At the TF Securities 2026 Annual Strategy Conference, Tang Haiqing, the General Manager of TF Research and the Head of the TMT Team, highlighted that the pivotal driving force behind this once-in-two-decades transformation in the AI technology industry is the technological advancement spurred by massive computing power. The success of Google's Gemini3 large model has affirmed the viability of this approach, and the exponential surge in demand for computing power has emerged as the bedrock of industrial growth. Cluster sizes are escalating from ten thousand units to one hundred thousand, one million, and potentially up to ten million units. It is anticipated that the global gap between computing power supply and demand will persist until 2026.

Tang also underscored that edge AI is on the cusp of a critical explosive growth phase, emerging from a nascent stage. The strategies adopted by tech behemoths are poised to redefine the terminal ecosystem. At the application level, although the industry is still in its infancy, it is projected to experience explosive growth in the future. Furthermore, he noted that the decline in China's risk-free interest rate will elevate the central valuation range of tech stocks. Enterprises with technological positioning advantages are likely to take the lead in the tech bull market over the next three years.