Core Viewpoint - The company reports that the computing power chain sector is experiencing rapid growth, driven by the ongoing demand from AI, indicating a high level of industry prosperity [1] Group 1: Performance and Growth - The computing power chain company has released a performance forecast showing significant growth [1] - The AI-driven computing power industry continues to demonstrate strong demand, suggesting sustained investment opportunities [1] Group 2: Investment Recommendations - The company recommends focusing on North American computing power chain core stocks that are experiencing continuous high growth while still being valued at historically low levels [1] - Companies that are likely to benefit from spillover demand and achieve customer or market share breakthroughs are highlighted as potential investment opportunities [1] - Attention is drawn to upstream segments that are currently in short supply, indicating potential for growth [1] Group 3: Product and Supply Chain Focus - With the bulk shipment of GB300, there is a recommendation to closely monitor the 1.6T optical module and CPO industry chain [1] - As H20 supply recovers, the introduction of new GPUs by NV to the Chinese market is noted, suggesting a focus on domestic computing power chains [1]

Core Viewpoint - The report from CITIC Securities indicates that computing power chain companies have released performance forecasts showing rapid growth, confirming that the AI-driven computing power industry remains highly prosperous [1] Group 1: Industry Insights - The competition and iteration of AI large models are ongoing, suggesting that investments in computing power are likely to maintain a high intensity [1] - The computing power sector is recommended due to continuous high growth in performance and relatively low historical valuation of core North American computing power chain targets [1] Group 2: Investment Opportunities - Companies that are expected to benefit from spillover demand and achieve breakthroughs in customer acquisition or market share are highlighted as potential investment opportunities [1] - Attention is drawn to upstream segments that are currently in short supply [1] - With the mass shipment of GB300, there is a recommendation to focus on the 1.6T optical module and CPO industry chain [1] - As H20 supply recovers, NV is set to launch a new GPU in China, making domestic computing power chains worthy of attention [1]

Group 1 - The core viewpoint highlights the strong performance of computing hardware stocks, particularly in the optical module sector, driven by robust AI demand, with the ChiNext AI index showing a cumulative increase of over 50% since late April [3][5] - Notable stocks such as Xinyi Technology surged over 8%, reaching a market capitalization exceeding 180 billion yuan, with significant trading volume [1][5] - The ChiNext AI ETF (159363) also performed well, closing up 3.12% and achieving a near-record trading volume of 411 million yuan [1][3] Group 2 - Recent earnings reports from key players in the computing hardware sector exceeded expectations, with profits benefiting from strong overseas AI demand [5][6] - Analysts predict high growth for the sector in the coming years, with potential upward revisions for 2025 and 2026 earnings [5][6] - The computing industry is viewed as a rare growth sector in A-shares, with expectations for a shift towards growth stock valuation as AI commercialization continues [5][6] Group 3 - The competition and iteration in large models suggest sustained high investment in computing capabilities, with recommendations to focus on companies benefiting from external demand and those in critical upstream segments [6][7] - The first ChiNext AI ETF is highlighted as a key investment vehicle, with over 60% of its portfolio allocated to computing infrastructure and more than 30% to AI applications [6][7]