AI TRENDS | Investment Strategies in Computing Power and Lithium Battery Industries

On May 11, Jin10 reported that CMB Strategy highlighted the focus on overseas computing power, domestic computing power, and lithium batteries this week. According to Jin10, these three themes have recently shown high industry prosperity. In terms of overseas computing power, major model manufacturers are investing in large-scale data centers and power resources, indicating a clear trend towards assetization of computing power. For domestic computing power, the demand for inference computing power is expected to rise, driven by DeepSeek V4, along with the realization of AI computing power chain performance in the first quarter, shifting market focus from domestic substitution expectations to industry validation. In the lithium battery sector, production plans for May continue to be revised upwards, with an increased proportion of energy storage cells, leading to a sustained tight balance between supply and demand. In terms of investment, domestic computing power shows the strongest short-term flexibility, benefiting from model iteration, domestic substitution, performance realization, and improved risk appetite. Overseas computing power infrastructure presents strong mid-term certainty, with overseas AI capital expenditure expected to drive demand for servers, optical modules, liquid cooling, and power equipment. The lithium battery industry is in a recovery phase, with energy storage production plans providing real support, while sodium batteries, fast charging, and condensed state batteries serve as long-term catalysts.