国新证券指出，通信企业正积极探索未来新增长点。6G技术作为未来十年重要的新一代数字信息 网络基础设施，将实现通信、感知、计算、智能等多技术融合创新，我国已完成第一阶段6G技术试 验，形成超300项关键技术储备。华为发布的Flex：ai技术通过算力虚拟化与智能调度提升资源利用率， 为AI基础设施发展提供支撑，反映出通信行业在技术创新领域的持续突破。 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 在海内外算力基础设施持续投入的背景下，光模块市场有望维持高景气度。通信ETF（515880）规 模同类第一，截至10月28日，通信ETF光模块占比达52%，服务器占比达22%，叠加光纤、铜连接等环 节，合计占比超81%，代表了海外算力的基本面底气。 注：数据来源：中证指数公司，wind，截至2025/11/28，通信ETF规模为113亿，在同类15只产品中 排名第一。权重占比截至2025/1 ...

本报讯(记者毛艺融)摩根大通中国股票策略团队近日发表2026年展望报告。展望2026年，该机构保持对 沪深300指数的建设性看法。基准情景下，其对2026年底沪深300指数的目标点位预测为5200点，较11月 24日收盘价存在17%的潜在上行空间。悲观情景和乐观情景下，该机构的目标点位分别为4000点和6000 点。 最后，中国消费市场复苏，低端和奢侈品消费均有望受益。 通过市值、日均成交额和海外收入等指标，摩根大通筛选出把握中国创新机遇的IT、医疗保健类的A股 标的，并预计到2026年初，市场风格将从价值股转向成长股。 展望2026年，摩根大通看好四大投资主题，包括"反内卷"政策的执行、国内外AI基础设施或变现增长、 发达市场宏观环境景气利好海外销售以及消费市场复苏。 再次，全球宏观环境景气，尤其是2026年的财政、货币政策宽松，将为上市公司的海外销售提供支持。 首先，"反内卷"政策有望加速落地，有利于沪深300指数成份股的净利润率、净资产收益率的结构性上 行。目前市场一致预期的2026年净利润率及净资产收益率分别为12%、11%，在亚太市场中排名居中。 其次，2026年全球AI基础设施资本支出增长，利好中 ...

Core Insights - The article highlights the rapid growth of data centers in Ulanqab, Inner Mongolia, driven by major tech companies like Alibaba, Apple, and Huawei, with a total investment of 260 billion yuan and a computing power scale of 10.87 million P [1][2] - Alibaba's aggressive capital expenditure in AI and cloud infrastructure, amounting to approximately 120 billion yuan over the past four quarters, indicates a strong demand exceeding supply in the industry [2][4] - The global tech giants are experiencing a surge in capital expenditures, with annual spending exceeding 400 billion USD, driven by AI training and data center expansion [2][8] Investment Trends - Ulanqab has transitioned from an agricultural and mining economy to a data center hub, attracting over 50 companies and resulting in significant investments [1][2] - Alibaba's commitment to invest over 380 billion yuan in AI-related cloud infrastructure over the next three years reflects the company's strategy to meet increasing customer demand [4] - The AI server market is projected to reach 252 billion USD by 2025, with a year-on-year growth of 55%, indicating a robust demand for AI-related hardware [2][8] Hardware and Technology Innovations - Hardware manufacturers are innovating to meet the high-density computing and low-energy consumption demands of tech giants, with Lenovo's sixth-generation Neptune liquid-cooled servers reducing data center power consumption by 40% [5][6] - Lenovo's ISG business reported significant revenue growth, driven by major clients like Alibaba and Tencent, with liquid cooling technology becoming a standard in new AI data centers [6][8] - The collaboration between Lenovo and Alibaba has expanded beyond server sales to include AI PCs, private cloud solutions, and international projects, enhancing both companies' market positions [7][8] Market Dynamics - The competitive landscape is shifting as companies like Nvidia and Dell report substantial increases in data center revenues, with Nvidia's data center revenue reaching 183.6 billion USD, a 60% increase year-on-year [8] - Lenovo is positioned as a key player in the Chinese server market, with expectations to capture over 20% market share by 2028, driven by the expansion of large-scale data centers [6][8] - The ongoing investment wave in AI infrastructure is expected to reshape the industry landscape over the next decade, with hardware supply chains being critical indicators of the AI sector's health [8]

Core Viewpoint - Nvidia issued an urgent statement in response to market discussions regarding AI hardware development, particularly in light of Google's launch of the seventh-generation Ironwood TPU and Meta's consideration of TPU solutions [1][2]. Group 1: Nvidia's Market Position - Nvidia's stock experienced volatility, with a peak decline of 7% and a closing drop of 2.59% following the statement [2]. - The statement has garnered over 1.5 million views and more than 750 comments, indicating significant interest within the AI community [2]. - Observers note that as major clients begin to develop their own chips, the competitive landscape for AI chips is changing [2]. Group 2: Google's AI Infrastructure Strategy - Google is redefining AI infrastructure with a comprehensive solution that integrates custom hardware, cloud services, and specialized chips [3][5]. - The Ironwood TPU is Google's most powerful and energy-efficient accelerator to date, achieving a performance increase of approximately 10 times compared to the previous TPUv5p and over 4 times compared to TPUv6e [3]. - The Ironwood TPU features high bandwidth, large memory capacity, and advanced cooling systems, making it suitable for complex, high-concurrency, low-latency model deployments [3]. Group 3: Implications for the AI Chip Market - Google's introduction of Ironwood signals a significant challenge to Nvidia's GPU dominance, raising questions about the future of Nvidia's market position [8]. - Nvidia emphasizes its unique value proposition as the only platform capable of running all AI models anywhere, highlighting its established ecosystem [8][9]. - Nvidia's advantages include generality and compatibility, a mature ecosystem, and flexibility that allows it to adapt to rapid AI technology iterations [9][12]. Group 4: Future Market Dynamics - Meta is reportedly negotiating with Google to procure TPU chips for deployment in its data centers starting in 2027, reflecting a strategic shift among major tech companies towards diversified AI infrastructure [14]. - If Google continues to leverage its TPU and integrated infrastructure, the AI industry may undergo a profound transformation affecting hardware market dynamics and investment valuation logic [15][16]. - The AI hardware market is expected to transition from a GPU-dominated landscape to a more diversified ecosystem featuring GPUs, TPUs, custom ASICs, and cloud services [17]. Group 5: Investment and Valuation Changes - The focus of hardware competition is shifting from selling chips to providing comprehensive services and infrastructure [18]. - Future valuation metrics will prioritize companies that can offer economical, scalable, and integrated infrastructure solutions [18]. - The lowering of infrastructure barriers is likely to stimulate innovation among AI startups and service-oriented companies, driving the next wave of AI commercialization [19].

Group 1 - The recent market trends are primarily driven by the Federal Reserve's October FOMC meeting, which has fundamentally altered trading patterns [1] - Retail trading enthusiasm peaked during the week of the FOMC meeting, particularly evident in high liquidity stocks and short-term call options demand [1] - The Federal Reserve is expected to lower interest rates in December and two more times next year, with the statement that "bull markets do not end with the conclusion of a rate-cutting cycle" [1] Group 2 - Hedge funds and real money investors have shown a significant rotation from the technology sector to the healthcare sector, which may become a norm in the coming months if profit inflection points trend upwards [2] - Gold and Bitcoin have generally moved in tandem for most of the year, but recently diverged, with gold maintaining its position while Bitcoin has seen significant sell-offs [2] - The anticipated capital expenditure of large corporations reaching $614 billion by 2027 presents substantial opportunities for AI infrastructure suppliers, although there is a cautious outlook on the future market enthusiasm for this trend [2]

Core Viewpoint - Alibaba's Q2 FY2026 financial report shows significant growth in cloud revenue and AI-related products, indicating a strong commitment to AI infrastructure and potential industry shifts towards domestic computing power [1] Financial Performance - Cloud revenue increased by 34% year-on-year [1] - Revenue from AI-related products has achieved triple-digit year-on-year growth for nine consecutive quarters [1] - Capital expenditure for the quarter was 31.5 billion yuan, with approximately 120 billion yuan spent on AI and cloud infrastructure over the past four quarters [1] Industry Implications - CITIC Securities highlights Alibaba's ongoing investment in AI infrastructure as a sign of the steady progress in the self-controlled domestic computing power sector [1] - The domestic computing power industry is expected to reach an inflection point, presenting investment opportunities [1] - Focus is recommended on leading companies with precise positioning and long-term competitive advantages in the domestic computing power market [1]

Core Insights - Lumentum Holding (LITE) stock has increased by 240% this year, driven by AI-driven demand, transforming it into a leading cloud infrastructure company [1] - The company achieved record revenue in Q1 of fiscal 2026, with expectations for continued growth [1][2] Financial Performance - In Q1, Lumentum recorded $533 million in revenue, a 58% year-over-year increase, marking the highest revenue in its 10-year history [2] - Adjusted earnings per share rose to $1.10 from $0.18 in the prior year quarter [2] - The company has revised its growth targets, now expecting to reach a quarterly revenue midpoint of approximately $650 million in Q2, ahead of its previous timeline [2] Revenue Composition and Growth Drivers - Over 60% of total revenue is derived from cloud and AI infrastructure, indicating strong demand from hyperscale customers and related sectors [3] - The transition from a telecom subsystem provider to a primary supplier of AI-scale optics is progressing well [3] - Gross margin improved to 39.4% due to better manufacturing utilization and increased volumes of data center laser chips [3] - Management anticipates that cloud transceivers, optical circuit switches, and co-packaged optics will be the main growth drivers in the coming years [3]

Core Viewpoint - Baidu is undergoing a fundamental transformation from a traditional search advertising company to an AI infrastructure provider, with significant revenue growth expected from Kunlun chip sales and GPU computing demand [1] Group 1: Financial Performance - Baidu's stock opened nearly 4% higher and is currently up 3.85%, trading at HKD 116.1 with a transaction volume of HKD 100 million [1] - Morgan Stanley projects that Baidu's cloud business revenue will grow by 61% by 2026 [1] Group 2: Product Development - The revenue from Baidu's Kunlun chips is expected to surge from approximately RMB 1.3 billion in 2025 to RMB 8.3 billion in 2026, marking a sixfold increase [1] - Baidu's Kunlun project has become a core validation case for large-scale domestic demand, with the company disclosing a training cluster of 30,000 P800 chips [1] Group 3: Market Adoption - The Kunlun chip solution has gained external adoption from China Bank and internet companies, confirming its viability for enterprise-level workloads [1]

据华尔街见闻报道，百度昆仑项目成为规模化国内需求的核心验证案例。4月份，百度披露了3万片 P800训练集群，更为关键是，方案获得了中国银行和互联网公司的外部采用，确认昆仑芯片不仅在内 部可行，也在赢得企业级工作负载。 消息面上，摩根大通最新报告表示，百度的投资叙事正在发生根本性转变：公司正从传统搜索广告公司 转型为AI基础设施供应商，预计昆仑芯片销售及GPU计算需求将推动营收增速显著提升，云业务收入 将在2026年增长61%。摩根大通预计，百度昆仑芯片收入将从2025年的约人民币13亿元飙升至2026年的 83亿元，增幅达到6倍。 智通财经APP获悉，百度集团-SW(09888)高开近4%，截至发稿，涨3.85%，报116.1港元，成交额1亿港 元。 ...

Core Viewpoint - Baidu's stock price has increased by nearly 8% following a significant target price upgrade by JPMorgan to $188, indicating a fundamental shift in the company's investment narrative from a traditional search advertising company to an AI infrastructure provider [1] Summary by Categories Company Transformation - Analysts believe Baidu is transitioning from a traditional search advertising model to becoming an AI infrastructure supplier [1] - The sales of Kunlun chips and the demand for GPU computing are expected to significantly boost revenue growth [1] Revenue Projections - Cloud business revenue is projected to grow by 61% by 2026 [1] Advertising Business Outlook - JPMorgan remains cautious about Baidu's advertising business outlook, emphasizing that growth catalysts will stem from cloud and AI infrastructure rather than a rebound in traditional advertising [1]