Core Viewpoint - The article emphasizes the role of domestic computing power in enabling innovative internet applications, highlighting the achievements of Suiyuan Technology in AI computing infrastructure and commercialization [2][5]. Group 1: AI Computing Infrastructure - Suiyuan Technology showcased its latest achievements in AI computing infrastructure at WAIC 2025, focusing on the theme "The Fire of Chips Spreads" [2]. - The company has established intelligent computing centers in various locations, including Qingyang, Wuxi, and Yichang, which support the development of domestic AI [5]. - By the end of 2024, Suiyuan Technology built the first 10,000-card inference cluster in Qingyang, providing robust support for the "East Data West Computing" initiative [5]. Group 2: Product Offerings - The exhibition featured the "Suiyuan® S60" AI inference card, which has been widely applied in various internet scenarios, including chatbots and online meeting summaries [2]. - The DeepSeek integrated machine series, set to launch in early 2025, supports domestic CPU platforms and offers scene optimization capabilities for efficient AI business deployment [3]. Group 3: Commercialization and Partnerships - Since 2020, Suiyuan Technology has collaborated with Tencent to explore the commercialization of domestic computing power across different business scenarios, delivering tens of thousands of cards for high-demand applications [5]. - The company has successfully deployed inference cards for the "AI dressing" feature of Meitu's beauty camera, ensuring stable performance during peak usage [6]. - Suiyuan Technology is actively converting domestic AI computing power into actual commercial value through deep collaboration with various clients [7]. Group 4: Industry Insights - The rapid development of large models is transforming the industry ecosystem, driving the systematic and clustered development of computing infrastructure [9]. - Suiyuan Technology aims to provide inclusive, efficient, and reliable AI infrastructure solutions, fostering an open-source domestic AI ecosystem in collaboration with industry partners [9].

Core Viewpoint - The launch of the "Pinyuan AI All-in-One Machine" series, featuring the domestically produced Jiangyuan D10 accelerator card, signifies a critical leap in China's AI computing capabilities from "usable" to "practical" [1][2]. Product Launch and Features - Jiangyuan Technology and Pingao Co., Ltd. jointly released the "Pinyuan AI All-in-One Machine" series, which includes models PYD10-MIN, PYD10-PRO, and PYD10-MAX, showcasing the strength of domestic chips and autonomous design [1][2]. - The D10 accelerator card supports the full version of the DeepSeek-R1 model, achieving a 30% improvement in response speed compared to similar domestic solutions, while significantly reducing operational costs [2][5]. - The D10 chip, produced using a 12nm process, features 72 watts of power consumption and 128GB of memory, capable of running all six distilled models of DeepSeek-R1 smoothly [5][6]. Strategic Importance - The D10 represents a pioneering achievement in the domestic AI chip supply chain, filling a strategic gap in national security for AI chip supply [2][4]. - Jiangyuan Technology aims to establish a comprehensive domestic supply chain, reducing reliance on foreign technology [5][12]. Future Product Plans - Jiangyuan Technology plans to launch the dual-chip architecture D20 by September 2025, which will double the computing density of the D10 and feature 256GB of memory [12]. - The strategic T800 chip, expected to be released by the end of 2025, will utilize advanced domestic processes and packaging technology, aiming to surpass international competitors [12]. Ecosystem Development - Jiangyuan Technology has formed partnerships with companies like Pingao and Anbotong to create a solution ecosystem covering 12 major industries, enhancing the domestic chip design and manufacturing loop [14]. - The company emphasizes the importance of collaboration within the industry to accelerate the adaptation of domestic software to hardware ecosystems [14]. Market Reception - The Pinyuan AI All-in-One Machine has already received nearly a thousand orders, demonstrating its stability and efficiency in applications such as public safety and financial services [10].

Core Insights - The recent performance of the ChiNext 50 industry has shown divergence, with technology growth assets exhibiting higher elasticity during periods of liquidity easing [1] - As U.S. Treasury yields retreat from high levels, the success rate of trading domestic AI computing and "hard technology" has increased [1] - The relative PE of ChiNext to CSI 300 has risen from 4.84 to 4.92, and the relative PB has increased from 2.58 to 2.61, indicating a valuation recovery in the growth sector [1] Group 1 - The ChiNext 50 ETF managed by Guotai tracks the ChiNext 50 Index, which can experience daily fluctuations of up to 20% [1] - The ChiNext 50 Index, published by the Shenzhen Stock Exchange, selects 50 representative companies from the ChiNext market based on market capitalization and liquidity [1] - The index reflects the overall performance of China's high-growth emerging enterprises, covering multiple sectors including information technology and healthcare, with a focus on growth style [1]

Economic Performance - In May, the national economy showed stable growth with industrial production increasing by 5.8% year-on-year, and equipment manufacturing and high-tech manufacturing growing by 9% and 8.6% respectively, outpacing the overall industrial growth by 3.2 and 2.8 percentage points [1] - The service sector's production index rose by 6.2% year-on-year in May, with significant contributions from information transmission, software, and IT services (11.2%), leasing and business services (8.9%), and wholesale and retail (8.4%) [1] - Retail sales saw a notable recovery, with total retail sales of consumer goods reaching 41,326 billion yuan, a year-on-year increase of 6.4%, accelerating by 1.3 percentage points from the previous month [1] Employment and Prices - The urban survey unemployment rate in May was 5%, a decrease of 0.1 percentage points from the previous month, indicating overall employment stability [2] - The Consumer Price Index (CPI) fell by 0.1% year-on-year and 0.2% month-on-month, while the core CPI, excluding food and energy, increased by 0.6% year-on-year, reflecting a slight acceleration in inflation [2] Investment and Trade - Fixed asset investment (excluding rural households) from January to May totaled 191,947 billion yuan, growing by 3.7% year-on-year, with a notable 7.7% growth when excluding real estate development investment [1] - The total value of goods imports and exports in May reached 38,098 billion yuan, with exports increasing by 6.3% and imports decreasing by 2.1% [1] Corporate Developments - GAC Aion faced employee stock valuation issues, with employees potentially recovering only 42% of their investments due to significant devaluation [5] - Tencent launched an algorithm competition with substantial rewards to attract global talent, supporting its recruitment efforts and enhancing its machine learning capabilities [5] - Xiaomi's automotive factory achieved a production capacity of 20,000 to 30,000 vehicles per month, showcasing high levels of automation [6] - Gree Titanium New Energy announced a court-ordered freeze on its 100% stake in Zhuhai Guangtong Automobile, stemming from past management issues, but stated that operations remain unaffected [6] International Developments - The U.S. Department of Justice is reviewing Alphabet's proposed $32 billion acquisition of cybersecurity startup Wiz for potential antitrust concerns [8] - Santos received a non-binding acquisition offer from a consortium led by Abu Dhabi National Oil Company, valuing the company at $18.7 billion [8] - MicroStrategy announced the purchase of 10,100 bitcoins for approximately $1.05 billion, bringing its total holdings to 592,100 bitcoins [9]

Group 1 - The Shanghai Stock Exchange Science and Technology Innovation Board Composite Index (000680) has seen a strong increase of 2.06%, with notable gains from component stocks such as GeLun Electronics (688206) up 20.01%, YiFang Bio (688382) up 20.00%, and JingJin Electric (688280) up 14.96% [3] - The Huaxia Science and Technology Innovation Index ETF (589000) rose by 1.97%, with a latest price of 0.93 yuan, and recorded a turnover rate of 3.41% during the trading session, with a transaction volume of 92.32 million yuan [3] - Over the past month, the average daily transaction volume of the Huaxia Science and Technology Innovation Index ETF reached 142 million yuan, ranking first among comparable funds [3] Group 2 - The recent China-Europe semiconductor upstream and downstream enterprise symposium emphasized the importance of leveraging complementary advantages and deepening trade cooperation while opposing unilateralism and bullying, aiming to maintain global semiconductor supply chain security and stability [3] - The Ministry of Commerce's emphasis on rare earth export control policies during the symposium may indicate a potential relaxation of export controls on rare earths for European chip companies [3] - Shanxi Securities noted that the tightening of chip export restrictions combined with the performance improvements of domestic chips will sustain high demand for AI computing power from downstream internet and intelligent computing centers [4] Group 3 - The focus is on first-tier manufacturers with significant performance improvements in new generation products on the chip side, and on the server side, the expected growth of H20 is anticipated to boost the performance of traditional server leaders [4] - The Huaxia Science and Technology Innovation Index ETF closely tracks the Shanghai Stock Exchange Science and Technology Innovation Board Composite Index, focusing on hard technology sectors, particularly in new generation information technology, high-end equipment, biomedicine, new energy, new materials, and energy conservation and environmental protection [4]

Core Viewpoint - The newly approved floating rate fund, Dachen Zhi Zhen Return Mixed Fund, will start issuing on June 3, with a focus on active equity investment and managed by Du Cong, who has demonstrated strong performance in technology growth investments [1][2]. Group 1: Fund Overview - The Dachen Zhi Zhen Return Mixed Fund is set to be issued on June 3, with Du Cong as the proposed fund manager and ICBC as the custodian [1]. - Dachen Fund is known for its active equity investment capabilities, with notable fund managers like Xu Yan, Liu Xu, and Han Chuang [1]. - Du Cong has shown a significant excess return of 18.7% relative to the performance benchmark since managing Dachen Growth Progress Fund [1]. Group 2: Investment Strategy - Du Cong's investment framework focuses on identifying "key variables" to determine investment weight through expected return rates and curvature [2]. - The investment process consists of two main steps: assessing long-term performance potential and understanding company quality and future valuation [2]. - "Curvature" is a key concept in Du Cong's strategy, representing the acceleration of growth, which influences company pricing during market turning points [2]. Group 3: Performance Metrics - Since Du Cong took over Dachen Growth Progress Fund, it has achieved a cumulative return of 20.74%, ranking in the top 15% of its category [3]. - The fund's net asset value curve has shown steep growth, indicating strong performance during various bull markets in the technology sector [3]. - The fund's turnover rate reached 1,076.12%, reflecting Du Cong's active management and responsiveness to market changes [3]. Group 4: Market Opportunities - Du Cong highlighted several investment opportunities in the 2024 annual report, including AI computing power, domestic substitution industries, and the Apple supply chain [6][7]. - The fund achieved a quarterly return of 11.2% in Q1 2025, with an excess return of 8.27% relative to its benchmark [6]. - The ongoing U.S.-China trade tensions are seen as a catalyst for investment opportunities in semiconductor and software sectors [6].

中新网重庆新闻5月19日电(记者 刘贤)2025全国大学生计算机系统能力大赛17日在重庆正式启动。作为 赛道之一，第六届"先导杯"智能计算创新设计赛的赛题紧扣当下DeepSeek国产大模型等技术热点，竞赛 支持环境也采用国产AI算力平台，让广大参赛选手能全面了解、掌握国产尖端硬件的特性与能力。 图为2025全国大学生计 算机系统能力大赛正式启动。大赛组委会供图 "先导杯"赛事旨在突破计算机软件环境与学科应用等瓶颈，推动国产AI软硬件普及，培育高水平技术交 叉型人才。自2020年3月创办以来，"先导杯"已累计吸引超5000名选手、3000支队伍参赛。 第六届"先导杯"由系统能力培养研究专家组发起，全国高校计算机教育研究会主办，中科曙光与中国科 学技术大学联合承办。 比赛环境上，中科曙光为广大选手提供基于国产GPU加速卡所构建的计算平台。平台具备广泛的软硬件 生态适配能力，使参赛选手无论面对通用计算、科学计算，还是大规模AI模型训练推理等多元场景， 都能获得高效算力支撑。 中科曙光智能计算首席科学家吉青介绍，本届"先导杯"成立了技术委员会和评审委员会，专家组成员覆 盖老中青，以及不同特点的高校，让更多年轻人有机会 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [12]. Core Insights - The company has reached an inflection point in performance, with high-end copper-clad laminates (CCL) driving revenue growth. In 2024, the company achieved a revenue of 3.362 billion yuan, a year-on-year increase of 12.70%. The CCL business generated 2.603 billion yuan in revenue, up 11.82%, with a gross margin of 3.07%, an increase of 4.32 percentage points [4][5]. - The first quarter of 2025 saw a significant revenue increase of 45.04% year-on-year, reaching 952 million yuan, with a net profit of 21 million yuan, reflecting a 109.04% increase year-on-year, primarily due to product structure optimization and improved gross margins [4][5]. Summary by Sections Market Performance - The company has shown strong market performance, with a current stock price of 37.04 yuan and a total market capitalization of 8.8 billion yuan. The stock has traded within a 52-week range of 16.68 to 40.29 yuan [1]. Business Developments - The U.S. government's restrictions on AI chip exports, including NVIDIA's H20, present opportunities for domestic AI chip manufacturers, enhancing the company's CCL business performance [6]. - The domestic AI chip Ascend 910C is positioned to compete with global leaders, with a transistor count of 53 billion and a half-precision (FP16) computing power exceeding 800 TFLOPS, achieving 60-80% of NVIDIA's H100 performance [7]. Industry Positioning - The company is a key player in the domestic AI computing power supply chain, focusing on CCL and prepreg products, which are essential for printed circuit board manufacturing [10]. - The company has established long-term partnerships with leading PCB manufacturers and maintains close technical collaborations with major clients in the industry [9]. Financial Forecast - Revenue projections for 2025-2027 are 4.740 billion, 5.996 billion, and 7.555 billion yuan, respectively, with corresponding EPS of 0.89, 2.06, and 3.42 yuan. The current stock price corresponds to PE ratios of 41.6, 18.0, and 10.8 times for the respective years [12][14].