Group 1 - Google states that the company's computing power must double every six months, with institutions indicating that model upgrades will drive demand for computing power. The company has acquired firms with complete capabilities in manufacturing optical active and passive devices, as well as optical device packaging [1] - The first large-capacity all-solid-state battery production line in China has been completed, with institutions suggesting that the industrialization of solid-state batteries is expected to accelerate. The company's battery system components can be applied to battery pack solutions equipped with solid-state batteries [1] - The company's 1.6T optical module products have been sent to multiple clients for testing and validation [1]

| 以开关柜、直流电源等为主。 | | --- | | 公司对以算力需求为代表的新质生产力用电场景以及新的产品需求 保持着密切关注和研发投入。公司针对数据中心设计研发的模块化 | | 供电系统、高压直流电源系统均已完成，预计在下个月完成相 UPS | | 关的检验检测，获得型式检验报告。 | | 3、今年 季度年公司总体经营情况如何？ 3 | | 截止本年三季度末，公司实现了扣非口径下收入和利润双增长。报告 | | 期内公司实现营业总收入 9.47 亿元，同比-2.75%，归母净利润 | | 4311.73 万元，同比-41.09%，扣非归母净利润 4801.27 万元，同比 | | +170.88%。单季度看，第三季度实现营业总收入 2.61 亿元，同比 | | +12.77%，归母净利润 万元，同比+104.38%，扣非归母净利 30.23 | | 润 492.37 万元，同比+159.36% | | 报告期内归母净利与扣非净利呈现一减一增系公司在 年同期确 2024 | | 认了较高的一次性工程抢装收入，而本报告期没有发生此类收入； | | 综合智慧能源板块方面，得益于公司对生物质热电联产资产经营的优 ...

中信证券发布研报称，Gemini 3 Pro多模态理解和逻辑推理两大关键能力显著提升，其中多模态性能有 显著领先，应持续关注原生多模态技术发展带来的产业变化，以及多模态推理带来的全新应用场景机 会。Agent相关能力升级符合预期，在长文本检索、任务流程规划等方面形成亮点，结合模型能力和开 发平台升级，更好支持细分场景的Agent开发落地。Coding方面以前端开发为主要方向，相关效果值得 期待。建议关注以多模态为代表的应用机会，同步关注模型发展带来的算力新需求。 中信证券主要观点如下： 事项： 美国时间11月18日，Google发布最新基座模型Gemini 3 Pro，模型强调多模态理解和深度推理两大基础 性能，围绕agent开发、代码生成、用户交互等关键能力持续升级，在主流测试集上达到领先水平。目 前，新模型已经全面向Search、Gemini app、AI Studio、Vertex AI、Google Antigravity等渠道开放。 多模态：性能表现达到领先水平，持续关注原生多模态架构创新。 Google官网将Gemini 3 Pro定位为"世界最好的多模态理解模型"，并强调模型综合利用多种模态信息 ...

本文字数：1541，阅读时长大约2分钟 2025.11.17 作者 |第一财经 安卓 今年以来，科技股多线爆发，推动创业板指领涨，区间最高涨幅（4月7日-10月30日）达90%。 不过，随着11月份以来科技主题轮动，曾经引领创业板指强势上涨的动能有所减弱，截至11月17日午间 收盘，创业板指本月最大回撤已接近8%。 创业板指前十大权重股中，算力产业链跌幅靠前，比如，中际旭创（300308.SZ）本月跌10.09%、胜宏 科技（300476.SZ）本月跌16.31%、新易盛（300502.SZ）本月跌16.96%。另外，"易中天"组合中的天孚 通信（300394.SZ）本月跌幅也近10%。 对于这段时间算力股的调整，市场普遍认为前期快速上涨后，算力板块已累积较大涨幅，以及部分资金 可能转向"高切低"策略。 民生加银基金研报认为，在基金三季报中，TMT持仓占比接近40%创历史新高，超配比例也来至历史较 高位，TMT板块成交额占比基本也来到历史高位，短期持仓、交易热度和股价都来到了一个高位，机 构投资者年底保收益约束下，市场风格从前期的科技成长风格切换至红利、顺周期等相对低位板块，资 金高低切导致市场下跌。 创业板 ...

Core Insights - The report from Guosen Securities highlights that advertising and SaaS products are high-demand areas based on token consumption and input-output analysis [1] - There is a significant need for continued support from downstream market conditions for the massive CAPEX investments, particularly in sectors like autonomous driving and robotics, which are driving GPU leasing demand [1] - The report indicates that without a trend of explosive growth in downstream applications, leading companies may slow their CAPEX spending, especially those reliant on single customers [1] Supply Side - The financial pressure from high CAPEX growth and power shortages is evident, with major overseas companies' CAPEX exceeding 60% of their operating cash flow [2] - Companies are increasingly resorting to financing leases and financial operations to manage cash flow constraints, with firms like Meta and Google utilizing debt financing to supplement their investments [2] - The projected growth in data center capacity in North America is expected to be 100% in 2026 and 50% in 2027, leading to significant power shortages [2] Demand Side - There remains a substantial gap between the cumulative incremental CAPEX of overseas cloud providers since the end of 2022 and the current backlog of unfulfilled orders, which is less than 50% of the current order scale [3] - Excluding Oracle, which is heavily impacted by OpenAI, the three major cloud providers are still in a state of supply shortage, indicating that current CAPEX levels are not excessive [3] Computing Power Demand Structure - The current structure of computing power demand shows a higher internal proportion for cloud providers, supporting AI applications, model training, and the development of AI products like Gemini and Copilot [4] - External revenue is also growing rapidly, primarily from GPU leasing and API calls for AI application development, with GPU leasing accounting for about 70% of demand [4] - API calls, while currently a smaller portion of demand, are growing quickly, with many small companies utilizing models for customer service and process optimization [4]

Core Viewpoint - The company, Keda Technology Co., Ltd., has experienced significant growth in Q3 2025, driven by the dual forces of the data center industry and the recovery of the energy storage market [3]. Group 1: Investor Activity - The investor relations activity involved a specific audience survey with participation from various institutions, including securities firms, funds, and private equity [2]. - The meeting adhered to the information disclosure management system, ensuring that all disclosed information was accurate, complete, and timely [2]. Group 2: Performance Drivers - Q3 performance growth was primarily attributed to the explosive demand for computing power in data centers and the recovery in the energy storage market [3]. - The energy storage segment emerged as the fastest-growing area, with a gradual recovery in European household storage orders and accelerated demand in emerging markets like Southeast Asia and the Middle East [3]. Group 3: Data Center Business - The company has established stable partnerships with leading internet companies in the domestic market, leading to increased contributions from internet clients [4]. - The global market strategy includes deep penetration into traditional markets like Europe and Southeast Asia while actively pursuing breakthroughs in emerging markets such as North America and Australia [4]. - The product portfolio for data centers includes UPS power supplies, high-voltage direct current (HVDC) systems, temperature control equipment, and various battery solutions, with ongoing development of new products tailored to high-power data center needs [4]. Group 4: Core Technology Advantages - The company has a strong foundation in power electronics, ensuring its products remain competitive in the data center and energy storage sectors [5]. - Innovations in power density optimization and energy-saving temperature control technologies position the company as a leader in the industry [5]. - Continuous investment in R&D and a robust supply chain management system support the company's ability to innovate and deliver products effectively [5].

Core Insights - The communication ETF (515880) has experienced a decline of over 2%, but has seen a net inflow of over 2.3 billion yuan in the past 10 days, bringing its total size to over 11.8 billion yuan, making it the largest in its category [1] - CITIC Construction Investment Securities highlights the importance of the "14th Five-Year Plan" which emphasizes the acceleration of a new round of technological revolution and industrial transformation, particularly through the implementation of the "AI+" initiative [1] - The current global landscape is characterized by an AI industrial revolution, which is expected to have a profound impact, necessitating a long-term perspective for observation, rather than a simple comparison with recent trends in cloud computing and renewable energy [1] - The communication ETF (515880) has nearly 50% exposure to optical modules, with "optical modules + servers + optical fibers + copper connections" accounting for over 75%, indicating a strategic focus on core computing power [1] Investment Opportunities - Investors interested in the core computing power sector may find opportunities in the communication ETF (515880) due to its significant allocation towards optical modules and related technologies [1]

Summary of Conference Call Notes Industry Overview - The conference call discusses the AI industry and its supply chain dynamics, particularly focusing on the impact of high-end chip shortages and power supply constraints on the overall efficiency and cost of the industry [1][2]. Key Points and Arguments 1. **Surge in AI Computing Demand** The rapid increase in AI computing demand is driven by significant investments, such as the trillion-dollar computing plan from OBA and further financing from Cloud to expand computing capacity [2]. 2. **Supply Constraints** Supply-side constraints are evident in chip production and power supply, with Nvidia's high-end chips being scarce and electricity shortages affecting overall supply [2]. 3. **Impact on Domestic Supply Chain** The scarcity of overseas high-end chips and power directly boosts domestic supply chain demand, particularly benefiting sectors like optical module manufacturing. Companies like Industrial Fulian and Xuchuang are positioned well for growth due to their strong production capabilities [3]. 4. **Nvidia's Capacity Issues** Nvidia's capacity constraints are primarily due to tight supply of HBM 4 (High Bandwidth Memory) and limited CoWoS (Chip on Wafer on Substrate) packaging capacity. Hynix monopolizes HBM 4 supply, while TSMC employs a volume-locking strategy to maintain CoWoS prices [5]. 5. **Price Increases and Long-term Contracts** Nvidia and its supply chain are responding to price pressures by locking in volumes and signing long-term contracts. Hynix has raised HBM 4 prices by 50%, and TSMC has announced price increases for wafers over four consecutive years, enhancing their bargaining power and profit margins [6]. 6. **Resource Concentration Effects** The concentration of resources in the AI industry is squeezing non-AI sectors. High electricity prices for data centers are forcing energy-intensive industries like aluminum smelting and chemicals to cut back or exit the market. Resources previously allocated for cryptocurrency mining are now being redirected to data center construction, further driving up prices for non-AI products [7][8]. 7. **Changes in TSMC's Client Structure** TSMC's shift in client structure from Apple to Nvidia prioritizes capacity allocation for higher-margin AI businesses, potentially leading to price increases for non-AI products like mobile chips. This shift creates opportunities for domestic companies engaged in mature process production to fill the market gap left by TSMC's reduced competition [9]. 8. **Memory Market Adjustments** The memory sector is also experiencing changes due to rising AI demand. The price increase of HBM 4 is prompting companies like Samsung and Hynix to allocate more resources to HBM products, reducing traditional memory production and leading to overall price increases in the memory market [10]. Additional Important Insights - The shortage of skilled labor in the foundry sector is exacerbating manufacturing bottlenecks, particularly in cabinet manufacturing, which is critical for the production of AI-related hardware [5]. - The overall market environment is shifting, requiring upstream and downstream companies to adjust their strategies to adapt to the new dynamics driven by AI demand and supply constraints [10].

Group 1 - The AI wave is driving a surge in demand for computing power, significantly increasing the value in sectors such as servers, AI chips, optical chips, storage, and PCB boards [1] - By Q3 2025, the total import value of front-end manufacturing equipment is expected to grow by 15.28% year-on-year and 33.15% quarter-on-quarter, reaching a historical high [1] - Domestic equipment is making continuous progress in advanced process breakthroughs and validations [1] Group 2 - The semiconductor equipment ETF (159516) tracks the semiconductor materials and equipment index (931743), focusing on the upstream materials and equipment sectors of the semiconductor industry [1] - This index selects listed companies involved in the supply of key materials and manufacturing of core equipment for semiconductor production, serving as an important reference for observing the development of the semiconductor industry's upstream [1] - The index is characterized by high technological content and growth potential, making it a significant indicator for the performance of upstream semiconductor enterprises [1]

Core Viewpoint - The company, Huagong Technology, is experiencing a surge in demand for computing power in the domestic market, particularly for high-speed optical modules such as 400G and 800G, driven by the construction of computing centers [1] Domestic Market Summary - There has been a significant increase in demand for computing power from domestic internet and equipment manufacturers this year [1] - The demand for high-speed optical modules, specifically 400G and 800G, is rapidly being released [1] - The product speed is transitioning from 400G to 800G, with new customer orders for 800G single multi-mode products expected to begin in November [1] - Mass delivery of these products is anticipated in the first half of next year [1] Overseas Market Summary - The company's 800G LPO optical modules began delivery at overseas factories in October [1] - An increase in volume is expected in the fourth quarter of this year [1] - The variety of product models is also increasing [1]