Group 1 - The three major indices opened lower, with the CSI Computer Theme Index rising by 0.05%, driven by gains in China Software (over 2%), Kingsoft Office, and Runhe Software (over 1%) [1] - The CSI Hong Kong-Shenzhen Cloud Computing Industry Index fell by 0.64%, with Runhe Software and Kingsoft Office both increasing by over 1% [1] - The Computer ETF (159998) experienced a pullback, with a latest circulation of 2.703 billion shares and a circulation scale of 2.811 billion yuan as of October 23 [1] - The Hong Kong-Shenzhen Cloud Computing ETF (517390) also declined by 0.64%, with a latest circulation of 279 million shares and a circulation scale of 478 million yuan [1] Group 2 - The China Communications Standards Association announced the authorization of the China Academy of Information and Communications Technology to conduct testing and verification of computing power interconnectivity capabilities based on industry standards [2] - The Computer ETF (159998) tracks the CSI Computer Theme Index, which includes stocks from companies involved in IT services, application software, system software, and computer hardware [2] - The Hong Kong-Shenzhen Cloud Computing ETF (517390) closely follows the CSI Hong Kong-Shenzhen Cloud Computing Industry Index, with major holdings including Tencent Holdings and Zhongke Shuguang [2] Group 3 - Huatai Securities projects a 15% year-on-year growth in net profit attributable to shareholders for the telecommunications sector in Q3 2025, with a 73% growth expected when excluding major operators and ZTE [3]

Core Viewpoint - The Information Technology ETF (159939) opened down 0.79% at 0.882 yuan, reflecting a negative trend in the technology sector [1] Group 1: ETF Performance - The Information Technology ETF (159939) has a performance benchmark of the CSI All Share Information Technology Index, managed by GF Fund Management Co., Ltd. [1] - Since its inception on January 8, 2015, the ETF has returned 77.46%, while its return over the past month is -3.21% [1] Group 2: Major Holdings Performance - Key stocks within the ETF include: - Luxshare Precision opened down 1.35% - SMIC (Semiconductor Manufacturing International Corporation) down 1.29% - BOE Technology Group remained unchanged at 0.00% - Northern Huachuang down 0.77% - Haiguang Information down 1.52% - Cambricon Technologies down 1.43% - iFlytek up 0.14% - OmniVision Technologies down 0.63% - Zhongke Shuguang down 1.05% - Hikvision down 0.30% [1]

Core Viewpoint - The article emphasizes the critical role of liquid cooling technology in addressing the increasing thermal management challenges faced by data centers due to the rapid advancement of technologies like artificial intelligence and the Internet of Things. Traditional air cooling methods are becoming inadequate, making liquid cooling a key focus for sustainable development in data centers [5]. Summary by Sections Overview of Liquid Cooling Technology - Data centers are evolving towards "high performance, high density, and high energy consumption," with cooling systems accounting for approximately 40% of total energy consumption. Efficient heat dissipation is essential for sustainable development [5]. Company Profiles - **Shenzhen Envicool Technology Co., Ltd.**: Established in 2005, it specializes in precision cooling solutions for data centers and has a diverse product matrix including liquid cooling technologies widely used in high-power density servers [6][7]. - **Guangzhou Gaolan Energy-saving Technology Co., Ltd.**: Founded in 2001, it offers advanced cooling solutions with a focus on liquid cooling technologies, achieving a PUE as low as 1.08 in applications [10][12]. - **Sugon Information Industry Co., Ltd.**: With a comprehensive product system in liquid cooling, it has developed technologies that enhance heat exchange efficiency by over 15% [13][14]. - **Inspur Information**: A global leader in IT infrastructure, it holds a 5.5% market share in the global liquid cooling infrastructure market and has been the top provider in China for four consecutive years [16][17]. - **Ningchang Information Industry (Beijing) Co., Ltd.**: Focused on liquid cooling servers, it has developed a comprehensive system covering all scenarios of liquid cooling [20][22]. - **Sanhua Tongfei Refrigeration Co., Ltd.**: Established in 2001, it specializes in industrial temperature control technology and has developed solutions that significantly reduce energy consumption [24][26]. - **Jiangsu Likang Puting Precision Technology Co., Ltd.**: Founded in 2024, it focuses on efficient and energy-saving cooling solutions for data centers [27][28]. - **Nanjing Jialitu Room Environment Technology Co., Ltd.**: Established in 2003, it provides a full chain of services in environmental control, including liquid cooling solutions [31][33]. - **Kehua Data Co., Ltd.**: With a history dating back to 1988, it has developed liquid cooling solutions that achieve a PUE as low as 1.2 [36][37]. - **Shenzhen Keda Technology Co., Ltd.**: Founded in 1993, it offers comprehensive solutions for data centers, focusing on high-density liquid cooling products [39][40]. - **Guangdong Shenling Environment System Co., Ltd.**: Established in 2000, it provides integrated solutions for environmental control, including innovative liquid cooling systems [42][43]. - **Guangdong Haiwu Technology Co., Ltd.**: Focused on low-carbon solutions, it has developed a full-stack liquid cooling system adaptable to various power densities [46][47]. - **Shenzhen Green Cloud Technology Co., Ltd.**: A subsidiary of Wangsu Technology, it specializes in green data center solutions based on immersion cooling technology [50][51]. - **Yimikang Technology Group Co., Ltd.**: Established in 2002, it aims to lead in zero-carbon data center solutions, with a focus on various liquid cooling technologies [53][54]. - **Yuan Di (Guangzhou) Digital Technology Co., Ltd.**: Founded in 2021, it focuses on innovative liquid cooling products and solutions, achieving significant milestones in various industries [57][58]. - **Sichuan Chuanrun Co., Ltd.**: Established in 1992, it has developed dual technology routes in liquid cooling, achieving a PUE below 1.05 [61][62]. - **Changzhou Hester Technology Co., Ltd.**: With 25 years of experience, it has become a leader in liquid cooling technology, providing solutions for high-performance computing [64][65]. - **Beehe Electric (Taicang) Co., Ltd.**: Founded in 2006, it offers comprehensive thermal management solutions, including liquid cooling products [68][69]. - **Guangzhou Hashi Temperature Control Technology Co., Ltd.**: Established in 2023, it focuses on liquid cooling solutions and has developed a complete technical system for various applications [71][72]. - **Lanyang (Ningbo) Technology Co., Ltd.**: Founded in 2019, it provides comprehensive liquid cooling solutions for various industries, focusing on immersion cooling technology [73][74]. - **Zhejiang Yunchuang Zhida Technology Co., Ltd.**: A subsidiary of Zhejiang Kangsong, it offers customized liquid cooling solutions based on extensive experience in thermal management [77][78]. - **Henan Jingrui Cooling Technology Co., Ltd.**: Established in 2008, it provides solutions for various fields, including data centers [80][81]. - **H3C Group**: Offers high-density liquid cooling solutions to meet the growing performance demands of data centers [84]. Upcoming Events - The sixth Thermal Management Industry Conference and Expo will be held in 2025, focusing on thermal management technologies in data centers and consumer electronics, inviting industry professionals and researchers to participate [88].

Market Overview - On October 22, the computer equipment sector rose by 0.56%, led by Jiayuan Technology, while the Shanghai Composite Index closed at 3913.76, down 0.07% [1] - The Shenzhen Component Index closed at 12996.61, down 0.62% [1] Top Performers - Jiayuan Technology (301117) closed at 41.00, up 6.14% with a trading volume of 126,000 shares and a transaction value of 500 million yuan [1] - Hikvision (002415) closed at 33.47, up 2.73% with a trading volume of 1,003,200 shares and a transaction value of 3.305 billion yuan [1] - Chunzhong Technology (603516) closed at 158.50, up 2.72% with a trading volume of 92,800 shares and a transaction value of 1.467 billion yuan [1] Underperformers - MicroPort Scientific (920198) closed at 12.19, down 7.16% with a trading volume of 311,000 shares and a transaction value of 417 million yuan [2] - Tongyou Technology (300302) closed at 21.25, down 3.85% with a trading volume of 577,600 shares and a transaction value of 1.215 billion yuan [2] - Huijin Co., Ltd. (300368) closed at 18.61, down 3.07% with a trading volume of 760,700 shares and a transaction value of 1.425 billion yuan [2] Capital Flow - The computer equipment sector saw a net inflow of 236 million yuan from institutional investors, while retail investors experienced a net outflow of 133 million yuan [2][3] - Major stocks like Zhongke Shuguang (603019) had a net inflow of 404 million yuan from institutional investors, while Hikvision (002415) saw a net outflow of 784 million yuan from retail investors [3]

Core Viewpoint - The AI Fund Yongying State-Owned Enterprise Opportunity Selection Mixed Fund A (023824) reported a profit of 886,700 yuan for Q3 2025, with a weighted average profit per fund share of 0.0105 yuan, indicating a net value growth rate of 1.05% during the reporting period [3]. Fund Performance - As of the end of Q3 2025, the fund's scale was 84.97 million yuan, with a unit net value of 0.975 yuan as of October 21 [3]. - The fund manager, Wang Wenlong, currently manages three funds [3]. Investment Strategy - The fund's investment strategy focuses on "valuation reconstruction + growth breakthrough," with three main areas of emphasis: 1. High-quality state-owned enterprises undergoing asset integration and upgrades, particularly those with opportunities for value reassessment through asset injection [3]. 2. Technology innovation-driven state-owned enterprises, focusing on leading stocks with attributes of industrial chain leaders in new productivity directions [3]. 3. Stable holding positions in core assets [3]. Top Holdings - As of the end of Q3 2025, the fund's top ten holdings included: 1. Dongli New Science 2. Yandong Micro 3. Northern Huachuang 4. Kaipu Cloud 5. Huahong Semiconductor 6. AVIC Shenyang Aircraft 7. Shanda Diwei 8. Guodun Quantum 9. Zhongke Shuguang 10. GF Securities [3].

Core Insights - The A-share market is currently in the peak period of disclosing third-quarter reports, with 360 companies having released their performance data, showing strong operational resilience as over 70% of the companies reported profit growth year-on-year [1] Industry Performance - The electronic and chemical industries are leading in performance growth, with 32 companies in the electronic sector being the most prominent, benefiting from the rapid iteration of artificial intelligence technology and expanding application scenarios [3] - Key players in the electronic sector, such as Cambricon Technologies, reported a net profit of 1.605 billion yuan, marking a successful turnaround, while Haiguang Information saw a 28.56% year-on-year increase in net profit to 1.961 billion yuan [3] - The basic chemical industry also showed strong performance with 30 companies reporting profit growth, driven by product price increases and new capacity production [3] Historical Performance - Among the companies reporting growth, 85 achieved record high net profits for the first three quarters, indicating exceptional growth potential [4] - Notably, seven companies among these have reached a market capitalization of over 100 billion yuan, with China Life leading at 916.027 billion yuan and an estimated net profit growth of 50% to 70% year-on-year [4] Stock Market Reaction - The impressive earnings have led to a corresponding rise in stock prices, with 17 of the 85 companies reaching historical stock price highs in the past month [5] - Overall, the A-share third-quarter reports have started positively, with over 70% of companies delivering optimistic results, particularly in the electronic and chemical sectors, leading to a beneficial resonance between performance and stock prices [5]

Core Viewpoint - Zhongke Shuguang's stock price has shown significant growth this year, with a year-to-date increase of 53.25%, reflecting strong market interest and performance in the high-performance computing sector [1][2]. Company Overview - Zhongke Shuguang, established on March 7, 2006, and listed on November 6, 2014, is based in Beijing and specializes in high-performance computers, general servers, and storage products, along with software development and system integration services [1]. - The company's revenue composition includes 88.79% from IT equipment, 11.15% from software development and system integration, and 0.06% from other sources [1]. Financial Performance - For the first half of 2025, Zhongke Shuguang reported revenue of 5.85 billion yuan, a year-on-year increase of 2.41%, and a net profit attributable to shareholders of 729 million yuan, reflecting a growth of 29.39% [2]. - The company has distributed a total of 1.92 billion yuan in dividends since its A-share listing, with 1.08 billion yuan distributed over the past three years [3]. Shareholder Information - As of October 10, 2023, Zhongke Shuguang had 323,500 shareholders, an increase of 6.20% from the previous period, with an average of 4,521 circulating shares per shareholder, down by 5.84% [2]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 44.23 million shares, and several ETFs, indicating a diversified institutional interest [3].

Investment Rating - The report maintains an "Outperform" rating for the computer sector, suggesting a positive outlook for the industry [1][12]. Core Insights - The metropolitan "millisecond computing" initiative emphasizes low latency and high computing power requirements, with specific goals set for 2027 [12]. - Shanghai's smart terminal action plan aims to strengthen intelligent computing terminals and create computing clusters, promoting the application of core components like GPUs and interconnect modules [12]. - The emergence of domestic EDA and high-end testing equipment indicates a clear pace of domestic substitution in the industry [12]. Summary by Sections Metropolitan "Millisecond Computing" Initiative - The initiative sets three clear goals: computing center interconnection under 1 millisecond, resource access under 1 millisecond, and terminal network delay under 10 milliseconds by 2027 [12]. - Emphasis on the application of 400Gbps optical transmission and new network protocols is expected to benefit optical transmission, networks, edge nodes, and scheduling software [12]. Shanghai Smart Terminal Action Plan - The plan aims to enhance the capabilities of intelligent computing terminals and create a billion-level scale for local enterprises [12]. - It promotes the mass production of AI computers and smartphones, as well as the development of plug-and-play edge solutions [12]. Domestic EDA and Testing Equipment - New domestic EDA software and high-end testing equipment have been introduced, showcasing advancements in high-end measurement and industrial software [12]. - Taiwan Semiconductor Manufacturing's Q3 results exceeded expectations, indicating strong demand driven by AI and high-performance computing [12].

Market Overview - The computer equipment sector increased by 1.81% on October 21, with MicroPort leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Top Performers - MicroPort (code: 920198) closed at 13.13, with a significant increase of 30.00% and a trading volume of 228,400 shares, amounting to a transaction value of 282 million yuan [1] - Xiling Information (code: 300588) rose by 12.40% to close at 30.36, with a trading volume of 327,200 shares and a transaction value of 957 million yuan [1] - Longke Technology (code: 300042) increased by 6.91% to close at 30.34, with a trading volume of 402,100 shares and a transaction value of 122.5 million yuan [1] Sector Fund Flow - The computer equipment sector saw a net inflow of 1.543 billion yuan from institutional investors, while retail investors experienced a net outflow of 930 million yuan [2] - The main funds showed a net inflow in several stocks, including Zhongke Shuguang (code: 603019) with a net inflow of 571 million yuan [3] Notable Decliners - Allianz Vision (code: 301042) saw a decline of 4.30%, closing at 61.88, with a trading volume of 34,300 shares and a transaction value of 212 million yuan [2] - Zhongwei Electronics (code: 300270) decreased by 2.33% to close at 12.13, with a trading volume of 569,200 shares and a transaction value of 68.5 million yuan [2]

Group 1 - The A-share market opened higher with the ChiNext index increasing by 1.8%, led by sectors such as combustible ice, cultivated diamonds, and storage chips [1] - The AI ETF (515070) rose by 1.45%, with significant gains in constituent stocks like Zhongji Xuchuang (up 5.23%), and other stocks such as Junsheng Electronics, Beijing Junzheng, Hengxuan Technology, Newyi Sheng, and Lankai Technology also experiencing increases [1] - Yushu Technology officially launched its new generation full-size bionic humanoid robot, Unitree H2, on October 20, featuring a height of 180 cm and a weight of 70 kg, with a significant increase in joint flexibility from 19 to 31 joints, marking a 63% improvement [1] Group 2 - The founder of Yushu Technology, Wang Xingxing, stated that the launch of H2 signifies a shift in humanoid robots from "moving machines" to "usable partners," with a design goal of serving people safely and friendly [1] - Zheshang Securities analysis indicates that the humanoid robot industry is transitioning from formation to expansion, with commercial viability expected as AGI technology continues to advance and supply chain dynamics improve, predicting a significant investment opportunity in the sector by 2025 [1] - The AI ETF (515070) tracks the CS Artificial Intelligence Theme Index (930713), focusing on companies providing technology, resources, and applications in the AI sector, with top-weighted stocks including Zhongji Xuchuang, Newyi Sheng, and others [2]