Cloud computing stocks performed strongly on August 13, with the pure-play compute power ETF, Cloud Computing ETF Huabao (159099), opening higher and climbing further, rising 3.44% in intraday trading. Compute power leasing led the gains, with Shanghai Cdxj Digital Technology Co., Ltd. (603887) hitting its daily limit at the opening bell. Unisplendour Corporation Limited (000938) and Fujian Star-Net Communication Co., Ltd. (002396) also hit their daily limits. Ieit Systems Co., Ltd. (000977) surged over 9%, while other heavyweight stocks like Sugon, Rune Technology, and Eoptolink Technology also rose together.

The global supply-demand imbalance for AI compute power is intensifying. Tencent (00700)’s second-quarter report revealed a surge in compute power spending, with quarterly capital expenditure soaring 176% year-on-year to 52.8 billion yuan. These funds were primarily allocated to IT infrastructure, including AI compute power procurement and data center investments. On the international front, the two leaders in compute power leasing both reported earnings that exceeded expectations. CoreWeave, Inc. (CRWV) posted second-quarter revenue of $25.75 billion, a 112% year-on-year increase, with its backlog of orders climbing to approximately $104 billion. The company raised its full-year revenue guidance to between $124 billion and $13.2 billion. TENCENT (00700)’s other entity, Nebius, saw second-quarter revenue surge 454% year-on-year, with adjusted EBITDA reaching $236 million, and its AI cloud business achieving a profit margin of 50%.

The global AI compute power supply-demand tightness is further validated, with the compute power sector's business outlook brightening. According to a research report from Kaiyuan Securities, as large models transition from a technology competition to industrial implementation, downstream compute power demand will grow rapidly, driving the expansion of the compute power leasing market. Guohai Securities believes that overseas CSPs and Neocloud providers have gradually demonstrated that large-scale compute power capital expenditure can be effectively converted into revenue and profit. Driven by Agents, inference demand has long-term sustained growth potential. Additionally, the significant price surge in domestic high-end compute power server channels directly reflects the current supply shortage in the industry. "China's AI compute power supply-demand imbalance is worsening, and the medium-to-long-term growth logic for the compute power leasing industry is relatively clear. It has entered a dividend period of earnings release."

As the core infrastructure and key foundation for AI compute power and applications, cloud computing holds strong thematic allocation value against the backdrop of AI compute power expansion, accelerated data center construction, and an improving cloud infrastructure business climate. Cloud Computing ETF Huabao (159099) passively tracks the CSI Cloud Computing 50 Index, with its top ten heaviest weight stocks covering core directions such as optical modules (Zhongji Innolight, Eoptolink Technology), servers/AI compute power (Sugon, Ieit Systems), data centers (Rune Technology), and software platforms (Kingsoft Office, Hundsun Technologies). This positioning helps investors fully capture the investment opportunities from AI compute power expansion and the rising cloud infrastructure business cycle source. Data sources: Shanghai and Shenzhen Stock Exchanges, Wind. ETF Fee Explanation: When investors subscribe or redeem fund shares, the subscription and redemption agency may charge a commission of up to 0.5% of the standard. On-exchange trading costs are subject to the actual charges of the securities firm, and no sales service fee is charged. Risk Warning: Cloud Computing ETF Huabao (159099) passively tracks the CSI Cloud Computing 50 Index. The base date of this index is 2014.12.31, and the release date is 2020.6.12. The Cloud Computing 50 Index's returns over the past five complete fiscal years are: 2021: -9.71%, 2022: -23.97%, 2023: 11.81%, 2024: 27.53%, 2025: 93.52%. The annualized volatility over the past five complete fiscal years is: 2021: 20.91%, 2022: 27.12%, 2023: 33.95%, 2024: 42.39%, 2025: 40.00%. The composition of the index's constituent stocks is adjusted according to the index compilation rules at the appropriate time. Its back-tested historical performance does not indicate future results. The fund is issued and managed by Huabao Fund. The distributing agency is not responsible for the investment, redemption, or risk management of the product. Investors should carefully read the fund's legal documents, such as the "Fund Contract," "Prospectus," and "Fund Product Information Summary," to understand the fund's risk-return characteristics and select products suitable for their own risk tolerance. The fund manager assesses the fund's risk rating as R3-Medium Risk, suitable for investors at Balanced (C3) level or above. When subscribing or purchasing through a distributing agency, the specific risk rating result shall be based on the assessment of the fund sales institution. The selling institution (including the fund manager's direct sales institution and other selling institutions) conducts risk assessments for this fund according to relevant laws and regulations. Investors should promptly pay attention to the suitability opinion issued by the fund manager. The suitability opinions of various selling institutions are not necessarily consistent, and the risk level rating result of the fund product issued by the fund sales institution shall not be lower than the risk level rating result made by the fund manager. The fund contract's description of the fund's risk-return characteristics and fund risk level may differ due to different consideration factors. Investors should understand the fund's risk-return situation and carefully choose fund products and bear the risks themselves based on their investment objectives, term, investment experience, and risk tolerance. The registration of this fund by the China Securities Regulatory Commission (CSRC) does not constitute a substantive judgment or guarantee of the fund's investment value, market prospects, or returns. The performance of other funds managed by the fund manager does not constitute a guarantee of the performance of this fund. Past performance of the fund does not predict its future performance. Funds involve risks, and investment should be made with caution! A MACD golden cross signal has formed, and these stocks are showing strong upward momentum!