Jin Rong Jie·2025-07-31 02:31Core Viewpoint - The A-share computing power sector is experiencing a strong performance driven by increased expectations for computing power from leading US stocks, particularly in the cloud computing ETF market, which saw a significant rise in trading volume and price [1][3]. Group 1: Market Performance - The cloud computing ETF (159890) surged by 2.18% with a trading volume exceeding 23 million yuan [1]. - Key stocks in the sector, such as Yidian Tianxia, Zhongji Xuchuang, and Fanwei Network, saw gains of over 8% and 6% respectively [3]. Group 2: Capital Expenditure Insights - Microsoft and Meta have raised their capital expenditure (Capex) forecasts, with Microsoft projecting a Capex of $17.079 billion for Q2 2025, a year-on-year increase of 23% and a quarter-on-quarter increase of 2% [4]. - Meta's Capex for 2025 has been adjusted to between $66 billion and $72 billion, with expectations for 2026 to exceed $100 billion, reflecting a 46% year-on-year increase [4]. - The combined Capex of major cloud service providers, including Meta, Microsoft, Amazon, and Alphabet, is expected to surpass $320 billion in 2025, representing a year-on-year growth of over 35% [4]. Group 3: AI Sector Analysis - Since Q2 2025, the AI sector in the US stock market has shown strong performance, with key AI application companies experiencing a market capitalization increase of up to 102% [5]. - The valuation gap between key AI application companies and the S&P North American technology software companies has returned to historical highs, indicating renewed market optimism driven by AI [5]. Group 4: Domestic Developments - At the recent World Artificial Intelligence Conference, Huawei unveiled its Ascend 384 super node, which aims to compete with Nvidia's GB200NVL72, marking a significant advancement in domestic computing power [6]. - The Ascend 384 super node consists of 16 units, optimizing system engineering and structure to enhance performance, potentially catalyzing the domestic computing power industry [6]. Group 5: ETF Composition - The cloud computing ETF (159890) tracks the CSI Cloud Computing and Big Data Theme Index, which includes 50 companies involved in cloud computing services and related hardware [7]. - The top ten weighted stocks in the ETF include notable companies such as iFLYTEK, Kingsoft Office, and Inspur Information, representing key players in the AI industry chain [7].