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]

内蒙古有着丰富的风光资源，新能源总装机量位居全国首位。如何将源源不断的绿色电能转化为产业升 级的强劲动力?来看记者的调研。 乌兰察布在蒙古语中的意思是"红色山口"，风力发电资源十分丰富。在当地的新能源产业园区，记者看 到，即将发运的风电装备排起了长龙。 负责人告诉记者，四年前落户乌兰察布时，这条街上的风电配套企业还是个位数，现如今已经增加到十 多家，他们自己企业的厂房也从一期扩展到了二期，工作人员的数量更是翻了3倍。 新能源发电不仅带动了风电装备制造企业集聚成群，还催生了储能产业的快速成长。就在乌兰察布这条 街上，记者还看到了一个布满集装箱的实验场。每个集装箱里，实验的就是一种不同的储能技术路线。 今年上半年，乌兰察布新能源发电量突破200亿千瓦时，在总发电量中占比超过了一半。绿电的充足供 应支撑了算力产业的快速崛起。这个机房中正进行着上亿用户的数据运算，这条直连北京的传输线缆让 两地数据传输延时只有4.2毫秒。不久前，全国首个数据中心绿电直连项目在这里投产运营。 绿色电力不仅支撑了新产业，还推动了传统产业加快绿色转型。就在不久前，全球最大绿色氢氨首期项 目在内蒙古建成投产，绿氨年产能达到32万吨，每年可减少 ...

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]

Group 1 - The demand for computing power is surging both domestically and internationally, with Huawei reporting that AGI will be the most transformative driving force in the next decade, predicting a 100,000-fold increase in total computing power by 2035 [3] - China's "Star Computing Plan" aims to deploy 2,800 satellites to build a computing network, with the first 12 satellites of the "Trinity Computing Constellation" successfully launched, marking the entry into the networking phase [3] - By 2030, the "Trinity Computing Constellation" is expected to expand to a scale of 1,000 satellites, achieving a total computing power of 100 billion billion operations per second [3] Group 2 - The satellite internet sector is accelerating in China, providing integrated services across air, space, land, and sea, which can expand traditional internet services to larger areas and promote cross-domain information integration [4] - The Satellite ETF (159206) is the first and largest of its kind in the market, with a fund size of 1.063 billion yuan as of September 17, 2025 [4] - The Ministry of Industry and Information Technology has released a draft for mandatory national standards for intelligent connected vehicles, establishing a safety baseline for product functionality and interaction [3]

Core Insights - The report emphasizes that there is no need for pessimism in the technology sector, particularly regarding AI, and highlights the importance of "high-low switching" in investment strategies [5][9][10] AI Industry Chain Trends - The AI industry chain has shown significant price increases since April 9, 2025, with overseas computing power prices rising by 221%, while domestic computing power, AI edge, and AI application prices have increased by 57%, 47%, and 27% respectively, indicating a higher cost-performance ratio for domestic segments [9][10] - North American cloud service providers have maintained strong capital expenditures, with a year-on-year increase of 81.43% to reach $86.2 billion by Q2 2025, supporting sustained high demand for computing power [26][29] - AI applications are entering a performance verification phase, with the monthly inference volume of the Gemini large model increasing to 480 trillion tokens, a 50-fold increase from a year ago, indicating accelerating demand for AI applications [31][32] Pharmaceutical Sector - The innovative pharmaceutical industry is experiencing a recovery driven by both international expansion and favorable policies, with the number of approved innovative drugs in 2024 expected to reach 48, more than five times that of 2018 [5][14] New Consumption Trends - The transformation of the economic structure is catalyzing new consumption trends, with industry revenue growth showing an upward trend since 2024, particularly in "cost-effective" consumption, entertainment economy, and outdoor sports [5][16] High-End Manufacturing - The military industry has seen a reduction in relative returns following the completion of significant events, while the robotics sector is experiencing positive catalysts, particularly with Tesla's upcoming proposals and ambitious production targets [5][17][19] AI Edge Products - The global sales of AI smart glasses reached 870,000 units in Q2 2025, a year-on-year increase of 222%, driven by products from major brands like Ray-Ban and Xiaomi [19][22] - New AI mobile phones and other consumer electronics are being launched, with significant advancements in features and capabilities, indicating a robust market for AI-integrated devices [20][22]