Investment Rating - The report maintains a "Buy" rating for companies in the engineering machinery and forklift sectors, emphasizing undervalued growth potential [1]. Core Insights - The report highlights the strong performance of NVIDIA in FY26Q3, with revenue reaching $57.01 billion, a year-on-year increase of 62.5%, and a quarter-on-quarter increase of 22.0%, indicating robust demand in the AI equipment sector [2][3]. - The engineering machinery sector is expected to see a recovery in demand, with domestic excavator sales projected to grow at an annual rate of over 30% from 2025 to 2028, despite current funding challenges affecting sales conversion [4]. - The forklift industry shows a positive trend with October sales reaching 114,000 units, a year-on-year increase of 16%, driven by low domestic demand baselines and recovering overseas demand [4]. Summary by Sections Recommended Companies - The report recommends a focus on companies such as Northern Huachuang, Sany Heavy Industry, and others in the engineering machinery and AI equipment sectors [1][14]. AI Equipment - NVIDIA's strategic partnerships with OpenAI and other tech giants are expected to enhance AI infrastructure, with significant revenue growth anticipated in the upcoming quarters [3]. - Recommendations for AI equipment include Dazhu CNC for PCB drilling equipment and Hongsheng for liquid cooling solutions [4]. Engineering Machinery - October data shows a significant improvement in domestic sales of various machinery types, with excavator sales expected to peak at 250,000 units by 2028 [4]. - Key companies recommended in this sector include Sany Heavy Industry, XCMG, and others [4]. Forklift Industry - The forklift sector is experiencing steady growth, with a notable increase in both domestic and export sales, indicating a recovery in demand [4]. - Recommended companies include Hangcha Group and Anhui Heli [4]. Lithium Battery Equipment - The report anticipates a 40% growth in energy storage demand from 2025 to 2026, driven by the increasing penetration of new energy vehicles and AI data centers [4]. - Key recommendations include suppliers like Xian Dao Intelligent and Hangke Technology [4]. General Market Trends - The overall machinery industry is expected to benefit from a recovery in fixed asset investment and a rebound in demand across various sectors, including construction and logistics [4].

Core Viewpoint - The rapid development of AI technology, particularly large language models (LLMs) and multimodal models, has made computing power a strategic resource for AI companies. OpenAI is transitioning from being a mere consumer of computing power to a co-designer and strategic controller of the computing ecosystem through significant hardware collaborations [5][6]. Group 1: OpenAI and Broadcom Collaboration - OpenAI and Broadcom announced a partnership to develop a custom AI accelerator with a scale of 10 gigawatts (GW), with deployment expected to start in the second half of 2026 and complete by the end of 2029 [7]. - OpenAI will lead the design of the AI accelerator and system architecture, utilizing Broadcom's Ethernet and connectivity solutions [7]. - The collaboration aims to optimize the entire technology stack for improved performance, faster model responses, and lower operational costs [7][8]. Group 2: OpenAI and AMD Partnership - OpenAI has reached an agreement with AMD to deploy a total of 6 GW of AMD GPU computing power over the coming years, using a "technology + equity" dual-driven model [9]. - AMD will issue warrants for up to 160 million shares of common stock to OpenAI, allowing OpenAI to acquire approximately 10% of AMD if all warrants are exercised [9]. - The first phase of 1 GW deployment is set to begin in the second half of 2026, utilizing AMD's next-generation AI acceleration products [9]. Group 3: OpenAI and NVIDIA Agreement - OpenAI signed a letter of intent with NVIDIA for a potential investment of up to $100 billion to support the deployment of at least 10 GW of NVIDIA AI systems [11]. - This investment will be tied to the progress of computing power deployment, with the first 1 GW expected to be operational by the second half of 2026 [11][12]. - The scale of 10 GW is estimated to be equivalent to the total computing power of 4 to 5 million top-tier GPUs, significantly surpassing any existing AI data center [11][12]. Group 4: Strategic Implications - The three collaborations collectively amount to a staggering 26 GW of computing power, indicating a major leap in OpenAI's infrastructure and capabilities by the second half of 2026 [13]. - The partnerships with both NVIDIA and AMD suggest a diversification strategy to reduce reliance on a single supplier and enhance supply chain resilience [12]. - OpenAI's collaboration with Broadcom reflects an effort to design proprietary accelerators tailored for AI workloads, achieving optimal hardware-software synergy [12].

Group 1: Nvidia and Fujitsu Collaboration - Nvidia and Fujitsu have reached an agreement to collaborate in the field of artificial intelligence, focusing on developing smart robots and innovative technologies using Nvidia's computer chips [1] - The partnership aims to create an "AI infrastructure" tailored for the Japanese market, with plans to expand globally by 2030, covering sectors such as healthcare, manufacturing, and customer service [1] - Nvidia's CEO emphasized the importance of building infrastructure to support the AI revolution both in Japan and globally [1] Group 2: Nvidia and OpenAI Partnership - Nvidia announced a plan to invest $100 billion in OpenAI to establish a strategic partnership for building large-scale data centers [2] - OpenAI will deploy at least 10GW of NVIDIA systems for training and running next-generation AI models, aiming to create the world's most advanced AI infrastructure [2] - OpenAI, Oracle, and SoftBank are set to build five new AI data centers in the U.S., with a total investment exceeding $400 billion [2] Group 3: South Korea's AI Infrastructure Development - Samsung and SK Group have partnered with OpenAI to expand AI infrastructure in South Korea, focusing on increasing advanced memory chip supply and data center capacity [3] - The collaboration aims for a monthly production capacity of 900,000 DRAM wafers to meet OpenAI's model requirements [3] - A report highlights that global AI infrastructure is accelerating, driven by national strategies and capital investments, with computing power becoming a core strategic resource in AI competition [3] Group 4: Global AI Infrastructure Trends - The competition in AI is shifting from "single-card performance" to "system-level efficiency," with China leveraging cluster construction and open-source ecosystems for AI infrastructure development [4] - Major Chinese companies are increasing capital expenditures on AI infrastructure, which will support advancements in AI applications [4] - Global tech giants are intensifying investments in AI computing infrastructure, facilitating the commercialization of AI applications across various sectors [4]

Group 1: Market Overview - Major U.S. stock indices reached all-time highs, with the Dow Jones up 0.14% at 46,381.54 points, the S&P 500 up 0.44% at 6,693.75 points, and the Nasdaq up 0.7% at 22,788.98 points [1] Group 2: Company Developments - Apple shares rose by 4.31% following an optimistic outlook from Wedbush Securities, which raised its target price to $310 due to strong demand for the iPhone 17 series, which is expected to see a 10% to 15% increase in demand compared to the iPhone 16 series and a 20% increase in production [3] - Nvidia announced a strategic partnership with OpenAI, committing to invest up to $100 billion to support the deployment of at least 10GW of NVIDIA systems for OpenAI's next-generation AI infrastructure, leading to a 3.9% increase in Nvidia's stock price, pushing its market cap close to $4.5 trillion [3] - Tesla shares increased by 1.91%, with a peak rise of over 4%, amid reports of a potential reconciliation between President Trump and CEO Elon Musk, as well as approval for autonomous vehicle testing in Arizona [5] Group 3: Sector Performance - Large tech stocks showed mixed performance, with Netflix slightly up by 0.03%, while Google A, Amazon, and Meta saw declines of 0.86%, 1.66%, and 1.7% respectively [6] - Chinese concept stocks experienced mixed results, with the Nasdaq Golden Dragon China Index down 0.96%, while companies like iQIYI and Youdao rose over 3% [6] Group 4: Federal Reserve Commentary - Federal Reserve officials expressed caution regarding future interest rate cuts, with St. Louis Fed President Bullard supporting a recent 25 basis point cut but indicating limited room for further reductions [8] - Atlanta Fed President Bostic stated he does not support further cuts due to persistently high inflation, while new Fed Governor Milan suggested that interest rates should be significantly lowered to avoid economic damage [9] Group 5: Gold Market - Gold prices reached a historical high, with spot gold rising by 1.67% to $3,747 per ounce, driven by concerns over weak job growth and economic performance [11]

Core Viewpoint - Nvidia announced a significant investment of up to $100 billion in OpenAI to establish a strategic partnership for AI infrastructure development, which is expected to enhance the capabilities of AI models [3] Group 1: Stock Market Performance - Major US stock indices reached all-time highs, with the Dow Jones up 0.14% to 46,381.54 points, the S&P 500 up 0.44% to 6,693.75 points, and the Nasdaq up 0.7% to 22,788.98 points [1] - Apple stock rose by 4.31% following an optimistic outlook from Wedbush Securities, which raised its target price to $310 due to strong demand for the iPhone 17 series, which is expected to see a 10% to 15% increase in demand compared to the iPhone 16 series [3] Group 2: Company Developments - Nvidia's stock surged by 3.9%, reaching a market capitalization close to $4.5 trillion, following the announcement of its partnership with OpenAI to deploy at least 10GW of NVIDIA systems for AI model training and operation [3] - Tesla's stock increased by 1.91%, with a peak rise of over 4%, amid reports of a potential reconciliation between President Trump and CEO Elon Musk, as well as approval for autonomous vehicle testing in Arizona [4] Group 3: Economic Indicators - Federal Reserve officials expressed caution regarding future interest rate cuts, with St. Louis Fed President Bullard indicating limited room for further reductions due to current interest levels being slightly tight [7][8] - The international gold price reached a historic high, with spot gold rising by 1.67% to $3,747 per ounce, driven by concerns over a weakening labor market and economic growth [10]