Group 1: Market Performance - The three major indices opened higher on June 5, with the ChiNext Index rising and the Hang Seng Technology Index showing significant gains [1] - The CSI Cloud Computing Industry Index (931470.CSI) increased by 1.29%, with Meituan Group rising over 7%, and both Shenxinfu and Alibaba-W increasing over 3% [1] - The Cloud Computing ETF (517390) continued to strengthen, rising by 1.3% with a trading volume of 5.01 million yuan [1] Group 2: Industry Insights - Global AI computing power demand is on the rise, making the computing power leasing industry a market focus, with Alibaba planning to invest over 380 billion yuan in cloud and AI hardware infrastructure over the next three years [2] - The cloud computing industry is expected to enter a new development phase by 2025, with a market size projected to exceed 1.17 trillion yuan, reflecting a year-on-year growth of 40.6% driven by advancements in AI technology and policy support [2] - The shift from IaaS to SaaS in enterprise cloud service demand is anticipated, particularly in critical infrastructure sectors such as government, finance, and transportation, aided by the integration of 5G, AI, and big data technologies [2]

Market Overview - The A-share market experienced a rebound with the ChiNext Index leading the gains, closing with the Shanghai Composite Index up 0.42%, the Shenzhen Component Index up 0.87%, and the ChiNext Index up 1.11% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.15 trillion yuan, an increase of 116 billion yuan compared to the previous trading day [1] - Consumer sectors showed strong performance, particularly in beauty care and beer, with over 3,900 stocks rising across the market [1] International Market - The New York stock market showed mixed results, with the Dow Jones Industrial Average down 91.90 points (0.22%) to 42,427.74 points, while the S&P 500 and Nasdaq Composite Index saw slight increases of 0.01% and 0.32% respectively [2] - European markets collectively rose, with the FTSE 100 up 0.16%, CAC 40 up 0.53%, and DAX up 0.77% [2] Commodity Prices - International oil prices fell, with light crude oil futures for July down 56 cents to $62.85 per barrel (0.88% decline) and Brent crude for August down 77 cents to $64.86 per barrel (1.17% decline) [3] Key Industry Developments - The Ministry of Industry and Information Technology is promoting the development of the artificial intelligence industry to empower new industrialization, focusing on enhancing innovation and establishing a supportive ecosystem [5] - The National Energy Administration is initiating pilot projects for new power systems, exploring new technologies and models to advance the construction of these systems [6] - The central government plans to support urban renewal actions in 20 cities, which is expected to stimulate housing demand and improve living conditions [7] - China's beer production from large enterprises saw a year-on-year increase of 4.8% in April, indicating a recovery trend in the sector [8] - Wantai Biological's nine-valent HPV vaccine has received approval for market entry, enhancing the company's product line and competitive edge [9] Institutional Insights - Zhongke Electric plans to invest up to 8 billion yuan in a lithium-ion battery anode material integration project, indicating a strong focus on battery technology [10] - The demand for AI computing power is rising, with major internet companies increasing investments in cloud and AI infrastructure [10] Fund Flow Analysis - The consumer electronics sector saw a net inflow of 1.269 billion yuan, while the pharmaceutical sector experienced a net outflow of 1.298 billion yuan [11]

一、行情 6月4日，算力概念多股大涨，德润电子、润建股份等涨停，英特科技、德科立等涨幅超10%。 1）CoreWeave公司成立于2017年，于2019年转型运营数据中心租赁业务，向第三方出售云训练和推理算力和方案。公司共经历13轮 融资，总融资额达134亿美元，并于2023年获英伟达投资，确立其作为英伟达GPU云服务商的市场定位。 英伟达长期向CoreWeave提供资本与技术支持，形成深度绑定。公司早期依赖英伟达GPU挖掘以太坊，并通过GPU抵押实现资本扩 张，在23年上半年-24年上半年间累计融资约127亿美元。（华泰证券） 2）英伟达业绩超预期和Coreweave的股价快速上涨表明，推理端对高性能计算的需求快速释放，AI算力景气度持续验证。 3）国内方面，阿里巴巴集团官方表示未来三年，阿里将投入超过3800亿元人民币，用于建设云和AI硬件基础设施。腾讯"计划在 2025年进一步增加资本支出，并预计资本支出将占收入的低两位数百分比。"腾讯今年的Capex将达到千亿级别。H20被禁，下游客 户将转向算力租赁和国产算力来满足旺盛的算力需求。 二、事件： 1）6月3日，英伟达股价上涨近3%，达141.22美元， ...

A股算力租赁板块直线冲高，奥雅股份、润建股份双双涨停，宏景科技涨超6%，汇金股份、海南华 铁、有方科技跟涨。 ...

Group 1 - The concept stocks related to computing power leasing have rebounded, with Runjian Co., Ltd. (002929) and Aoya Co., Ltd. (300949) hitting the daily limit [1] - Other companies such as Runze Technology (300442), Hainan Huatie (603300), Dawi Technology (600589), and Hongbo Co., Ltd. (002229) also experienced gains [1] - There is a notable shift in capital flow, indicating that "smart money" is revealing insights into the main operators' trading strategies [1]

金十数据6月3日讯，华西证券指出，全球AI算力需求持续攀升，带动算力租赁行业成为市场焦点。互 联网大厂算力需求旺盛，看好算力租赁。阿里巴巴集团官方表示未来三年，阿里将投入超过3800亿元人 民币，用于建设云和AI硬件基础设施。腾讯"计划在2025年进一步增加资本支出，并预计资本支出将占 收入的低两位数百分比。"腾讯今年的Capex将达到千亿级别。H20被禁，下游客户将转向算力租赁和国 产算力来满足旺盛的算力需求。我们判断阿里一季度资本开支不及预期的主要原因是H20芯片出口管 制，因此看好算力租赁行业爆发。 华西证券：互联网大厂算力需求旺盛，看好算力租赁 ...

Investment Rating - Industry Rating: Recommended [3] Core Insights - Nvidia's data center business achieved revenue of $39.11 billion in Q1 FY2026, a year-on-year increase of 73.3%, driven primarily by the Blackwell product line [1][11] - The demand for AI computing power continues to rise globally, making the computing power leasing industry a market focus, with CoreWeave's stock rising by 13.26% over five trading days [2][32] - The recent U.S. export restrictions on the H20 chip have led to a decrease in demand from Chinese customers, resulting in Nvidia incurring $4.5 billion in costs due to excess inventory and procurement obligations [1][26] Summary by Sections Nvidia's Q1 Financial Report - Nvidia reported a revenue of $44.06 billion for Q1 FY2026, meeting expectations, with a gross margin of 60.5%, impacted by a $4.5 billion inventory write-down related to the H20 chip [14][23] - The company expects revenue to continue to rise, projecting $45 billion for Q2 FY2026, despite the impact of the H20 chip ban [29][27] CoreWeave and Computing Power Leasing - CoreWeave, specializing in high-performance GPU cloud leasing services for AI training and inference, has seen significant stock performance due to its strategic partnership with Nvidia [2][33] - Major internet companies like Alibaba and Tencent are increasing their capital expenditures significantly, with Alibaba planning to invest over 380 billion RMB in cloud and AI hardware infrastructure over the next three years [12][48] Investment Recommendations - Beneficiary stocks in the computing power leasing sector include Youfang Technology, Hongjing Technology, and Xiechuang Data; in AI power: Zhongheng Electric, Maigemi, and Weiergao; in AI chips: Cambrian, Haiguang Information, and Chipone; in IDC: Runze Technology, Runjian Shares, and Dawi Technology [4][56]

Core Viewpoint - The company is aggressively expanding its computing power leasing business, making significant investments that raise financial risks and pressures, while also facing procurement and performance challenges [1][2][7]. Financial Pressure - The company plans to purchase servers worth up to 40 billion yuan, following a previous procurement of 30 billion yuan, totaling nearly 70 billion yuan in three months, which is over 50% of its latest audited net assets [1][8][9]. - The asset-liability ratio increased from 55.66% at the end of 2024 to 65.80% by the end of Q1 2025, indicating a significant rise in financial leverage [1][9]. - The company reported a sharp increase in short-term and long-term borrowings, with short-term loans rising over 50% to 19.74 billion yuan and long-term loans skyrocketing from 0.20 billion yuan to 17.80 billion yuan [9][12]. Business Expansion and Market Demand - The company is experiencing high demand for its computing power services, with a full order book prompting the second batch of server procurement [2][19]. - The company aims to build a large-scale intelligent computing center, indicating a long-term vision for growth in the computing power sector [6][17]. - The computing power leasing business is expected to contribute to revenue in the second half of the year, with existing contracts already generating income [2][19]. Procurement Challenges - The company faces potential procurement risks due to international trade disputes, which could affect the supply of high-performance servers [1][15]. - The company has established partnerships with multiple suppliers, including NVIDIA, to mitigate procurement risks and ensure a steady supply of servers [16][18]. Management and Market Sentiment - The company's stock price has risen by 12.29% recently, reflecting positive market sentiment towards its computing power expansion [2]. - However, there are concerns regarding insider selling, as several executives have announced plans to reduce their holdings, which may signal a lack of confidence in the company's future performance [23].

Macro Summary - In the first four months of the year, state-owned enterprises reported total operating income of 262,755 billion yuan, remaining flat compared to the previous year. Profit totaled 13,491.4 billion yuan, reflecting a year-on-year decline of 1.7% [4] Industry Dynamics - ByteDance's venture capital has led investment in a robotics company, indicating that the industry may be on the verge of a significant breakthrough. Related stocks include Xinzhi Group (002664) and Xinhongye (301310) [6] - The China Computing Power Platform (Shandong) has officially launched, with expectations for a golden development period in computing power leasing. Related stocks include Hongbo Co., Ltd. (002229) and Xiechuang Data (300857) [6] - JD.com has entered the sandbox testing phase for stablecoins in Hong Kong, aiming to enhance global supply chain efficiency and cross-border payment capabilities. Related stocks include Qingdao Kingking (002094) and New Guodu (300130) [6] Company Focus - Tonghua Golden Horse (000766) is planning the commercialization of a new drug for Alzheimer's disease, with production capacity designed to meet domestic demand [8] - Nanjing Chemical Fiber (600889) is implementing "asset replacement" alongside "employee replacement," and may consider a name change post-restructuring [8] - Huanghe Xuanfeng (600172) is expanding production capacity, focusing on research in the third-generation semiconductor industry, primarily diamond applications [8] - Lier Chemical (002258) is optimistic about the market prospects for chlorantraniliprole and is working to optimize production processes, with a 5,000 tons/year production facility for chlorantraniliprole benzamide currently under construction [8] Market Review and Outlook - On May 28, the market continued to show narrow consolidation, with the Shanghai Composite Index down 0.02%, the Shenzhen Component down 0.26%, and the ChiNext Index down 0.31%. Over 3,400 stocks declined across the market [10] - The total trading volume for the day was 1.01 trillion yuan, an increase of 11 billion yuan compared to the previous trading day. The market sentiment showed a cautious divergence, with significant selling pressure on stocks that had seen short-term gains [10] - Defensive sector rotation was observed, with policy-driven sectors such as new consumption performing well, while e-commerce, chemical raw materials, CRO, and paper sectors faced declines [10] - Technically, the Shanghai Composite Index has support in the 3,330-3,350 point range, with potential upward movement towards the 3,380 point resistance if trading volume exceeds 1.2 trillion yuan [11]

Core Viewpoint - The independent cloud manufacturers are betting on the intelligent computing (智算) business as a potential lifeline amidst challenges in the cloud computing market, driven by the rise of generative AI and the need for differentiated services [2][11][28]. Group 1: Market Dynamics - The independent cloud manufacturers have faced significant challenges, including a price drop of 30-40% in computing power rental prices compared to last year, leading to difficulties in profitability [4][14]. - The emergence of generative AI has provided a glimmer of hope, with the price of computing resources skyrocketing, such as the A800 server reaching 1-2 million yuan [2][11]. - The market is witnessing a shift from large, centralized clients to smaller, fragmented demand, with clients now renting fewer machines than before [17][18]. Group 2: Business Models - Independent cloud manufacturers are diversifying their offerings into two main categories: computing resources and intelligent computing platforms, often opting for asset-light models due to funding constraints [6][10]. - Companies like UCloud are leveraging idle computing power from personal computers and internet cafes to expand their service offerings [6][7]. - The intelligent computing platforms are seen as high-margin businesses, with companies like QingCloud reporting over 50% gross margins on their software platforms [10][11]. Group 3: Challenges Faced - The independent cloud manufacturers are struggling with a lack of stable demand and the need for high customization in deploying intelligent computing platforms, which complicates profitability [11][12]. - The competitive landscape is tough, with larger cloud providers often undercutting prices or offering free trials to secure contracts, making it difficult for smaller players to compete [15][19]. - The market is also facing issues with contract defaults, where rental agreements are often broken if market prices drop significantly, leading to increased financial risk for independent cloud manufacturers [19][20]. Group 4: Strategic Opportunities - Despite the challenges, independent cloud manufacturers can capitalize on the growing demand for customized solutions in niche markets, particularly among small to medium-sized enterprises [25][27]. - Collaborations with local enterprises and government projects can provide independent cloud manufacturers with opportunities to establish a foothold in regional markets [26][27]. - The focus on building technical capabilities and operational efficiencies can help independent cloud manufacturers differentiate themselves from larger competitors [26][28].