Brokerage Morning Meeting Highlights | Server brand OEM share accelerates expansion

Yesterday, the market rallied then pulled back, with the ChiNext Index falling over 1%. Lithium battery leader Contemporary Amperex Technology dropped more than 6%, hitting a nearly one-year low. Combined turnover of the Shanghai and Shenzhen markets was 1.61 trillion yuan. On the board, concepts such as wind power, PCB, the semiconductor industry chain, and cybersecurity showed active performance. On the decline side, sectors such as agriculture and retail were relatively weak. As of the close, the Shanghai Composite Index fell 0.54%, the Shenzhen Component Index fell 0.72%, and the ChiNext Index fell 1.15%. CITIC SEC believes that insurance policies are being implemented intensively, systematically reshaping the development landscape; China Securities Co.,Ltd. believes that the defense industry sector's performance continues to recover; KAIYUAN SEC believes that server brand OEM share is accelerating its expansion. CITIC SEC: Insurance policies are being implemented intensively, systematically reshaping the development landscape On September 10, 2026, a press conference held by the State Council Information Office announced the official introduction of the "15th Five-Year Plan for Building a Financial Power," with responsible officials from four departments interpreting it on the same stage. Financial regulation is advancing on three fronts: "clearing out existing stock + capital replenishment + anti-involution." The insurance industry's positioning has been elevated, its tasks refined, and its policy system improved, forming a four-in-one framework of "stabilizing functions, strengthening governance, expanding services, and attracting long-term capital." In the short term, industry premiums are under pressure, but operating quality and efficiency are expected to continue improving, and the competitive advantages of leading institutions will become more prominent. The development logic is shifting from "scale-driven" to "return-on-capital-driven," and the sector is expected to further highlight its dividend attributes beyond its market beta attributes. China Securities Co.,Ltd.: The defense industry sector's performance continues to recover The defense industry sector's performance has continued to recover since bottoming out in 2025, and demand recovery has been reflected in financial statements for multiple consecutive quarters. In 26H1, the sector's profit growth rate rose significantly to a higher level, and the recovery is moving from structural to comprehensive. As the equipment catalog of the "15th Five-Year Plan" is gradually clarified, large-scale orders are approaching, and the sector has entered a new cycle of comprehensive fundamental recovery. KAIYUAN SEC: Server brand OEM share is accelerating its expansion According to IDC, global server revenue in 2026Q2 was $166.32 billion, up 52.0% year over year and 35.7% quarter over quarter, a record quarterly high, with growth driven by recovery in shipments and rising average selling prices. Global shipments rose 15.4% year over year. In terms of structure, GPU-accelerated server revenue was $87.4 billion, up 28.1% year over year, accounting for 52.6%; other accelerated server revenue was $27.5 billion, up 237.6% year over year; non-x86 server revenue was $74.4 billion, up 146.0% year over year, accounting for 44.8%. In terms of share, Dell remained firmly in first place globally with 13.4%, followed by Supermicro, Lenovo, and HPE; brand OEMs captured share from ODM Direct for two consecutive quarters, with ODM Direct's share falling from 60.6% in 2025Q2 to 53.9%. AI servers are evolving toward rack-scale, and the center of procurement value is shifting toward system integration, liquid cooling, power supplies, network adaptation, and full-rack delivery, benefiting leading OEM manufacturers. This article is reprinted from "Cailian Press," edited by GMTEight: Huang Xiaodong.