HK Stock Market Move | The resonance of computing power at home and abroad continues to ascend, with GBA AI COMP (01396) seeing a cumulative stock price increase of over 20% in two days.

The Hong Kong stock market's computing power concept is performing strongly. As of the time of this report, BIREN TECH (06082) has risen by 14.012% to HKD 38.3; GigaDevice Semiconductor Inc. (03986) is up 10.81% at HKD 509.5; GBA AI COMP (01396) has increased by 6.47% to HKD 11.19; and Hua Hong Grace Semiconductor (01347) has gained 6.14% to HKD 143.3. On the news front, the recent resonance in domestic and international computing power demand is contributing to a continued rise in industry prosperity. Last week, cloud services from Amazon, Alphabet, Microsoft, and Meta maintained high growth, further raising or sustaining their capital expenditure at high levels. The total capital expenditure from these four giants is expected to reach approximately USD 750 billion by 2026. Domestically, data from the China Academy of Information and Communications Technology (CAICT) shows that in the first quarter of 2026, domestic AI computing power demand is projected to grow by 417% year-on-year, while effective supply is only increasing by 128%, resulting in a widening supply-demand gap. At the same time, policies are continually being intensified. The expected direct investment of 4 trillion yuan in the national "14th Five-Year" computing power network construction is further heating up the industry's prosperity. Notably, benefitting from the upward trend in the computing power industry and the realization of high-performance growth, the leading computing power stock GBA AI COMP has climbed for two consecutive days, with a cumulative increase of over 20%. An announcement made by the company in early July this year revealed that it secured new orders exceeding 15 billion yuan in the first half of this year, achieving a total scale of over 30 billion yuan. The cumulative delivered computing power scale has approached 50,000 P (FP16 dense), and the company expects its net profit for the first half of the year to be no less than 240 million yuan, reaching 3.3 times that of the previous year's total. CITIC SEC believes that the computing power market dynamics are evolving from a core asset grouping characterized by shortages and price increases, as well as exploring new demand and capacity encroachment, towards a broad diffusion of prosperity across the entire industry chain. Future excess returns are expected to come more from clearly positioned segments within the AI computing power industry chain, where prosperity returns are evident yet not fully priced. Wanlian Securities indicates that the adaptation of domestic models and domestic computing power chips is accelerating, with the domestic computing power industry chain's localization rate continuously improving, and the domestic computing power ecosystem is progressively transitioning from technology validation to large-scale deployment.