Core Viewpoint - The company has successfully implemented mass deployment of liquid-cooled servers across various industries, and its "All in liquid cooling" strategy has gained market recognition [1] Group 1 - As of now, the company's liquid-cooled servers have been deployed in numerous industries and fields [1] - The "All in liquid cooling" strategy has received market acceptance [1] - The product gross margin is influenced by multiple factors including customer structure, product structure, supply conditions, and market competition [1]

证券日报网讯浪潮信息（000977）11月13日在互动平台回答投资者提问时表示，作为液冷领域先行者， 公司发布了全栈液冷产品，全线服务器产品均支持冷板式液冷，并从部件、整机到数据中心，持续进行 液冷产品创新。 ...

Core Insights - The company has launched a full-stack liquid cooling product line, supporting cold plate liquid cooling across all server products, and is innovating continuously in liquid cooling technology [1] - The company offers a comprehensive lifecycle solution for liquid cooling data centers, from planning and design to construction and implementation, aimed at creating energy-efficient data centers [1] - The company holds over 800 core patents in the liquid cooling technology field and has participated in the formulation of more than 20 design standards related to cold plate and immersion liquid cooling [1] - The company has led the drafting of the first domestic standards for core components of cold plate liquid cooling and the first technical standards for liquid-gas heat exchange liquid cooling data centers, laying the groundwork for global expansion of domestic liquid cooling solutions [1] - The company's liquid cooling servers have been deployed in various industries, and its "All in liquid cooling" strategy has gained market recognition [1] R&D and Market Position - The company has made significant advancements in liquid cooling technology, including cold plate and immersion cooling, and has established a strong patent portfolio [3] - The company's liquid cooling solutions are competitive in the market, with a focus on maintaining a strong position and market share [3] - The company is actively seeking orders or procurement agreements from leading customers in anticipation of market demand for the upcoming year [3]

Core Viewpoint - The company has faced questions regarding the profitability of its liquid cooling servers, particularly why this is not reflected in its financial statements and earnings [1] Group 1: Company Response - The company stated that its liquid cooling servers have been successfully deployed in various industries and that its "All in liquid cooling" strategy has gained market recognition [1] - The profitability of liquid cooling products is influenced by multiple factors, including customer structure, product structure, supply conditions, and market competition [1] - The company emphasized that specific operational data should be referenced from its financial disclosures [1]

Core Viewpoint - The company has successfully deployed liquid-cooled servers in various industries, and its "All in liquid cooling" strategy has gained market recognition [1] Summary by Relevant Categories Product Deployment - The company's liquid-cooled servers have achieved large-scale deployment across numerous industries and fields [1] Market Strategy - The "All in liquid cooling" strategy has received market recognition, indicating a positive reception from customers and stakeholders [1] Profitability Factors - The product gross margin is influenced by multiple factors, including customer structure, product structure, supply conditions, and market competition [1]

Market Performance - On November 13, the Shandong state-owned enterprise reform sector rose by 1.17%, with Furi Shares leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Top Gainers in Shandong State-Owned Enterprises - Key stocks in the Shandong state-owned enterprise reform sector included: - Qirui Shares (002083) closed at 10.51, up 10.05% with a trading volume of 182,000 shares and a turnover of 191 million yuan [1] - Shida Shenghua (603026) closed at 91.38, up 10.00% with a trading volume of 72,400 shares and a turnover of 655 million yuan [1] - Jiga Development (600807) closed at 3.88, up 9.92% with a trading volume of 561,900 shares and a turnover of 216 million yuan [1] Market Capital Flow - The Shandong state-owned enterprise reform sector experienced a net outflow of 132 million yuan from institutional investors, while retail investors saw a net inflow of 138 million yuan [2] - The top stocks by net inflow from retail investors included: - Qirui Shares (002083) with a net inflow of 64.38 million yuan, accounting for 33.65% of its trading volume [3] - ST Chenming (000488) with a net inflow of 38.29 million yuan, accounting for 29.70% of its trading volume [3] Notable Decliners - Some stocks in the sector faced declines, including: - Shandong High-speed (600350) closed at 9.37, down 1.99% with a trading volume of 97,100 shares and a turnover of 9.13 million yuan [2] - Shandong High-tech (000803) closed at 8.50, down 2.52% with a trading volume of 1,180,500 shares and a turnover of 1.06 billion yuan [2]

Market Overview - The Shanghai Composite Index fell by 0.39% on November 11, with 15 out of the 28 sectors rising, led by retail and real estate, which increased by 1.43% and 0.81% respectively [2] - The sectors that experienced the largest declines were telecommunications and electronics, down by 2.20% and 1.74% respectively, with the computer industry also ranking third in terms of decline [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 56.242 billion yuan, with five sectors seeing net inflows [2] - The banking sector led the net inflow with 0.35% increase and 808 million yuan net inflow, followed by the steel sector with a 0.62% increase and 391 million yuan net inflow [2] - A total of 26 sectors experienced net capital outflows, with the electronics sector leading at 13.026 billion yuan, followed by the computer sector with 7.028 billion yuan outflow [2] Computer Industry Performance - The computer industry declined by 1.41% with a net capital outflow of 702.8 million yuan, out of 335 stocks in the sector, 81 rose while 241 fell [3] - Among the stocks with net inflows, 104 saw capital inflows, with nine stocks exceeding 50 million yuan in net inflow, led by Dahua Intelligent with 261 million yuan [3] - The stocks with the largest capital outflows included Zhina Zhen with 1.049 billion yuan, followed by Keda Xunfei and Inspur Information with outflows of 469 million yuan and 433 million yuan respectively [5]

Core Insights - The company Inspur Information (000977) has filed an international patent application titled "Data Transmission Method, Device, Storage Medium, and Computer Program Product" with the application number PCT/CN2025/087034, which is set to be published internationally on November 6, 2025 [1] Group 1: Patent Activity - Inspur Information has announced a total of 6 international patent applications this year, representing a 90% decrease compared to the same period last year [4] - The recent patent application indicates the company's ongoing efforts in innovation despite the decline in the number of applications [1][4] Group 2: R&D Investment - In the first half of 2025, Inspur Information invested 1.49 billion yuan in research and development, which is a year-on-year increase of 7.29% [4]

Investment Rating - The industry investment rating is "Outperform the Market" [21] Core Viewpoints - The report emphasizes that the implementation of the "Implementation Opinions" by the State Council will accelerate the development of China's artificial intelligence industry [3][7] - The Kimi K2 Thinking model, released by the company "月之暗面," ranks third globally in performance, indicating that domestic large models are continuously improving and adapting well to domestic accelerated computing chips [9][17] - The report suggests a strong outlook for the AI industry in China, driven by the competitive landscape of global AI large models and the ongoing iteration of domestic models [17] Summary by Sections Industry News and Commentary - The State Council issued the "Implementation Opinions" on November 7, which includes five parts aimed at fostering the application of new technologies and products in various economic and social scenarios [3][6] - The report notes that the Kimi K2 Thinking model has achieved state-of-the-art performance in several benchmark tests, enhancing its capabilities in complex reasoning and tool usage [9][17] Key Company Announcements - "浪潮信息" announced the progress of its share repurchase, having repurchased 1,551,866 shares at a total cost of approximately 96.99 million yuan [10] - "东华软件" disclosed two investment announcements, including the establishment of an AI research institute and a technology company with a total investment of 35 million yuan [10] - "国能日新" announced a joint venture for energy storage with a registered capital of 40 million yuan [10] Weekly Market Review - The computer industry index fell by 2.54% this week, underperforming the CSI 300 index, which rose by 0.82% [11][14] - The overall P/E ratio for the computer industry is 56.0 times, with 359 A-share component stocks, of which 98 rose, 2 remained flat, and 257 fell [14] Investment Recommendations - The report recommends focusing on AI-related investment opportunities, particularly in AI computing power and algorithms, highlighting companies such as 海光信息, 龙芯中科, and 恒生电子 [17]

Core Insights - The article emphasizes the significant advancements in artificial intelligence (AI) and intelligent computing capabilities in China, highlighting the government's support for innovation in AI technologies and infrastructure [1][5]. Group 1: Intelligent Computing Infrastructure - As of June 2023, China's operational computing center has reached a total scale of 10.85 million standard racks, with intelligent computing capabilities at 78.8 billion billion operations per second and storage exceeding 1,680 exabytes [1]. - The government has initiated policies to enhance the supply and accessibility of intelligent computing resources, aiming for economic efficiency and sustainability [5]. Group 2: Applications in Research and Development - AI technologies are driving significant changes in research methodologies, particularly in fields like computational biology, where intelligent computing has accelerated the analysis of complex biological data [3][4]. - Collaborations between universities and computing companies are fostering the application of intelligent computing in scientific research, enhancing the speed and accuracy of discoveries [3][4]. Group 3: Industry Applications and Innovations - Companies like Yili are leveraging AI and intelligent computing to create health profiles for livestock, improving monitoring and management efficiency in dairy production [5][6]. - The development of over 800 intelligent agents by Yili has optimized supply chain scenarios, significantly reducing risks related to inventory and logistics [6]. Group 4: Technological Advancements - Innovations in computing architecture, such as the development of ultra-node AI servers, are enabling faster and more cost-effective processing of AI models [8]. - The establishment of the "Ultra-node Computing Cluster Innovation Alliance" aims to enhance collaboration among various stakeholders in the AI and computing sectors, focusing on protocol development and application deployment [9]. Group 5: Educational and Collaborative Efforts - Companies are actively collaborating with academic institutions to develop intelligent computing solutions, contributing to the training of skilled professionals in the field [10]. - The integration of self-developed AI acceleration cards and collaborative research teams is fostering innovation and practical skills among young talents [10].