Group 1 - Beijing plans to construct and operate a large-scale centralized data center system with over 1 GW power capacity in a 700-800 km orbit to support AI computing in space [1] - The data center system will consist of subsystems for space computing, relay transmission, and ground control, with construction divided into three phases from 2025 to 2035 [1] - East Wu Securities highlights that companies with comprehensive AI stack capabilities will benefit from the growing demand for computing power, indicating a robust market space for computing infrastructure [1] Group 2 - The Hong Kong stock market's semiconductor industry chain showed resilience, with the first ETF focused on the "Hong Kong chip" industry gaining 0.55% [2][4] - The ETF (159131) is composed of 70% hardware and 30% software, heavily investing in semiconductor, electronics, and computer software sectors, with significant weights in companies like SMIC and Xiaomi [4] - The ETF aims to capture the momentum of the AI hard technology sector in Hong Kong, excluding major internet companies for a sharper focus [4]