CITIC Securities Technology's 2026 Investment Strategy: AI investment opportunities will expand, focus on the computing power industry chain and AI applications.

CITIC Securities pointed out that since 2025, both Chinese and American technology stocks have achieved outstanding results, with the computing power sector leading the market in terms of gains. There are also opportunities for local explosive growth in models and applications. Looking ahead to 2026, domestically produced computing power is on the rise, with a combination of performance elasticity and investment certainty, with the potential to replicate the long bullish trend in U.S. stocks since 2023. On one hand, the urgency of development for semiconductor equipment, AI chips, etc. under overseas control has increased, and domestic substitution is the general trend; on the other hand, domestic chip factories have initially explored solutions such as super nodes, making up for the performance disadvantages of single cards with the advantage of multi-card quantity, achieving a breakthrough in computing power. The construction of multi-card clusters places higher requirements on the quantity and quality of zero components, and brings greater investment opportunities to the upstream and downstream of the industry chain, with sub-sectors such as liquid cooling, storage, power supply, optical modules, PCBs, and quantum computing expected to see higher performance elasticity. There are also opportunities for local explosive growth on the model and application side, with optimism for internet and technology giants empowered by AI, as well as AI applications with faster implementation speeds such as AI advertising, AI agents, AI video generation, and commercialized automated driving.