Core Viewpoint - ZTE Corporation focuses on breakthroughs in core technologies related to connectivity (CT technology) and computing power (IT technology), enhancing its core competitiveness through innovation in 5G, optical networks, computing power, terminals, and value patent layout [1] Group 1: Core Technology Development - In the field of core technologies, the company emphasizes independent innovation in chips, operating systems, and databases, showcasing industry-leading capabilities in chip design and industrial-grade operating systems [1] - The self-developed GoldenDB database supports over 10 trillion financial transactions daily and more than 10 billion core transactions, catering to over 900 million mobile users [1] - New server operating systems and GoldenDB distributed databases have passed national security assessments [1] Group 2: Connectivity Solutions - The company ranks second globally in the cumulative shipment of 5G base stations and core networks, with solid network products also holding a global second position [1] - The company has developed specialized product solutions for various 5G scenarios, enhancing network quality and supporting the evolution towards 6G technology [1] - In the fixed network sector, the company has developed a prototype for 50G PON technology, facilitating smooth upgrades for operators [1] Group 3: Computing Power Innovations - The company is enhancing its intelligent computing product development and ecosystem collaboration to meet the demands of AI large models [1] - It has created a low-latency, high-bandwidth GPU computing network, which received recognition at the 2025 World Artificial Intelligence Conference [1] - The intelligent computing super-node system, based on self-developed AI switching chips, won a significant breakthrough award at the 2025 China Computing Power Conference [1] Group 4: Terminal Products - The company is actively promoting AI applications in consumer electronics, expanding the use of AI in mobile devices, PCs, and smart wearables [1] - It has launched innovative AI cloud computer terminals, including the world's first 2-in-1 cloud PAD, to enhance user experience [1] - The company achieved over 10 million units in FTTR annual shipments and holds the top global market share in PON CPE and IP set-top boxes [1] Group 5: Patent Strategy - The company is among the top global players in patent layout, significantly contributing to 5G technology research and standard-setting [1] - As of June 30, 2025, the company holds approximately 94,000 global patent applications and over 50,000 granted patents [1] - In the chip sector, the company has around 5,700 patent applications, with over 3,700 granted, and in AI, nearly 5,500 applications, with a substantial portion already authorized [1]

Core Viewpoint - ZTE Corporation is focusing on liquid cooling servers, AI solutions, and self-developed chips to enhance its competitiveness in the high-performance computing market and AI industry [1] Group 1: Liquid Cooling Servers - ZTE's liquid cooling servers are primarily used in the high-performance computing market, with the company claiming its high-performance liquid cooling servers are among the best in the industry [1] - The company has successfully delivered liquid cooling servers to domestic operators and the internet sector [1] Group 2: AI Strategy - ZTE is positioning intelligent computing as a long-term strategic focus, enhancing R&D in intelligent computing products and collaborating with industry partners [1] - The company is developing a full-stack computing infrastructure, including self-developed chips, intelligent computing servers, and large-scale clusters to meet diverse AI application needs [1] - ZTE's self-developed high-performance processors aim to reduce total cost of ownership (TCO) for applications like cloud computing and big data processing [1] Group 3: Software and Models - ZTE's AI Booster platform offers comprehensive AI solutions, simplifying AI innovation for clients and reducing costs associated with model migration [1] - The company has received top scores in IDC's report on AI inference computing power, showcasing its capabilities in complex hardware and software integration [1] - ZTE's self-developed Nebula large models have achieved significant rankings in algorithm innovation and data engineering [1] Group 4: Infrastructure and Ecosystem - ZTE is building a domestic intelligent computing ecosystem, having won the 2025 China Computing Conference's major breakthrough award [1] - The company is launching high-density switches and a full range of servers to support large-scale intelligent computing clusters in various markets [1] Group 5: Military Sector - ZTE has not engaged in any business within the military sector [1]

Group 1 - The core transition in algorithm technology is moving from "passive task handling" to "active evolution strategies," particularly in the financial sector, which is data and computation-intensive, presenting a historical opportunity for deep transformation [1] - Major global players are innovating algorithms to address the financial industry's challenges related to "long text, high real-time, and strong professionalism," with advancements such as OpenAI's GPT enhancing "long text causal reasoning" capabilities and Google's Gemini upgrading "multimodal dynamic interaction" algorithms [1] - The financial industry is shifting from merely applying open-source models to building a deep collaborative system of "scenarios-algorithms-data," creating knowledge barriers and deeply integrating industry scenarios to train effective agents for AI-native transformation of core business scenarios [1] Group 2 - The integration depth of "core business and AI" has become a core competitive advantage for financial institutions, with large models excelling in processing unstructured data and understanding intent in employee-facing scenarios [2] - In customer-facing applications, particularly in high-stakes areas like credit, risk control, and marketing, there are challenges such as low accuracy and delayed feedback, which can be addressed by specialized models that adapt to financial compliance and dynamic risk factors [2] - IDC predicts that the future will see a collaboration between general large models and specialized models, with AI solutions that manage and adapt to complex semantic understanding becoming mainstream in the financial sector [2] Group 3 - The development of large model toolchains is transitioning from "technology-driven" to "business-driven," enabling financial institutions to quickly build intelligent agents tailored to their specific business needs through low-code/no-code platforms [3] - Financial institutions are increasingly demanding intelligent agents in core areas such as investment research, credit decision-making, and risk management, which will create more value [3] - The collaborative management of "general models + specialized models" will become mainstream, with the core value of tool platforms being to lower the AI usage threshold for financial institutions, allowing business personnel to solve business problems using AI [3] Group 4 - The transition from "data-driven" to "knowledge-driven" is crucial for the AI-native application in finance, requiring the conversion of scattered data into reusable structured knowledge to meet the industry's high compliance, precision, and dynamism requirements [4] - Financial institutions aim to build a data flywheel by connecting end-to-end data flows, ensuring compliance through sensitive data classification, and integrating cross-modal data for collaborative analysis [4] - The construction of a data flywheel will enhance the breadth of knowledge, depth of reasoning, and robustness of financial intelligent systems, enabling rapid responses to changing business demands [4] Group 5 - The evolution from traditional computing to intelligent computing is essential for significantly improving computing efficiency, especially as large models evolve to trillion-parameter scales, leading to exponential growth in training computing requirements [5] - Efficient computing solutions, such as heterogeneous computing clusters and mixed training, are becoming critical for balancing cost and energy efficiency in response to the demands of ultra-large-scale models [5] - For different parameter scales, precise adaptation of computing solutions is necessary to optimize the match between computing resources and business needs, with specific strategies for billion-parameter models and trillion-parameter models [5]

Core Viewpoint - Runze Technology (300442) reported a revenue of 2.496 billion yuan for the first half of 2025, marking a year-on-year growth of 15.31%, with a net profit attributable to shareholders of 882 million yuan [1] Group 1: Business Overview - The company's main businesses include IDC (Internet Data Center) and AIDC (Artificial Intelligence Data Center) services [1] - In the IDC sector, Runze collaborates with telecom operators to provide hosting and management services to major clients in the internet and cloud sectors [1] - The AIDC business focuses on building a comprehensive ecosystem for AI training and applications, transitioning from customer acquisition to high-quality operations, emphasizing stable profitability and long-term partnerships [1] Group 2: Delivery and Operations - The company has efficiently completed the delivery of new data centers, adding approximately 220 MW of capacity in the first half of 2025, with a total of 18 data centers delivered by June 30, 2025 [2] - Runze successfully delivered a new generation of AI data centers in the Yangtze River Delta, featuring high-density computing clusters and advanced cooling systems, achieving record deployment speeds [2] - The company has expanded its liquid cooling solutions, which are now essential for high-power computing, and has implemented self-developed cooling technologies across multiple new data center projects [2] Group 3: Market Position and Future Outlook - On August 8, 2023, Runze's data center REIT was officially listed on the Shenzhen Stock Exchange, enhancing the company's asset management and capital structure [3] - The REIT listing represents an innovative practice in the company's strategy of combining heavy asset infrastructure with light asset operational services [3] - Runze aims to leverage its expertise in the intelligent computing sector to explore market potential and strengthen its leading position in the industry [3]

Core Viewpoint - The report highlights the significant growth and performance of Runze Technology in the intelligent computing industry, showcasing its financial results and strategic advancements in technology and operations [1][2]. Financial Performance - In the first half of 2025, Runze Technology achieved an operating income of 2.496 billion yuan and a net profit attributable to shareholders of 880 million yuan [1]. - The company plans to distribute a cash dividend of 3.995 yuan per 10 shares (including tax) to all shareholders [1]. Industry Growth and Company Strategy - The intelligent computing industry continues to experience explosive growth, with expanding market size and technological iterations creating a strong resonance effect [1]. - Runze Technology has actively captured industry opportunities through various dimensions, including delivery and operations, business structure adjustments, liquid cooling technology upgrades, and asset securitization [1][2]. Delivery and Operations - The company has ensured efficient delivery schedules, completing large-scale deliveries and significantly shortening the overall delivery and commissioning cycle [1]. - In the first half of 2025, Runze Technology added one computing power center in each of its Langfang, Pinghu, Foshan, and Huizhou parks, totaling approximately 220 MW of new computing power centers delivered [1]. - As of the end of the reporting period, the company has delivered a total of 18 computing power centers, with a commissioning rate of over 90% for mature centers [1]. Business Structure Adjustment - The AIDC business structure has undergone a key upgrade, shifting focus from "customer expansion" to "high-quality operations," transitioning revenue from one-time inflows to stable profitability and long-term cooperation [2]. - This strategic shift provides more support for profitability [2]. Liquid Cooling Technology - With rapid advancements in chip and cabinet power, liquid cooling has transitioned from an optional solution to a necessary one for supporting high-power computing [2]. - Runze Technology has expanded the scale of liquid-cooled cabinets and improved the operational stability of liquid-cooled computing power centers [2]. - The company has applied its self-developed liquid cooling technology across multiple parks nationwide, creating a multi-faceted infrastructure design for high-complexity, high-computation demand applications [2]. Asset Securitization - On August 8, 2025, Runze Technology's Southern Data Center REIT was officially listed on the Shenzhen Stock Exchange, marking a significant milestone in asset securitization [2]. - This achievement activates quality existing assets and optimizes the capital structure, representing an innovative practice in the company's business architecture [2]. Future Outlook - Runze Technology aims to leverage its deep accumulation and innovative capabilities in the intelligent computing field to explore market potential and continuously strengthen its leading position in the industry [2].

Group 1: Teabo Bio - Teabo Bio is focusing on functional cure for hepatitis B, aiming for a combination of different mechanism drugs with interferons and nucleos(t)ide analogs for optimization [1] - The company is collaborating with Ligos to explore reinfection control after clearing infected cells and has acquired Jiutian Bio to leverage its gene therapy platform for more precise solutions [1] - New technologies like siRNA have entered clinical application stages, with future strategies focusing on optimizing combination therapies [1] Group 2: Ruijie Networks - Ruijie Networks reported that over 90% of its data center product revenue in the first half of the year came from internet clients, with 400G products accounting for over 60% [2] - The demand for cloud computing infrastructure remains strong, with expected continued capital expenditure increases in the internet sector [2] - The company’s overseas revenue reached 1.145 billion yuan, a 48% year-on-year increase, primarily targeting the SMB market [2] Group 3: Baillie Tianheng - Baillie Tianheng is collaborating with BMS to develop iza-bren and has initiated three key overseas clinical trials for treating triple-negative breast cancer, EGFR-mutant non-small cell lung cancer, and urothelial carcinoma [3] - The company has made breakthroughs in its RC nuclear drug platform, with its first candidate drug BL-RC001 submitted for domestic IND application [3] - As of June 30, the company’s R&D expenses amounted to 1.038 billion yuan, with expectations for future clinical research costs to increase [3]

Group 1: Company Insights - Yingjie Electric (300820) reported a revenue of 722 million yuan for the first half of 2025, a year-on-year decrease of 9.42%, with a net profit of 119 million yuan, down 32.71% [1] - The photovoltaic sector's sales revenue was 298 million yuan, down 25.18%, while semiconductor business orders and revenue declined, but excluding the impact of changes in settlement methods, orders and sales revenue are expected to grow year-on-year [1] - Zhaoyi Innovation (603986) experienced good growth across its business lines in Q2 2024, with NOR Flash growing in the high single digits and niche DRAM growing over 50% [2] - RuiJie Network (301165) saw a significant increase in data center product revenue, primarily from internet clients, with over 90% of revenue coming from this sector [3] - Liangxin Co., Ltd. (002706) is focusing on digital energy and infrastructure, with a potential slowdown in new energy business growth in the second half of the year [4] Group 2: Market Trends and Projections - The demand for customized storage technology is expected to increase, with more industries and clients opting for this solution, providing a competitive edge for Zhaoyi Innovation [2] - RuiJie Network anticipates continued strong demand for cloud computing infrastructure, with internet companies expected to increase capital expenditures [3] - The data center market is projected to grow over 50%, while the SMB market is expected to see steady growth of 20-30% [3] - Liangxin's overseas business is experiencing slight declines in gross margins, but there is a strong demand for technical upgrades from overseas clients [4] Group 3: Product Development and Innovations - Yingjie Electric is tracking core project procurement opportunities in nuclear fusion power and expects to confirm overseas photovoltaic orders in 2026 [1] - Zhaoyi Innovation plans to launch a new LPDDR5 product line within two years, targeting the automotive MCU market with multi-core products [2] - RuiJie Network is participating in high-throughput Ethernet alliances and is developing products tailored for intelligent computing scenarios [3] - Kede CNC is establishing a domestic high-end five-axis CNC machine tool base in collaboration with major aviation companies, focusing on precision processing of complex aircraft components [5]

Group 1: Ruijie Networks - Ruijie Networks reported that its data center product revenue growth in the first half of the year was primarily driven by internet clients, accounting for over 90% of revenue, with 400G products making up over 60% [1] - The demand for cloud computing infrastructure remains strong, with expected increased capital expenditure from the internet industry based on intelligent computing [1] - The company’s overseas revenue reached 1.145 billion yuan, a year-on-year increase of 48%, primarily targeting the SMB market, with the number of partners growing to 2,620 [1] Group 2: Baillie Gifford - Baillie Gifford is collaborating with BMS to develop iza-bren and has initiated three key overseas clinical trials for treating triple-negative breast cancer, EGFR-mutant non-small cell lung cancer, and urothelial carcinoma [2] - The company has nine DC drugs in clinical trials and one in the IND acceptance stage, with R&D expenses amounting to 1.038 billion yuan as of June 30 [2] - The company aims to become a leading entry-level multinational corporation in the oncology treatment field within five years [2] Group 3: Weiming Environmental - Weiming Environmental achieved revenue of 1.711 billion yuan from environmental project operations in the first half, an increase of 100 million yuan year-on-year, while equipment manufacturing revenue decreased by 300 million yuan to 2.175 billion yuan [3] - The company’s environmental operation business saw an increase in gross margin due to higher waste processing volumes and improved operational efficiency [3] - The company has received over 50 million yuan in national subsidies and is optimistic about the second half of the year [3]

Core Insights - China Mobile has established a dual "Ten Thousand Card" intelligent computing center and upgraded 1,500 edge computing nodes, achieving a total computing power scale exceeding 61 EFLOP (exaflops) [1] - The company has collaborated with dozens of third-party computing power partners to realize the integration of four computing types: communication, intelligence, supercomputing, and large-scale computing [1] - The cloud intelligence computing platform has aggregated hundreds of models and thousands of intelligent agents, covering various modalities such as text, images, audio, and video, serving over 100 industries, 200 ecosystem partners, and more than 100,000 customers [1] - China Mobile, in partnership with industry players, launched the country's first "Chip Integration" heterogeneous super-converged comprehensive adaptation platform, adopting a new model of "chip + platform + certification + service" to effectively connect the upstream and downstream of intelligent computing in China [1]

Group 1 - The 21st CCF National High-Performance Computing Academic Conference opened in Ordos, Inner Mongolia, focusing on the theme "Green Computing Power and Super Intelligence Integration" [1] - The conference gathered numerous distinguished guests, including 11 academicians, Gordon Bell Award winners, authoritative experts, senior scholars, and industry elites [1] Group 2 - The rapid development of intelligent computing has led to the establishment of the High-Throughput Ethernet Alliance by Alibaba Cloud and the Chinese Academy of Sciences, aimed at standardizing high-throughput protocols for intelligent computing scenarios [3] - The alliance announced several significant achievements, including the launch of domestic chips such as 400G network card chips and 25.6G switch chips to build intelligent computing center networks [3] Group 3 - The first industry standard for "Super Intelligence Integration Cluster Capability Requirements" was officially released at the conference, addressing common industry issues such as poor cross-vendor compatibility and low cluster collaboration efficiency [5] - The conference featured 43 high-quality thematic forums and over 500 speakers, showcasing cutting-edge breakthroughs in high-performance computing across multiple fields [5] - Notable technologies such as liquid cooling solutions were highlighted, with multiple companies presenting related solutions [5]