]. Group 4: Policy Impact - The recent government policy document emphasizes the integration of AI across various sectors, aiming for widespread adoption of new intelligent terminals and applications by 2030 [8]. - The policy is seen as a comprehensive framework that will benefit multiple sectors, including big data, financial technology, and smart manufacturing [8][9]. - The focus on AI infrastructure, such as cloud services and data management, is expected to create a ripple effect throughout the industry, similar to the impact of mobile internet [9].