[Guojin Computer] Compute Leasing Expectation Gap Increasingly Significant, Demand Explodes, Performance Delivers, Overall Prosperity Continues to Rise

English summary

#The sector has been wrongly sold off, and BIS-related impact is overestimated by the market. Recently, the compute leasing sector has adjusted due to BIS-related news, but we believe the market reaction is excessive: 1) Demand is exploding, and the supply capability of high-performance computing will become increasingly valuable; 2) Q2 results have verified that compute leasing companies have entered a phase of accelerating profit delivery, with Lited Electronic, Zhiwei Intelligent, Xingyun Technology, and Xieda Data all achieving explosive profit growth in Q2 earnings forecasts; 3) Business involves multiple layers of relationships such as operating entities, deployment regions, and downstream customers, making actual identification and enforcement difficult, and BIS may not have a material impact. #Domestic computing power focal point: domestic model commercialization enters exponential growth stage. We have repeatedly emphasized that the focal point of this round of domestic computing power market is that domestic model capabilities have crossed the threshold of usability. Domestic models represented by Zhipu have continuously improved Coding and Agent capabilities, with Token call volume and ARR entering an exponential growth stage, driving continued acceleration in computing power demand.…