Huaxi Securities: Continuously recommend two main themes of commercial aerospace and AI computing power.

Huaxi Securities research report indicates that at the current point in time, external geopolitical risks are still ongoing, market risk appetite may affect short-term market volatility, and AI remains the key investment theme in the near term. Focus on domestically produced computing power and computing power leasing driven by supply and demand imbalances, as well as high-performance and reliable optical module and optical fiber cable sectors. The imbalance between supply and demand for computing power has led to a sharp increase in computing power consumption, leading to price hikes by the three major cloud providers. On one hand, the current supply and demand imbalance reflects improved demand for upstream chips and computing power leasing industries, leading to higher prices due to increased bargaining power, benefiting domestic AI chip and computing power leasing manufacturers. On the other hand, rising AI service costs will be passed on to downstream application development, potentially accelerating industry consolidation downstream and improving computing power utilization efficiency.