Core Viewpoint - The market experienced a pullback after an initial surge, with the ChiNext Index rising over 3% at one point, indicating volatility in investor sentiment [1] Market Performance - The total trading volume in the Shanghai and Shenzhen markets reached 1.74 trillion, a decrease of 200.5 billion compared to the previous trading day, marking the lowest trading volume since August 8 [1] - By the end of the trading session, the Shanghai Composite Index increased by 0.63%, the Shenzhen Component Index rose by 0.98%, and the ChiNext Index gained 1.98% [1] Sector Highlights - The AI computing power sector saw a significant rebound, with the "CPO" content exceeding 50% in the ChiNext artificial intelligence ETF, Huaxia (159381), and the 5G communication ETF (515050) both surging over 6% at one point [1] - At the close, the Huaxia AI ETF and the 5G communication ETF recorded gains of 3.89% and 3.41%, respectively [1]

2、见效更快：4G/5G"先覆盖后变现"的工程属性与ARPU增速受限导致回本周期达数 年；AI模型、算力投入后可即插即用，并不断迭代满足新需求、新场景，进行滚动式兑 现。 3、硬件迭代更快，优化价格、需求周期：AI算力"年更+软硬协同"的高频迭代，在12– 18个月内刷新单位算力成本并催生新需求，从而在价格下行之前就以"更高代际的价值锚"重 定价，打破了传统硬件的量价周期。当算力更便宜、更易得时，开发者会把更复杂的模型与 系统作为新基准，提升参数量、上下文与并行度。模型架构的迭代有机会减小单次推理、训 练所需算力，而AI产业发展过程中杰文斯悖论将演绎很多次，如Genie3等生成视频的世界模 型，或需要跨数量级提升的算力才可满足。投资建议：我们认为AI算力更高的天花板与更 好的竞争格局支撑起AI算力相对4G/5G的更高估值框架与更强Beta，相关标的——光互连： 中际旭创，新易盛，天孚通信，光库科技，长芯博创，仕佳光子，源杰科技，长光华芯，太 辰光；交换机：锐捷网络，盛科通信；铜互连：兆龙互连，中际旭创。 东吴证券近日发布AI算力跟踪深度：AI的产出是可乘数放大的"智能"，由"算力—模型 —应用—数据"飞轮驱动 ...

Group 1 - The article emphasizes the importance of identifying valuable research reports and understanding when to utilize them to avoid missing investment opportunities [1] - It highlights a core segment of AI computing power that accounts for 20% of total investment, which is currently experiencing a surge in North American orders, with two companies receiving significant attention from institutions [1] - Major players like Nvidia, Meta, Microsoft, and Google are actively engaging in the burgeoning SST market, which is projected to explode, with four key companies expected to benefit from this growth [1]

Group 1 - The overall manufacturing PMI is still affected by external unfavorable conditions, but policies promoting "anti-involution" and the service sector have shown positive effects, leading to improved corporate confidence [1] - As external trade shocks gradually dissipate, the policy tone of expanding domestic demand and its actual effectiveness will be further reflected in the data [1] - The market expects the central bank to introduce further easing measures, which may boost market risk appetite [1] Group 2 - Recent market performance shows strong structural characteristics, with hotspots concentrated in growth sectors [2] - The strong demand for overseas AI computing power continues to be validated, and China's clear energy transition goals position it as a manufacturing powerhouse participating in technological innovation [2] - Recommendations for October include focusing on AI computing and robotics-related industries, innovative pharmaceuticals, consumer electronics, batteries, and non-ferrous metals [2]

Core Insights - Hitachi Vantara and Supermicro are forming a strategic partnership to integrate Supermicro's AI compute capabilities with Hitachi's VSP One unified storage platform, enhancing AI infrastructure and data management for enterprises [1][4][5] Partnership Details - The collaboration will allow Supermicro to sell VSP One to its customers while Hitachi Vantara will sell Supermicro's servers and hardware, expanding market reach [1][6] - The agreement is in the finalization stage, aiming to streamline infrastructure for AI-driven applications and data-intensive workloads [1][2] Market Context - A survey indicates that 85% of organizations are using data lakehouses for AI model development, with 67% expecting to run most analytics on lakehouses in the next three years, up from 55% [2] - Enterprises face challenges such as fragmented systems and rising costs, which hinder AI scalability [2] VSP One Features - VSP One integrates block, file, object, and software-defined storage into a single architecture, providing high throughput and low latency for mission-critical applications [3][4] - It includes features like native support for Amazon S3 Tables and advanced data intelligence services, facilitating easier data management and analytics [3][4] Strategic Importance - The partnership is seen as a significant step in aligning compute and data capabilities, which is essential for scalable AI workloads [4] - Hitachi iQ, the AI and data orchestration portfolio, will leverage VSP One to optimize data workflows for advanced AI applications [4][5] Technology Availability - The technologies from this partnership will be made available through global channels, enhancing the offerings for both companies' partners [6]

Core Viewpoint - Jim Chanos has criticized CoreWeave Inc.'s economic model, arguing that the company's significant capital investments do not yield meaningful returns based on the CEO's statements [1][2]. Financial Analysis - Chanos highlighted that CoreWeave's second-quarter financials indicated an average of $19.1 billion in capital employed, leading to an annual "economic depreciation" of $2.729 billion when amortized over the seven-year useful life of the equipment [2][3]. - This depreciation figure surpasses the company's annualized second-quarter EBITDA of $2.624 billion, resulting in a 0% return on invested capital (ROIC) according to Chanos [3]. Company Response - CoreWeave CEO Michael Intrator defended the company's position during an interview, emphasizing the importance of their sophisticated software stack and dismissing the idea that the company is merely a real estate play [4][5]. - Intrator aimed to bolster confidence following the all-stock acquisition of Core Scientific Inc., asserting that the software is crucial to the AI ecosystem [4]. Market Performance - CoreWeave's shares increased by 8.65% to $139.98 on Wednesday, with a further rise of 0.71% in after-hours trading, marking a total increase of 249.95% since its listing in March 2025 [6].

Core Viewpoint - CIMG Inc. has established a subsidiary, Braincoin Limited, in Hong Kong to enhance its strategic expansion into the global computing power industry and advance its AI initiatives [1][2][4] Group 1: Company Expansion - The new subsidiary will act as a hub connecting mainland China with international markets, facilitating collaboration with global partners [2] - This move emphasizes the company's commitment to building a global computing power ecosystem and delivering cutting-edge AI solutions [4] Group 2: Business Models - Braincoin will operate under several business models starting in October, including the development and operation of AI computing centers for enterprises with high computing power demands [3][8] - The company will provide customized multi-modal enterprise AI assistants by integrating large AI models with clients' internal and industry-specific datasets [8] - Managed services will be offered to existing AI computing center clients, focusing on maintenance and operational support to enhance efficiency and reduce costs [8]

Summary of AI Computing Power Conference Call Industry Overview - The conference call focuses on the AI computing power industry, highlighting its growth potential compared to traditional telecommunications sectors like 4G and 5G [1][2][3]. Key Points and Arguments 1. Exponential Growth and Scalability - AI computing power is driven by a data flywheel effect, with token usage increasing exponentially. For instance, the Open Router platform saw a 28-fold increase in token calls within a year, contrasting with a mere 60% growth in mobile internet traffic over a decade [1][3]. 2. Shorter Investment Return Period - AI computing power offers a shorter investment return period compared to 4G/5G, which typically requires 8-10 years to recoup costs due to upfront capital investments. In contrast, AI operates on a usage-based billing model, allowing for quicker cash recovery [1][3][9]. 3. Faster Hardware Iteration - The iteration cycle for AI hardware and software is 12-18 months, faster than the 18-24 months for traditional telecom equipment. This rapid iteration reduces unit computing costs and fosters new demand, leading to higher generational value re-pricing [1][5][11]. 4. Market Concentration and Profitability - The AI hardware industry is characterized by a concentrated supply chain, with a few upstream companies holding significant market power and profit margins. Leading firms leverage economies of scale and high-end products to enhance profitability, unlike telecom equipment, which faces buyer power and regulatory pressures [1][5][13]. 5. Incremental Value Creation - AI computing power creates new incremental value through innovative technologies and applications. For example, OpenAI's new POS feature shifts AI from passive applications to actively empowering users, a capability not achievable with traditional technologies [1][6]. 6. Untapped Application Potential - Many potential applications in AI remain underdeveloped, such as various intelligent services and automated processes. As technology advances and applications become more widespread, new scenarios will emerge, further driving market demand [1][6]. 7. Flywheel Effect - The interconnection between models, data, and applications creates a self-reinforcing flywheel mechanism. Continuous upgrades, such as Google's Gemini 2.5 and GPT iterations, enhance user engagement and open new scenarios, accelerating ecosystem development [1][7]. 8. Comparison with 4G/5G Investment Recovery - The lengthy investment recovery period for 4G/5G is attributed to substantial initial capital requirements for infrastructure, such as base station construction and spectrum auctions. For example, Germany's 2019 5G spectrum auction totaled $6.55 billion [8]. 9. AI Technology's Quick Return on Investment - AI technology's return on investment is quicker due to lower initial costs and the ability to monetize through cloud services. For instance, NVIDIA's H100 GPU costs around $30,000, with a payback period of about 400 days [9][10]. 10. Market Performance and Demand Growth - The rapid iteration of AI technology does not diminish demand; rather, it fuels it. For example, Google's Genie 3 model requires 5.2 million tokens for generating a one-minute 360-degree video, indicating a sustained need for high bandwidth and computing power [12]. 11. Stability of AI Hardware Supply Chain - The AI hardware supply chain is more stable and favorable compared to traditional telecom chains. The GPU market is dominated by NVIDIA, while other solutions like ASICs are emerging, contributing to a more stable pricing and competitive environment [13]. 12. Positive Trends in AI Computing Demand - In the first half of 2025, overseas demand for AI computing power is expected to rise, with leading companies in optical modules and PCBs showing increasing profit margins despite normal price declines [14]. 13. Future Development Potential - The AI computing market's growth potential is significantly higher than other tech sectors. Its ability to create societal value suggests that the ceiling for growth is not yet visible, making it one of the most promising areas for investment despite current high valuations [15].

Group 1 - The average net value growth rate of equity public funds in the A-share market reached 39.97% over the past year, with 35 sample products showing positive returns [1] - Among the top-performing equity public funds, Huaxia Wealth had 7 products listed, while Everbright Wealth had 2 and Xinyin Wealth had 1 [1] - The top two products, Huaxia Wealth's "Tiangong Rikai Wealth Product No. 5 (AI Computing Power Index)" and Everbright Wealth's "Sunshine Red New Energy Theme A," both exceeded a net value growth rate of 90% in the past year [1] Group 2 - The maximum drawdown for the top product was recorded at 20.04% [2] - The ChiNext Index saw a year-to-date increase of 44.15%, while the Shanghai Composite Index and Shenzhen Component Index increased by 15.22% and 25.44%, respectively [2] - The strong performance of the new energy sector has been a key driver in the A-share market, with significant gains in sub-sectors like energy storage and solid-state batteries [2]

Group 1 - The core viewpoint of the article highlights a significant rise in AI computing and hardware stocks, with notable performances from various companies in the sector [1] Group 2 - Zhongke Shuguang reached its daily limit increase, indicating strong market interest and investor confidence [1] - Shenghong Technology hit a new intraday high, reflecting positive momentum in the hardware segment [1] - Haiguang Information saw an increase of over 7%, showcasing robust demand for AI-related technologies [1] - Other companies such as Cambrian and Unisplendour also experienced upward movement in their stock prices, contributing to the overall positive trend in the industry [1]