Group 1 - The A-share market showed mixed performance on July 1, with the AI index on the Sci-Tech Innovation Board declining over 1%, and most component stocks, including Cambrian-U, falling more than 6% [1] - The Sci-Tech AI ETF (588790) recorded a trading volume exceeding 100 million yuan, with a cumulative increase of over 17% year-to-date as of June 30 [1] - The Sci-Tech 100 Index ETF (588030) strengthened in the afternoon session, with a trading volume exceeding 200 million yuan and a year-to-date increase of over 13% as of June 30 [1] Group 2 - Tianfeng Securities maintains a positive outlook on the overseas computing power industry chain, which remains robust despite challenges, and anticipates continued investment opportunities in the AI sector [2] - The firm predicts that 2025 will be a pivotal year for AI infrastructure in China, with significant advancements in AI applications expected [2] - Huachuang Securities highlights the exponential growth in edge AI development, with applications expanding across various fields such as PCs, automotive devices, and robotics [3] Group 3 - The Sci-Tech AI ETF (588790) closely tracks the AI index, covering 30 major companies involved in AI resources, technology, and applications, with the top ten stocks accounting for 70.57% of the ETF [3][4] - The average R&D investment of the component stocks exceeds 23.6%, significantly higher than the A-share market average of approximately 5% [3] - The average market capitalization of the component stocks is around 28 billion yuan, with 60% of the weight concentrated in companies with market caps between 10 billion and 50 billion yuan [4] Group 4 - The current price-to-earnings (P/E) ratio for the ETF is 116 times, placing it in the 16th percentile over the past three years, while the price-to-book (P/B) ratio is 11.26 times, at the 39th percentile historically [5]

国内海外变化不断，再谈 AIDC 行业投资机会 20260629 摘要 算力需求强劲增长，世纪互联上修业绩指引，英伟达 B30 显卡积极推进， 短期内有望验证国内外 AIDC 行业景气度，当前行业调整至底部，市场 悲观预期充分释放。 国内外互联网大厂 Token 使用量高速增长，如微软一季度超 100 万亿， 字节跳动豆包大模型 2025 年 5 月日均超 16.4 万亿，较年初增长超 4 倍，较发布初期增长超 100 倍，表明用户量和使用频率提升显著推动底 层 Token 需求爆发。 全球数据中心加权平均空置率 2025 年一季度为 6.6%，同比下降 2 个 百分点，反映数据中心需求端景气度持续高涨。 AI 产业趋势确定性及国内外"军备竞赛"是数据中心建设核心动力。美 国计划增加能源供应支持 AI 扩张，Meta 计划募资 290 亿美元建设 AI 数据中心，世纪互联宣布未来十年建设 10GW 超大规模数据中心集群。 AIDC 建设中，电气设备领域关注电源、变压器和开关等产品。配电系 统从交流向直流（HVDC）转型趋势明确，HVDC 电源系统、继电器和 低压电器等产品价值量存在提升空间。 Q&A 当前 A ...

2025 年 06 月 29 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 2024-07 2024-11 2025-03 通信 沪深300 相关研究报告 《首批 IDC REITs 获批，Marvell 上 调 2028 年 AIDC 规模预期，全球 AIDC 迎共振—行业周报》-2025.6.22 《政策奖励游戏企业应用 AI，或提升 AIDC 算力需求—行业点评报告》- 2025.6.20 《字节多模态模型加速，Oracle 大投 AI，看好全球 AIDC 产业链—行业周 报》-2025.6.15 行 业 研 究 阿里夸克算力告急，火山引擎发布全模态模型， 坚定看好全球 AI 智算产业链 ——行业周报 | 蒋颖（分析师） | 雷星宇（联系人） | 陈光毅（联系人） | | --- | --- | --- | | jiangying@kysec.cn | leixingyu@kysec.cn | chenguangyi@kysec.cn | | 证书编号：S0790523120003 | 证书编号：S0790124040002 | 证书编号：S0 ...

Core Viewpoint - Huasheng Co., Ltd. (600156.SH) is planning a cross-industry layout by acquiring 100% of Shenzhen Yixin Technology Co., Ltd. to transform into the computing power business, driven by declining profitability in its traditional textile sector [1][4]. Group 1: Acquisition Details - The acquisition will be executed through a combination of issuing shares and cash payments, with additional funding raised from the controlling shareholder, Xingxiang Group [2]. - The transaction's audit and evaluation are still ongoing, and the asset price has not yet been determined [3]. Group 2: Business Context - Huasheng Co., Ltd. has faced significant challenges in its core textile business due to fluctuating consumer demand, increased competition, and rising costs, leading to a continuous net profit loss for 17 years [1][6][7]. - In contrast, Yixin Technology has demonstrated strong profitability, with projected revenues of 409 million yuan and net profits of 27.36 million yuan for 2024, reflecting year-on-year growth of 20.05% and 79.45%, respectively [1][9]. Group 3: Financial Performance - Huasheng's cumulative net profit loss from 2008 to 2024 is approximately 1.139 billion yuan, with a significant decline in gross margins due to competitive pricing strategies [7][8]. - As of March 2025, Huasheng's total assets were 865 million yuan, with an equity of 396 million yuan and a debt ratio of 54.28% [8]. - If the acquisition is successful, Huasheng's financial metrics, including total assets, revenue, and net profit, are expected to improve significantly, enhancing its profitability and competitive edge [9].

Summary of Conference Call Records Industry Overview - The conference call discusses the **AIDC (Artificial Intelligence Data Center)** industry in China, highlighting the challenges and opportunities faced by the domestic AI infrastructure supply side due to stricter energy consumption regulations imposed by the National Development and Reform Commission [1][4]. Key Points and Arguments - **Energy Consumption Regulations**: The National Development and Reform Commission has set higher energy consumption standards, leading to a more competitive landscape as some cross-industry companies exit the market [1][4]. - **AI Application Growth**: The development of AI applications, particularly in gaming, is supported by government subsidies of up to **30 million yuan** per project, which boosts demand for domestic computing power in core cities [1][5]. - **Market Recovery**: Major companies like ByteDance, Alibaba, and Tencent are expected to resume large-scale bidding for AI-related equipment in Q3 as chip supply issues ease, which will likely increase procurement volumes [1][6][7]. - **Stock Market Sentiment**: Companies such as Century Internet and Global Data have seen stock price recoveries, indicating restored market confidence and optimistic investor sentiment regarding future industry developments [1][8]. - **Valuation Metrics**: IDC companies are typically valued using EV/EBITDA, with overseas companies valued between **10 to 15 times**, and domestic companies at similar levels. The industry is expected to continue its recovery in Q3, driven by AI application growth [1][9]. Additional Important Insights - **Chip Supply Chain**: The domestic AI chip supply chain faced significant challenges in Q2, with major companies reducing their procurement volumes due to chip shortages. However, improvements are anticipated in Q3 as domestic chip production ramps up [2][11]. - **Technological Innovations**: The AIDC era is marked by technological changes in power supply and cooling systems, including the transition from traditional air cooling to liquid cooling, which poses challenges for IDC suppliers [4][12]. - **Delivery Cycle Changes**: The delivery cycle for data centers has been significantly shortened from **1-2 years to under 6 months**, reflecting the industry's need for rapid deployment despite ongoing supply chain issues [14]. - **Policy Impact**: The government's energy consumption approval policies are expected to benefit capable operators while phasing out less competent firms, leading to a stabilization of industry prices and potential improvements in profit margins [15]. Companies to Watch - Key companies in the AIDC supply chain include: - AI Data Centers: **Guanghuan New Network, Aofei Data, Xingwang Group, Davi Technology, Data Port** - Equipment and AI Chips: **SK Hynix Information** - Computing Power Leasing: **Youfang Technology, Hongjing Technology** - Liquid Cooling and HVDC Server Power: **Inveke, Lian De Equipment, Feirongda, Zhongheng Electric, Opcon Vision** - Network Switches and Optical Modules: **Lian De Technology, Ruijie Networks, Guangxun Technology, Huaguang Technology, Zhongji Xuchuang, Xinyi Sheng, Unisplendour** [10][13].

Market Overview - A-shares experienced a significant rise with over 4600 stocks increasing in value, as the Shanghai Composite Index surpassed 3400 points, gaining 1% [1] - The Shenzhen Component Index rose by 1.45%, and the ChiNext Index increased by 1.94%, with a total trading volume exceeding 925 billion yuan, an increase of over 240 billion yuan compared to the previous day [1] Company Specifics: Huasheng Co., Ltd. - Huasheng Co., Ltd. resumed trading and opened at the limit-up price, but quickly fell by 14.8% within three minutes, eventually closing down by 4.33% [3] - The company announced plans to acquire 100% of Yixin Technology through a combination of stock issuance and cash payment, aiming to transition from traditional industries to strategic emerging industries [5] - Huasheng's stock price has increased by 55.49% year-to-date, with a trading volume of 617 million yuan, marking the highest single-day trading volume since February 2024, and a turnover rate of 20.13% [6] - The company's recent financial performance has been underwhelming, reporting a net loss of 49 million yuan in the 2024 annual report and a continued loss of 13 million yuan in the first quarter of this year, attributed to rising interest expenses and operational costs [6] Industry Developments: Intelligent Driving - Guangzhou's government issued a three-year action plan to promote the development of intelligent connected new energy vehicles, targeting that by 2027, over 90% of new vehicles will be L2 or higher level [7] - The plan includes incentives for the production of autonomous vehicles, with rewards of up to 50 million yuan for qualifying models [7] - The intelligent driving sector saw a collective rise, with related indices increasing by over 2%, and significant capital inflow into the sector [7] - Tesla launched its Robotaxi service in Texas, charging only $4.2 per ride, indicating a growing focus on the scalability of autonomous driving technology [11] - A report predicts that the intelligent vehicle sector will experience rapid earnings growth, with the potential for a "Davis Double" effect by 2025 [11] Valuation Insights - Among the 120 stocks in the intelligent driving and vehicle networking sector, the median rolling P/E ratio is 47.46, with several stocks, including Huayu Automotive and Yutong Bus, having P/E ratios below 20 [12] - Huayu Automotive has the lowest rolling P/E ratio at 8.51, indicating potential undervaluation [12] Institutional Holdings - Several stocks in the intelligent driving sector have attracted significant interest from social security funds, with 17 stocks receiving heavy investments totaling 7.971 billion yuan [14] - Yutong Bus has been a consistent favorite, with its stock being heavily held for seven consecutive quarters, reflecting strong institutional confidence [14]

Core Viewpoint - Century Internet is positioning itself as a platform company that aims to facilitate the transition into the world of Artificial General Intelligence (AGI) through innovative infrastructure and collaborative intelligence [1][4] Group 1: Strategic Vision - The founder of Century Internet, Chen Sheng, emphasizes the importance of creating a platform that serves as a gateway to the AI world, likening it to the magical 9th platform in Harry Potter [1] - The company aims to evolve from merely being a service provider to becoming an integral part of the collaborative intelligence ecosystem, participating actively in the development of new AI paradigms [2][4] Group 2: Technological Innovations - The company is focusing on upgrading its cloud computing platform to incorporate a comprehensive software virtualization that aligns with the emerging cloud-native technologies [3] - Chen Sheng highlights the need for advanced packaging of AI infrastructure, which is essential for delivering integrated hardware and software solutions to clients [3] Group 3: Infrastructure Development - Century Internet is committed to engineering innovation, with each infrastructure project being treated as a product that undergoes continuous iteration to achieve high quality and performance [4] - The company aims to create a seamless connection between clients and data centers, utilizing advanced protocols like RDMA to enhance performance [4] Group 4: Collaborative Intelligence Roadmap - The company has outlined a roadmap for developing a new generation of collective intelligence, starting with the private deployment of open-source large models and progressing towards decentralized networks [5] - The goal is to achieve significant milestones in collective intelligence through collaboration and shared success among stakeholders [5]

Group 1 - The core point of the article is that Huasheng Co. is planning to acquire 100% of Shenzhen Yixin Technology Co., which will become a controlling subsidiary, marking a strategic shift from traditional manufacturing to digital infrastructure services [1][3] - On June 23, Huasheng Co. announced the plan to issue shares and pay cash for the acquisition, while also raising matching funds from its controlling shareholder, Hunan Xingxiang Investment Holding Group [3] - The transaction is expected to constitute a major asset restructuring and related party transaction, with the company having been suspended from trading since June 10 and resuming on June 24 [3] Group 2 - Yixin Technology specializes in the AIDC field, focusing on the full lifecycle services of green computing infrastructure, including planning, design, construction, operation management, and energy-saving system product development [3] - The projected net profits for Huasheng Co. from 2022 to 2024 are -208 million, 21.02 million, and -49.36 million respectively, while Yixin Technology's net profits for 2023 and 2024 are expected to be 15.24 million and 27.36 million respectively [3]

Group 1 - The core point of the article is that Huasheng Co., Ltd. plans to acquire 100% of Yixin Technology through a combination of share issuance and cash payment, aiming to enter the AIDC field and optimize its business structure [1][3] - The specific transaction price and the ratio of shares to cash payment are yet to be determined as the audit and evaluation of the target assets are not completed [1] - Huasheng Co., Ltd. has been facing challenges in its main business due to macroeconomic slowdown, fluctuating domestic and international demand, intensified competition, and rising costs of raw materials and labor [1][3] Group 2 - Yixin Technology specializes in AIDC and focuses on providing full lifecycle services for green computing infrastructure, aiming for low-carbon, high-density, and intelligent upgrades [2] - Yixin Technology has established and operates multiple high-performance intelligent computing centers in various locations, including Shenzhen and Guangzhou, and is expanding its presence in central China [2] - The acquisition is expected to enhance Huasheng's integration into the national computing network layout and support the high-quality development of new productive forces [2][3] Group 3 - The acquisition aligns with national and provincial strategic deployments, responding to the wave of artificial intelligence technology and the upgrade of digital industrial structure [3] - The transaction represents a breakthrough for Huasheng and its controlling shareholder, aiming to transition from traditional industries to strategic emerging industries [3] - Post-transaction, the introduction of quality AIDC assets is expected to significantly enhance the growth potential, profitability, and future development space of the company [3]

行 业 研 究 2025 年 06 月 20 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 2024-06 2024-10 2025-02 2025-06 通信 沪深300 相关研究报告 《字节多模态模型加速，Oracle 大投 AI，看好全球 AIDC 产业链—行业周 报》-2025.6.15 《字节 Force 原动力大会亮点：豆包大 模型 1.6 发布、多模态模型升级、 Tokens 加速增长、多行业落地—行业 点评报告》-2025.6.11 《博通 TH6 交换芯片量产上市，持续 看好 AI 算力产业链—行业周报》 -2025.6.8 政策奖励游戏企业应用 AI，或提升 AIDC 算力需求 我们认为，伴随 AI 大模型的加速迭代，推理性能不断强化，推理成本持续优化， AIGC 技术的实用性逐步提升，有望加速 AI 在如教育、代码、游戏等行业的应 用落地，伴随用户使用量提升逐步释放推理算力需求。此外，随着 AI+视频通话、 AI+在线游戏竞技等对低延时需求应用持续落地，或将带动一线热点城市的 AIDC 资源及边缘算力资源需求，并持续拉动国产 A ...