Recently, the market has been showcasing various themes such as the iteration of AI chips, the development of aerospace rockets, and the localization of semiconductors, presenting numerous opportunities along the industry chain. Let's outline the current core highlights based on several main clues.

**AI Server Chip Upgrade On-Chain**

NVIDIA's new generation Rubin chip series is scheduled for mass production in 2026, which will drive the update and iteration of the entire server supply chain. According to industry forecasts, Q cloth, hvlp4 copper foil, and M9 resin will become potential core material choices in the new generation systems. Dongcai Technology, as the main supplier of M9 resin, has achieved bulk shipments, and brokerage institutions predict that profits from related businesses could reach the billion level in 2026. Also pay attention to supporting companies related to Q cloth, such as Jiuding New Materials and Honghe Technology.

The demand for liquid cooling solutions for AI servers is rapidly moving from the "expected stage" to the "order fulfillment stage". Recently, Kuike Intelligent delivered an automated production line for cooling pumps to a leading manufacturer, directly benefiting from the ramp-up of liquid cooling for AI servers. Recently, the market has also been actively discussing players in the liquid cooling supply chain such as Jitai Co., Ltd. (liquid cooling thermal conductive silicone oil), InnoTek, and Yidong Electronics. The underlying logic is the accelerated deployment of AI computing power by major companies. It is worth mentioning that a leading tech company achieved nearly 100,000 kW-level super large deliveries at a major manufacturer by the end of December, and the orders from this single major company alone exceeded 50 billion for the entire year—this scale indicates that liquid cooling and thermal management are no longer optional but a necessity.

**The Explosive Phase of the Aerospace Rocket Industry**

Private rocket companies have become a new growth point in the aerospace industry. Longi Machinery, as a core supplier to the China Academy of Launch Vehicle Technology, has achieved aerospace-grade standards in its metal additive manufacturing technology and recently received the first batch production orders from Tianbing Technology to provide 3D printed parts for rocket engines. This line reflects a new trend of increasing rocket launch frequency and gradually improving industrial support.

On the other hand, the recent focus of aerospace engineering has been on the Long March 10 A - following the failure of the recovery of the Long March 10 A, its first flight is expected to take place in the first half of 2026. This contrasts with the rhythm of a certain private rocket's first recovery failure, indicating that national-level rocket projects still have strong certainty. Related aerospace industry chain companies are worth tracking.

**Three Directions of Semiconductor Localization**

The first point is the expansion of wafer production capacity. The industry expects that around 10 wafer factories will be built or expanded globally next year, which places strict requirements on cleanroom equipment. Meiyetech specializes in semiconductor cleanroom equipment, with strong long-term logical support. Leading companies such as Axon Integrated and Shenghui Integrated have seen their stock prices rise more than twice this year, while subsequent players like Baicheng Co. are also making arrangements.

The second aspect is upstream materials such as photoresists. Yuexin Semiconductor has filed for an IPO on the ChiNext board, and it has been reported that a certain international manufacturer has recently raised prices by around 10% for some of its production capacity. Domestic photoresist companies like Guofeng New Materials and Kere Technology are expected to benefit.

The third is key raw materials. Sanfu Co., Ltd. has mastered the production of silicon tetrachloride in the upstream of optical fibers and has supplied leading companies such as Hengtong Optic-Electric, Zhongtian Technology, and Changfei Fiber Optic, while also possessing semiconductor logic capabilities. Wanrun Co., Ltd.'s layout in the photoresist field should not be overlooked.

**Consumption and Traditional Industry's Periodic Opportunities**

The latest deployment on the macro level regarding "how to implement the strategy of expanding domestic demand" is stimulating responses in the consumption sector. Retail companies such as Nanning Department Store, as well as regional distribution leaders like Lianfa Co., Xunxing Co. (Fujian), and Zhongbai Group, are beginning to attract market attention.

**Cyclical Upswing of Nonferrous Metals**

The continuous rise in tungsten prices is driving a rotation in the non-ferrous metal sector. Companies such as Xianglu Tungsten Industry and Zhangyuan Tungsten Industry are worth paying attention to. The sustained strength of lithium carbonate futures is also boosting the performance of new energy material companies like Binhai Energy, Dufu, and Shenzhen Xinxing.

**Other key nodes in the industry chain**

The core of Hainan Rui Ze's closure policy is: overseas companies can only enjoy zero tariffs for entering the mainland market by setting up factories in Hainan. Establishing a factory is the first step, and its construction materials business is expected to benefit from this.

Hongda Electronics' products have entered the SAST preferred catalog of the Eighth Research Institute of Aerospace, which is equivalent to obtaining a "ticket to enter" the procurement of the Eighth Institute. This is an important signal for aerospace supporting enterprises to break through. The increase in capacitor prices has also become a potential benefit.

The aerospace industry chain also involves multiple links such as high-speed backplanes and copper connections (Huafeng Technology), switches (Feiling Kesi), all of which are necessary supporting components for the manufacturing of major national equipment.

Baobian Electric benefits from the phased gap in power demand in North America, while Anda Intelligent, as a leader in fluid equipment in the semiconductor field, has significant potential for growth in products such as PCB dispensing.

Overall, 2026 will still be a verification period for the industry, with multiple main lines such as the iteration of AI chips, the expansion of the rocket industry, and the advancement of semiconductor localization evolving simultaneously. The industrial chain spans from upstream materials to midstream manufacturing and downstream applications, with opportunities being relatively dispersed but the logic being quite clear.