In case you missed it, Asia’s Most Read Publications: 7 Jul to 13 Jul 2026

研报英文原文证据摘录

In case you missed it, Asia’s Most Read Publications: 7 Jul to 13 Jul 2026

c-AI server CPUs, and (3) general-purpose server CPUs. With AI accelerator shipments projected to show a

~50% CAGR over FY25–28 based on our CoWoS estimates by the semi team (link), we see a step-function increase in AI

headnode CPU demand, reinforced by a rising CPU-to-accelerator attachment trend. While general-purpose server CPUs

should continue to show a steady ~5% CAGR, agentic-AI CPUs are the breakout growth vector, with 155% CAGR expected

over 2025–28. Net-net, we believe overall general server shipments can sustain 20%+ growth in the coming years. This super-

cycle is positive for TSMC, Unimicron, ASPEED, Lotes, Wiwynn, Tripod, GUC,ASE, and memory vendors, such as SK

Hynix and Samsung Electronics, across Asia Technology.

China Artificial Intelligence (Olivia Xu)

Capital accelerates race; Zhipu (OW) PT to HK$2400 on higher ARR visibility; MiniMax (N) needs

stronger model validation

We raise our price target for Zhipu AI to HK$2,400 from HK$2,000 and maintain Overweight; we lower our MiniMax price target

to HK$240 from HK$300 and maintain Neutral following both companies’ large financing announcements last week. We

believe the foundation-model industry is moving into a more capital-intensive phase, where access to funding

supports longer model development cycles and infrastructure expansion. However, investment returns will ultimately

depend on each company’s ability to translate resources into model improvements, customer adoption and ARR growth. For

Zhipu, demand already presses against serving capacity, so incremental inference resources plausibly convert to

ARR within 12 months, with the financing funds a conversion that is already visible, in our view. For MiniMax,