Key Insights - The report highlights the strong performance of the domestic computing power industry chain, indicating that the logic chain of "industry breakthrough - performance verification - demand verification" has gradually been established, leading to a catalytic market environment [3][6] - The report emphasizes the robust growth of Jitu Express, with a total global parcel volume of 7.39 billion pieces in Q2 2025, representing a year-on-year increase of 23.5%. The Southeast Asian market showed particularly strong performance, with parcel volume increasing by 65.9% to 1.69 billion pieces [3][7][8] Strategy Research - The domestic computing power industry is entering a high growth cycle, supported by the rapid increase in demand for domestic large models and the upcoming IPOs of key domestic GPU manufacturers, which fill the gap in the A-share market for fully functional GPUs [6] - The report suggests focusing on domestic computing power chips, servers, PCB, and optical communication manufacturers as potential investment opportunities [6] Transportation Sector - Jitu Express's Q2 2025 performance is highlighted, with a total parcel volume of 7.39 billion pieces, marking a new high since its listing. The company has optimized its network and efficiency, significantly enhancing its automation capabilities [7][8] - The Southeast Asian market's strong performance is attributed to strategic partnerships with major e-commerce platforms, which have led to substantial growth in cross-border e-commerce [9] Future Outlook - The report anticipates continued growth in Jitu Express's business volume driven by the e-commerce boom in Southeast Asia, while the optimization of operations in the Chinese market is expected to release profit margins under the "anti-involution" policy [9]

Core Viewpoint - The 2025 Green Computing (Artificial Intelligence) Conference in Hohhot, Inner Mongolia, focuses on the development of the green computing industry and the future of AI innovation, highlighting the rapid growth of computing power and AI in the region [1][2]. Group 1: Industry Development - Hohhot's computing power scale has surpassed 101,000 PetaFLOPS, with intelligent computing power accounting for over 95% [1]. - The city has received multiple accolades, including "China Cloud Valley," "Pioneer of Computing Power Industry Cluster," and "Pioneer of Green Computing Development" from the China Communications Industry Association [1]. Group 2: Research and Policy Support - The China Academy of Information and Communications Technology released the "Green Computing Development Research Report (2025)," while Tsinghua University's Global Industry Research Institute published the "Green Computing Index Research Report for the 'East Data West Computing' Hub" [2]. - Hohhot's government has introduced supportive policies for the green computing and AI industry, demonstrating strong governmental backing and guidance for industry development [2]. Group 3: Infrastructure and Projects - Significant achievements in computing power network construction and the establishment of the first batch of 10,000 Mbps parks in Inner Mongolia were showcased [2]. - A total investment of 20 billion RMB has been committed to 10 key projects that were signed during the conference [3].

Core Insights - The overall efficiency of computing power equipment in China is continuously improving, with significant characteristics of green development in computing power infrastructure [1][2] - The average growth rate of computing power in China has been nearly 30% over the past five years, indicating a clear trend towards green and low-carbon development in the computing power industry [1] Group 1: Green Computing Power Equipment - China is innovating in the integrated architecture of high-performance chips, focusing on advanced storage and computing technologies, and deploying high-density integrated IT equipment and liquid cooling systems to enhance computing and storage efficiency [1] - The total scale of operational data center racks in China is expected to exceed 9 million standard racks by the end of 2024, with technologies such as liquid cooling and intelligent operation and maintenance widely applied throughout the lifecycle of data center design, construction, and operation [1] Group 2: Green Energy Collaboration - China is actively promoting green electricity direct supply, green electricity and green certificate trading, and advanced models such as energy storage and microgrids to facilitate collaborative development of computing and energy [2] - Some advanced data centers have achieved a green electricity usage rate of around 80%, showcasing the effectiveness of these initiatives [2] Group 3: Industry Integration - Green computing power has been deeply integrated into various industries, including energy, manufacturing, retail, transportation, and construction, with over 86% of central enterprises having adopted cloud services, aiding traditional industries in achieving energy-saving and emission reduction goals [2]

Report Industry Investment Rating - The report suggests going long on industrial products on dips [5] Core Viewpoints - The "anti-involution" trading in the industrial product sector is heating up, with prices of some commodities rebounding due to policy expectations. The market is awaiting the July Politburo meeting for potential further pro - growth policies. The US is implementing new tariff policies on multiple countries, and there are signs of inflation trading both overseas and domestically, but it faces challenges [2][3] Summary by Relevant Catalogs Market Analysis - In May, domestic investment data weakened, especially in the real - estate sector, which may drag down fiscal revenue and the entire real - estate chain. Exports were under pressure, while consumption showed resilience. The June manufacturing PMI rebounded, but the economic stabilization foundation needs to be strengthened. "Anti - involution" policy expectations in industries like photovoltaic, lithium - battery, and others are rising [2] - On July 10, the A - share market rose in the afternoon, with the Shanghai Composite Index standing firm at 3500 points, hitting a 9 - month high. Real - estate stocks had a涨停潮, and large - financial stocks strengthened [2] - The US will impose tariffs ranging from 25% to 40% on imports from 14 countries starting August 1, and a second batch of tariffs on 8 countries will also take effect on the same day. The US Commerce Secretary plans to talk with China in early August [2][7] - Trump issued an executive order on clean energy and announced a 50% tariff on copper starting August 1, 2025, and investigations in the pharmaceutical and semiconductor sectors will be completed by the end of the month [2] Macro - inflation - Trump signed the "Great Beautiful" tax and spending bill, which may increase US government debt by $3.4 trillion in the next decade, shifting the US from a "tight fiscal expectation + neutral monetary" phase to a "loose - prone" policy phase [3] - Overseas, the core is the currency - led inflation expectation. The US one - year inflation expectation in June dropped from 3.2% to 3.0%, a five - month low. In China, the Central Financial and Economic Commission's meeting has reignited inflation trading, but it faces challenges both overseas and domestically [3] Commodity Sector - Domestically, the black and new - energy metal sectors are most sensitive to the supply - side. Overseas, the energy and non - ferrous sectors benefit significantly from inflation expectations [4] - The black sector is still dragged down by downstream demand expectations. The supply shortage in the non - ferrous sector persists. In the energy sector, the short - term geopolitical premium is over, and the medium - term supply is expected to be relatively loose. OPEC + will increase production by 548,000 barrels per day in August, and OPEC has lowered its global oil demand forecast for the next four years [4] - The EIA expects the 2025 Brent crude oil price to be $69 per barrel. The ninth OPEC International Seminar was held from July 9 - 10 [4] - There are no short - term weather disturbances in the agricultural product sector, so the price fluctuation range is relatively limited [4] Strategy - For commodities and stock index futures, it is recommended to go long on industrial products on dips [5]

Summary of Conference Call Records Industry Overview - The market is currently influenced by positive factors such as the 3D benefit resonance, favorable domestic and international macro environments, and improved China-US relations. Investor sentiment is high, leading to a total market turnover of 1.5 trillion [1][2]. Core Insights and Arguments - The market has seen significant gains recently, with a need for correction due to the previous strong performance. Over 80% of stocks are above the 60-week moving average, indicating a warning signal for potential pullbacks [3][4]. - The largest risk identified is the structural issues arising from excessive prior gains, rather than systemic risks. The market outlook remains optimistic, with opportunities for low-position investments during corrections [5][6]. - July's investment opportunities are expected to focus on the upcoming Politburo meeting and mid-year earnings reports. Policies may target issues such as insufficient domestic demand, weak consumption, low prices, and overcapacity [6][7]. Key Sectors and Themes - The "anti-involution" policies are expected to focus on the photovoltaic and lithium battery industries. The approach to these policies may vary, with market-driven solutions posing challenges for the photovoltaic sector, while administrative measures could benefit it [6][7]. - Consumer-related policies, including childcare subsidies, are anticipated to positively impact consumption-related industries [6][7]. - Strong performing sectors in the first half of the year include computing power, gaming, wind power, aquaculture, and innovative pharmaceuticals, which are highlighted as areas of focus [6][7]. - Seasonal themes due to hot summer weather may present investment opportunities in electricity demand, low coal prices, and products like beer and tea [3][7]. Additional Important Points - The market is expected to continue its upward trend, supported by historical weak dollar opportunities, capital market policy support, and liquidity easing [2][3]. - The potential for a short-term rebound in the dollar and ongoing tariff negotiations could exert pressure on the market, but these are not seen as critical risks [3][4].

Core Viewpoint - The press conference highlighted the achievements of regional coordinated development during the "14th Five-Year Plan" period, emphasizing clearer functional positioning, effective complementary advantages, tighter collaborative governance, and increased vitality across regions [1][2]. Group 1: Regional Development Characteristics - The "14th Five-Year Plan" has led to clearer functional positioning of regions, allowing local characteristics and comparative advantages to be fully released [1][2]. - The three major economic engines—Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area—are expected to account for over 40% of the national economy by 2024 [2]. - The Yangtze River Delta is positioned as a growth pole for high-quality development, with a focus on regional integration and leveraging strengths [2][5]. Group 2: Complementary Advantages and Collaboration - The Northeast region plays a strategic role in ensuring national food, energy, and industrial security, contributing 25.3% of the national grain output and 21% of crude oil production by 2024 [2]. - The Hainan Free Trade Port has seen significant growth in imports and exports, with annual increases of 31.3% and 32.3% respectively during the first four years of the "14th Five-Year Plan" [2]. - The concept of regional complementary advantages is being realized through collaboration between eastern and western regions, enhancing resource utilization and development outcomes [2][4]. Group 3: Infrastructure and Connectivity - The "West-East Power Transmission" project has a transmission capacity exceeding 300 million kilowatts, while the "East Data West Computing" initiative accounts for approximately 70% of the national computing power [3]. - The central region serves as a crucial connector for national transportation, with over 60% of major highways and railways passing through, fostering the development of strategic emerging industries [4]. - The Yangtze River Economic Belt is focusing on ecological protection and sustainable development, with significant improvements in water quality and biodiversity [4]. Group 4: Future Directions and Integration - The Yangtze River Delta is transitioning from "hard connectivity" to "soft collaboration," emphasizing deeper integration and breaking down administrative barriers to enhance economic efficiency [5]. - The Guangdong-Hong Kong-Macao Greater Bay Area is deepening regulatory alignment and facilitating efficient flow of capital and talent, with over 27,000 Macao residents employed in Hengqin [5].

Group 1: Company Overview - The company focuses on the esports technology, interactive entertainment, computing power, and artificial intelligence sectors, providing advanced products and technical solutions to enhance user experiences and support business innovation [2] - The company has established a strong market presence, covering over 70% of the esports service industry in China and maintaining partnerships with over 2,000 collaborators across more than 96% of cities [3] Group 2: Market Advantages - The company leverages years of experience and technological expertise to offer end-to-end solutions for upstream game manufacturers, midstream esports entities, and downstream consumers [3] - It provides AI-driven marketing services to over 95% of game manufacturers, facilitating efficient content distribution and user experience upgrades [3] Group 3: Business Developments - The 22nd ChinaJoy exhibition will take place from August 1 to 4, 2025, featuring a new "Smart Entertainment Robot" section and the "Global AI Game Developer Competition" [4] - The company has launched over 300 computing power edge data centers, serving more than 700,000 terminals, with a year-on-year growth of 21.1% in cloud terminal services [5] Group 4: IP and Brand Strategy - The company aims to enhance its brand influence through collaborations with leading IPs in culture, gaming, and animation, targeting young consumer demographics [6] Group 5: Future Development Strategy - The company plans to deepen its focus on the esports sector, innovate in cultural technology integration, and explore emerging technologies like computing power and AI to become a leader in digital services [7] Group 6: Financial Performance - In Q1 2025, the company achieved a revenue of 57,801.79 million yuan, marking a 40.25% year-on-year increase, and a net profit of 7,346.77 million yuan, up 37.48% from the previous year [8]

Group 1: Market Overview - The market experienced significant gains, with the Shanghai Composite Index nearing 3500 points and over 4200 stocks rising, leading to a trading volume of 1.45 trillion, the highest in three months [2] - The rally is attributed to a combination of policy support, capital inflow, and industrial cycles [2] Group 2: Policy Developments - The Hong Kong Securities and Futures Commission announced the inclusion of RMB stock trading in the Hong Kong Stock Connect, allowing southbound funds to directly purchase Hong Kong stocks in RMB, which is expected to enhance market liquidity [2] - The Ministry of Industry and Information Technology has shifted its policy focus in the photovoltaic sector, prohibiting low-price dumping and blind expansion, which has led to a surge in the photovoltaic sector, with leading companies like Tongwei Co. and Junda Co. seeing significant stock price increases [2] - In the semiconductor sector, the government aims for a 70% self-sufficiency rate in chip production by 2025, benefiting companies like Northern Huachuang and SMIC [2] Group 3: Capital Flows - Northbound capital saw a net inflow of 3 billion, with significant investments in new energy and AI computing sectors, particularly in core assets like CATL and Zhongke Shuguang [2] - Major funds recorded a net inflow of 15.4 billion, with over 10 billion flowing into the electronics and power equipment sectors, indicating a strong focus on technology and new energy [2] - Consumer staples, such as Kweichow Moutai, faced significant foreign selling, with a 3.2 billion sell-off, indicating a shift in capital from defensive sectors to high-growth areas [2] Group 4: Industry Insights - The photovoltaic industry is transitioning from price competition to technology competition, with leading companies collectively reducing production by 30%, resulting in a surge in polysilicon futures prices and indicating a profitability turning point [3] - Industrial Fulian is expected to see a 47% to 52% increase in net profit for Q2, driven by AI server demand, and its collaboration with Intel on liquid cooling technology positions it as a leader in the market [3] Group 5: Long-term Investment Considerations - Investors are advised to monitor the implementation of policies, particularly the support for "new productive forces" from the upcoming Politburo meeting, which may influence the sustainability of the technology sector [3] - External risks, such as the Federal Reserve's meeting and US-China tariff negotiations, are also highlighted as potential market volatility factors [3] - Focus on companies with high technological barriers and stable market shares, such as Tongwei Co. in photovoltaics, Industrial Fulian in computing, and Northern Huachuang in semiconductor equipment, is recommended for long-term growth certainty [3]

Core Viewpoint - Overall, since June, the market has been dominated by banks, pharmaceuticals, and computing power, which have not disrupted the underlying logic, suggesting that the index may experience fluctuations or maintain slight upward movement in the coming week [1] Group 1: Market Trends - The index performance is primarily driven by the collective strength of banks, pharmaceuticals, and computing power [1] - The current market environment is characterized by better-than-expected sentiment, indicating potential for positive index movement [1] Group 2: Investment Strategies - Two investment strategies are suggested: 1. Trend direction clustering, focusing on banks, pharmaceuticals, and overseas computing power [1] 2. Theme rotation, including sectors such as high temperature (electricity), base metals (copper and aluminum), and stablecoins [1]

Group 1 - The core viewpoint of the articles highlights the rapid development of the computing power industry in Xinjiang, particularly in Karamay, which is becoming a new hub for computing power investment due to its unique geographical advantages and resource endowments [1][2][3] - Karamay's carbon and water-cooled data center utilizes a special insulating oil for cooling, achieving energy consumption that is only one-sixth of traditional data centers, resulting in a significant reduction of carbon emissions by tens of thousands of tons of standard coal annually [1] - The city plans to expand its computing power capacity significantly, with a target of exceeding 100,000 P by leveraging its abundant green energy resources from wind and solar power [2][3] Group 2 - Xinjiang's total installed power capacity has reached 201 million kilowatts, ranking fifth in the country, with renewable energy capacity exceeding 112 million kilowatts, accounting for 55.72% of the total power capacity [3] - Various regions in Xinjiang are accelerating the construction of computing power clusters, with plans to add 10,000 P of computing power during the 14th Five-Year Plan period [3] - The establishment of multiple data center projects, such as the China Mobile Karamay Cloud Computing Intelligent Center, is expected to enhance the computing power scale to over 17,000 P by the end of 2024, with 80% of the services aimed at eastern regions and overseas enterprises [2]