国金证券研报称，认为当前AI发展并无明显泡沫，北美四大CSP（谷歌、meta、微软、亚马逊）高资本 开支具备可持续性，且有进一步提升空间。OpenAI、英伟达、AMD等企业的供应链金融仍然较为初 期，且采用股权投资形式，较互联网泡沫时期的债权形式的供应链金融风险有所降低。股价层面，相较 于互联网泡沫时期，当前主要AI企业的股价增长主要来自EPS驱动，AI to B商业模式的逐渐闭环以及融 资环境的友好，有望继续支持AI高速发展，继续看好AI核心硬件标的。 中信证券研报指出，2025年11月25日晚间，阿里巴巴发布2026财年第二季度财报，云收入同比+34%， AI相关产品收入连续9个季度实现三位数同比增长；本季度资本开支为315亿元，过去四个季度在AI+云 基础设施的资本开支约1200亿元。阿里持续坚定投入AI基础设施，我们认为这标志着国产算力的自主 可控进程正在稳步推进，国产算力有望迎来行业拐点。我们建议关注国产算力投资机遇，聚焦卡位精 准、长期竞争力凸显的龙头。 消息面上，据21世纪经济报道，消息面上，谷歌近期达成一项重要合作——Meta计划从2026年起通过 谷歌云租用TPU算力，并于2027年在自有数 ...

Group 1: Market Overview - A-shares experienced a "multi-point flowering" recovery with AI industry chain strengthening and seasonal themes emerging, leading to all three major indices closing in the green [1] - The market sentiment showed a clear rebound, but the recovery is seen more as an emotional rebound rather than a consensus-driven attack due to pressure from moving averages and insufficient volume [1][4] Group 2: AI Industry Chain - The AI sector saw a clear leading logic with computing hardware driving the market, highlighted by Zhongji Xuchuang's nearly 14% surge to a historical high and strong performances from other companies like Tefa Information and Xinyisheng [2] - The catalyst for this surge was Meta's plan to rent TPU computing power from Google Cloud, indicating increased demand for components like optical modules and liquid cooling [2] - Despite the positive developments, questions remain about whether the new highs in computing hardware reflect genuine demand or are merely driven by emotional premiums from events [2] Group 3: Seasonal and Policy-Driven Themes - The anti-flu sector saw significant activity, with companies like Guangji Pharmaceutical and Peking University Medicine experiencing consecutive gains, driven by a surge in demand for antiviral medications [3] - The Hainan Free Trade Zone also showed vitality, with Hainan Ruize rising over 10% due to regional policy support aimed at industrial development [3] - Both themes are characterized by strong event-driven catalysts but weak fundamental support, suggesting that these trends may be short-lived [3] Group 4: Technical Analysis - The market's recovery faces technical challenges, with the Shanghai Composite Index encountering resistance from the 5-day moving average, indicating a need for consolidation [4] - The key factor for sustained upward movement is whether trading volume can effectively increase, as current trading activity suggests a rebound driven more by short-term trading rather than new capital inflows [4] Group 5: Mid-term Outlook - Despite short-term volatility, several institutions maintain a relatively optimistic view on the mid-term outlook for A-shares, citing that current valuations are in a reasonable range [5] - It is anticipated that earnings could become the next driving force for market growth, with structural recovery opportunities expected after thorough market consolidation [5]