山西证券：研究早观点-20241018

Group 1: Inspur Information (000977.SZ) - The company reported Q3 revenue and net profit growth exceeding expectations, driven by strong demand for AI computing power [3][4] - For the first three quarters of 2024, the company expects revenue of approximately 81.8 billion yuan, a year-on-year increase of about 70%, and a net profit attributable to shareholders of 1.25-1.35 billion yuan, representing a growth of 61.34%-74.24% [3][4] - The growth is attributed to increased AI computing power procurement by major domestic internet companies, with combined capital expenditures from Baidu, Alibaba, and Tencent reaching 22.9 billion yuan in Q2 2024, a 69% year-on-year increase [4] Group 2: Haiguang Information (688041.SH) - The company reported Q3 revenue growth exceeding expectations, with a 55.64% year-on-year increase to 6.137 billion yuan for the first three quarters of 2024, and a net profit of 1.526 billion yuan, up 69.22% [6][7] - In Q3 alone, revenue reached 2.374 billion yuan, a 78.33% increase year-on-year, while net profit surged by 199.90% to 672 million yuan [6][7] - The growth is driven by the rapid advancement of domestic AI computing demand and the increasing recognition of the company's CPU and DCU products, leading to a significant rise in gross margin to 69.13% in Q3 [6][7] Group 3: Fixed Income Market Insights - The interest rate swap curve indicates that the market is in a monetary easing cycle, with expectations for future interest rate cuts [8][9] - The curve suggests that the central bank's open market operations (OMO) will lead to a new funding rate center around 1.68% in the near future, with a high probability of further rate cuts in the coming months [8][9] - The bond market is expected to experience a range-bound fluctuation as the equity market stabilizes, with ongoing monetary policy support for a bond bull market [9]