Core Viewpoint - The A-share market continues its upward trend with structural differentiation, as the ChiNext index rises by 1.17% while the Shanghai Composite and Shenzhen Component indices also show gains [1] Market Performance - The Shanghai Composite Index increased by 0.23%, the Shenzhen Component Index rose by 0.58%, and the ChiNext Index surged by 1.17% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.29 trillion, an increase of 137.4 billion compared to the previous trading day [1] - Over 2,600 stocks in the market experienced price increases [1] Sector Highlights - The brokerage sector saw significant late-session gains, with Huaxin Securities hitting the daily limit [1] - The military equipment restructuring concept performed well, with Huachuang Technology rising by 13% and several other stocks reaching their daily limit [1] - The computing power leasing sector strengthened, with stocks like Huijin Co., Qingyun Technology, and Dawi Technology hitting their daily limit [1] - The semiconductor sector also saw afternoon gains, with stocks such as Zhizheng Co. and Demingli reaching their daily limit, while Yuanjie Technology and Chip Origin also rose [1] Declining Sectors - The consumer goods sector experienced a collective pullback, with beauty care, beverage manufacturing, and food processing sectors showing the largest declines [1] - Stocks such as Lafang Cosmetics, Runben Co., and Shuiyang Co. all fell by over 9%, while Yanjinpuzi, Nanjiao Food, New Dairy, and Natural Dairy also declined [1]

Group 1 - The A-share computing power leasing sector experienced a significant rise in the afternoon, with major companies showing strong performance [1] - Dwei Technology reached the daily limit increase, indicating strong investor interest and confidence [1] - Huijin Co., Ltd. saw an increase of over 12%, reflecting positive market sentiment towards the company [1] - Kehua Data rose by more than 9%, contributing to the overall upward trend in the sector [1] - Other companies such as Parallel Technology, Industrial Fulian, and Xiechuang Data also experienced gains of over 5%, showcasing a broad-based rally in the computing power leasing market [1]

Core Viewpoint - The computing power leasing concept has experienced a significant rebound, with major companies like Dawi Technology hitting the daily limit increase in stock price, following similar movements from other firms in the sector [1] Group 1: Market Reaction - Dawi Technology saw a sharp increase in stock price, reaching the daily limit [1] - Other companies such as Hubei Broadcasting, Qingyun Technology, Hongjing Technology, Aofei Data, Xiechuang Data, and Huafu Fashion also experienced stock price increases [1] Group 2: Policy Influence - The Ministry of Industry and Information Technology recently issued the "Computing Power Interconnection Action Plan," aimed at improving the efficiency and service level of public computing resources [1] - The plan outlines six key areas and 16 specific tasks to promote high-quality development in computing power [1]

Group 1: Market Performance - The three major indices opened higher on June 5, with the ChiNext Index rising and the Hang Seng Technology Index showing significant gains [1] - The CSI Cloud Computing Industry Index (931470.CSI) increased by 1.29%, with Meituan Group rising over 7%, and both Shenxinfu and Alibaba-W increasing over 3% [1] - The Cloud Computing ETF (517390) continued to strengthen, rising by 1.3% with a trading volume of 5.01 million yuan [1] Group 2: Industry Insights - Global AI computing power demand is on the rise, making the computing power leasing industry a market focus, with Alibaba planning to invest over 380 billion yuan in cloud and AI hardware infrastructure over the next three years [2] - The cloud computing industry is expected to enter a new development phase by 2025, with a market size projected to exceed 1.17 trillion yuan, reflecting a year-on-year growth of 40.6% driven by advancements in AI technology and policy support [2] - The shift from IaaS to SaaS in enterprise cloud service demand is anticipated, particularly in critical infrastructure sectors such as government, finance, and transportation, aided by the integration of 5G, AI, and big data technologies [2]

Market Overview - The A-share market experienced a rebound with the ChiNext Index leading the gains, closing with the Shanghai Composite Index up 0.42%, the Shenzhen Component Index up 0.87%, and the ChiNext Index up 1.11% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.15 trillion yuan, an increase of 116 billion yuan compared to the previous trading day [1] - Consumer sectors showed strong performance, particularly in beauty care and beer, with over 3,900 stocks rising across the market [1] International Market - The New York stock market showed mixed results, with the Dow Jones Industrial Average down 91.90 points (0.22%) to 42,427.74 points, while the S&P 500 and Nasdaq Composite Index saw slight increases of 0.01% and 0.32% respectively [2] - European markets collectively rose, with the FTSE 100 up 0.16%, CAC 40 up 0.53%, and DAX up 0.77% [2] Commodity Prices - International oil prices fell, with light crude oil futures for July down 56 cents to $62.85 per barrel (0.88% decline) and Brent crude for August down 77 cents to $64.86 per barrel (1.17% decline) [3] Key Industry Developments - The Ministry of Industry and Information Technology is promoting the development of the artificial intelligence industry to empower new industrialization, focusing on enhancing innovation and establishing a supportive ecosystem [5] - The National Energy Administration is initiating pilot projects for new power systems, exploring new technologies and models to advance the construction of these systems [6] - The central government plans to support urban renewal actions in 20 cities, which is expected to stimulate housing demand and improve living conditions [7] - China's beer production from large enterprises saw a year-on-year increase of 4.8% in April, indicating a recovery trend in the sector [8] - Wantai Biological's nine-valent HPV vaccine has received approval for market entry, enhancing the company's product line and competitive edge [9] Institutional Insights - Zhongke Electric plans to invest up to 8 billion yuan in a lithium-ion battery anode material integration project, indicating a strong focus on battery technology [10] - The demand for AI computing power is rising, with major internet companies increasing investments in cloud and AI infrastructure [10] Fund Flow Analysis - The consumer electronics sector saw a net inflow of 1.269 billion yuan, while the pharmaceutical sector experienced a net outflow of 1.298 billion yuan [11]

一、行情 6月4日，算力概念多股大涨，德润电子、润建股份等涨停，英特科技、德科立等涨幅超10%。 1）CoreWeave公司成立于2017年，于2019年转型运营数据中心租赁业务，向第三方出售云训练和推理算力和方案。公司共经历13轮 融资，总融资额达134亿美元，并于2023年获英伟达投资，确立其作为英伟达GPU云服务商的市场定位。 英伟达长期向CoreWeave提供资本与技术支持，形成深度绑定。公司早期依赖英伟达GPU挖掘以太坊，并通过GPU抵押实现资本扩 张，在23年上半年-24年上半年间累计融资约127亿美元。（华泰证券） 2）英伟达业绩超预期和Coreweave的股价快速上涨表明，推理端对高性能计算的需求快速释放，AI算力景气度持续验证。 3）国内方面，阿里巴巴集团官方表示未来三年，阿里将投入超过3800亿元人民币，用于建设云和AI硬件基础设施。腾讯"计划在 2025年进一步增加资本支出，并预计资本支出将占收入的低两位数百分比。"腾讯今年的Capex将达到千亿级别。H20被禁，下游客 户将转向算力租赁和国产算力来满足旺盛的算力需求。 二、事件： 1）6月3日，英伟达股价上涨近3%，达141.22美元， ...

A股算力租赁板块直线冲高，奥雅股份、润建股份双双涨停，宏景科技涨超6%，汇金股份、海南华 铁、有方科技跟涨。 ...

Group 1 - The concept stocks related to computing power leasing have rebounded, with Runjian Co., Ltd. (002929) and Aoya Co., Ltd. (300949) hitting the daily limit [1] - Other companies such as Runze Technology (300442), Hainan Huatie (603300), Dawi Technology (600589), and Hongbo Co., Ltd. (002229) also experienced gains [1] - There is a notable shift in capital flow, indicating that "smart money" is revealing insights into the main operators' trading strategies [1]

金十数据6月3日讯，华西证券指出，全球AI算力需求持续攀升，带动算力租赁行业成为市场焦点。互 联网大厂算力需求旺盛，看好算力租赁。阿里巴巴集团官方表示未来三年，阿里将投入超过3800亿元人 民币，用于建设云和AI硬件基础设施。腾讯"计划在2025年进一步增加资本支出，并预计资本支出将占 收入的低两位数百分比。"腾讯今年的Capex将达到千亿级别。H20被禁，下游客户将转向算力租赁和国 产算力来满足旺盛的算力需求。我们判断阿里一季度资本开支不及预期的主要原因是H20芯片出口管 制，因此看好算力租赁行业爆发。 华西证券：互联网大厂算力需求旺盛，看好算力租赁 ...

Investment Rating - Industry Rating: Recommended [3] Core Insights - Nvidia's data center business achieved revenue of $39.11 billion in Q1 FY2026, a year-on-year increase of 73.3%, driven primarily by the Blackwell product line [1][11] - The demand for AI computing power continues to rise globally, making the computing power leasing industry a market focus, with CoreWeave's stock rising by 13.26% over five trading days [2][32] - The recent U.S. export restrictions on the H20 chip have led to a decrease in demand from Chinese customers, resulting in Nvidia incurring $4.5 billion in costs due to excess inventory and procurement obligations [1][26] Summary by Sections Nvidia's Q1 Financial Report - Nvidia reported a revenue of $44.06 billion for Q1 FY2026, meeting expectations, with a gross margin of 60.5%, impacted by a $4.5 billion inventory write-down related to the H20 chip [14][23] - The company expects revenue to continue to rise, projecting $45 billion for Q2 FY2026, despite the impact of the H20 chip ban [29][27] CoreWeave and Computing Power Leasing - CoreWeave, specializing in high-performance GPU cloud leasing services for AI training and inference, has seen significant stock performance due to its strategic partnership with Nvidia [2][33] - Major internet companies like Alibaba and Tencent are increasing their capital expenditures significantly, with Alibaba planning to invest over 380 billion RMB in cloud and AI hardware infrastructure over the next three years [12][48] Investment Recommendations - Beneficiary stocks in the computing power leasing sector include Youfang Technology, Hongjing Technology, and Xiechuang Data; in AI power: Zhongheng Electric, Maigemi, and Weiergao; in AI chips: Cambrian, Haiguang Information, and Chipone; in IDC: Runze Technology, Runjian Shares, and Dawi Technology [4][56]