Highlights of Morning Meetings at Securities Firms | Upgrading the Value of Domestic AI Infrastructure

Yesterday, the three major indexes fluctuated slightly with lower volume and closed in the red. The yellow and white lines showed significant differentiation, with the performance of small and medium-cap stocks being stronger. The trading volume in Shanghai and Shenzhen exceeded 2.2 trillion. In terms of sectors, concepts such as electric grid equipment, lithium mines, electricity, non-ferrous metals, and oil and gas performed strongly. On the downside, the semiconductor industry chain saw a volatile adjustment. By the close of trading, the Shanghai Composite Index rose by 0.25%, the Shenzhen Component Index rose by 0.44%, and the ChiNext Index rose by 0.25%. At today's securities morning meeting, China Securities Co., Ltd. stated that the value of domestic AI infrastructure is upgrading; CITIC SEC believes that grasping the expectation of rising copper prices and the sentiment of valuation repair under warming emotions is a good opportunity; Sealand believes that the reconstruction of super nodes will accelerate the breakthrough of domestic AI. China Securities Co., Ltd.: Value upgrading of domestic AI infrastructure Domestic AI chips are transitioning from "policy procurement targets" to "market-based active choices," and the next few years are a critical window for the transition from scale verification to profit realization. The continuous release of domestic chip production capacity on the supply side, the explosion of inference load on the demand side (with daily Token call volume increasing by over a thousand times in two years), and the continuous capital expenditure of top CSPs (Alibaba FY26 reaching 126.1 billion yuan, ByteDance estimated at around 160 billion in 2025) provide a certainty demand anchor for domestic chips. In terms of monetization, the profit margin follows a three-stage path of "scale dilution structural optimization ecological premium." Currently, it is at stage one of exchanging quantity for price, and in the future, further sales of system-level solutions will be achieved, leading to a significant optimization of profit margins through the bundling of software and hardware. CITIC SEC: Grasping the expectation of rising copper prices and the sentiment of valuation repair under warming emotions Multiple favorable factors are driving copper prices to once again hit $14,000. Core driving factors such as low inventory and supply disturbances are expected to continue, and most potential paths of tariffs remain favorable to copper. Under a neutral assumption, copper prices are expected to hit $15,000 within the year. The copper sector is still in the early stages of valuation repair, and the formation of price increase expectations and improvement of market sentiment will continue to drive valuation repair. Sealand: Super node reconstruction of intelligent computing base, domestic AI accelerates breakthrough Domestic interoperable protocols are innovating on multiple fronts among various manufacturers. The domestic inter-card interconnection technology routes are simultaneously under development, with self-developed interconnection protocols such as Huawei UB, Hygon Information Technology Hyswitch, Muxi MetaXLink, Alibaba ALink, etc., competing for breakthroughs. The domestic high-speed interconnection system is rapidly improving. Starting from 2025, chip, server, cloud, and ICT manufacturers are collectively releasing self-developed super nodes, with companies like Huawei, Alibaba, Dawning Information Industry, etc., launching self-developed integrated machines. The conditions for the scale-up deployment of domestic super nodes are gradually maturing, downstream validation import pace may exceed expectations, and penetration rates may accelerate. In addition, the high technological barriers of super nodes are beneficial for increasing both the market share and profitability of leading OEM manufacturers. Bullish on the accelerated deployment of leading server OEM manufacturers and industry chains. This article is reproduced from "Cailianshe", GMTEight Editor: Li Fu.