Macro Themes
Active Themes
- AI Model Race & Compute Infrastructure BoomMultiple notes highlight rapid AI model releases (Kimi K3, Qwen3.8, DeepSeek V4) and massive compute infrastructure investments (supernodes, optical interconnect, mSAP PCB), indicating accelerating AI demand and hardware upgrades.
- National Team Intervention & Value RotationState-owned funds (China Guoxin, Chengtong) are actively buying A-shares, providing a safety net for value stocks. Brokers recommend rotating from overvalued growth to value sectors like transportation and coal.
- Semiconductor & AI Supply Chain ResilienceDespite global tech selloffs, Chinese broker notes emphasize that domestic semiconductor and AI supply chain fundamentals remain strong, with opportunities in OSAT, optical chips, and PCB upgrades.