为什么我们在全市场都聚焦海外算力的时候重点提示国产算力？

Summary of Conference Call Records Industry Overview - The focus is on the domestic computing power sector in China, particularly in the context of AI demand and technological advancements. The market is expected to outperform previous cycles due to strong demand and supply dynamics [1][2]. Key Companies and Investment Recommendations - Recommended Stocks: Dongwu Securities recommends four key stocks: Yuanwang, Xiyuan Co., Shengke Communication, and Zhaoyi Innovation. Additionally, from a GPU perspective, Cambricon is favored, while Haiguang Information is selected based on valuation and expected growth [1][3]. - Cambricon's Projections: Expected revenue of 50 billion RMB and profit of 20 billion RMB by 2026, with a potential market cap of 1 trillion RMB if a 50x PE ratio is applied [1][5]. - Haiguang Information's Performance: The stock has risen 20% recently, driven by positive market sentiment and strategic partnerships with major clients like Alibaba and Honor [1][6]. Market Trends and Catalysts - AI Demand: ByteDance anticipates a daily issuance of 500 trillion tokens by 2026, indicating robust demand for AI technologies [1][2]. - Technological Developments: The launch of new products such as Kunlun's 32-card and Shuguang's 96-card supercomputers signifies a shift towards high-performance domestic computing power chips [1][7]. - Supernode Market Potential: The domestic supernode cabinet market is projected to reach a scale of approximately 4.3 billion USD by 2027, with Shengke Communication potentially capturing 50% market share, leading to significant revenue and profit growth [3][12]. Strategic Insights - Domestic Supernode Importance: The development of domestic supernodes is crucial for the industry, with significant advancements expected in 2026 [1][7]. - Shift in Chip Supply: The trend towards domestic supply chains is reinforced by geopolitical factors, including restrictions on advanced chip exports from the US [10]. - Investment in AI and 5G: Besides AI, the company also recommends investments in 5G and advanced manufacturing sectors, highlighting the strategic importance of companies like SMIC [15][16]. Future Outlook - Growth Projections: The domestic supernode cabinet shipments are expected to reach 30,000 units by 2027, indicating a strong growth trajectory for the sector [12]. - Continued Monitoring: Investors are encouraged to stay updated on the latest developments in the domestic computing power sector, as significant opportunities are anticipated in the near future [18].