算力行情迈向新高！基金经理：需警惕估值风险

Core Viewpoint - The A-share computing power sector experienced a "deep V" trend in September, with a significant rebound following a brief decline, driven by positive news in the cloud computing industry [1][2]. Market Performance - The computing power sector saw a nearly 10% pullback in early September, but rebounded strongly after positive news, with cloud computing indices moving towards historical highs [2][3]. - Active equity funds have seen significant contributions from computing power themes, with leading stocks like "Yizhongtian" showing multiple-fold increases in share price [2][3]. - Following the announcement of a $300 billion computing power purchase order between OpenAI and Oracle, stocks such as Industrial Fulian and New Juyuan Network hit their daily limit up, and several cloud computing ETFs rose approximately 7% the day after the news [3]. Long-term Demand Support - There is a strong and ongoing global capital investment in computing power, with a consensus that the "arms race" for computing power will continue for years [6]. - The shift in domestic supply issues from external to internal factors indicates that the timing of supply activation is now under local control, suggesting a potential rebound in the computing power chain [6][7]. - The computing power sector is expected to see exponential demand growth driven by advancements in AI models and technology, with specific components like GPUs, ASIC chips, and optical modules poised to benefit [7][8]. Valuation Concerns - Despite the long-term positive outlook, the cloud computing sector is currently considered "not cheap," with a price-to-earnings ratio of 122 as of September 17, placing it in the 91.8 percentile over the past five years [10]. - Some fund managers have acknowledged the need for caution regarding valuation risks, indicating that if demand issues arise in North America or if technology iterations slow down, the current valuation framework may need to be reassessed [10].