On November 10, the hashrate chip concept continued to rebound. As of midday trading, GEM's computing power ETF Huaxia surged 2.71%, with a turnover of 203 million yuan. CITIC Construction Investment pointed out that investment in AI infrastructure remains high, remains optimistic about the industry's prospects, is optimistic about the computing power demand brought about by AI development, and maintains long-term optimism about North American computing power and the domestic AI computing power industry chain. Guohai Securities believes that the boom in the electronics industry and AI innovation iterations are still showing a strong upward trend. The long-awaited Apple AI iPhone will land in the domestic market with the Alibaba Qianwen model in December. New terminals from major manufacturers such as OpenAI and Byte are expected to be launched within the year. The AI end side is expected to become an important support for the closed loop of AI capital expenditure. In the short term, it will continue to recommend the Fab side, which has greatly improved in terms of yield and production capacity, and next year's orders. The direction of semiconductor equipment and components, which is expected to grow at a high rate and is currently out of stock, showing a trend of rising prices. Open Source Securities said that physical AI is being implemented at an accelerated pace, and inference requirements are driving the expansion of AI servers and domestic computing power. Complex inference and agent tasks increase continuous computing power consumption. Server requirements extend from training clusters to high concurrent inference. Domestic chip manufacturers promote large-scale applications through software and hardware adaptation, cluster delivery, and customer scenarios, and procurement requirements are shifting from testing and verification to actual deployment. 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.

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