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Core Viewpoint - The report from Dongwu Securities indicates that the A-share market is expected to enter a new phase of "East Rising, West Falling" trading, driven by liquidity overflow from a weak dollar, which will benefit non-US markets and Chinese assets, with a focus on technology growth styles [1] Investment Direction - Specific investment directions include sectors such as robotics, artificial intelligence, AI edge devices, computing power industry chain, controllable nuclear fusion, military informationization, autonomous driving, innovative pharmaceuticals, solid-state batteries, AI agents, low-altitude economy, and satellite internet [1]

Investment Rating - The report maintains an "Accumulate" rating for the electronics industry [6] Core Viewpoints - The computing power industry chain is becoming a fundamental infrastructure, driving industry development. NVIDIA plans to sell hundreds of thousands of AI chips in Saudi Arabia, with the first batch of 18,000 latest Blackwell chips going to the newly established AI startup Humain [1][16] - The AI edge sector is expected to benefit from new product launches, with Huawei set to unveil smart glasses on May 19. Rokid has received over 250,000 pre-orders for its AI glasses, indicating strong market demand [1][16] - The consumer electronics sector is recovering, with China's tablet market shipments in Q1 2025 reaching 8.52 million units, a year-on-year increase of 19.5%, driven by government subsidies [2][17] - The domestic substitution industry is gaining traction, with Longxin and Hejian working closely to achieve a fully domestic design platform for electronic systems [2][18] Summary by Sections Computing Power Industry - The underlying computing power is becoming a basic resource for countries, and the industry chain is expected to benefit continuously. Companies to watch include Weicai Technology, Zhongfu Circuit, and others [4][19] AI Edge Sector - New product launches are anticipated to drive growth in the AI edge industry. Companies to focus on include Guoguang Electric, Edifier, and others [4][19] Consumer Electronics - The consumer electronics industry is expected to benefit from a recovery, with recommendations for companies like Dongmu Co., and others to watch include Yutong Optical and Luxshare Precision [4][20] Domestic Substitution - The domestic substitution industry is expected to benefit from supportive policies, with recommendations for Jiangfeng Electronics and others to watch including Northern Huachuang and Micro Company [4][20]

Investment Rating - The report maintains a rating of "Add" for the industry [3] Core Viewpoints - The rapid development of AI is driving operators to optimize their capital expenditures, with a clear trend towards structural optimization. Despite a decline in overall capital expenditures, investments in computing power are expected to grow or remain stable, indicating the operators' commitment to AI [1][21] - Cloud computing is experiencing a new growth curve catalyzed by AI, significantly enhancing its application potential. The roles of the three major operators in cloud infrastructure are being redefined as they deepen their investments in cloud construction [2][23] Summary by Sections Investment Strategy - The report suggests focusing on the computing power sector, particularly in optical communication and related companies such as Zhongji Xuchuang and Xinyi Sheng. It also highlights the importance of operators like China Mobile, China Telecom, and China Unicom in this space [8][14][31] Industry Trends - The report notes a significant slowdown in 5G user growth across the three major operators, with a total of approximately 1.2 billion 5G users. The average revenue per user (ARPU) is also declining, indicating intensified competition among operators [7][26] Operator Capital Expenditure - China Mobile plans to invest CNY 37.3 billion in computing power for 2025, accounting for 25% of its capital expenditures. China Telecom's computing power investment is projected to reach CNY 22 billion, a 22% increase year-on-year. China Unicom expects a 28% increase in computing power investment, exceeding CNY 18 billion [23][24][25] Market Performance - The report highlights that the optical communication index outperformed other segments within the communication sector, with a notable increase in stock prices for key players in the computing power industry [17][20] Key Recommendations - The report recommends focusing on companies within the computing power supply chain, including optical communication leaders and related technology firms, as they are expected to benefit from the ongoing AI wave [8][31]

Core Viewpoint - The communication industry is experiencing a decline in fund holdings, but there is significant potential for growth in AI-related investments due to increased capital expenditure in computing power and the acceleration of AI development in the domestic market [1][2]. Group 1: Fund Holdings Overview - In Q1 2025, the fund holdings in the communication industry accounted for 2.59% of the total market value, reflecting a decrease of 0.98 percentage points from the previous period, ranking 13th among 31 industries [2]. - The overweight ratio has also decreased to -1.76%, indicating a low allocation in the sector [2]. Group 2: Focus on AI Industry Chain - The top ten holdings represent 58% of the communication industry's total holdings, with a decrease of 3 percentage points [2]. - Eight out of the top ten holdings are focused on the AI industry chain, including companies involved in network equipment, device manufacturing, optical modules, and communication PCBs, which account for 82% of the top ten holdings [2]. - There is a noticeable increase in the proportion of holdings benefiting from the development of the domestic computing power industry chain [2]. Group 3: Industry Growth Potential - The domestic AI industry is entering a phase of rapid growth, with significant capital expenditure increases from major internet companies [1]. - Alibaba's latest financial report indicates that its capital expenditure on cloud and AI infrastructure over the next three years will exceed the total of the past decade [1]. - Tencent's capital expenditure is projected to triple year-on-year, reaching $10.7 billion in 2024 [1]. - The AI computing power industry chain is expected to continue accelerating in 2025, driven by evolving demand in inference applications, providing broader growth opportunities for the communication industry's related sectors [1].

Summary of Conference Call Records Industry or Company Involved - E-commerce and AI technology industry - Companies mentioned include Tencent, Zhongbai Group, and various AI and cloud computing firms Core Points and Arguments 1. **Establishment of E-commerce Product Department by Tencent** Tencent has established an e-commerce product department to explore new transaction models within WeChat, aiming to accelerate the development of transaction infrastructure and ecosystem [1] 2. **AI's Role in Reshaping E-commerce** AI is expected to reshape the traditional e-commerce ecosystem through features like intelligent product selection, AI-guided shopping, and personalized recommendations. Current growth in the e-commerce retail sector is seen as mature, making it difficult to achieve rapid growth [1] 3. **Strategic Partnership between Zhongbai Group and Tencent** Zhongbai Group's subsidiary, Wuhan Shuzhi Cloud Technology, signed a strategic cooperation agreement with Tencent Smart Retail to collaborate in areas such as ecological traffic, operational co-construction, and digital infrastructure [2] 4. **Integration of AI in Operations** Companies like Ruoyuchen are integrating AI deeply into their operational management across all links, enhancing efficiency and service delivery [2] 5. **Growth in AI Computing Expenditure** China's AI computing expenditure is projected to grow from $18 billion in 2024 to $90 billion by 2029, indicating a significant increase in demand for computational power [3] 6. **Development of 3D Models by Jumpsky** Jumpsky has released and open-sourced a 3D model, Step1X-3D, with a total parameter count of 4.8 billion, capable of generating high-fidelity, controllable 3D content [2] 7. **Focus on Green and Reliable Computing Infrastructure** Meili Cloud is focusing on the development of green, low-carbon, and reliable computing infrastructure, which is essential for supporting the growing demand for AI applications [3] Other Important but Possibly Overlooked Content 1. **Market Trends and Stock Performance** The market saw a significant increase in trading volume, with a notable number of stocks reaching historical highs, particularly in the e-commerce and AI sectors [8][14] 2. **Emerging Technologies and Collaborations** Companies are increasingly collaborating with tech giants like Huawei to enhance their computing capabilities and integrate advanced technologies into their operations [3][15] 3. **Sector-Specific Developments** Various sectors, including banking, beauty care, and logistics, are experiencing significant developments, with several companies announcing strategic partnerships and new product launches [15] 4. **Investment Trends** There is a growing interest in stocks related to AI, e-commerce, and computing, with several companies seeing increased institutional investment [16][17]

Group 1 - The issuance scale of equity funds in China has exceeded 50% of the total new fund issuance in 2025, with a total of 340 billion yuan, marking a significant increase compared to previous years [1] - The People's Bank of China and the China Securities Regulatory Commission have announced support for the issuance of technology innovation bonds, leading to a surge in issuance plans from various financial institutions and enterprises, with a total issuance scale exceeding 210 billion yuan [1] - The recent drop in housing provident fund loan rates in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen aims to stimulate the housing market, with the new rates at historical lows of 2.6% for first-time buyers [2] Group 2 - The humanoid robot sector has gained renewed attention in the A-share market, with significant investment interest from private equity firms, as the industry is expected to transition from the concept phase to mass production by 2025 [3] - The domestic computing power industry is experiencing a surge in interest, with stocks related to computing power, cloud computing, and AI showing over 10% growth from February to April, driven by strong demand and favorable policies [4] - In the past month, 370 A-share companies have announced share repurchase and increase plans, with a total repurchase amount reaching approximately 681.94 billion yuan [4] Group 3 - SAIC's mobility brand, Xiangdao, has completed over 1.3 billion yuan in Series C financing, marking the largest single financing in the domestic mobility sector in three years, and plans to establish a Robotaxi fleet by 2026 [5] - Xidi Technology has submitted a listing application to the Hong Kong Stock Exchange, indicating a growing trend of tech companies seeking public listings [6] - CITIC Bank plans to establish a wholly-owned subsidiary with a capital of 10 billion yuan to enhance support for technology innovation enterprises and the private economy [10]

Core Viewpoint - The AI Fund Advantage Industry Rotation Mixed A (011201) reported a profit of 7.89 million yuan for Q1 2025, with a net value growth rate of 1.38% and a fund size of 526 million yuan as of the end of Q1 2025 [2][16]. Fund Performance - As of April 24, the fund's unit net value was 0.59 yuan, with a near-term performance showing a three-month return of -7.82%, a six-month return of -10.78%, a one-year return of -1.53%, and a three-year return of -26.86% [2][4]. - The fund's Sharpe ratio over the past three years was -0.0678, ranking 179 out of 238 comparable funds [9]. - The maximum drawdown over the past three years was 48.59%, with the largest single-quarter drawdown occurring in Q1 2024 at 25.23% [11]. Investment Strategy - The fund manager indicated a focus on several key areas for the next quarter, including: - **Biopharmaceuticals**: Anticipating growth in medical demand and payment capabilities, with a focus on innovative drugs and medical devices that are less affected by hospital sales [3]. - **Communications and Semiconductors**: Expecting significant growth in computing power driven by AI applications, with investment opportunities in domestic supply chains for optical modules and PCBs [3]. - **Non-ferrous Metals**: Favoring gold and copper as beneficiaries of anticipated U.S. interest rate cuts and domestic economic recovery [3]. Fund Holdings - The fund has a high concentration of holdings, with the top ten stocks including companies like Ruikeda, Sanofi, and Tencent Holdings as of Q1 2025 [19]. Fund Positioning - The average stock position over the past three years was 90.22%, higher than the comparable average of 85.88%, with a peak of 94.56% in mid-2022 [14].

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **cloud service provider (CSP)** industry and advancements in **AI connectivity** technology. Key Points and Arguments CSP Capital Expenditure - **Overseas CSP capital expenditure** is better than market expectations, with the top four CSPs spending a total of **$71.1 billion** in Q1 2025, representing a **59% year-over-year increase** [1] - Individual expenditures include: - **Microsoft**: **$15.8 billion**, up **59%** - **Google**: **$17.2 billion**, up **43%** - **Amazon**: **$24.3 billion**, up **62%** - **Meta**: **$12.9 billion**, up **93%** [1] - Meta has raised its full-year capital expenditure plan for 2025 to a range of **$64 billion to $72 billion**, up from the previous estimate of **$60 billion to $65 billion** [1] - According to Bloomberg, the capital expenditure growth rate for these four CSPs is projected to reach **40%** in 2025 [1] AI Connectivity Breakthroughs - **Huawei** has launched the **CloudMatrix 384**, which consists of **384 Ascend 910C computing cards**, making it the largest single-node scale among currently commercialized supernodes [1] - The **DeepSeek-R1** service, based on the CloudMatrix 384 supernode, has been officially launched in collaboration with **Silicon-based Flow** and **Huawei Cloud**. It guarantees a single-user throughput of **20 TPS** while achieving a decoding throughput of **1920 Tokens/s**, comparable to the performance of **H100 deployments** [2] Valuation and Investment Opportunities - The **computing power industry chain** is viewed as having a favorable valuation with potential for recovery. Companies mentioned include: - **New Yisheng** - **Zhongji Xuchuang** - **Tianfu Communication** - **Taicheng Technology** - **Bochuang Technology** - **Yingweike** - **Chunzhong Technology** - **Huafeng Technology** - **Oulutong** - **Yihua Co.** - **Unisplendour** - **Shenling Environment** - **Gaolan Co.** - **Yingweike** - **Guanghuan New Network** - **Runze Technology** [3] Risk Factors - A key risk highlighted is the potential for **AI application development** to fall short of expectations [4]

| 30 日 | | --- | | 4 月 | | 年 | | 2025 | 期指：关注今日 PMI 数据 金 融 期 货 研 究 | maolei@gtht.com | | --- | | 毛磊 投资咨询从业资格号：Z0011222 | 【期指期现数据跟踪】 期指数据 | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪深300 | 3775.08 | ↓0.17 | | 1974.6 | | | | | | IF2505 | 3757.8 | ↓0.21 | -17.28 | 202.9 | 17994 | ↓4363 | 46271 | ↓3286 | | IF2506 | 3724.8 | ↓0.21 | -50.28 | 419.9 | 37569 | ↓533 | 134140 | ↓200 | | IF2509 | 3670 | ↓0.15 | -105.08 | 66.5 | 6039 | ↓207 | 54843 | ...