Group 1 - The A-share market experienced fluctuations after a strong opening, with technology sectors like computing chips, semiconductors, and humanoid robots leading the gains [1] - The domestic computing industry chain is benefiting from multiple favorable catalysts, including Haiguang Information's announcement to open its CPU interconnect bus protocol (HSL) to industry partners, enhancing system connectivity and promoting standardization [1] - Alibaba has significantly increased its AI investments, with Q2 capital expenditures reaching 38.6 billion yuan, a 57.1% quarter-on-quarter increase, and plans to issue $3.2 billion in zero-coupon convertible bonds to strengthen cloud infrastructure [1] Group 2 - Lianqi Technology achieved record high performance in Q2 2025, with revenue of 1.411 billion yuan, a 52.12% year-on-year increase, and a net profit of 634 million yuan, up 71.40% [2] - The company capitalized on AI industry trends, with significant increases in shipments of DDR5 memory interface chips and high-performance computing chips, leading to a revenue of 2.461 billion yuan in H1 2025, a 61.00% year-on-year growth [2] - The domestic AI industry is expected to accelerate, with DeepSeek leading the collaboration between domestic AI computing and major model software and hardware, indicating new opportunities for growth [3]

Core Viewpoint - The A-share Xinchuang sector is experiencing a collective rise, driven by news investigations and policy announcements, with the Xinchuang 50 ETF showing significant gains [1][3]. Group 1: Market Performance - The Xinchuang 50 ETF (560850) saw an intraday increase of nearly 2% [1]. - Major stocks in the Xinchuang 50 ETF performed well, with Zhongke Shuguang hitting the daily limit, and Haiguang Information rising over 8%, both reaching historical highs [3]. - Other notable performers included Inspur Information and Yuntian Lefe, both up over 3%, while Kingsoft Office and Softcom Power increased by over 1% [3]. Group 2: Financial Performance - According to Guosen Securities, the computer sector's revenue for the first half of 2025 reached 612 billion yuan, a year-on-year increase of 10.9% [5]. - The net profit attributable to shareholders for the same period was 12.8 billion yuan, reflecting a year-on-year growth of 41.9% [5]. - The second quarter of 2025 saw a revenue of 330 billion yuan, up 7.5% year-on-year and 17.0% quarter-on-quarter [5]. Group 3: Policy and Industry Trends - The Chinese government emphasizes high-level technological self-reliance as a development priority, aiming to enhance core technology research and development [7]. - The Xinchuang industry is expected to accelerate due to improved performance among major listed companies and ongoing policy support [7]. - The recent security assessment results indicate a growing number of core manufacturers entering the Xinchuang sector, further propelling its development [7]. Group 4: Investment Opportunities - The DeepSeek concept stocks hold a significant weight of 48.1% in the Zhongzheng Xinchuang Index, indicating strong market interest [8]. - The Xinchuang 50 ETF primarily focuses on computer software (43%), cloud services (23%), computer equipment (18%), and semiconductors (13%), aligning with the long-term trend of "domestic substitution" [8].

Group 1 - The China Securities Information Technology Application Innovation Industry Index (931247) has seen a strong increase of 1.70% as of September 16, 2025, with notable gains from constituent stocks such as Zhongke Shuguang (603019) up 8.49%, Foxit Software (688095) up 6.41%, and Haiguang Information (688041) up 6.31% [3] - The Xinchuang ETF (562570) has risen by 1.51%, with a latest price of 1.48 yuan, and has accumulated a weekly increase of 4.07% as of September 15, 2025, ranking in the top third among comparable funds [3] - The Xinchuang ETF has shown significant liquidity with an intraday turnover of 4.76% and a transaction volume of 25.2587 million yuan, while the average daily transaction volume over the past month reached 80.0323 million yuan, ranking first among comparable funds [3] Group 2 - The Xinchuang ETF closely tracks the China Securities Information Technology Application Innovation Industry Index, which selects up to 50 listed companies involved in various segments such as basic hardware, software, application software, information security, and external devices [4] - As of August 29, 2025, the top ten weighted stocks in the index include Zhongke Shuguang (603019), Haiguang Information (688041), and others, collectively accounting for 50.4% of the index [4] - The top ten stocks by weight include Hengsheng Electronics (600570) at 6.07%, Zhongke Shuguang (603019) at 5.58%, and Haiguang Information (688041) at 5.09%, among others [6]

Core Insights - The article emphasizes the importance of computing power as a core competitive element in regional economic development, particularly in the context of the "East Data West Computing" initiative and the implementation of "AI+" actions [1] - Jinan High-tech Zone is undergoing its third entrepreneurial phase aimed at leading regional development by building a comprehensive computing power ecosystem [1][4] Group 1: Power Infrastructure - The demand for reliable electricity for AI computing centers and data centers is surging, leading to structural transformation and technological upgrades in China's power industry [2] - Companies like Hongsheng Huayuan and Huaming Electric Equipment are capitalizing on opportunities in the ultra-high voltage and renewable energy sectors, with Hongsheng's net profit increasing by 96.3% year-on-year in the first half of 2025 [2] - Huaming's export revenue from power equipment grew by 45.21% year-on-year, with indirect exports increasing by 84.03% [2] Group 2: Software and Services - Companies in Jinan High-tech Zone are integrating AI and low-code technologies to enhance the intelligence of power systems, with Jicheng Electronics reporting a 36.26% year-on-year increase in revenue from its energy digitalization business [3] - Shandong Shanda Electric Technology successfully listed on the Growth Enterprise Market, filling a critical gap in the capital market for intelligent operation and new energy consumption [3] Group 3: Computing Power Ecosystem - Jinan High-tech Zone is recognized for producing half of the global AI servers, with Inspur leading the charge in transitioning from hardware manufacturing to intelligent computing services [4][5] - The establishment of the "Meta Brain Computing Factory" by Inspur demonstrates rapid construction and energy-efficient standards, with a construction time reduced by nearly 80% compared to traditional methods [4] Group 4: Industry Expansion - Companies are leveraging stable energy supply and advanced computing facilities to expand AI application scenarios across various sectors, including mining and information security [6][7] - Cloud Ding Technology, in collaboration with Huawei, developed the world's first AI model for the mining industry, enhancing safety and operational efficiency [6] Group 5: Capital Market Support - Jinan High-tech Zone has established a comprehensive capital market service system to support the growth of listed companies, which now number 19 and account for 40% of Jinan's total [8] - The region's listed companies have a combined market value exceeding 200 billion yuan, contributing significantly to the local economy [8]

Core Points - The stock price of Inspur Information has increased by 10.43% over the last three days, closing at 64.08 CNY per share with a market capitalization of 943.34 billion CNY [1] - Inspur Information's main business revenue is derived from server products (93.88%), with storage and switching products contributing 6.03% [1] Group 1: Stock Performance - Inspur Information's stock rose by 0.14% on September 12, with a trading volume of 62.23 billion CNY and a turnover rate of 6.59% [1] - The stock has experienced a continuous increase for three days, accumulating a total gain of 10.43% [1] Group 2: Shareholder Information - The largest circulating shareholder of Inspur Information is the Jiashi Fund, which increased its holdings in the Jiashi CSI 300 ETF by 832,200 shares in Q2, now holding 8.27 million shares, representing 0.56% of circulating shares [2] - The Jiashi CSI 300 ETF has generated a return of 18.04% year-to-date and 46.05% over the past year [2] Group 3: Fund Manager Performance - The Jiashi CSI 300 ETF is managed by He Ru and Liu Jiayin, with He Ru having a tenure of 11 years and a best fund return of 190.31% [3] - Liu Jiayin has a tenure of 9 years with a best fund return of 184.87% [3] Group 4: Fund Holdings - The Jiashi CSI Information Security Theme ETF has reduced its holdings in Inspur Information by 5,300 shares, now holding 69,900 shares, which accounts for 4.67% of the fund's net value [4] - This ETF has achieved a year-to-date return of 18.69% and a one-year return of 75.52% [4]

Core Viewpoint - A new microfluidic structure called "manifold-microjet-serrated microchannel" has been developed, achieving a super high heat flux density of 3000 W/cm² for chip cooling, while reducing cooling power consumption to 0.9 W/cm², providing a significant advancement for next-generation high-performance chip thermal management [1] Company and Industry Summary - Over 30 liquid cooling concept stocks in the A-share market, with 7 stocks doubling in price this year, including Siquan New Materials (301489) with a price increase of over 365%, primarily focusing on liquid cooling modules [1] - Other notable stocks that have doubled in price include Dayuan Pump Industry (603757), Yingweik (002837), Feilong Co., Ltd. (002536), and Rongyi Precision [1] - Since the second half of the year, multiple liquid cooling concept stocks have attracted institutional research, including Feilong Co., Ltd., Yimikang (300249), Yinlun Co., Ltd. (002126), Lingyi Zhizao (002600), Suzhou Tianmai (301626), and Huafeng Aluminum (601702) [1] - From the perspective of institutional interest, 15 liquid cooling concept stocks have received attention from 3 or more institutions, with Yinlun Co., Ltd., Inspur Information (000977), and Yingweik receiving attention from over 20 institutions [1]

Summary of Key Points from the Conference Call Industry Overview - The conference focused on the **indigenous AI supply chain in China**, highlighting the growth potential and challenges within the sector [1][4]. Core Insights 1. **AI Chip Demand Growth**: - AI chip unit demand is projected to grow at a **CAGR of nearly 40% by 2027**, with locally developed chips expected to gain market share [1][4]. - Demand for **2-3 million AI chips** is estimated for 2025, with **Huawei** and **Cambricon** expected to ship **600k** and **140k** units respectively [3][4]. 2. **Local Memory Solutions**: - **CXMT**, China's largest DRAM maker, plans to build **HBM capacity**, with **HBM2e** already sampled and **HBM3** expected by the end of 2025 [3][4]. - The qualification of locally produced HBM chips is anticipated to take time, but capacity will support the ramp-up of AI chips in **2H26** [3][4]. 3. **Open Source Ecosystems**: - The industry is moving towards open-source ecosystems, with **China Mobile** announcing a **Rmb5.1 billion** AI server tender, where **70%** of servers are based on Huawei's open-sourced **CANN** platform [3][4]. 4. **Networking Bottlenecks**: - Local AI chip suppliers face performance losses due to inter-chip communication, with losses estimated at **40-50%** for local solutions compared to **20-30%** for Nvidia's offerings [4][5]. 5. **Indigenous AI Supply Chain Enablers**: - Companies like **Huaqin** and **Inspur** are positioned to benefit from the increasing shipments of local AI solutions, with a positive sentiment expected to persist in the market [4][5]. Additional Important Insights - The mix of AI chips in China is currently around **50:50** for training and inference, but it is estimated that **70%-75%** of future AI chips will be inference-based, primarily supplied by local vendors [3][4]. - The indigenous AI supply chain is expected to see a **3-4x year-on-year increase** in local capacity by 2025, which is particularly beneficial for non-Huawei players [3][4]. - The **A-share Tech index** increased by **27%** during the same period that **Cambricon** saw over a **100%** increase in stock value, indicating strong market performance [4][5]. Conclusion - The indigenous AI supply chain in China is poised for significant growth, driven by increasing demand for AI chips, advancements in local memory solutions, and a shift towards open-source ecosystems. Companies like Huaqin and Inspur are well-positioned to capitalize on these trends, while challenges such as networking bottlenecks remain to be addressed.

（2025年9月修订） 浪潮电子信息产业股份有限公司 股东会议事规则 第一章 总 则 第一条 为规范浪潮电子信息产业股份有限公司（以下简称 "公司"或"本公司"）股东会议事行为，提高议事效率，保证 股东合法权益，根据《中华人民共和国公司法》（以下简称《公 司法》）、《中华人民共和国证券法》（以下简称《证券法》）、 《上市公司股东会规则》《上市公司治理准则》《上市公司章程 指引》《深圳证券交易所股票上市规则》《深圳证券交易所上市 公司自律监管指引第1号—主板上市公司规范运作》等法律法规、 规范性文件以及《浪潮电子信息产业股份有限公司章程》（以下 简称《公司章程》）的有关规定，制定本议事规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用 本议事规则。 第三条 公司应当严格按照法律法规、规范性文件、《公司 章程》及本议事规则的相关规定召开股东会，保证股东能够依法 行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公 司全体董事应当勤勉尽责，确保股东会正常召开和依法行使职权。 - 1 - 第四条 股东会分为年度股东会和临时股东会。年度股东会 每年召开1次，应当于上一会计年度结束后的6个月内举行。 ...

浪潮电子信息产业股份有限公司 | | | | 第一章 | 总则 - | 3 | - | | --- | --- | --- | --- | | 第二章 | 经营宗旨和范围 | - 5 | - | | 第三章 | 股份 - | 7 | - | | 第一节 | 股份发行 | - 7 | - | | 第二节 | 股份增减和回购 | - 9 | - | | 第三节 | 股份转让 - | 11 | - | | 第四章 | 股东和股东会 - | 12 | - | | 第一节 | 股东的一般规定 - | 12 | - | | 第二节 | 控股股东和实际控制人 - | 16 | - | | 第三节 | 股东会的一般规定 - | 18 | - | | 第四节 | 股东会的召集 - | 21 | - | | 第五节 | 股东会的提案与通知 - | 23 | - | | 第六节 | 股东会的召开 - | 25 | - | | 第七节 | 股东会的表决和决议 - | 29 | - | | 第五章 | 董事会 - | 35 | - | | 第一节 | 董事的一般规定 - | 35 | - | | 第二节 | 董事会 - | 40 | ...

浪潮电子信息产业股份有限公司 董事会议事规则 （2025年9月修订） 第一章 总则 第一条 为维护浪潮电子信息产业股份有限公司（以下简称 "公司"或"本公司"）和全体股东的合法权益，规范董事会的 议事方式和表决程序，确保董事会落实股东会决议，提高工作效 率，保证科学决策，根据《中华人民共和国公司法》（以下简称 《公司法》）、《中华人民共和国证券法》、《上市公司治理准 则》、《上市公司章程指引》、《深圳证券交易所股票上市规则》 （以下简称《上市规则》）等法律法规、规范性文件及《浪潮电 子信息产业股份有限公司章程》（以下简称《公司章程》）的规 定，制定本议事规则。 第二条 董事会对股东会负责。董事会会议是董事会议事的 主要形式，董事按规定参加董事会会议是履行董事职责的基本方 式。 第二章 董事和董事会职权 第三条 董事会是股东会的执行机构，执行股东会审议通过 的各项决议，对股东会负责并报告工作。 - 1 - 第四条 董事会由七名董事组成，其中职工代表董事一名， 独立董事三名，设董事长一人、副董事长一人。董事长和副董事 长由董事会以全体董事的过半数选举产生。 第五条 有《公司法》第一百七十八条规定的情形及其他法 律 ...