Core Insights - The article emphasizes the importance of computing power as a core competitive element in regional economic development, particularly in the context of the "East Data West Computing" initiative and the implementation of "AI+" actions [1] - Jinan High-tech Zone is undergoing its third entrepreneurial phase aimed at leading regional development by building a comprehensive computing power ecosystem [1][4] Group 1: Power Infrastructure - The demand for reliable electricity for AI computing centers and data centers is surging, leading to structural transformation and technological upgrades in China's power industry [2] - Companies like Hongsheng Huayuan and Huaming Electric Equipment are capitalizing on opportunities in the ultra-high voltage and renewable energy sectors, with Hongsheng's net profit increasing by 96.3% year-on-year in the first half of 2025 [2] - Huaming's export revenue from power equipment grew by 45.21% year-on-year, with indirect exports increasing by 84.03% [2] Group 2: Software and Services - Companies in Jinan High-tech Zone are integrating AI and low-code technologies to enhance the intelligence of power systems, with Jicheng Electronics reporting a 36.26% year-on-year increase in revenue from its energy digitalization business [3] - Shandong Shanda Electric Technology successfully listed on the Growth Enterprise Market, filling a critical gap in the capital market for intelligent operation and new energy consumption [3] Group 3: Computing Power Ecosystem - Jinan High-tech Zone is recognized for producing half of the global AI servers, with Inspur leading the charge in transitioning from hardware manufacturing to intelligent computing services [4][5] - The establishment of the "Meta Brain Computing Factory" by Inspur demonstrates rapid construction and energy-efficient standards, with a construction time reduced by nearly 80% compared to traditional methods [4] Group 4: Industry Expansion - Companies are leveraging stable energy supply and advanced computing facilities to expand AI application scenarios across various sectors, including mining and information security [6][7] - Cloud Ding Technology, in collaboration with Huawei, developed the world's first AI model for the mining industry, enhancing safety and operational efficiency [6] Group 5: Capital Market Support - Jinan High-tech Zone has established a comprehensive capital market service system to support the growth of listed companies, which now number 19 and account for 40% of Jinan's total [8] - The region's listed companies have a combined market value exceeding 200 billion yuan, contributing significantly to the local economy [8]

盘面上，市场热点快速轮动，个股跌多涨少，全市场超3300只个股下跌。 从板块来看，游戏板块集体上涨，星辉娱乐20cm涨停。 市场走势分化，沪指窄幅震荡，创业板指冲高回落。截至收盘，沪指跌0.23%，深成指涨0.63%，创业板指涨1.52%。 汽车产业链板块上涨，浙江世宝等多股涨停。 算力板块局部走强，青山纸业10天7板。 储能概念股表现活跃，宁德时代、阳光电源双双创历史新高。 下跌方面，文化传媒大跌，果麦文化跌超10%。 沪深两市成交额合计2.28万亿元，较上一交易日缩量约2435.05亿元。其中，沪市成交额9861.72亿元，深市成交额1.29万亿元。 个股方面，宁德时代成交额居首，为256亿元。其后是阳光电源、寒武纪-U、胜宏科技、海光信息，成交额分别为214亿元、166亿元、164亿元、 154亿元。 | 序号 代码 | 名称 | | | ● ● ■ ■ 最新 ■ 涨幅% 市净率 | | | | | 现手 | 换手% | 成交额 ↓ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 300750 ...

Core Insights - Guizhou's capital, Guiyang, has transformed from a remote and underdeveloped area to a central hub for data centers and computing power in China, attracting major tech companies like Apple, Huawei, Tencent, and Alibaba [2][5][7] - The digital economy in Guizhou is projected to account for 34% of its GDP by 2024, marking six consecutive years of the fastest growth rate in the country [2][5] Group 1: Economic Transformation - Guiyang has become a key player in China's data center landscape, with over 47 major data centers established, including 19 in the Gui'an New Area, making it one of the most concentrated regions for super-large data centers globally [2][6] - The region's computing power has reached a scale of over 90 EFLOPS (FP16), with more than 98% of its computing power being intelligent computing, positioning it as a leader in domestic intelligent computing capabilities [6] Group 2: Strategic Advantages - Guiyang's success is attributed to three main factors: timing, geographical advantages, and human efforts. The city capitalized on the growing demand for computing power and national policies supporting data center development [3][4] - The natural climate of Guizhou, with an average annual temperature of around 15°C, allows data centers to operate efficiently with reduced cooling costs, while abundant hydropower resources keep electricity prices significantly lower than in eastern regions [4] Group 3: Future Prospects - As the demand for computing power continues to rise with advancements in AI and IoT, Guiyang is positioned to not only serve as a national computing base but also as a potential global node in the computing network [7] - The transformation of Guizhou from a perceived remote province to a "computing heart" illustrates a unique path in digital economic development over the past decade [7]

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7]. Core Viewpoints - The computer industry index increased by 3.37% during the week of September 8-12, 2025, outperforming the Shanghai Composite Index, which rose by 1.52%, and the Shenzhen Component Index, which rose by 2.65% [12][22]. - Oracle reported a significant increase in unfulfilled contractual obligations, reaching $455 billion, a year-on-year increase of 359%. The company signed contracts worth "several billion dollars" with three different clients during the quarter [5][22]. - The demand for computing power is expected to continue growing, driven by the development of AI applications, which will benefit related listed companies [5][22]. Summary by Sections 1. Index Performance - The computer industry index rose by 3.37% during the week, with notable gains in sub-sectors: Computer Equipment (+6.12%), IT Services II (+2.48%), and Software Development (+2.47%) [12][14]. 2. Major Events - Oracle's quarterly report highlighted a partnership with OpenAI to develop a data center with a capacity of 4.5 GW, indicating strong future revenue potential [5][22]. - Significant technological advancements were reported, including NVIDIA's new GPU designed for long-context inference, which is expected to enhance performance in software development and video generation tasks [17]. 3. Key Announcements - Four-dimensional Tsinghua announced plans for an investment in PhiGent Robotics, aiming to enhance their autonomous driving capabilities [3][21]. - Haiguang Information's stock incentive plan aims for substantial revenue growth targets over the next three years, with ambitious growth rates of 55%, 125%, and 200% [3][21]. 4. Investment Insights - The report emphasizes the importance of monitoring large clients' business developments and contract fulfillment schedules, as large orders significantly impact revenue [5][22]. - The expected revenue from Oracle's cloud infrastructure is projected to reach $18 billion in fiscal 2026, a nearly 77% increase from the previous year [22].

15日早盘，光模块等算力方向继续回调，光模块含量超51%的创业板人工智能震荡回调，成分股多数飘 绿。其中，中际旭创（300308）、新易盛（300502）跌超2%，天孚通信（300394）跌逾1%。上涨方 面，光库科技（300620）领涨超6%，东土科技（300353）、中科创达（300496）、诚迈科技 （300598）、同花顺（300033）、神州泰岳（300002）等涨超2%。 天风证券（601162）也表示，海外算力产业链高景气度依旧，并未受到DeepSeek和贸易摩擦的冲击， 反而相关产业链的基本面共振更强，我们持续看好光模块等海外算力产业链投资机会。我们坚定看好 AI行业作为年度投资主线，积极看好2025年或成为国内AI基础设施竞赛元年以及应用开花结果之年。 全市场首只创业板人工智能ETF（159363）及场外联接（023407），标的指数逾七成仓位布局算力，超 两成仓位布局AI应用，高效捕捉AI主题行情，并且重点布局光模块龙头"易中天"，光模块含量超51%。 截至9月12日，创业板人工智能ETF（159363）最新规模超46亿元，近1个月日均成交额超11亿元，在跟 踪创业板人工智能指数的6只ET ...

Group 1 - The article emphasizes the importance of high-end storage products in core application scenarios, highlighting the company's self-developed PCIe 5.0 all-flash high-end storage system that meets the demands of AI, HPC, and big data analysis in high-load environments [1] - The company has made significant advancements in solid-state battery technology, completing the construction of a pilot line for solid-state batteries by the end of Q3, with the potential for the cost of solid-state battery products to match that of liquid batteries within 3-5 years [1]

Group 1 - The A-share market continues to rise, with the Shanghai Composite Index breaking its year-to-date high, supported by a strong technology growth style, particularly the Sci-Tech 50 Index which rose by 5.48% over the week [2] - Multiple institutions suggest that the logic supporting the A-share market's rise remains unchanged, with current market valuations being relatively reasonable, indicating that the technology growth style may continue to lead the market [2][5] - Recommendations include focusing on sectors with high growth potential and relatively low valuations within the AI industry chain, such as storage, AIDC-related facilities, and AI applications [5][6] Group 2 - The logic for the rise of the Chinese stock market is deemed sustainable, driven by accelerated economic structural transformation, declining risk-free rates, and increased asset management demand [3] - The expectation of continued liquidity support from both domestic and international markets is highlighted, with the potential for the Federal Reserve to lower interest rates further, benefiting the A-share market [3][4] - The current market sentiment remains positive, supported by strong policies, industry catalysts, and the influx of new funds, indicating a clear long-term trend for the A-share market [4] Group 3 - The AI sector is experiencing a phase of expansion, with significant growth potential not yet fully priced in, despite some profit-taking observed in the market [5] - Investment strategies should focus on sectors that are experiencing cyclical recovery and not merely on high-to-low transitions, emphasizing the importance of macroeconomic fundamentals and corporate earnings recovery [6] - Recommendations include positioning in sectors such as internet, innovative pharmaceuticals, new energy, and cyclical industries like non-ferrous metals and chemicals, which are expected to benefit from the overall economic improvement [6]

Group 1 - The core viewpoint emphasizes the continued focus on investing in AI, domestic production, and financial technology due to the rising market risk appetite and expectations of interest rate cuts by the Federal Reserve [1][2][5] - The report highlights the ongoing expansion of capital expenditures (Capex) by major AI companies, indicating a robust demand for computing power infrastructure, as evidenced by Oracle's reported "remaining performance obligations" soaring to $455 billion, a 359% year-on-year increase [1][2][5] - The domestic computing power sector is noted for its low penetration rate and significant growth potential, suggesting a strategic investment opportunity in this area [1][2][5] Group 2 - The upcoming global digital ecosystem conference by Tencent and the Huawei All-Connect Conference are expected to serve as important catalysts for the AI and domestic production sectors [1][2] - The report suggests a proactive investment approach focusing on leading companies within high-growth sectors, particularly in AI and financial technology [1][2][5] - The overall sentiment indicates a bullish outlook on the computing power industry, driven by substantial contracts with major players like OpenAI and xAI, which further enhances the industry's attractiveness [1][2][5]

在算力板块的持续飙涨行情中，部分绩优基金或开始悄然撤退。 多只前期净值飙涨的基金，近期的估算净值和实际净值出现了大幅偏离。 此外，9月12日，新易盛、中际旭创、天孚通信等股价遭遇调整，永赢科技智选混合基金估算净值下跌超2%，该基金 当日净值下跌0.26%。 9月12日，永赢科技智选混合基金经理任桀在第三方基金代销平台公开表示，近几日，海外算力板块在经历较大波动 后逐步回暖。此前，在市场活跃度大幅提升后，板块进入震荡期。对此，在组合管理上进行了一定应对。 类似的还有中信保诚周期轮动混合基金，其调仓迹象更为明显。 按照该基金定期报告，截至今年二季度末，在其前十大重仓股中，9月11日有多只涨停，但该基金当日净值涨幅只有 2.7%。 从部分重仓算力概念股的基金看，近期，部分基金实际净值与估算净值情况出现了大幅偏离。从近期机构调研情况来 看，近一个月机构调研次数超过5万次，半导体、医疗器械行业公司受宠。 多只基金净值异动 以永赢科技智选混合基金为例，截至今年二季度末，其重仓持有新易盛、中际旭创、天孚通信、胜宏科技等光模块、 PCB龙头。9月11日，新易盛、中际旭创、天孚通信、胜宏科技、源杰科技等重仓股的涨幅均超过13% ...

Investment Rating - The report maintains a "Buy" rating for key companies in the optical module industry, specifically recommending Zhongji Xuchuang and Xinyi Sheng [4][10]. Core Insights - The optical module industry is experiencing unprecedented growth driven by the explosive demand for AI computing power, with a shift in focus from "where is the demand" to "how to deliver on time" [1][21]. - The core challenges for optical module manufacturers include capacity expansion, yield rates, and certification processes, which are critical for fulfilling orders [3][26]. - The report emphasizes the importance of delivery capability as a decisive factor in competition, highlighting leading companies like Zhongji Xuchuang and Xinyi Sheng for their technological innovation and rapid mass production capabilities [7][26]. Summary by Sections Investment Strategy - The report suggests focusing on the delivery capabilities of optical module manufacturers as the industry transitions into a phase driven by AI computing needs [1][21]. - Key companies to watch include Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, among others in the optical communication sector [8][14]. Market Trends - The global AI server market is projected to reach $125.1 billion in 2024, with expectations to grow to $222.7 billion by 2028, indicating a significant increase in demand for optical modules [5][25]. - The demand for 800G optical modules is expected to reach approximately 7.5 million units in 2024 and 18 million units in 2025, with a supply gap predicted to be 40% to 60% by 2027 [5][25]. Production Challenges - The production of optical modules involves complex processes such as optical coupling, packaging, and reliability testing, which contribute to long lead times from order to delivery [3][23]. - The report identifies three main challenges: capacity expansion, yield improvement, and customer certification, which are critical for meeting the growing demand [11][24]. Recommendations - The report continues to favor the computing power sector and recommends investing in leading optical module companies while also considering smaller firms in the optical device space [7][26]. - It highlights the importance of domestic supply chains in the computing power industry, particularly in areas like liquid cooling [7][26].