Group 1 - Popular Chinese concept stocks saw a pre-market rise, with Kingsoft Cloud (KC.US) up over 10%, Hesai (HSAI.US) and Bilibili (BILI.US) nearly 5%, Century Internet (VNET.US) and Baidu (BIDU.US) over 2%, and Alibaba (BABA.US) over 1% [1] - GF Securities reported that Kingsoft Cloud has strong demand visibility, with Xiaomi increasing AI investments, requiring substantial AI training and inference computing power for its foundational models, smart cars, and WPS, alongside robust AI demand from non-Xiaomi clients [1] - Everbright Securities indicated that Kingsoft Cloud, as a core cloud platform within the Xiaomi ecosystem, is expected to maintain rapid growth in its AI business, benefiting directly from industry recovery and accelerated growth [1]

Group 1 - Chinese concept stocks saw a pre-market rise, with Kingsoft Cloud (KC.US) surging over 10%, and Hesai (HSAI.US), Bilibili (BILI.US) increasing nearly 5% [1] - Century Internet (VNET.US) and Baidu (BIDU.US) rose over 2%, while Alibaba (BABA.US) gained over 1% [1] Group 2 - GF Securities reported that Kingsoft Cloud has strong demand visibility, with Xiaomi increasing its AI investments, which require substantial AI training and inference computing power for foundational models, smart vehicles, and WPS [1] - Everbright Securities indicated that Kingsoft Cloud, as a core cloud platform within the Xiaomi ecosystem, is expected to maintain rapid growth in its AI business, benefiting directly from industry recovery and its accelerated growth [1]

Core Insights - Nvidia announced a $2 billion investment in cloud service provider CoreWeave to jointly develop a 5GW AI data center by 2030 [2] - This funding will support the construction of new AI factories and the deployment of multiple generations of Nvidia infrastructure on the CoreWeave platform [2] - Nvidia's CEO Jensen Huang emphasized that AI is driving the largest infrastructure buildout in human history, highlighting the immense demand for Nvidia's AI factories [2] Company Developments - CoreWeave has been actively expanding its business, signing a $14.2 billion agreement with Meta and expanding its partnership with OpenAI, reportedly valued at $22.4 billion [2][4] - CoreWeave is also involved in a $15 billion AI infrastructure project in the UK, which includes the global deployment of 300,000 Nvidia GPUs [3][4] Analyst Perspectives - Michael Intrator, CoreWeave's co-founder and CEO, stated that successful AI requires the collaborative design of software, infrastructure, and operations, reflecting strong demand in their customer base [3] - Analyst Steven Dickens expressed skepticism about CoreWeave's ability to deliver value to end-users, questioning the sustainability of demand, particularly in inference, to support such large-scale construction [3] - Dickens compared the current infrastructure buildout to the dark fiber construction during the internet era, suggesting that it may be ahead of actual demand [3]

Core Insights - Google has officially announced a price adjustment for data transmission methods such as CDN Interconnect, Direct Peering, and Carrier Peering, effective May 1, 2026, with significant increases in North America [1] Pricing Adjustments - North America: The price will increase to $0.08 per GB from the previous $0.04 per GB, representing a 100% increase [1] - Europe: The price will rise to $0.08 per GB from $0.05 per GB, indicating a 60% increase [1] - Asia: The price will change to $0.085 per GB from $0.06 per GB, reflecting a 41.67% increase [1]

Group 1 - The stock price of Kingsoft Cloud has shown strong performance, rising over 10% at one point and reporting an increase of 8.72% to 7.48 HKD per share, with a cumulative increase of over 20% in the last three trading days [1] - Kingsoft Cloud's Senior Vice President Liu Tao announced a strategic upgrade of its AI training and deployment platform, transforming it into a comprehensive AI training and deployment platform, which includes a full-loop closed system from resource scheduling to commercial model API services [4] - Guotai Junan Securities believes that Kingsoft Cloud is entering a new growth phase driven by AI, benefiting from the explosive growth of the AI cloud market, and has set a target price of 10.03 HKD with a dynamic PS of 3.5 times for 2026, maintaining a "buy" rating [4] Group 2 - GF Securities expects Kingsoft Cloud's AI business to maintain high growth, projecting capital expenditures to exceed 10 billion RMB by 2026 due to strong demand [4]

证券日报网讯 1月27日，首都在线在互动平台回答投资者提问时表示，目前公司已完成Qwen系列开源 模型适配，包括Qwen3大语言模型、CosyVoice语音合成、Wan2.2视频生成、Qwen-VL视觉模型等，并 成功运行在Nvidia、昇腾等异构算力，可通过Maas服务平台提供模型调用、模型部署、弹性扩缩容能 力，加速企业及开发者AI应用落地效率。同时，公司的产品及解决方案服务众多中国互联网百强企 业，与多家互联网细分领域头部企业有合作。涉及客户合作等业务敏感信息，不便对具体情况做出回 复，还望谅解。 （编辑 姚尧） ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the increasing scarcity of AI cloud infrastructure, as evidenced by Amazon AWS's first price increase in 20 years for its EC2 machine learning capacity blocks, which rose by approximately 15% [4] - NVIDIA's investment of $2 billion in CoreWeave aims to enhance AI computing capacity, further validating the high demand for AI cloud infrastructure [5] - Alibaba's launch of the Qwen3-Max-Thinking model, with over 1 trillion parameters and 36 trillion tokens of pre-training data, positions it as one of the strongest domestic AI models, likely driving demand for AI cloud infrastructure [6] Summary by Sections AI Public Cloud - Beneficiaries include Alibaba, Tencent, and Baidu [7] AIDC Data Centers - Recommended stocks: Dawi Technology, New Idea Network Group, Aofei Data, Guanghuan New Network, Runze Technology - Beneficiaries include Century Interconnect, Global Data, Wangsu Science and Technology, Dongyangguang, Dataport, and Kehua Data [7] Computing Power Leasing - Beneficiaries include Hongjing Technology, Xiechuang Data, Capital Online, Runjian Shares, Yunsai Zhili, Zhiwei Intelligent, and Hangjin Technology [7] AIDC Liquid Cooling & Power Supply - Recommended stock: Yingweike - Beneficiaries include Shenling Environment, Yinlun Shares, Tongfei Shares, Gaolan Shares, Zhongheng Electric, Kehua Data, Kete Power, and Weichai Heavy Industry [7]

Investment Rating - The report rates the industry as "Outperform" [2] Core Insights - The data center industry has become a core incremental application scenario for the power equipment sector, directly driving demand growth and technological iteration [5] - The capital expenditure of major cloud vendors is a key indicator of demand for power distribution equipment, with significant growth observed in both overseas and domestic markets [2][12] - The supply chain remains robust, with companies like NVIDIA and TSMC reporting strong revenue growth, indicating a healthy demand for GPUs and semiconductors [18][23] - AI applications are expanding, with an increase in model updates and API call volumes, which are crucial for assessing the sustainability of capital expenditure cycles in data centers [30][35] Summary by Sections 1. Industry Overview - The semiconductor export from South Korea has significantly increased, with DRAM prices continuing to rise [1] 2. Capital Expenditure Trends - Overseas cloud vendors' capital expenditure reached $99.617 billion in Q3 2025, a year-on-year increase of 80.39% [7] - Domestic cloud vendors like Alibaba and Tencent showed a slowdown in capital expenditure, with Alibaba spending 31.5 billion yuan, up 80.10% year-on-year but down 18.55% quarter-on-quarter [12] - The investment in data centers is expected to remain high, with major cloud vendors planning substantial capital expenditures for AI infrastructure [11][13] 3. Supply Chain Analysis - NVIDIA's revenue for Q3 2025 was $57.006 billion, with data center products contributing $51.215 billion, marking a historical peak [18] - TSMC reported a revenue of 335 billion New Taiwan dollars in December 2025, a year-on-year increase of 20.4% [23] - The price of DRAM surged from $27.14 to $71.25 within two months, reflecting strong server demand [26] 4. AI Application Development - The number of AI models is steadily increasing, with significant updates and a growing number of API calls, indicating a robust application landscape [30] - The price of tokens for high-performing AI models has decreased by over 50% following the release of new models [48] - The weekly token call volume for AI applications was 7.50 trillion, showing a slight decline of 1.96% [35]

Group 1 - The core viewpoint of the article highlights that Kingsoft Cloud (KC.US) has made significant advancements in the AI computing sector, particularly with its upgraded AI training and deployment platform, Kingsoft Cloud Star Stream [1] - Kingsoft Cloud's stock price rose by 8.1% yesterday and continued to increase by 7.57% in pre-market trading today, reaching $14.35 [1] - The strategic upgrade of the Star Stream platform has transitioned it from a resource management platform to a comprehensive AI training and deployment platform, supporting nearly 40 different models [1] Group 2 - The platform now includes features such as heterogeneous resource scheduling, self-healing for training task failures, support for robotic industry applications, and commercialization of model API services, creating a complete closed-loop system [1] - Industry analysts believe that AI applications are on the verge of a significant breakthrough, positioning Kingsoft Cloud for growth driven by AI [1] - The company's total market capitalization is reported at $4.03 billion, with a total share capital of 302 million [1]

Group 1 - The core viewpoint of the news highlights a rebound in the computing power sector, with the "Computing Power ETF" from Huatai-PineBridge (159273) rising nearly 2% and achieving a trading volume exceeding 270 million yuan [1] - Major internet giants are competing for AI traffic entry points as the 2026 Spring Festival approaches, with Tencent and Baidu announcing a combined cash red envelope distribution plan of 1.5 billion yuan [3] - The majority of the popular component stocks in the Huatai-PineBridge ETF showed positive performance, with notable increases in shares of companies like Huasheng Tiancheng and Zhongji Xuchuang [3] Group 2 - NVIDIA announced a strategic investment of 2 billion USD in AI cloud service provider CoreWeave, increasing its stake to 12% and aiming to build a 5 GW AI computing power cluster by 2030 [5] - Citic Securities noted that Amazon's recent 15% price increase for its AI computing service EC2 marks a break from the long-standing trend of decreasing cloud service prices, indicating tight supply in computing power [6] - The demand for AI computing power is driving upgrades in the optical communication industry, with significant capital investments from overseas cloud vendors and TSMC, reflecting strong demand for AI infrastructure [7] Group 3 - The Huatai-PineBridge ETF covers a wide range of sectors including hardware, cloud computing services, IT services, application software, and data center operations, with a hardware-software ratio of 6:4 and over 26% weight in Hong Kong stocks [8] - The report from the China Academy of Information and Communications Technology indicates that the data intelligence service industry is moving towards a stage of deep integration, driven by technological iteration and deepening industry demand [5]