Summary of Conference Call on Domestic Computing Power Industry Industry Overview - The conference call focuses on the domestic computing power industry in China, particularly in the context of AI and related technologies [2][3][5]. Key Insights and Arguments - **Opportunities in Domestic Computing Power**: The domestic computing power market aligns with global trends in AI, presenting opportunities for domestic substitution, which could enhance growth potential as the overall market environment improves [2]. - **Expected Gaps Between Domestic and Overseas Computing Power**: In 2026, there are anticipated gaps in market perception, with domestic industry sentiment perceived as weaker than overseas. However, long-term capital expenditure in the domestic internet sector is expected to align closely with overseas levels due to GDP and user acceptance factors [3]. - **Catalysts for Growth**: Key catalysts for the growth of domestic computing power in 2026 include policy support, significant events, and performance forecasts, particularly in January [5]. - **CSP Capital Expenditure Trends**: Overseas CSP capital expenditure is projected to grow by approximately 50% in 2026, while domestic growth is expected to be 30-40%. However, historical data suggests that domestic capital expenditure could catch up in the coming years due to supply chain improvements and technological advancements [6]. - **Government Initiatives**: The Chinese government is likely to introduce plans related to intelligent computing during the 14th Five-Year Plan, which could serve as a significant catalyst for the development of AI and related industries [7]. Market Dynamics - **Current Market Conditions**: The market is currently at a low point, but a turning point is expected in the first half of 2026 with clearer market dynamics following internet tenders. Policy support is crucial for the listing of startups, although some advanced cards have not yet been permitted in the domestic market [9]. - **Performance of NVIDIA's H200**: The H200 product is primarily used in the training market, while domestic cards focus on inference needs. Although the H200 may not maintain its competitive edge in 2026, it will not significantly impact the trend towards self-sufficiency in China [11]. - **Chip Development by Major Companies**: Companies like Huawei, Haiguang, and Cambricon are advancing their chip technologies, with Huawei set to launch the 950 series in 2026, while Haiguang's products are expected to compete with NVIDIA's H100 [12]. Emerging Companies and Market Potential - **Startups**: Emerging companies such as Mu Xi, Mo Er, and Bi Ren Technology are rapidly advancing, with varying focuses on supply chain compatibility and performance optimization. Their growth potential is significant, with some companies showing strong revenue and profit growth [13]. - **Future Market Growth**: The outlook for the domestic chip market over the next two to three quarters is optimistic, driven by developments in supercomputing nodes and the resolution of supply chain issues [15]. Investment Recommendations - **Focus Areas for Investors**: Investors are advised to concentrate on the domestic computing power sector, particularly processor companies, server-related enterprises, and supercomputing core node companies. Early positioning in these areas is recommended [17]. - **Risks in the Sector**: Potential risks include macroeconomic impacts on downstream demand and intensified market competition. Individual company fundamentals may also affect overall industry performance [18]. Additional Important Points - **Domestic Inference Demand**: The demand for inference in China remains strong, with local models progressing rapidly, indicating a positive outlook for domestic capital expenditure and innovation [8]. - **Key Market Trends**: The development of supercomputing nodes and the ability to streamline domestic supply chains are critical for shaping the market landscape in 2026 [16].

更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 全球存储产业链大涨解读及长鑫招股书梳理 20260104 摘要 Q&A 近期存储行业的市场表现如何? 近期存储行业在美股市场表现强劲,美光和闪迪的股价分别上涨超过10%和15%。 主要原因是市场对 2026年第一季度合约价格涨幅预期上调。自 2025年 9 月以来, 存储价格已经开始上涨,并在 2025年第一季度延续这一趋势。目前,NAND 和 DRAM 的涨幅均超出市场预期。 更多一 存储市场供需紧张推动价格超预期上涨,DRAM 和 NAND 闪存价格在 2025 . 年一季度持续上涨,部分 DRAM 产品涨幅高达 70%,NAND 闪存预计上涨 33%-38%，远超此前预期。 三星定价策略对存储行业影响显著,其根据供需情况调整合约价格,并设 ● 定高于市场预期的价格,同时 H200 出货拉动存储需求,预计带来约 200 亿颗芯片需求,上调 2026年 Q1 存储价格预测。 美光公司一季度业绩远超预期,预计收入中值为 187 亿美元,毛利率高达 . 68%,EPS 远超预期,受益于产品价格大幅上涨,预计 2026年利润或达 500 亿美元，估值有较大 ...

Core Viewpoint - The 2025 A-share market experienced a bull market driven by "hard technology," characterized by significant structural differentiation and record-breaking performance in various metrics [8][10]. Market Performance Summary - Major indices saw substantial increases, with a typical pattern of "strong innovation, stable main board, and weak value" [9]. - The market scale achieved a historic leap, with active leverage and foreign capital participation, indicating a concentrated performance in high-growth sectors [10]. Leading Sectors - The top-performing sectors averaged a 47.61% increase, with notable performances in: - Non-ferrous metals: +92.64% driven by AI/new energy demand for copper and lithium, alongside gold as a safe haven [11]. - Communications: +87.27% due to the explosion of CPO optical modules and accelerated satellite internet [11]. - Electronics: +49.40% from breakthroughs in domestic AI chips and semiconductor equipment [11]. - A total of 533 stocks doubled in value, with 7 stocks increasing over 500%, and the TMT sector accounting for 33.31% of daily trading volume [12]. 2026 Market Outlook - The 2026 market is expected to shift from liquidity and valuation-driven growth to profit-driven performance, with three core logical drivers: 1. Intensive policy dividends from the "14th Five-Year Plan" and proactive fiscal policies [13]. 2. Continued domestic and international liquidity easing, with anticipated Fed rate cuts [13]. 3. Sustained corporate profit recovery, with nearly 60% of listed companies expecting positive earnings [13]. Core Investment Themes - The main investment themes for 2026 include: 1. Core offensive line: AI full chain and new productivity, driven by policy, technology, and performance [15]. 2. High elasticity line: High-end manufacturing going overseas, benefiting from global energy transition and a strong RMB [16]. 3. Defensive line: Consumption recovery and cyclical rebounds supported by domestic demand policies [19]. Key Industries and Focus Areas - Key industries to watch include: - New energy vehicles, photovoltaic + energy storage, and high-end equipment [20]. - Consumer sectors such as smart cars and high-dividend blue chips in pharmaceuticals [20]. - Industrial metals and energy sectors benefiting from global inventory replenishment [20]. Market Dynamics and Timing - The market is expected to follow a rotational rhythm, with specific focuses for each quarter, including AI computing and applications, overseas expansion, and high-dividend defensive stocks [20][22].

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 碳纤维复合材料:eVTOL中的筋与骨 0 www.jyzq.cn (2 全国统一客服电话:95372 | 此文件版权归金元证券股份有限公司所有,未经许可任何单位或个人不得复制,题印。 金 元 证 劳 股份有限公司 DSTATE SECURITIES CO ... LTD. 1.1 eVTOL对于使用材料要求严格 eVTOL中使用材料应满足以下核心需求: | 核心要求 意义 | 具体要求内容 | | --- | --- | | 材料选择中 极致轻量化 的商要考量 | 由于 eVTOL 主要依赖电池供能,其整体性能受限于能源密度, 所以结构材料的轻量化成为提升续航能力和运营效率的关键路 | | | 径。使用碳纤维复合材料,可帮助整机减重约30%-40%,带来 | | 因素 | | | | 约20% 的航程提升,同时有效降低能耗与单位飞行成本 | | 商强度与 安全飞行的 | eVTOL 在起飞、巡航和降落等飞行阶段需承受复杂的气动裁荷、 | | | 报动载荷以及长期循环应力,这对材料的力学性能和结构可靠 | ...

Group 1: Market Insights - The market is expected to focus on three key pieces of information at the start of 2026, including the emphasis on innovation for high-quality development in the New Year address by the General Secretary[4] - The Hong Kong stock market experienced a strong opening on January 2, 2026, with the Hang Seng Index rising by 2.76%, the Hang Seng China Enterprises Index increasing by 2.86%, and the Hang Seng Technology Index climbing by 4%[5] - The listing of Wallen Technology, the first domestic GPU company, saw a 76% surge on its debut, indicating a shift towards commercialization in the domestic GPU industry[5] Group 2: Geopolitical Events and Implications - A significant geopolitical event occurred with the U.S. airstrike in Venezuela, capturing President Maduro, which may lead to increased uncertainty in international order[5] - The implications for oil prices are mixed, with potential short-term supply uncertainties and mid-term prospects for increased production from Venezuela, which could pressure oil prices downward[6] - The event is expected to have limited impact on global stock markets, as initial shock may be absorbed by the market by the time trading resumes[6] Group 3: Investment Opportunities - The Maduro incident highlights the importance of technological self-sufficiency and the significance of industries like domestic substitution and commercial aerospace for national strength[7] - Investment opportunities in high-growth sectors aligned with technological innovation and policy direction are recommended for the year ahead[4]

Investment Rating - The report maintains a "Buy" rating for the mechanical equipment industry, highlighting strong growth potential in semiconductor equipment and humanoid robots [1][20]. Core Insights - The semiconductor equipment sector is expected to see a significant increase in capital expenditure and domestic equipment localization, with new order growth potentially exceeding 30% and reaching over 50% [2][18]. - The humanoid robot industry is approaching mass production, with key events such as the release of Tesla's V3 robot expected to catalyze order growth and market expansion [3][32]. - The engineering machinery sector is anticipated to experience a seasonal surge in Q1, driven by policy support and increased project initiation, with a projected annual growth rate of over 30% for excavators [3][33]. - The demand for optical modules is expected to rise due to increased shipments of AI servers, necessitating automation in production processes [4][35]. - The gas turbine market is poised for growth as AI data centers expand, with domestic manufacturers likely to benefit from increased demand for reliable power solutions [8][31]. Summary by Sections Semiconductor Equipment - Longxin's IPO plans indicate a total investment of 34.5 billion yuan, primarily for technology upgrades in memory chip production, signaling a robust growth trajectory for the sector [2]. - The domestic semiconductor equipment market is projected to reach 495 billion yuan in 2024, with a localization rate expected to rise to 22% by 2025 [18][19]. Humanoid Robots - The humanoid robot industry is set for significant changes with the upcoming release of Tesla's V3 robot, which is expected to drive orders and market standardization [3][32]. - Key companies to watch include Hengli Hydraulic and Top Group, which are positioned to benefit from the anticipated growth in this sector [3]. Engineering Machinery - The engineering machinery sector is entering a recovery phase, with Q1 typically seeing increased activity due to favorable weather and policy support [3][33]. - Major players such as Sany Heavy Industry and XCMG are expected to lead this recovery, with projected sales growth driven by domestic and international demand [33]. Optical Modules - The demand for optical modules is expected to increase significantly due to the rising shipments of AI servers, with automation becoming essential in production processes [4][35]. - Companies like Robotech and Aotewi are highlighted as key players in this space [4]. Gas Turbines - The expansion of AI data centers is driving demand for gas turbines, with domestic manufacturers like Jereh and Yingliu expected to capture significant market share [8][31]. - The gas turbine market is characterized by a shift towards domestic production, with companies forming partnerships with international leaders to enhance capabilities [8].

Core Viewpoint - The storage market is entering an upward cycle, with the company experiencing growth in both volume and price of storage products, particularly in the Fabless chip sector, which is expected to benefit from increasing demand in various applications, including AI and automotive electronics [1][19]. Group 1: Company Overview - The company is a leading global Fabless chip supplier, established in 2005 and listed in 2016, focusing on a diverse range of products including Flash, niche DRAM, MCU, analog chips, and sensor chips [4][7]. - The company has achieved significant milestones, such as launching the first domestic SPI NOR Flash in 2008 and expanding its product line through acquisitions, enhancing its market position [4][7]. Group 2: Business Segments - The main business segments include storage chips, microcontrollers (MCUs), and sensor products, with storage chips being the largest revenue contributor, growing from 1.839 billion in 2018 to 5.194 billion in 2024 [9][10]. - The company has a comprehensive product line in NOR Flash, NAND Flash, and niche DRAM, with a focus on low voltage and low power consumption, catering to various applications such as industrial control and automotive electronics [7][9]. Group 3: Financial Performance - The company reported a revenue of 73.56 billion in 2024, with a year-on-year growth rate of 27.69%, and a net profit of 11.03 billion, reflecting a significant increase of 584.21% compared to the previous year [10][13]. - The gross margin has improved, reaching 38% in 2024, with a net profit margin of 16.17% in the first three quarters of 2025, indicating effective cost management and operational efficiency [13][10]. Group 4: Market Trends - The NOR Flash market is expected to grow significantly, driven by AI and automotive electronics, with projections indicating a market size of 4.2 billion by 2029, reflecting a compound annual growth rate of 8.4% [19][22]. - The company has rapidly increased its market share in the NOR Flash segment, becoming the second largest globally and the largest in mainland China, with a market share of 18.5% [22][19]. Group 5: Future Outlook - Revenue forecasts for 2025-2027 indicate continued growth, with total revenues expected to reach 94.23 billion, 119.46 billion, and 149.62 billion respectively, alongside net profits projected at 17.76 billion, 25.29 billion, and 31.68 billion [56][2]. - The company is well-positioned to capitalize on the growing demand for customized storage solutions, particularly in the context of AI applications and automotive electronics, which are expected to drive future growth [54][50].

证券研究报告|投资策略周报 [Table_Date] 2026 年 01 月 04 日 [Table_Title] 春季躁动提前启动，牛市格局依旧未改 [Table_Title2] 投资策略周报 [Table_Summary] ·市场回顾：本周（2025/12/29-2026/1/2）韩国综合指数、港股恒生科技指数、中国台湾加权指数领涨全球，美股 三大股指领跌。A 股方面，周期、成长板块表现较好，一级行业中石油石化、军工、传媒领涨；公用事业跌幅居 前。元旦后首个交易日（1 月 2 日），港股迎来"开门红"，恒生科技指数单日大涨 4%，其中半导体、AI 算力、互 联网巨头方向大涨，显示市场风险偏好回暖。大宗商品方面，本周基本金属、原油上涨，贵金属下跌，其中 COMEX 白银、COMEX 黄金分别下跌 6.39%、4.63%。外汇方面，离岸人民币兑美元汇率继续走强，周五升破 6.97。 ·市场展望：春季躁动提前，牛市格局依旧未改。2026 年是多个正面因素叠加的"大年"，牛市基础仍扎实，且春 季躁动已提前演绎：一是宏观政策周期来看，2026 年作为十五五开局之年，多部门正密集出台配套产业政策和投 资规划，同时财政 ...

投资要点 市场回顾：本周（2025/12/29-2026/1/2）韩国综合指数、港股恒生科技指数、中国台湾加权指数领涨全球，美股三大股指领跌。A股方面，周期、成长板 块表现较好，一级行业中石油石化、军工、传媒领涨；公用事业跌幅居前。元旦后首个交易日（1月2日），港股迎来"开门红"，恒生科技指数单日大涨 4%，其中半导体、AI算力、互联网巨头方向大涨，显示市场风险偏好回暖。大宗商品方面，本周基本金属、原油上涨，贵金属下跌，其中COMEX白 银、COMEX黄金分别下跌6.39%、4.63%。外汇方面，离岸人民币兑美元汇率继续走强，周五升破6.97。 市场展望：春季躁动提前，牛市格局依旧未改。2026年是多个正面因素叠加的"大年"，牛市基础仍扎实，且春季躁动已提前演绎：一是宏观政策周期来 看，2026年作为十五五开局之年，多部门正密集出台配套产业政策和投资规划，同时财政货币政策的协同发力，为市场营造了友好的流动性环境；二是资 金层面，12月以股票型ETF为代表的机构资金出现抢跑，后续保险资金"开门红"叠加汇率升值驱动下外资回流，增量资金入市有望强化春季行情趋势；三 是基本面预期与产业周期来看，随着PPI降幅收窄，预 ...

Core Insights - The closure of the Canon factory in Zhongshan marks the end of an era, with the factory once considered a "golden rice bowl" employing over 10,000 people and generating an industrial output of nearly 3.2 billion yuan in 2022 [1][11] - This closure is part of a broader trend of Japanese companies retreating from the Chinese market, with significant examples including Nissan's Wuhan factory acquisition by Lantu Automotive for 732 million yuan, Mitsubishi's exit from Chinese automotive manufacturing, and Sony's withdrawal from the smartphone market in China [3][13] - Japanese companies are experiencing a "comprehensive collapse" in various sectors, with market shares plummeting, such as Japanese cars in China dropping from 25% to 11.2% [5][15] Industry Trends - The market share of domestic smart toilets has surpassed 60%, while Japanese companies like Sharp and Yakult have struggled to adapt to local consumer preferences, leading to significant losses [5][15] - Trust issues have arisen due to scandals involving Japanese companies, which have eroded consumer confidence and contributed to their decline in market share [5][15] - Japanese firms are now adopting a "K-shaped differentiation" strategy, withdrawing from low-end production while heavily investing in high-end sectors, such as Toyota's $2 billion investment in a wholly-owned electric vehicle company in Shanghai [7][17] Strategic Shifts - Japanese companies are transitioning from being seen as low-cost manufacturers to becoming sources of technological innovation and large-scale markets in China [7][17] - The appointment of local executives, such as Li Hui as the first Chinese general manager of Toyota China, signifies a shift towards localized decision-making [7][17] - Investments in high-tech sectors, including semiconductor packaging and medical aesthetics, indicate a strategic pivot to enhance competitiveness against domestic players [7][17]