Summary of Conference Call Records Industry Overview - The focus is on the **solid-state battery** industry, highlighting advancements in pilot line construction and the potential for accelerated industrialization [1][2][3]. Key Points and Arguments - **Pilot Line Construction**: Leading companies like Guoxuan High-Tech have established a 200MWh pilot line, with expectations for small-scale production by 2027 and mass production by 2030. Secondary and non-listed companies are also actively preparing for early production, which could catalyze the sector [1][2][3]. - **Material Trends**: High-nickel solutions remain the mainstream material system for solid-state batteries. Rapid advancements are noted in silicon-based anodes and sulfide preparation processes, with polymer and halide solutions also being applied [1][4]. - **Market Dynamics**: The current market environment shows significant investment opportunities in solid-state batteries, IDAC companies, humanoid robots, and new photovoltaic technologies. The national battery index recently increased by 1.84% [2]. - **HVDC Systems**: NVIDIA has identified HVDC as the next-generation power supply solution for data centers, collaborating with Weidi to develop an 800V HVDC architecture. This is expected to become the mainstream solution for IDC power systems in the long term [1][6]. - **Emerging Technologies**: Huawei's developer conference is anticipated to showcase advancements in embodied intelligence, with the Pangu model expected to achieve breakthroughs in multimodal perception and autonomous decision-making [1][10]. Additional Important Insights - **Solid-State Battery Packaging**: The trend is towards soft-packaging, which can effectively suppress material expansion during production and use. Aluminum-plastic films are seen as having significant investment potential in this area [1][17][16]. - **Dry Process Technology**: The dry process is becoming essential for solid-state electrode manufacturing, with companies like Qingyan Electronics and Tian'ao Electronics making notable progress [1][18][19]. - **Challenges in Sulfide Batteries**: Companies in the sulfide battery sector face challenges such as immature equipment, low production yields, and high costs of lithium sulfide, which hinder the overall cost competitiveness of solid-state batteries [1][14]. - **Investment Opportunities**: Key companies to watch include Xiamen Tungsten New Energy for materials, and in the equipment sector, small-cap companies are favored due to the uncertainty in identifying clear leaders [1][5]. Conclusion The solid-state battery industry is at a pivotal moment, with significant advancements in technology and production capabilities. The focus on high-nickel materials, the development of HVDC systems, and the potential of new technologies like embodied intelligence present numerous investment opportunities. However, challenges remain, particularly in the sulfide battery sector, which could impact the overall growth trajectory of the industry.

Macro and Policy Level - In May, China's total retail sales of consumer goods increased by 5.1% year-on-year, reaching 371.74 billion yuan, with retail sales excluding automobiles growing by 5.6% [1] - The industrial added value for large-scale industries in China grew by 6.1% year-on-year in April, with notable growth in the automotive manufacturing sector at 9.2% and new energy vehicle production increasing by 38.9% [2] - The second China-Central Asia Leaders' Summit is scheduled for June 17 in Kazakhstan, focusing on economic cooperation, connectivity, security collaboration, green energy, and cultural exchanges [3] - The U.S. retail sales data for May will be released on June 17, with April's retail sales showing a slight recovery in consumer spending despite high interest rates and inflation [4] - The U.S. Federal Reserve will announce the industrial production data for May on June 17, with expectations of slight growth amid concerns over high interest rates affecting business investment [5] Industry Level - Tesla's Robotaxi service is set to begin trial operations on June 22 in Austin, Texas, with a limited fleet of 10 to 20 vehicles using the new "unsupervised" Full Self-Driving technology [7] - Applied Digital (APLD) has signed a $7 billion data center leasing agreement with CoreWeave, which is expected to significantly enhance APLD's cash flow [9] - Boeing is facing scrutiny following a recent crash of a 787 aircraft, with a safety review hearing scheduled to assess structural fatigue issues [9] - Amazon is investing $20 billion to build two data centers in Pennsylvania, part of its global AI computing expansion, expected to create 1,250 high-skilled jobs [9] - Guosen Securities is acquiring 96.08% of Wanhua Securities for 5.192 billion yuan, which will enhance its cross-border asset management capabilities [10]

Core Viewpoint - Guian New Area is rapidly transforming from a blueprint into a reality, achieving over 20% economic growth for seven consecutive quarters and attracting 26 Fortune 500 companies, including Huawei, Tencent, and Apple [1] Group 1: Computing Power City - Guian New Area, known as "China's Data Valley," has provided rendering computing power for over 150 film projects, including more than 40% of the special effects in the popular film "Ne Zha" [2] - The Guian Supercomputing Center has a computing capacity of 81 EFLOPS and has delivered approximately 30 million computing hours to provinces like Guangdong, Hubei, and Sichuan [2] - The Guian Cloud Data Center, the largest in Southern China, is evolving from traditional computing services to intelligent computing services, necessitating higher service capabilities [3] Group 2: Intelligent Manufacturing City - Guizhou Changjiang Automobile Co., Ltd. has achieved an automation rate of 90% to 95% in its stamping, welding, and painting workshops through smart factory initiatives [5] - The market for new energy heavy trucks in Guizhou is projected to grow significantly, with current ownership at 10,000 to 12,000 units and potential savings of 0.1 to 1 million yuan per vehicle over its lifecycle compared to fuel trucks [6] - Guian New Area is forming three major industrial bases: a new energy battery and materials R&D base, a national computing power support base, and a significant industrial backup base, with major projects from companies like CATL and BYD [6] Group 3: Ecological City - Guian New Area features the largest sponge city wetland park in China, with a 100% compliance rate for river water quality monitoring [7] - To attract young talent, Guian New Area offers free housing for recent graduates, with a projected population increase of 50,600 by 2024, reaching a total of 458,000 residents [7] - The "Youth Community" initiative provides job opportunities and direct recruitment events for graduates, enhancing employment prospects in the area [8]

Group 1 - The core viewpoint is that the northeastern Brazilian state of Piauí is actively promoting energy transition and green economic development amid climate change, geopolitical competition, and industrial restructuring [1] - The state has conducted 12 international investment promotion activities in the past two years, with two more planned for this year, indicating a growing interest in investing in Brazil despite global trade challenges [1] - Piauí's clean energy accounts for 99.75% of its energy mix, with a focus on attracting industries that rely on green energy and exporting hydrogen and its derivatives [1] Group 2 - The state government has proposed solutions to address issues related to renewable energy generation, including accelerating auction mechanisms and enhancing grid connectivity between northeastern and southeastern regions [2] - A legislative framework for renewable energy certificates has been established, expected to be operational before COP30, providing a basis for low-carbon certification of hydrogen projects [2] - Piauí aims to attract green finance into high-value green manufacturing sectors such as hydrogen, green steel, and data centers, with several cooperation memorandums signed in the special economic zone [2] Group 3 - The state has introduced artificial intelligence as a mandatory subject starting from the ninth grade, covering 120,000 students, and is also providing training for civil servants to promote technology adoption [3] - The governor of Piauí, Rafael Fonteles, is noted for his focus on the integration of education, technology, and green development [3]

Core Viewpoint - The importance of data centers is increasing globally due to digital and intelligent transformation, with liquid cooling technology emerging as a necessary trend despite leakage risks hindering its widespread adoption [1][2]. Group 1: Liquid Cooling Technology - Liquid cooling technology has transitioned from an optional solution to a necessity due to the explosive growth of AI models and high-performance computing, which has led to increased power density in data center cabinets [2]. - Traditional air cooling methods are being replaced by liquid cooling, which significantly enhances cooling efficiency and reduces Power Usage Effectiveness (PUE) [2]. Group 2: Leakage Risks - Leakage risks in liquid cooling systems arise from various components such as water-cooled plates, pipelines, and connectors, where any failure can lead to leaks [2]. - Common water-based coolants can corrode metal parts over time, leading to costly repairs and potential equipment damage due to leaks [2][3]. Group 3: Green Cloud's Solution - Green Cloud Technology has introduced the "Hurricane Waterless" cold plate solution, which utilizes a self-developed non-water-based non-conductive medium to mitigate leakage risks while enhancing heat exchange capabilities [1][3]. - The solution is designed to ensure that even in the event of a liquid leak, server integrity is maintained, thus improving the system's tolerance to liquid cooling failures [3]. Group 4: Innovative Design - The "Hurricane Waterless" solution features an innovative architecture that includes redundant airflow designs and a multifunctional integrated chamber to optimize cooling efficiency and space utilization [5]. - The design allows for online hot-swapping of power and fans, ensuring zero downtime for maintenance and continuous business operations [6]. Group 5: Industry Impact - The new solution has undergone rigorous testing and has been successfully implemented in collaboration with Guojijiang Precision Engineering Group, resulting in improved energy consumption, stability, and noise levels in the data center [6]. - The company aims to continue innovating and providing advanced liquid cooling solutions to support the sustainable development of global digital transformation [6].

Group 1 - The AI sector is experiencing a pullback, with the ChiNext AI Index down by 1.54% as of 11:08, and several component stocks like Kunlun Wanwei and Tongniu Information dropping over 4% [1] - Mary Meeker's "AI Trends Report 2025" highlights a significant increase in training costs for AI models, which have surged approximately 2400 times over the past eight years, with predictions that costs could reach $1 billion by 2025 and potentially exceed $10 billion in the future [1] Group 2 - The technology sector's congestion has significantly decreased, and AI computing power is expected to recover as it is in a phase of accelerated expansion [2] - The ChiNext AI ETF (159381) tracks the ChiNext AI Index and selects AI-focused companies listed on the ChiNext, with a daily price fluctuation limit of ±20% and a low total fee rate of 0.20% [2] - The top ten component stocks of the ChiNext AI ETF include leading companies in optical modules, chip design, and cloud computing, with over 26.6% weight in optical module CPO concept stocks [2]

Group 1 - The data center securitization market has surged from $5 billion to $30 billion, driven by significant investments in facilities equipped with thousands of GPUs for large language models [1] - Securitization has become a stable and scalable financing source for the capital-intensive digital infrastructure industry [1] - After a stagnation earlier this year due to concerns over AI-related data center demand and tariff uncertainties, the market has rebounded significantly, with pricing and issuance volumes returning to positive trends [1] Group 2 - Three key factors support short-term market momentum: a surge in capital expenditures from major cloud service providers (AWS, Microsoft, Google, Meta, Oracle) indicating strong forward demand for AI cloud services [4] - Despite the optimistic short-term outlook, there are concerns about long-term supply-demand balance, with expectations that the data center market will peak in occupancy rates by mid-next year and then gradually slow down [7] - A tight supply situation is evident, with North America's data center vacancy rate expected to hit a historical low of 1.9% by the end of 2024, and 72% of new capacity already pre-leased [8] Group 3 - The "Gateway to the Stars" initiative by the Trump administration prioritizes generative AI infrastructure, encouraging private sector investment and leading to a growing pipeline of data center projects [8] - Investors should focus on market timing to capitalize on the benefits of AI infrastructure development while closely monitoring changes in supply-demand balance to avoid long-term oversupply risks [9]

Group 1 - The European Union's energy commissioner plans to propose an energy-saving scheme for data centers [1]

Core Viewpoint - The capital market's attention on Shango Holdings (00412.HK) is increasing, with multiple institutions issuing initial coverage reports and giving "buy" ratings, recognizing the company's strategic positioning in the "green electricity + computing power" emerging sector [1][2]. Group 1: Industry Positioning and Growth - Shango Holdings has achieved over 200% growth in total asset scale within three years, with the overall scale of the computing power industry exceeding 50 billion [2]. - The company plays the role of an "industry organizer," effectively integrating assets and creating value through a "1+1>2" synergy, distinguishing itself from traditional financial investments [2][3]. - The "source-network-load-storage integration" project in Ulanqab is expected to generate approximately 1.3 billion annually once fully operational, showcasing the company's ability to create economic benefits through green electricity [3]. Group 2: Strategic Collaborations and Ecosystem Development - Shango Holdings is collaborating with major players like Huawei to develop a "green computing + clean energy" model, enhancing its integrated computing power infrastructure [6][7]. - The partnership aims to create a digital ecosystem that integrates transportation, energy, and data, aligning with national strategies such as "East Data West Computing" [6][7]. - The company is positioned to expand its business radius beyond Huawei, aiming to become a key player in China's AI technology revolution and the foundation of the "AI ecosystem alliance" [7]. Group 3: Market Trends and Future Outlook - The integration of computing power and green electricity is becoming a standard for data center operators, driven by policy requirements and market demands for renewable energy [4][5]. - Shango Holdings is expected to benefit from the dual engines of green electricity and computing power, with optimistic profit forecasts of approximately 216 million, 456 million, and 555 million for the years 2025-2027 [7][8]. - The company is strategically positioned at the intersection of the digital economy and energy transition, making it a core leader in the evolving landscape of new productivity [8].

Group 1: Investment Background and Performance - Elise McKay, co-portfolio manager of Pendal's Horizon fund, has a diverse background in finance, having worked at Ernst & Young and JPMorgan before joining Pendal [3][5] - The Horizon sustainable Australian equities fund, managed by McKay and Crispin Murray, ranked fourth in the latest Mercer quarterly survey, indicating strong performance [2][5] - The fund has achieved a 20% return over the past year, outperforming the benchmark index which returned 13.17% [5] Group 2: Key Holdings and Market Strategy - The fund's significant holdings include Qantas, Technology One, Telstra, Evolution Mining, Xero, and Commonwealth Bank, contributing to substantial gains [3][5] - Commonwealth Bank's market capitalization recently surpassed 300 billion AUD, highlighting its importance in the portfolio [3] - McKay's strategy includes taking profits after a 30% surge in A2 Milk's stock and increasing positions in NextDC during its decline, viewing it as undervalued [6][7] Group 3: Company Insights and Future Outlook - McKay remains optimistic about Xero, which saw a 12% increase in May, citing its effective capital return and growth in global subscription users [8] - Downer EDI, another company of interest, has risen 14.5% this year, with improvements in governance despite facing regulatory challenges [9] - Seven Group Holdings, controlled by the Stokes family, is also viewed positively, particularly as the residential construction market is expected to recover [9]