Group 1 - The China Securities Big Data Industry Index (930902) has increased by 0.73%, with significant gains from companies such as Yonyou Network (up 6.05%) and Shiji Information (up 4.33%) [1] - The Data ETF (516000) has risen by 0.43%, marking its fifth consecutive increase, with a recent price of 0.93 yuan and a weekly increase of 3.95% as of June 6, 2025 [1] - The merger and restructuring of Haiguang Information and Zhongke Shuguang is approaching a critical point, with stock trading expected to resume by June 10, potentially driving a new wave of growth in computing power [1] Group 2 - Huachuang Securities indicates that the integration of the Xinchuang industry chain is accelerating towards "technology complementary integration" and "ecosystem closure construction," forming a dual path of vertical collaboration between software service providers and hardware manufacturers [2] - Current mergers exhibit three main characteristics: 1) Technology collaboration orientation, where companies like Huibo Yuntong aim to acquire leading ARM server manufacturer Baode Computing to enhance AI computing capabilities [2] 2) Policy-driven centralization, encouraging mergers to optimize resource allocation, as seen with Softcom's acquisition of Tongfang Computer [2] 3) International ecological layout, where companies pursue cross-border mergers to acquire core technologies and build global supply chains [2] Group 3 - The Data ETF closely tracks the China Securities Big Data Industry Index, which includes companies involved in big data storage, analysis, operation, production, and application [3] - The weight of Zhongke Shuguang in the index exceeds 8%, with relatively low market attention, thus reducing the risk of diluted returns due to premium and high subscription volume [3] - As the resumption date approaches, the Data ETF may present a favorable investment opportunity alongside the Xinchuang ETF [3]

Group 1: Core Views - The new AI legislation has eliminated uncertainties in global markets for Nvidia outside of China, boosting market confidence with significant projects like Stargate [2] - Nvidia's stock has rebounded to early 2025 averages, indicating a recovery in market sentiment, while Broadcom approaches historical highs [2] - The US stock market appears to be pricing around the Blackwell generation, with companies like Amphenol and Viavi Technologies being key players in this trend [2][3] Group 2: A-Share Market Dynamics - A-share players are mirroring the logic of the US market, focusing on the pricing recovery of the Blackwell generation while also considering geopolitical risks and technological upgrades [5][6] - Key components for the Blackwell generation include copper cables, optical modules, and PCBs, with PCB production largely unaffected by tariffs due to its export routes [7] - Companies like Shenghong Technology and New Ease have seen significant recovery in market performance, driven by public fund investments [7] Group 3: Domestic Computing Power - Domestic computing power is currently in a phase of consolidation, influenced by factors such as the growth outlook from SMIC and new chip regulations that have halved upstream chip supply [9][10] - The emergence of numerous participants in AIDC has raised concerns about increased competition, as highlighted by recent Q1 financial reports [10] - National-level attention is being directed towards the coordination of AIDC infrastructure to avoid redundant construction [10] Group 4: Future Opportunities - The pricing recovery for Blackwell is expected to complete by the end of June, with future focus on the GB300 and Rubin architectures [12] - The evolution of AI cluster systems is shifting towards "interconnectivity," necessitating innovations in hardware architecture to meet new demands [13] - Opportunities in domestic computing power are anticipated to arise from centralized computing and collaborative innovation between hardware and software [14] Group 5: FAQs - High Voltage Direct Current (HVDC) is recognized as a trend, with uncertainties primarily related to tariff barriers that could limit market access [16] - The demand for high-end PCBs is expected to rise as chip complexity increases, although potential shifts in demand due to new technologies like CPO and OIO are noted [17] - The large-scale commercialization of Blackwell is projected to significantly increase the market for 200G/λ, with SiPho technology poised to gain a competitive edge [18]

Core Viewpoint - The update of Deepseek R1 enhances its deep thinking capabilities, positioning it alongside top international models like OpenAI-o3 and Gemini-2.5-Pro-0506, which is expected to accelerate the growth of domestic computing power demand and the implementation of edge models [1][2]. Summary by Sections Performance Improvement - Deepseek R1-0528 has achieved performance iteration through improved training methods, showing significant enhancements in deep thinking capabilities across various benchmarks, closely matching the performance of leading international models [3]. - The distilled model, Deepseek-R1-0528-Qwen3-8B, demonstrates strong performance in mathematical testing, ranking just below Deepseek-R1-0528 and comparable to Qwen3-235B [3]. - The updated model has reduced hallucination rates by approximately 45-50% in tasks such as rewriting and reading comprehension, while also optimizing for different writing styles, enabling the generation of more structured long-form content [3]. Commercialization Potential - The performance improvements in deep thinking and writing, along with reduced hallucination rates, are expected to enhance user experience, potentially increasing user penetration and daily usage frequency, thereby driving growth in the domestic computing power industry [4]. - The outstanding performance of the distilled training model is anticipated to accelerate the deployment of large models on edge devices such as smartphones, PCs, and smart glasses, improving the intelligence level of these devices and enabling AI empowerment [4]. Catalyst - The iterative upgrade of Deepseek's large model performance serves as a catalyst for further advancements in the field [5].

Group 1 - The core viewpoint emphasizes the focus on alpha investment opportunities, suggesting to strategically invest in core leading companies while capturing alpha opportunities driven by policy, industry, or individual stock fundamentals [2][4] - The domestic computing power industry is expected to maintain high prosperity, benefiting from both policy and industrial transformation, with the Ministry of Industry and Information Technology issuing new requirements for computing power interconnectivity and standardization [2][4] - The merger of domestic companies Haiguang and Shuguang is anticipated to create a competitive effect, accelerating the concentration of market share towards leading companies in the domestic computing power sector [2][3] Group 2 - There is a heightened sensitivity in the market towards marginal changes in the technology industry, particularly in areas such as autonomous vehicles and stablecoins [3] - Key focus areas include monitoring Tesla's developments in autonomous vehicles and the implementation of logistics vehicles domestically, as well as the significance of Hong Kong's stablecoin regulatory draft as a milestone for the domestic virtual currency industry [3]

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Market News - US stock indices collectively rose, with the Dow Jones up 740.58 points (1.78%), Nasdaq up 2.47%, and S&P 500 up 2.05%. Major tech stocks saw gains, with Tesla rising nearly 7% and Nvidia over 3%. Rocket Pharma's stock fell over 62% [1] - International gold prices dropped significantly, with spot gold falling 1.25% to $3300.46 per ounce, and COMEX gold futures down 1.27% to $3299.70 per ounce. International oil prices also weakened, with WTI crude down 0.75% to $61.07 per barrel and Brent crude down 0.56% to $63.76 per barrel [1] - European stock indices had mixed results, with Germany's DAX up 0.83% to 24226.49 points, France's CAC40 down 0.02% to 7826.79 points, and the UK's FTSE 100 up 0.69% to 8778.05 points [1] Industry Insights - The Ministry of Industry and Information Technology, National Development and Reform Commission, and National Bureau of Statistics issued a plan for the digital transformation of the electronic information manufacturing industry, aiming for over 85% CNC rate in key processes by 2027. The market size for digital transformation in China's manufacturing industry is expected to reach 1.55 trillion yuan in 2024 and 1.76 trillion yuan in 2025, with a steady growth rate of around 14% over the next five years [2] - Shanghai's Development and Reform Commission released a three-year action plan to accelerate the development of the rehabilitation assistive devices industry, encouraging investment and the inclusion of AI-enabled products in the high-quality development support range. The integration of exoskeleton therapy into medical insurance has reduced patient costs by over 60% [3] - Huawei launched the Ascend Supernode technology, which provides up to 300 PFLOPs of dense BF16 computing power, nearly double that of Nvidia's GB200 NVL72 system. This technology enhances GPU cluster efficiency and is expected to drive the domestic server industry growth [4][5]

Investment Rating - The report maintains an "Overweight" rating for the telecommunications sector [10] Core Insights - The combined capital expenditure of BAT (Baidu, Alibaba, Tencent) for Q1 2025 reached 54.4 billion RMB, representing a year-on-year increase of 105% but a quarter-on-quarter decline of 23% [2][3][15] - The decline in capital expenditure is attributed to the impact of NVIDIA's H20 export restrictions, but the long-term growth trend in capital expenditure is expected to remain intact [2][3][17] - The report suggests focusing on domestic GPU capabilities and related supply chains, including optical modules, AIDC, switches, and copper connections, as they are likely to fill the demand gap created by the restrictions [2][3][17] Summary by Sections Market Overview - The telecommunications index fell by 2.31% last week, while the Shanghai Composite Index and Shenzhen Component Index decreased by 0.57% and 0.46%, respectively [2][14] Key Companies and Dynamics - The report highlights a positive outlook for the AI computing chain in the telecommunications industry for 2025, recommending companies such as Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Taicheng Light, and Ruijie Network [4] - Core asset value reassessment is recommended for China Mobile, China Telecom, and China Unicom, along with a focus on new productivity in satellite internet, low-altitude economy, and deep-sea technology [4] Capital Expenditure Insights - In Q1 2025, Baidu, Alibaba, and Tencent's capital expenditures were 2.9 billion, 24 billion, and 27.5 billion RMB, respectively, with year-on-year growth rates of +42%, +136%, and +91% [3][15] - The report notes that the capital expenditure for Q1 is typically lower than that of Q4 in previous years, indicating a seasonal trend [17] Recommendations - The report recommends a focus on companies involved in the domestic GPU supply chain and related industries due to the anticipated growth in AI applications and infrastructure investments [2][3][17]

"1+1"肯定大于2 公开信息显示，海光信息与中科曙光的合并涉及总市值高达4000亿元的半导体产业链重组。停牌之前， 中科曙光总市值约为905.7亿元，总股本14.63亿股，海光信息总股本3164亿元，总股本23.24亿股；股价 华夏时报（www.chinatimes.net.cn）记者 胡金华 上海报道 近期内地和香港资本市场热闹非凡，其中的主角当属半导体无疑！这边是内地半导体上市企业掀起赴港 融资潮，这边则是由科创板芯片企业海光信息（688041.SH）吸收合并主板半导体公司中科曙光 （603019.SH），正式拉开A股芯片半导体板块的重组大幕。 5月25日晚间，中科曙光和海光信息共同发布公告宣布，两家公司拟进行战略重组。若相关工作顺利推 进，将实现产业链相互补充，进一步促进信息产业龙头企业发展，对信息产业格局产生较大影响。公告 显示，二者正筹划由海光信息通过向中科曙光全体A股换股股东发行A股股票的方式换股吸收合并中科 曙光，并发行A股股票募集配套资金，两家股票将于5月26日起开始停牌，预计停牌时间不超过10个交 易日。 5月26日，有并购市场人士告诉《华夏时报》记者，海光信息合并中科曙光，简单理解是芯片 ...

Investment Rating - The report maintains a positive outlook on domestic computing power opportunities in the context of U.S. restrictions on advanced chip exports to China and the increasing urgency for domestic computing power alternatives [3]. Core Insights - NVIDIA is set to launch a new custom chip B40 for the Chinese market, with a price range of $6,500 to $8,000, significantly lower than the previous H20 model priced at $10,000 to $12,000. The new chip's performance is expected to be inferior to both its predecessor and mainstream domestic chips [2][5]. - The urgency for domestic computing power replacement continues to rise due to geopolitical tensions and restrictions on advanced technology [3]. - Xiaomi has launched its self-developed 3nm flagship chip "玄戒 O1," marking it as the fourth company globally to release a 3nm mobile processor, with significant R&D investment exceeding 13.5 billion yuan [5]. Summary by Sections NVIDIA Custom Chip Launch - NVIDIA's new custom chip B40 is expected to be released by the end of June, with a projected shipment of 1 million units in 2025. The chip will utilize GDDR7 memory instead of HBM, resulting in a bandwidth reduction from 4TB/s to 1.7TB/s [2][5]. Domestic Computing Power - The report emphasizes the growing importance of domestic computing power solutions in light of U.S. export restrictions and the competitive landscape [3]. Industry Developments - AMD plans to sell its ZT Systems server manufacturing business for $3 billion, focusing on chip design and software support [7]. - TSMC has rejected offers to build factories in India, opting instead to collaborate with local firms [7]. - Semiconductor capital expenditure is projected to grow by 27% in Q1 2025, driven by investments in AI-related technologies [7]. - GlobalWafers America has officially opened a new advanced semiconductor wafer manufacturing facility in Texas, with plans for further investment [11].

Core Insights - The article highlights the development of the Kunpeng and Ascend computing technologies by Huawei, which aim to create an innovative ecosystem for global developers [1][2] - The focus is on enhancing the usability, flexibility, and scalability of AI platforms and tools to accelerate industry application innovation [1] Group 1: Ecosystem Development - As of May 2025, Kunpeng and Ascend have developed over 6.65 million developers and more than 8,800 partners, with over 23,900 solution certifications completed [1] - The ecosystem is deemed crucial for the breakthrough of domestic computing technologies [1] Group 2: Technological Innovations - Huawei introduced the Kunpeng AI+ solution for general computing and the CATLASS operator template library for AI computing, enhancing the ease of operator development and application deployment [1] - The Ascend super-node architecture aims to overcome cluster interconnection bottlenecks, significantly improving overall computing efficiency [1] Group 3: Talent Development and Collaboration - Huawei has trained over 400,000 students in Ascend technology and established excellence and incubation centers with top universities [2] - Collaboration with iFlytek on large-scale model training has addressed multiple technical challenges, enabling the application of MoE models [2] - The DeepSeek model, developed in partnership with over 100 collaborators, supports more than 500 clients across various industries including internet, telecommunications, finance, education, and healthcare [2]