算力租赁概念持续反弹 优刻得、青云科技涨超15% 智通财经6月6日电，算力租赁概念延续昨日反弹势头，优刻得、青云科技双双涨超15%，美利云触及涨 停，湖北广电、铜牛信息、并行科技、首都在线等快速跟涨。消息面上，工信部近日印发《算力互联互 通行动计划》，立足提高公共算力资源使用效率和服务水平，促进算力高质量发展，部署六方面16项重 点任务。 ...

Core Viewpoint - The report from CITIC Securities highlights the significant growth potential in the AIDC (Artificial Intelligence Data Center) sector, driven by increasing capital expenditures and a shift towards more specialized and application-oriented computing power solutions [1][2]. Group 1: Market Growth and Trends - AIDC is expected to provide substantial incremental computing power, with projections indicating that the domestic computing scale will reach 1,037.3 ELOPS by 2025 and 2,781.9 ELOPS by 2028 [2]. - The global demand for data center power capacity is growing at an annual rate of 19% to 27%, necessitating the construction of at least double the data center power capacity built since 2000 within a short timeframe from 2024 to 2030 [3]. - In the U.S. market, major tech companies are increasing their capital expenditures by 28.65% in 2025 compared to 2024, despite record levels of cabinet construction and a historical low vacancy rate of 2.6% in North America [3]. Group 2: Domestic Market Dynamics - The domestic data center industry is experiencing rapid growth, with significant increases in capital expenditures from major telecom companies, such as China Mobile, China Telecom, and China Unicom, projected to rise by 1%, 22%, and 29% respectively in 2025 compared to 2024 [4]. - Internet companies are expected to increase their capital expenditures by 68.15% in 2025 compared to 2024, reflecting a robust investment trend in the computing power sector [4]. - The market size for intelligent computing centers is projected to reach 288.6 billion yuan by 2028, which is 2.8 times the size in 2024, indicating a strong growth trajectory [4].

Market Overview - On June 5, A-shares experienced a rebound with major indices closing higher, including the Shanghai Composite Index up by 0.23%, Shenzhen Component Index up by 0.58%, and ChiNext Index up by 1.17% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 12,904.05 billion RMB, showing a slight increase compared to the previous trading day [2] Sector Performance - The Hong Kong stock market also saw gains, with the Hang Seng Technology Index rising by 1.93% [5] - In terms of sector performance, the telecommunications sector led with a 2.62% increase, followed by electronics at 2.31% and computers at 2.12%. Conversely, the beauty and personal care sector saw a decline of 3.07% [7] Key Developments - The Ministry of Industry and Information Technology recently issued the "Computing Power Interconnection Action Plan," aimed at enhancing the efficiency and service level of public computing resources, which has positively impacted computing power leasing concepts and hardware stocks [8] - Global internet cloud companies are increasing investments in AI, with a focus on optical devices and modules, as well as satellite internet in the commercial aerospace sector [8] - The defense and military industry has shown strong performance, with the National Defense ETF seeing a significant inflow of funds, increasing by 1.31% [9][10] Investment Products - Relevant investment products include the Big Data ETF (159739) and National Defense ETF (512670), which have shown positive trends in recent months [8][9]

A股算力概念股持续走强，CPO、铜高速连接、PCB等方向领涨，大位科技、湖北广电涨停，科华数据、华勤技术、工业富联、英维克、锐捷网络等走强。 ETF方面，算力相关ETF霸屏涨幅榜，创业板人工智能ETF华夏涨3.3%，国泰基金通信ETF、创业板人工智能ETF华宝分别涨3.03%和3%，创业板人工智能 ETF南方涨2.99%，华夏基金5G通信ETF、银华基金5GETF分别涨2.98%、2.93%。 | 序号 | 证券代码 | 证券简称 | 今日涨幅% | 年涨跌幅% | 基金管理人 | | --- | --- | --- | --- | --- | --- | | 1 | 128381 | 创业板人工智能ETF华夏 | 3.30 | -6.48 | 天直喜等 | | 2 | 515880 | 通信ETF | 3.03 | -5.13 | 国泰县金 | | 3 | 159363 | 创业板人工智能ETF华宝 | 3.00 | -0.21 | 天三重等 | | 4 | 159382 | 创业板人工智能ETF南方 | 2.99 | 0.29 | 南方基金 | | 5 | 515050 | 5G通信ETF | 2.98 ...

Group 1 - The core viewpoint of the news highlights the positive performance of the big data ETF (159739.SZ), which rose by 2.07%, driven by significant gains in key component stocks such as New Yisheng (up 5.16%), Zhongji Xuchuang (up 5.33%), and Kehua Data (up 10.00) [1] - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan," aimed at improving the efficiency and service level of public computing resources, which has led to a collective rise in computing power leasing concepts and hardware stocks [1] - The computing hardware stocks showed strong performance, with Shenghong Technology reaching a historical high, and the cloud computing index component stocks like Kehua Data hitting the daily limit, contributing to the overall increase of the big data ETF [1] Group 2 - According to research from Zheshang Securities, the Chinese public cloud market is expected to return to double-digit growth driven by generative AI, with a projected year-on-year growth of 15.8% in the second half of 2024 [2] - Alibaba Cloud leads the IaaS and PaaS markets with market shares of 26.1% and 24.4% respectively, showcasing a significant competitive advantage over peers [2] - The integration of cloud computing and AI is identified as a key trend in the industry, with cloud vendors leveraging infrastructure and large models to cover long-tail customers and enhance revenue [2]

Group 1 - AI-related concepts such as CPO and high-speed copper connections experienced a collective rebound on June 4, with the cloud computing ETF (517390) rising over 1.4% and attracting net inflows for two consecutive days [1] - The cloud computing ETF's latest share count reached 288 million, with a year-to-date growth rate of nearly 499% as of June 3 [1] - The computer ETF (159998) rose by 0.93% and has seen continuous net inflows for 12 days, accumulating over 14 million yuan in net inflows [1] Group 2 - Nvidia's market capitalization reached $3.45 trillion, surpassing Microsoft and becoming the world's most valuable company again, following a first-quarter revenue growth of 69% to $44.1 billion [2] - Domestic computing power is expected to maintain high prosperity, driven by policy and industry changes, with the Ministry of Industry and Information Technology releasing a new plan on May 30 [2] - The restructuring of domestic companies like Haiguang and Shuguang is anticipated to accelerate competition among domestic computing power leaders and concentrate market share towards top companies [2]

A股算力租赁板块直线冲高，奥雅股份、润建股份双双涨停，宏景科技涨超6%，汇金股份、海南华 铁、有方科技跟涨。 ...

Group 1: Core Views - The communication sector outperformed the market in May, with the communication index rising by 3.98% compared to a 1.85% increase in the CSI 300 index, ranking 9th among 31 primary industries [1][14] - The PE valuation of the communication industry is showing a recovery trend, currently at 20.9 times, which is relatively low compared to historical levels [18][22] - Key sub-sectors such as military informationization, optical modules, and satellite internet have performed well, with respective increases of 11.2%, 10.6%, and 8.1% [1][26] Group 2: AI Investment Trends - Major internet companies like Alibaba and Tencent are significantly increasing their AI investments, with Alibaba's capital expenditure reaching 24.612 billion yuan, up 120.68% year-on-year, and Tencent's at 27.476 billion yuan, up 91.35% year-on-year [30][39] - Nvidia reported a 69% year-on-year revenue growth in Q1 2026, driven by a 73% increase in data center revenue, indicating sustained high demand for AI [53][58] - CoreWeave, a GPU cloud service provider, reported a 420% year-on-year revenue growth in Q1 2025, highlighting the booming demand for GPU as a service [73] Group 3: Commercial Aerospace Development - China's private rocket sector is accelerating, with multiple commercial launch sites being planned, including four in Hainan and four in Jiuquan [3] - The successful flight recovery test of the Yuanxing-1 rocket by Arrow Yuan Technology marks a significant milestone in China's commercial space endeavors [3] Group 4: Investment Recommendations - The report suggests focusing on AI cloud-side and edge-side developments, as well as changes in commercial aerospace, recommending stocks like China Mobile, Tianfu Communication, and Huagong Technology for long-term investment [4][5] - The three major telecom operators are noted for their stable operations and increasing dividend ratios, making them attractive for long-term investment [4]

Core Viewpoint - The company is aggressively expanding its computing power leasing business, making significant investments that raise financial risks and pressures, while also facing procurement and performance challenges [1][2][7]. Financial Pressure - The company plans to purchase servers worth up to 40 billion yuan, following a previous procurement of 30 billion yuan, totaling nearly 70 billion yuan in three months, which is over 50% of its latest audited net assets [1][8][9]. - The asset-liability ratio increased from 55.66% at the end of 2024 to 65.80% by the end of Q1 2025, indicating a significant rise in financial leverage [1][9]. - The company reported a sharp increase in short-term and long-term borrowings, with short-term loans rising over 50% to 19.74 billion yuan and long-term loans skyrocketing from 0.20 billion yuan to 17.80 billion yuan [9][12]. Business Expansion and Market Demand - The company is experiencing high demand for its computing power services, with a full order book prompting the second batch of server procurement [2][19]. - The company aims to build a large-scale intelligent computing center, indicating a long-term vision for growth in the computing power sector [6][17]. - The computing power leasing business is expected to contribute to revenue in the second half of the year, with existing contracts already generating income [2][19]. Procurement Challenges - The company faces potential procurement risks due to international trade disputes, which could affect the supply of high-performance servers [1][15]. - The company has established partnerships with multiple suppliers, including NVIDIA, to mitigate procurement risks and ensure a steady supply of servers [16][18]. Management and Market Sentiment - The company's stock price has risen by 12.29% recently, reflecting positive market sentiment towards its computing power expansion [2]. - However, there are concerns regarding insider selling, as several executives have announced plans to reduce their holdings, which may signal a lack of confidence in the company's future performance [23].

Market Overview - A-shares experienced a significant rally with all three major indices opening high, particularly the ChiNext Index which rose over 1% [1] - Over 4,100 stocks in the market were in the green, indicating a strong profit-making effect [1] Sector Performance - Technology stocks surged, with EDA concept stocks like Gexun Electronics hitting the 20% daily limit, and leading chip design firms such as Huada Jiutian and Guangliwei rising over 15% [3] - The rally was driven by Nvidia's better-than-expected earnings report and positive signals from the China-Europe semiconductor cooperation meeting [3] - The brokerage sector also showed volatility, with small brokerages like Guosheng Jinkong and Xiangcai Shares experiencing significant gains, attributed to a six-week adjustment period leading to historically low valuations [3] Capital Flow - Northbound capital reversed its previous outflow trend, with a net purchase of 905 million yuan, primarily favoring technology growth stocks [3] - Main funds showed a strong preference for the electronics sector, with over 2.9 billion yuan net inflow, particularly into Apple supply chain leaders like Industrial Fulian and Luxshare Precision [3] Policy Catalysts - The Ministry of Commerce announced reforms to national-level economic development zones, aiming to provide more conveniences for foreign enterprises and support cross-border data flow in free trade zones [5] - This policy is expected to benefit semiconductor packaging companies in regions like Suzhou Industrial Park, with stocks like Antong Holdings rising by 2.2% [5] Technical Analysis - The Shanghai Composite Index stabilized above 3,350 points, approaching the critical resistance level of 3,360 points [8] - If the index can break through this level with increased volume, it may confirm a short-term bottom; otherwise, it could retrace to 3,330 points [8] - The ChiNext Index has shown stronger performance, breaking above its 5-day moving average, indicating a potential rebound in growth stocks [8] Investment Strategy - Short-term focus should be on undervalued semiconductor equipment and AI applications, while maintaining cautious position sizes due to the upcoming Dragon Boat Festival [8] - For mid to long-term investments, sectors like brokerages and new energy, which are currently at low valuations, are recommended, especially brokerages after recent adjustments [8]