Hexun Investment Advisor Zhang Fuhai: Analysis of Computing Power Theme

SadMoneyMeow

2026-03-17 03:15:37

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On March 17, Hexun Investment Advisor Zhang Fuhai stated that the computing power industry chain, as the hardware foundation of the AI industry, is showing a high boom. It is resonating deeply with liquid-cooled CPU computing and domestic substitution, making it a current key focus. This industry chain covers upstream computing hardware, midstream computing operations, and downstream application scenarios.

Upstream involves core hardware components, with AI chips, AI servers, and high-speed optical modules being critical. PCB and connector chips serve as the main carriers of computing power, determining the upper limit of capacity. Servers are the integrated units of computing power, while optical modules and CPUs handle high-speed connectivity, essential for building high-density computing. Liquid cooling and temperature control address heat dissipation issues caused by high power consumption, shifting from optional to essential.

Midstream is the core of computing power delivery. Intelligent computing centers and IDC computing leasing platforms integrate chip and data center power resources to provide services such as computing leasing and model training inference. Their profitability depends on chip resources, electricity costs, and cabinet utilization rates. Customer quality is the most direct factor in the performance realization of the industry chain.

Downstream is the application demand side, covering large models, autonomous driving, industrial AI, government and enterprise intelligent computing, short videos, and AIGC. The demand for applications continues to explode, driving the entire industry chain’s volume and price growth.

Key themes include computing leasing, liquid-cooled servers, CPUs, Micro LED computing and electricity collaboration, and domestic computing power substitution. The overall logic is that upstream focuses on barriers, midstream on profitability, and downstream on market space. This sector has high prosperity and high certainty, making it a key long-term investment focus.

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