Core Viewpoint - The 2025 Green Computing (Artificial Intelligence) Conference will be held on July 12 in Hohhot, focusing on building a green computing ecosystem and creating a new future for artificial intelligence [1] Group 1: Event Details - The conference will include an opening ceremony, keynote speeches, one thematic event, and nine parallel sessions [1] - The event aims to showcase the advantages and achievements of the integrated computing network hub in Inner Mongolia, establishing a digital foundation for Chinese-style modernization [1] Group 2: Regional Development - Hohhot has leveraged its geographical location, climate, green electricity, network, computing power, policies, and talent to seize opportunities from the national "East Data West Computing" initiative [1] - The city has achieved a new level of high-quality development in the digital economy and has been recognized with titles such as "China Cloud Valley," "Pioneer of Computing Power Industry Cluster," and "Pioneer of Green Computing Development" by the China Communications Industry Association [1] Group 3: Previous Conferences - Hohhot has successfully hosted two previous Green Computing Conferences in the past two years, attracting numerous industry experts and leading company representatives to provide critical intellectual support and decision-making references for the development of the green computing industry [1] Group 4: Organizers - The conference is organized by the Hohhot Municipal People's Government, with support from the China Academy of Information and Communications Technology, the Hohhot Big Data Management Bureau, and the Management Committee of the Inner Mongolia Horinger New Area [1]

Core Viewpoint - The AI computing industry continues to show strong performance, with significant gains in related stocks and ETFs, particularly in the context of increasing demand for AI infrastructure and components [1][3][5]. Group 1: Stock Performance - On the last trading day of June, the AI computing sector remained active, with the ChiNext AI ETF achieving a six-day consecutive rise, closing up 2.1% [1]. - Notable stocks such as Zhongji Xuchuang and Tianfu Communication saw significant fluctuations, with Tianfu Communication leading with a rise of over 6% [1]. - The ChiNext AI ETF Huabao (159363) recorded a trading volume of 1.59 billion yuan, indicating strong market interest [1]. Group 2: Monthly Performance - The ChiNext AI ETF Huabao reported a monthly increase of 16.99%, outperforming the ChiNext Index, which rose by 8.02% [6]. - The ETF's performance was significantly better than other AI-themed indices, such as CS AI and Kexin AI [6]. Group 3: Industry Outlook - The investment strategy for July suggests continued high demand for AI computing infrastructure, particularly in light of the upcoming earnings forecast season [3]. - Key sectors to watch include optical modules and copper connection industries, which are expected to benefit from global AI development [3]. - The server manufacturing sector is experiencing robust growth, with Taiwanese AI server manufacturers reporting a year-on-year revenue increase of 162% in May [4]. Group 4: Market Trends - The A-share computing industry is viewed as a rare growth sector, with expectations that the commercialization of AI will enhance its market position [5]. - The report emphasizes the importance of focusing on leading companies in the optical module sector and related fields to capture opportunities in the AI market [5].

Group 1 - The A-share market saw a strong performance in early trading on June 30, with major indices rising, particularly in the media, electronics, and communications sectors [1] - The AI ETF on the ChiNext, Huaxia (159381), surged over 1.8%, marking its sixth consecutive increase, with leading stocks including Bochuang Technology, Shenzhou Taiyue, Taicheng Light, and others [1] - Nvidia's stock reached a historic high, closing at $157.8 with a weekly increase of 9.7%, pushing its market capitalization close to $3.85 trillion, which positively influenced the domestic computing power sector [1] Group 2 - The Huaxia AI ETF tracks the ChiNext AI Index, selecting AI-focused companies listed on the ChiNext, with a daily price fluctuation limit of ±20% [2] - The fund has a low annual management fee rate of 0.15% and a custody fee rate of 0.05%, making its overall fee structure competitive among comparable funds [2] - The index has a significant weight in optical module CPO stocks, exceeding 26.6%, indicating a high "light" content in the AI index, with major constituents including Xinyi Technology, Zhongji Xuchuang, and others [2]

Core Insights - Karamay is rapidly transforming into a "computing power new city" leveraging its abundant clean energy and stable geological conditions, with over 60,000 standard server cabinets established in its cloud computing industrial park [1][5] - The China-Shanghai Cooperation Organization Digital Technology Cooperation Development Forum highlighted topics such as artificial intelligence, low-altitude economy, and intelligent manufacturing, all closely related to computing power [1] Group 1: Companies Leveraging Computing Power - Hangzhou Yundongchu Technology Co., Ltd. has developed the "Jueying" series of robots for various applications, exporting to over 40 countries, and aims to utilize computing power to enhance product intelligence [2] - Langchao Communication Information System Co., Ltd. reported a 100% increase in overseas revenue compared to the same period last year, indicating significant business opportunities arising from the growing demand for computing power [3] Group 2: Government and Industry Support - Karamay's government is actively promoting the integration of computing and electricity, with the city's computing power scale reaching 1.7 million PFlops, making it the first city in Xinjiang to exceed 1 million PFlops [5] - The city has initiated the "Artificial Intelligence +" action plan to break down industry barriers and build a new ecosystem for AI applications, aiming to enhance international market outreach [5] Group 3: Industry Trends and Opportunities - The development of digital technology is facilitating the widespread application of high-definition video across various sectors, with a focus on international market expansion [5] - The advantages of Karamay, such as abundant sunlight and wind energy, are becoming increasingly prominent as clean energy supports the growth of computing power in the context of rapid digital economic development [5]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **domestic computing power industry chain** in China, particularly highlighting the **switching equipment sector** which has recently reached a profitability inflection point [1][2][5]. Core Insights and Arguments - The **domestic data center sector** remains stable despite a slowdown in new data center tenders, with major internet companies showing steady rack installation rates [2][4]. - The **demand for optical modules** is rapidly increasing, particularly for 800G and 1.6T modules, driven by major players like BBAT and Huawei, indicating strong investment in AI computing power [3][10][11]. - The **profitability of the domestic computing power chain** has improved due to scale effects, with significant increases in shipment volumes and revenues for domestic servers, optical modules, and switches [2][5]. - The **Ethernet switch market** in China is primarily driven by demand from large internet companies, which prefer SDN (Software Defined Networking) and white-box switches over traditional IB (InfiniBand) switches [6][7]. - **White-box switches** offer configurability and rapid iteration capabilities, making them more suitable for the dynamic traffic needs of data centers [8]. - The **high gross margins** in the switching industry are attributed to hardware production and collaborative R&D with internet companies, which involves complex software technologies [9]. Additional Important Insights - The **data center REITs projects** have been approved, providing a benchmark for asset valuation, with the REITs market offering around 15 times EV/EBITDA valuation levels [3][19][20]. - The **AI training and inference demand** is a key driver for the growth of the domestic computing power chain, with major companies like Alibaba and Tencent increasing their AI computing investments [11]. - The **domestic data center industry** faces challenges such as chip shortages, which have slowed down order fulfillment, but long-term prospects remain positive as these issues are expected to be resolved [17]. - **Policy support** for the data center industry includes project approvals and energy consumption indicators, which helps maintain a balanced supply-demand dynamic [18]. - The **current market conditions** suggest a favorable outlook for the domestic computing power chain, with expectations of improved performance in the upcoming reporting season [21]. Recommendations - Companies such as **Hua Gong Technology** are recommended for investment due to their leading position in the optical module market and expected improvements in profitability as demand for 400G and 800G modules rises [14][15]. - Attention is also drawn to **Xingwang Ruijie and Ruijie Networks** in the switching sector, which are expected to benefit from the industry's profitability improvements [9].

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]

Group 1: Development of Datong as a Computing Power City - Datong aims to transform from a coal and electricity supplier to a computing power and service provider, driven by the "East Data West Computing" initiative [1] - The city has established partnerships with major companies like Douyin Group and JD Group to accelerate its development as a computing power city [1][2] - Douyin Group has invested significantly in the Taihang Computing Power Center project, increasing its investment from 160 million to 2.36 billion yuan, marking a 1375% increase [2] Group 2: Key Projects and Investments - The Taihang Computing Power Center project consists of two phases, with the first phase involving an investment of approximately 2.8 billion yuan and the second phase projected at 4.5 billion yuan [3] - JD Group has also made substantial investments in Datong, with a total investment of 2.5 billion yuan for the first phase of its intelligent computing data center project [8] - By the end of 2024, Datong's planned investment in data centers is expected to reach 76 billion yuan, with over 24.3 billion yuan already invested [11] Group 3: Strategic Collaborations and Future Plans - Datong's government has engaged in discussions with JD Group to enhance cooperation in smart city development and computing power projects [6][9] - The establishment of the Shanxi Datong University Digital Economy Research Institute aims to foster collaboration between academia, industry, and government, supporting the city's digital economy initiatives [13] - Datong is focusing on green energy initiatives, including pilot projects for green electricity supply to attract more computing power projects [11]

6月18日，*ST合泰(002217)在公司官微发布，近日与重整产业投资人杭州骋风而来数字科技有限公司 （以下简称"骋风而来"）共同设立合资公司，促进公司在算力基础设施集成服务、底座代建服务、平台 运营服务和算力应用服务等业务领域的经营与发展。 据了解，合资公司福建智泰驰骋数字科技有限公司（以下简称"智泰驰骋"），注册资本为1亿元，*ST 合泰和骋风而来均以货币出资，分别持有60%和40%股权。智泰驰骋定位为算力产业综合服务商、创新 算力技术推动者和算力生态构建者，将聚焦算力领域的前沿技术研究与应用创新，积极推动算力技术与 各产业深度融合创新，挖掘应用场景，充分发挥算力技术的赋能作用。智泰驰骋将借助骋风而来在算力 技术和应用解决方案方面的专业优势，提供涵盖算力基础设施搭建、平台运营和应用开发的产业综合服 务。与产业链各方一道，共同推动算力产业的技术进步和产品创新，着力构建一个开放、协同、共赢的 算力生态系统，促进产业协同发展。 *ST合泰管理层表示，公司自2024年进入重整计划执行阶段以来，明确将算力业务作为重点培育方向， 亟需构建具备可持续造血能力的新业务体系。公司进军智能算力领域，是重整产业投资人对公司进 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of computing hardware stocks and the positive outlook for the AI computing power sector in China, with significant growth expected in the coming years [1][2] - The China Intelligent Computing Power Scale is projected to reach 1037.3 EFLOPS by 2025 and 2781.9 EFLOPS by 2028, with a compound annual growth rate of 38.94% from 2025 to 2028 [1] - The CSI Big Data Industry Index (930902) saw an increase of 0.99%, with notable gains from constituent stocks such as Tianxiao (up 4.60%) and Hengsheng Electronics (up 4.54%) [1] Group 2 - Open Source Securities emphasizes the AIDC computing power industry chain as a core focus, recommending attention to seven key industry directions, including AIDC data center construction and IT equipment [2] - The Data ETF (516000) closely tracks the CSI Big Data Industry Index, which includes companies involved in big data storage, analysis, and applications, reflecting the overall performance of the big data and computing power industry [2] - The big data industry, represented by the Data ETF, is positioned as a key sector driven by policy catalysts and technological iterations, characterized by a dual engine of "computing power foundation + scenario innovation" [2]

Core Viewpoint - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan" to enhance the efficiency and service level of public computing resources, supporting the high-quality development of the digital economy in China [1][3]. Group 1: Definition and Background - Computing power interconnection refers to the standardization and interconnection of public computing resources from different entities and architectures, enabling efficient matching and flow of data and applications [2]. - The plan is driven by the rapid development of artificial intelligence and the increasing demand for computing resources, with a focus on creating a unified national computing power system and optimizing resource distribution [3]. Group 2: Goals and Objectives - By 2026, the plan aims to establish a comprehensive system of standards, identifiers, and rules for computing power interconnection, including the promotion of new high-performance transmission protocols and the creation of national and regional interconnection platforms [4]. - By 2028, the goal is to achieve standardized interconnection of public computing resources across the country, enabling intelligent perception and real-time access to computing power [4]. Group 3: Key Tasks - The plan outlines 16 key tasks across six areas, including enhancing the foundation of computing power interconnection, optimizing facility interconnection, promoting resource sharing, innovating business interconnection, developing application scenarios, and ensuring network and data security [6]. Group 4: Actions to be Taken - Five major actions will be implemented, including foundational actions for computing power interconnection, accelerating facility interconnection, building interconnection platform systems, innovating business interconnection, and leading actions for computing power interconnection [8]. Group 5: Application Scenarios - The plan will enable computing power interconnection in various application scenarios, including resource services, task scheduling, market transactions, and new business models in sectors like artificial intelligence, scientific computing, and smart manufacturing [9]. Group 6: Implementation Assurance - To ensure the effective implementation of the plan, three measures will be taken: strengthening task execution, enhancing resource investment, and fostering enterprise development to create a supportive ecosystem for computing power services [10].