Cambricon(SH:688256) Sou Hu Cai Jing·2025-10-12 21:16Group 1 - The core viewpoint of the news highlights the impact of recent policy announcements on the computing power leasing sector, particularly the significant increase in capital inflow into Industrial Fulian, which saw a 5% rise during trading but closed with a more modest increase of 1.3% due to external market pressures [1] - The "Implementation Plan for Promoting Innovative Development of Service-Oriented Manufacturing (2025-2028)" emphasizes the importance of computing power infrastructure alongside 5G and industrial internet, aiming to avoid blind expansion and set a target of creating 100 innovation development hubs by 2028 [3] - Data from the China Academy of Information and Communications Technology indicates that the computing power market in China is expected to reach 285 billion yuan in 2024, with AI computing power accounting for over 32%, and this proportion is projected to exceed 40% by 2025 due to policy drivers [3] Group 2 - The global stock market experienced a significant downturn on October 10, with major indices dropping over 3% due to delayed expectations for Federal Reserve interest rate cuts, which negatively affected investor sentiment in the A-share market, leading to a net outflow of 4.6 billion yuan from northbound funds on October 11 [5] - Despite external volatility, internal liquidity in the A-share market remains strong, with Morgan Stanley reporting a net inflow of 4.6 billion USD from foreign investors in September, and insurance capital entering the market with an additional 60 billion yuan [5] - The technology sector is under pressure, with the STAR 50 Index showing a cumulative increase of 51.2% in the first three quarters, indicating potential for short-term corrections due to high valuations in the AI computing power sector [5] Group 3 - There is a potential for market stabilization through brokerage stocks, as historical data suggests that during periods of intensive policy announcements, brokerage sectors tend to outperform the market by an average of 4% [7] - The focus on liquid cooling technology in computing infrastructure is highlighted, with companies like Shuguang Shuchuang seeing a 300% increase in order volume due to compliance with green standards [7] - Companies in the AI application sector, such as Tuolsi and iFlytek, may face performance verification risks as upcoming quarterly reports could reveal that AI business revenue constitutes less than 20%, leading to potential downward pressure [9] Group 4 - Recent movements in private equity capital signal a reverse trend, with private equity funds accelerating exits from technology projects, which may increase selling pressure in the short term [10]