Group 1 - The A-share market opened the year with strong sentiment, with the Shanghai Composite Index jumping over 1% to exceed 4000 points for the first time in 34 trading days [1] - The chief A-share strategist at CITIC Securities, Qiu Xiang, indicated that the biggest expectation gap for 2026 lies in balancing external and internal demand, suggesting that external tariffs and subsidies for domestic demand will be a trend [1] - Wang Bo from the Huaxia Fund emphasized the importance of positioning in broad-based indices, recommending a dual approach: actively investing in high-growth sectors while also preparing to capitalize on market fluctuations by investing in low-priced assets [1] Group 2 - Recommended sectors for investment include computing power, new energy, power grid equipment, non-ferrous metals, and petrochemicals, which are expected to experience high prosperity and recovery [1] - The suggested ETFs for investment include the Huashang 300 ETF (510330.SH) and the Hong Kong Stock Connect Technology ETF (159101.SZ) [2]

Market Overview - The electronic industry index decreased by 0.19% during the week of December 29, 2025, to January 2, 2026, with semiconductors down 0.20% and consumer electronics down 0.14%, while optical and optoelectronic sectors increased by 1.60% [1][2] - Hong Kong stocks rebounded strongly on January 2, 2026, with SMIC rising by 5.70% and Hua Hong Semiconductor increasing by 13.79% [1][2] - The US stock market showed slight recovery on January 2, 2026, with the Nasdaq down 1.52% for the week and the Hang Seng Tech index up 4.31%. The US storage sector saw significant gains, with SK Hynix up 13.02%, Micron up 10.80%, and SanDisk up 10.07% [1][2] Industry Updates - The upcoming CES 2026 will take place from January 6 to January 9, 2026, and for the first time, the national subsidy will include smart glasses, providing a 15% subsidy based on the product sales price [3] - Domestic GPU companies are preparing for a listing wave in Hong Kong, with Kunlun Core announcing its listing application on January 1, 2026. On January 2, 2026, Biren Technology listed in Hong Kong with a maximum increase of over 118% on its first day [4] - Samsung will not expand production of DDR4, leading to a significant increase in DDR4 spot prices, which are expected to continue rising in 2026. Changxin Technology's IPO has been accepted, aiming to raise 29.5 billion, with projected revenues of 55 to 58 billion for 2025 [4] Corporate Actions - Hua Hong Semiconductor announced plans to acquire 97.4988% of Huali Micro on December 31, 2025. TSMC is expected to raise advanced process prices for the next four years due to tight capacity below 3nm, with new pricing effective from January 1, 2026 [5] Investment Recommendations - The holiday period has seen favorable conditions for price increases and computing power, with recommended beneficiaries including SMIC, Hua Hong Semiconductor, Beijing Junzheng, Northern Huachuang, Zhongwei Company, Demingli, Shannon Chip Creation, and Zhaoyi Innovation [6]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the AIDC (Artificial Intelligence Data Center) and computing power industry, focusing on the developments and plans of ByteDance in this sector [2][3][4]. Core Insights and Arguments - **Market Expectations and Capacity Planning**: - The market expectation for AIDC in 2025 is approximately 150 billion, but the actual capacity in China is expected to be around 500-600 MW, achieving only about one-third of the target [2]. - ByteDance's domestic computing power plan for 2026 is set at 1.7 GW, which is a reduction of 400 MW compared to 2024 [2][3]. - **Self-Build vs. Contracting**: - The self-built and contracted project ratio is expected to remain around 7:3 for 2026, with a slight increase in self-built projects in regions like Inner Mongolia, Zhejiang, and Wuhu [2][4]. - By 2030, the self-built ratio may reach up to 35%, but the overall trend is expected to stabilize around 20-30% [25][27]. - **Investment Plans**: - ByteDance plans to invest between 150 billion to 200 billion in 2026, with 65% allocated for domestic projects and 35% for international [2][25]. - **Data Center Infrastructure Costs**: - The cost of domestic data center infrastructure is estimated to be between 11,000 to 13,000 yuan per kW, excluding liquid cooling systems, while international costs are about 1.5 times higher [23]. - **Cooling Technology**: - Most projects in 2025 will utilize cold plate liquid cooling technology, with a significant increase in adoption expected for cabinets exceeding 20 kW starting in 2026 [17][18]. Additional Important Information - **Supply Chain and Procurement**: - ByteDance has a significant inventory of NVIDIA cards, with a current ratio of 80:20 for NVIDIA to domestic cards, expected to shift to 70:30 in 2026 [7][10]. - The procurement process has been affected by market restrictions, which are expected to ease gradually starting from November 2025, with significant tendering activities anticipated in early 2026 [11]. - **Geographical Expansion**: - ByteDance is planning to expand its operations not only in Southeast Asia but also in regions like Brazil, Finland, and Australia, with a focus on areas with favorable electricity prices [5][6]. - **Future Trends in Power Supply**: - The shift towards higher power supply systems is evident, with upgrades from 2.53 kW to 4.55 kW in power distribution systems [12][14]. - **Market Dynamics**: - The competitive landscape includes major suppliers for liquid cooling systems and components, with a focus on integrated bidding models to streamline procurement [18][20][22]. This summary encapsulates the key points discussed in the conference call, highlighting the strategic direction and operational plans of ByteDance within the AIDC and computing power industry.

Group 1 - The article highlights significant announcements in the stock market, including suspensions, investments, acquisitions, performance reports, and other corporate actions that could impact investor decisions [1] - A company specializing in commercial aerospace, robotics, chips, military industry, and PCB is in discussions with leading robotics firms for component development [1] - Another company involved in humanoid robots, commercial aerospace, drones, military, and new energy vehicles has received small batch orders for high-end bearings used in aerospace and gas turbines [1] - A company plans to invest 4.5 billion yuan in a high-performance copper-clad laminate project, focusing on PCB, commercial aerospace, storage chips, CPO, computing power, and collaboration with Huawei [1]

Core Insights - Nvidia has become a significant term in China, symbolizing a benchmark for AI chip companies, with its market value expected to exceed $4 trillion by July 2025, making it the first publicly traded company to reach this milestone [1] - Chinese AI chip manufacturers are striving to close the gap with Nvidia, focusing on gradual improvements in performance and usability rather than immediate full replacement [1] - The role of domestic AI chips should evolve from merely being a "safety backup" to becoming a key component in a trillion-dollar industry, emphasizing the need for innovation and cost-effectiveness [1][2] Industry Analysis - The goal for domestic AI chips should not be limited to matching parameters or replacement ratios but should focus on minimizing marginal costs for application innovation and enhancing user experience [2] - The ultimate aim is to make computing power as accessible and affordable as utilities like electricity and water, positioning domestic AI chips as essential in achieving this vision [1] - The success of domestic AI chips will be measured by their ability to foster a new wave of world-class AI applications that cannot be replicated by foreign competitors [2]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The semiconductor equipment, storage, and PCB markets are active, with a notable rebound in Hong Kong stocks on January 2, 2026 [4] - The storage and chip price increase trend is expected to continue, with a wave of domestic GPU listings ongoing [5] - Samsung will not expand DDR4 production, leading to a significant increase in DDR4 spot prices, while the IPO of Changxin Technology has been accepted [6] Summary by Sections Market Review - The electronic industry index fell by 0.19% during the week of December 29, 2025, to January 2, 2026, with semiconductor and consumer electronics down by 0.20% and 0.14% respectively, while optical and optoelectronic sectors rose by 1.60% [4] - Notable stock performances include a 5.70% increase for SMIC and a 13.79% increase for Hua Hong Semiconductor on January 2, 2026 [4] Industry Updates - The CES 2026 is approaching, with the first national subsidy for smart glasses set at 15% of the product sales price [5] - Domestic GPU companies are actively listing in Hong Kong, with Kunlun Chip announcing its listing application on January 1, 2026 [5] - The price of DDR4 is expected to rise as Samsung will not increase production, while Changxin Technology's IPO aims to raise 29.5 billion [6] Investment Recommendations - Beneficiaries of the price increase chain and computing power side include SMIC, Hua Hong, Beijing Junzheng, Northern Huachuang, Zhongwei, Demingli, Shannon Chip, and Zhaoyi Innovation [7]

Core Insights - Nvidia has transitioned from being primarily recognized in the gaming sector to becoming a significant player in the AI chip market, with a market capitalization expected to exceed $4 trillion by July 2025, making it the first company to reach this milestone [2] - The demand for Nvidia's high-end AI chips is driven by substantial investments from global tech giants in AI infrastructure, which has led to a competitive landscape where Chinese AI chip manufacturers are striving to close the gap with Nvidia [2] - The Chinese AI chip industry is categorized into three groups: startups, tech companies, and state-owned enterprises, all working towards moving from a narrative of "replacement" to one of "independence" [2] Group 1: Domestic AI Chip Development - The goal of "replacing Nvidia" does not imply an immediate complete substitution of Nvidia's chips but rather a gradual integration of domestic AI chips in more suitable and cost-effective scenarios [3] - Domestic AI chips like Huawei's Ascend, Baidu's Kunlun, and Cambricon are adopting ASIC technology to achieve cost advantages in specific applications, focusing on usability and affordability [3] - The development of domestic AI chips should not merely aim for performance parity but should also prioritize safety and reliability, especially in critical sectors like government and finance [4] Group 2: Industry Challenges and Strategic Considerations - The push for "safety and control" in the industry may lead to misallocation of resources, potentially sidelining innovative technologies that require longer development cycles [5] - There is a risk that products benefiting from protective procurement policies may become less competitive in open markets, leading to a scenario where short-term solutions overshadow long-term innovation [5] - The ultimate goal for China's computing infrastructure is to make computing power as accessible and affordable as utilities like electricity, with domestic AI chips playing a crucial role in this evolution [5][6] Group 3: Innovation and Market Dynamics - The success of domestic AI chips should be measured not just by performance metrics but by their ability to lower the marginal costs of application innovation and enhance user experience [6] - The aim is not to create multiple "Chinese Nvidias" but to make computing power affordable enough to foster world-class AI applications that cannot be replicated elsewhere [6]

Core Insights - The article highlights the emergence of six leading technology stocks in the A-share market, referred to as "易中天" and "纪连海," which symbolize the strong performance of the AI, computing power, optical communication, and chip sectors in 2025 [1][3] Group 1: Market Trends - In 2025, global AI technology entered a phase of large-scale application, with China experiencing accelerated penetration of "AI+" driven by policy support and industrial upgrades [3] - The stocks represented by "易中天" (New Yisong, Zhongji Xuchuang, Tianfu Communication) focus on optical modules and communication devices, while "纪连海" (Hanwujing, Industrial Fulian, Haiguang Information) centers on AI chips and computing hardware [3] - The strong performance of these stocks reflects a clear investment logic, with "易中天" benefiting from the urgent demand for high-speed optical modules due to global computing power construction [3][4] Group 2: Performance and Valuation - Many companies experienced a "Davis Double Play" moment in 2025, with Q3 performance significantly exceeding expectations, validating the authenticity and sustainability of AI demand [4] - Market funds showed strong consistency, with public funds and northbound capital driving the trading volume of these sectors to remain at the forefront of the market [5] Group 3: Future Outlook - In 2026, the AI industry is expected to transition from infrastructure construction to application landing and ecological competition, leading to structural differentiation within the AI sector [6] - The demand for 800G optical modules is projected to continue growing rapidly, with significant advancements in 1.6T technology and the initiation of 3.2T module development [6] - As computing costs decrease, AI applications in vertical industries such as finance, healthcare, education, and manufacturing are anticipated to accelerate, potentially leading to the emergence of new "application-oriented leaders" in the A-share market [6][7]

Core Viewpoint - The A-share market in 2025 witnessed a significant rise in technology stocks, particularly in AI and communication sectors, symbolized by the nicknames "Yizhongtian" and "Jilianhai" for six leading stocks [1][2]. Group 1: Market Overview - In 2025, the global AI technology entered a phase of large-scale application, with China experiencing accelerated penetration of "AI+" driven by policy support and industrial upgrades [2]. - The stocks referred to as "Yizhongtian" (Xinyi Sheng, Zhongji Xuchuang, Tianfu Communication) represent the optical module and communication equipment sector, while "Jilianhai" (Hanwujing, Industrial Fulian, Haiguang Information) represents the AI chip and computing hardware sector, becoming the focus of capital investment [2][3]. Group 2: Investment Logic - The popularity of the aforementioned stocks is not merely a result of a collective investment in large tech stocks but is based on two clear investment themes: "Yizhongtian" focuses on "data transmission," benefiting from the urgent demand for high-speed optical modules due to global computing power construction [3]. - "Jilianhai" emphasizes "computing power supply," with advancements in AI chip iterations from Hanwujing, breakthroughs in domestic CPU/DCU ecosystems from Haiguang Information, and AI server manufacturing from Industrial Fulian, forming a comprehensive computing infrastructure chain [3]. Group 3: Market Characteristics - The AI wave in the A-share market in 2025 is characterized by a deep recognition of the AI industry chain and emotional resonance among investors, indicating a shift towards technology-themed investments [5]. - Many companies experienced a "Davis double play" moment in Q3 2025, with performance significantly exceeding expectations, validating the authenticity and sustainability of AI demand [5]. - Market funds displayed strong consistency, with public funds and northbound capital collectively driving the sector's trading volume to remain among the highest in the market [5]. Group 4: Future Outlook - In 2026, the AI industry is expected to transition from infrastructure construction to application implementation and ecological competition, with structural differentiation anticipated within the AI sector [6]. - The focus on refined computing power construction will see advancements in 1.6T technology and continued high demand for 800G optical modules, while the narrative of self-control remains central for "Jilianhai" companies [6]. - As the AI industry chain moves from divergence to consensus in performance trends, 2026 is projected to be a fruitful year for domestic hard technology [6]. - Opportunities in AI applications are expected to emerge in 2026, with the acceleration of AI use cases in vertical industries such as finance, healthcare, education, and manufacturing [7]. - Following the "theme carnival" of 2025, the market is likely to enter a new phase of "value selection" in 2026, emphasizing the need for in-depth research on company fundamentals and industry trends [7].

2025年最后一个周六，冬日暖阳洒在熙熙攘攘的上海广东路上。拥有30多年历史的"股市沙龙"人声鼎 沸，数百名股民聚集于此，十余人一圈的讨论组里不时传来"算力""人工智能""CPO"等关键词。 上海街头"股市沙龙"。本报记者林倩摄 上海广东路729号，曾是万国证券黄浦营业部所在地，自上世纪90年代起，每逢周末，数百名股民在此 交流心得，"股市沙龙"由此而来。现场参与者虽以中老年股民为主，但也不乏年轻面孔驻足聆听。 部分股民对中国证券报记者表示，预计2026年A股市场将迎来开门红，全年市场表现有望超越2025年， 重点关注科技板块和周期性行业。 至于哪些股票会上涨，李先生表示，每个股票都有上涨的可能，只是时间问题。 "就像太阳一样，从东 方升起，不一定照得到全部，但到了下午，西边阴暗的地方就能照到了，这需要一个过程。" 心态为先：33年老股民的生存哲学 "炒股就是靠心态，心态好一切都好。"有33年股龄的陈先生告诉中国证券报记者，他年纪大了，对炒股 没有很高的盈利要求，只是作为自己的乐趣。 回顾2025年，陈先生主要配置了军工、固态电池、算力、人工智能等赛道以及优质大盘股，全年收益较 为稳定。 对于2026年A股市 ...