Hong Kong Stock Concept Tracking | Shanghai Major Release! These segments relating to AI computing power are receiving attention (with concept stocks)

The Zhitong Finance App learned that the computing power sector has ushered in favorable news. On the afternoon of August 11, the Shanghai Economic and Information Technology Commission issued the “Fifteenth Five-Year Plan for the Development of the Shanghai Software and Information Service Industry” (hereinafter referred to as the “Plan”), which mentions that by 2030, Shanghai's software and information services industry will become a “driving force” for economic growth, enabling AI applications to “main position” and participate in global competition, mainly to achieve the following goals: further expand the total scale of the industry. The scale of the industry strives to reach 4 trillion yuan, and the added value of the industry exceeds 1.1 trillion yuan.

Among them, the “Plan” is clear and accelerates the digital transformation of the intelligent computing cloud industry. Enrich the supply of diverse intelligent computing cloud services, guide high-quality cloud service providers to build lightweight, high-throughput AI inference platforms with “expert intelligence” to meet the intelligent implementation needs of massive industries. Promote the construction of a number of comprehensive intelligent computing public platforms integrating computational power scheduling, model incubation, and application adaptation. Support the transformation of cloud service providers to “computing power+development tools+model service providers”, and strengthen software engineering and integrated service capabilities integrating cloud network security. Improve the intelligent computing cloud industry ecosystem and create a number of benchmark application scenarios for vertical models around key areas such as finance, manufacturing, education, medical care, cultural tourism, and urban governance. Innovate market-based reforms of computing power factors, and continue to explore new investment methods such as computing power pricing and new investment models of “computing power resources+application scenarios”.

The “Plan” also proposes to implement a “10 million” intelligent computing cluster project. Form a tiered supply system with “big cluster+small cluster+edge computing power”, build 100,000 card scale hyperscale intelligent computing clusters in Songjiang, Lingang, Qingpu, etc., and build kilocals-level intelligent computing clusters in Baoshan, Pudong, Jiading, etc. Guide the transformation of traditional data centers and information communication computer rooms into 100-card edge intelligent computing centers to meet the ultra-low latency computing power needs of enterprises and individuals.

Along with the rapid development of large models of artificial intelligence, various intelligent applications continue to be implemented, and the overall demand for AI computing power in society has ushered in rapid growth.

At the same time, another piece of news also boosted the global computing power industry chain. On Monday afternoon local time, Nvidia announced that the company has established strategic cooperation with six Wall Street institutions, including Apollo Global Management, Blackstone Group, Blackfield Asset Management, Goldman Sachs, and KKR, to set up independent computing power financing platforms, with the goal of mobilizing more than 500 billion US dollars of third-party capital for AI infrastructure construction.

Good news about the domestic computing power industry continues. Recently, according to CCTV news reports, we learned from the National Development and Reform Commission that since this year, China's computing power base has been further consolidated, and the first 100,000-card artificial intelligence supercluster produced nationwide was officially put into operation a few days ago. It marks that China's computing power infrastructure construction has entered a new stage of 100,000 card level deployment. Multiple computing power nodes across the country have ushered in a new round of computing power expansion. At the core node of the National Supercomputing Internet in Zhengzhou, the first 100,000-card artificial intelligence supercluster produced nationwide was put into operation. Staff said that what is special about this place is that the combined computing power of scientific computing and intelligent computing makes a forward-looking layout for new computing needs that may arise in the future.

Also, recently, seven departments including the Shanghai Municipal Commission of Commerce issued the “Shanghai National Service Trade Innovation and Development Demonstration Zone Construction Plan”, which proposes to promote the expansion of overseas use of computing power and basic models, support the export of smart devices, multi-modal generation and other model products, and attract enterprises and institutions to set up artificial intelligence research and development centers, open source platforms, and cooperative laboratories. Promoting AI products and services overseas will not only help unleash domestic AI advantages, but also gain a voice in the global AI governance pattern. AI companies with internationalization capabilities are expected to usher in a policy dividend window.

Looking ahead to the future market, Guosheng Securities said that the capital expenditure of North American cloud service providers has not peaked and is expected to continue to rise in the future. With multi-modal large models, embodied intelligence, and the deep penetration of AI agents on the industrial side, demand for AI computing power is spreading from the “training side” to the “massive inference side”, and the demand slope is rising instead of falling.

Guohai Securities pointed out that overseas CSP and Neocloud vendors have gradually verified that large-scale computing power capital expenditure can be effectively converted into revenue and profit. Driven by agents, inference demand has the potential for long-term continuous growth. Coupled with the sharp rise in domestic high-end computing power server channel prices, it is expected that the tight supply and demand for AI computing power in China will increase, the medium- to long-term growth logic of the computing power leasing industry is more determined, and it has already entered a dividend period of performance release.

In terms of segmentation, CICC pointed out that the expansion of computing power combined with the transformation of electrification is driving a comprehensive upgrade of thermal management technology. The global cooling device market will have a compound growth rate of 59.8% from 2025 to 2027, of which the market space for data center cooling devices is expected to exceed 315.1 billion yuan in 2027.

Related concept stocks:

Qiniu Intelligence (02567): Thanks to the evolution of the AI Agent paradigm and the explosion in demand for model usage brought about by the rise of one-person companies, Qiniu Intelligence is undergoing a revaluation. The company's AI-related revenue reached 437 million yuan in 2025, further increasing its contribution to total revenue from 22.2% in the first half of the year; adjusted EBITDA and recorded a profit of 900,000 yuan, the first correction since listing, achieving a key transition from scale growth to profit realization. It is worth noting that the rise in AI revenue contributions not only confirms the strategic results of the company's transformation into a “MaaS scheduling hub”, but also shows that the company's core card position in the AI ecosystem is realizing value at an accelerated pace. As of December 31, 2025, the company has more than 1.8 million registered platform developer users, including more than 160,000 developer users who have launched the AI Big Model Service.

Huiju Technology (01729): China Merchants Securities released a research report stating that Huiju Technology (01729) is an important component of the Lixun system. It is expected to achieve high-quality growth. The automotive business will benefit from the successful acquisition of the Leoni Cable business, and is expected to rapidly leap into the world's leading automotive cable supplier. The medical equipment business is taking a long, heavy snow, and active layout of cutting-edge tracks. Combined with the Lixun system, the space for medium- to long-term growth can be expected. Considering the high demand in the data center and server market and Leoni's profitability is better than expected, the company's total revenue for 26/27/28 is estimated to be HK$207/274/34.1 billion, and net profit of HK$13.5/20.3/2.49 billion, corresponding to PE 27.7/18.5/15.0 times. Maintain a “Highly Recommended” rating.

Smart Spectrum (02513): On August 11, Zcode, the smart spectrum AI programming product, announced a full upgrade. Goals, Subagents, Remote Control, and idle tasks were officially launched, driving the Coding Agent from dialogue assistance to autonomous delivery of complex tasks. The number of zCode users has exceeded 1 million. To celebrate this milestone, the weekly limit for all GLM Coding Plan users was uniformly reset on the same day. Z.ai Code Bench, developed by Zhi Spectrum, shows that after GLM-5.2 is combined with zCode, the overall task pass rate is 2.39% higher than with Claude Code, and the advantages of zCode focus more on complex tasks requiring cross-file, cross-link collaboration, and final inspection. zCode also increased the effective limit of the GLM Coding Plan by about 30% through cache hit rate optimization, superimposing 1.5 times the quota activity before August 31, and the overall usage nearly doubled. This update shows that Smart Spectrum (02513) is speeding up the construction of an AI programming ecosystem with a “basic model+coding harness+ subscription service”.

Tianshu Zhixin (09903): Recently, the international investment bank Bank of America Securities (BofA) completed its first coverage of Tianshu Zhixin (09903), with a target price of HK$1,013. According to the report, Tianshu Zhixin is the leading domestic general computing GPU (GPGPU) manufacturer, and has two major product lines: Tianyu and Zhikai. Institutions are optimistic about the company's development mainly based on three core logics: first, under the domestic substitution trend, the company will fully benefit from domestic AI to accelerate the rapid expansion of the chip market; second, as new products are launched and continue to develop large terminal customers, the company's market share will steadily increase; and third, diversified supply chain layout can support continuous revenue growth.