Broker morning meeting essence | NVIDIA GTC conference LPU integration speed exceeds expectations

Yesterday, the market fluctuated throughout the day, with the Shenzhen Component Index falling by more than 1% and the ChiNext Index falling by more than 2%. Trading volume shrank, with the total turnover of the Shanghai and Shenzhen stock markets only reaching 2.21 trillion. In terms of sectors, the insurance and banking sectors led the gains, while the chemical and real estate sectors had the highest increase. On the downside, the computing power hardware and semiconductor sectors were the top decliners. By the close, the Shanghai Composite Index fell by 0.85%, the Shenzhen Component Index fell by 1.87%, and the ChiNext Index fell by 2.29%. At today's morning meeting of securities firms, Huatai believes that the integration speed of Groq LPU at the NVIDIA GTC conference exceeded expectations; China Securities Co., Ltd. believes that the trend of rising prices for chemical products is spreading, with a significant increase in price differentials; Huaxi believes that the policy positioning of computing and electricity synergies is improving and is expected to accelerate the construction of AI infrastructure. Huatai: Integration speed of Groq LPU at NVIDIA GTC conference exceeds expectations Compared to CES in January, the positioning of Groq LPU in NVIDIA's overall product line at this GTC conference has become clear. NVIDIA plans to use LPU's low latency characteristics to meet the interactive requirements of applications such as Agent AI. According to SemiAnalysis, LPU adopts a vertical stacking architecture of SRAM + logic chip, and the second generation currently on sale is produced by Samsung Electronics foundry department; at this GTC conference, NVIDIA confirmed that the third generation LPU will still be produced by Samsung Electronics. China Securities Co., Ltd.: Trend of rising prices for chemical products is spreading, with significant increase in price differentials Driven by the post-holiday resumption of work and the rise in oil prices, the diffusion index (the proportion of product categories with weekly price increases compared to the previous week) of 154 chemical products reached 64.94%, a week-on-week increase of 4.55%, with price increases spreading. Unlike the narrowing of the price differential index last week, this week, the price differential index for chemical products rose rapidly to 13.65%, the highest in the past 10 years, with a week-on-week increase of 9.39%. The upward trend in oil prices is starting to transmit to midstream products. Continued optimism about the rise in oil prices at the bottom of the cycle bringing price increases and destocking, a new inventory cycle is expected to begin. Huaxi: Policy positioning of computing and electricity synergies is improving, expected to accelerate AI infrastructure construction "Innovative cooperation between computing and electricity" was first mentioned in the Government Work Report of 2026, further enhancing policy positioning. The synergy between computing power and electricity is supported by a new electricity system and guided by the high-quality development of computing infrastructure and the construction of a nationwide integrated computing network. It comprehensively considers all elements and the entire life cycle, deepens technological and mechanistic innovations such as intelligent dispatching, source-grid-load-storage, new power supply and backup power, and green power aggregation supply, enabling the two major forces of computing power and electricity to achieve overall optimization in various aspects of industrial planning, production operations, resource scheduling, and market systems. The development of computing power and electricity synergies includes two key elements: the computing power system and the electricity system. The main subjects of the computing power system include computing power suppliers and computing network operators; the main subjects of the electricity system include power generation, power grid, and energy storage. This article is reprinted from "Cailianshe", GMTEight editor: Jiang Yuanhua.