Securities Firm Morning Meeting Highlights: LPU Integration Speed Exceeds Expectations at Nvidia GTC Conference

AI · LPU Integration Surpasses Expectations: How Will It Reshape AI Interaction Experiences?

Financial Associated Press, March 18 — Yesterday, the market experienced a full-day fluctuation and adjustment, with the Shenzhen Component Index falling over 1% and the ChiNext Index dropping more than 2%. Trading volume shrank, with the combined turnover of the Shanghai and Shenzhen markets only reaching 2.21 trillion yuan. From sector performance, insurance and banking led the gains, while chemicals and real estate also saw significant increases. On the downside, sectors such as computing hardware and semiconductors declined the most. By the close, the Shanghai Composite Index fell 0.85%, the Shenzhen Component Index dropped 1.87%, and the ChiNext Index declined 2.29%.

At today’s brokerage morning meeting, Huatai Securities noted that Nvidia’s GTC conference showed an unexpectedly fast integration of LPU; CITIC Construction Investment observed that the wave of chemical product price increases is spreading, with the spread index soaring; Huaxi Securities believed that the policy positioning for computing and power coordination has been elevated, which could accelerate the development of AI infrastructure.

Huatai Securities: Nvidia GTC Conference Shows Faster-than-Expected LPU Integration

Compared to CES in January, the GTC conference this time clarified the positioning of Groq LPU within Nvidia’s overall product lineup. Nvidia plans to leverage the low-latency features of LPU to meet the high-interaction requirements of applications like Agent AI. According to SemiAnalysis, LPU adopts a vertical stacking architecture of SRAM + logic chips, with the current second-generation models produced by Samsung Electronics’ foundry division. At this GTC, Nvidia confirmed that the third-generation LPU will also be manufactured by Samsung Electronics.

CITIC Construction Investment: Spread of Chemical Price Increase Wave, Spread Index Rises Significantly

Driven by post-holiday resumption and rising oil prices, among 154 chemical products, the diffusion index (the proportion of categories with weekly price increases) reached 64.94%, up 4.55% week-over-week, indicating widespread price hikes. Unlike last week’s narrowing of the spread index, this week’s chemical product spread index surged to 13.65%, the highest in the past 10 years, up 9.39% week-over-week, as the upward movement of oil prices begins to transmit to midstream products. The continued rise in oil prices is expected to promote price increases and inventory reduction at the cycle bottom, potentially triggering a new inventory cycle.

Huaxi Securities: Elevated Policy Positioning for Computing-Power and Power Coordination, Likely to Accelerate AI Infrastructure Development

“Computing-Power and Power Coordination” was first included in the 2026 Government Work Report, indicating an elevated policy stance. This coordination is supported by a new power system, guided by high-quality development of computing infrastructure and the construction of a nationwide integrated computing network. It considers all factors and the entire lifecycle, deepening innovations in intelligent dispatching, source-grid-storage, new power supply and backup, and green power aggregation, aiming to optimize the integration of computing power and electricity across industry planning, production operations, resource scheduling, and market systems. The development of computing-power and power coordination involves two key elements: the computing infrastructure and the power system. The main entities in the computing infrastructure include providers of computing resources and network operators; the power system mainly involves power generators, grid operators, and energy storage providers.

(Financial Associated Press)