HUAQIN (03296) rose more than 8% before noon. As of the time of writing, the stock was up 8.15% to HK$116.8, with a turnover of HK$65.68 million. In terms of news, Guohai Securities noted in a research report that hyper-scale OEMs, as an intersecting segment of computing power leasing, CPUs, and GPUs, are expected to become another core beneficiary direction following computing power leasing, CPUs, and storage. The increasing complexity of hyper-scale systems is driving higher industry concentration and improved profitability. Against the backdrop of expanding inference demand, domestic token deployment overseas, accelerated commercialization of AI applications, and an optimistic outlook for domestic CSP capital expenditures, leading hyper-scale OEM manufacturers will be the primary beneficiaries. Among these, server OEMs with high-end hyper-scale maintenance qualifications and abundant CPU inventory reserves are particularly notable for their profit elasticity and growth certainty. The report further stated that domestic hyper-scale solutions are transitioning from single-point validation to system-level implementation. Hyper-scale clusters are beginning to be deployed in multiple regions, and China Mobile has also initiated its first group-level procurement of AI hyper-scale equipment. On the other hand, server OEM manufacturers have provided clear guidance. According to information from Securities Times Network, HUAQIN's hyper-scale products achieved small-batch shipments in Q2 and will enter the mass shipment stage in the second half of the year, with full-year revenue expected to exceed RMB 10 billion. The report believes that domestic hyper-scale solutions have gradually overcome core bottlenecks such as technical adaptation, engineering delivery, and ecosystem collaboration, laying a solid practical foundation for the volume expansion of domestic hyper-scale solutions in the second half of the year.