国内外算力还有哪些标的可以配置？

Summary of Conference Call Records Industry Overview - The conference call discusses the domestic and overseas computing power market, with a focus on AI-related companies and their growth potential. The overseas AI user growth has exceeded expectations, leading to significant investments in related enterprises, particularly in the light module and copper connection sectors. Companies such as Xuchuang, Xinyi Sheng, and Dingtong Technology are highlighted as key players in the light module space [1][2]. Key Points and Arguments Overseas Computing Power Market - The overseas computing power market is experiencing a strong upward trend, with Nvidia's B30 series expected to produce over 1 million units in 2025, which will serve as a significant catalyst for growth [2][3]. - Marvel has revised its 2028 data center market size estimate from $75 billion to $94 billion, indicating a robust growth trajectory, particularly in accelerated card chips and connection segments, with a projected compound annual growth rate (CAGR) of 35% for NVlink and optical module connections [4]. Light Module Industry - The light module industry is expected to maintain strong growth, with demand for 800G light modules projected to reach 40 million units in 2026, reflecting a growth rate of over 50% [2][10]. - Major clients like Meta are significantly increasing their procurement of optical modules, with a ratio of 1:8 for 800G modules in their new plans, indicating a substantial increase in demand for high-speed optical modules [7][10]. - New entrants in the cloud service provider (CSP) market, such as XAI, Oracle, and OpenAI, are expected to contribute to capital expenditure growth, further driving demand for optical modules [5][6]. Copper Connection Industry - The copper connection sector is witnessing a positive shift, with expectations for NVlink cabinet shipments improving significantly. The new generation GPU300 is anticipated to be shipped in bulk in Q2 and Q3 [13]. - Non-NVlink demand is rapidly rising due to self-developed chips from major companies like Google and Meta, which require DAC and AEC products, leading to a sharp increase in market share for copper connection products [13]. Company-Specific Insights - Companies like Zhongji Xuchuang and Xinyi Sheng are positioned to benefit from the anticipated growth in the optical module market, with Zhongji Xuchuang expected to achieve revenues of over 12 billion yuan this year [11]. - Domestic demand for optical modules is also strong, with Huawei leading the market, and companies like Guangxun and Huagong showing robust performance [12]. IDC Sector Performance - The IDC sector is expected to see a 50% year-on-year increase in bidding volume, driven by the production of NV special version chips. Major companies are showing strong procurement intentions for these chips, which will support server deployment in IDC [18][19]. Other Important Insights - The overall sentiment in the computing power market remains optimistic, with both domestic and overseas sectors showing potential for continued growth. The focus on AI and related technologies is expected to drive further investments and innovations in the industry [3][4]. - The upcoming release of advanced AI models, such as OpenAI's GPT-5, is anticipated to significantly impact hardware demand across the industry, indicating a competitive landscape that will require ongoing investment in foundational computing power [9].