GOLDEN SUN SECURITIES·2025-08-17 07:07Investment Rating - The report maintains a "Buy" rating for key companies in the computing power industry, specifically recommending companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [14][9][8]. Core Insights - The computing power industry is entering a phase of rapid growth, driven by significant capital expenditure from major CSPs towards AI computing power [24][3]. - The macroeconomic environment, particularly the strong expectations for interest rate cuts in North America, is expected to enhance the long-term value of growth stocks, particularly in the tech sector [25]. - AI applications are reaching a profitability inflection point, with leading companies leveraging their advantages to penetrate vertical markets [26][2]. - The demand for computing power is becoming increasingly critical, with major companies like Meta and OpenAI planning substantial investments in data center infrastructure [27][3]. - The industry is characterized by a "stronger getting stronger" dynamic, with established players solidifying their market positions through technological advantages and deep customer relationships [29][7]. Summary by Sections Macroeconomic Perspective - The expectation of interest rate cuts in the U.S. is likely to reduce debt costs for AI companies, alleviating financial pressure and encouraging further investment in R&D and acquisitions [25][24]. Mid-level Perspective - AI applications are accelerating in both technological advancements and user adoption, with significant growth in user numbers for platforms like GPT [26][2]. - The profitability of AI applications is transitioning from experimental phases to established business models, with major players expanding into new verticals [26][2]. Micro-level Perspective - The computing power market is witnessing a solid oligopoly, with domestic companies like Zhongji Xuchuang and Xinyi Sheng gaining a competitive edge through specialized technology and long-term partnerships with overseas clients [29][7]. - Innovations in computing infrastructure, particularly in optical communication and liquid cooling technologies, are expected to enhance efficiency and performance [29][8]. Investment Recommendations - The report recommends focusing on leading companies in the computing power supply chain, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, as well as companies involved in liquid cooling solutions [9][8][29].