[Western Securities Computer] Computing Power Leasing Update

English summary

1) Recent rumors of North American computing power investigations are an extension of the BIS policy from late May. No actual action in the short term; impact remains to be observed. 2) Supply: Overseas high-end computing power cards remain in tight supply. Some cards are mainly traded in historical inventory, and rental prices for major card types have increased compared with June. Domestic card rental prices have remained stable recently. 3) Demand: Overseas leading cloud vendors are focusing new investment on the latest high-end computing power, some renting/selling older computing power externally. Domestic major players and leading model companies still have strong demand for high-end computing power, with differences only in usage modes. 4) In recent years, the localization rate of computing power has continued to climb, but single-card and interconnection capabilities are still in the catching-up stage. The supply-demand mismatch for overseas high-end computing power is expected to persist. Related targets: Xiechuang Data, Hongjing Technology, Litong Electronics, Shengshi Technology, Saiyi Information, Xingyun Technology. Zheng Hongda, Xie Chen, Li Xiang, Wang Lang