Securities Morning Meeting Highlights | Optimistic about AI Industry Chain and Computing Power Network Construction

Last Friday, the market rebounded with volatility, and the three major indices opened higher and maintained positive momentum, with the ChiNext Index and the Shenzhen Component Index both rising by over 2%. The total turnover in the Shanghai and Shenzhen markets was 2.9 trillion yuan. In terms of sectors, concepts such as PCB, MLCC, supercapacitors, Siasun Robot & Automation, and cultured diamonds were active. On the downside, the liquor concept collectively adjusted. At the close, the Shanghai Composite Index rose by 0.87%, the Shenzhen Component Index rose by 2.3%, and the ChiNext Index rose by 2.84%. At the morning meeting of securities firms today, CITIC SEC believes that there have been new developments in the US-Iran agreement, and they are waiting for demand to be replenished; China Securities Co., Ltd. believes that they are optimistic about the AI industry chain and the construction of computing power networks; Huatai believes that AI super nodes drive the growth of exchange chips for the second time. CITIC SEC: New developments in the US-Iran agreement, waiting for demand to be replenished The US and Iran are getting closer to reaching an agreement, and the market has basically priced this in as the benchmark scenario. The biggest change after reaching an agreement is that supply and demand will simultaneously be replenished, and economic activity will quickly warm up. Some economic indicators are currently showing significant weakness, reflecting the delayed demand before the US-Iran agreement and the reopening of the Strait of Hormuz. Microeconomic entities are waiting rather than rushing to replenish inventory and start production, which is a non-normal disturbance. With the agreement reached and the strait reopened, supply and demand will realign. Economic activity will improve significantly after June, and changes in macro variables will also change the market's strategic environment assumptions, gradually balancing styles. The large-scale sell-off is coming to an end. After macroeconomic stability, configuration-oriented funds will gradually return, driving the repair of some undervalued sectors. Actively reduce the waves in configuration and restructure the barbell structure of AI + energy. China Securities Co., Ltd.: Optimistic about the AI industry chain and the construction of computing power networks NVIDIA released its FY27Q1 results, exceeding market expectations. Customer demand has gradually shifted from simple GPU procurement to encompassing the entire stack, including switches and interconnections. It is expected that the Vera Rubin cabinet product will be delivered in bulk starting from the third quarter. The value of CPUs, interconnections, switches, and other areas will increase simultaneously. Future upgrades to AI infrastructure will focus on the entire process. The computing power network is positioned as a national-level infrastructure, with annual construction investment expected to exceed trillions. It covers construction, management, scheduling, and operation aspects of computing power, with operators as the main force in construction, having already introduced token packages and exploring token operations for end consumers. Google I/O 2026 showed that Google's AI industry layout has entered a full-stack stage of "computing power infrastructure + models + application gateways + edge devices." TPU 8t/8i validation training and inference computing power requirements are increasing in the long term, while Gemini 3.5 Flash and Gemini Omni strengthen model speed, cost, and multimodal abilities. Huatai: AI super nodes drive the secondary growth of exchange chips As a core component of data center interconnection, exchange chips are used for handling data exchange and packet forwarding and account for over 30% of switch costs. They are optimistic that exchange chips will experience a second wave of growth driven by AI starting in 2026: 1) Clusters with over ten thousand cards require a more stable and reliable network system. This will drive the development of data center Scale out switches towards higher capacities and rates, with Scale out exchange chips expected to rise in value and quantity simultaneously; 2) The super node architecture may be the breakthrough for domestic computing power to catch up with overseas computing power. Super nodes amplify the Scale up effect within clusters, and the ratio of exchange chips to Scale out is usually higher. This may lead to a significant demand for exchange chips in the future. The market space for domestic exchange chips is expected to reach 24.2 billion yuan by 2028, with a CAGR of 96% from 2026 to 2028. It is recommended to focus on overseas leaders and domestic chip manufacturers with advanced self-developed technologies. This article is from "Cai Lian She". Editor: Chen Xiaoyi.