Core Viewpoint - The strategic partnership between Beijing No. 11 School and Moore Threads has officially launched the "AI Education Training Base," marking a significant step in integrating domestic computing power into AI education at a top high school in Beijing [1][3]. Group 1: Partnership and Collaboration - The "AI Education Training Base" is a demonstration project that utilizes Moore Threads' MTT AIBOOK and cloud computing power to support a diverse AI curriculum at Beijing No. 11 School [1][3]. - The partnership aims to deeply integrate a domestic end-to-end platform into the school's AI curriculum, creating a comprehensive teaching solution that includes infrastructure, course content, and practical platforms [3][5]. Group 2: Educational Initiatives - The base will establish a curriculum focused on Python programming, machine learning, and AI4S, allowing students to engage in AI project practices in areas such as computer vision and natural language processing [5]. - A talent cultivation program named "MoorePower" has been launched, providing exceptional students with opportunities to work in real-world tech environments under the guidance of experienced mentors [5][10]. Group 3: Future Plans and Goals - The collaboration aims to promote diverse teaching demonstrations and innovative practices, aspiring to become a leading AI education platform in the country [12]. - Both parties intend to deepen school-enterprise cooperation, encouraging more schools to join the domestic computing ecosystem and contribute to a forward-looking educational system for nurturing future tech innovators [12].

Investment Rating - The report suggests a focus on companies in the advanced packaging industry and highlights potential investment opportunities in CPU manufacturers like AMD and Intel [3][4]. Core Insights - Intel's recent earnings report confirms a shortage of CPUs, with a revenue of $13.67 billion for Q4 2025, a year-on-year decline of 4.1% but a quarter-on-quarter increase of 3%. The client computing group (CCG) revenue was $8.19 billion, down 6.6% year-on-year, while the data center and AI (DCAI) segment saw a revenue increase of 8.9% to $4.74 billion [2]. - The report emphasizes the rising importance of CPU performance in the Agentic AI era, suggesting that CPU shortages could significantly enhance the profitability of related companies [3]. - The advanced packaging supply chain is experiencing increased demand due to AI investments, with companies like TSMC facing capacity constraints and price increases expected in the packaging sector [4]. - Domestic packaging companies are anticipated to benefit from strong overseas demand and a surge in local demand for advanced packaging processes in 2026 [4]. - The report highlights the emergence of domestic computing power solutions, with significant investments from major internet companies expected in 2026, indicating a growing market for domestic computing power [5][6]. Summary by Sections Intel's Financial Performance - Intel's Q4 2025 revenue was $13.67 billion, with a decline in CCG revenue and growth in DCAI revenue. The guidance for Q1 2026 is between $11.7 billion and $12.7 billion, lower than expected due to capacity constraints [2]. Advanced Packaging Industry - The advanced packaging sector is experiencing a boom, with companies like ASE and Amkor expected to raise prices by 5-20% due to high demand and limited supply [4]. Domestic Computing Power - The report identifies a strong opportunity for domestic computing power solutions, with significant investments from companies like ByteDance and Alibaba expected to drive demand in 2026 [6]. IC Substrate Supply Chain - The IC substrate supply chain is facing shortages due to limited supply of glass fiber, with domestic companies likely to benefit from price increases in the market [7]. Global Computing Power Demand - The report anticipates sustained high growth in computing power demand driven by AI applications, with companies like Google planning to double their computing power every six months [8]. Stock Recommendations - The report recommends several stocks, including domestic computing power companies like Cambricon and SMIC, as well as companies in the advanced packaging and IC substrate sectors [10].

我们认为： ‼【财通电子&新科技】不用犹豫，坚定看好先进封装：高景气+高成长的国产算力配套环节！ 我们认为，2026年有望成为国内先进封装产能从小批量到大规模扩张的起点，产业链头部公司在近几年高强度 投入下已具备商业化量产落地能力，2026年有望成为CoWoS验证导入、产能爬坡的关键年， 我们认为，2026年有望成为国内先进封装产能从小批量到大规模扩张的起点，产业链头部公司在近几年高强度 投入下已具备商业化量产落地能力，2026年有望成为CoWoS验证导入、产能爬坡的关键年， 我们认为： 参考此前外发报告， 富微电、佰维存储、甬矽电子、汇成股份。 先进制程的下一步就是先进封装； 国产算力持续起量背景下，国产CoWoS产能供不应求，强景气周期具有 后续催化：盛合晶微科创板上市节奏、大客户端存储封测调价进展、国产算力芯片进展。 ‼【财通电子&新科技】不用犹豫，坚定看好先进封装：高景气+高成长的国产算力配套环节！ 潜在风险：下游需求波动风险、行业竞争加剧风险等。 先进制程的下一步就是先进封装； 国产算力持续起量背景下，国产CoWoS产能供不应求，强景气周期具有持续性； 多家封测公司继续提高资本开支，加速卡位国产算力 ...

点击注册小程序 （1）重点关注电新滞涨板块轮动： 氢氨醇："十五五"期间，基于中国未来产业、26年欧盟碳关税双重利好加持下，看好氢氨醇统筹、规模 化、超前建设，碳、氢等相关政策也可与化工板块形成轮动。 AIDC：黄仁勋近日到访中国，关注国产算力机会；看好国内AIDC建设，亦可配合AI应用形成板块轮动； 海外层面HVDC方案放量、SST技术合作进展有望兑现。 （2）景气度较高板块持续波段操作： 风电：欧洲行业景气度高，26年订单催化有望持续兑现；中国可再生能源学会风能专委会对国内风电 2026-2028年装机预测均为120GW。 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 整体观点： 1、本周的市场热点无疑是太空光伏：马斯克表示特斯拉与SpaceX计划未来三年在美国建设总计200GW光 ...

AI Agent 推动 CPU 重定价，关注 Infra 与应用层变化 20260126 摘要 互联网大厂广告代理商链条（如省广、蓝标等）有望受益于大模型产品 广告份额增长，成为关注焦点。同时，AI 应用泛化领域如博纳影业、昆 仑万维等也值得关注。 恒生科技板块中，消费互联网（阿里巴巴、京东健康、贝壳）、算力 （中芯国际、华虹半导体）、软件应用（快手、金蝶、哔哩哔哩）、智 能驾驶（小马智行、文远知行、小鹏汽车）及游戏（三七互娱、腾讯、 心动公司）等子板块均存在投资机会。 存储行业正经历技术升级周期，NAND 和 DRAM 合约价格均超预期上涨， 一季度涨幅分别达到 100%以上和 70%。存储需求显著增加，而供给侧 相对刚性，预计未来 NAND 价格仍有超预期上涨可能。 存储行业投资机会集中在下游存储涨价、上游成本相对稳定的设计公司 （如军政、兆易创新），含存量高的设备公司（如中微公司、拓荆科 技），以及受益于存储涨价周期的模组公司。 Q&A 目前对 A 股传媒板块的看法是什么？ 目前我们认为 A 股传媒板块的 AI 应用行情并未结束，产业趋势强劲支撑这一结 果。尽管近期有所调整，但整体行情的确定性依然较强。 ...

Group 1: Core Insights - The report highlights a decline in trading heat for hot themes, with commercial aerospace, resource products, and building materials leading the gains, while light communication and consumer electronics have seen a pullback [1][7] - The focus of incremental policies is on urban renewal and emerging technologies, with a positive outlook on urban renewal, commercial aerospace, domestic computing power, and new power grids [1][6] Group 2: Urban Renewal - Urban renewal is expected to stabilize the real estate market and expand domestic demand, with a projected 60,015 urban renewal projects nationwide in 2024, totaling an investment of 2.9 trillion yuan [19][25] - Key areas of urban renewal include the renovation of old residential communities, urban villages, and underground pipeline upgrades, with recommendations for investment in waterproofing, piping, and coatings [20][26] Group 3: Commercial Aerospace - Elon Musk indicated that space will become the lowest-cost location for deploying AI data centers within 2-3 years, with reusable spacecraft potentially reducing access costs by 100 times [21][36] - The report anticipates the establishment of a leading space computing center in China by 2030, focusing on green and low-carbon solutions [38][40] Group 4: Domestic Computing Power - TSMC's capital expenditure is expected to exceed expectations, with a projected 37% increase in 2026 to reach $56 billion, indicating strong demand in the semiconductor manufacturing sector [21][48] - The rapid iteration of domestic AI models is expected to drive investment demand in domestic computing power, with significant increases in user engagement and data usage [22][49] Group 5: New Power Grids - The State Grid's investment during the 14th Five-Year Plan is projected to reach 4 trillion yuan, a 40% increase from the previous plan, aimed at accelerating the construction of new power systems [21][22] - By 2025, non-fossil energy consumption in China is expected to account for 20% of total energy consumption, increasing to 25% by 2030 [21][22]

Core Viewpoint - The article highlights a decline in trading heat for hot themes, with commercial aerospace, resource products, and building materials leading the market. The focus of incremental policies is on expanding domestic demand and fostering new technological momentum, particularly in urban renewal, commercial aerospace, domestic computing power, and new power grids [1]. Group 1: Urban Renewal - Urban renewal is expected to stabilize the real estate market and expand domestic demand, with 60,015 urban renewal projects planned nationwide in 2024, involving a total investment of 2.9 trillion yuan. Key components include the renovation of old residential areas, urban villages, and underground pipeline upgrades [2]. Group 2: Commercial Aerospace - Elon Musk predicts that space will become the most cost-effective location for deploying AI data centers within 2-3 years, with the potential for launch costs to drop by 100 times if the Starship achieves full reusability. China aims to establish a leading space computing center by 2030, addressing high energy consumption and carbon emissions from ground data centers [3]. Group 3: Domestic Computing Power - TSMC's capital expenditure is expected to exceed expectations, boosting demand in the semiconductor advanced manufacturing sector. The company anticipates a 35% year-on-year increase in net profit by Q4 2025, with capital expenditures potentially reaching $56 billion in 2026, a 37% increase from 2025 [4]. Group 4: New Power Grid - The State Grid plans to invest 4 trillion yuan during the 14th Five-Year Plan period, a 40% increase from the previous plan, focusing on the construction of a new power system. The share of non-fossil energy consumption is projected to reach 20% by 2025 and 25% by 2030 [5].

Summary of Conference Call Records Industry Overview - The conference call discusses the **AI domestic chain** and its significant updates, particularly focusing on **multimodal AI applications** such as AI comic dramas and short dramas, which are experiencing rapid growth and have a relatively mature business model since the second half of last year [1][2]. Key Insights - **Market Demand**: There is a strong demand for high-quality comic dramas, with technological advancements significantly reducing production costs, potentially down to **1/10** of original costs, leading to substantial profit margins [1][5]. - **Major Players**: Companies like **ByteDance, Baidu, and Tencent** are actively preparing high-quality short dramas, indicating an impending boom in the comic drama industry chain [1][5]. - **Revenue Generation**: The industry is expected to monetize through advertising and paid viewing, with all levels of the industry chain willing to promote market development [6]. - **Investment Opportunities**: The AI domestic chain is anticipated to see increased activity and sentiment before the Spring Festival, with a notable surge in **Token** usage, particularly in the multimodal AI applications [2][3]. Industry Dynamics - **Growth Trajectory**: The multimodal AI applications have shown explosive growth since last year, with significant increases in ROI and audience engagement, particularly among older male demographics [4][5]. - **Production Cost Reduction**: The production costs for high-quality animations and short dramas are expected to decrease significantly, enhancing profitability [5]. - **Sweet Spot for Comic Dramas**: The market is predicted to experience a "sweet spot" due to early investments by major companies in quality content, which will stimulate market vitality [7]. Company Strategies - **Incentives and Revenue Sharing**: Major companies are offering attractive incentives and revenue-sharing models, with production companies potentially receiving **70% to 90%** of revenue [8]. - **Role of Tool Companies**: Basic model tool companies and cloud vendors play a crucial role in enhancing the quality of comic dramas through improved animation consistency [10]. Future Outlook - **Long-term Potential**: The comic drama industry has vast growth potential, with lower costs and cultural barriers compared to short video products, and opportunities for international market expansion [11]. - **Key Companies to Watch**: Notable companies in the AI application space include **Fengxing Online, Wanjing Kunlun, and Minimax**, which are expected to gain significant market attention [12]. IDC and Domestic Computing Power - **Significant Progress**: The domestic computing power and IDC sectors are projected to see substantial advancements by **2026**, with increased construction volumes and a shift towards AI optimization and green data centers [13][14]. - **Impact of H200 Chip Restrictions**: While the import restrictions on the H200 chip may affect IDC construction, the rapid development of domestic computing power is expected to mitigate severe supply shortages [14][15]. Recommendations - **Investment Focus**: Recommended companies include: - **Liquid Cooling**: Yingweike, Shenling Environment - **Power Systems**: Zhongheng Electric, Keshida - **Chip Sector**: Huawei Chain - **Multimodal Applications**: Zhao Chi Technology, Wanxing Technology [18]. This summary encapsulates the key points from the conference call, highlighting the growth potential and investment opportunities within the AI domestic chain and related sectors.

本轮半导体周期的同与不同 20260125 摘要 半导体行业正经历由 AI 结构性需求驱动的新一轮高景气周期，与上一轮 新能源需求挤压产能不同，AI 需求创造了对半导体的新需求，并挤压现 有产能，存储市场开启史上最强周期，短期内没有减弱迹象。 全球封测行业发生变化，台积电将部分先进封装外包，台湾厂商转移传 统产能至大陆，大陆封测设备和材料紧张并涨价，为国内封测厂商带来 机遇，行业格局优化，供需关系趋于紧张。 国产算力发展拉动国内晶圆厂，但尚未成为主要业绩贡献，研发和折旧 成本压力下，大厂对成熟制程提价诉求增加，需关注国产算力带来的新 进制程增长及成熟制程提价压力。 半导体分测试环节值得关注，上市公司普遍对四季度及明年持乐观态度， 多家公司新项目投产，产业段需求变化显著，AI 相关订单外溢至大陆， 整体供需关系趋紧。 LED 驱动行业竞争格局显著改善，非上市公司和小厂退出，随着市场需 求增长和竞争环境优化，该行业有望迎来更大的发展机遇。 Q&A 当前半导体行业的周期性特征是什么？与上一轮周期相比有何异同？ 当前半导体行业的周期性特征可以从产品周期、产能周期和库存周期三个方面 来理解。首先，产品周期是电子半导体领 ...

Core Viewpoint - The article emphasizes the growing importance of computing power in the global technology competition, particularly in the context of AI, and highlights investment opportunities in the domestic computing power industry, especially in storage and semiconductor equipment sectors [1][2]. Group 1: Investment Focus - The focus of investment will be on the domestic computing power industry chain, particularly in storage and semiconductor equipment, including storage modules, IC design, and semiconductor equipment [1]. - The fund managed by the company has achieved a return of 74.86% over the past year, indicating strong performance in the sector [1]. Group 2: Market Trends - AI is viewed as a long-term industry trend, comparable to past waves of the internet and new energy, with a significant growth phase expected from 2023 to 2025, followed by a critical evaluation period in 2026 [2]. - The domestic chip market is projected to reach a scale of 800 billion yuan by 2027, indicating substantial growth potential [2]. Group 3: Storage Industry Insights - The storage industry is entering an upward cycle driven by AI, with increasing demand for high-end storage products like HBM due to the growing requirements for data throughput, capacity, and stability [3]. - AI's demand is reshaping the storage supply landscape, leading to increased NAND demand while traditional sectors like mobile and PC are experiencing supply constraints [3][4]. Group 4: Strategic Analysis - The domestic storage industry is expected to accelerate breakthroughs across the entire supply chain, from upstream materials to downstream applications, driven by both global industry trends and AI transformations [4]. - The investment landscape for 2026 is anticipated to remain favorable, with structural highlights and thematic opportunities emerging in the AI industry chain [5]. Group 5: Identifying Alpha Opportunities - The article stresses the importance of identifying alpha opportunities within specific sectors and stocks, emphasizing the need for deep understanding of the industry to capture excess returns [5]. - A focus on storage equipment has been identified as a key area for investment, supported by both long-term industry logic and short-term market dynamics [5].