格隆汇1月13日丨优刻得(688158.SH)在投资者互动平台表示，脑虎科技既是公司的客户，也是公司多年 来共同成长的战略合作伙伴。自2022年起，优刻得与脑虎科技就建立了战略合作关系，共同推进脑电数 据的云端化处理。2023年，优刻得与脑虎科技、复旦大学附属华山医院共同入选上海市未来产业脑机接 口专家委员会成员单位，充分发挥在云计算、大数据、人工智能领域的先进优势，共同探索脑机接口技 术在医疗康复领域的应用。2024年以来，优刻得与脑虎科技进一步深化合作，共同参与了上海市脑机接 口领域的重大科研项目申报。双方联手研发"植入式言语合成脑机接口产品"，旨在帮助失语患者恢复部 分语言功能。目前，借助优刻得的高性能算力与可靠的数据存储能力，脑虎科技已成功搭建了GPU算力 平台和语料数据管理系统。 云计算是AI时代重要的基础设施，作为国内领先的中立第三方云计算服务 商，优刻得一方面将智能算力高效、精准地提供给千行百业的企业客户，另一方面充分发挥自身算力运 营优势和技术研发能力，与部分前沿行业的重点客户开展多维度合作，共同探索AI应用场景和商业闭 环路径，努力推动AI解决实际问题、创造经济价值。 ...

Group 1 - The A-share market saw a strong performance in brain-computer interface concept stocks, with several companies approaching or hitting their daily limit up [1] - Notable gainers included Entropy Technology, which approached a 20% limit up, and Dao's Technology and Yingkang Life, both rising over 13% [1] - Other significant performers included Tom Cat, which increased by over 10%, and Yanshan Technology, which hit a 10% limit up [1] Group 2 - The table lists various companies with their respective stock codes, percentage increase, total market capitalization, and year-to-date performance [2] - Entropy Technology (301330) had a 19.40% increase, with a market cap of 11.7 billion and a year-to-date increase of 50.11% [2] - Dao's Technology (300409) rose by 13.91%, with a market cap of 25.9 billion and a year-to-date increase of 47.49% [2] - Yingkang Life (300143) increased by 13.01%, with a market cap of 10 billion and a year-to-date increase of 35.43% [2] - Other companies like Tom Cat (300459) and Yanshan Technology (002195) also showed significant gains, with year-to-date increases of 29.63% and 60.65% respectively [2]

Core Viewpoint - The A-share market has seen a strong performance in brain-computer interface concept stocks, with several companies approaching or hitting their daily price limits [1] Group 1: Stock Performance - Entropy Technology (熵基科技) approached a 20% daily limit increase, with a rise of 19.40% and a market capitalization of 11.7 billion [2] - Dao's Technology (道氏技术) increased by 13.91%, reaching a market cap of 25.9 billion [2] - Yingkang Life (盈康生命) rose by 13.01%, with a market cap of 10 billion [2] - Tom Cat (汤姆猫) saw a 10.19% increase, with a market cap of 20.9 billion [2] - Rock Mountain Technology (岩山科技) hit a 10% daily limit increase, with a market cap of 64.6 billion [2] - Three Seven Entertainment (三七互娱) approached a 10% daily limit increase, with a rise of 9.97% and a market cap of 66.4 billion [2] - Other notable performers include Aipeng Medical (爱朋医疗) at 9.99%, Lens Technology (蓝思科技) at 9.80%, and Nanjing Panda (南京熊猫) at 9.33% [2] Group 2: Year-to-Date Performance - Entropy Technology has a year-to-date increase of 50.11% [2] - Dao's Technology has risen 47.49% year-to-date [2] - Yingkang Life has a year-to-date increase of 35.43% [2] - Tom Cat has increased by 29.63% year-to-date [2] - Rock Mountain Technology has a significant year-to-date increase of 60.65% [2] - Aipeng Medical has a year-to-date increase of 54.31% [2] - Nanjing Panda has a remarkable year-to-date increase of 63.01% [2] - Other companies like Innovation Medical (创新医疗) and Keda Xunfei (科大讯飞) have year-to-date increases of 74.01% and 19.29%, respectively [2]

Core Insights - The Chinese computing power industry is experiencing rapid growth in capital operations, highlighted by significant IPOs and market enthusiasm for domestic semiconductor companies [1][2] - The focus of competition in the domestic computing power sector is shifting from hardware specifications to system stability, software ecosystem usability, and cost-effectiveness [3][4] Capital Market Activity - TianShuZhiXin Semiconductor Co., Ltd. went public on January 8, 2026, with over 400 times subscription, indicating strong market interest [1] - Other domestic GPU companies, such as MoEr Thread and MuXi Co., saw their stock prices surge on their debut, with MoEr Thread's market cap exceeding 305.5 billion yuan and MuXi's reaching 330 billion yuan [1] - ChangXin Technology submitted its IPO application on December 30, 2025, reporting revenue of 32.084 billion yuan for the first three quarters of 2025, showcasing the scale of domestic DRAM production [1] Technological Developments - The "Ten Thousand Card Cluster" concept is becoming a benchmark for evaluating domestic computing power, but it also presents challenges in reliability as system scale increases [3][4] - The introduction of the scaleX Ten Thousand Card Super Cluster by ZhongKe Shuguang, featuring 10,240 AI accelerator cards, represents a significant advancement in system architecture [3][4] - The need for high-quality, low-latency data transmission networks is critical for supercomputing, with domestic products now matching international standards [5][6] Storage Solutions - ChangXin Technology and ChangChun Group are positioned in the core areas of DRAM and NAND Flash, respectively, with ChangXin reporting a compound annual growth rate of over 70% in revenue from 2022 to 2024 [6][7] - The introduction of advanced technologies like Xtacking in NAND Flash production by ChangChun Group marks a significant technological breakthrough [7] Software Ecosystem - The transition to a robust software ecosystem is complex, with developers facing high costs in switching from established platforms like NVIDIA's CUDA [10][11] - MoEr Thread is addressing this by launching the MTT AIBOOK, which includes development tools to facilitate easier adoption of its platform [10] - Cloud service providers are playing a crucial role in integrating various hardware brands to create a unified software environment, addressing compatibility issues [11][12] Market Dynamics - The industry is witnessing a shift towards collaborative ecosystems, with companies recognizing the need for specialization rather than attempting to cover the entire supply chain independently [9][12] - The emergence of customized products from companies like Haiguang is aimed at meeting the specific needs of large enterprises, reflecting a trend towards more open architectures [15] Future Outlook - The domestic computing power industry is expected to face challenges related to global supply chain fluctuations, particularly in DRAM and NAND supply [13] - The successful integration of domestic computing solutions in high-stakes environments, such as the National High Energy Physics Data Center, indicates growing confidence in local technologies [14] - The potential easing of export restrictions on NVIDIA's H200 chip could impact the domestic ecosystem, but the established supply chain and customer preferences for security are likely to mitigate risks [17]

Core Viewpoint - The stock of UCloud has shown a significant increase in price and trading volume, indicating positive market sentiment and potential growth in the cloud computing sector [1][2]. Group 1: Stock Performance - As of January 9, UCloud's stock price rose by 2.04% to 30.04 CNY per share, with a trading volume of 3.12 billion CNY and a market capitalization of 137.07 billion CNY [1]. - Year-to-date, UCloud's stock has increased by 6.94%, with a 24.29% rise over the past 20 days and a 23.47% increase over the past 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, UCloud reported a revenue of 1.227 billion CNY, reflecting a year-on-year growth of 12.17%, while the net profit attributable to shareholders was -83.43 million CNY, showing a significant increase of 49.53% compared to the previous year [2]. Group 3: Shareholder Information - As of December 31, UCloud had 39,300 shareholders, an increase of 8.67% from the previous period, with an average of 10,312 circulating shares per shareholder, which decreased by 7.98% [2]. - The top ten circulating shareholders include notable funds, with the 博时上证科创板人工智能ETF increasing its holdings by 601,400 shares, while the 广发上证科创板人工智能ETF entered the list as a new shareholder [3].

Core Insights - The cloud computing industry in China is experiencing rapid growth, with the market expected to reach 828.8 billion yuan by 2024, driven by the digital transformation of traditional industries and the support of digital infrastructure [2][4] - UCloud, the first cloud computing company listed on China's Science and Technology Innovation Board, is positioning itself to serve the needs of Chinese enterprises going global in a competitive market [3][4] Industry Overview - Cloud computing is categorized into three types: public cloud, private cloud, and hybrid cloud, with public cloud services accounting for nearly 70% of the market [4] - UCloud primarily focuses on public cloud services while also offering private and hybrid cloud solutions, emphasizing a neutral stance to avoid competition with clients [4][5] UCloud's Global Strategy - UCloud has established itself as a pioneer in providing cloud services for Chinese enterprises going global, launching its first overseas data center in Los Angeles in 2014 [5][6] - By 2025, UCloud aims to cover 22 regions with 30 available zones, aligning its expansion with the global needs of Chinese companies [9][10] Market Demand and Challenges - The demand for cloud services among Chinese enterprises overseas is increasing, with UCloud's overseas revenue projected to reach 266 million yuan in 2024, more than double that of 2018 [6] - Despite the growing demand, there is a mismatch between the needs of Chinese enterprises and the supply of local cloud services, highlighting significant growth potential in the industry [6] Market Entry Strategies - UCloud emphasizes the importance of market research to identify high-potential markets for expansion, focusing on emerging markets like Vietnam and Thailand where digital transformation is accelerating [11][19] - Collaborating with local partners is crucial for UCloud to understand market demands and navigate regulatory environments effectively [12][20] Commitment to Sustainability - UCloud is integrating green development strategies into its operations, with a focus on reducing energy consumption and carbon emissions in its data centers [13][15] - The company has achieved an 80% green energy usage rate at its Ulanqab data center, leveraging local renewable energy resources [14] Innovation and R&D - UCloud prioritizes research and development, maintaining a R&D expense ratio of over 12% of revenue in 2024, which supports its technological advancements [15][18] - The company has adopted a CBA (Cloud Computing, Big Data, AI) strategy to enhance its service offerings and adapt to emerging technologies [18] Summary of Globalization Experience - UCloud's globalization strategy is centered around following customer demand and focusing on high-potential markets, while also emphasizing local partnerships and community integration [19][20] - The company recognizes the importance of green development as a competitive advantage, aligning its operations with global sustainability trends [20]

Group 1 - The core point of the article is that the company Youke De has stated that by December 31, 2025, the number of its shareholders is expected to reach 39,320 households [1]

Group 1: Government Initiatives and Innovations - The government report highlights the launch of the world's first Beidou high-precision chip and the fastest magnetic levitation technology, showcasing advancements in various fields [1] - The report emphasizes the establishment of "Wan Zhao Pioneer" cities, aiming to enhance high-performance computing capacity by over 2500P, which is crucial for future industrial ecosystems [5] - The construction of facilities like the magnetic confinement deuterium-deuterium fusion neutron source is accelerated, representing a significant step towards sustainable energy solutions [8] Group 2: Smart Manufacturing and Industry Leadership - Two companies, Wuhan Changfei Optical Fiber and Cable Co., Ltd. and Wuhan BOE Optoelectronics Technology Co., Ltd., have been recognized as the first batch of national leading smart factories, marking Wuhan's leadership in intelligent manufacturing [4] - The concept of "root technology, root enterprises, and root industries" is introduced, focusing on fostering innovation and long-term growth within the local ecosystem [10] - The establishment of "Silicon Alleys" aims to create innovation clusters that facilitate the transformation of technological achievements into market applications, enhancing the local entrepreneurial environment [9] Group 3: Future Technologies and Research - The government report outlines a strategic focus on emerging industries such as embodied intelligence, future displays, 6G, synthetic biology, quantum technology, brain-machine interfaces, hydrogen energy, and nuclear fusion [3] - The emphasis on building a robust computing infrastructure is seen as essential for meeting the increasing demands of artificial intelligence across various sectors [7]

Group 1 - The cloud gaming sector saw a rise of 4.64%, ranking 8th among concept sectors, with 27 stocks increasing in value, including 37 Interactive Entertainment which hit the daily limit, and others like Tom Cat, Jia Chuang Vision, and Xie Chuang Data which rose by 16.34%, 12.07%, and 10.11% respectively [1] - The cloud gaming concept attracted a net inflow of 1.044 billion yuan from main funds today, with 16 stocks receiving net inflows, and 5 stocks exceeding 50 million yuan in net inflow. Tom Cat led with a net inflow of 584 million yuan, followed by 37 Interactive Entertainment, Sichuan Changhong, and Youke De with net inflows of 370 million yuan, 195 million yuan, and 145 million yuan respectively [2][3] Group 2 - In terms of fund inflow ratios, 37 Interactive Entertainment, Tom Cat, and Sichuan Changhong had the highest net inflow ratios at 30.54%, 16.02%, and 12.83% respectively [3] - The cloud gaming sector's fund inflow rankings showed Tom Cat with a daily increase of 16.34% and a turnover rate of 21.45%, while 37 Interactive Entertainment increased by 10.00% with a turnover rate of 2.95% [3][4]

Core Viewpoint - The AI-focused ETF, Yongying (159141), has seen a strong increase of 3.00%, with significant gains in constituent stocks, indicating a bullish trend in the AI sector [1]. Group 1: ETF Performance - The Yongying AI ETF has reached a new high in scale at 9.52 billion, ranking in the top quarter among comparable funds [2]. - Key stocks within the ETF include: - Xiechuang Data (300857) up 12.26% with a trading volume of 3.146 billion - Youkede (688158) up 7.58% with a trading volume of 1.366 billion - Lankai Technology (688008) up 7.11% with a trading volume of 3.828 billion - Beijing Junzheng (300223) up 6.48% with a trading volume of 2.259 billion - Tianzhun Technology (688003) up 5.65% with a trading volume of 0.361 billion [2]. Group 2: Industry Developments - Changxin Technology's IPO on the Sci-Tech Innovation Board has been accepted, aiming to raise 29.5 billion for memory chip manufacturing upgrades, which will boost orders in the semiconductor equipment and materials sectors [3]. - The IPO is expected to lower procurement costs in AI servers, cloud computing, and robotics, optimizing the cost structure of the industry chain [3]. - The listing will help break the monopoly of foreign giants in high-end storage, providing local high-bandwidth memory support for domestic AI chips and large models [3]. Group 3: Market Trends - The entry of Chinese large model companies into the Hong Kong stock market signifies a completed "technology-product-capital" loop, providing public financing channels for foundational models [4]. - This transparency in market capitalization will pressure startups to focus on actual profitability rather than just parameter comparisons, accelerating the convergence of business models [4]. - The listing and information disclosure will lower procurement thresholds for government and financial institutions, leading to faster release of demand in the G/B sector [4]. - The first AI ETF, Yongying (159141), covers the entire AI industry chain, with over 78% allocation in AI chips, optical modules, and cloud computing [4].