中银国际指出，AI产业链景气趋势仍向好，下游需求旺盛，AI基础设施建设短期面临供应端存力与电 力短缺，资源紧缺带来存力与电力投资机会，算力特别是国产算力仍有广阔成长空间。流动性预期及风 险偏好修复，科技成长或最为受益，宽基指数上，创业板有望率先迎来修复。 （文章来源：每日经济新闻） 创业板50ETF国泰（159375）跟踪的是创业板50指数（399673），单日涨跌幅达20%，该指数从创业板 市场中选取流动性优异、市值规模领先的50只证券作为成分股，重点覆盖新能源、医药生物及通信设备 等高成长性新兴产业，旨在反映创业板核心优质企业的整体市场表现。 ...

Group 1 - The AI computing power industry chain continues to show strong performance, with stocks such as ZTE, Zhongji Xuchuang, Hangyu Micro, and Beijing Junzheng rising significantly [1] - Major ETFs are experiencing gains, with the ChiNext AI ETF (159381) up 1.45%, the 5G Communication ETF (515050) up 1.63%, and the Cloud Computing 50 ETF (516630) up 1.16%, all surpassing a transaction volume of 100 million [1] - The latest brokerage "golden stocks" list for December highlights concentrated attention on sectors such as electronics, power equipment, pharmaceuticals, and food and beverage, with themes like domestic computing power, robotics, and consumer recovery gaining traction [1] Group 2 - Galaxy Securities indicates that high growth in the AI sector is driving significant performance in AI computing power, with the communication industry seeing a 51.67% increase since early 2025, ranking second among all industries [2] - The optical communication sub-sector, closely related to AI, has become the second-largest segment in the communication industry, following the operator segment, with revenue quality improving quarterly [2] - Public funds are increasingly investing in the communication sector, with holdings exceeding 6.5%, suggesting that the market's valuation of the communication industry remains conservative despite high growth potential [2] Group 3 - The ChiNext AI ETF (159381) tracks the ChiNext AI Index and has a significant allocation to optical modules, covering domestic software and AI application companies, with top holdings including Zhongji Xuchuang (27.10%) and Xinyi Sheng (18.66%) [3] - The 5G Communication ETF (515050) focuses on the 5G communication theme index, with a scale exceeding 9 billion, emphasizing companies in the Nvidia, Apple, and Huawei supply chains [3] - The Cloud Computing 50 ETF (516630) tracks a cloud computing index with high AI computing power content, covering popular concepts such as optical modules, computing leasing, data centers, and AI servers [3]

Investment Rating - The report maintains a "Buy" rating for the communication industry and related companies [9][54]. Core Insights - The communication sector saw an 8.70% increase in the index last week, significantly outperforming the Shanghai Composite Index and Shenzhen Component Index, which rose by 1.40% and 3.56% respectively [2][13]. - Domestic computing power is expanding rapidly, with Alibaba's cloud revenue for FY2Q26 reaching 39.824 billion yuan, a year-on-year increase of 34%, exceeding Bloomberg's consensus forecast [3][14]. - The DeepSeek open-source model, DeepSeek-Math-V2, has shown significant improvements in mathematical reasoning capabilities, outperforming other models in various benchmarks [19][20]. - Beijing plans to establish a large-scale data center system in the 700-800 km dawn-dusk orbit, aiming to transfer substantial AI computing power to space [19][20]. Summary by Sections Domestic Computing Power - Alibaba's cloud revenue growth is driven by strong customer demand, with orders increasing faster than server deployment [3][14]. - The company may increase its previously announced investment of 380 billion yuan due to high demand [3][14]. - The DeepSeek-Math-V2 model has achieved near 99% accuracy in basic benchmarks, indicating a significant advancement in AI capabilities [19][20]. Space Computing Power - Beijing's initiative to build a data center in space aims to support large-scale AI computing [19][20]. - The project is structured in three phases, focusing on technological breakthroughs and cost reduction from 2025 to 2035 [19][20]. - The initiative is expected to create a new industry chain integrating reusable rockets, computing constellations, and data applications [19][20]. Recommended Companies - The report recommends several companies within the communication sector, including ZTE Corporation, Ruijie Networks, and Alibaba, highlighting their potential in the AI computing chain and core asset value reassessment [4][54][55]. - Specific target prices and investment ratings for these companies are provided, indicating a positive outlook for their performance [54][55].

Summary of Conference Call Records Company: Alibaba Key Points - **Financial Performance**: Alibaba's EBITDA decreased by 78% year-on-year, primarily due to rapid expansion in e-commerce and cloud businesses, along with significant investments in retail, user experience, and technology, leading to a net profit decline of 53% to 21 billion yuan. Operating cash flow fell by 168% to 100.1 billion yuan [2][3] - **Revenue Breakdown**: - E-commerce group revenue accounted for 16% of total revenue, with customer management revenue at 10%. Instant retail saw strong growth of 60% to 22.9 billion yuan. - International digital commerce group revenue increased by 10% to 35 billion yuan, benefiting from supply chain advantages. - Cloud intelligence business revenue grew by 44% year-on-year to 39.8 billion yuan, driven by public cloud and AI-related products [2][5][6] - **AI Market Position**: Alibaba Cloud holds a 35.8% market share in China's AI sector, significantly outperforming competitors. The company has invested approximately 120 billion yuan in AI and cloud technology infrastructure over the past four quarters [2][6] Company: Dell Key Points - **Financial Performance**: Dell's revenue for the third quarter of fiscal year 2026 increased by 11% year-on-year to 27 billion USD. Infrastructure solutions, including servers and networking, grew rapidly by 37%, accounting for 24% of total revenue. The company has raised its full-year revenue forecast to between 111.2 billion and 112.2 billion USD, with AI server shipments expected to reach 25 billion USD, a year-on-year increase of over 150% [2][7] Industry Insights - **Storage Market Conditions**: The storage market is currently experiencing significant supply constraints, with major manufacturers indicating tight supply. Prices have risen sharply in the fourth quarter, with large manufacturers willing to accept price increases of 30-50%. Demand is expected to remain tight in the first quarter of next year, with potential easing in the second quarter. Gartner predicts a 40-50% quarter-on-quarter increase in DRAM prices [4][8] - **Investment Recommendations**: - Focus on the storage industry chain, including companies like Baiwei Storage and Jiangbolong. - PCB industry chain investments, including Shenghong Technology and Hudian Co. - Domestic computing power direction, with attention to companies like SMIC. - Upcoming IPOs such as Muxi and Moer Thread, which are expected to be key players in advanced process requirements next year [4][9]

Core Viewpoint - The A-share market will see the subscription of two new stocks this week, Mu Xi Co., Ltd. and Angrui Micro, both set to open for subscription on Friday [1] Group 1: Mu Xi Co., Ltd. - Mu Xi Co., Ltd. is a leading domestic enterprise in high-performance general-purpose GPU products, becoming the second domestic GPU company to list on the A-share market after Moore Threads [1] - The company focuses on the research, design, and sales of full-stack GPU products for artificial intelligence training and inference, general computing, and graphics rendering [2][3] - Mu Xi's product lineup includes the Xisi N series GPU for intelligent computing inference, the Xiyun C series GPU for training and general computing, and the upcoming Xicai G series GPU for graphics rendering [3] - The company has achieved cumulative GPU sales exceeding 25,000 units and has established a comprehensive ecosystem and commercial layout across various industries, including education, finance, transportation, energy, healthcare, and entertainment [4] - Revenue projections for Mu Xi from 2022 to 2024 are 42.64 million, 53 million, and 743 million, with net losses of 77.7 million, 87.1 million, and 140.9 million respectively [4] Group 2: Angrui Micro - Angrui Micro has a subscription limit of 3,500 shares per account, requiring a minimum market value of 35,000 in the Shanghai market [6] - The company specializes in the design and sales of RF front-end chips, RF SoC chips, and other analog chips, recognized as a national-level "little giant" enterprise [6] - Angrui Micro's RF front-end chips have been successfully sold to major brands such as Honor, Samsung, Vivo, Xiaomi, and OPPO [7] - Revenue projections for Angrui from 2022 to 2024 are 923 million, 1.695 billion, and 2.101 billion, with net losses of 290 million, 450 million, and 65 million respectively [7] - The funds raised will be invested in the R&D and industrialization of 5G RF front-end chips and modules, RF SoC development, and the construction of headquarters and R&D centers [7]

Group 1: IPO Activities - Two new stocks are scheduled for subscription this week (December 1 to 5), both from the Sci-Tech Innovation Board [1] - On December 5, Muxi Co., Ltd. will initiate its subscription, potentially becoming the second domestic GPU company to list on A-shares, following Moore Threads [2] - Angrui Microelectronics will also start its subscription on December 5, focusing on RF and analog integrated circuit design [4] Group 2: Muxi Co., Ltd. Overview - Muxi Co., Ltd. is a leading domestic enterprise in high-performance general-purpose GPU products, dedicated to the independent research and development of high-performance GPU chips and computing platforms [2] - The company aims to support various sectors, including education, finance, transportation, energy, healthcare, and entertainment, by providing foundational computing power for AI applications [2] - Muxi's flagship product, the Xiyun C series training and inference GPU chip, has achieved domestic leadership in terms of versatility, performance, stability, and ecosystem compatibility [2][3] Group 3: Muxi Co., Ltd. Financial Performance - Muxi Co., Ltd. has not yet achieved profitability, with revenues of 0.53 million yuan, 7.43 million yuan, and 12.36 million yuan for the first three quarters of 2023 to 2025, and net losses of -8.71 million yuan, -14.09 million yuan, and -3.46 million yuan respectively [3] - The company plans to raise 3.904 billion yuan through its IPO to invest in new high-performance GPU research and industrialization projects [3] Group 4: Angrui Microelectronics Overview - Angrui Microelectronics is a national-level specialized "little giant" enterprise focusing on RF front-end chips, RF SoC chips, and other analog chip research, design, and sales [4] - The company has established a strong customer base, with its RF front-end chips sold to major brands such as Honor, Samsung, Vivo, Xiaomi, and OPPO [4] Group 5: Angrui Microelectronics Financial Performance - Angrui Microelectronics has also not achieved profitability, with revenues of 1.695 billion yuan, 2.101 billion yuan, and 1.335 billion yuan for the first three quarters of 2023 to 2025, and net losses of -450 million yuan, -64.7092 million yuan, and -62.7719 million yuan respectively [4] - The company aims to raise 2.067 billion yuan through its IPO for the development and industrialization of 5G RF front-end chips and modules [4]

Group 1: Overview of New IPOs - This week, the A-share market will have two new stock subscriptions: Muxi Co., Ltd. and Angrui Microelectronics, both starting on Friday [1] - Muxi Co., Ltd. is a leading domestic high-performance general-purpose GPU manufacturer, becoming the second domestic GPU company to list on the A-share market after Moore Threads [1][2] - Angrui Microelectronics focuses on integrated circuit design in the RF and analog fields and is recognized as a national-level "little giant" enterprise [6] Group 2: Muxi Co., Ltd. Details - Muxi Co., Ltd. has a single account subscription limit of 6,000 shares, requiring a minimum market value of 60,000 yuan in the Shanghai market for full subscription [2] - The company specializes in the research, design, and sales of full-stack GPU products for AI training, general computing, and graphics rendering, with a strong focus on technological innovation [2][3] - Muxi's product offerings include the Xisi N series GPU for intelligent computing inference, the Xiyun C series GPU for integrated training and general computing, and the upcoming Xicai G series GPU for graphics rendering [3] Group 3: Muxi Co., Ltd. Market Position and Financials - Muxi's GPU products are based on self-developed GPU IP and architecture, demonstrating strong core competitiveness in performance and compatibility [3] - The company has sold over 25,000 GPU units and has established a comprehensive ecosystem across various industries, including education, finance, transportation, energy, healthcare, and entertainment [4] - Projected revenues for Muxi from 2022 to 2024 are 426.4 million yuan, 53 million yuan, and 743 million yuan, with net losses of 777 million yuan, 871 million yuan, and 1.409 billion yuan respectively [4] Group 4: Angrui Microelectronics Details - Angrui Microelectronics has a single account subscription limit of 3,500 shares, requiring a minimum market value of 35,000 yuan in the Shanghai market for full subscription [6] - The company specializes in RF front-end chips, RF SoC chips, and other analog chips, focusing on high performance, reliability, low power consumption, and high integration [6][7] - Angrui's RF front-end chips have been successfully sold to major brands such as Honor, Samsung, Vivo, Xiaomi, and OPPO [7] Group 5: Angrui Microelectronics Market Position and Financials - The company is actively integrating into the domestic RF supply chain and has collaborated with various suppliers for technology validation and development [8] - Projected revenues for Angrui from 2022 to 2024 are 923 million yuan, 1.695 billion yuan, and 2.101 billion yuan, with net losses of 290 million yuan, 450 million yuan, and 65 million yuan respectively [8]

Group 1: Index Adjustments - On November 28, the China Securities Index Co., Ltd. announced regular adjustments to several indices including the CSI 300, CSI 500, and CSI 1000, effective after market close on December 12, 2025 [1][9]. - The Shanghai Stock Exchange decided to adjust the sample stocks of the SSE 50, SSE 180, SSE 380, and STAR 50 indices, with changes also effective on December 12, 2025 [3][4]. - The Shenzhen Stock Exchange announced sample stock adjustments for the Shenzhen Component Index, ChiNext Index, Shenzhen 100, and ChiNext 50, effective on December 15, 2025 [2][5]. Group 2: Specific Stock Changes - The SSE 50 index will replace four stocks, adding SAIC Motor, Northern Rare Earth, Huadian New Energy, and Zhongke Shuguang, while removing Poly Developments, China Mobile, China Aluminum, and CRRC [4]. - The STAR 50 index will replace two stocks, adding Aojie Technology and Shengke Communication, while removing Huaxi Biological and Hangcai Co. [5]. - The CSI 300 index will replace 11 stocks, adding Huadian New Energy, Shenghong Technology, Dongshan Precision, and others, while removing FAW Liberation, Oppein Home, and others [9]. Group 3: Broker Recommendations - In December, brokers released their latest stock picks, focusing on diverse sectors such as electronics, power equipment, pharmaceuticals, and food and beverage, with themes like domestic computing and consumer recovery gaining traction [10]. - The electronics sector remains the most favored, with stocks like Haiguang Information and Huiding Technology receiving multiple recommendations from different brokers [10]. - The power equipment sector is also highlighted, with companies like Goldwind Technology and Ningde Times being recommended for their strong order growth and competitive advantages [11]. Group 4: Foreign Investment Sentiment - UBS expressed a positive outlook on Chinese tech stocks despite potential market volatility, predicting a 37% profit growth for Chinese tech companies next year [12][13]. - Other investment firms like Goldman Sachs and Morgan Stanley have also shown bullish sentiments towards Chinese stocks, particularly in the tech sector, with expectations of significant price increases [14].

证券研究报告|宏观研究报告 大跌修复后，或是一段震荡期。此阶段，科技难以彻底走弱 的信心&稳市预期是支撑项，而地缘局势反复的可能性&美股行 情再受扰动的担忧等压力项并存。事实上，2019年5月、2020 年 3 月和 2025 年 4 月的大跌缺口回补后，均有一段趋势难明 的震荡区间。 如何应对可能到来的震荡期？保持轮动思维或是关键。我们 绘制了 SW 一级行业 2025 年开年至 11 月 20 日的涨跌幅（纵 轴）和 11 月 21-28 日涨跌幅（横轴）的散点图。其右上角适 合博弈趋势，主要与 AI 和半导体相关；左上角适合博弈轮 动，主要与有色和新能源相关；左下角适合博弈高低切，包 括消费和红利；右下角暂无"反转型"行业分布。若行情进入 震荡状态，左上角和左下角的行业更值得关注。 [Table_Date] 2025 年 11 月 30 日 [Table_Title] 重建共识 [Table_Title2] 类权益周报 [Table_Summary] ►回顾：缺口回补，路途颠簸 11 月 24-28 日，权益行情修复，转债继续震荡。截至 2025年 11 月 28 日，万得全 A 收盘价为 6205.6 ...

Core Viewpoint - The latest brokerage "golden stocks" for December highlight a focus on sectors such as electronics, power equipment, pharmaceuticals, and food and beverage, with themes like domestic computing power, robotics, and consumer recovery gaining traction [2][9]. Group 1: Market Performance - In November, the A-share market exhibited a volatile pattern, with the Shanghai Composite Index declining by 1.67%, while the ChiNext Index and STAR Market Index fell by 4.23% and 6.24%, respectively [5]. - The top-performing "golden stock" in November was Shanghai Port Bay, recommended by Huatai Securities, which saw a monthly increase of 60.15% [6]. - Other notable performers included BlueFocus Media with a 45.99% increase and Yaxing Integration with a 43.57% rise, both recommended by different brokerages [6]. Group 2: December Golden Stocks - The December golden stock list shows a diverse allocation strategy, with significant attention on electronics, power equipment, pharmaceuticals, and food and beverage sectors [2][9]. - The electronics sector remains the most favored, with companies like Haiguang Information and Huadian Heavy Industries receiving multiple recommendations from different brokerages [11][12]. - In the power equipment sector, companies like Goldwind Technology and Ningde Times are highlighted for their strong order growth and competitive advantages [12]. Group 3: Investment Themes - The focus on robotics is increasing, with companies like Hengli Hydraulic and Kaidi Co. being recommended for their growth potential in the robotics space [16]. - In the pharmaceuticals sector, innovative companies such as Innovent Biologics and Kangfang Biologics are emphasized for their competitive global products [15]. - The consumer sector is also gaining traction, with companies like Midea Group and Alibaba being included in the recommendations due to their attractive dividend yields and growth prospects [14]. Group 4: Market Outlook - Brokerages generally maintain a bullish outlook for the market, expecting it to remain in a bull phase, although short-term fluctuations may occur [3][18]. - Analysts suggest that the market's focus should be on growth sectors, particularly technology and advanced manufacturing, while also considering defensive and consumer stocks in the short term [20][21].