Group 1: Agricultural Sector Insights - The agricultural sector's performance saw a decline, with the HuShen 300 index down by 0.18% and the agriculture, forestry, animal husbandry, and fishery sector down by 0.36% during the week of May 19-25, 2025 [4] - Pig prices showed a mixed trend, with the average price of external three yuan pigs in Sichuan, Guangdong, and Henan at 14.05, 15.39, and 14.25 yuan per kilogram respectively, reflecting a week-on-week change of -2.09%, +0.65%, and -3.72% [4] - The report highlights the potential recovery in the feed industry due to declining upstream raw material prices and improving downstream farming conditions, particularly for Hai Da Group, which is expected to see an upward trend in its business fundamentals [4] Group 2: AI Computing Industry Insights - The AI computing industry is experiencing sustained high demand, particularly from the internet and intelligent computing centers, with a rapid push for domestic procurement of AI computing power [6] - Major domestic AI chip manufacturers like Huawei, Haiguang Information, and Cambricon are accelerating their performance and capacity breakthroughs, with Huawei's Ascend 910B chip being comparable to NVIDIA's A100 [6] - The AI server market is projected to grow significantly, with IDC forecasting that the market size will reach 25.3 billion USD by 2028, driven by strong demand from domestic internet companies and intelligent computing centers [6]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the increasing trend of using supercapacitors in AI servers to address power consumption challenges and overload shocks, with the GB300 chip expected to integrate supercapacitor modules as peak-shaving components [3][4] - The GB300 chip is projected to enhance performance and power efficiency, with a 50% increase in FP4 computing performance and a 50% increase in high-bandwidth memory (HBM) capacity from 192GB to 288GB [3] - Supercapacitors are favored for their rapid response to power fluctuations, stability in power supply, high power density, and long cycle life compared to traditional battery systems [5] Summary by Sections Industry Overview - The report discusses the anticipated growth in the application of supercapacitors in AI data centers, driven by the need for improved power quality and system reliability [4][5] Technological Advancements - The GB300 chip's design will mirror that of the B200 chip but will feature significant improvements in performance and power consumption, with a total design power (TDP) of 1.4KW [3] Market Dynamics - The report identifies key players in the supercapacitor market, such as Japan's Musashi and Jianghai Co., which are positioned to benefit from the growing demand in AI server applications [5][6] Investment Recommendations - The report suggests focusing on companies with established supercapacitor production capabilities and strong partnerships in the power supply sector, particularly Jianghai Co. [6]