On October 13, the GEM hashrate ETF Huaxia opened low, rising 1.69% as of midday trading, with a turnover of 271 million yuan. In terms of capital flow, we received 5.35 million yuan in capital depreciation yesterday, with a net subscription of 229 million yuan in the past 5 days and a net subscription of 746 million yuan in the past 10 days. BOC Securities believes that the signals from the industrial side have once again strengthened the logic of the two main lines. First, the Agent competition was fully rolled out and upgraded. Google's entry into the Workspace ecosystem and open scheduling with Claude marks a shift in enterprise-level agent competition from model ability to competition for ecology and work context, and the consumption of the Agent's “resident task” pattern on inference computing power is expected to increase further. Second, the performance of storage and foundry continues to exceed expectations, and price increases and performance verification from the top down of the industrial chain are still in progress. Continue to be optimistic about the overall opportunities in the semiconductor manufacturing chain driven by this round of AI. Huaxi Securities said that domestic computing power demand is still in a rapid growth channel. Smart devices and token consumption are the core amplifiers, and the gap between high-end computing power supply and demand is difficult to completely ease in the short term; the policy level is also continuing to strengthen domestic computing power to meet demand, and the trend of accelerated localization is clear. 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 October 13, the GEM hashrate ETF Huaxia opened low, rising 1.69% as of midday trading, with a turnover of 271 million yuan. In terms of capital flow, we received 5.35 million yuan in capital depreciation yesterday, with a net subscription of 229 million yuan in the past 5 days and a net subscription of 746 million yuan in the past 10 days. BOC Securities believes that the signals from the industrial side have once again strengthened the logic of the two main lines. First, the Agent competition was fully rolled out and upgraded. Google's entry into the Workspace ecosystem and open scheduling with Claude marks a shift in enterprise-level agent competition from model ability to competition for ecology and work context, and the consumption of the Agent's “resident task” pattern on inference computing power is expected to increase further. Second, the performance of storage and foundry continues to exceed expectations, and price increases and performance verification from the top down of the industrial chain are still in progress. Continue to be optimistic about the overall opportunities in the semiconductor manufacturing chain driven by this round of AI. Huaxi Securities said that domestic computing power demand is still in a rapid growth channel. Smart devices and token consumption are the core amplifiers, and the gap between high-end computing power supply and demand is difficult to completely ease in the short term; the policy level is also continuing to strengthen domestic computing power to meet demand, and the trend of accelerated localization is clear. 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.