On November 5, the GEM hashrate ETF Huaxia surged again, rising nearly 4% intraday and 1.66% as of midday trading, with a turnover of 294 million yuan. In terms of capital flow, net purchases of 104 million yuan were purchased in the past 20 days. Judging from the valuation, the rolling price-earnings ratio of GEM's computing power is 28.26 times, ranking 0.31% since the index was released. Bank of China International Securities said that model commercialization is being verified simultaneously with the capital expenditure of cloud vendors. Demand for computing power is still on the upward channel, and the high computing power boom continues. Anthropic is pushing for an IPO and SK Hynix to lock in both strong supply and demand, but Microsoft slightly lowered the annual capital expenditure guidelines and negative cash flows from overseas cloud vendors. Currently, they are in the “strong reality and weak expectations” stage. Pricing restrictions are mainly due to changes in expectations and position structures. Orient Securities believes that the performance upgrade of domestic AI models is driving a high increase in demand for domestic chips. The Kimi K3.1 Pro large model has excellent performance, and it is close to or at the level of the strongest closed source model in terms of code, agent, and knowledge benchmarks. As domestic AI models continue to be iterated, their performance may continue to approach the closed-source cutting-edge model, accelerate the increase in the penetration rate of domestic large models, and thus drive the growth in demand for domestic computing power chips. GEM Computing Power ETF Huaxia closely tracks the GEM Computing Power Infrastructure Index. The index focuses on the AI computing power infrastructure industry chain, and is a convenient tool to lay out the core links of computing power hardware with one click.

On November 5, the GEM hashrate ETF Huaxia surged again, rising nearly 4% intraday and 1.66% as of midday trading, with a turnover of 294 million yuan. In terms of capital flow, net purchases of 104 million yuan were purchased in the past 20 days. Judging from the valuation, the rolling price-earnings ratio of GEM's computing power is 28.26 times, ranking 0.31% since the index was released. Bank of China International Securities said that model commercialization is being verified simultaneously with the capital expenditure of cloud vendors. Demand for computing power is still on the upward channel, and the high computing power boom continues. Anthropic is pushing for an IPO and SK Hynix to lock in both strong supply and demand, but Microsoft slightly lowered the annual capital expenditure guidelines and negative cash flows from overseas cloud vendors. Currently, they are in the “strong reality and weak expectations” stage. Pricing restrictions are mainly due to changes in expectations and position structures. Orient Securities believes that the performance upgrade of domestic AI models is driving a high increase in demand for domestic chips. The Kimi K3.1 Pro large model has excellent performance, and it is close to or at the level of the strongest closed source model in terms of code, agent, and knowledge benchmarks. As domestic AI models continue to be iterated, their performance may continue to approach the closed-source cutting-edge model, accelerate the increase in the penetration rate of domestic large models, and thus drive the growth in demand for domestic computing power chips. GEM Computing Power ETF Huaxia closely tracks the GEM Computing Power Infrastructure Index. The index focuses on the AI computing power infrastructure industry chain, and is a convenient tool to lay out the core links of computing power hardware with one click.