On September 29, the GEM hashrate ETF Huaxia bottomed out and rebounded, surging 1.65%, with a turnover of 252 million yuan. In terms of capital flow, it has been receiving net subscriptions for 6 consecutive days, with the latest scale of 777 million yuan. According to the news, recent price increases in the PCB industry chain are being fully transmitted downstream: Jiangxi Hongruixing Technology announced a 10% increase in the factory price of copper-clad panels; glass fiber leader China Jushi raised the prices of thick and thin electronic cloth by 15% and 20% respectively in September; and some products of Jiantao Group increased by 10% to 20%. The cost transmission mechanism for upstream raw materials and midstream copper-clad plates to downstream PCBs has been set up. Downstream PCB manufacturers have initiated re-quotations one after another. Demand for high-end tracks such as high-end HDI and IC carrier boards continues to increase, and the delivery period for BT carrier materials has been extended to 16 to 20 weeks. CICC believes that large model parameter scale, long context, and parallel strategies are driving inter-card communication requirements. AI infrastructure bottlenecks are shifting from single-chip computing power to interconnection efficiency, resource scheduling, and system collaboration. Supernodes are expected to become an important organizational method for AI computing power, driving switching chips, optical interconnection, liquid cooling, and high-power power power supplies to usher in demand expansion and technology upgrades. Northeast Securities pointed out that the hard constraints on supply-side high-end production capacity will continue to widen the gap between supply and demand. AI computing power infrastructure is driving a sharp rise in the volume and price of high-end copper-clad panels. The price increase cycle has spread from high-end to general products. The price increase cycle will continue until at least 2027, and PCBs are shifting from traditional carrying platforms to core interconnection media. 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 September 29, the GEM hashrate ETF Huaxia bottomed out and rebounded, surging 1.65%, with a turnover of 252 million yuan. In terms of capital flow, it has been receiving net subscriptions for 6 consecutive days, with the latest scale of 777 million yuan. According to the news, recent price increases in the PCB industry chain are being fully transmitted downstream: Jiangxi Hongruixing Technology announced a 10% increase in the factory price of copper-clad panels; glass fiber leader China Jushi raised the prices of thick and thin electronic cloth by 15% and 20% respectively in September; and some products of Jiantao Group increased by 10% to 20%. The cost transmission mechanism for upstream raw materials and midstream copper-clad plates to downstream PCBs has been set up. Downstream PCB manufacturers have initiated re-quotations one after another. Demand for high-end tracks such as high-end HDI and IC carrier boards continues to increase, and the delivery period for BT carrier materials has been extended to 16 to 20 weeks. CICC believes that large model parameter scale, long context, and parallel strategies are driving inter-card communication requirements. AI infrastructure bottlenecks are shifting from single-chip computing power to interconnection efficiency, resource scheduling, and system collaboration. Supernodes are expected to become an important organizational method for AI computing power, driving switching chips, optical interconnection, liquid cooling, and high-power power power supplies to usher in demand expansion and technology upgrades. Northeast Securities pointed out that the hard constraints on supply-side high-end production capacity will continue to widen the gap between supply and demand. AI computing power infrastructure is driving a sharp rise in the volume and price of high-end copper-clad panels. The price increase cycle has spread from high-end to general products. The price increase cycle will continue until at least 2027, and PCBs are shifting from traditional carrying platforms to core interconnection media. 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.