算力软硬件投资和用户仍快速增长，业绩和市值预期向好

Summary of Conference Call Records Industry Overview - The conference call discusses the rapid growth in the computing power hardware and software sector, particularly focusing on companies like Zhongji Xuchuang and other optical module manufacturers, which are experiencing strong growth in technology iteration, user numbers, and CAPEX spending. The valuation levels of these companies are between 15 to 20 times, indicating they are undervalued in a high-quality sector with investment potential [1][2]. Key Insights and Arguments - The global AI server market is booming, with total shipments expected to reach 1.81 million units by 2025, representing a year-on-year growth of 26.3%. High-end AI servers equipped with HBM are projected to exceed one million units, with a growth rate of over 40% [1][5]. - NVIDIA is set to launch the Fusion version of its Nvlink technology in 2025, which will allow seamless connections between third-party CPUs/XPUs and its AI TPUs. This innovation is expected to drive increased investments from cloud vendors and smart hardware sectors, significantly boosting the shipment volumes of A72 and 910B chips [1][9]. - AI inference demand is surging, with Google’s monthly inference volume reaching 480 trillion times in April 2025, a staggering increase of 50 times compared to the previous year. This volume is now six times that of Microsoft and ChatGPT combined, indicating a massive demand for large model software and a spike in TOKEN consumption [1][10]. - ChatGPT has seen continuous growth since its launch in 2023, reaching 620 million monthly active users by May 2023, with a monthly growth rate of 13.59%. This surpasses the user base of traditional social media platforms like X (formerly Twitter) [1][11][13]. Emerging Trends - The computing power sector is witnessing no significant shortcomings, with rapid growth across various dimensions. Companies like Huawei are deploying intelligent computing centers on a large scale, while supporting manufacturers such as Wolong Nuclear Materials are also experiencing rapid growth [3]. - Domestic operators are primarily focusing on domestic computing power configurations, with domestic GPU accounting for 67% in recent procurement by China Mobile and China Telecom. This trend presents significant investment opportunities for domestic suppliers [3][15]. Investment Recommendations - It is recommended to focus on companies with high performance elasticity in the domestic computing power supply chain, such as Huafeng Technology, Shenling Environment, and Yingwei Technology. Second-tier companies like Yuanjie Technology and Guochuang Technology are also suggested for consideration [3][14]. - For conservative investors, companies like Zhongji Xuchuang and Xinyi Sheng are recommended due to their stable performance, albeit with lower elasticity. The context of the US-China technology competition highlights the importance of investing in domestic computing power sectors [14]. Additional Important Points - The overseas market is seeing significant developments, including increased orders for GB200 and GB300 cabinets from North American clients and Meta's acquisition of a 49% stake in Skill AI for $14.3 billion [6]. - The market for ASIC chips is expected to grow significantly, with companies like Broadcom predicting a market share increase from 55%-60% to 20% by 2028 [6][7][8].