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 ...

Group 1 - The market experienced slight declines in the early session, with the Shanghai Composite Index down 0.06%, the Shenzhen Component down 0.18%, and the ChiNext Index down 0.48% [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 746.7 billion, an increase of 32.4 billion compared to the previous trading day [1] - Over 2900 stocks declined, indicating a broad market weakness, while sectors such as computing power, chemicals, and agriculture showed notable activity with stocks like Qingyun Technology and Xianda Co. hitting the daily limit [1] Group 2 - The computing power concept stocks remained active, with significant gains observed in related companies [1] - The chemical and pesticide sectors also performed well, with stocks like Xianda Co. reaching their daily limit [1] - Conversely, the football concept stocks faced adjustments, with Jinling Sports dropping over 10% [1]

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]

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， ...