存储方面，AI持续推动存储需求，TrendForce预计存储器产业2026年产值达5,516亿美元，yoy+134%； DRAM与NANDFlash合约价涨势有望延续至2027年。CPU方面，AI智能体对通用计算能力的需求正在 加速增长，加上通用服务器进入更新周期，驱动服务器CPU价格上涨。 被动元件方面，在AI服务器领域电源管理等方面的需求拉动下，头部厂商正在持续推动高端被动元件 涨价，例如国巨在2025年11月上调其应用于AI服务器、汽车电子等领域的部分钽电容价格。 服务器制造方面，美国放宽对英伟达H200芯片出口到中国的监管规定，有望提升对国内服务器制造的 需求。此外，AI算力对服务器PCB、数据中心光模块等互联类硬件的需求有望保持强劲态势，并拉动上 游的高端铜箔、电子布、光芯片等物料的需求，使得相关物料维持供需紧张的态势。 国产算力相关硬件持续突破技术瓶颈，有望深化国产替代 智通财经APP获悉，东方证券发布研报称，当前AI推理等需求拉动AI算力需求持续攀升，相关硬件的供 需失衡情况正由点及面。其中，在封测方面，AI算力强劲需求与原材料成本压力共振下，部分封测厂 近期陆续启动封测价格涨价；存储方面，AI ...

Core Viewpoint - The Hong Kong stock market is expected to experience a "Davis Double Play" in 2026, driven by valuation recovery, profit growth, and a return to main themes, with a focus on the "Four AI Main Lines" framework to identify structural opportunities in the tech sector during the AI era [1][2]. Investment Focus - The Hang Seng Index is anticipated to regain upward momentum, with the Hang Seng Tech Index expected to outperform the broader market. The tech sector, representing core assets of China's new economy, is projected to be the strongest driver of market rebound [2]. Main Line 1: Internet Giants - AI is shifting competition among internet giants from traffic to ecosystem capabilities. Cloud business is accelerating due to AI demand, with capital expenditure doubling and stable profit margins. Advertising is seeing immediate monetization benefits from AI, with click-through rates increasing by 15%-20%. Key investment targets include Tencent, Alibaba-W, and Kuaishou, which are well-positioned to leverage technology and data [3]. Main Line 2: AI Computing Power Industry Chain - Leading companies are consistently exceeding expectations, with strong capital expenditure from cloud vendors and tight chip supply countering "bubble" concerns. High infrastructure investment and high ROI are justified, indicating a robust AI industry cycle. Key opportunities include communication networking benefiting from global tech upgrades, semiconductor manufacturing for domestic substitution, and critical equipment and materials for computing power upgrades [4]. Main Line 3: AI Applications - Investment in AI applications has entered a phase where performance is paramount. Clear signals of commercialization acceleration are observed in key sectors such as SaaS, content ecosystems, and advertising. The evolution of enterprise tools into "intelligent agents" is driving ARPU growth, while AIGC is lowering creation costs, leading to synchronized user and revenue growth [5]. Main Line 4: AI End-User and Robotics - The year 2026 is projected to be pivotal for AI-defined hardware and large-scale production of robots. Hardware manufacturers like Apple and Xiaomi are enhancing AI capabilities, while tech giants like OpenAI and Google are entering hardware markets. The investment landscape includes a comprehensive mapping of the robotics industry chain, highlighting opportunities from upstream expansion and capital empowerment, with humanoid robots like Tesla's Optimus expected to reach significant production levels [6].

Group 1 - OpenAI is reportedly developing its own AI device in collaboration with a major iPhone assembler in mainland China [1] - The device, likely named "AIPin," is expected to be a wearable badge with capabilities for sound, text, photos, and videos, along with AI processing power [1] - OpenAI is also in discussions with suppliers such as GoerTek, Lens Technology, and AAC Technologies for component supply [1] Group 2 - The initiative is anticipated to provide new growth momentum for existing Apple supply chain companies in mainland China [1] - The target price for AAC Technologies is set at HKD 60.5 with a "high conviction to outperform the market" rating [1] - The target price for Lens Technology is set at HKD 33.7 with an "outperform" rating [1]

Group 1 - OpenAI is reportedly developing its own AI device in collaboration with a major iPhone assembler in mainland China [1] - The device, likely named "AIPin," is expected to be a wearable badge with capabilities for sound, text, photos, and videos, along with AI processing [1] - OpenAI is in discussions with multiple suppliers, including GoerTek and Lens Technology, for component supply [1] Group 2 - The initiative is anticipated to provide new growth momentum for existing Apple supply chain companies in mainland China [1] - The target price for AAC Technologies is set at HKD 60.5 with a "highly confident outperform" rating [1] - The target price for Lens Technology is set at HKD 33.7 with an outperform rating [1]

Group 1 - OpenAI is reportedly developing its own AI device in collaboration with a major iPhone assembler in mainland China, and is in talks with GoerTek for component supply [1] - The device is likely to be named "AIPin," designed as a wearable badge with capabilities for sound, text, photos, and videos, along with AI processing power [1] - OpenAI's device team consists of core members from Apple, making collaboration with Apple's supply chain companies a logical choice [1] Group 2 - The initiative is expected to provide new growth momentum for existing Apple supply chain companies in mainland China [1] - The target price for AAC Technologies is set at HKD 60.5 with a "highly confident outperform" rating [1] - The target price for Lens Technology is set at HKD 33.7 with an outperform rating [1]