Group 1: Market Performance Summary - US and Hong Kong stocks declined. From 20250922 - 20250928, the Nasdaq, S&P 500, and Dow Jones Industrial Average changed by -0.65%, -0.31%, and 0.15% respectively, and the Hang Seng Index changed by -1.57% [2] - A - shares showed a mixed trend: large - cap stocks rose while small - cap stocks fell. During the same period, the wind All - A index changed by 0.25%, and the CSI A100, CSI 300, CSI 500, CSI 1000, CSI 2000, and wind micro - cap stocks changed by 1.62%, 1.07%, 0.98%, -0.55%, -1.79%, and -0.21% respectively. In terms of sector styles, blue - chips and growth stocks in both Shanghai and Shenzhen markets rose, while the North Securities 50 Index changed by -3.11% [3] - Most industries declined, with semiconductors, non - ferrous metals, and new energy leading the gains. Among 30 CITIC industries, 8 rose and 22 fell. The leading industries were electronics, non - ferrous metals, and new energy, with weekly gains of over 3%. Semiconductor equipment, science and technology innovation semiconductors, and chips among ETFs performed well, with weekly gains of over 7% [4] - Yields of various maturity varieties of interest - rate bonds fluctuated. From 20250922 - 20250928, the 10 - year Treasury bond futures main contract fell by 0.14% compared to September 19, 2025. The yield of the 10 - year Treasury bond active bond decreased by 0.21 BP to 1.8768% [5] - The capital price increased, and the central bank made a net injection in the open market. As of September 26, 2025, R007 was 1.5538%, up 3.78 BP from September 19, 2025; DR007 was 1.5313%, up 2.17 BP. The central bank's net injection in the open market from 20250922 - 20250928 was 5806 billion yuan [6] - The bond market leverage level increased. The 7 - day capital cost was lower than the 5 - year Treasury bond yield. The differences between the yields of 5Y, 10Y, and 30Y Treasury bonds and IRS007 as of September 26, 2025, were 9.34, 34.68, and 68.70 BP respectively. The 5 - day average of inter - bank pledged repurchase volume increased from 7.16 trillion yuan on September 19, 2025, to 7.27 trillion yuan on September 26, 2025 [7][8] - US Treasury yields increased, and the curve shifted upward. From 20250922 - 20250928, US Treasury yields increased. As of September 26, 2025, the 10 - year US Treasury yield increased by 6 BP to 4.20% compared to September 19, 2025 [9] - The US dollar appreciated, and gold prices rose. From 20250922 - 20250928, the US dollar index increased by 0.55%. The US dollar appreciated against the euro, pound, and yen. Gold prices rose both internationally and domestically. London gold spot prices rose by 2.91% to $3769.85 per ounce, and COMEX gold futures prices rose by 2.51% to $3734.2 per ounce. Shanghai gold spot prices rose by 3.18% to 853.00 yuan per gram, and futures prices rose by 3.03% to 852.58 yuan per gram [10] Group 2: Core Views - The stock market may continue to fluctuate at a high level, and investors can look for structural investment opportunities. Although the September 22 joint press conference of the three financial regulatory departments did not mention short - term monetary policy adjustments, there may still be reserve requirement ratio and interest rate cuts in the future. It is recommended to focus on directions such as AI, computing power, energy storage, solid - state batteries, innovative drugs, gold, and rare earths [11] - Interest - rate bonds at current levels have allocation value, and investors should actively participate in gold allocation. The logic of the bond bull market remains intact, but high short - term risk appetite is not conducive to lower bond yields. The 10 - year Treasury bond yield close to 1.90% has allocation value. Gold prices are constantly hitting new highs, and it is advisable to actively participate in allocation [12]

Core Viewpoint - The company, Keli (002782.SZ), confirmed that its magnetic components can be applied in computing power servers [2] Group 1 - Investors inquired about the application of the company's transformers and inductors in computing power servers [2] - Keli responded positively, indicating that its magnetic components are suitable for use in this sector [2]

Core Viewpoint - The company Taihe New Materials (002254.SZ) has announced that its aramid membranes are now being utilized in overseas data centers [1] Group 1 - The aramid membranes developed by the company are being applied in international markets, specifically in data center operations [1]

Group 1 - The A-share market experienced a volatile upward trend in the first three quarters, with the Shanghai Composite Index reaching 3,800 points, led by technology growth stocks, while consumer and cyclical stocks performed poorly [1] - Among the 31 primary sub-industries, only coal and oil & petrochemicals saw declines, while the other 29 sub-industries recorded gains, with the top five performing industries being communication, electronics, non-ferrous metals, media, and comprehensive, all exceeding a 60% increase [1] - The communication industry surged by 105% and the electronics sector rose by 87%, significantly outperforming other sectors, with leading companies like Zhongji Xuchuang and Xinyisheng seeing increases of 2.4 times and 3.7 times respectively [1] Group 2 - The consumer sector, including hotels, restaurants, and liquor, has shown weak performance, with companies like Jinjiang Hotels and Kweichow Moutai experiencing declines of over 12% and 2% respectively [1] - The cyclical sectors, particularly coal and oil & petrochemicals, also underperformed, with China Shenhua down by 7% and both China Petroleum and China Petrochemical seeing declines of nearly 20% [1] - Looking ahead to the fourth quarter, market styles are expected to rebalance, with cyclical styles entering a trading window and previously lagging sectors likely to see a rebound [2][3]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [9]. Core Insights - The communication sector experienced a decline of 0.39% in the 39th week of 2025, ranking 15th among primary industries in the Yangtze River region. However, since the beginning of 2025, the sector has risen by 62.96%, ranking 1st among primary industries [2][4]. - OpenAI and NVIDIA plan to jointly build a 10GW AI computing cluster with a maximum investment of $100 billion, announcing a long-term infrastructure blueprint valued at $1 trillion, with an initial phase adding approximately 7GW of capacity [5][7]. - Alibaba is advancing its AI infrastructure investment of 380 billion yuan, unveiling the "Panjun 128 Card Super Node" and the UPN Scale-Up architecture, with optical interconnect expected to be a core component for super node expansion [6][7]. Summary by Sections Market Performance - In the 39th week of 2025, the communication sector fell by 0.39%, while it has increased by 62.96% since the start of the year, leading the primary industries [2][4]. - Among companies with a market capitalization above 8 billion yuan, the top three gainers this week were Yongding Co. (+23.9%), Chaoxun Communication (+22.6%), and Cambridge Technology (+18.8%). The top three decliners were Dekeli (-22.3%), Changxin Bochuang (-14.8%), and Changfei Optical Fiber (-14.6%) [4]. Major Developments - OpenAI and NVIDIA's collaboration includes the construction of a 10GW AI computing cluster, with the first phase expected to be operational by the second half of 2026 [5]. - The initial phase of the AI infrastructure will involve the construction of five data centers in the U.S. with a total planned capacity of approximately 7GW [5]. - Alibaba's new AI infrastructure includes a super node with 128 GPUs and a high-performance network card, aiming for significant scalability and low latency [6]. Investment Recommendations - The report suggests continued optimism for AI and computing power, recommending operators such as China Mobile, China Telecom, and China Unicom. It also highlights specific companies in various segments, including optical modules, liquid cooling, and satellite applications [7].

Core Viewpoint - The article emphasizes the ongoing advancements in artificial intelligence (AI) and the significant investments being made in the sector, particularly in GPU technology and AI server capabilities, indicating a strong future growth trajectory for these areas [1][2][3][4]. Group 1: Investment Developments - Nvidia plans to gradually invest up to $100 billion in OpenAI to support data center infrastructure, with an initial deployment of at least 10 gigawatts of systems expected by the second half of 2026 [2]. - The approval of Moore Threads' IPO on the Sci-Tech Innovation Board aims to raise approximately 8 billion yuan for the development of self-controlled AI training and inference chips, as well as graphics chips [3]. - Alibaba Cloud launched the Panjiu 128 super-node AI server, which supports 128 AI computing chips and offers significant improvements in bandwidth and latency, enhancing inference performance by about 50% [4]. Group 2: Market Trends and Future Directions - The investment from major players like Nvidia is expected to extend the global AI infrastructure expansion cycle, increasing demand for high-end GPUs, advanced packaging, and cooling solutions [2]. - The focus of competition in the computing power supply is shifting towards optimizing interconnectivity, with an emphasis on achieving high bandwidth and energy efficiency in system designs [4]. - The commercialization of the MUSA architecture and developer ecosystem by domestic GPU manufacturers is entering a market validation phase, which could accelerate R&D investments and ecosystem development [3].

Group 1 - The core viewpoint of the articles highlights the active engagement of public funds in researching technology growth sectors, indicating a strong market focus on these areas amid a slowly improving economy [1][4][7] - As of September 28, public funds conducted a total of 4,275 research sessions on 605 A-share listed companies, with 154 public fund institutions participating [2][6] - Notable public fund institutions such as Huaxia Fund and Fuguo Fund have shown significant research activity, with Huaxia Fund leading with 107 sessions [2][6] Group 2 - The stocks that received the most attention from public funds in September include World, Demingli, and Jingzhida, with World showing a remarkable increase of 113.77% [2][3][6] - The sectors that attracted the most research interest from public funds are machinery equipment and electronics, each exceeding 700 research sessions, followed by power equipment and pharmaceuticals [4][5] - The articles suggest that technology growth remains a key investment focus, with sectors like AI, semiconductors, and innovative pharmaceuticals expected to perform well in the medium term [7]

Introduction - Computing power is recognized as a key infrastructure supporting the development of the digital economy and a core driver of new productive forces. The current scale and energy consumption of computing power in China show significant discrepancies among various research institutions and media [1] Research Methodology and Content - The report categorizes types of computing power and data centers, focusing on the statistics and calculations of intelligent computing power. It employs a unified FP16 precision for measurement while considering the relationship with FP8. The statistical methods include chip shipment calculations, server and cabinet conversions, and power reverse calculations to enhance measurement accuracy [1] Findings and Explanations - The report finds that if calculated based on the 8.3 million standard cabinets published by the government, the theoretical annual electricity consumption would be approximately 272.6 billion kWh, while the actual annual consumption is about 116.6 billion kWh, indicating a significant gap. This discrepancy challenges the narrative of excessive energy consumption in computing centers [1][2] Predictions for the 14th Five-Year Plan - The report predicts that during the 14th Five-Year Plan, driven by large models and generative AI, the scale of computing power in China will continue to expand, contributing to high-quality development in the AI industry [3] Computing Power Growth Forecast - It is expected that the annual growth rate of computing power in China will remain above 35% during the 14th Five-Year Plan, with the total computing power scale projected to exceed 2500 EFLOPS (FP16) by 2030. If measured using FP8, the total scale could surpass 5000 EFLOPS by 2030 [4] Energy Consumption Forecast - The report anticipates that the theoretical annual electricity consumption of computing centers will reach 600 billion kWh by 2030, accounting for approximately 5%-6% of the total electricity consumption in society [5] Industry Scale Growth Forecast - The computing power industry chain encompasses various segments, including chip R&D, server manufacturing, data center construction, and software systems. By 2030, the direct industry scale related to AI computing power is expected to reach around 2 trillion yuan, with the AI application industry scale projected to be about 5 trillion yuan, potentially driving an overall industry scale exceeding 15-20 trillion yuan [6] Recommendations for Statistical Standards - The report suggests establishing a unified statistical framework for computing power at the national level, categorizing it into intelligent computing, general computing, and storage computing. This would ensure consistency in reporting and avoid mixing traditional storage with intelligent computing totals [7] - It also recommends creating a unified statistical indicator system requiring computing centers to report both FP16 and FP8 computing power and actual energy consumption metrics for comparability across regions and types [7] - Additionally, a national-level data platform for computing power and energy consumption should be established to regularly publish authoritative data, aiding policy formulation and industry regulation [8]

Market Performance - The three major indices collectively rose on September 29, with the Shanghai Composite Index up by 0.9%, the Shenzhen Component Index up by 2.05%, and the ChiNext Index up by 2.74% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 21,781 billion yuan, an increase of 120 billion yuan compared to the previous day [1] - Over 3,500 stocks in the market experienced gains, with sectors such as securities, batteries, non-ferrous metals, and steel leading the gains, while education, pork, coal, and chemical pharmaceuticals saw declines [1] ETF Performance - Major broad-based ETFs saw significant afternoon gains, with the A500 ETF (512050) rising by 1.39% [1] - AI-related ETFs performed well, with the Chip ETF (159995) and AI ETF (515070) both increasing by 1.14% [1] - The 5G Communication ETF (515050) rose by 2.34%, and the ChiNext AI ETF (159381) increased by 1.33%, indicating strong performance in the AI computing hardware supply chain [1] Sector Focus - Recent domestic policies and structural industry trends have garnered attention, with market funds gradually shifting from the computing power sector to other low-valuation growth sectors [1] - The market is expected to maintain a slow bull trend in the medium term, with structural growth sectors becoming key investment opportunities [1] - Key sectors to watch include new energy, humanoid robots, innovative pharmaceuticals, and non-ferrous metals, which are expected to have concentrated catalytic events [1] Earnings Expectations - According to Industrial Securities, industries with upward revisions in profit expectations since September are primarily concentrated in technology, advanced manufacturing, cyclical, consumption, and finance [2] - The third quarter reports will serve as an important window to validate the economic cycle for strong sectors represented by technology and advanced manufacturing [2] - In the technology growth narrative, sectors such as AI, innovative pharmaceuticals, and new energy have seen trading congestion return to reasonable levels, suggesting a potential focus on growth trends [2]

Group 1 - The company Zhongjing Electronics (002579.SZ) has indicated that some of its PCB products can be utilized in GPU accelerator cards, servers, optical modules, and storage, all of which are related to computing power fields [1]