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2026-06-18 15:47:59 China’s AI ecosystem is far from a simple replication of overseas AI stocks, JPMorgan opined in a report. On one hand, China’s optical modules/PCB/OSAT players play critical roles in the global supply chain, with leading companies deriving more than 70% of revenue from overseas markets, making them low-cost and highly flexible vehicles to capture the globally expanding USD800 billion AI computing power spending. On the other hand, the policy-driven localization cycle has created an endogenous growth trajectory independent of global tech volatility, supporting substantial expansion in domestic AI computing capex from 2026 to 2029, a 330% CAGR in domestic inference token demand through 2030, and 41% and 65% growth in domestically produced GPU-supported AI server sales in 2027 and 2028, respectively. JPMorgan’s top picks within China’s AI ecosystem are detailed in a separate table. The report noted that AI adoption in China still lags global peers, but the policy-led diffusion agenda and large-scale infrastructure buildout create a credible catch-up pathway. Global LLM commercialization is expanding rapidly, and the broker forecast that the ARR of China’s major LLMs will grow approximately 4-7x in 2026. Chinese LLM providers are competing with value-oriented pricing strategies, expanding global market share. The broker viewed the core challenge lies in the sustainability of monetization. It considered pricing as the most important signal for valuation premium, and therefore maintained an Overweight rating on KNOWLEDGE ATLAS (02513.HK), while downgrading MINIMAX-W (00100.HK) to Neutral. ~ AASTOCKS Financial News Website: www.aastocks.com | |