Market Overview - A-shares experienced a slight decline with the three major indices closing lower, and trading volume significantly decreased by 811.3 billion yuan compared to the previous day, indicating a strong market wait-and-see sentiment [2][3] - The Shanghai Composite Index fell by 0.30% to close at 3820.09 points, while the Shenzhen Component Index decreased by 0.04% to 13070.86 points, and the ChiNext Index dropped by 0.16% to 3091.00 points [3] Policy Signals - The State Council Information Office is set to hold a press conference on September 22, 2025, to discuss the achievements of the financial industry during the 14th Five-Year Plan period, which is highly anticipated by the market for potential policy signals [3][4] - Analysts believe that this press conference may provide new policy guidance, and investors are closely monitoring the regulatory assessment of the financial industry's development and future policy direction [3] Index Adjustments - The FTSE Russell index adjustments led to notable movements in several large-cap stocks during the closing auction, with stocks like NewEase, Zhongji Xuchuang, WuXi AppTec, and BeiGene seeing significant increases, while China National Nuclear Power, China Unicom, and Wanhua Chemical experienced declines [4][5] - The FTSE China A50 Index included stocks such as BeiGene-U, NewEase, WuXi AppTec, and Zhongji Xuchuang, while excluding China National Nuclear Power, China Unicom, Guodian NARI, and Wanhua Chemical [5] Market Sentiment and Future Outlook - The recent interest rate cut by the Federal Reserve, reducing the target range to 4.00%-4.25%, is expected to shift the policy focus towards stabilizing growth and employment, which historically has led to improved returns in domestic equity assets, particularly in the ChiNext Index [5][6] - Analysts anticipate that the resumption of the Fed's rate-cutting cycle will not only boost global risk appetite but also significantly enhance liquidity expectations in emerging markets, suggesting a dual benefit for A-shares and Hong Kong stocks [5][6] - The A-share market is likely to continue its upward trend, supported by policy-driven and profit improvement factors, although short-term volatility risks should be monitored [7]

Core Viewpoint - The A-share technology sector is experiencing significant volatility, characterized by "high-low switching" and "rapid rotation," raising questions about its ability to break out of this pattern and continue structural opportunities [1] Group 1: Market Trends - The technology sector's recent performance has been marked by fluctuations, with a focus on the automotive industry's semiconductor and domestic computing sectors as key areas for future growth [1][4] - The current market environment has led to a net value increase of over 48% for the automotive industry upgrade fund managed by Wang Zheyu as of September 16 [1] Group 2: Investment Strategy - Wang Zheyu emphasizes a "core + satellite" investment strategy, focusing on sectors with clear industrial logic and strong growth certainty while exploring potential opportunities in niche markets [2] - The adjustment in investment focus from solely electric vehicles to include semiconductor autonomy and computing upgrades reflects a deep understanding of industry phases [3] Group 3: Sector Analysis - The semiconductor and domestic computing sectors are seen as entering a critical phase of potential explosive growth, moving beyond mere speculation to a more mature industrial logic [3][4] - The evolution of the domestic semiconductor industry is compared to the breakthrough logic of the new energy vehicle sector around 2015, indicating a shift towards advanced processes and high-end applications [4] Group 4: Policy Support - There is a clear policy direction supporting self-sufficiency in technology, with resources being allocated to the semiconductor and computing sectors, enhancing growth certainty as policies are implemented [4] Group 5: Market Outlook - The current market dynamics show a rotation among stocks, which may lay the groundwork for further upward movement in the technology sector [4] - Industry trends suggest that as the sector matures, there will be increased sensitivity to valuation, necessitating caution as the market approaches a supply-demand equilibrium [5][6]

Group 1 - The current market is in an adjustment phase with a divergence breakthrough, indicating that the recent rebound has ended and a pullback is expected [1] - Historical trends suggest that after a significant upward movement, personal accounts often experience profit withdrawal, leading to a situation where new highs are rarely achieved before further declines occur [1] - Behavioral psychology concepts such as recency effect, loss aversion, availability heuristic, and confirmation bias play a role in market movements [1] Group 2 - Group psychology will ultimately reflect in momentum indicators, with signs of top divergence indicating an increase in retreating and cashing out funds [2] - To effectively track trends, it is essential to learn to identify changes in momentum and understand the overall market psychology [2] - Leading stocks, such as those in the computing power sector, are seen as consolidating and not showing signs of fatigue, suggesting that the market trend is not over [2] Group 3 - New categories that are rising against the trend, such as energy storage and lithium batteries, should be closely monitored [3] Group 4 - The market maintains a multi-mainline structure, reducing the need for excessive concern about overall market movements, allowing individual stock strategies to diverge from broader market trends [5]

Group 1 - Inner Mongolia has abundant wind power resources, with the total installed capacity of renewable energy ranking first in the country [1] - The number of wind power supporting enterprises in Ulanqab has increased from a single digit to over ten in four years, with the workforce tripling [1] - In the first half of this year, Ulanqab's renewable energy generation exceeded 20 billion kilowatt-hours, accounting for over half of the total power generation [1] Group 2 - The world's largest green hydrogen ammonia project has been completed in Inner Mongolia, with an annual production capacity of 320,000 tons, reducing carbon emissions by approximately 1.4 million tons annually [2] - In the first half of this year, Inner Mongolia's renewable energy installed capacity reached 145 million kilowatts, accounting for 52%, with renewable energy generation increasing by 36% year-on-year to 144.6 billion kilowatt-hours [2]

Group 1: Computing Power - Huawei has launched the world's strongest computing power supernode and cluster, introducing the TaiShan 950 SuperPoD, which can replace various large and small machines as well as Exadata database integrated machines [1] - The supernode technology is seen as a core innovation direction for AI computing infrastructure, breaking through traditional cluster performance and efficiency bottlenecks [1] - The technology supports trillion-parameter model training and inference with higher energy efficiency and lower latency, pushing AI from the kilowatt to the megawatt era [1] Group 2: Hydrogen Energy - The Chinese Academy of Sciences has developed the world's first hydrogen negative ion prototype battery, marking a significant breakthrough in solid-state ion battery materials [2] - This new battery technology demonstrates the feasibility of hydrogen negative ions as energy carriers and opens new possibilities for hydrogen energy applications in energy storage [2] - The hydrogen energy market is expected to reach a scale of 4 trillion yuan by 2030, driven by technological breakthroughs and policy incentives [2] Group 3: Short Video Market - The overseas short video app market saw approximately 120.1 million downloads in August, with estimated in-app revenue reaching $196.4 million, marking a significant increase from July [3] - The total revenue for the overseas short video market has surpassed $1.088 billion in the first half of the year, with projections for annual revenue to reach $2.473 billion [3] - By 2027, the overseas short video market is expected to grow to $18.7 billion, potentially surpassing the domestic market [3] Group 4: Macro and Industry News - The China Charging Alliance reported an 88.5% year-on-year increase in electric vehicle charging infrastructure, with 4.53 million new installations from January to August 2025 [4] - China has built approximately 4.6 million 5G base stations, maintaining its position as the global leader in new energy vehicle production and sales for ten consecutive years [5] - The Ministry of Culture and Tourism has launched a three-year action plan to boost cultural and tourism consumption, with over 330 million yuan in subsidies planned [5]

Group 1 - The A-share computing power sector experienced a "deep V" trend in September, with a nearly 10% pullback at the beginning of the month, followed by a strong rebound driven by positive news, pushing the cloud computing index towards historical highs [1][2] - A significant deal was reported on September 10, where OpenAI and Oracle finalized a $300 billion computing power purchase order, marking one of the largest collaborations in the cloud computing industry, reflecting strong global demand for high-performance computing infrastructure [2] - The computing power market has also positively impacted the Hang Seng Internet sector, with companies like Alibaba and Baidu adopting self-developed chips to replace Nvidia GPUs, leading to a surge in semiconductor equipment orders [3] Group 2 - There is a sustained global capital investment in computing power, with a "arms race" in computing power becoming a long-term consensus among tech giants and industrial capital, providing solid demand support for the computing power chain [5] - The domestic computing power supply issues have shifted from external to internal factors, with previous overseas supply constraints easing, and the approval process for IDC energy consumption indicators closely tied to policy guidance [5] - From a long-term investment perspective, the focus on self-controllable directions is seen as having significant long-term value and growth potential, with the computing power sector expected to benefit from the explosion of domestic demand and industrial upgrades [6] Group 3 - The computing power sector is expected to see exponential demand growth driven by breakthroughs in AI models and rapid deployment of AI applications, with specific investment opportunities in GPU and ASIC chips, optical modules, and emerging fields like AI servers [7] - Despite the long-term positive outlook, the cloud computing sector is currently considered "not cheap," with a price-to-earnings ratio of 122 as of September 17, placing it in the 91.8% percentile over the past five years [9] - Some fund managers have begun to reduce positions in response to market volatility, indicating a cautious approach as the sector enters a period of fluctuation after significant gains [9]

Group 1 - Inner Mongolia has abundant wind power resources and ranks first in the country for total installed renewable energy capacity [1][3] - The number of wind power supporting enterprises in Ulanqab has increased from a single digit to over ten in four years, with the workforce tripling [3] - In the first half of this year, Ulanqab's renewable energy generation exceeded 20 billion kilowatt-hours, accounting for over half of the total power generation [5] Group 2 - The region's green electricity supply has supported the rapid rise of the computing power industry, with a data center achieving a latency of only 4.2 milliseconds to Beijing [5][6] - The first phase of the world's largest green hydrogen ammonia project has been completed in Inner Mongolia, with an annual production capacity of 320,000 tons, reducing carbon emissions by approximately 1.4 million tons annually [8] - Inner Mongolia's installed renewable energy capacity reached 145 million kilowatts in the first half of the year, accounting for 52% of the total, with renewable energy generation increasing by 36% year-on-year [8]

Core Viewpoint - The A-share computing power sector experienced a "deep V" trend in September, with a significant rebound following a brief decline, driven by positive news in the cloud computing industry [1][2]. Market Performance - The computing power sector saw a nearly 10% pullback in early September, but rebounded strongly after positive news, with cloud computing indices moving towards historical highs [2][3]. - Active equity funds have seen significant contributions from computing power themes, with leading stocks like "Yizhongtian" showing multiple-fold increases in share price [2][3]. - Following the announcement of a $300 billion computing power purchase order between OpenAI and Oracle, stocks such as Industrial Fulian and New Juyuan Network hit their daily limit up, and several cloud computing ETFs rose approximately 7% the day after the news [3]. Long-term Demand Support - There is a strong and ongoing global capital investment in computing power, with a consensus that the "arms race" for computing power will continue for years [6]. - The shift in domestic supply issues from external to internal factors indicates that the timing of supply activation is now under local control, suggesting a potential rebound in the computing power chain [6][7]. - The computing power sector is expected to see exponential demand growth driven by advancements in AI models and technology, with specific components like GPUs, ASIC chips, and optical modules poised to benefit [7][8]. Valuation Concerns - Despite the long-term positive outlook, the cloud computing sector is currently considered "not cheap," with a price-to-earnings ratio of 122 as of September 17, placing it in the 91.8 percentile over the past five years [10]. - Some fund managers have acknowledged the need for caution regarding valuation risks, indicating that if demand issues arise in North America or if technology iterations slow down, the current valuation framework may need to be reassessed [10].

9月18日，A股三大指数集体下跌，华为算力概念午后上扬。截至收盘，烽火通信（600498.SH）涨停， 兴图新科（688081.SH）涨超10%，星环科技（688031.SH）、信安世纪（688201.SH）、大华股份 （002236.SZ）涨超5%，神州数码（000034.SZ）、高新发展（000628.SZ）等个股跟涨。 消息面上，华为副董事长、轮值董事长徐直军在2025华为全联接大会上公布昇腾AI芯片路线图，并同 步发布百万卡级超节点集群。据徐直军介绍，华为预计将于2026年第一季度推出昇腾950PR芯片，2026 年第四季度推出昇腾950DT，2027年第四季度推出昇腾960芯片，2028年第四季度推出昇腾970芯片。 徐直军在会上还提到，虽受制于先进芯片制造工艺的不可获得，但凭借30多年连接技术的积累，华为也 能用"超节点"方案做到算力能力不弱于世界先进水平。同时，据华为此前预测，随着大模型的发展，AI 智能体将从执行工具演进为决策伙伴，驱动产业革命，到2035年，全社会的算力总量将增长10万倍。 资金抢筹产业链上下游的背后，是上市公司与华为昇腾生态的深度合作。烽火通信曾在互动平台透露， 公司旗下长 ...

Core Insights - The A-share AI computing stocks experienced a rapid surge, leading the market, with the 5G Communication ETF (515050) rising nearly 3% as of 10:55 AM on September 18 [1] - Huawei's rotating chairman emphasized the importance of computing power for artificial intelligence, sharing future plans for Ascend chips, including the launch of Ascend 950PR in Q1 2026 and Ascend 970 in Q4 2028 [1] - The 5G Communication ETF has attracted over 260 million yuan in investments over the past two days, with a total scale exceeding 8 billion yuan, focusing on the supply chains of Nvidia, Apple, and Huawei [1] Company and Industry Summary - The 5G Communication ETF (515050) is heavily weighted towards optical communication stocks (42%) and PCB circuit board stocks (14%) [1] - Key stocks such as Guangku Technology surged over 17%, Hengtong Optic-Electric hit the daily limit, and Industrial Fulian rose nearly 8%, with the total market capitalization surpassing 1.3 trillion yuan [1]