Sugon(SH:603019) BOHAI SECURITIES·2025-11-14 01:47Macro and Strategy Research - The A-share market is expected to continue a volatile trend, with measures in place to prevent sharp rises and falls, indicating a preference for a "slow bull" market approach [2][3][4] - Recent market performance shows mixed results, with the Shanghai Composite Index up by 0.54% and the ChiNext Index down by 0.71% over the past five trading days [2] - The trading volume has slightly decreased, with a total of 10.15 trillion yuan traded, averaging 2.03 trillion yuan per day, which is a reduction of 22.836 billion yuan compared to the previous five-day average [2] Industry Research - The computer industry is experiencing a new catalyst with the introduction of supernode technology, particularly focusing on domestic AI computing power and applications [5][7] - The recent World Internet Conference highlighted the "Zero Carbon Space Computing Center," showcasing advancements in technology [5] - The performance of the computer industry shows a significant profit increase year-on-year, driven by the ongoing effects of the AI industry and the steady progress of domestic substitution [7] - The release of the world's first single-cabinet 640-card supernode by Inspur is a notable development, indicating a trend towards enhanced AI computing infrastructure [7] - The demand for AI computing power is expected to grow, supported by high capital expenditure from cloud vendors and the gradual formation of a domestically controlled computing power industry chain [7]