Core Insights - The company reported that its own GPU computing resource utilization rate is between 85% and 90% [1] Group 1: Company Operations - The company introduced its computing resource construction and operation cooperation models, which include external purchase and co-construction models [1] - The company has tested and validated the integration of various types of domestic chip computing resources through a service integration platform, providing related technical services [1] Group 2: Strategic Partnerships - The company disclosed its strategic cooperation with Alibaba Cloud, which includes co-building a domestic computing center, jointly operating a public cloud area, and promoting industry large models together [1]

Group 1: Investor Relations Activities - The company conducted a specific investor survey on July 29, 2025, at the company meeting room, attended by Zhongyou Securities and the board secretary, Mr. Shi Jianwei [3][4]. Group 2: Computing Resource Acquisition Models - The company acquires computing resources through two main models: external purchase agreements with upstream suppliers and a co-construction model where the company builds its own computing clusters [4]. - The co-construction model allows the company to rent and use data center facilities to provide proprietary computing resources to downstream clients [4]. Group 3: Domestic Computing Resource Utilization - The company’s domestic computing resource usage is categorized into several application scenarios, with the highest demand for "basic large model training" and "mainstream large model inference" [5]. - The company has integrated various domestic chip computing resources into its platform, supported by a team of engineers for installation and optimization [5]. Group 4: Computing Resource Utilization Rate - The utilization rate of the company's proprietary GPU computing resources is currently between 85% and 90% [6]. Group 5: Strategic Cooperation with Alibaba Cloud - The strategic cooperation with Alibaba Cloud focuses on three main areas: building domestic computing centers, co-developing public cloud services, and promoting industry large models [7][8]. - The partnership aims to create a closed-loop system of "co-construction, sharing, and promotion" to enhance resource efficiency and commercial value [8]. Group 6: Shareholder Reduction Plans - The major shareholder, Qingkong Yinxing Nantong Venture Capital Fund, has completed its planned share reduction, and future decisions on further reductions will depend on various factors including market conditions [9]. Group 7: Gross Margin Decline in Intelligent Computing Cloud Business - The gross margin of the intelligent computing cloud business has declined due to factors such as product demand differences, resource allocation, and market competition [10]. - The revenue share from general cloud and industry cloud services has decreased, while the share from intelligent computing cloud services has increased, affecting overall gross margin [10].

| 该指数由科创板中市值大、流动性 | 今日 | 该指数 | 该指数自 | | --- | --- | --- | --- | | 好的50只股票组成, "硬科技"龙 | 该指数涨跌 | 滚动市盈率 | 发布以来1 | | 头特征显著,半导体占比超60%, | | | | | 与医疗器械、软件开发、光伏设备 | 1.5% | 146. 1倍 | 99 | | 行业合计占比超75% | | | | 今日科创板再度走高，盘面上，半导体方向强势发力，创新药、CPO概念股表现活跃。截至收盘，上证科创板成长指数上涨2.3%，科创100指数上涨1.9%， 科创综指上涨1.8%，上证科创板50成份指数上涨1.5%。Wind数据显示，科创板50ETF（588080）昨日获2.4亿元资金加仓，最新规模达677亿元、再次创下年 内新高。 广发证券研报称，目前最值得关注的是科创板，背后是国产算力（科创芯片等）、AI应用等前期滞涨方向有望在行业轮动中重新获得资金青睐。 | 今日 | 该指数 | 该指 | | --- | --- | --- | | 该指数涨跌 | 滚动市盈率 | | | 1.8% | 233.4倍 | 2025年1 ...

Core Viewpoint - The demand for AI computing power is surging, leading to a focus on the diversification and localization of computing resources in the industry [1] Group 1: AI Computing Power Landscape - The current domestic chip and computing resource landscape is diverse, with multiple independent ecosystems, but significant differences in hardware architecture and interface protocols hinder the efficiency of AI technology implementation [1] - The company, Wunwen Xinqiong, has developed a "universal language" for the industry that enables seamless communication and collaboration between different chips, allowing developers to avoid the complexities of varying chip usage [1][2] - The rise of domestic computing power is expanding the available resource pool, with domestic computing power now accounting for nearly half of the overall deployment, particularly excelling in inference and certain training scenarios [7] Group 2: Business Model and Services - Wunwen Xinqiong's business model is characterized by a "universal" approach, aiming to provide precise support for small and medium-sized enterprises during their growth phases through flexible computing power services [6][8] - The company offers various billing methods for its services, including per card, per hour, or based on usage volume, which transforms fragmented computing resources into standardized services [8] - The product matrix includes "large box," "medium box," and "small box" offerings, focusing on national-level computing power scheduling and integrating computing service capabilities into AI clusters and terminal devices [9] Group 3: Industry Trends and Future Outlook - The AI computing power industry is transitioning from a "technical dividend period" to a "value closed-loop period," with the core issue shifting from whether AI is usable to whether it is worth using, making cost-effectiveness a critical breakthrough point [10] - The company is exploring the customization of high-performance, cost-effective dedicated chips for edge AI applications, driven by the vast user base and manufacturing capabilities in China [10][11] - The construction of an ecosystem that connects models, systems, and hardware is a long-term goal, with the company aiming to create a positive cycle of hardware iteration, model optimization, and scene implementation [11]

Group 1: Large Models - Tencent launched the open-source "Hunyuan 3D World Model," enabling rapid creation of 3D virtual worlds from text or images, significantly lowering content creation barriers [4] - NetEase introduced the "Lingjue" model for open-pit mining, featuring an end-to-end integrated model that enhances performance and ensures technology safety through complete domestic control [4] - JD.com upgraded its "JoyAI" model matrix, offering models ranging from 3 billion to 750 billion parameters, demonstrating deep integration with various industries and enhancing targeted solutions for businesses [5] Group 2: Embodied Intelligence and Robotics - Over 150 humanoid robots were showcased, with Shanghai Zhiyuan's "Tiangong Ultra" robot demonstrating advanced movement and emotional interaction capabilities, having won a half-marathon [6] - Beijing Galaxy's VLA model robot successfully performed retail item retrieval, showcasing its ability to adapt to random object placements [6] - Other robots, such as the first electric inspection robot and the Cyborg-R01 heavy-duty robot, highlighted advancements in autonomous capabilities and performance [7] Group 3: Domestic Computing Power - Domestic computing power development was emphasized, with companies like Muxi showcasing the Xiyun C600 GPU, designed for AI training and inference, featuring advanced memory bandwidth [9] - Zhonghao Xinying's "Shan" TPU series demonstrated energy efficiency improvements and strong scalability for AI model computations [10] - Huawei's "384 Super Node" was unveiled, supporting extensive model adaptations across various industries, showcasing significant advancements in computing capabilities [11] Group 4: Summary and Outlook - The WAIC showcased significant advancements in AI, with large models expanding into multimodal applications, embodied intelligence and robotics moving towards practical use, and domestic computing power achieving comprehensive localization [12] - Despite progress, challenges remain in technology implementation, industry collaboration, and talent development, necessitating collective efforts to address issues such as data privacy and cost control [12] - The future of AI is expected to bring transformative changes across various sectors, with WAIC continuing to serve as a vital platform for industry innovation and development [12]

Core Viewpoint - The recent performance of the ChiNext AI ETF (159388) indicates a positive outlook for the AI industry, with expectations of significant marginal changes in the coming months due to the launch of new models and ongoing policy support for domestic computing power [1] Group 1: AI Industry Outlook - The AI sector is anticipated to experience substantial growth driven by the introduction of new models, which will likely enhance the sustainability of its upward trend [1] - Domestic computing power is viewed as a cornerstone for national development, expected to receive continuous policy support, including procurement by central state-owned enterprises and backing for major technology projects [1] - The AI application sector has seen relatively modest gains previously, but with the release of new models and the proliferation of technology, a qualitative change is expected to emerge from the accumulated quantitative growth [1] Group 2: Investment Focus Areas - Robotics, as a significant application area of AI, is projected to accelerate in growth [1] - The technology sector is expected to become the main focus of future market trends, while interest in cyclical sectors is anticipated to decline [1] - The overall rise in the AI industry chain is particularly optimistic for domestic computing power, AI applications, PCB-related sectors, and specific areas within robotics [1] Group 3: ETF and Index Information - The ChiNext AI ETF (159388) tracks the ChiNext AI Index (970070), which can experience daily fluctuations of up to 20% [1] - The index comprises securities from companies involved in the development and application of AI technologies, covering various fields such as software and hardware R&D, and intelligent services [1] - The index aims to reflect the overall performance of publicly listed companies related to AI and highlights the potential for technological innovation and growth, especially in the information technology and high-end manufacturing sectors [1]

Group 1 - The A-share market showed strength on July 29, with the computer sector gaining traction, particularly the computer ETF (159998), which rose by 0.32% and had a trading volume exceeding 57 million yuan, leading its category [1] - The computer ETF has seen a net inflow of over 37 million yuan in the last three trading days, with a current circulation scale of 3.633 billion yuan, making it the top product in its category [1] - The ETF tracks the CSI Computer Index, which includes stocks from companies involved in information technology services, application software, system software, and computer hardware [1] Group 2 - At the 2025 World Artificial Intelligence Conference, it was highlighted that global AI computing power demand is expanding at an unprecedented rate of 750 times every two years [2] - Investment opportunities are shifting from single cards to cabinets, and from training to inference, with a focus on computing power, models, AI PCBs, cooling solutions, and AI power [2] - Major companies are accelerating the launch of more powerful and comprehensive models and intelligent products, with upcoming models like GPT-5 and DeepSeek-V4/R2 expected to drive AI technology across various industries [2]

Summary of Conference Call Records Industry and Company Overview - The conference call discusses various industries including telecommunications, pharmaceuticals, steel, non-ferrous metals, electronics, consumer goods, and construction materials. - Companies mentioned include旭创新盛 (Xun Innovation), 新医圣 (New Medical Saint), 光迅科技 (Light Speed Technology), 华工科技 (Hua Gong Technology), and others. Key Points and Arguments Market Performance Expectations - The overall market sentiment towards mid-year performance is optimistic, with a high disclosure rate and positive earnings forecast for large-cap companies (500 billion to 2 trillion) [2] - Small-cap companies (below 50 billion) show weaker performance with a disclosure rate of only 28% and a warning rate of 9% [2] Earnings Surprises and Sector Performance - Industries such as pharmaceuticals, steel, non-ferrous metals, electronics, consumer goods, and telecommunications are expected to have a high probability of earnings surprises [4] - The telecommunications sector is benefiting from rapid growth in overseas computing power demand, with companies like旭创新盛 and 新医圣 projecting significant revenue increases [5] Telecommunications Sector Insights - 旭创新盛 expects Q2 revenue to reach 2.4 billion, a year-on-year increase of nearly 80% and a quarter-on-quarter increase of about 50% [5] - The demand for 800G optical modules in North America is strong, with domestic data center manufacturers also showing robust demand [5][6] Domestic Computing Power Growth - The domestic computing power sector is experiencing strong growth, with光迅科技 reporting a 70% year-on-year increase and华工科技 around 50% [8] - The cooling and interconnection segments are showing good development opportunities, with companies like中天科技 and亨通光电 expected to perform well in the second half of the year [8] Food and Beverage Sector Challenges - The liquor industry is facing significant sales declines due to policy impacts, with expected revenue growth rates for Q2 between -20% to -30% [10] - The beer sector is heavily influenced by the restaurant industry, while soft drinks like东鹏饮料 are meeting expectations [10][14] Construction Materials Sector Performance - The glass price has significantly declined in Q2, but leading companies in the fiberglass sector have achieved over 100% growth [18] - The cement industry, including companies like华新水泥 and海螺水泥, has shown significant growth in the first half of the year [18] Future Trends in Various Sectors - The white liquor industry is expected to remain under pressure in the coming quarters, with a focus on sales during key holidays [11] - The beer market is also under pressure, with only a few companies showing positive growth [12][13] - The snack and health products sectors are expected to maintain resilience, with companies like盐津铺子 and友友食品 projected to achieve over 15% profit growth [15] Metal Materials and Rare Earths - The metal materials sector is showing stable performance, with copper mining companies maintaining stable valuations [25] - The rare earth sector is expected to see a strong recovery in performance due to improved export conditions and demand [28][29] Investment Recommendations - In the food and beverage sector, it is recommended to focus on potential short-term rebounds in the liquor industry and strong alpha companies in the consumer goods space [16][17] - The construction sector shows mixed results, with some companies performing well while others face significant pressure [19][20] Additional Important Insights - The telecommunications sector's growth is closely tied to the demand from major tech companies like Meta and Amazon [5] - The overall sentiment in the market remains cautious despite positive earnings forecasts, indicating potential volatility ahead [2] - The performance of the construction industry is expected to improve in the second half of the year, driven by increased project volumes [22] This summary encapsulates the key insights and performance expectations across various sectors as discussed in the conference call records.

Summary of Key Points from Conference Call Records Industry Overview - The global computing power arms race is intensifying, with major tech companies like Google launching large-scale computing projects and planning significant investments over the next five years, indicating a rapid development phase for AI infrastructure [1][3] - CSP cloud vendors are actively investing in 800G/1.6T technology, with expected increases in AI investments from companies like Meta, Microsoft, and Amazon, benefiting optical module manufacturers such as Xuchuang and Xinyi [1][4] Company Performance and Recommendations - **Optical Module and Related Devices**: Companies like Tianfu, Taicheng, Changying Precision, and Shijia Optics are expected to benefit from industry growth, supported by favorable tariff policies and the U.S. AI action plan [1][6] - **Domestic Computing Power**: Active equity funds have increased holdings in Xuchuang and Xinyi, while domestic IDC companies like ZTE have seen reductions in holdings, indicating a potential undervaluation despite lower positions [1][7] - **Switching and Optical Module Companies**: Recommended companies include StarNet Ruijie and Ruijie Networks in the switching sector, and Huagong Technology and Guangxun Technology in optical modules, with expectations of performance improvements as CSP cloud vendors increase investments [1][10] - **Server Sector**: ZTE and FiberHome are highlighted for their significant growth in Q2 2025, with ZTE also focusing on satellite communication and 6G technology, making it a long-term investment opportunity [2][11] Market Trends and Dynamics - The current market demand is strong, particularly in PCB and optical modules, driven by catalysts like Coop, with a robust trend observed [3] - The export data for MPU optical cable jumpers showed significant growth in regions like Guangdong (20%), Henan (60%), and Shanghai/Wuhan (10%), confirming CSP cloud vendors' enthusiasm for AI investments [4][5] - The AI sector is expected to see further developments with the upcoming financial reports and potential releases of AI models like ChatGPT GPT-5, which could stimulate further growth in the industry [14] Future Outlook - The development paths of overseas and domestic computing power may differ due to varying starting points, but both are expected to continue advancing in their respective fields [8][9] - The satellite internet sector is also gaining attention, with private rockets making breakthroughs and significant satellite launches by Starlink, indicating a growing commercial application potential [13] Additional Insights - Companies involved in AI edge applications, such as Guanghe Tong, which has established an AI research institute, are recommended for their proactive approach in the sector [12] - The overall sentiment suggests a continued focus on both domestic and international developments in computing power and AI technologies, with specific companies highlighted for their potential growth [15]

Investment Rating - The report maintains a strong positive outlook on the AI application-driven demand for computing power, indicating a sustained high growth trajectory in the industry [2]. Core Insights - The computing power industry is experiencing a resurgence in interest, particularly in the domestic market, as the supply chain begins to address critical bottlenecks such as advanced process capacity and supply of high-bandwidth memory (HBM) [2][3]. - The report highlights the ongoing tight balance in domestic computing power supply, with expectations that key challenges will gradually be overcome, leading to continuous positive news for the industry [2]. - The report suggests that the second half of the year and into next year will present significant investment opportunities in domestic computing power [2]. Summary by Sections Domestic Developments - Domestic AI applications are launching new products, with notable advancements such as Alibaba's Tongyi Qianwen 3 achieving significant breakthroughs in programming capabilities, comparable to top-tier closed-source models [3]. - Tencent's CodeBuddy IDE is set to enhance software development efficiency by allowing users to create applications through natural language dialogue, eliminating the need for coding knowledge [3]. Overseas Developments - The report recommends focusing on high-end PCB, optical modules, and server ODM sectors within the overseas computing power supply chain, anticipating sustained high demand and profitability [3]. - The supply of key materials for AI servers, such as fiberglass cloth and M8 CCL materials, is expected to remain tight, leading to potential price and profit margin increases [3]. Investment Recommendations - Key domestic computing power hardware companies, such as Cambricon and SMIC, are highlighted as potential investment opportunities [4]. - The report also suggests monitoring traditional analog chips, which are benefiting from domestic substitution and local demand, with wafer fab utilization rates remaining high and terminal prices increasing by 10-20% [6]. - The report identifies potential investment opportunities in the Apple supply chain, particularly with the upcoming iPhone 17 and 18 models, which may lead to upward revisions in market expectations [9].