昨天写了一篇RTX 5090的文章，文中提到了关于近期RTX 5090的租赁价格问题，后台有朋友私信让 讲一讲算力租赁这个行业。这篇文章，我们结合国海证券一次关于算力租赁电话会议的内容，来从 CoreWeave的视角看下算力租赁行业。 正文 在人工智能技术迅猛发展的当下，算力已然成为数字经济时代的核心生产要素，算力租赁行业也随 之迎来了前所未有的发展机遇。CoreWeave 作为该领域的重要参与者，其发展轨迹和业务模式为我 们窥探整个算力租赁行业的面貌提供了独特视角。 CoreWeave 成立于 2017 年，总部位于美国，前身是加密货币挖矿企业 Atlantic。公司初期通过以太 坊挖矿积累了大量英伟达 GPU 资源，2019 年调整业务方向，聚焦 AI 云和基础设施建设。截至 2024 年底，CoreWeave 运营了 32 个数据中心，主要部署在美国低电力成本区域，并在欧洲科技中心如伦 敦、斯德哥尔摩等地设立初步节点，以满足客户对地理接近性的 AI 算力需求。累计部署的 GPU 数 量超过 25 万颗，其中大部分是英伟达 Hopper 架构的产品，公司也是英伟达 H100、H200、GH200 的高性能 ...

权益市场回顾： 上周（2025年6月3日至2025年6月6日）A股迎来小幅反弹。板块风格上，周初创新药和新消 费延续强劲，随后受英伟达市值创新高等催化驱动，CPO、算力等板块领涨。受国补政策转向限流影响，家电 板块跌幅较大。 权益市场观察 分析师：王骅 登记编号：S0890522090001 分析师：宋逸菲 登记编号：S0890524080003 投资要点 关注"科技叙事"： 短期来看，DeepSeek-R1小版本升级、豆包大模型更新、苹果WWDC25开发者大会、华为 开发者大会等即将召开，有望带动科技行情反弹，但科技叙事"重回主线，核心在于应用端出现热门应用或技术 再出现革新性进步。 创新药、新消费的"跷跷板效应"： 除了主线品种外，创新药、新消费的炒作正在呈现"挖宝"式的扩散。这种现 象在历史上并非首次出现，通常发生在政策酝酿期或数据真空期。从历史经验来看，这种"炒题材"的阶段往往 是过渡性的，一旦政策信号更加明确，经济数据出现实质性改善，市场就会逐步向业绩主线靠拢。 公募基金市场动态： 6月5日，上海证券交易所召开高分红重回报暨上市公司价值提升座谈会。未来，上交所将 推动上市公司进一步加大分红力度，增加 ...

智通财经6月9日电，迈信林(688685.SH)公告称，公司控股子公司瑞盈智算与北京城建智控科技股份有 限公司及北京京仪大气环保科技有限公司分别签订算力服务合同，累计金额达11.84亿元。合同服务期 限为五年，预计将对公司2025年度或未来业绩产生积极影响。 迈信林：控股子公司签订11.84亿元算力服务合同 ...

Core Viewpoint - The current bull market in A-shares is expected to continue until mid-2026, driven by policy support, liquidity easing, and technological advancements [3][12]. Market Forecast - The peak of the bull market is predicted to occur between mid-2025 and early 2026, with major institutions agreeing on a continuation until late 2025 or early 2026 [3][10]. - Technical analysis suggests that the main upward wave starting in September 2024 could target a breakout above 7000 points for the Shanghai Composite Index [4][10]. Historical Context - Historical bull markets in A-shares have lasted between 1.5 to 3 years, with the current cycle likely to follow the patterns observed in previous bull markets from 2019 and 2005-2007 [5][6]. Market Phases - The current phase is characterized as the initial stage of the bull market, with a period of consolidation expected from October 2024 to mid-2025 [7]. - The first quarter of 2025 is anticipated to see earnings growth driven by policy measures, pushing the index towards 3700-3800 points [8]. Key Drivers and Potential Risks - Key drivers include strong policy support, liquidity easing, and industrial upgrades in sectors like AI and renewable energy [9]. - Potential risks involve external shocks, such as U.S. tariff policies, and slower-than-expected recovery in the real estate sector [9]. Investment Strategy Recommendations - Short-term investments (first half of 2025) should focus on sectors benefiting from policy support, including technology (AI computing, semiconductors), brokerage firms, and undervalued consumer goods [10][11]. - Long-term allocations (post-second half of 2025) should emphasize growth in technology (AI applications, renewable energy) and recovery in consumer sectors (pharmaceuticals, food and beverages) [11]. Conclusion - The bull market is likely to persist until late 2025 or early 2026, with critical validation points in early 2025 for earnings reports and mid-2025 for interim results [12][13].

上天天基金APP搜索【777】注册即可 领98元券包 ， 优选基金10元起投！限量发放！先到先 得！ 6月首个交易周，A股三大股指震荡上涨。在业内机构看来，6月至8月，应更加注重企业基本面的投资 逻辑。 具体板块配置上，机构建议重点围绕传统产能出清、新消费崛起以及行业景气度较高的领域布局，细分 领域包括汽车、有色金属、商贸零售、美容护理、化学制药等。港股短期或维持震荡，但中长期看具备 修复动能，值得投资者关注。 影响后市投资事件 我国央行连续7个月增持黄金 国家外汇管理局6月7日发布的数据显示，截至2025年5月末，我国外汇储备规模为32853亿美元，较4月 末上升36亿美元，升幅为0.11%。外汇局同日发布的数据显示，5月末央行黄金储备为7383万盎司，环 比增加6万盎司，为连续第7个月增持黄金。 上交所：将不断丰富红利指数相关产品体系 上交所6月6日消息，日前上交所召开高分红重回报暨上市公司价值提升座谈会。上交所相关负责人表 示，未来上交所将推动上市公司进一步加大分红力度，增加分红频次，用好回购、并购重组、投资者交 流等市值管理工具，持续提升公司投资价值。在产品供给端，将不断丰富红利指数相关产品体系，满足 ...

Group 1 - The core viewpoint of the articles highlights the successful investment attraction efforts of the Nantong Economic and Technological Development Zone, which has signed multiple foreign investment projects and aims to enhance its industrial landscape [1][2][3]. - In the first quarter, Nantong Development Zone signed 25 key projects with investments exceeding 5 million and 30 million USD, leading the city in new registrations [1]. - The development zone has implemented ten key measures to innovate its investment attraction strategy, focusing on "running, visiting, and monitoring" to draw in projects [2]. Group 2 - The investment promotion team is actively engaging with potential investors, with staff visiting multiple cities to explore new projects, demonstrating a proactive approach to investment attraction [2]. - A notable project, a biomass materials "chain master" project, was secured through persistent engagement, resulting in a total investment of 1 billion RMB [2]. - The development zone aims to sign over 80 key projects with investments exceeding 5 million and 30 million USD throughout the year, maintaining a stable foreign investment share of over one-third in the city [2]. Group 3 - The development zone is enhancing its business environment by conducting extensive visits to enterprises to understand their needs and facilitate further investments [3]. - In the first quarter, significant projects emerged from existing enterprises, including a 130 million USD green energy project and a 68 million USD LNG gasification system [3]. - The development zone has attracted over 1,000 foreign-invested enterprises, including more than 90 Fortune 500 companies, indicating a strong potential for further investment [3]. Group 4 - The Nantong Development Zone is rapidly filling its first phase of 3,000 acres of industrial land, with a focus on high-standard factories and advanced industries [4]. - The development zone is strategically planning for future projects in sectors like new energy commercial vehicles and advanced computing centers, which are seen as critical for its growth [4][5]. - The zone emphasizes attracting projects that align with its "future" positioning, focusing on high productivity and innovative industries [5]. Group 5 - The development zone has initiated international outreach, including trade cooperation with Saudi Arabia and the UAE, to attract suitable projects [5]. - Various promotional activities and investment cooperation events are being organized to align with the development zone's future industrial goals [5]. - The leadership is encouraging investment personnel to take initiative in securing large-scale, high-impact projects to drive the development zone towards a "trillion-level" economy [5].

Core Viewpoint - Multiple public fund companies have adjusted the valuation method for long-term suspended stocks held by their funds, adopting the "index return method" during the suspension period, primarily affecting Haiguang Information and Zhongke Shuguang [1][2][3] Group 1: Valuation Adjustment Announcement - Over twenty public fund companies, including E Fund, Huaxia Fund, and Southern Fund, announced on June 6 that they would use the "index return method" for valuing suspended stocks starting June 5 [2] - The suspended stocks primarily involve Haiguang Information and Zhongke Shuguang, with some companies adjusting the valuation for both stocks while others only for Haiguang Information [2][5] - The "index return method" will utilize the AMAC industry index as a calculation basis, as stated by some fund companies [2] Group 2: Reasons for Adjustment Timing - The adjustment of valuation methods occurred on June 5, despite the stocks being suspended since May 26, due to significant changes in the economic environment or major events affecting stock prices [3] - The AMAC electronic index saw a rise of over 3% since the suspension, with a single-day increase of over 2% on June 5, which likely triggered the valuation adjustment [3] Group 3: Prevention of Arbitrage - The primary aim of the valuation adjustment is to prevent arbitrage opportunities for suspended stocks, as investors can indirectly build positions through fund subscriptions during the suspension [4] - If funds continue to value the stocks at pre-suspension prices, investors could buy in at a lower cost and profit upon resumption of trading, which would harm existing fund holders [4] Group 4: Differences in Adjustment Practices - The differences in valuation adjustments among fund companies may relate to the number of shares held; companies with fewer holdings may not need to adjust valuations significantly [5] - If a single fund's holdings significantly impact its net asset value, all funds under the same management must adjust valuations accordingly [5] Group 5: Consistency in Valuation Procedures - Fund managers are required to maintain consistency in valuation procedures and techniques across different funds holding similar investment types, as per regulatory guidelines [6] - Haiguang Information ranks as the 22nd largest holding among active equity public funds, with a total holding value exceeding 9 billion, while Zhongke Shuguang is less prominent in the top holdings [6]

Group 1: New Consumption Trends - The rise of new consumption reflects a shift from traditional asset accumulation to emotional and personalized experiences, driven by generational changes in consumer preferences [2][4] - The "self-pleasing consumption" initiative in Shanghai emphasizes the importance of emotional value over basic functionality, indicating a significant change in consumer behavior [2] - Companies like Guangbo Co. and Mixue Ice City are leveraging flexible supply chains and rapid product iterations to capture growth in the new consumption sector [2] Group 2: Key Investment Themes in Technology - The commercialization of IP and the trend of "潮玩" (trendy toys) highlight the potential of emotional connections and cultural recognition in driving consumer engagement, with companies like Pop Mart and Aofei Entertainment leading the way [4] - The integration of traditional culture with modern design is revitalizing industries such as gold jewelry, with brands like Lao Pu Gold and Lao Feng Xiang achieving significant premium pricing through cultural and design attributes [4] - The pet economy is expanding due to changing family structures and increasing single populations, with companies like Zhongchong Co. and Petty Co. capitalizing on this trend [4] Group 3: Technological Advancements and Market Opportunities - The importance of domestic technology capabilities is underscored by the rise of Huawei's Ascend ecosystem, which is crucial for building a self-sufficient digital infrastructure [7] - The Chinese consumer electronics industry is positioned for growth, driven by a large affluent and middle-class population with strong purchasing power for innovative products [7] - The demand for computing power is surging due to advancements in AI and big data, creating opportunities in data centers and cloud services, with companies like Taicheng Light and Shenghong Co. playing significant roles [7]

■ 市场前期轮动热点（如创新药、宠物经济）进入调整期，算力作为 高景气+科技主线 ，成功接力成 为"C位赛道"。 ■ 工信部近日发布《算力互联互通行动计划》，强调构建国家算力网络体系，推动东西算力高效调 度， 为产业链提供政策护航和方向引导 。 ■ 部分算力链公司已进入订单兑现期，多个公司Q1利润实现翻倍增长，进入中报窗口期后，业绩有望 持续催化。 4、 《 亚钾国际监事涉内幕交易被立案》 摘 要 ■ 亚钾国际监事彭志云因涉嫌内幕交易被证监会立案，成为继董事长、总经理等高层之后，又一位深 陷合规风波的核心管理人员。 ■ 此前，公司就已因迟报老挝税收优惠事项而遭投资者质疑信披不及时，如今再曝高管违法行为，凸 显公司治理混乱与信息披露缺乏透明度的问题。 ■ 尽管公司公告中强调调查与经营无关，但在当前信任极度脆弱的背景下，市场恐难以完全消化这一 事件对估值带来的冲击。 ■ 虽然亚钾国际2025年一季度业绩实现营收与利润的大幅反弹（净利同比+373%），但核心驱动是钾 肥价格大幅上涨这一周期性因素。 ■ 随着中农集团计划将5%股份转让给汇能集团，叠加后者此前已持有9%股份并向公司提供大额资金 支持（18亿元借款），亚 ...

证券研究报告 | 行业周报 gszqdatemark 2025 06 08 年 月 日 计算机 AI 产业持续精彩 海内外大模型持续迭代。DeepSeek R1 模型近期小版本升级至 DeepSeek- R1-0528。在后训练过程中投入了更多算力，显著提升了模型的思维深度 与推理能力。同时蒸馏 DeepSeek-R1-0528 的思维链后训练得到的 8B 模 型在数学测试表现优秀。DeepSeek 团队认为 DeepSeek-R1-0528 的思维 链对于学术界推理模型的研究和工业界针对小模型的开发都将具有重要 意义。 6 月 5 日谷歌对其最强大的 2.5 Pro 模型进行了一次重大更新。在保持 o3 四分之一以下的低价格的同时，在编码、推理能力、科学等各项基准测试 中超越 o3、Claude Opus 4、DeepSeek-R1。综合性能在 LMArena 基准上 也以 1470 分的成绩高居榜首。 字节火山引擎 Force 原动力大会召开在即。6 月 11 日，字节将在北京召 开火山引擎 Force 原动力大会·春，内容包括豆包大模型家族全面升级， 还有多场分论坛，从 AI 技术革新到行业场景落地，从 ...