Guohai Securities: Server brand market diffusion driven by AI reasoning significantly improves margins.

Guohai Securities released a research report stating that AI reasoning drives strong demand for computing power. Unlike training, AI reasoning leads to more obvious marginal improvements for server brand manufacturers. In the era of reasoning, the incremental server market may expand to industries such as CSP, new cloud, government, and enterprises. The growth category benefited from an increase in CPU usage, expanding from AI servers to general servers, with server brand manufacturers significantly benefiting from this change. AI reasoning drives strong demand for computing power, which is different from training. We maintain a "recommended" rating for the computer industry.