Wu Chao, director of the Securities Research Institute of China Securities and a platinum analyst, said that in this round of science and technology cycle, the direction with the highest short-term certainty is computing power. She pointed out that regardless of whether the model is open source or closed-source, the underlying pedestal model is the root cause of global innovation. It is only a matter of time before the development of computing power-related enterprises will correspond to fundamentals, to real performance and the increase in capital expenditure, and finally to land on orders.

In addition, with the development of artificial intelligence, the demand for inference will definitely increase significantly, on the one hand, the technical route of the inference model is better, and on the other hand, with the development of applications, the demand for inference will increase. In the era of inference, the overall demand for computing power is still strong.

At present, the index that best fits the concept of computing power in the market is the CSI Cloud Computing and Big Data Theme Index (930851), which mainly covers 50 listed companies whose business involves the provision of cloud computing services, big data services and hardware equipment related to the above services. Among them, computing power accounts for about 50%, and applications account for about 50%, integrating computing power and application leaders in the AI industry chain. The top 10 weighted stocks are iFLYTEK (002230), Kingsoft Office (688111), Unisplendour (000938), Inspur Information (000977), Sugon (603019), Hang Seng Electronics (600570), Xin Yisheng (300502), Runhe Software (300339), Zhongji Innolight (300308), and Runze Technology (300442).

Taking the cloud computing ETF (159890), which tracks the index, as an example, since August 2024, it has rebounded by more than 80%, with a maximum increase of more than 100% in the range, which is a good demonstration of the performance expectations of this round of computing power demand. In the long run, if the demand for computing power continues to be verified, if you do not have the ability to select one of the individual stocks, Cloud Computing ETF (159890) may be the best solution to invest in the computing power sector.