【私募调研记录】景林资产调研工业富联

Group 1: Core Insights - Industrial Fulian anticipates continued investment in data centers and computing power by cloud service providers in the next 3-5 years, with capital expenditures from US and Chinese cloud vendors expected to grow [1] - The company is confident in securing more orders due to its advantages in R&D, manufacturing, and vertical integration, with a positive outlook for Q2 server revenue and significant growth in annual cloud server revenue [1] - The production bottleneck for GB200 orders has been resolved, leading to a stable increase in shipment volume, while the GB300 model features enhanced performance and modular architecture with liquid cooling capabilities [1] Group 2: Company Overview - Shanghai Jinglin Asset Management Company is a private fund management firm focused on investing in domestic and foreign listed company stocks, registered with the Asset Management Association of China [2] - The firm has a strong track record of performance, with its Jinglin Stable Trust achieving a compound annual return of 26.84% as of April 2015, significantly outperforming the CSI 300 Index [2] - Jinglin's investment strategy emphasizes fundamental analysis and stock valuation, favoring companies with high entry barriers and strong negotiation power with suppliers and customers [2]