Group 1 - The core viewpoint of the news highlights the acceleration of AI model applications in the Hong Kong stock market, driven by strategic collaborations between major companies like BMW and Alibaba [1] - The Hong Kong Technology 30 ETF (513160) has seen a net inflow of over 500 million yuan in the past 20 trading days, indicating strong investor interest [1] - The Hong Kong Technology sector has experienced significant growth, with the Hang Seng Hong Kong Stock Connect China Technology Index rising by 71.23% since the market rally began on September 19, 2024 [1] Group 2 - Huatai Securities identifies Alibaba, Tencent, Meituan, Xiaomi, Lenovo, BYD, and SMIC as the "Seven Sisters" of Hong Kong technology stocks, which play a crucial role in the valuation reshaping of Chinese tech stocks [2] - The Hong Kong Technology 30 ETF (513160) tracks the Hang Seng Hong Kong Stock Connect China Technology Index, which has a high concentration of 60.63% in these key tech stocks [2] - Recent trading activity shows that stocks like Kingdee International and Lenovo Group have seen significant price increases, reflecting positive market sentiment [2] Group 3 - Despite some leading tech companies like Tencent and Meituan reporting slightly better-than-expected earnings, concerns about their future AI investments have led to a market pullback, presenting buying opportunities for investors [3] - The short-term outlook for tech stocks may face adjustment pressures, but the long-term potential for AI technology development, particularly with domestic models like DeepSeek, is expected to create a valuation reconstruction window for key players in the AI infrastructure and cloud computing sectors [3]

Core Viewpoint - The article highlights the rapid growth and potential of the computing power market, particularly focusing on the significant contract signed by BlueYun Technology, which could substantially boost its revenue and market position [2][3]. Group 1: Company Overview - BlueYun Technology, established in 2004 and listed on the New Third Board in 2017, has transitioned from traditional IT services to becoming a GPU computing power cloud service provider since 2020 [3]. - The company's revenue has seen a remarkable increase, growing from under 200 million to over 400 million in recent years, with a current market capitalization exceeding 1.5 billion [3]. Group 2: Major Contracts and Collaborations - BlueYun Technology's subsidiary, Beijing Sanyou Technology, signed a cloud service agreement worth 3.707 billion (including tax) with Company X, which is expected to significantly impact the company's financials [2]. - The company has also entered into several strategic partnerships with A-share companies, including a 1.39 billion contract with China Mobile Beijing and a 672 million contract with a joint venture with Zhejiang Wenhuan [4][5]. Group 3: Market Trends and Projections - The computing power service market is experiencing heightened interest due to the booming demand for AI and related technologies, with IDC predicting that China's intelligent computing scale will reach 1,037.3 EFLOPS by 2025 and 2,781.9 EFLOPS by 2028 [6]. - The overall market for intelligent computing services in China is projected to grow to 7.95 billion by 2025, with a compound annual growth rate of 57.3% from 2023 to 2028 [6].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating an expected relative increase of over 15% compared to the benchmark index within the next 12 months [4][7]. Core Insights - 2025 is projected to be the year of application for domestic AI integrated machines, with significant developments in the deployment of DeepSeek solutions by China Mobile in the financial services sector [1]. - Multiple companies are developing DeepSeek integrated machines, enhancing the domestic AI ecosystem and breaking the reliance on NVIDIA's CUDA ecosystem through collaborations with various domestic chip manufacturers [2]. - The report outlines a comprehensive list of companies involved in the domestic AI integrated machine supply chain, highlighting potential investment opportunities [3]. Summary by Sections Industry Overview - China Mobile successfully deployed the first self-developed AI project using DeepSeek in the Asia-Pacific region, marking a significant milestone for domestic AI applications [1]. - The introduction of new DeepSeek integrated machines by companies like Shanghai Haixi Technology and Huawei emphasizes the growing competition and innovation in the market [2]. Market Dynamics - At least 20 domestic chip manufacturers have announced partnerships with DeepSeek, indicating a robust growth trajectory for the domestic AI integrated machine market [2]. - The report highlights the advantages of domestic AI models combined with local AI chips, fostering the development of a "domestic computing power + domestic large model" ecosystem [2]. Investment Opportunities - The report identifies key players in the domestic AI integrated machine industry, including He Sheng New Materials, Hengwei Technology, and others, suggesting a diversified investment landscape [3].