Core Viewpoint - The article highlights the significant development of Chaopujian Digital Technology Co., Ltd. (超聚变), which has rapidly grown to become a major player in China's computing power industry and is now preparing for an IPO, marking a key milestone in the capital market for the sector [1][2]. Company Development - Chaopujian was established in September 2021 after Huawei's strategic adjustment led to the spin-off of its x86 server business, raising initial concerns about its survival without Huawei's brand and ecosystem [4]. - The company has successfully stabilized its operations by retaining its core team and maintaining existing client relationships, leading to impressive revenue growth from over 100 billion yuan in 2022 to more than 400 billion yuan projected for 2024 [5]. - The company has positioned itself strategically in the AI server market and has made early investments in liquid cooling technology, anticipating trends in domestic production and green computing [5][6]. Market Position and Strategy - By mid-2025, Chaopujian achieved a sales figure of 268 billion yuan, ranking second in the domestic server market and first in the liquid cooling server segment [6]. - The company has developed a full-stack capability from hardware to solutions, focusing on AI and high-performance computing, as well as green computing technologies [6]. - Chaopujian's 2.0 strategy expands its business scope beyond basic computing infrastructure to include AI, data, computing, and energy solutions, with a new headquarters in Zhengzhou symbolizing this strategic upgrade [6]. IPO and Market Dynamics - The initiation of the IPO process is seen as a response to internal needs for funding to support R&D, capacity expansion, and market development [8]. - The ownership structure includes significant stakes from state-owned enterprises, indicating strong local government support for the company's growth and its role in developing the computing industry cluster in Henan province [9]. - The anticipated valuation for Chaopujian post-IPO is approximately 89 billion USD, reflecting its positioning as a stable technology platform rather than a speculative AI company [9]. Industry Context - The article notes that the demand for intelligent computing power in China is expected to reach 486 EFLOPS by 2025, significantly higher than in 2023, supported by government initiatives and funding for computing infrastructure [11][12]. - The rapid response of the capital market to the computing power sector is evident, with multiple companies in the field either preparing for IPOs or already listed, indicating a growing trend towards the commercialization of computing infrastructure [12].

Group 1 - The core viewpoint is that the GEO market in China is expected to grow significantly, with a projected year-on-year increase of over 200% by Q2 2025, and over 78% of business decision-makers prioritizing AI search optimization for digital transformation [1] - According to Guotai Junan Securities, large models are anticipated to serve as traffic entry points, potentially increasing user engagement and advertising space as traffic grows [1] - In the short to medium term, the monetization of large models is primarily through low advertising ratios, with many free consumer traffic in a monetization vacuum, allowing GEO companies to capitalize on this growth phase [1] Group 2 - As of January 12, 2026, the CSI Cloud Computing and Big Data Theme Index (930851) surged by 7.88%, with constituent stocks such as Toray, Hand Information, and Yidian Tianxia each rising by approximately 20% [1] - The Big Data ETF (159739) increased by 8.72%, marking its third consecutive rise, with the latest price reported at 1.91 yuan [1] - The CSI Cloud Computing and Big Data Theme Index tracks 50 listed companies involved in cloud computing and big data services, reflecting the overall performance of these sectors [2]

大数据ETF(159739)，场外联接(A：021090；C：021091；I：022882)。 大数据ETF紧密跟踪中证云计算与大数据主题指数，中证云计算与大数据主题指数选取50只业务涉及提 供云计算服务、大数据服务以及上述服务相关硬件设备的上市公司证券作为指数样本，以反映云计算与 大数据主题上市公司证券的整体表现。 数据显示，截至2025年12月31日，中证云计算与大数据主题指数(930851)前十大权重股分别为科大讯 飞、金山办公、中际旭创、新易盛、浪潮信息、中科曙光、紫光股份、恒生电子、润泽科技、拓维信 息，前十大权重股合计占比50.01%。 GEO概念全线爆发，AI大模型持续发展下，市场认为GEO推动广告投放升级，AI应用有望呈现高景 气。消息面上，马斯克当地时间1月10日在社交媒体平台X发文称，将在一周内正式开源X平台最新的内 容推荐算法。这一举动被市场普遍解读为"马斯克也要涉足GEO"。 太平洋证券认为，GEO生成式引擎优化是面向生成式AI应用的广告投放技术，其通过广告内容投喂， 使得广告内容被纳入AI信息库，进而提升广告内容在AI生成内容中的被引用概率。从投放策略来看， GEO不仅涉及投放执行 ...

Group 1 - The AI application and software sector is experiencing significant growth, with leading ETFs such as the software leader ETF (159899) rising over 8% and the cloud computing ETF (159890) increasing by 6.76% [1][2] - The cloud computing ETF (159890) tracks the cloud computing index, with IT services, horizontal general software, and vertical application software accounting for approximately 65% of its composition, indicating a deep investment in AI applications [1][4] - Major stocks in the software leader ETF include companies like Tuowei Information and Kingsoft, which are benefiting from the acceleration of AI applications and domestic replacements [2][6] Group 2 - The global AI computing power platforms are advancing, with Nvidia and AMD unveiling new platforms that are expected to transform AI computing capabilities [3] - The introduction of open-source models like DeepSeek is anticipated to enhance the development speed of vertical applications, allowing companies to explore and adjust applications independently [3][4] - The software leader ETF closely tracks the CSI All-Share Software Index, covering various software sectors, and is positioned as an efficient tool for investing in the AI and software sectors [6] Group 3 - The upcoming launch of the next-generation flagship model DeepSeek-V4 is expected to enhance code generation and long code context processing capabilities [7] - New player MiniMax has seen its market value exceed 100 billion HKD after a significant stock price increase, setting a new benchmark for AI model and application companies in China [7] - The competition among China's "AI four giants" has shifted from "Chat" to the "Agent" phase, indicating a new direction in AI model development [7]

Group 1 - AI software stocks experienced a significant rally on January 12, with the cloud computing ETF (159890) rising by 6.76%, and major stocks like iFlytek and Kingsoft increasing by over 8% and 7% respectively, while Runze Technology surged by over 17% [1] - The cloud computing ETF (159890) saw a net inflow of approximately 14 million yuan during intraday trading, indicating strong investor interest [1] - Several stocks, including Youfu Network, TaxFriend, and China Great Wall, hit the daily limit up, while Hand Information and Zhongke Star Map rose by over 17% [1] Group 2 - DeepSeek plans to launch its next-generation flagship model, DeepSeek-V4, in mid-February, focusing on enhancing code generation and long code context processing capabilities [3] - Zheshang Securities highlights DeepSeek's strengths in being open-source and cost-effective, making it one of the most user-friendly models for AI applications [3] - The demand for private and dedicated cloud models among large domestic clients, who are sensitive to data and security, is increasing, and DeepSeek's pricing is significantly lower than OpenAI's while outperforming many models [3] Group 3 - The cloud computing ETF (159890) tracks the CSI Cloud Computing and Big Data Theme Index, with IT services, horizontal general software, and vertical application software accounting for approximately 65% of the index, indicating a deep investment in AI applications [5] - The top ten constituent stocks of the index include leaders in optical modules, electronic terminals, and software development, suggesting a comprehensive solution for the AI computing era [5]

Group 1 - The AI application sector continues to surge, with the big data ETF Huabao (516700) experiencing a price increase of over 6%, marking a 12-day consecutive rise in daily trading volume [1] - Positive news includes the anticipated release of DeepSeek V4, which may surpass OpenAI GPT in AI programming capabilities, and Alibaba's Qwen 3.5, expected to enhance multimodal understanding and coding abilities [1] - The listing of Zhihui, the first global large model stock, on January 8 in Hong Kong, signifies a growing interest in AI models [1] Group 2 - Data centers are identified as the core infrastructure for AI, with a high demand for computing power driving growth in the IDC industry [2] - The North American and Chinese markets are highlighted as key growth areas, with significant projects still pending in overseas markets, while domestic demand is expected to rebound after a temporary slowdown due to import restrictions on computing cards [2] - The big data ETF Huabao (516700) passively tracks the CSI Big Data Industry Index, focusing on sectors like data centers and cloud computing, with major holdings in leading companies such as Inspur, iFlytek, and China Software [2]

Investment Rating - The industry investment rating is "Outperform the Market" which indicates an expected performance that exceeds the market by more than 5% over the next six months [23] Core Insights - The CES 2026 event highlighted the continuous enhancement of global AI computing power platforms, with significant advancements from major chip manufacturers like NVIDIA and AMD [3][5] - NVIDIA's Rubin platform has achieved full-scale production, while AMD introduced its Helios platform, showcasing the ongoing improvements in AI computing infrastructure that are expected to drive the global AI industry forward [6][19] - The report emphasizes the synergy between the enhancement of AI computing infrastructure and the iterative upgrades of global large models, which will foster sustained growth in the AI sector [3][19] Summary by Sections Industry News and Commentary - CES 2026 concluded on January 9, 2026, showcasing advancements in AI computing chips from companies like NVIDIA and AMD [3][6] - NVIDIA's Rubin platform is designed for building advanced AI supercomputers and is now in full production, with products expected to be available in the second half of 2026 [7] - AMD's Helios platform aims to provide significant computational power for large parameter model training, enhancing bandwidth and energy efficiency [8] Weekly Market Review - The computer industry index rose by 8.49% this week, outperforming the CSI 300 index by 5.70 percentage points [12] - As of the last trading day, the overall P/E ratio for the computer industry was 58.8 times, with 325 out of 359 A-share component stocks experiencing price increases [16] Investment Recommendations - The report suggests a strong focus on AI-related investment opportunities, particularly in AI computing and algorithms [19] - Recommended stocks in AI computing include Haiguang Information, Longxin Zhongke, and Inspur Information, while strong recommendations in AI algorithms include Hengsheng Electronics and Zhongke Chuangda [19]

Group 1: Market Overview - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 4,120.43, up by 0.92%, and the Shenzhen Component Index at 14,120.15, up by 1.15% [4]. Group 2: Industry Commentary on AI and Manufacturing - The Ministry of Industry and Information Technology, along with seven other departments, released the "Implementation Opinions on 'Artificial Intelligence + Manufacturing'" on January 7, aiming for significant advancements in the industrial AI sector by 2027. The goals include the deep application of 3-5 general large models in manufacturing, the creation of 100 high-quality datasets, and the cultivation of 2-3 globally influential enterprises [6]. - The opinions detail specific requirements in areas such as computing power, models, data, and application scenarios. For instance, it emphasizes breakthroughs in high-end training chips and intelligent cloud operating systems, as well as the development of industry-specific models [6]. - The report anticipates that the implementation of these opinions will accelerate the penetration of large models across the entire manufacturing process, enhancing areas such as design, production, and management [6]. - The penetration rate of AI applications in Chinese industrial enterprises is projected to rise significantly, from 9.6% in 2024 to 47.5% in 2025, with further rapid growth expected in 2026 due to policy support [6]. Group 3: Investment Recommendations - The report suggests focusing on companies involved in industrial AI applications, such as Zhongkong Technology, Kingdee International, and others. Additionally, it highlights opportunities in data annotation and AI computing power sectors [6].

Core Insights - The BOSS (Business Operation Support System) is crucial for telecom operators, integrating business and operational support systems, and is evolving rapidly with the advent of 5G and cloud services [1][12] - The market size of China's BOSS system industry is projected to grow from 177.1 billion yuan in 2014 to 255.43 billion yuan in 2024, with a compound annual growth rate (CAGR) of 3.73% [1][12] - By 2025, the market size is expected to reach 264.14 billion yuan, emphasizing the increasing investment in BOSS systems by telecom operators [1][12] Industry Overview - The BOSS system encompasses customer service, business operations, and management, focusing on key operational tasks like customer service and billing [4] - The system consists of four main functional modules: billing and settlement, business accounting, customer service, and decision support [4] Industry Development History - The BOSS system has evolved since the 1980s, initially focusing on basic billing and user management, and has integrated more functionalities over the decades [8][9] - The introduction of cloud computing and SaaS models from 2005 to 2010 significantly impacted the architecture and service delivery of BOSS systems [9] Market Size and Growth - The BOSS system market in China is expected to grow significantly, with the operational maintenance segment accounting for 207.1 billion yuan of the 255.43 billion yuan market size in 2024 [13] - Telecom business revenue in China is projected to increase from 1.13 trillion yuan in 2015 to 1.74 trillion yuan in 2024, with a CAGR of 4.91% [10] Key Players - Major companies in the BOSS system industry include AsiaInfo Technologies, Oriental Communications, Tianyuan Dike, and China Mobile, among others [2][11] - AsiaInfo Technologies is a leading provider in the sector, focusing on digital transformation and cloud services [14] Future Trends - The BOSS system is expected to transition towards a platform-based model, enabling telecom operators to quickly deploy new services and integrate with third-party applications [16] - AI and big data analytics will play a crucial role in enhancing real-time decision-making capabilities within BOSS systems [17] - The cloudification of BOSS systems will lead to a unified operational framework, breaking down silos and improving operational efficiency [18]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the computer industry [1][11]. Core Insights - The report highlights the acceleration of AI development in the manufacturing sector, driven by a recent policy issued by multiple government departments, aiming for significant advancements in AI technology and its applications by 2027 [3][5]. - The policy outlines specific goals, including the application of 3-5 general large models in manufacturing, the creation of 100 high-quality datasets, and the promotion of 500 typical application scenarios [3][5]. - The report emphasizes the transition of industrial AI from isolated applications to comprehensive integration across all manufacturing processes, with significant growth in AI adoption among industrial enterprises [6][7]. Summary by Sections Industry Performance - The computer industry has shown a strong market performance over the past year, with a focus on AI applications in manufacturing [1]. Policy Impact - The recent policy is a detailed implementation of previous guidelines, focusing on computational power, model development, data management, and application scenarios in manufacturing [5][6]. - Specific initiatives include support for advanced training chips, the development of industry-specific models, and the establishment of a chief data officer system in enterprises [5][6]. AI Adoption - The report notes a significant increase in the adoption of large models and intelligent agents in Chinese industrial enterprises, rising from 9.6% in September 2024 to 47.5% in 2025, with expectations for further rapid growth in 2026 [6][7]. Investment Recommendations - The report suggests focusing on companies involved in industrial AI applications, data annotation, and AI computing power, including firms like Zhong控 Technology, Kingdee International, and others [7].