12月9日，白银长期的供需缺口正在发酵成结构性价格驱动力，Mhmarkets迈汇认为，2025 年以来的实 物短缺并非偶发，而是多年供应萎缩与需求扩张叠加的结果。当投资需求猛增，原本就偏紧的市场更易 被放大，从而形成价格突破的重要背景。 白银在初夏突破 35 美元，被视为市场情绪反转的关键点。过去十年矿供给减少约 8000 万盎司，总供应 规模仅约 10 亿盎司，在贵金属中显得十分紧凑。Mhmarkets迈汇表示，持续减少的矿供给意味着行业 未能发现或投产足够的新矿，大型银矿稀缺的结构在未来几年难以改善。与此同时，电子制造、光伏发 电、电动车、AI 数据中心等行业的渗透率不断提升，使工业需求形成长期拉力。需求不断扩展，而供 应跟不上，成为白银基本面的核心矛盾。 另一方面，行业内部的资源错配也加剧了未来的供应压力。过去几年，部分矿企在白银低价期调整重 心，转向更易盈利的金矿项目，使得白银资产布局被弱化。今年出现的几起并购动作说明行业正试图重 新夺回白银资源，但优质矿产的稀缺性决定了其恢复速度较慢。审批、融资与建设周期基本都在 5–10 年区间，这意味着供给无法快速响应价格上升。 库存端同样难言宽松。伦敦、纽约以 ...

Core Viewpoint - The market perception of the company has shifted from being viewed as a traditional mining enterprise to being recognized as a potential player in the AI and HPC (High-Performance Computing) data center space, with management emphasizing the transition towards energy and AI/HPC business models [1][6][11]. Group 1: Market Position and Valuation - The company's stock price has closely followed Bitcoin's price movements, and its market capitalization of $500 million is currently less than the value of its 6,644 BTC holdings [3]. - The market assigns a NAV (Net Asset Value) multiple of 0.6-1.2 for mining companies, while companies with more owned mining facilities can achieve multiples of 1.5-2.5 [5]. Group 2: AI/HPC Data Center Transition - The company is positioning itself as a future AI data center platform, with a focus on energy and HPC, which is gaining traction in the market [6][11]. - The construction costs for AI data centers have risen to $9.3-15 million per MW, leading developers to relocate to secondary and tertiary markets [9]. - The company has been acquiring assets that align with AI data center requirements, such as large-scale power supply and cooling capabilities, exemplified by its recent acquisition of a 50MW facility in Georgia [14]. Group 3: Operational Advantages - The company possesses operational capabilities that are advantageous for AI/HPC, such as high-density power management and advanced cooling systems, which are critical for AI data centers [12][15]. - The transition to AI data centers is facilitated by the company's existing infrastructure and operational expertise, allowing for a smoother shift from mining to AI applications [18]. Group 4: Strategic Moves and Future Outlook - The company has made strategic moves, including direct listing on the NYSE and restructuring its shareholder base, to enhance its appeal to AI clients and energy funds [17]. - The asset structure is evolving to resemble that of an infrastructure company, positioning the company for long-term contracts in the AI/HPC space [16][18].

Group 1: Overseas Fundamental Contradictions: Investment vs. Consumption, Power vs. Computing Power - Current concerns in overseas markets focus on two main aspects: doubts about the value of AI investments and the disparity between AI-related investments and actual returns [3][4][22] - The recent divergence between U.S. consumer stocks and the S&P 500 reflects market fears of an economic recession, indicating a K-shaped recovery where low-end consumption is weakening [4][24] - The AI industry is driving investment resilience in the U.S., with AI-related investments contributing approximately 1.4 percentage points to GDP growth, surpassing the contribution from private consumption [4][24][29] Group 2: Domestic Demand: A Stabilizing Factor in the Portfolio - Domestic economic data shows weak total consumption, but structural improvements are emerging, particularly in "non-subsidized" sectors, which are showing marginal improvements [5][42] - Two potential scenarios for future domestic demand: one where exporters convert foreign exchange earnings into RMB assets, supporting domestic consumption; the other where financial capital returns in response to global economic risks, enhancing domestic demand resilience [5][47][48] - Key sectors benefiting from domestic demand recovery include food and beverage, textiles, and jewelry, which are showing signs of improvement [5][45][46] Group 3: Style Rebalancing in the Context of U.S.-China Mirror Period - The U.S. economy is transitioning to a "strong investment, weak consumption" model, similar to China's experience from 2022 to 2024, highlighting the importance of power-related assets as a key investment theme [6][56] - Recommendations include focusing on undervalued cyclical assets in the consumer sector, particularly textiles and apparel, which are experiencing improved demand dynamics [6][58] - The ongoing recovery in domestic consumption and the potential return of capital flows are expected to provide continued investment value in domestic assets [6][59]

Core Viewpoint - BYD, as a global leader in high-tech innovation, emphasizes its strong technological foundation in electric and intelligent vehicles, aiming to solidify its leadership in the global new energy vehicle industry while diversifying into consumer electronics and AI data centers [2] Group 1: Company Positioning - The company is recognized for its significant technological accumulation in key areas such as automotive electrification and intelligence [2] - BYD is committed to continuous technological innovation to create a sustainable core competitive advantage [2] - The company aims to accelerate the transformation and upgrading of the global automotive industry [2] Group 2: Market Diversification - BYD's business scope extends beyond the automotive sector to include diversified markets such as consumer electronics and AI data centers [2] - The company acknowledges the unprecedented changes facing the automotive industry and intends to seize the opportunities presented by these changes [2] - BYD expresses its commitment to fulfilling shareholder expectations amidst these industry transformations [2]

Investment Rating - The report suggests a positive outlook for companies transitioning to AI data centers, highlighting the potential for significant revenue growth in this sector [4]. Core Insights - The majority of cryptocurrency mining companies are transitioning to AI cloud services and data center operations due to increasing Bitcoin mining difficulty and rising electricity demand driven by AI [10][11]. - Many companies have secured substantial AI contracts and have clear plans for expanding their computing power, indicating a strong market opportunity [17][27]. Summary by Sections 1. Transition of Cryptocurrency Mining Companies - Cryptocurrency mining companies are beginning to pivot towards AI cloud services and data centers, driven by the need for updated mining equipment and the increasing demand for electricity [10][11]. - The U.S. Department of Energy projects a need for an additional 100GW of peak electricity supply by 2030, with 50GW directly for data centers, positioning mining companies favorably for this transition [10]. 2. Companies with AI Contracts and Expansion Plans - **Core Scientific**: Early mover in AI data center transition, signed a 12-year contract with CoreWeave for 590MW of HPC hosting, with a present value of approximately $37.2 billion to $50 billion [3][19]. - **TeraWulf**: Secured a 10-year data center lease with Core42 for 72.5MW, with potential revenue of $1.09 billion in the first year [27][28]. - **Iris Energy**: Plans to deploy 23,000 GPUs by Q1 2026, projecting an annual revenue run rate of approximately $500 million [34][40]. - **Hut 8**: Focused on power generation and AI, with a 5-year agreement for 310MW of power, expected to generate annual revenue of about $4.3 million [44][45]. - **WhiteFiber**: A subsidiary of Bit Digital, has contracts for over 4,998 GPUs, with an annual recurring revenue exceeding $9.14 million [47][48]. - **Hive Digital**: Balancing both Bitcoin mining and AI data center operations, with expected annual revenue from AI services of $100 million by 2026 [51]. - **Galaxy Digital**: Entered the AI data center space with a 15-year contract with CoreWeave, projected to generate over $1 billion in annual revenue [3][4]. - **Cipher Mining**: Partnered with Fluidstack for AI data center operations, with a contract value ranging from $1.5 million to $5.5 million [3][4]. 3. Investment Recommendations - The report recommends focusing on companies that are aggressively transitioning to AI data centers, have clear expansion plans, and are trading at a discount relative to their market value [4].

Group 1 - The Federal Reserve is expected to lower interest rates in October, with a probability exceeding 97%, creating uncertainty about whether the cut will be 25 or 50 basis points [1] - Recent poor economic data from the U.S., including GDP and employment figures, has contributed to the consensus on rate cuts, alongside comments from the new Fed governor indicating a need for flexible policy responses due to trade tensions [1] - The anticipated rate cut is likely to weaken the U.S. dollar, boosting the attractiveness of gold and other precious metals, while also supporting copper and aluminum prices due to inventory declines and demand recovery [1] Group 2 - NVIDIA's recent white paper indicates a shift to an 800V direct current architecture for AI data centers, which could enhance efficiency to over 98.5% and reduce power consumption by 80%, significantly impacting the power system industry [2] - The upcoming earnings reports present opportunities in three areas: semiconductor equipment and materials, high-end manufacturing sectors like military and new energy vehicles, and innovative pharmaceuticals with strong cash flow and growth potential [2] - Caution is advised in the semiconductor sector, as previous gains may lead to a downturn, making it essential to time investments carefully to avoid losses [2] Group 3 - In a volatile market, defensive sectors such as banking and coal, which offer high dividends and low valuations, are recommended for stabilizing investment sentiment [3] - Coal industry remains attractive due to strong cash flow and high dividends, although caution is advised against chasing high prices after recent gains [3] - The market is expected to experience a corrective rebound, with key support and resistance levels identified, indicating a need for patience in investment strategies [3]

Core Viewpoint - The valuation logic of Bitcoin mining companies is undergoing a fundamental restructuring, transitioning towards becoming technology infrastructure providers, particularly for AI data centers, which helps them break free from the cryptocurrency cycle [1]. Group 1: Market Performance - Funds tracking publicly listed mining companies have surged over 150% this year, significantly outpacing Bitcoin's 14% increase [1]. - Cipher Mining and IREN Ltd. saw their stock prices rise approximately 300% and 500%, respectively, reflecting a revaluation focused on their AI infrastructure value rather than mining profits [1]. Group 2: Strategic Partnerships and Financing - Cipher Mining signed a $3 billion hosting agreement with Fluidstack, indicating a blurring line between crypto mining and AI [2]. - IREN completed a $1 billion convertible bond issuance, while TeraWulf announced plans for a $3.2 billion priority proposal for its Lake Mariner data center [2]. - Bitdeer Technologies outlined plans to convert its mining facilities into AI data centers, projecting over $2 billion in annual revenue by the end of 2026 [2]. Group 3: Competitive Advantages - Bitcoin mining companies possess a significant advantage in terms of existing power grid connections and large-scale electricity supply capabilities, allowing them to bypass lengthy processes typically required for new data centers [2][3]. - The ability to provide immediate power is crucial, especially given the projected electricity shortfall for data center developers in the U.S. by 2028 [3]. Group 4: Economic Pressures and Transformation - The urgency for transformation among Bitcoin mining companies is driven by the deteriorating economics of Bitcoin mining, exacerbated by last year's halving event, which reduced miner rewards [4]. - Despite recent peaks in Bitcoin prices, the unit profitability for mining companies has not improved significantly [4]. Group 5: Market Perception - Companies like Riot Platforms, IREN, and Bitfarms have indicated they will not expand mining capacity in the near term, viewing AI/HPC as a complementary alternative to mining [5]. - The market is rediscovering the true value of these companies as technology infrastructure startups in light of the increasing demand for AI power [5].

Core Insights - Xinjiang has achieved historic breakthroughs in multiple development indicators over the past 70 years, especially since the 18th National Congress of the Communist Party of China, showcasing a rapid pace of high-quality development [1] Economic Development - The new energy sector is set to lead the nation in new installed capacity in 2024, with a billion-level wind power equipment industry cluster emerging, alongside the simultaneous construction of over 30 AI data centers [3] - Xinjiang's import and export volume has exceeded 100 billion yuan for three consecutive years since 2022, with over one-third of the national total of bilateral international road transport routes being opened [8] Social Welfare - More than 70% of fiscal expenditure is allocated to the livelihood sector, ensuring stable employment for all capable individuals in urban and rural areas, with a 100% standardization rate for township health clinics and village health rooms [4] - The consolidation rate for compulsory education remains above 99% [4] Environmental Improvement - The world's longest ecological barrier around the desert, spanning 3,046 kilometers, has been completed, transforming the previously barren areas of the Taklamakan Desert into green spaces, including the cultivation of fruits like apples and jujubes [6] Strategic Positioning - Xinjiang has become a core area of the "Belt and Road" initiative and a key gateway for westward opening, marking a significant step in its external openness [8] - Under the guidance of the new era's governance strategy, Xinjiang's socio-economic development indicators have shown an average growth rate exceeding 5%, marking the best developmental period in its history [10]

Core Viewpoint - BYD Electronics reported a revenue of 80.61 billion RMB for the first half of 2025, reflecting a year-on-year growth of 2.6%, with a net profit attributable to shareholders of 1.73 billion RMB, up 14.0% year-on-year, showcasing strong profitability resilience amid a complex global economic environment [1] Group 1: Consumer Electronics Business - The consumer electronics segment generated revenue of 60.95 billion RMB, down 3.7% year-on-year, with component revenue at 13.75 billion RMB (down 9.8%) and assembly revenue at 47.20 billion RMB (down 1.8%), primarily impacted by weak global demand for consumer electronics [1] - Despite the overall market challenges, the company maintained its position as a key supplier in high-value product areas such as titanium metal and foldable smartphones, with significant growth in assembly business driven by overseas major clients [1] - The introduction of automation technology improved operational efficiency and profitability in the precision components business, with expectations for structural opportunities in the second half of the year due to the rise of AI technology and the expanding foldable smartphone market [1] Group 2: New Energy Vehicle Business - The new energy vehicle segment achieved revenue of 12.45 billion RMB, a substantial year-on-year increase of 60.5%, now accounting for 15.5% of total revenue, making it the fastest-growing business segment [2] - The company benefited from China's leading position in the new energy vehicle market, with sales reaching 6.937 million units in the first half of 2025, a 40.3% increase year-on-year, driving growth in smart cockpit and smart driving assistance systems [2] - The introduction of new products such as the smart suspension system has begun to support mainstream models, indicating a strong growth trajectory for the new energy vehicle business [2] Group 3: AI Data Center and Smart Logistics - The new intelligent products segment recorded revenue of approximately 7.21 billion RMB, down 4.15% year-on-year, but the AI server business experienced significant growth due to the global demand for AI infrastructure [2] - The company is actively investing in R&D, with multiple liquid cooling and power products receiving customer certification, enhancing its market competitiveness in the AI data center sector [2] - The self-developed smart logistics robots have been widely applied within the company's manufacturing scenarios, improving warehouse and delivery efficiency, which strengthens the company's manufacturing competitiveness [3] Group 4: Future Growth Prospects - The company is well-positioned with a solid leadership in the consumer electronics sector, rapid growth in the new energy vehicle business, and significant potential in the new intelligent products segment, indicating a collaborative development pattern across three major segments [3] - Anticipated benefits from domestic consumption policies, the promotion of new energy vehicles, and the ongoing demand for AI computing power are expected to support the company's growth in the second half of the year [3] - The company is projected to achieve a net profit of 4.74 billion RMB and 5.95 billion RMB for 2025 and 2026 respectively, with a target price of 52.0 HKD, reflecting a 20.2% expected increase from recent closing prices [3]

Summary of Key Points from the Conference Call Company Overview - Hezhong Electric is primarily an electric power electronics platform company, originally focused on the wind power sector and gradually expanding into photovoltaic, energy storage, and hydrogen energy sectors [2][16] - The management team has a strong technical background, with many members coming from Huawei and Emerson Network Power, which enhances the company's technological capabilities [8] Industry Insights - The AI data center (AIDC) market is expected to see significant growth, with global installations projected to reach 12 GW by 2025, leading to a corresponding market space of $18.2 billion for UPS and $5.8 billion for HVDC [4][10] - The HVDC market is anticipated to grow rapidly, potentially reaching nearly $30 billion by 2028, driven by its efficiency and stability advantages [4][10] - The demand for power supply solutions in AI data centers is increasing, with a focus on stability, efficiency, and power requirements [12] Financial Performance - Hezhong Electric has experienced a compound annual growth rate (CAGR) of over 20% in revenue since 2018, although the company faces pressure in 2024 due to challenges in the renewable energy sector [7] - The company maintains a stable gross margin, with the large transmission business achieving profitability around 45% [7][16] - Revenue and profit growth are expected to rebound as the company explores new large transmission fields [7] Market Opportunities - The company is well-positioned to capitalize on the accelerating capital expenditures from major cloud providers in North America and domestic giants like Alibaba and Tencent, which are expected to increase their capital spending in 2025 [3][10] - Hezhong Electric aims to leverage its large power technology to expand into AI data center power supply, soft start, pumped storage, and controlled nuclear fusion sectors [6][9] Competitive Landscape - The UPS market currently dominates the power supply sector, holding over 90% market share, but HVDC is expected to gain traction due to its lower costs and smaller footprint [13][15] - The penetration rate of HVDC is projected to increase significantly in the coming years, particularly in overseas markets [15] Future Projections - The company anticipates revenue growth in the wind power sector, with onshore wind expected to grow over 30% and offshore wind potentially doubling by 2025 [3][16] - The overall revenue and profit growth outlook for Hezhong Electric is positive, with projected net profits of $640 million in 2025, $760 million in 2026, and $930 million in 2027 [17] Conclusion - Hezhong Electric is strategically positioned to benefit from the growth in AI data centers and renewable energy sectors, with a strong management team and a focus on technological innovation [2][8][9]