Core Viewpoint - Huawei's computing concept is gaining traction in the market, with companies like Zhizhen Technology and Hengwei Technology reaching their daily limit up, driven by the upcoming World Artificial Intelligence Conference (WAIC) [1] Group 1: Market Activity - Huawei's computing concept stocks, including Zhizhen Technology and Hengwei Technology, saw significant price increases, with both reaching the daily limit up [1] - Other companies such as Qingyun Technology, Huayu Software, Youkede, Gaoxin Development, and Yakang Co. also experienced price increases, indicating a broader market interest in Huawei's technology [1] Group 2: Upcoming Events - The 2025 World Artificial Intelligence Conference (WAIC) is scheduled to take place from July 26 to July 29, which is expected to further boost interest in AI technologies [1] - Huawei will showcase its Ascend 384 super node hardware for the first time at this event, highlighting its advancements in high-speed interconnect technology [1]

Group 1 - A-shares indices opened higher on May 28, with the Computer ETF (159998) experiencing a slight decline of 0.47% and a trading volume exceeding 20 million yuan [1] - The Computer ETF (159998) has seen continuous capital inflow over the past 8 trading days, accumulating a net inflow of 112 million yuan, making it the top performer in its category [1] - The latest scale of the Computer ETF is 2.801 billion yuan, making it the largest computer ETF by on-market size [1] Group 2 - The Cloud Computing ETF (517390) has recorded net inflows on 4 out of the last 5 trading days, indicating strong investor interest [2] - The Computer ETF tracks the CSI Computer Index, which includes stocks from companies involved in information technology services, application software, system software, and computer hardware, with top holdings including Hikvision, iFlytek, Kingsoft Office, and others [2] - Huawei has launched the Ascend Super Node technology, which consists of 12 computing cabinets and 4 bus cabinets, achieving the industry's largest scale of 384-card high-speed bus interconnection [2] Group 3 - The AI sector is undergoing rapid evolution, shifting focus from model scale and benchmark performance to user experience and interaction innovation, leading to a new round of industry reshuffling [3] - Generative AI is transitioning from passive response to active execution of complex tasks, enhancing its practical application scenarios and commercialization potential [3] - Domestic AI computing power ecosystems, represented by Ascend, are improving through innovations in underlying architecture and tools, boosting the performance of related industries such as high-speed connectors and liquid cooling [3] Group 4 - As general reasoning capabilities advance, high-value applications in research and programming are expected to unlock first, benefiting software and internet sectors [3] - Hardware demand is anticipated to rise alongside advancements in multimodal technology, maintaining a positive outlook on investment opportunities in the AI computing power sector [3]

Market News - US stock indices collectively rose, with the Dow Jones up 740.58 points (1.78%), Nasdaq up 2.47%, and S&P 500 up 2.05%. Major tech stocks saw gains, with Tesla rising nearly 7% and Nvidia over 3%. Rocket Pharma's stock fell over 62% [1] - International gold prices dropped significantly, with spot gold falling 1.25% to $3300.46 per ounce, and COMEX gold futures down 1.27% to $3299.70 per ounce. International oil prices also weakened, with WTI crude down 0.75% to $61.07 per barrel and Brent crude down 0.56% to $63.76 per barrel [1] - European stock indices had mixed results, with Germany's DAX up 0.83% to 24226.49 points, France's CAC40 down 0.02% to 7826.79 points, and the UK's FTSE 100 up 0.69% to 8778.05 points [1] Industry Insights - The Ministry of Industry and Information Technology, National Development and Reform Commission, and National Bureau of Statistics issued a plan for the digital transformation of the electronic information manufacturing industry, aiming for over 85% CNC rate in key processes by 2027. The market size for digital transformation in China's manufacturing industry is expected to reach 1.55 trillion yuan in 2024 and 1.76 trillion yuan in 2025, with a steady growth rate of around 14% over the next five years [2] - Shanghai's Development and Reform Commission released a three-year action plan to accelerate the development of the rehabilitation assistive devices industry, encouraging investment and the inclusion of AI-enabled products in the high-quality development support range. The integration of exoskeleton therapy into medical insurance has reduced patient costs by over 60% [3] - Huawei launched the Ascend Supernode technology, which provides up to 300 PFLOPs of dense BF16 computing power, nearly double that of Nvidia's GB200 NVL72 system. This technology enhances GPU cluster efficiency and is expected to drive the domestic server industry growth [4][5]

Group 1: Flash Memory Market - TrendForce predicts a 10% quarter-on-quarter increase in NAND flash prices by Q3 2025, driven by AI demand and enterprise SSD growth [1] - Major NAND flash manufacturers, including Samsung and SK Hynix, have reduced production by 10%-15% in Q2 2023 to address oversupply [1] - The storage price trend shows a rebound in Q2 2023, with DRAM and NAND flash contract prices expected to rise by 3%-8% [1] Group 2: Star Flash Technology - Huawei's WATCH5 series will be the world's first smartwatch to support Star Flash technology, which is expected to disrupt the short-range wireless communication market [2] - Star Flash technology is projected to reach a global market size of over $6 billion by 2025, with a compound annual growth rate of 117.2% [2] Group 3: Nuclear Power Industry - The U.S. government plans to construct 10 large nuclear power plants by 2030 and quadruple nuclear power capacity by 2050, aiming to reform the nuclear energy sector [3] - Domestic projects related to nuclear fusion are accelerating, with significant achievements in high-temperature plasma research [3] Group 4: AI Computing Power - Huawei has launched the Ascend Super Node technology, which is the largest scale interconnection in the industry, enhancing AI computing capabilities [4] - The demand for computing power in North America is creating growth opportunities for the AI industry and related supply chains [4] Group 5: Humanoid Robots - The first global competition featuring humanoid robots took place in Hangzhou, marking a significant milestone for the robotics industry [5] - The humanoid robot sector is expected to accelerate development, with increased policy support and market participation from various industry players [5] Group 6: 5G Satellite Communication - The International Telecommunication Union has approved a detailed specification for 5G satellite radio interfaces, enhancing the integration of satellite and terrestrial communication systems [6] - The development of 5G non-terrestrial networks (NTN) is expected to enable seamless global coverage and low-latency communication [6]

Group 1: Semiconductor Industry Performance - The China Securities Semiconductor Industry Index rose over 1% today, with most constituent stocks increasing, including FuChuang Precision and ZhiChun Technology, which both rose over 7% [1] - The Semiconductor Industry ETF (159582) saw a mid-session increase of over 1%, with a premium in trading. Over the past year, the ETF has accumulated a growth of over 39% as of May 23 [1] - Haiguang Information, a major weight in the index, is currently suspended from trading due to a planned merger with Zhongke Shuguang, marking the first absorption merger under new restructuring regulations [1] Group 2: Policy and Investment Trends - The Ministry of Commerce issued a plan to support foreign investment projects in key sectors like integrated circuits and biomedicine within national economic and technological development zones [2] - Local governments are encouraged to support landmark foreign investment projects in these zones, aiming to accelerate their construction [2] - Dongwu Securities predicts a new round of "East Rising, West Falling" trading in A-shares, benefiting from liquidity overflow driven by a weak dollar, with a focus on technology growth sectors [2] Group 3: Technology Investment Insights - According to交银国际证券, despite policy uncertainties, investors should focus on technological developments, particularly in artificial intelligence, which is expected to be a key theme in the coming period [3] - The report suggests that as key companies complete product upgrades, market attention may shift back to infrastructure progress and application realization [3] - Investors are advised to monitor the domestic substitution process in the technology supply chain and potential improvements in demand in sectors like automotive and industrial [3] Group 4: ETF Investment Strategy - The Semiconductor Industry ETF (159582) selects 40 core companies across the semiconductor value chain, with significant weight in semiconductor equipment (50.2%) and digital chip design (16.33%) [4] - The ETF focuses on core areas of domestic substitution, benefiting from the demand for semiconductor equipment and AI computing chips, supported by national policies [4] - Since its base date, the ETF has achieved a cumulative growth of 213.51%, with an annualized return of 15.35%, significantly outperforming the ChiNext Index and CSI 300 [4] Group 5: Industry Chain Collaboration - The ETF covers the entire chain from design, manufacturing, packaging, to materials/equipment, mitigating risks associated with single-link cycle fluctuations [5]

Group 1 - The world's first humanoid robot fighting competition was held on May 25, showcasing four YuShu G1 humanoid robots demonstrating various fighting moves [1] - Huawei launched the largest super node technology in the industry, achieving high-speed interconnection with 384 cards, consisting of 12 computing cabinets and 4 bus cabinets [3] - Global AI security losses are projected to reach $23.5 billion by 2025, with a significant increase from $8.5 billion in 2023 to $14.3 billion in 2024, driven by a 93% mutation rate of AI-assisted attacks [4] Group 2 - Elon Musk announced his return to full-time work status due to critical technology releases at X, xAI, and Tesla, along with an upcoming Starship launch [4] - Experts in the U.S. stated that relocating iPhone production back to the U.S. is unrealistic, predicting that the cost of an iPhone produced in the U.S. could reach $3,500 [5] - Luo Yonghao's first live broadcast on Baidu's e-commerce platform attracted over 10 million viewers and generated over 50 million yuan in GMV [6] Group 3 - NIO reported that two of its vehicles were ignited by another brand's vehicle at a third-party charging station, with no injuries reported [6] - The U.S. Federal Trade Commission withdrew its lawsuit against Microsoft's acquisition of Activision Blizzard, indicating that the acquisition is likely to receive approval from major U.S. regulatory bodies [8] - Nintendo released a promotional video showcasing the design of the Switch 2 cartridge, which features a color change from black to red [10]

Company Developments - Huawei launched the Ascend Supernode technology at the Ascend AI Developer Summit, achieving high-speed interconnection with 384 cards, making it the largest supernode in the industry [6] - Zhongke Shuguang and Haiguang Information announced a strategic restructuring, marking the first absorption merger transaction following the revision of the "Management Measures for Major Asset Restructuring of Listed Companies" on May 16 [6] - Bangyan Technology decided to terminate the issuance of shares and cash for asset acquisition due to a lack of consensus among related parties, prioritizing the interests of the company and all shareholders [6] Investment News - The Hong Kong government reported that new stock fundraising exceeded HKD 76 billion this year, more than seven times the amount from the same period last year, reaching nearly 90% of last year's total [3] - CITIC Securities noted that the recent surge in A-share companies going public in Hong Kong is driven by outbound strategies, regulatory conveniences, and improved liquidity in the Hong Kong market, suggesting a potential shift in pricing power for core assets [3] - Over 130 A-share companies have received foreign institutional research in May, with companies in electronics, integrated circuits, industrial machinery, and pharmaceuticals being particularly favored [3] Market Dynamics - Several state-owned enterprises, including State Grid and China Huaneng, held collective performance briefings to promote company value, indicating a shift from policy advocacy to substantive implementation of market value management [4] - Sixteen fund companies, including E Fund and Huaxia, announced the issuance of floating-rate fund products, set to begin on May 27, with most products closing for subscription in mid-June [4] - Three new stocks are available for subscription this week, with Youyou Green Energy's offering price at CNY 89.60 per share, making it the second-highest IPO price in A-shares this year [5]

Group 1 - Huawei officially launched the Ascend Super Node technology, consisting of 12 computing cabinets and 4 bus cabinets, achieving the industry's largest scale with 384 high-speed bus interconnections [1] - Tencent is set to release its first multimodal model, Hunyuan-O, aiming to compete directly with DeepSeek and ByteDance's Doubao, with the Hunyuan-Voice model expected to go live in June [1][2] - Baidu's multi-agent collaboration app, Xinxiang, has officially launched its iOS version, expanding its availability across both Android and iOS platforms, with plans to increase task types to over 100,000 [1][3] Group 2 - Zhiyuan Robotics announced the launch of its Lingxi X2 robot, with plans for large-scale shipments expected in the second half of 2025, targeting thousands of units by the end of 2026 [1]

Group 1 - Chinese Premier Li Qiang attended a meeting with Chinese enterprises in Indonesia, highlighting the challenges posed by fragmented supply chains and increasing trade barriers, while emphasizing the resilience of China's foreign trade [3] - The Chinese government is implementing proactive fiscal policies and moderate monetary policies to support economic recovery, with plans to introduce new policy tools as needed [3] Group 2 - The State Administration for Market Regulation has drafted a guideline for the compliance of charging behaviors on online trading platforms, aiming to ensure fair pricing and transparency in fee structures [4] - The guideline addresses eight unreasonable charging behaviors, including duplicate charges and fees without services [4] Group 3 - Guangzhou is set to introduce measures to support the development of the gaming and esports industry, focusing on project-driven initiatives and technological empowerment [5] - The support will cover various aspects of the industry, including game development, operations, and esports events, with incentives for investment and tax benefits [5] Group 4 - Huawai launched the Ascend Super Node technology, which connects 384 cards via a high-speed bus, marking a significant advancement in AI computing capabilities [11] - This technology is expected to revolutionize the AI field and enhance computational efficiency [12] Group 5 - A consortium led by Taikang Investment and Tencent has acquired 48 Wanda Plaza properties across major cities, indicating a strategic expansion in the real estate sector [13] - This acquisition is expected to have a significant impact on the commercial real estate market in cities like Guangzhou and Chengdu [13] Group 6 - Haiguang Information plans to absorb and merge with Zhongke Shuguang, marking the first merger under the new regulations for major asset restructuring [14] - This merger is anticipated to influence the future development of both companies and serve as a reference for other listed companies [15] Group 7 - The C919 aircraft has commenced regular flights on the Shanghai-Xiamen route, showcasing China's advancements in civil aviation technology [17] - This development is expected to increase the market share of domestic aircraft and strengthen China's position in the aviation industry [17] Group 8 - Luo Yonghao's debut on Baidu's e-commerce platform achieved over 50 million yuan in GMV, reflecting the potential of digital influencer marketing in the e-commerce sector [18] - The rapid growth in digital influencer live streaming indicates a significant trend in the smart e-commerce landscape [18] Group 9 - NIO responded to reports of vehicle fires at a charging station, clarifying that the incident was caused by another brand's vehicle and that no injuries were reported [19] - The company is committed to assisting affected users with insurance claims and vehicle repurchase matters [19] Group 10 - Brokerage firms have reduced client margin interest rates to 0.05%, aligning with the current trend of declining market interest rates [20] - This adjustment reflects the broader economic environment and may prompt further actions from other brokerage firms [20]