Group 1 - The focus is on the performance of the Xinchuang ETF fund (562030), which has seen a decline of 2.19% in its market price, with mixed performance among constituent stocks [1] - Huawei Cloud reported a nearly 250% year-on-year growth in overall computing power, with the number of customers using Ascend AI cloud services increasing from 321 last year to 1714 this year [3] - The Xinchuang industry is transitioning from being policy-driven to a dual-driven model of policy and market, with significant growth expected in the market size, projected to exceed 2.6 trillion yuan by 2026 [4] Group 2 - The Xinchuang ETF fund passively tracks the CSI Xinchuang Index, which covers key segments of the Xinchuang industry chain, including hardware, software, and information security [6] - There are four key investment rationales for the Xinchuang industry: geopolitical tensions increasing the need for self-sufficiency, government procurement likely to recover, breakthroughs in technology by domestic manufacturers, and the approach of critical procurement timelines [7]

Group 1 - DeepSeek, an AI unicorn, is set to initiate its IPO process on the Beijing Stock Exchange in November 2025, with a focus on computing power leasing as its core strategy for the next five years [1] - The company plans to invest 3 billion yuan in building a self-controlled high-performance computing (HPC) center and collaborate with domestic chip manufacturers to create customized AI computing power solutions [1] - DeepSeek has established strategic partnerships with domestic chip companies such as Huawei Ascend and Cambricon, aiming to support high computing power demand scenarios like large model training and autonomous driving simulation [3] Group 2 - Industry experts indicate that DeepSeek's listing will accelerate the localization of AI computing infrastructure in China and is expected to capture over 35% of the domestic market share within the next 3-5 years [3]