6月4日，《证券日报》记者从宁夏回族自治区政府新闻办举办的新闻发布会上获悉，作为目前全国唯一 的国家新型互联网交换中心和全国一体化算力网络枢纽"双节点"省区，宁夏立足当地资源禀赋，大力推 进数字经济高质量发展取得较好成效。目前，宁夏算力质效全国领先，正加力建设"中国绿色算力之 都"，坚定不移打造数字经济"第一增长极"。 数据显示，宁夏已累计建设智能工厂、数字化车间186个，培育106个企业级、13个行业级工业互联网平 台，2600家中小企业"上云用数赋智"，宁夏强化数智赋能企业数字化转型实现"新突破"。 同时，宁夏统筹推进教育、医疗健康、城乡供水等由"互联网+"向"人工智能+"转型。目前，全区已建成 智慧教室、智能实验室、智慧梦工坊1200多家，宁夏基础教育、职业教育信息化发展排名分别跃居全国 第5位、第3位。宁夏基层医疗机构人工智能辅助诊疗已实现全覆盖。 北方民族大学经济学院教授张晓凤在接受《证券日报》记者采访时表示，宁夏因地制宜发展数字经济新 质生产力，促进数字技术和实体经济深度融合，在有助于当地经济高质量发展的同时，也有助于提高当 地人民群众的生活品质和获得感，意义重大。 上述相关负责人表示，当前，数字 ...

Group 1 - The A-share market saw a rapid rise in sectors such as optical modules, memory, and optical communication, with the 5G Communication ETF (515050) increasing by 0.65% and achieving a trading volume exceeding 95 million yuan [1] - In the past five trading days, the 5G Communication ETF (515050) experienced a net inflow of 149 million yuan, indicating strong investor interest [1] - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index and focuses on key sectors including 5G, AI computing power, and the Nvidia supply chain, covering leading companies in various sub-industries [1] Group 2 - The recent revenue report from Wistron, a partner of Nvidia, showed May revenue reaching 208.406 billion NTD, a month-on-month increase of 55.87% and a year-on-year increase of 162.1%, highlighting strong demand for AI servers [1] - Cumulative revenue for the first five months reached 688.595 billion NTD, reflecting a year-on-year increase of 76.39%, further emphasizing the growth in AI-related sectors [1] - Changjiang Securities noted that confidence in overseas computing power chains continues to strengthen, driven by significant growth in AI inference demand and rapid expansion of intelligent computing scale, which supports rising data communication demand [1] Group 3 - The Huaxia Entrepreneurial Board Artificial Intelligence ETF (159381) has been performing well, tracking the Entrepreneurial Board Artificial Intelligence Index, with top holdings including leading companies in optical modules and data center industries [2] - The annual management fee for the Huaxia Entrepreneurial Board Artificial Intelligence ETF (159381) is 0.15%, and the custody fee is 0.05%, making it one of the lowest in its category [2]

| 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国香港 | 通信服务 | 6 月 5 日万国数据出席了我们组织的 2025 年中期策略会，会上公司表示： 1）国内数据中心的需求情况发生了明显的改善迹象，AI 推理需求不断在国 内一线城市涌现，大型 CSP 的订单持续释放，若后续芯片短缺问题得到有 效缓解，行业供需拐点将体现的更为明显；2）DayOne 在业务拓展方面取 得突破性进展，成功进军欧洲市场并斩获新订单；3）公司顺利完成了可转 债和增发融资工作，公募 REITS 项目发行在即，资本结构有望进一步优化。 国内业务：AI 应用需求带动行业供需情况持续向好 1Q25 在国内 AI 应用需求带动下，公司存量数据中心的上架率达到 75.7%， 环比提升 1.9pct，去库存情况良好；同时，公司新签数据中心订单达到 151.6MW。尽管短期国内 AI 芯片供应存在不确定性，但已签约订单的上架 和确收具备保障，中长期来看，AI 应用将为数据中心行业带来比云时代更 大、更可持续的发展机会。此外，政策正引导行业大型化、绿色化、集约 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the computing power industry, particularly focusing on companies like Credo, Broadcom, Nvidia, and various related firms in the A-share market [1][2][4]. Key Points and Arguments 1. **Credo's Performance**: Credo reported revenue exceeding expectations and provided optimistic guidance for the new fiscal year, indicating strong demand in the computing power sector [1][2]. 2. **Broadcom's Chipshipments**: Broadcom has begun shipping its 102.4T switch chip TH6, with expectations of outperforming market forecasts due to AI development and data center construction driving network facility shipments [1][2]. 3. **A-share Market Valuation**: The A-share computing power industry has seen a rebound, but valuations remain low. Improvement in overseas computing power expectations and optimistic CSP capital expenditure forecasts may relieve valuation pressures, potentially increasing P/E ratios [1][4]. 4. **Nvidia's Recent Challenges**: Nvidia faced challenges in Q1 due to various factors, including market expectations of computing power deflation and order cuts from major clients. However, demand from CSP manufacturers has improved, leading to a gradual recovery in performance expectations [5]. 5. **Projected Shipments**: Nvidia's GDB shipments are expected to reach 50,000 units, with significant demand for B200 chips. The overall demand for B200 chips is projected to be substantial, with potential for exceeding expectations [5][6]. 6. **Emerging Chip Technologies**: Google, Meta, and OpenAI are launching new generations of chips, with Google’s TPU V6 and V7 expected to ship around 2 million units by 2026, becoming a major revenue source for Broadcom [7]. 7. **Data Center Construction Impact**: The ongoing construction of data centers is positively impacting companies like Bochuang Technology and Shijia Photon, with optimistic MPO module shipment forecasts [11]. 8. **Copper Cable Market Growth**: The copper cable market is expected to grow, with A-TECH and AECOM ramping up production, leading to a projected revenue increase for Creedence in the upcoming fiscal year [12]. 9. **Future Outlook for Computing Power Sector**: The second half of 2025 is expected to show improved performance in the computing power sector, with significant changes in the industry fundamentals compared to the first half [14]. Additional Important Insights - **Client Relationships**: Companies like Shenghong Technology and Shengyi Electronics are benefiting from strong ties with major clients like Nvidia and Amazon, indicating robust demand that exceeds supply [10]. - **Production Capacity Solutions**: Companies are addressing production capacity shortages through new factory launches, with significant revenue contributions expected from these expansions in 2025 [8][9]. - **Investment Opportunities**: The conference suggests monitoring companies like Bochuang Technology, Zhaolong Interconnect, and Ruikeda in the copper cable market for potential investment opportunities [13].

Core Viewpoint - The report from CITIC Securities highlights the significant growth potential in the AIDC (Artificial Intelligence Data Center) sector, driven by increasing capital expenditures and a shift towards more specialized and application-oriented computing power solutions [1][2]. Group 1: Market Growth and Trends - AIDC is expected to provide substantial incremental computing power, with projections indicating that the domestic computing scale will reach 1,037.3 ELOPS by 2025 and 2,781.9 ELOPS by 2028 [2]. - The global demand for data center power capacity is growing at an annual rate of 19% to 27%, necessitating the construction of at least double the data center power capacity built since 2000 within a short timeframe from 2024 to 2030 [3]. - In the U.S. market, major tech companies are increasing their capital expenditures by 28.65% in 2025 compared to 2024, despite record levels of cabinet construction and a historical low vacancy rate of 2.6% in North America [3]. Group 2: Domestic Market Dynamics - The domestic data center industry is experiencing rapid growth, with significant increases in capital expenditures from major telecom companies, such as China Mobile, China Telecom, and China Unicom, projected to rise by 1%, 22%, and 29% respectively in 2025 compared to 2024 [4]. - Internet companies are expected to increase their capital expenditures by 68.15% in 2025 compared to 2024, reflecting a robust investment trend in the computing power sector [4]. - The market size for intelligent computing centers is projected to reach 288.6 billion yuan by 2028, which is 2.8 times the size in 2024, indicating a strong growth trajectory [4].

Group 1 - The Ministry of Industry and Information Technology has issued the 2025 National Industrial Energy Conservation Supervision Task List, identifying 2,797 enterprises for energy conservation supervision in 2025 [1] - The focus includes key industries such as steel, refining, synthetic ammonia, cement, electrolytic aluminum, and data centers, with 2,590 enterprises targeted for special energy efficiency supervision [1] - Additionally, 207 enterprises will undergo special supervision regarding the implementation of rectifications for violations identified in 2024 [1]

Core Viewpoint - The company, Chengdi Xiangjiang (603887), has received a bid notification for a significant project from China Mobile (600941), indicating a positive outlook for future revenue growth [1] Group 1: Project Details - Chengdi Xiangjiang's wholly-owned subsidiary, Xiangjiang System Engineering Co., Ltd., is part of a consortium that won the bid for the 2025 Yangtze River Delta (Ningbo) Data Center Power System Construction Project [1] - The total bid amount is 440 million yuan (excluding tax) and 492 million yuan (including tax) [1] Group 2: Financial Impact - The company anticipates that the related revenue from this project will have a positive impact on its financial performance [1]

Group 1 - The AI computing power sector is showing strong performance, with significant gains in optical module stocks and related companies [1] - The domestic market for optical modules is expected to benefit from the expansion of data centers by major cloud providers, which hold a combined market share of approximately 71% [1] - Major global companies like Amazon, Google, Microsoft, and Meta are projected to significantly increase their capital expenditures, collectively exceeding $300 billion by 2025 [1] Group 2 - The Huaxia AI Computing ETF (159381) is highlighted for its low fee structure and high elasticity, tracking the entrepreneurial board AI index [2] - The top ten holdings of the Huaxia AI Computing ETF include leading optical module companies and key players in the chip design and cloud computing sectors [2] - The annual management fee for the Huaxia AI Computing ETF is 0.15%, with a custody fee of 0.05%, making it one of the lowest in its category [2]

Group 1 - The core viewpoint of the articles highlights Century Internet (VNET) as a leading digital infrastructure company in China, focusing on its growth in revenue and operational capacity despite a decline in net profit [1][2] - As of March 31, 2025, Century Internet reported total revenue of 2.246 billion RMB, representing a year-on-year growth of 18.34%, while the net profit attributable to shareholders was -238 million RMB, a decrease of 27.03% year-on-year [1] - Century Internet operates over 50 data centers across more than 30 cities in China, with a base business operational capacity exceeding 480 MW and over 52,000 cabinets in urban business operations [2] Group 2 - The company has established large-scale data center industry clusters in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao, providing a robust digital infrastructure that supports business operations in first-tier cities and facilitates smooth data migration to edge cities [2] - As a strategic partner of Microsoft, Century Internet operates international standard cloud services including Microsoft Azure, Microsoft 365, Dynamics 365, and Power Platform in China [2] - The company has built a solid foundation for business development for over 6,000 high-quality enterprise clients, including nearly 100 high-growth industry leaders, leveraging its strong resource and capital strength, technological innovation capabilities, efficient delivery, and excellent operational capabilities [2]

Group 1: Market Reactions and Political Developments - The market anticipates favorable policies from the Lujiazui Forum, reflected in a 0.60% increase in the Hang Seng Index [1] - The election of Lee Jae-myung as South Korea's president led to a 2.66% rise in the KOSPI index, entering a technical bull market, with a target of 5000 points set by Lee [1] - Lee's political agenda includes promoting cryptocurrency ETF legalization and establishing a regulatory framework for stablecoins, benefiting companies like OSL Group [1] Group 2: Rare Earth Export Controls and Automotive Industry - China's rare earth export controls have raised concerns among global automakers about potential production delays, prompting urgent discussions for alternative solutions [2] - Jinli Permanent Magnet reported a 14.19% year-on-year revenue increase to 1.754 billion yuan and a 57.85% rise in net profit, with expectations of a 20-30% production increase this year [2] - Lithium resource stocks, including Longpan Technology and Tianqi Lithium, saw gains exceeding 4% [2] Group 3: Energy Sector Developments - Meta signed a 20-year contract with Constellation Energy to purchase nuclear power starting mid-2027, highlighting the shift towards low-carbon energy sources [3] - China General Nuclear Power's stock surged over 28% following a uranium sales agreement with its parent company, indicating strong market interest in nuclear energy [3] - Other green energy stocks, such as Shankai Holdings, also experienced significant gains [3] Group 4: Biotechnology and Clinical Research - Innovent Biologics presented promising Phase I clinical trial data for its dual-specific antibody IBI363 at the ASCO annual meeting, leading to a stock increase of over 14% [4] - Other biotech firms, including Junshi Biosciences and Innovent, reached annual highs, indicating strong investor interest in the sector [4] Group 5: Consumer Market Trends - TOPTOY, a trendy toy platform, is preparing for an IPO, capitalizing on the booming market for collectible toys [5] - Other consumer stocks, such as Mixue Group and Maogeping, also saw significant increases, reflecting a collective bullish sentiment in the consumer sector [5] - The new regulations on e-cigarette production in China are expected to enhance investor confidence in the industry, with related stocks like Smoore International rising over 13% [5] Group 6: Data Center Industry Insights - Neway Network Group is positioned to benefit from the doubling demand for data centers in the Asia-Pacific region, driven by AI and digital transformation [8] - The company is expanding its data center capacity significantly, with projects like MEGAIDC expected to enhance its operational capabilities [9][10] - The firm has established itself as a leading interconnection hub in Asia, with major clients including Amazon AWS and Alibaba [10]