CITIC Securities : La hausse des prix de la puissance de calcul se répand, trois pistes pour une saison 1 surpassant les attentes

People’s Finance News, 3 April: A research report from CITIC Securities states that the performance of the technology sector in March shows that overall computing power remains in short supply and that price increases continue to spread into areas such as cloud services and CPUs. However, due to macroeconomic disruptions and geopolitical shocks, valuations in the technology sector have been hit significantly. Looking ahead to April, on the one hand, historically, after April enters the earnings season, the market is often in a period of shrinking risk appetite; on the other hand, given that the duration of current geopolitical disruptions is still difficult to judge, it is recommended to focus on resilient names with strong performance in the first quarter of 2026 and reasonable valuations. By reviewing A-share technology-sector companies that have already released 2025 profit forecasts, CITIC Securities found that among its third-level industries, the segments related to AI computing power infrastructure are broadly in a state of high business optimism, with many segments showing year-on-year profit growth of more than 50%. These include network access and tower installation, PCB, cables, semiconductor equipment, integrated circuits, and others. In addition, the motorcycle sector, games, and display components are also in a relatively high level of optimism. In terms of allocation, the report recommends focusing on three directions: 1) domestically made semiconductor equipment that benefits from ongoing capacity expansion of two types of memory (two storages); 2) segments such as optical modules, fiber-optic cables, PCB and upstream components, and storage, which remain in continued optimism and have a logic for catching up after pullbacks; priority should be given to optical-module leaders with high earnings certainty and relatively reasonable valuation levels; 3) domestic computing power is still persistently scarce, and attention should be paid to companies in the ByteChain and Ascend Chain, as well as areas that benefit from the explosion of supernodes, such as switching chips and server contract manufacturing. Meanwhile, CITIC Securities points out that opportunities will arise from the iteration of multimodal models in May and June.