The computing power leasing concept rebounded after fluctuations, with Wangsu Science & Technology rising nearly 15%.
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The concept of computing power leasing continues to rise, with multiple stocks, including YunSai Zhilian, hitting the daily limit.
According to Mars Finance, the computing power leasing concept continues to rise, with YunSai Intelligent Link and DataPort hitting the daily limit. Previously, Wangsu Science & Technology, Hengwei Technology, Nanxing Shares, and 263 had also hit the daily limit, while Sangfor Technologies and Feilixin both rose by more than 14%. (Cailian Press)
The concept of computing power leasing surged, with Hongjing Technology rising over 10%.
Mars Finance reported on June 30th that the computing power leasing concept saw a rapid surge, with Hongjing Technology rising over 10%, Runjian Shares nearing its daily limit, and Dawei Technology, Tongniu Information, Shoudu Online, Wangsu Science & Technology, Litong Electronics, and UCloud following suit. On the news front, the State Council executive meeting held on June 29th emphasized the need to accelerate breakthroughs in artificial intelligence innovation, expedite key technology research and development and the construction of ultra-large-scale intelligent computing clusters, and strengthen the supply of high-quality data. (Science and Technology Treasure Broadcast)
The concept of computing power leasing surged again, with Runjian Co., Ltd. hitting the daily limit for the second consecutive day.
Mars Finance reports that the computing power leasing concept stocks surged again in the afternoon, with Runjian Shares hitting its second consecutive daily limit, and Zhizhen Technology also hitting its daily limit. Previously, Langyuan Shares and Feilixin had both hit their 20% daily limit, while Guanghuan New Network, Zhongfutong, and Runze Technology all rose by more than 10%. (Cailian Press)
The concept of computing power leasing has been repeatedly active, with Feilixin hitting the 20cm daily limit.
Mars Finance reports that the computing power leasing concept has been repeatedly active, with Feilixin hitting its 20cm daily limit, and Xuanji Information, Zhongfutong, Zhongchuang Environmental Protection, Huafu Fashion, and Maixinlin following suit. In related news, DeepSeek sent an email to developers notifying them that the price of DeepSeek v4 pro/flash models doubled during peak periods (September 12th/14th-18th), with v4 pro output reaching up to 12 yuan per million tokens. (Cailian Press)
Galaxy Securities: We recommend focusing on leading computing power leasing companies.
According to Mars Finance, Galaxy Securities points out that with the explosive growth in demand for AI inference computing power, the token factory business model is accelerating. Compared with traditional computing power leasing, token factories place greater emphasis on binding with downstream large-scale model inference needs. Pricing is gradually shifting from "computing power resources and duration" to "token output and unit cost." Upstream computing infrastructure can participate more in the value distribution of downstream model manufacturers, strengthening the bargaining power of the upstream computing infrastructure segment and sharing the dividends of the token economy era. Galaxy Securities believes that computing power leasing companies are currently exploring the "token factory" cooperation model with large model manufacturers, which will gradually evolve from the underlying "selling resources" model of computing power leasing to a "selling output" model. Computing power leasing companies will provide MaaS services and share the dividends of the token boom by adopting a token revenue-sharing profit model. This is expected to improve the profit margin of computing power leasing companies, and the valuation center is expected to further increase. It is recommended to pay attention to leading computing power leasing companies.
CITIC Securities: Significant fluctuations will not alter the AI supercycle; emphasize the importance of domestic computing power as a "Plan B".
According to Mars Finance, CITIC Securities points out that news of Meta's plan to lease out some of its computing power has once again triggered market concerns about computing power oversupply. This, coupled with concerns about cloud vendors' cash flow pressures, the continued rise in upstream prices, the slowdown in Capex growth, and overcrowding in AI transactions in recent months, is the main reason for the significant volatility in tech stocks. In the short term, Meta's move is primarily aimed at revitalizing its existing, outdated computing power assets. Considering its continued development of advanced models and investment in next-generation computing hardware, leasing out computing power is not contradictory to further increasing its investment in computing power. Furthermore, since computing power rental fees have continued to rise recently, concerns about computing power oversupply are unfounded. This round of tech stock adjustments is more of a deleveraging and rebalancing process in the recent global liquidity tightening environment, rather than a reversal of the AI industry trend. For the medium to long term, it is crucial to pay close attention to whether the next few months will see a similar breakthrough in AI capabilities as seen with OpenClaw and Coding Agent at the beginning of the year. In addition, it has been observed that after overseas AI assets entered a phase of high crowding, high correlation, and high volatility, international funds are beginning to seek differentiated sources of return. Domestic computing power with differentiated value, dubbed "Plan B," remains resilient and is expected to attract foreign investment. With the earnings season approaching, we recommend focusing on sub-sectors with high earnings certainty and reasonable valuations: In terms of growth prospects, we recommend domestic FAB (Featured Adhesives and Materials) and equipment sectors with positive narratives, as well as the optical communication sector with relatively low valuations; in the price increase chain, segments with high AI exposure and those that have already experienced price increases have a higher probability of realizing their earnings gains, such as memory and upstream PCB industries. (Cailian Press)