--- title: "West China Securities: Domestic computing power logic will be fully solidified after the Spring Festival, with a focus on recommending low-orbit satellite components and chip suppliers in the commercial aerospace field" type: "News" locale: "en" url: "https://longbridge.com/en/news/277400161.md" description: "Huaxi Securities released a research report indicating that after the Spring Festival, the logic of domestic computing power will become fully pragmatic, with Token call volume surpassing that of the United States for the first time. The performance inflection point of the domestic chip industry is emerging, and the certainty of the entire computing power chain is improving. Despite facing liquidity concerns and overseas uncertainties, domestic market demand remains resilient. It is recommended to pay attention to low Earth orbit satellite components and chip suppliers in the commercial aerospace sector. Related beneficiaries include sinnet, AtHub, and Cambricon" datetime: "2026-03-02T03:54:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277400161.md) - [en](https://longbridge.com/en/news/277400161.md) - [zh-HK](https://longbridge.com/zh-HK/news/277400161.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/277400161.md) | [繁體中文](https://longbridge.com/zh-HK/news/277400161.md) # West China Securities: Domestic computing power logic will be fully solidified after the Spring Festival, with a focus on recommending low-orbit satellite components and chip suppliers in the commercial aerospace field According to the Zhitong Finance APP, Huaxi Securities released a research report stating that at the current moment, facing recent liquidity concerns and changes in overseas OpenAI capital expenditure expectations, the market reflects a gradual focus on the cost-effectiveness ratio of current AI development. It is expected that the market will remain volatile, and a relatively cautious, neutral allocation is recommended for the sector. In the commercial aerospace field, low-orbit satellite-related components and chip suppliers are highly recommended. ## The main points of Huaxi Securities are as follows: **Domestic computing power logic becomes fully pragmatic after the Spring Festival: Token usage surpasses the U.S. for the first time + chip inflection point verification + dual drive of policy and infrastructure** After the Spring Festival, the logic of domestic computing power has become more pragmatic, with a surge in the number of tokens and an inflection point in the performance of domestic chip companies enhancing the certainty of the entire computing power chain. At this moment, short-term geopolitical conflicts (U.S.-Israel-Iran escalation) may amplify risk-off sentiment, and caution is needed regarding the impact of overseas uncertainties on the global AI investment rhythm. However, domestic market demand remains relatively resilient, and the cost/ecosystem of domestic models provides strong hedging. The entire domestic computing power chain is expected to continue to improve steadily under the dual drive of policy and cost. In core areas such as video and programming, the application landing is expected to accelerate, while domestic computing power demand is likely to boost the prosperity of hardware equipment and computing power leasing-related markets, benefiting edge computing power distribution as well. **The current stage of AI development is still in a critical acceleration period of Scaleup and Scale out** As the supply system for related computing power chips gradually enriches, the bank believes that the application development for token demand is still accelerating, and the underlying computing power infrastructure is still in an expansion phase. They remain optimistic about the upgrade of Scaleup's cabinet optics, opportunities for domestic manufacturers to replace in power supply, liquid cooling, and other industrial fields, as well as the demand for domestic computing power including chips, switches, servers, and the opportunities in computing power leasing and AIDC-related markets brought about by accelerated capital expenditure from CSP manufacturers. **Related beneficiary targets**: Computing power leasing and third-party data center companies: sinnet, AtHub, Runze Technology, Xiechuang Data, Dongyangguang, David Technology, etc.; domestic chip and Ascend ecosystem-related companies: Cambricon, Haiguang Information, Huasheng Tiancheng, etc.; optical connection-related companies benefiting from overseas resonance and domestic inference expansion: Tianfu Communication, Zhongji Xuchuang, Xinyi Sheng, etc.; edge computing power-related beneficiary targets: Wangsu Technology, etc. **Risk warning**: Uncertainty of geopolitical conflict impacts; related technology and application progress falling short of expectations; related policy advancement not meeting expectations; systemic risks ### Related Stocks - [Cambricon (688256.CN)](https://longbridge.com/en/quote/688256.CN.md) - [sinnet (300383.CN)](https://longbridge.com/en/quote/300383.CN.md) - [AtHub (603881.CN)](https://longbridge.com/en/quote/603881.CN.md) ## Related News & Research - [Cambricon Technologies says prelim 2025 net profit at 2.1 billion yuan](https://longbridge.com/en/news/277183243.md) - [Cambricon Returns to Profit in 2025 as Revenue Soars 453%](https://longbridge.com/en/news/277391536.md) - [17:23 ETRafay Systems Transforms GPU Providers Into AI Factories By Empowering Them to Monetize Token-Metered Access to AI Models](https://longbridge.com/en/news/281577708.md) - [Anthropic admits Claude Code users hitting usage limits 'way faster than expected'](https://longbridge.com/en/news/281546718.md) - [Cambricon Technologies 2025 net profit at 2.1 billion yuan](https://longbridge.com/en/news/278886958.md)