2026-01-26 15:54Summary of Conference Call Records Industry Overview - Industry Focus: Cloud services and related technology resources in China - Key Trends: Expansion of demand and price increases across the cloud technology resource industry chain, driven by major promotions during the Spring Festival and rising costs in upstream materials [2][4] Core Insights - Cloud Services Demand: Significant growth in demand for reasoning resources, with expectations of price increases in CPU, IDC, and computing rental segments [1][3] - CPU Market Dynamics: Continuous price increases in CPUs due to rising upstream material costs, with high-end CPU demand accelerating, particularly for AGX development. Domestic CPU market share is increasing due to accelerated domestic substitution, with Haiguang Information highlighted as a key player [5][6] - Domestic Computing Market: AI development is driving the localization of computing power, with first-tier manufacturers like Huawei and Cambricon securing substantial orders. Second-tier manufacturers also have opportunities, with Haiguang Information and Cambricon noted as leading companies [6] - Storage Industry Changes: Increased storage consumption due to AI model training, with server memory costs rising. Storage prices are expected to rise significantly from the second half of 2025, remaining tight until 2027. Longxin and Changcun are highlighted as investment opportunities post-IPO [7][8] - Norflash Market Growth: Increased capacity for Norflash products in AI and general servers, benefiting companies like Zhaoyi Innovation and Puran [9] Additional Insights - ITC Sector Opportunities: The ITC sector is expected to see a historical high in bidding volumes in 2026, with major companies like Alibaba and Tencent initiating large-scale tenders. Recommended companies include Runze and Aofei, which have strong fundamentals and growth potential [11][12] - Liquid Cooling Market: The domestic liquid cooling market is anticipated to grow significantly in 2026, driven by the introduction of domestic super-node products. Yingweike is recommended for its technological and brand advantages [13] - Semiconductor Equipment Opportunities: The semiconductor equipment sector is benefiting from rising storage prices and domestic substitution needs, with companies like North Huachuang and Zhongwei recommended for their strong order prospects [14] - Mechanical Equipment Demand: Increased demand for mechanical equipment related to ITC construction, with recommendations for companies like KOTAI Power and Yuchai Power [15] - Power Supply Developments: The domestic power supply market is evolving with a focus on UPS and HVDC systems, with companies like Huawei and Keda Data holding significant market shares [16][17] - Data Center Components: Growth opportunities for data center components, particularly low-voltage circuit breakers, are expected as market demand rises, especially with the shift to 800V DC platforms [18]