Investment Rating - The report rates the AI infrastructure industry as "Outperform" compared to the broader market [1]. Core Insights - The explosive demand for intelligent computing is driving continuous growth in data centers, with power distribution and cooling being the core components of AI infrastructure [3]. - Capital expenditures in the AI infrastructure sector are expected to reach hundreds of billions, with major companies like Google, Microsoft, and Amazon projected to spend $320 billion in FY2025, a 39% increase from FY2024 [3][22]. - The report emphasizes the importance of power supply systems, particularly gas turbines, which are becoming the preferred primary power source for data centers due to their short construction cycles and low costs [3][60]. Summary by Sections AI Infrastructure Overview - The AI infrastructure industry is entering a prosperous cycle driven by significant capital investments and policy support [3][22]. - The demand for intelligent computing centers (AIDC) is expected to lead to a substantial increase in power requirements, with global IT power demand projected to grow from 49 GW in 2023 to 96 GW by 2026 [19][26]. Main Power Supply - Gas Turbines - Gas turbines are anticipated to benefit from a long-term upcycle, with global orders expected to increase by 38% year-on-year in 2024 [3][60]. - The gas turbine market is projected to reach an average annual market size of nearly $40 billion over the next five years [3]. - The report highlights the scarcity of production capacity for turbine blades, which constitute over one-third of the turbine's core value [3]. Backup Power Supply - Diesel Generators - The global market for diesel generators in data centers is expected to reach $9 billion by 2026, with a near double-digit growth rate until 2030 [3]. - The supply chain for diesel generators is experiencing tightness, leading to price increases and improved performance for companies in this sector [3]. Cooling Systems - Liquid cooling is expected to replace air cooling as the industry standard, with the market for cooling systems projected to exceed $100 billion by 2028 [3]. - Chilled water units are identified as a key beneficiary of the shift towards liquid cooling, with robust growth anticipated [3]. Investment Recommendations - The report suggests focusing on segments within the supply chain that are positioned to benefit from the explosive demand, particularly those with supply constraints and strong customer ties [3]. - Recommended companies include Yingliu Technology, Haomai Technology, and Ice Wheel Environment, among others [7][8].

Investment Rating - The report rates the AI infrastructure industry as "Outperform" compared to the market [1]. Core Insights - The demand for intelligent computing is driving the continuous growth of data centers, with power distribution and cooling being core components of AI infrastructure [3]. - Capital expenditures in the AI infrastructure sector are expected to reach hundreds of billions, with major companies like Google, Microsoft, and Amazon projected to spend $320 billion in FY2025, a 39% increase from 2024 [3][22]. - The report emphasizes the importance of power supply systems, particularly gas turbines, which are becoming the preferred primary power source for data centers due to their short construction cycles and low costs [3][60]. Summary by Sections AI Infrastructure Overview - The AI infrastructure industry is entering a prosperous cycle driven by increased demand and supportive policies [3][19]. - The global computing power scale is expected to reach approximately 910 EFLOPS by the end of 2023, with a 40% year-on-year growth [19]. Power Supply Systems - Gas turbines are expected to benefit from a long-term upcycle, with global orders projected to increase by 38% year-on-year in 2024 [3][60]. - The report highlights that gas turbines account for over 50% of the value in AI infrastructure, while cooling systems account for over 20% [3][37]. Cooling Systems - Liquid cooling is anticipated to replace air cooling as a trend in the industry, with the market for cooling systems expected to exceed 100 billion by 2028 [3][32]. - The report identifies external cooling units, such as chillers, as key beneficiaries of this transition [3]. Investment Recommendations - The report suggests focusing on segments within the supply chain that are core to the industry, have rigid supply, and are linked to major clients [3]. - Recommended companies include Yingliu Co., Haomai Technology, and Ice Wheel Environment, among others [7][8].

Investment Rating - The report maintains a "Buy" rating for key stocks such as Shenghong Technology, Wavelength Optoelectronics, and SMIC, indicating a positive outlook for these companies in the electronic and EDA sectors [6][7]. Core Insights - The AI infrastructure is rapidly developing, with significant demand for computing power driven by companies like NVIDIA, which reported a record revenue of $44.062 billion in FY26Q1, a year-on-year increase of 69% [10][11]. - The EDA industry is experiencing a shift towards domestic production due to export restrictions imposed by the U.S. on leading EDA software companies, which is accelerating the decoupling of the semiconductor industry between China and the U.S. [19][31]. - Huawei has introduced the Pangu Ultra MOE model, a significant advancement in AI model training, showcasing the capabilities of its Ascend AI computing platform [39][40]. Summary by Sections NVIDIA Performance - NVIDIA's FY26Q1 revenue reached $44.062 billion, with a gross margin of 60.5% and net income of $18.775 billion, reflecting strong growth in data center and gaming sectors [10][11][12]. - The data center segment generated $39.112 billion, a 73% increase year-on-year, driven by demand for accelerated computing platforms [11][14]. - The gaming segment saw revenues of $3.763 billion, up 42% year-on-year, attributed to the sales of new Blackwell architecture GPUs [12][16]. EDA Industry Developments - The U.S. has imposed export restrictions on leading EDA software firms, leading to a significant impact on the Chinese market, where these companies hold over 80% market share [19][31]. - The global EDA market is projected to grow, with estimates of $17.42 billion by 2025, while the Chinese EDA market is expected to reach 18.49 billion yuan [23][27]. - Domestic EDA companies are accelerating mergers and acquisitions to enhance their product offerings and achieve self-sufficiency [35][36]. Huawei's Pangu Ultra MOE Model - Huawei's Pangu Ultra MOE model features 718 billion parameters and utilizes advanced training techniques to optimize performance and efficiency [39][40]. - The model's architecture includes innovative methods for load balancing and stability, enhancing its capabilities in AI applications [41][42]. - The introduction of this model signifies Huawei's commitment to advancing AI technology and its competitive position in the market [39][40].

OPEC+或将延续产量政策，油价强势反弹 通惠期货研发部 李英杰 从业编号：F03115367 投资咨询：Z0019145 手机：18516056442 liyingjie@thqh.com.cn www.thqh.com.cn 一、日度市场总结 日度市场总结 数据变化分析（2025年5月28日） 原油价格： SC原油（中国）价格从458.3元/桶小幅回落至453.0元/桶（跌幅1.16%）， 盘中波动区间较前日扩大，显示市场分歧。 WTI和Brent价格则分别上涨0.79美元/桶（1.29%）和0.59美元/桶 （0.93%），Brent-WTI价差小幅收窄0.2美元至2.47美元/桶，反映大西洋 盆地供需平衡趋紧。价差方面，SC-Brent价差从-0.04美元/桶大幅走弱 至-1.33美元/桶，SC-WTI价差亦收窄1.49美元至1.14美元/桶，表明SC原油 相对国际油种贴水加深，或受区域库存压力影响。SC连续-连3价差从7.1 元/桶收窄至4.0元/桶（降幅43.66%），显示近月合约抛压增强，短期供需 预期偏弱。 供给端： 燃料油期货仓单维持稳定（28,950吨），中质含硫原油仓单持平于402.9万 ...

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [4] Core Views - The humanoid robot sector is experiencing significant advancements, with companies like Figure achieving a milestone by completing a 20-hour continuous operation on a production line, indicating rapid commercialization progress [2][17] - AI infrastructure is expected to see sustained capital expenditure growth driven by increasing demand for data centers, benefiting companies involved in gas turbines and chillers [3] - The low-altitude economy is advancing quickly, with a reported 74.2% increase in the value added by the smart drone manufacturing industry in April [25] Summary by Sections Industry Dynamics - Humanoid robots are gaining traction, with notable developments such as the release of TRON 1 by ZhiJi Power and the successful operation of Figure robots in industrial settings [1][15][17] - AI infrastructure investments are on the rise, with Nvidia planning a 1.4GW data center in France and Alibaba committing to a global cloud computing network [23][24] Company Dynamics - Companies like Jingye Intelligent and Xiaopeng Motors are making strides in the humanoid robot space, with Xiaopeng planning to launch humanoid robots for industrial applications by 2026 [29][30] - ZheJiang RongTai is investing 20 million yuan to establish a wholly-owned subsidiary to advance its robotics business [31] Key Companies and Investment Outlook - The report highlights key companies such as Longxi Co., JinDi Co., YiRui Technology, and YingLiu Co. as potential investment targets, emphasizing the importance of selecting suppliers with strong market positions [3] - Specific segments within the humanoid robot supply chain are identified for investment, including joint modules, dexterous hands, and sensors, with companies like HengLi Hydraulic and LeiSai Intelligent being noted for their potential [3] Market Performance - The report includes a performance review of key companies, indicating fluctuations in stock prices and market trends, with companies like Longxi Co. showing significant year-to-date growth of 164.15% [14][35]

市场消息：OpenAI首席战略官据悉下周到访亚太多国，加快布局AI基建版图。 ...

全年目標進度理想 - 展望未來，管理層維持全年收入指引112.9-115.9 億元人民幣及經調整EBITDA 51.9-53.9億元人民幣。中國AI基建需求持 續強勁，但監管風險及潛在晶片供應限制可能影響短期增長。ABS交易及 計劃中的REIT上市提供財務靈活性，惟資產分拆將令全年EBITDA減少約 1.3億元人民幣。透過持股35.6%的DayOne推進國際擴張，現已鎖定530兆 瓦產能，並於泰國及芬蘭啟動新項目。 我們認為 - 公司在中國數據中心需求旺盛的市場佔據領先地位，同時透 過國際佈局捕捉全球商機。其成功完成中國首單數據中心ABS，更展示卓 越融資能力。萬國數據現時市場共識預測EV/EBITDA為14.6倍。 滙富快訊 香港及中國市場日報 今日焦點: ►萬國數據（9698 HK，28.00港元，423億港元） 2025年第一季度業績 萬國數據公佈2025年第一季強勁財務表現，淨收入按年增長12%至27.2億 元人民幣。公司成功扭虧為盈，錄得淨利潤7.64億元人民幣（去年同期 淨虧損3.45億元人民幣），主要受惠於中國首單數據中心資產證券化（ ABS）交易帶來的10.6億元人民幣一次性收益。經調整EBI ...

Group 1 - The core viewpoint is that the AI infrastructure and factory market is in its early stages and is expected to grow from several hundred billion to over 10 trillion USD in the next decade [1] - NVIDIA's CEO Jensen Huang emphasizes the importance of advanced packaging for AI development, stating that current options are limited to CoWoS due to the stagnation of Moore's Law [1] - Huang highlights that NVIDIA is committed to driving the development of advanced packaging technologies, using their own larger chips as an example of how they utilize CoWoS for integration [1] Group 2 - NVIDIA's product planning involves annual upgrades, where improving equipment efficiency can significantly increase data center revenues while reducing costs [2] - The company advises clients to adopt a gradual purchasing strategy to avoid over-investment in outdated technology, ensuring continuous cost reduction [2] - Huang mentions the need for greater manufacturing resilience and diversification globally, with some production remaining in the U.S. while maintaining national security [2]

Investment Rating - The report maintains an "Increase" rating for the industry [7] Core Insights - Major players like Alibaba and Tencent are significantly increasing their capital expenditures (Capex) for AI infrastructure, indicating a positive outlook for the industry [12][16] - The demand for high-performance computing is rapidly increasing, driven by AI applications, which is expected to further expand cloud computing needs [12][16] - The report emphasizes that computing power is a critical infrastructure for the development of AI agents, which will support long-term growth in the industry [42][51] Summary by Sections Capital Expenditure Growth - Alibaba's Capex for Q1 2025 reached 24.612 billion RMB, a year-on-year increase of 120.68%, with cloud revenue of 30.127 billion RMB, up 17.71% [13][16] - Tencent's Capex for Q1 2025 was 27.476 billion RMB, a 91.35% increase from 14.4 billion RMB in Q1 2024 [16][19] AI Application Acceleration - Major cloud providers are enhancing their capabilities to accelerate AI application deployment, with significant upgrades announced at various conferences [21][26] - Alibaba Cloud's ninth-generation ECS has improved computing power by up to 20% while reducing prices by 5% [28][30] - Huawei Cloud introduced the CloudMatrix 384 super node, designed to meet the massive computing demands of the AI era [36][39] Computing Power as a Key Driver - The report identifies several reasons for the high demand for computing power in AI agents, including the need for long context processing, external data integration, and complex task verification [42][51] - The increasing complexity of AI models and the need for high concurrency access further exacerbate the demand for computing resources [51] Investment Opportunities - The report suggests focusing on companies involved in computing power such as Cambricon, Alibaba, and Inspur, as well as those in the AI agent space like Kingsoft Office and Kingdee International [4][53][54]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Industry**: AI Infrastructure, Rare Earth Materials, Robotics, and Advanced Materials - **Companies Mentioned**: Macroview Technology, Instech, Zhongxin Materials Core Points and Arguments AI Infrastructure - 2025 is projected to be the year of AI infrastructure in China, with major companies and the government emphasizing the acceleration of AI computing power construction [3] - Meta has raised its capital expenditure forecast for 2025 to between $64 billion and $72 billion, while Microsoft and Google maintain optimistic spending plans of $3 billion and $75 billion respectively [3] - The demand for computing power cards, especially high-performance computing cards, is expected to surge, with the computing leasing sector showing early signs of profitability [3] - Macroview Technology is positioned as a leading company in the computing leasing industry, with significant orders amounting to approximately $2.9 billion announced by April 2025 [3] Rare Earth Materials - Argus reported a significant increase in the price of rare earth oxides, with prices for 99.5% purity oxides rising from $250-$310 per kg to $700-$1,000 per kg [4] - The price surge is attributed to China's export controls on rare earths, leading to a strong replenishment demand in overseas markets [4] - The U.S. market is experiencing even higher price increases compared to Europe due to difficulties in sourcing Chinese rare earths [4] - Instech has been focusing on rare earth permanent magnet materials for over a decade, positioning itself to benefit from the rising prices and demand [4] Robotics and Advanced Materials - PEEK materials are identified as a core component for lightweight robotics, with projections indicating a significant supply-demand gap as humanoid robot production scales up [5] - The global PEEK market could reach substantial values, with estimates of $30 billion to $2.243 trillion depending on production volumes [5] - Zhongxin Materials is a leading supplier of high-purity fluoroketone (DFBP), essential for PEEK production, and has achieved Tesla Tier 1 certification, creating high barriers for competitors [5] - The company has a global leading production capacity of 5,000 tons/year of fluoroketone, with a purity of over 99.99%, and is positioned to benefit from domestic market demand [5] Other Important but Possibly Overlooked Content - The overall market is experiencing a rotation, with financial stocks showing strength but lacking a solid foundation for sustained growth, indicating a potential shift towards thematic plays in the market [1] - The technology and military sectors are expected to see a rebound in interest, particularly in AI computing power and lightweight robotics [1] - The increase in prepayments for computing power business indicates a strong forward-looking sentiment and operational momentum for Macroview Technology [3]