Essence of the Brokerage Morning Meeting | The Trend of Increasing Computing Power Rental Prices Continues

Yesterday, the market underwent a volatile adjustment, with the ChiNext Index and the Shenzhen Component Index falling by more than 2%, and the Shanghai Composite Index dropping below 4200 points. The turnover of the Shanghai and Shenzhen stock markets was 3.36 trillion yuan. In terms of sectors, the consumer sector performed well, with the liquor concept rising during trading, the chemical sector showing active performance against the trend, and the silicon carbide concept fluctuating and rising. On the downside, sectors such as gas turbines and power grid equipment weakened. By the close, the Shanghai Composite Index fell by 1.52%, the Shenzhen Component Index fell by 2.14%, and the ChiNext Index fell by 2.16%. At today's brokerage morning meeting, Guosheng believes that the trend of rising computing power leasing prices continues; Huatai believes that under the backdrop of increased Capex by major companies, AIDC looks promising; Guosheng believes that there is a focus on the resilience of subsequent exports. Guosheng: The trend of rising computing power leasing prices continues Agent and AI Coding are driving a structural surge in demand, with a supply-demand gap driving up computing power leasing and cloud service prices. Computing leasing refers to the rental of the required computing power from service providers with a large amount of computing resources by paying rent, essentially exchanging OPEX for CAPEX, and promoting the flywheel through channels, customers, and funds. In the North American computing leasing market, NeoCloud is accelerating, filling the demand for computing power of major companies with high cost-performance ratio and high availability. In the North American market, the options for renting computing power are Hyperscalers and NeoCloud. The high-end computing power demand of major cloud companies still has gaps and needs to be quickly filled through cooperation with NeoCloud, which focuses on providing computing resources optimized for AI workloads. Cost-effectiveness and computing power efficiency are superior, especially in terms of optimization of high-performance dedicated clusters and long-term contracts. Huatai: Bullish on AIDC under the backdrop of increased Capex by major companies Since 2026, the global demand for AI data center construction has remained high, with many major companies such as Google, Meta, ByteDance, and Alibaba revising upwards their annual capital expenditure guidance. By sorting out recent developments in the domestic and international markets and looking at upcoming catalysts, the AIDC industry chain continues to be favored, and domestic and foreign power companies actively positioning themselves and the upstream components are expected to achieve performance increment. Guosheng: Focus on the resilience of subsequent exports The April data on new credit and social financing scale reflect that the real estate and consumption sectors are still weak, fiscal expansion is slowing down marginally, and exports alone cannot support the expansion of corporate credit. Looking ahead, it is suggested to continue: the second quarter is the beginning of the test, the short-term focus is on "making good use of" established policies, and incremental policies can be expected in the future, but the pace will be "walking and watching". Specifically on the monetary side, easing is still the main direction, the possibility of a comprehensive interest rate cut in the short term has decreased, structural tools are the focus of policy efforts, and the focus is on the evolution of the fundamentals, especially whether the resilience of exports can continue. This article is reprinted from "Cailianshe", GMTEight Editor: Huang Xiaodong.