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HSBC Asset Mgmt Envisions Marked Growth in CN-made GPU/ AI Computing Power Over Next 12-18 Mths
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Looking towards 2026, market drivers may hail changes, highlighting the importance of robust fundamentals for sustainable progress, Michael Cross, Chief Investment Officer for Asia at HSBC Asset Management, commented. Even as investment performance continues to spread across regions and industries, this potential “role reversal” may result in a distinctively different composition of returns. In China, stimulating consumption has been elevated to the top priority in economic work for the first time in over a decade, the asset manager noted. The recent NPC’s Congress placed significant emphasis on consumption, indicating a more supportive fiscal stance, and notably restoring investor confidence. Looking ahead, HSBC believed the anti-involution movement will progressively extend to consumer-facing industries, helping to resume corporate pricing power and encouraging households to accept moderate price hikes. Combined with direct consumption support measures, this will provide strong support for demand sentiment. With a favorable base, HSBC forecast mild reflationary momentum in 2H26. Shen Yu, Head of China and Core Asia Equities at HSBC Asset Management, noted that China's AI capex story has just started this year, with domestic GPU and AI computing power expected to see remarkable growth over the next 12-18 months. In the next 6-12 months, a large number of domestic GPU and AI computing power-related companies are expected to float on the A-shares and H-shares markets, with the domestic GPU substitution rate expected to rapidly surge to over 50% and even reach 79% in the coming years, fostering a massive domestic AI industry chain and greatly advancing the development of AI applications in China. In the humanoid robot field, Shen pointed out that China is the country with almost the largest investment and fastest progress globally. So far, whether in terms of the number of humanoid robot startups or the frequency of new model releases, China is considerably ahead of other countries. More importantly, these companies have already started receiving real orders and generating real revenue. Therefore, HSBC envisioned humanoid robots are highly likely to become one of the most important tracks driving industrial growth in China and globally over the next decade. AASTOCKS Financial News Website: www.aastocks.com |
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