AI 算力需求：预期差在哪里？20250605 摘要 市场对 AI 算力需求存在分歧，国内预期保守，海外推理需求回升，但受 供给限制。2025 年 3 月海外投片量显著增长，TOKEN 量增加，预示推 理需求上升，但国内市场反应不明显。 AI 算力需求逻辑分化，海外 AI 应用创新高主要围绕收入加速展开，英伟 达、博通等公司股价创新高，而 Intel、高通等公司表现较弱，反映市场 对 AI 算力需求预期逐步修复。 全球大模型厂商分层明显，微软和 Meta 专注于模型应用，OpenAI 和 XAI 专注于推理算力需求，Anthropic 和谷歌致力于推动下一代模型迭 代路径。各公司策略差异影响算力需求。 大规模算力投入对训练大型模型至关重要，但成本高昂且效果不确定。 OpenAI 计划建设 40 万张卡集群，马斯克计划建成 100 万张卡集群， 但即使投入巨资也可能无法成功训练出有效模型。 美股四大云厂商选择跟随策略，因大规模算力投入成本巨大且风险较高， 等待 OpenAI 等公司探索出路径后再进行迭代，以降低风险和成本。 Q&A 国内与海外市场对 AI 算力需求的预期有何不同？ 国内与海外市场对 AI 算力需 ...

大家好，我是沪麒麟，请动动您发财的小手指，点击右上方"关注"，不错过最新股市干货内容，点关注不迷路！ 今天AI算力板块再次全线爆发，很好的推动了双创指数上涨，如CPO再次涨幅居前，新易盛完全填坑，走出了一波强势行情， 中际旭创今天也是放量突破，胜宏科技则更是午后一度冲20%，强势创历史新高。对于AI算力核心股，这类股是真正有业绩支 撑的，而前期因为DS的诞生与美国贸易围堵，股价出现了较深的杀跌，是有错杀可能的，这几天的强势，也符合我们情绪与估 值修复的判断。稳定币概念午后也有资金回流，恒宝股份、翠微股份涨停，御银股份一度涨停，但尾盘炸板收盘竞价抢跑到 5.74%报收，这个就要看明天怎么走了，如果是主力控异动，那明天就还可能继续涨，如果不是那就是出货了，明天就有补跌预 期了。 从连板情绪来看，昨天2连板及以上个股一共有19家，今天成功晋级的只有5家，晋级率26%，还是比较差的，说明目前在高度 空间压制在6连板内，短线情绪操作难度比较大。目前市场的高度板是4连板的共创草坪，"苏超"概念股，今天缩量T字板，正常 情况明天还是看晋级预期；3连板有4家，分别为金陵体育、金时科技、南华期货和菲林格尔，明天4家要进行淘汰赛 ...

Core Viewpoint - A surge in AI computing power concept stocks has been observed, with Shenghong Technology reaching a historical high in stock price, indicating strong market interest and growth potential in the AI computing sector [1][3]. Company Performance - Shenghong Technology (300476) specializes in the research, production, and sales of high-density printed circuit boards (PCBs), with a comprehensive product range including rigid and flexible circuit boards. The company is benefiting from the growing demand in AI, data centers, and smart automotive applications, leading to a significant increase in global PCB demand [3]. - For 2024, Shenghong Technology is projected to achieve total revenue exceeding 10 billion yuan and a net profit of 1.154 billion yuan, both marking historical highs. In Q1 2025, the company reported total revenue of 4.312 billion yuan, a year-on-year increase of 80.31%, and a net profit of 921 million yuan, up 339.22% year-on-year [3][4]. - The stock price of Shenghong Technology has increased significantly, rising from a low of less than 14 yuan per share in 2024 to a closing price of 101.01 yuan, representing a growth of over 6.3 times [4]. Industry Trends - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan," aiming for standardized interconnection of public computing power by 2028. This initiative is expected to accelerate the domestic computing power rate [5]. - The computing power industry is identified as a high-growth sector, benefiting from both policy support and industry transformation. The demand for domestic AI computing power is anticipated to remain robust, with several projects already demonstrating successful implementation [5]. - As of June 5, 2023, the total market capitalization of AI computing power stocks in the A-share market reached 2.76 trillion yuan, an increase of over 1 trillion yuan since the end of 2023. Five stocks have market capitalizations exceeding 100 billion yuan [6]. Investment Opportunities - Analysts remain optimistic about the future of AI computing power stocks, with 31 stocks expected to see net profit growth exceeding 20% in 2025 and 2026. Notable stocks such as Haiguang Information and Zhongji Xuchuang have garnered significant institutional attention [6]. - The potential for substantial price increases exists, with 15 stocks showing an upside potential of over 20%, and 7 stocks having an upside potential exceeding 30% [6][7].

ETF Industry News Summary Core Insights - The overall ETF market has seen significant inflows, with nearly 300 billion yuan in net inflows since the second quarter, indicating a strong preference for broad-based products and a shift towards high-quality development in the market [2][3]. Market Performance - Major indices in the A-share market experienced collective gains, with the Shanghai Composite Index rising by 0.23%, the Shenzhen Component Index by 0.58%, and the ChiNext Index by 1.17% [3]. - AI-related ETFs showed strong performance, with several funds such as the Cloud 50 ETF and Financial Technology ETF increasing by over 3% [1][9]. ETF Inflows and Trends - The total ETF market size is approaching 4.12 trillion yuan, with six broad-based ETFs exceeding 100 billion yuan in size, reflecting a trend towards large index products [2]. - The AI computing sector remains a focal point for investment, driven by rapid advancements in AI capabilities and significant investments from major companies [1]. Sector Performance - In terms of sector performance, the communication, electronics, and computer sectors led the gains, while agriculture-related sectors saw declines [5][8]. - The average performance of thematic stock ETFs was the highest among various ETF categories, while strategy-based ETFs lagged behind [6]. Top Performing ETFs - The top-performing ETFs included the Information Technology ETF, the ChiNext AI ETF, and the Cloud 50 ETF, with daily returns of 3.98%, 3.86%, and 3.77% respectively [10][11]. - The trading volume for the top ETFs was significant, with the A500 ETF and the A500 Index ETF leading in transaction amounts [12][14].

记者从深圳证券交易所获悉，6月4日至5日，深圳证券交易所在新加坡举办"深市上市公司新加坡交流 日"。交流现场，境外投资者高度关注深市公司的研发高投入，认为持续高比例研发投入，并积极探索 与AI融合应用，有助于推动各公司从"技术追随"转向"标准制定"，在储能、AI算力等新兴领域抢占全球 价值链高地。中信里昂新加坡相关负责人表示，此次推介活动是中国资本市场积极拥抱境外投资者的具 体体现，与会境外投资机构普遍反映投资中国市场具有重大战略意义和广阔发展机遇，看好A股市场的 中长期发展前景，认为在全球地缘政治不确定性加剧、关税争端持续及汇率波动的背景下，中国A股展 现出显著的相对优势和韧性。(央视新闻) ...

Core Viewpoint - The AI hardware sector in A-shares has seen a significant rise, with the Xinchuang-themed ETFs performing exceptionally well, highlighted by some ETFs reaching a turnover rate of 100% [1][4]. Group 1: ETF Performance - The turnover rates for various Xinchuang-themed ETFs are as follows: Huabao Xinchuang ETF at 100.11%, Xinchuang ETF Fuguo at 92.99%, Guotai Xinchuang ETF at 81.75%, and Guangfa Xinchuang 50 ETF at 63.29% [1][2]. - The net inflow into Xinchuang-themed ETFs from May 26 to June 4 totaled 30.88 billion yuan, with a single-day net inflow of 16.82 billion yuan on June 4, accounting for over 54% of the total [4][6]. Group 2: Market Dynamics - The surge in funds into Xinchuang-themed ETFs is attributed to the suspension of Haiguang Information and Zhongke Shuguang since May 26, with expectations of their resumption by June 9. Investors are using ETFs to maintain exposure to these stocks during the suspension [8][9]. - Investors anticipate significant price increases upon the resumption of trading for Haiguang Information and Zhongke Shuguang, leading to a strategy of buying ETFs to indirectly hold these stocks [9]. Group 3: Industry Outlook - The Xinchuang industry is viewed as a core area for achieving self-sufficiency in information technology in China, with the market expected to exceed 2 trillion yuan by 2025 [9]. - The merger of Haiguang and Shuguang is seen as a typical case under the national policy encouraging mergers and acquisitions in the semiconductor and AI sectors, which is expected to enhance the competitiveness of the domestic computing power industry [9][10]. - The current state of the Xinchuang industry is characterized by a well-established industrial system, with significant progress in self-controllable AI computing power chips and a robust AI server market [10].

Market Overview - The market experienced a rebound with the ChiNext Index rising over 1% and a total transaction volume of 1.32 trillion [1] - The computing power industry chain saw a collective surge, with stocks like Dazhi Technology, Founder Technology, Huamai Technology, and Tianjin Printronics hitting the daily limit [1] - Virtual power plant concepts were strong throughout the day, with stocks such as China Electric Xilong and Southern Power Grid also reaching the daily limit [1] - Stablecoin concept stocks saw afternoon gains, with Hengbao Co., Hengyin Technology, and others hitting the daily limit [1] Key Hotspots Computing Power - The computing power sector remained active, with Huamai Technology and Tianjin Printronics hitting the daily limit [4] - The catalyst for this surge was the recent issuance of the "Computing Power Interconnection Action Plan" by the Ministry of Industry and Information Technology [4] - The global server PCB market is projected to grow from $8.2 billion in 2023 to $13.8 billion by 2028, with a compound annual growth rate (CAGR) of 11% [5] Virtual Power Plants - The virtual power plant sector saw significant gains, with stocks like Shun Steel Co. and Southern Power Grid reaching the daily limit [7] - The National Energy Administration has initiated pilot projects focusing on new power systems, including virtual power plants [8] - The trend towards market-oriented electricity trading is expected to enhance the demand for virtual power plants [10] Blockchain - The blockchain sector experienced a notable rise, with stocks such as Hengbao Co. and Cuiwei Co. hitting the daily limit [11] - JD.com has entered the second phase of sandbox testing for its stablecoin, indicating progress in the sector [11] - The demand for U.S. Treasury bonds is expected to increase due to the profitability of stablecoin issuers, which could further enhance the global influence of the U.S. dollar [12] Additional Insights - The sports industry, state-owned enterprise reform, and aerospace sectors showed active performance, while gold and unmanned logistics vehicles faced declines [13] - The trend of data centers considering locations near renewable energy sources is expected to reduce electricity costs and enhance green asset acquisition [9]

Group 1 - The AI computing power sector is showing strong performance, with significant gains in optical module stocks and related companies [1] - The domestic market for optical modules is expected to benefit from the expansion of data centers by major cloud providers, which hold a combined market share of approximately 71% [1] - Major global companies like Amazon, Google, Microsoft, and Meta are projected to significantly increase their capital expenditures, collectively exceeding $300 billion by 2025 [1] Group 2 - The Huaxia AI Computing ETF (159381) is highlighted for its low fee structure and high elasticity, tracking the entrepreneurial board AI index [2] - The top ten holdings of the Huaxia AI Computing ETF include leading optical module companies and key players in the chip design and cloud computing sectors [2] - The annual management fee for the Huaxia AI Computing ETF is 0.15%, with a custody fee of 0.05%, making it one of the lowest in its category [2]

Group 1 - The China Securities Big Data Industry Index (930902) rose by 0.59% as of June 5, 2025, with notable increases in constituent stocks such as Bosi Software (up 4.27%) and Deepin Technology (up 2.60%) [1] - The Data ETF (516000) also saw a rise of 0.56%, marking its third consecutive increase, with a latest price of 0.9 yuan [1] - Over the past week, the Data ETF has accumulated a rise of 2.05% [1] Group 2 - The Ministry of Industry and Information Technology (MIIT) held a special meeting to promote the development of the artificial intelligence industry, emphasizing the need for systematic planning and collaborative advancement [2] - The MIIT's recent initiatives aim to strengthen the industrial foundation, enhance computing power supply, and promote the deployment of large models in key manufacturing sectors [2] - The report highlights the importance of cultivating AI-enabled application service providers and accelerating the iterative application of industry-specific large models [2] Group 3 - Industrial analysts at Industrial Securities view the computing power industry as a high-growth sector benefiting from both policy and industrial transformation [2] - The MIIT's "Computing Power Interconnection Action Plan" outlines new requirements for computing power interconnectivity and public computing power standardization [2] - The restructuring of domestic companies like Haiguang and Shuguang is expected to enhance competition among domestic computing power leaders and concentrate market share among top companies [2]

新能源及有色金属日报 | 2025-06-05 市场成交有所走弱 铜价高位震荡 市场要闻与重要数据 期货行情： 2025-06-04，沪铜主力合约开于 77910元/吨，收于 78200元/吨，较前一交易日收盘0.71%，昨日夜盘沪铜主力合约 开于 78,050元/吨，收于 78,140 元/吨，较昨日午后收盘下降0.08%。 现货情况： 据 SMM 讯，昨日日内品牌价差继续放大，好铜如金川贵溪等货源十分紧张，早盘升水200-250元/吨；祥光、鲁方、 JCC、波兰大板因贸易流转需求等价格居高，升水180-200元/吨且难寻货源。进口金冠、金凤以及国内市场铁峰、 中金、豫光、中条山PC、大江PC等起先报价升水70-100元/吨，随后市场成交走弱，成交重心一路下调，升水30-50 元/吨成交。 今日，进口货源依旧，目前随着月差收敛指引预计升水仍将有下行空间，关注是否会打破平水价格。 重要资讯汇总： 宏观与地缘方面，昨日，在经济数据方面，5月ADP就业人数新增3.7万人，远低于预期的11万人，前值6.2万人。 特朗普评ADP数据称，"太迟先生"美联储主席鲍威尔现在必须降息。此外，他还称，债务上限应彻底取消，呼吁 ...