在全球流动性环境边际改善、科技周期持续推进的背景下，外资机构对2026年的行业主题判断 逐步趋于一致。 在多家外资公募机构看来，围绕科技创新展开的结构性机会，仍将是中期配置的重要主线之一， 其核心不在于短期题材轮动，而在于产业演进方向与企业所处位置的变化。 贝莱德基金权益、量化及多资产首席投资官王晓京表示，具体到行业主题方面，结构性行情在 2025年已充分展现。在美联储降息带来全球流动性溢出且地缘矛盾缓和的背景下，2026年多项主 题行情具备延续基础。 人工智能作为重塑生产力与生产关系的科技革命，目前仍处于进行时。贝莱德基金看好AI本身的 结构性行情在2026年持续，并逐步从硬件基础设施向更多应用AI技术的传统与创新行业扩散。对 于AI等科技成长板块，投资者需密切关注估值水平与公司基本面现金流改善的匹配度，甄别"真 增长"。尽管2025年部分标的估值已偏高，但由于AI对各行各业的改造远未完成，2026年内恐怕 难以完全证实或证伪支撑其高估值的远期现金流预期。因此，即使存在波动风险，AI主题行情预 计仍将活跃。 从更长期视角看，AI并非单一市场的独立叙事。在宏利基金看来， AI作为全球范围内的重要产 业发展趋势 ...

在全球流动性环境边际改善、科技周期持续推进的背景下，外资机构对2026年的行业主题判断逐步趋于一 致。 多家外资公募认为，人工智能仍是最具确定性的中长期主线之一。尽管部分细分领域在2025年已出现估值抬 升，但从生产力重塑和产业渗透进程看，AI行情尚未走完，结构性机会具备跨年度延展的基础，主题活跃度 预计仍将维持。 在此基础上，围绕科技创新主线，外资机构普遍强调，应结合产业链自主可控的发展方向，优先关注在关键环 节具备引领力和整合能力的核心企业，其在产业体系中的位置，正成为判断长期投资价值的重要依据。 人工智能主题行情仍有延展空间 在行业主题层面，外资机构的判断整体偏向"趋势未完"。在宏观环境与流动性条件发生边际变化的背景下，部 分结构性机会被认为具备跨年度延续的基础。 贝莱德基金权益、量化及多资产首席投资官王晓京表示，具体到行业主题方面，结构性行情在2025年已充分展 现。在美联储降息带来全球流动性溢出且地缘矛盾缓和的背景下，2026年多项主题行情具备延续基础。 人工智能作为重塑生产力与生产关系的科技革命，目前仍处于进行时。贝莱德基金看好AI本身的结构性行情 在2026年持续，并逐步从硬件基础设施向更多应用 ...

Core Viewpoint - The focus of foreign investment institutions on AI is shifting from technological breakthroughs to the practical implementation of AI in business operations and its impact on profitability [1][2]. Group 1: Acceleration of AI Applications - AI applications are accelerating in both domestic and international markets, with enterprise-level and consumer-level AI products being deployed more rapidly [2]. - Nearly half of analysts now expect AI to positively impact corporate profitability by 2026, a significant increase from about 25% in a similar survey conducted in 2024 [2]. - The urgency for companies to adopt AI is increasing, moving from vague discussions to specific, actionable solutions [2]. Group 2: Industry Chain and Long-term Opportunities - Foreign investment institutions are focusing on the chain reaction effects brought by the accelerated application of AI, viewing it as a significant global industrial trend with long-term investment opportunities [3]. - In the manufacturing sector, Chinese companies have advantages in capacity and technology accumulation, particularly in areas like PCB, optical modules, and servers, which are expected to benefit from the global demand for AI computing power [3]. - China's investment in computing infrastructure ranks second globally, with rapid construction progress, providing ample space for domestic replacements in core hardware sectors like GPUs and servers [3]. Group 3: Valuation Discussions and Market Concentration - As AI applications advance, discussions around valuation levels and market concentration are intensifying, with foreign institutions maintaining a positive long-term outlook while differentiating risks across various segments [4][5]. - The top ten tech stocks in the U.S. now account for about 40% of the S&P 500 index market value, a historical high, but high market concentration may not necessarily be negative [5]. - The focus should be on whether AI-related capital expenditures can generate sustainable returns through commercialization, rather than solely on market concentration [5]. Group 4: Hong Kong Stock Market as a Key Entry Point - The Hong Kong tech market is becoming a crucial entry point for global investors looking to allocate to Chinese tech assets, with significant mid-to-long-term allocation value [6]. - The strategic importance of Hong Kong tech stocks is reflected in three dimensions: increased demand for diversifying tech exposure, the resonance of "returning + IPO increment" for Chinese concept stocks, and the valuation safety margin of Hong Kong tech being notably attractive [6].

Core Insights - The strategic cooperation signing ceremony for the Greater Bay Area Ecological Innovation Center took place, involving Guangdian Wuzhou, Muxi Integrated Circuit (Shanghai) Co., Ltd., and Shanghai Huayan Enterprise Development (Group) Co., Ltd. [1] - The center aims to promote the large-scale application of domestic computing power technology and support the development of the intelligent computing ecosystem and digital economy in the Guangdong-Hong Kong-Macao Greater Bay Area [1][2] Group 1 - The Greater Bay Area Ecological Innovation Center will focus on five core areas: "computing power ecosystem aggregation, technological innovation breakthroughs, industry scenario implementation, talent cultivation, and community co-construction and sharing" [2] - The center is designed to become a key platform for intelligent computing technology empowerment across various industries, serving as a "laboratory" and "testing ground" for industry applications [2] - Upon completion, the center will promote the deep integration of domestic computing power in critical sectors such as healthcare, transportation, finance, and education [2] Group 2 - The collaboration aims to integrate the advantages of the industrial chain to build a safe, controllable, and open collaborative computing ecosystem in the Greater Bay Area [2] - Guangdian Wuzhou focuses on customized domestic server business, Muxi Integrated Circuit specializes in high-performance GPU chip development, and Huayan Group operates in multiple sectors including computing and health technology [2] - The initiative aligns with the Guangdong Province's plan to establish a national digital economy innovation development pilot zone, targeting an AI core industry scale of over 440 billion yuan by 2027 [1][2]

Core Viewpoint - The company, Hongda Electronics, primarily operates in high-reliability sectors and is currently supplying a small quantity of tantalum capacitors to domestic servers, indicating a niche market focus [1] Product Application - The company's products are mainly used in high-reliability fields, highlighting their specialized application [1] Pricing Factors - The pricing of the company's products is influenced by multiple factors, including technical specifications, product structure, unit costs, and a differentiated pricing strategy tailored to various customers [1]

Core Insights - The "Turing Town" project in Yinchuan is set to invest 1 billion yuan, aiming to establish a complete ecosystem for artificial intelligence, including hardware manufacturing, computing power supply, technology trials, industry incubation, and talent training [3] Investment and Development - The project will utilize 15,000 square meters of existing standardized factory space to build a computing power scheduling platform and conduct trials for "AI + applications" and domestic server manufacturing [3] - The implementation of this project is expected to enhance the capabilities of the Yinchuan Economic Development Zone's high-performance computing service cluster and transform the industrial form from "aggregation" to "cluster" and from "manufacturing" to "intelligent manufacturing" [3] Strategic Goals - The project aims to fill critical gaps in Yinchuan's computing power industry chain, supporting the city's ambition to become a "computing power capital" and an "AI innovation source" [3] - Yinchuan has been recognized as a national information consumption demonstration city, a gigabit city, and a 5G-A commercial city, indicating its commitment to digital transformation [3] Economic Impact - By 2024, Yinchuan's digital economy is projected to reach 110 billion yuan, with a year-on-year growth of 10%, and the digital product manufacturing sector is expected to account for 75% of the core industry [3]

Summary of the Conference Call for Fenghuo Communication Industry Overview - The optical fiber and cable industry is experiencing new opportunities driven by the surge in AI-driven computing demand, particularly in data centers, with a significant increase in internal demand observed [2][6] - The demand for multimode optical fibers is outstripping supply due to the rapid growth in AI data centers, leading to strong pricing and profitability, with gross margins reaching 50% [2][7] Key Points on Fenghuo Communication - Fenghuo Communication plans to significantly increase production capacity from 1.5 million core kilometers this year to 4 million core kilometers next year, which is expected to result in substantial profit growth [2][8] - The domestic demand for multimode fibers is robust, with a high proportion of 400G and multimode fibers driving demand. Although the overseas market is dominated by Corning and Tencan, there are still opportunities for expansion [2][9] - The development of hollow-core fibers is progressing rapidly, with Microsoft having procured 15,000 kilometers. Fenghuo Communication is well-positioned to leverage its technological advantages in this area [2][10] - The company has set a conservative revenue target of 10 billion yuan for its domestic server business this year, with potential for upward revision if performance exceeds expectations. The financial client base has doubled, and the server business is expected to contribute 40% of profits [2][11] Financial Performance and Outlook - Despite a decline in revenue, profits are on the rise, reflecting the company's focus on improving net profit margins from 2.5% last year to an expected 5-6% this year [2][13] - The stock price of Fenghuo Communication has increased by approximately 30% this year, with an optimistic forecast for profit growth exceeding 40% for the year [2][14] Additional Insights - The optical fiber and cable industry has seen a decline in revenue over the past three years, but the AI trend is positively impacting demand for optical fibers in data centers [2][6] - The market for optical modules and their supply chain is experiencing significant growth, driven by the commercial application of large models like GPT-5, which is enhancing the demand for computing power [2][3] - Fenghuo Communication's business structure includes three main segments: optical fibers and cables, data network products, and communication systems, indicating strong growth potential [2][5] - The company is also focusing on its marine communication business, which has shown strong performance in niche areas like seabed monitoring since its establishment in 2020 [2][12]

Group 1 - The private economy is a vital force for promoting modernization and high-quality development in China, with significant potential for growth following the implementation of the Private Economy Promotion Law on May 20, 2025 [1][5] - The All-China Federation of Industry and Commerce is conducting research to stimulate private investment and expand domestic demand, focusing on the theme of "stimulating private investment vitality" [1][2] - Tianjin is emerging as a hub for technology and innovation, with over 3,502 registered companies in the Tianjin High Education Science and Technology Park, of which more than 90% are private enterprises [1][2] Group 2 - The integration of technology and finance is seen as an effective path for development, with a strong innovation ecosystem attracting talent and investment in Tianjin [2][3] - Traditional industries in Tianjin are also revitalizing, with companies like Tianjin Rongcheng Group focusing on circular economy and transforming into large-scale private enterprises [2][3] - The research group emphasizes the importance of enhancing the quality of the supply system to drive consumption upgrades, advocating for high-tech product launches to stimulate new consumer demand [3][4] Group 3 - The research group is gathering insights from private enterprises to address challenges in stimulating private investment and enhancing innovation capabilities [3][4] - Suggestions from private entrepreneurs include leveraging innovation for transformation, utilizing renewable energy for green development, and enhancing policy guidance [4][5] - The research group plans to compile feedback from discussions to inform central government decision-making and policy formulation [4][5] Group 4 - The research group recommends using the Private Economy Promotion Law as an opportunity to tap into consumer potential by increasing household income and improving social security systems [5] - There is a call to expand effective investment in key areas such as infrastructure, technological innovation, and public welfare, encouraging enterprises to increase R&D investments [5] - The goal is to create a virtuous cycle between consumption and investment to drive economic growth [5]

Group 1 - The private economy is a crucial entity for advancing supply-side structural reforms, promoting high-quality development, and building a modern economic system [1] - The All-China Federation of Industry and Commerce conducted annual key research focusing on "stimulating private investment vitality and expanding effective domestic demand" in regions like Tianjin and Shanxi [1] - In Shanxi, private investment grew by 10.2% in the first quarter, contributing 4.9 percentage points to overall investment growth [3] Group 2 - Shanxi Jinbo Biopharmaceutical Co., Ltd. invested over 200 million yuan in technological innovation over the past two years, leading to the development of a hundred billion-level industrial cluster [3] - The company emphasized the need for stronger intellectual property protection and a well-established market for intellectual property transactions to enhance innovation returns and boost private investment confidence [3] - The development of artificial intelligence and emerging industries is becoming a hotspot for private investment, with companies like Shanxi Baixin Information Technology Co., Ltd. making significant advancements in AI computing [5] Group 3 - The "super-intelligent integration" of supercomputing and AI is emerging as an investment hotspot, with companies like Sugon focusing on high-value products and services in AI and computing infrastructure [7] - Sugon's "super-intelligent integration" solutions have been implemented in over 30 industries, but the domestic ecosystem for AI computing still requires time for development [7] - Traditional industries are also focusing on high-end, intelligent, and green development, as seen in Tianjin Rongcheng Xiangtai Investment Holding Group's transition towards hydrogen energy and green transformation [9] Group 4 - The All-China Federation of Industry and Commerce conducted extensive surveys and discussions with over 126,000 private enterprises to understand the current state and challenges of private investment [11] - Two new trends were identified in private investment: a strong positive momentum and a shift towards new driving forces, particularly in emerging and future industries [11] - The Federation plans to promote policies that support private enterprises and enhance their investment efficiency, contributing to the expansion of domestic demand [11]

Market Overview - The three major indices showed mixed performance, with the Shanghai Composite Index opening down by 0.02% and the Shenzhen Component Index down by 0.09% [1] - The liquid metal and CPO sectors saw significant gains, while the electric equipment, PEEK materials, and TOPCon battery sectors experienced declines [1] Index Performance - Shanghai Composite Index: 3374.24, down 0.02%, with 779 gainers and 1063 losers [2] - Shenzhen Component Index: 10278.91, down 0.09%, with 839 gainers and 1539 losers, trading volume of 602 million [2] - Nasdaq China Golden Dragon Index: down 0.07%, with notable movements in popular Chinese stocks [3] Institutional Insights - CITIC Securities highlighted the growing interest in "AI + Robotics," focusing on four key areas including exoskeleton robots and sensors, indicating potential investment opportunities [4] - Huatai Securities projected an upward trend for the chemical industry in the second half of the year, emphasizing the importance of internal and external demand resilience [5] - Tianfeng Securities recommended focusing on "AI + Overseas Expansion + Satellites" as core investment opportunities, particularly in AI-related fields and domestic server markets [6] - CITIC Securities expects the wind power industry chain to see growth in both volume and profit, driven by stable pricing and improved cost structures [7][8]