Summary of Key Points from the Conference Call Industry Overview - The AI server market is expected to maintain strong growth in Q3 2025, with companies like Quanta, Wistron, and Hon Hai projecting triple-digit revenue growth for the year. [1][4] - The overall performance of the AI computing industry in Taiwan's stock market for the first half of 2025 was robust, with significant revenue increases for AI server manufacturers. [2] Company-Specific Insights - Quanta's AI server revenue share is projected to rise from 60% in Q1 to 70% in Q2, while Wistron's share is expected to increase to 50%-60%, and Inventec's to 30%-40%. [1][2] - Hon Hai's cloud network business showed strong growth compared to the same period last year. [1][2] Market Trends and Projections - The lithium battery business is expected to see a slowdown in demand in the second half of the year due to earlier-than-expected orders and currency impacts, with overall performance anticipated to remain flat or show slight growth. [5] - NVIDIA's GPU series is fully transitioning to liquid cooling, with significant market share in liquid cooling components for large cloud providers. [6] Component and Supply Chain Developments - The PCB industry is experiencing growth driven by smooth GPU supply, particularly from NVIDIA's new GPU shipments and traditional PC business. [7] - BMC shipments in the first half of the year were primarily driven by AI servers, with general servers also benefiting from AI applications. [8] Advanced Technology and Future Plans - TSMC is expected to see a transformation in its advanced packaging technology, with new facilities in the U.S. projected to begin construction in 2028. [3][9] - TSMC's AI chip business revenue is forecasted to double by 2025, with a compound annual growth rate of approximately 45% over the next five years. [3][9] Investment Recommendations - Recommended companies across various segments include: - AI Processors: Haiguang Information, Cambricon - Computing Rental: Xiechuang Data, Hongjing Technology, Youfang Technology, Yingfeng Environment - Server Systems: Industrial Fulian, Zhongke Shuguang, Inspur Information, Huqin Technology - Core Components: - PCB: Shenghong Technology, Hude Electronics - Optical Modules: Jinyisheng, Tianfu Communication, Zhongji Xuchuang - Cooling: Shuguang Shuchuang, Feirongda - Copper Connections: Huafeng Technology - CPU: Haiguang Information, Longxin Zhongke [10][11]

Group 1: Core Insights - The company, Moer Thread, has submitted its IPO application to the Sci-Tech Innovation Board, marking its entry into the capital market and revealing its growth trajectory and core competitiveness [1] - The latest prospectus showcases Moer Thread's technological accumulation and commercialization potential in the full-function GPU field, highlighting its all-stack technical barriers and impressive growth curve [1][2] Group 2: Technological Advantages - Moer Thread has built a comprehensive technical moat from chip to cluster, with its MUSA architecture supporting AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding [2][3] - The MUSA architecture signifies Moer Thread's technological maturity in the domestic full-function GPU sector, with its flagship AI product, MTT S5000, aiming to compete with NVIDIA's H100 in performance [3][4] Group 3: Market Performance - From 2022 to 2024, Moer Thread's revenue surged from 46.09 million to 438.46 million, achieving a compound annual growth rate (CAGR) of 208.44%, reflecting its strong market competitiveness [6] - Despite being in a loss-making position, the company has narrowed its net loss from -1,839.55 million in 2022 to -1,491.94 million in 2024, indicating a 19% reduction in losses [6] Group 4: Strategic Positioning - The company emphasizes strategic losses as a means to build competitive barriers, similar to Tesla's approach, where initial losses are viewed as investments in future market dominance [7][10] - Moer Thread's R&D investment efficiency has improved significantly, with revenue per unit of R&D expenditure increasing from 0.041 to 0.323, a rise of approximately 7.88 times [7] Group 5: Future Prospects - The company plans to raise 8 billion for R&D of three new-generation chips, targeting improvements in computing efficiency, AI computing capabilities, and the development of a self-controlled ecosystem [10] - Moer Thread's path indicates a potential transition from a technology investment phase to a value return phase, with expectations of reaching a J-curve inflection point for profitability [8][10] Group 6: Conclusion - Moer Thread is positioned to break through in the GPU sector, leveraging rapid architectural iterations and a robust patent portfolio to establish a technological moat [11] - The company aims to convert its technological advantages into commercial barriers, potentially leading to a new growth phase [11]

Group 1: Pharmaceutical and Biotechnology Industry - The pharmaceutical and biotechnology sector saw an overall increase of 3.64% from June 30 to July 4, outperforming the CSI 300 index by 2.1 percentage points [7] - The sector's year-to-date growth is 10.10%, ranking fourth among 31 industries, with a current PE valuation of 28.44 times, indicating a 127% premium over the CSI 300 [7] - Key sub-sectors that performed well include chemical pharmaceuticals, medical services, and biological products, with respective increases of 5.03%, 4.47%, and 4.40% [7] - The National Healthcare Security Administration and the National Health Commission have introduced measures to support the high-quality development of innovative drugs, emphasizing a full-chain support approach [8] - The approval of innovative drugs like Dize Pharmaceutical's Shuwotini in the U.S. highlights the international competitiveness of domestic innovative drugs [9] Group 2: Food and Beverage Industry - The food and beverage sector experienced a decline of 0.62%, underperforming the CSI 300 index by 0.92 percentage points, ranking 20th among 31 sectors [11] - The liquor segment, particularly Moutai, showed signs of stabilization with a price increase, while the overall industry is expected to undergo a clearing process due to macroeconomic pressures [12] - The snack segment is experiencing high growth, driven by consumer demand for healthier options and the rise of new retail channels [26] - The dairy sector is expected to improve as raw milk prices stabilize, leading to enhanced profitability for leading dairy companies [26] Group 3: Electronics Industry - The electronics sector is witnessing a mild recovery, with domestic GPU companies like Moer Thread and Muxi Technology receiving IPO approvals, indicating a capital market push for the domestic GPU industry [20] - The easing of EDA sales restrictions from the U.S. is expected to provide short-term relief, but long-term development of domestic EDA remains critical [23] - The sector's overall performance lagged behind the CSI 300 index, with a PE ratio of 52.63 times, indicating a need for cautious investment [24] Group 4: Consumer Goods Industry - The consumer goods sector is facing slow recovery, with traditional food and beverage demands under pressure, but structural opportunities are emerging in high-growth segments like snacks and beer [25] - The beer segment is expected to benefit from improved demand and cost reductions, with leading brands like Qingdao Beer and Yanjing Beer showing strong growth potential [26] - The dairy industry is poised for recovery as supply-demand dynamics improve, with a focus on profitability among leading companies [26] Group 5: Refrigeration Equipment Industry - The household refrigeration equipment market is entering a phase of competition driven by replacement demand, with leading companies leveraging supply chain advantages [28] - The potential for overseas expansion is significant, particularly in emerging markets, as domestic companies adapt to changing global trade policies [29] - The demand for specialized refrigeration solutions in data centers is increasing, necessitating enhanced design and operational capabilities [30]

Group 1: Cloud Intelligence Technology - Yunzhisheng officially listed on the Hong Kong Stock Exchange on June 30, 2025, with the stock code "9678," becoming the first AGI stock in Hong Kong [2][5] - The company launched its first large language model, UniCore, based on BERT, and later developed the Shanhai model with 60 billion parameters, achieving significant performance in various evaluations [3][4] - Yunzhisheng's revenue from 2022 to 2024 was 601 million, 727 million, and 939 million CNY, with a compound annual growth rate (CAGR) of 25% [4] Group 2: Ophthalmic Biotechnology - Bokan Shiyun officially listed on the Hong Kong Stock Exchange on July 3, 2025, with the stock code "2592" [6] - The company focuses on developing differentiated drugs for major eye diseases using proprietary technology platforms [6] - Bokan Shiyun's core product CBT-001 is undergoing Phase III clinical trials in the US and China, aiming to provide non-invasive treatment for pterygium [6][7] Group 3: GPU Technology - Moore Threads submitted its prospectus for the Sci-Tech Innovation Board on June 30, 2025, focusing on self-developed GPUs for high-performance computing [8][9] - The company has achieved significant breakthroughs in GPU technology, with products nearing international advanced levels [10] - Revenue from 2022 to 2024 was 46 million, 124 million, and 438 million CNY, with a CAGR exceeding 200% [11] Group 4: Healthcare Payment Solutions - Meixin Health submitted its prospectus for the Hong Kong Stock Exchange on June 30, 2025, becoming the largest multi-payment platform in China [14][15] - The company has saved patients approximately 6.7 billion CNY in out-of-pocket expenses by the end of 2024 [14] - Revenue from 2022 to 2024 was 1.069 billion, 1.255 billion, and 2.035 billion CNY, with a gross profit margin of 31.1%, 36.8%, and 35.8% respectively [16] Group 5: Industrial Robotics - Yifei Technology submitted its prospectus for the Hong Kong Stock Exchange on June 30, 2025, focusing on industrial robots for the light industry [19][20] - The company is ranked fifth among domestic suppliers of industrial robots and related solutions in China [20] - As of June 21, 2025, Yifei Technology has over 400 million CNY in hand orders [22] Group 6: AI in Medical Imaging - Deshi Biotechnology submitted its prospectus for the Hong Kong Stock Exchange on June 29, 2025, focusing on AI in medical imaging [42] - The company's iMedImageTM model supports 19 types of medical imaging modalities, covering over 90% of clinical scenarios [43] - Revenue for 2023 and 2024 was 52.84 million and 70.35 million CNY, with gross profit margins of 71.0% and 65.5% respectively [48] Group 7: Antibody-Drug Conjugates - BlissBio Inc. submitted its prospectus for the Hong Kong Stock Exchange on June 29, 2025, focusing on next-generation ADCs for cancer treatment [50][51] - The company has four ADC candidates in clinical stages, with BB-1701 being the leading candidate for treating HER2-positive breast cancer [51][53] Group 8: Integrated Elderly Care Services - Puxiang Health submitted its prospectus for the Hong Kong Stock Exchange on June 30, 2025, focusing on integrated medical and elderly care services [55] - The company is ranked second among integrated elderly care service providers in North China by revenue [56] - Revenue from 2022 to 2024 was 255 million, 422 million, and 500 million CNY [57]

Core Insights - The A-share IPO market experienced a "surge" in acceptance in the first half of 2025, with a total of 177 companies' applications accepted, surpassing the total for the entire year of 2024 [1] - The North Exchange emerged as the "main force," accounting for 65% of the total acceptance with 115 companies, followed by the Shenzhen and Shanghai markets [1] - A significant number of applications were submitted in June, with 150 new acceptances, representing 84.7% of the half-year total, indicating a "last-minute application" trend [1] Group 1: IPO Market Dynamics - The surge in IPO applications is closely linked to policy guidance, particularly the relaxed listing standards for unprofitable companies on the Sci-Tech Innovation Board [1][5] - Notable companies like the domestic GPU "unicorn" Moore Threads and Muxi Co. have chosen to apply under various standards that align with their development stages, supported by prominent investors [1][4] - The first half of 2025 saw 21 companies accepted on the Sci-Tech Innovation Board, with a significant increase in the proportion of unprofitable companies, highlighting their high R&D investment and growth potential [5] Group 2: Underwriting Landscape - The competitive landscape among underwriting institutions has shifted, with 37 institutions participating in the underwriting of 177 companies, led by Guotai Junan with 26 underwritings [2] - CITIC Securities followed with 22 underwritings, while other notable firms included CITIC Jianzhong and CICC, indicating a significant concentration of underwriting activity among the top firms [2] Group 3: Market Performance and Future Outlook - In the first half of 2025, the total number of A-share IPO projects reached 48, with a financing scale of 38 billion yuan, reflecting a year-on-year growth of 25.53% [4] - The market is expected to maintain an active trend in the second half of 2025, driven by ongoing reforms and an increase in acceptance reviews [8] - Analysts predict a focus on supporting hard technology and strategic emerging industries, as well as enhancing merger and acquisition services to promote industrial upgrades [8]

Core Insights - The 2025 Global Digital Economy Conference has commenced, showcasing Beijing's achievements in becoming a global digital economy benchmark city and establishing a "perpetual" conference model [6][7] - The conference features a "1+6+N" activity framework focusing on eight dimensions including technology, development, and citizen friendliness, with over 60 forums and activities scheduled [7] - Key themes include "digital-friendly cities" and the importance of data elements as the "core engine" of the digital economy, with a dedicated forum on accelerating data value release [7][8] Group 1: Conference Highlights - The conference aims to promote digital technology integration into urban life, creating a harmonious ecosystem between technology, people, cities, and ecology [7] - A record number of international guests, including 300+ attendees from 16 foreign delegations, will participate, enhancing global collaboration [7] - The event will introduce the "Global Digital Friendly Initiative" and the "Top Ten Benchmark Applications of Beijing's Digital Economy" [6][7] Group 2: Technological Innovations - The conference will feature a "Digital Economy Experience Center" showcasing 50 companies' technological solutions, providing immersive interactive experiences [6][8] - Innovations in various sectors such as digital finance, cybersecurity, and digital healthcare will be highlighted, with companies like Beijing Bank and OceanBase presenting their advancements [8] - The event will also focus on AI-driven security systems and the latest developments in cloud computing and database technologies [8] Group 3: International Cooperation - The conference includes an international exchange cooperation experience area, facilitating project promotion and demand matching between domestic and foreign entities [7][8] - A special focus on Southeast Asia will be part of the international cooperation forum, aiming to enhance industry interaction and project collaboration in the digital economy [7] - The conference is transitioning from an "industry exhibition" to a "global governance platform," with overseas venues promoting Beijing's digital transformation model [7]

Group 1 - The core viewpoint of the articles is that recent reforms by the China Securities Regulatory Commission (CSRC) are revitalizing the capital market, particularly for hard technology and unprofitable companies, by reintroducing listing standards that enhance inclusivity and adaptability [2][4][5] - The CSRC announced the reactivation of the fifth set of standards for the Sci-Tech Innovation Board (STAR Market) and the introduction of a third set of financial standards for the ChiNext board, aimed at supporting high-quality unprofitable tech companies to go public [2][3] - Market participants express renewed confidence in investing in previously overlooked sectors, with a consensus that the reintroduction of these rules sends a positive signal for the listing of hard tech and unprofitable companies in the A-share market [2][4] Group 2 - The first company to utilize the newly reintroduced fifth set of standards, He Yuan Biological, is set to have its IPO meeting on July 1, marking a significant milestone after a two-year hiatus [3] - Investment banks are actively adjusting their strategies to focus on emerging sectors, particularly in artificial intelligence, commercial aerospace, and low-altitude economy, as they anticipate a surge in IPO applications from tech companies that were previously hesitant [4][5] - The expansion of applicable standards is seen as a gradual process, with expectations that it will eventually encompass a broader range of emerging industries, thereby enhancing the growth trajectory of these companies [5][6] Group 3 - The reactivation of the fifth set of listing standards is viewed as a significant support for high-growth unprofitable tech companies, with expectations that it will improve exit channels and optimize the investment environment [8][9] - Investment firms are increasingly focusing on the market size, technological leadership, and future alignment of unprofitable companies with market demands as key criteria for evaluation [5][9] - The policy changes are expected to foster a positive ecosystem for investment in unprofitable tech companies, encouraging a new wave of listings and investments in innovative sectors [8][9]

Core Viewpoint - The company aims to establish 18 pilot city funds this year, focusing on industries that align with national strategies and technological revolutions, while actively promoting investment in scientific and technological innovation projects [1] Group 1: Investment Strategy - The company emphasizes a three-pronged approach: implementing national strategies, serving the real economy, and managing financial risks [1] - The company has begun exploring debt-to-equity swaps for investments in the technology sector since 2020, identifying technology innovation as one of its four key business areas in its 2022-2024 development plan [3][4] - The company has signed cooperation agreements with 18 pilot cities, with an intended fund scale exceeding 400 billion, and has established 10 pilot funds, investing in multiple projects [3] Group 2: Support for Technological Innovation - The company invested 100 million yuan in the domestic GPU leader, Moer Technology, through its subsidiary, marking the first peer fund in the self-managed blind pool category [2] - The expansion of the pilot program to 18 cities is seen as significant for enhancing support for technological innovation, leveraging the advantages of large state-owned commercial banks [2][3] - The company aims to provide comprehensive financial services to technology enterprises, covering various financial needs such as equity, loans, bonds, insurance, and leasing [3] Group 3: Research and Development - The company prioritizes research-driven investment strategies, focusing on specialized sectors such as information communication, advanced manufacturing, and agricultural technology [4] - A differentiated investment business system has been established based on the lifecycle of enterprises, enhancing project operation quality and risk management capabilities [4][5] Group 4: Fund Management and Collaboration - The company plans to accelerate the establishment of new fund projects and strengthen cooperation with pilot cities, optimizing mechanisms for resource allocation and risk management [6] - The company aims to build a diverse collaboration network with industry leaders and investment institutions to explore new investment opportunities [6][7] - A series of supportive policies have been implemented by the Agricultural Bank's headquarters to enhance the operational quality of the pilot investment business [7]

Core Viewpoint - The article discusses the current market situation of the NVIDIA RTX 5090 graphics card, focusing on its price, rental market, computing power, power consumption, performance, heat generation, and networking capabilities since its release in January 2025 [1]. Pricing - The initial expected price of the RTX 5090 was over 40,000 yuan, but it has dropped to just over 20,000 yuan within four months, with some brands listed as low as 23,000 yuan on platforms like JD.com. This price decline is attributed to concerns over chip overheating, rumors of performance bottlenecks in multi-card setups, initial high pricing by manufacturers, and the competitive appeal of the previous generation RTX 4090 [2]. Rental Market - The high initial price of the RTX 5090 (over 30,000 yuan) led to slow development in the rental market. It wasn't until May, when prices fell, that some data centers began to offer RTX 5090 models for rent. Currently, the investment payback period for an 8-card machine is approximately four years, which may be too long for AI companies given the rapidly changing demand for computing power [3][6]. Computing Power - The RTX 5090 excels in computing power, particularly in AI training and inference scenarios, with a single card achieving 419 TFLOPS and an 8-card machine reaching about 3.4 PFLOPS. A cluster of 300 RTX 5090 cards can form a computing cluster capable of trillions of floating-point operations, making it advantageous for large language model training and high-performance computing tasks [4]. Power Consumption - The RTX 5090 has a rated power consumption of 575W, with peak consumption reaching up to 900W. An 8-card machine consumes approximately 6kW, leading to monthly electricity costs of around 3,600 yuan based on a rate of 0.6 yuan per kWh. This high power consumption increases operational costs and necessitates robust cooling and power supply systems [7]. Performance - In AI inference scenarios, the RTX 5090 supports low-precision calculations (FP8 and FP4), significantly enhancing efficiency. It shows about a 50% faster inference speed compared to the previous generation RTX 4090. In gaming, it outperforms the 4090 at 4K resolution, but optimal performance requires targeted optimization, especially in low-precision inference [8]. Heat Generation - The RTX 5090 faces heat issues primarily related to the chip and power connectors, particularly the 12V-2x6 connectors. Although such overheating incidents are rare, they require attention. Solutions include limiting peak power through driver or BIOS settings, using liquid cooling or turbo fans, and employing original power cables to avoid compatibility issues [9][10]. Networking - Initial concerns about potential "lock card" issues or performance bottlenecks in multi-card setups have not been substantiated in practical tests. Actual tests showed no such problems, and many companies using the RTX 5090 reported stable performance in NVLink and PCIe networking, making it suitable for building high-performance AI clusters [11].

中国GPU行业 独立市场研究报告 二零二五年六月六日 www.frostchina.com 2 目录 | 1 全球及中国AI芯片行业发展概况 | -------------------------------- | 05 | | --- | --- | --- | | 1.1 全球及中国集成电路市场规模 | -------------------------------- | 05 | | 1.2 主流AI芯片的分类及产品对比 | -------------------------------- | 05 | | 1.3 AI芯片的产业概况及现状分析 | -------------------------------- | 07 | | 1.3.1 AI芯片产业链 | -------------------------------- | 07 | | 1.3.2 中国算力规模 | -------------------------------- | 08 | | 1.3.3 AI芯片规模及GPU在其中的份额分析 | -------------------------------- | 09 | | 2 中国G ...