通信 需求仍强劲，国产链再出发 20250624 摘要 AI 驱动算力需求激增，光模块用量环比增长 30%，AI 工具调用占比提 升至 30%，云厂商通过囤货和租赁保障算力，预计三季度后或有新的采 购方案，为国内产业链带来机遇。 国内光模块产业链受益于云厂商需求，如阿里巴巴大规模招标和 H 公司 增加高光模块配比订单，二线云厂商需求增加，自动驾驶等应用场景驱 动算力需求，预计下半年云厂商持续招标，国产厂商通过海外布局扩大 市场份额。 IDC 行业存量资产预计短期内消化，国产产业链超预期或改善行业情绪， CSP 大客户占比高及传统机柜无法满足需求加速 IDC 去化，IDC 运营行 业价格接近历史低点，供需结构失衡问题凸显，关注润泽科技等规模大、 贝塔属性强的标的。 算力租赁市场迎来布局时机，国内需求与产业紧密度相关，大厂资本开 支保持高位，AI 端侧需求增加将释放推理算力需求，Blackwell 芯片推 理能力更强，算力租赁成为大厂获取高端算力的重要途径，推荐具有稳 定芯片获取渠道公司。 Q&A 当前国内算力产业链的核心观点是什么？ 国内算力产业链在 2025 年第二季度的需求情况仍然非常强劲，相关主要公司 的 ...

Core Viewpoints - The article discusses the rapid growth and potential of the computing power leasing industry, particularly through the lens of CoreWeave, a significant player in this sector [2][11]. Company Overview - CoreWeave was established in 2017, originally as a cryptocurrency mining company, and has since pivoted to focus on AI cloud and infrastructure services, operating 32 data centers by the end of 2024 [2][3]. - The company has deployed over 250,000 GPUs, primarily NVIDIA products, and is a key provider of high-performance infrastructure services [2][3]. Business Model - CoreWeave offers three main services: bare-metal GPU leasing, management software services, and application services, with a focus on GPU leasing as the core offering [3][4]. - Revenue is generated primarily through two models: commitment contracts (96% of revenue) and on-demand payment, allowing flexibility for clients [4][5]. Financial Performance - In 2024, CoreWeave's revenue reached $1.915 billion, a year-over-year increase of over seven times, with Q1 2025 revenue at $982 million, reflecting a fourfold increase [8][9]. - The company has a remaining performance obligation of $15.1 billion, indicating strong future revenue potential [8]. Competitive Advantages - CoreWeave has optimized GPU utilization rates and efficiency, achieving significant performance improvements in AI training and inference tasks [7]. - The company has established strong relationships with NVIDIA, ensuring priority access to cutting-edge chips and technology [6][7]. Market Outlook - The AI infrastructure market is projected to grow from $79 billion in 2023 to $399 billion by 2028, with a compound annual growth rate of 38%, highlighting the industry's potential [11]. - The computing power leasing sector is expected to play a crucial role in the digital economy, driven by increasing demand for AI capabilities [11][14]. Future Growth Strategies - CoreWeave plans to expand its customer base, explore new industries, and enhance vertical integration with strategic partnerships [10]. - The management aims to leverage existing contracts and maintain a low leverage asset structure to support growth [10].

Core Viewpoint - Hainan Huatie is planning to issue shares overseas (S shares) and list on the Singapore Exchange to accelerate its international strategy and promote the establishment of overseas intelligent computing centers, particularly in Southeast Asia [1] Group 1: Internationalization and Business Transformation - Hainan Huatie, formerly known as Huatie Emergency, is transitioning from high-altitude equipment rental to intelligent computing and low-altitude economy, leveraging state-owned enterprise resources and private sector flexibility [2] - The company announced an investment in intelligent computing center construction in May 2024, with signed contracts for computing services reaching 6.67 billion yuan, a 169% increase from the end of 2024 [2] - The company is deepening partnerships with ecosystem enterprises like DeepSeek to strengthen its intelligent computing industry chain [2] Group 2: Funding Needs and Market Positioning - The construction of intelligent computing centers in Southeast Asia requires significant foreign currency investment, with overseas revenue in 2024 only at 1.31 million yuan and a gross margin of -35.63% [3] - Listing in Singapore will allow the company to directly raise foreign currency, mitigate exchange rate risks, and meet infrastructure investment needs [3] - The Singapore Exchange listing is expected to enhance international client recognition and facilitate long-term computing service agreements [3] Group 3: Business Expansion and Capital Opportunities - The company plans to accelerate the dual export of equipment and computing services, with nearly 600 units of engineering equipment in South Korea and plans to expand into the Middle East by 2025 [4] - Hainan Huatie is exploring the blue ocean of Real World Asset (RWA) tokenization, having collaborated with Ant Chain to put high-altitude equipment assets on the blockchain [5] - The potential for computing devices and high machinery assets to become RWA targets could open up a market exceeding 100 billion dollars, with the current RWA market size over 22 billion dollars [6] Group 4: Diversification and Risk Management - The company has diversified its business, with a market share of 25% in traditional high machinery equipment, an increase in forklift rental rates from 8% to 84%, and over ten million yuan in orders for cargo drones [7] - The Singapore listing is seen as a critical leap for Hainan Huatie's transformation from a "Chinese equipment rental leader" to a "global computing service provider," with potential to alleviate funding pressures for overseas expansion [9]

Market Overview - The market experienced fluctuations with mixed performance across the three major indices, with the Shanghai Composite Index up 0.04% and the Shenzhen Component down 0.19% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.15 trillion, a decrease of 138.4 billion from the previous trading day [1] - The market showed a diverse range of individual stock performances, with the number of stocks rising and falling being roughly equal [1] Sector Performance - The chemical and non-ferrous metal sectors showed resilience, with stocks like Zhongrun Resources and Hunan Silver reaching their daily limit [1] - Precious metals saw significant gains, with silver prices surging 4.5% to over $36 per ounce, the highest level since February 2012, driven by concerns over potential U.S. tariffs on key metals and poor macroeconomic data from the U.S. [1] - The chemical sector was active, with stocks such as Bohai Chemical and Danhua Technology hitting their daily limit, influenced by rising raw material prices and increased demand in the new energy and semiconductor sectors [2] Individual Stock Highlights - In the computing power leasing sector, stocks like Nanling Technology and Meili Cloud reached their daily limit, spurred by the Ministry of Industry and Information Technology's new action plan to enhance public computing resource efficiency [3] - The stock market saw a revival in speculative trading, with a notable increase in the number of stocks hitting consecutive daily limits, particularly in the chemical sector and innovative pharmaceuticals [5] - The football concept stocks showed mixed performance, with Co-Creation Turf hitting its daily limit, contributing to a resurgence in market activity [5] Future Market Analysis - The market is expected to maintain a volatile upward rebound structure as long as it does not fall below the 5-day moving average, despite a lack of strong volume for sustained upward movement [6] - The current environment suggests a focus on stock rotation, with opportunities to identify low-entry points in popular sectors or to wait for a clearer leading stock to emerge [6]

国金证券：新能源车2025年4月持续超预期，中国和欧洲销量走势强劲。储能国内同比增速放缓，美国 维持相对高增。2025年，锂电板块景气度与新技术双轮驱动。格局角度细分赛道龙头仍是最佳配置策 略，成长角度看好固态电池等新技术，关注相关标的。 盘面上，贵金属、通信服务、贸易、民爆、草甘膦、算力租赁等板块和概念股涨幅居前；美容护理、医 疗服务、游戏、足球、体育产业、兵装重组等板块和概念股跌幅居前。 机构观点 银河证券：从用户侧来看，有助于满足终端用户，尤其是出口型企业的绿电消费、溯源需求，同时或可 在一定程度上助力企业降低用电成本。从发电侧来看，绿电直连有助于拓宽绿电，尤其是新能源的消纳 方式，同时有望通过签署多年期购电协议稳定收益预期。从配置上看，建议把握新能源发电拐点性机 会。 消息面上 新华财经北京6月6日电（胡晨曦）沪深两市三大股指6月6日早盘震荡调整，创业板指走势稍弱。盘面 上，算力概念股延续反弹，南凌科技、美利云、宁波建工等涨停；农药股继续走强，苏利股份、先达股 份、长青股份涨停；海南板块异动，海南瑞泽等涨停。下跌方面，体育概念股走低，金陵体育、康力源 跌超10%。 至午间收盘时，上证指数报3382.1 ...

午评：沪指窄幅震荡微跌 算力概念股持续活跃 智通财经6月6日电，市场早盘震荡调整，三大指数小幅下跌。沪深两市半日成交额7467亿，较上个交易日放量324亿。盘面上热点快速轮动较为杂乱，个股 跌多涨少，全市场超2900只个股下跌。从板块来看，算力概念股持续活跃，青云科技等涨停。化工、农药股表现活跃，先达股份等涨停。海南板块临近午盘 异动，海南瑞泽等涨停。下跌方面，足球概念股展开调整，金陵体育跌超10%。板块方面，民爆、农药、算力租赁、海南等板块涨幅居前，足球概念、美容 护理、IP经济、宠物经济等板块跌幅居前。截至收盘，沪指跌0.06%，深成指跌0.18%，创业板指跌0.48%。 | 上证指数 | | 深证成指 | | 创业板指 | | --- | --- | --- | --- | --- | | -3382.11 | | ·10185.34 | | ·2038.76 | | -1.98 | -0.06% | -18.16 -0.18% | -9.85 | -0.48 | | 700 | | | of a research and the many of the comments of the 11 | | 封 ...

海南华铁 20250605 摘要 华铁股份计划在新加坡上市，拟募资至少 2 亿新币，主要用于海外智算 中心建设，并少量投入传统专线算力业务。此举旨在推动算力业务出海， 抓住海外自建节点机会，并借助新加坡的融资优势和市场对智算的理解。 公司在帮助国内客户进行海外资产设备供应方面具有多重优势，包括解 决资金投入问题、提供主网及配套设施建设服务、优化资源配置，使得 终端用户专注于 AI 应用而非基础设施建设。 公司近期在国内订单签署及设备投入方面进展顺利，前期已陆续披露了 60 多亿元订单，并交付了 2.5 亿元项目。目前新的订单仍在推进中，总 体来看业务发展顺畅，通过多元化丰富的客户矩阵保持各个方向触角。 公司预计 2025 年算力资产交付体量约 13 亿，订单交付率约 30%。计 划新增投入 40 多亿，到年底预计总投入达 60 亿。预计 2025 年收入在 5 到 7 亿之间，利润约 1 亿元左右。2026 年若完成 60 亿投入，预计收 入 15 到 20 亿元之间，利润 3 到 4 亿元之间。 公司通过长期与核心供应链合作，以期货价格采购货物，而不是临时采 购，这样可以保持较低成本。此外，公司具备租赁业务 ...

Core Viewpoint - The A-share market continues its upward trend with structural differentiation, as the ChiNext index rises by 1.17% while the Shanghai Composite and Shenzhen Component indices also show gains [1] Market Performance - The Shanghai Composite Index increased by 0.23%, the Shenzhen Component Index rose by 0.58%, and the ChiNext Index surged by 1.17% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.29 trillion, an increase of 137.4 billion compared to the previous trading day [1] - Over 2,600 stocks in the market experienced price increases [1] Sector Highlights - The brokerage sector saw significant late-session gains, with Huaxin Securities hitting the daily limit [1] - The military equipment restructuring concept performed well, with Huachuang Technology rising by 13% and several other stocks reaching their daily limit [1] - The computing power leasing sector strengthened, with stocks like Huijin Co., Qingyun Technology, and Dawi Technology hitting their daily limit [1] - The semiconductor sector also saw afternoon gains, with stocks such as Zhizheng Co. and Demingli reaching their daily limit, while Yuanjie Technology and Chip Origin also rose [1] Declining Sectors - The consumer goods sector experienced a collective pullback, with beauty care, beverage manufacturing, and food processing sectors showing the largest declines [1] - Stocks such as Lafang Cosmetics, Runben Co., and Shuiyang Co. all fell by over 9%, while Yanjinpuzi, Nanjiao Food, New Dairy, and Natural Dairy also declined [1]

Group 1 - The A-share computing power leasing sector experienced a significant rise in the afternoon, with major companies showing strong performance [1] - Dwei Technology reached the daily limit increase, indicating strong investor interest and confidence [1] - Huijin Co., Ltd. saw an increase of over 12%, reflecting positive market sentiment towards the company [1] - Kehua Data rose by more than 9%, contributing to the overall upward trend in the sector [1] - Other companies such as Parallel Technology, Industrial Fulian, and Xiechuang Data also experienced gains of over 5%, showcasing a broad-based rally in the computing power leasing market [1]

Core Viewpoint - The computing power leasing concept has experienced a significant rebound, with major companies like Dawi Technology hitting the daily limit increase in stock price, following similar movements from other firms in the sector [1] Group 1: Market Reaction - Dawi Technology saw a sharp increase in stock price, reaching the daily limit [1] - Other companies such as Hubei Broadcasting, Qingyun Technology, Hongjing Technology, Aofei Data, Xiechuang Data, and Huafu Fashion also experienced stock price increases [1] Group 2: Policy Influence - The Ministry of Industry and Information Technology recently issued the "Computing Power Interconnection Action Plan," aimed at improving the efficiency and service level of public computing resources [1] - The plan outlines six key areas and 16 specific tasks to promote high-quality development in computing power [1]