Compute & Infrastructure
This theme owns the physical machinery Chinese AI runs on — the chips, boards, packaging and buildings — deliberately kept separate from the model layer so the two themes do not overlap. It runs the stack front to back. Silicon: Montage supplies the DDR5 memory-interface and PCIe retimer chips that sit on every AI server board; Biren makes domestic GPUs. Manufacturing: SMIC is China's only advanced-node foundry, and ASMPT builds the thermo-compression bonders used to stack HBM memory. Boards: Victory Giant and Delton make the high-layer printed circuit boards inside GPU servers. Facilities: SUNeVision operates Hong Kong data centres. What drives it: AI server build rates, HBM and advanced-packaging demand, and export controls that push Chinese buyers toward domestic suppliers. The main risk is that this layer is capital-intensive and cyclical — orders can reverse quickly, and several names carry thin free floats after recent listings.24H 성과
-2.65%
베타1.22
정규장 | 최종 업데이트 시간: Aug 31, 2026 13:54:45