SNEC ES+ The 13th (2027) International Energy Storage and Battery (Shanghai) Conference & Exhibition 2027 June 2-4 , National Exhibition and Convention Center (Shanghai), China No. 333, Songze Avenue, Qingpu District, Shanghai Converging Ecosystem, Energizing Future Preface: "The 13th SNEC ES+ International Energy Storage and Battery (Shanghai) Conference & Exhibition" will be grandly held in Shanghai, China from June 2-4, 2027. From 15,000 m² at its first edition in 2007 to over 360,000 m² in 2026, the event has attracted more than 2,800 exhibitors from 95 countries and regions, with international exhibitors accounting for 30%. It has become the most influential international, professional, and large-scale energy storage event in China, Asia, and globally. The 13th SNEC ES+ International Energy Storage and Battery (Shanghai) Conference & Exhibition is the world's most professional energy storage exhibition, showcasing: international energy storage technology and smart power grid, energy storage technology, equipment and materials, ESS power station and EPC projects, new energy power generation grid connection and smart transmission/distribution, power grid dispatching and automation control, smart metering and electricity management, smart grid information communication, international NEVs and charging piles, EVs, power drive systems, key EV parts, auto design, charging facilities, etc., covering all segments of the energy storage industry chain. The SNEC Energy Storage Forum features diverse formats, including analysis of future market trends, cooperative development strategies, policy orientations across countries, cutting-edge technologies, and energy storage finance, providing the best opportunity to showcase achievements to the industry. We look forward to gathering global industry professionals in Shanghai, China, to collectively assess the energy storage markets in China, Asia, and worldwide from an industrial perspective, with a problem-solving approach, and jointly lead the path of industry innovation. Let us meet in Shanghai in June 2027! Schedule: Move-in: May 30, 2027, 13:30-18:00; May 31 & June 1, 2027, 9:00-20:00 Exhibition: June 2-3, 2027, 9:00-17:00; June 4, 2027, 9:00-14:00 Move-out: June 4, 2027, 14:00-24:00 Exhibition Categories: International Energy Storage Technology and Smart Power Grid Energy Storage Technology, Equipment and Materials: Compressed air energy storage, pumped hydro storage, superconducting magnetic energy storage, flywheel energy storage, thermal/cool storage, hydrogen storage, and other energy storage technologies/equipment/materials for plug-in EVs; various batteries (nickel–metal hydride battery, lithium-ion battery, lithium polymer battery, lead-acid battery, smart battery, sodium-sulfur battery), power supplies, supercapacitors, renewable fuel cells, flow batteries, etc. ESS Power Station and EPC Projects: BMS, PCS energy storage inverters, microgrids, EV battery swapping stations and related facilities C. New Energy Power Generation Grid Connection and Smart Transmission/Distribution: Grid-tie inverters, light DC equipment, operation monitoring devices, grid connection control systems, flexible transmission equipment, UHV transmission equipment, high-temperature superconducting devices/cables, distribution automation systems/protection devices, smart switchgear, transformers, mutual inductors, intelligent components, digital substations, substation automation, distribution automation devices, online monitoring, fault diagnosis/self-healing devices, power quality monitoring, harmonic treatment/reactive compensation, superconducting electrical technology, new-type wires/cables, composite materials, safety protection D. Power Grid Dispatching and Automation Control: Smart grid dispatching systems, integrated dispatching data platforms, grid security/control, intelligent inspection systems, integrated measurement/protection/arc suppression systems, stability control solutions, power monitoring systems/microprocessor-based relay protection, wide-area monitoring systems, online grid stability monitoring, smart reactive compensation devices, control software, telemetry/remote control devices, large-screen displays, power system simulation E. Smart Metering and Electricity Management: Smart meters/chips, remote/centralized meter reading systems, electricity information collection systems, electricity management information systems, load management terminals, monitoring systems, test devices, metering cabinets/components, measuring instruments, sensors, semiconductors F. Smart Grid Information Communication: IoT, cloud computing, multi-network convergence, transmission technologies/equipment, access devices, optical fibers/cables, industrial Ethernet, data communication/network technologies/products, plant communication equipment, power line carriers, supporting devices/instruments, digital microwave communication equipment, test devices/instruments, online network monitoring equipment G. Others International NEVs and Charging Piles NEVs (Passenger Vehicles / Commercial Vehicles): Electric buses/trucks, electric cars, electric sightseeing vehicles, electric golf carts, electric cleaning vehicles, hybrid buses/cars, solar EVs, light EVs, hybrid vehicles (micro, mild, medium, full and plug-in hybrids), pure EVs, fuel cell vehicles, hydrogen/natural gas clean fuels, low-emission energy-saving vehicles Power Drive Systems: Power batteries, BMS, fuel cells, hybrid systems, drive motors, electric control systems, engines, detection/repair equipment, related testing/monitoring/protection instruments/technologies C. Key EV Parts: Power capacitors, supercapacitors, flywheels, inverters, electric heat pumps, electric power steering, electric air conditioning, tires, wiring, electromagnetic technologies, related materials; coatings, transmissions, filters, carburetors, exhaust systems; axles, steering, braking, suspension systems; auto body accessories; motors/electrical devices, electronic components, electrical systems, circuits, wheel hubs, tires, etc. D. Auto Design: Vehicle design, system control design, etc. E. Charging Facilities: Charging stations, charging piles; smart charging network planning/demonstrations, gas station expanded charging/swapping stations, integrated fueling/charging service stations, solar/wind complementary NEV charging technologies, charging station power distribution equipment, chargers, power monitoring systems, active filtering devices, transformers, distribution cabinets, cables, direct charging equipment, auxiliary management equipment, battery swapping/BMS, parking lot charging facilities, smart monitoring, charging station power supply solutions F. Others Exhibition Fees: Standard Booth (Deluxe, 3m x 3m ): Domestic enterprises: RMB23,800/booth; Foreign enterprises: US$4,900/booth Basic configuration: one consultation desk, two folding chairs, one wastebasket, one 220V/500W power socket, two spotlights, Chinese/English header board, carpeted floor. Indoor Bare Space (Minimum 36 m²): Domestic enterprises: RMB2,380/m² Foreign enterprises: US$490/m² Exhibitor Guidelines: 1. Confirm participation by submitting the completed application form with company seal via fax/mail to the organizer; 2. Upon receiving the booth reservation fee, the organizer will arrange booths following the "first-come, first-served" principle; 3. Payment details: (1) The above fees exclude "construction deposit," "construction management fee," "facility rental fee," etc.; (2) Exhibitors who sign contracts must remit the deposit within 10 working days after signing and fax the payment slip to the organizer; (3) Remaining fees must be paid by December 31, 2026 to the designated account; 4. The order of conference booklet ads is determined by the payment sequence; deadline: March 31, 2027; 5. The organizer will mail the Exhibitor Manual by April 2027. Contact: Shanghai Fulimi Technology Co., Ltd. The 13th SNEC ES+ International Energy Storage and Battery (Shanghai) Conference & Exhibition Contact: Manager Wei Tel: +86-13817218765 (WeChat ID same as phone number) Email: weiwei@snec.org.cn

SNEC 20th (2027) International Solar PV, Smart Energy & Energy Storage & Battery (Shanghai) Conference and Exhibition SNEC 20th (2027) International Photovoltaic Power Generation and Smart Energy Conference & Exhibition 2027 Year 6 Month 2-4 Day National Exhibition and Convention Center (Shanghai), China Songze Avenue, Qingpu District, Shanghai, No. 333 Light, Storage, and Hydrogen Multi-Energy Complementarity and Integrated Development Pre face: The “SNEC 20th (2027) International Solar PV, Smart Energy & Energy Storage & Battery (Shanghai) Conference and Exhibition” (referred to as “SNEC PV Conference & (Shanghai) Exhibition”) will be grandly held in Shanghai, China on June 2-4, 2027. From the 15,000 m² of the first edition in 2007 to over 360,000 m² in 2026, over 2,800 enterprises from 95 countries and regions worldwide participated, with international exhibitors accounting for 30%, and it has become the most influential, international, professional, and large-scale PV event in China, Asia, and globally. The SNEC PV exhibition is the world’s most professional PV exhibition, with exhibits including: PV production equipment, materials, PV cells, PV application products and modules, as well as PV engineering and systems, energy storage, mobile energy, etc., covering every link of the PV industry chain. The SNEC PV forum also features diverse formats, covering future market trend analysis for the PV industry, cooperation and development strategies, policy directions in various countries, cutting-edge industry technologies, PV finance, etc., offering the best opportunity to showcase achievements to the industry. Global industry peers are expected to gather in Shanghai, China, to take the pulse of the solar PV markets in China, Asia, and the world from an industrial perspective and with a problem-oriented approach, jointly leading the path of innovative development in the industry. We hope to meet in Shanghai in June 2026! Schedule: Exhibition Setup: May 30, 2027, 13:30-18:00; May 31 & June 1, 2027, 9:00-20:00 Exhibition: June 2-3, 2027, 09:00-17:00; June 4, 09:00-14:00 Dismantling: June 4, 2027, 14:00-24:00 Exhibits (Category): Solar PV PV Production Equipment: Silicon rod, silicon lumps, and silicon ingot production equipment: complete production lines, casting ingot furnaces, crucibles, growth furnaces, and other related equipment Silicon wafer production equipment: complete production lines, cutting equipment, cleaning equipment, detection equipment, and other related equipment Battery Production Equipment: Complete production lines, etching equipment, cleaning equipment, diffusion furnaces, coating equipment/deposition furnaces, screen printing machines, other furnace equipment, testers and sorters, and other related equipment Panel/Module Production Equipment: Complete production lines, testing equipment, glass cleaning equipment, wiring/welding equipment, lamination equipment, etc. Thin-film Panel Production Equipment: Amorphous silicon cells, Copper Indium Gallium Selenium cells (CIS/CIGS), Cadmium Telluride thin-film cells (CdTe), Dye-sensitized Solar Cells (DSSC) production technology and research equipment PV Cells: PV cell producers, module producers, module installers, agents, dealers and distributors, concentrator cells, etc. PV-related Parts: Batteries, chargers, controllers, converters, recorders, inverters, monitors, mounting systems, tracking systems, solar cables, etc. PV Raw Materials: Polysilicon, silicon ingots/lumps, silicon wafers, encapsulation glass, encapsulation films, and other raw materials PV Application Products: Lighting products, power supply systems, portable chargers, water pumps, solar household products, and other solar products PV Engineering and Systems: PV system integration, solar air conditioning systems, rural PV power generation systems, solar detection and control systems, solar heating system engineering, solar PV project process control and project management and software development systems System Construction Equipment and Safety Protection: Electrical construction equipment, construction vehicles, engineering machinery, maintenance and repair tools, aerial work vehicles/platforms, scaffolding, electrical safety tools, and personal protective equipment Others Solar & Green Building: Solar Thermal Utilization: Solar central hot water systems, household solar water heaters, solar heat pump water heaters, solar thermal collection systems, solar heating systems, solar-thermal and photovoltaic integrated solar products, solar water heater manufacturing equipment, and raw materials and parts for solar water heaters Solar PV and CSP Generation: Grid-connected PV power generation systems, off-grid PV power generation systems, PV-wind hybrid power generation systems, PV transmission and distribution equipment, PV modules and components and equipment, parabolic trough systems, tower systems, dish systems, heat collection tubes, thermal storage equipment and corresponding materials, heat exchange technology and products, high-temperature heat transfer technology and products, and system control Solar Cooling Systems and Equipment: Solar cooling products and systems, air energy products, solar central air conditioning, and ground source heat pump air conditioning Solar Lighting and Building Materials: Solar lawn lights, garden lights, solar street lights and other photoelectric products, solar PV glass, solar roof modules, integrated solar building PV solutions, etc. LED Technology and Products: LED lighting, LED application products, display products/digital signage, parts, modules, kits, etc. Solar Accessories: Solar complementary automatic control devices and instruments, solar pipes and fittings, solar control systems, solar heat pipes, evacuated tube collectors, flat plate collectors, manifold headers, insulation materials, hot and cold water pumps, mounting brackets, PV equipment accessories, batteries, and related production equipment and accessory materials International Energy Storage Technology & Smart Grid Energy Storage Technologies, Equipment and Materials: Compressed air energy storage, pumped hydro storage, superconducting magnetic energy storage, flywheel energy storage, heat/cold storage, hydrogen storage and other energy storage technologies, equipment and materials applicable to plug-in EVs; various batteries (nickel–metal hydride batteries, lithium-ion batteries, lithium polymer batteries, lead-acid batteries, smart batteries, sodium-sulfur batteries), energy storage power supplies, supercapacitors, regenerative fuel cells, flow batteries, etc. technologies, equipment and materials Energy Storage Power Stations and EPC Projects: BMS battery management systems, PCS energy storage inverters, microgrids, EV charging and battery swapping stations and related supporting facilities C. New Energy Grid Connection & Smart Transmission and Distribution: Grid-tie inverters, light-duty DC equipment, operation monitoring devices, grid connection control systems, flexible transmission equipment, UHV transmission equipment, high-temperature superconducting equipment, high-temperature superconducting cables, distribution automation systems and protection devices, intelligent switchgear, transformers, instrument transformers, intelligent components, digital substations, substation integrated automation, distribution automation devices, online monitoring of transmission and distribution, fault diagnosis and self-healing devices, power quality monitoring, harmonic control and reactive power compensation, superconducting electrical technology, various new-type wires and cables, composite materials, and safety protection D. Power Grid Dispatching and Automation Control: Smart grid dispatching systems, comprehensive dispatching data platform systems, power grid security and control, intelligent inspection systems, integrated measurement and control protection and arc suppression coil selection systems, safety and stability control system solutions, power monitoring systems and microprocessor-based relay protection, wide-area dynamic monitoring systems, online stability monitoring systems for power grids, intelligent reactive power compensation devices for distribution networks, control software, remote control and telemetry devices, large-screen display systems, and power system simulation E. Smart Metering and Power Consumption Management: Smart meters and chips, remote/centralized meter reading systems, power consumption information collection systems, power management information systems, load management terminals, monitoring systems, testing devices, metering cabinets and components, measuring instruments, sensors, and semiconductors F. Smart Grid Information and Communication: IoT technology, cloud computing technology, multi-network convergence technology, transmission technology and equipment, access equipment, optical fiber cables, industrial Ethernet, data communication and network technology and related products, in-plant communication equipment, power line carrier machines, supporting equipment and instruments, digital microwave communication equipment, test equipment and instruments, and online network monitoring equipment G. Others International New Energy Vehicles and Charging Piles NEVs (Passenger Vehicles / Commercial Vehicles): Electric buses and trucks, electric sedans, electric sightseeing cars, electric golf carts, electric cleaning vehicles, hybrid buses and sedans, solar-powered electric vehicles, light-duty electric vehicles, hybrid vehicles (micro-hybrid, mild hybrid, full hybrid, plug-in hybrid), pure electric vehicles, fuel cell vehicles, hydrogen/natural gas and other new energy clean fuels, hybrid vehicles and various low-emission, environmentally friendly and energy-saving vehicles; Powertrain Systems: Power batteries, battery management systems, fuel cells, hybrid systems, drive motors, electric control systems, engines, testing and repair equipment, related testing, monitoring, and protection instruments, and related technologies; C. Key NEV Components: Power capacitors, supercapacitors, flywheels, inverters, electric heat pumps, electric power steering, electric air conditioning, tires, wire connections, electromagnetic technology, and related materials; coatings, gearboxes, filters, carburetors, exhaust systems; axles, steering, braking, and suspension systems; auto body accessories; motor and electrical appliances, electronic components, electrical systems, circuits, wheel hubs, tires, etc.; D. Automotive Design: Vehicle design, system control design, etc. E. Charging Facilities: Charging stations, charging piles; smart network project planning and achievement display of charging stations, expansion of gas stations into charging (battery swapping) stations, integrated gas and charging service station displays, solar and wind energy complementary NEV charging station technology products, charging station power distribution equipment, chargers, power monitoring systems, active filters, transformers, distribution cabinets, cables, direct charging equipment, management auxiliary equipment, charging and swapping batteries and battery management systems, parking lot charging facilities, intelligent monitoring, and charging station power supply solutions F. Others Exhibition Fees: Standard Booth (Premium, 3m x 3m ): Domestic enterprises: RMB 23,800/unit Foreign-funded enterprises: US$4,900/unit Basic configuration: one information desk, two folding chairs, one wastebasket, one 220V/500W power socket, two spotlights, Chinese and English header board, carpeted inside the booth. Indoor Bare Space (minimum 36 m² rental): Domestic enterprises: RMB 2,380/m ² Foreign-funded enterprises: US$490/m ² Exhibition Notice: 1. Enterprises intending to exhibit should fill out the exhibition application form, stamp it with the official seal, and fax or mail it to the conference organizing committee; 2. Upon receipt of the booth reservation fee, the organizing committee will arrange booths for exhibitors according to the principle of "first application, first payment, first arrangement"; 3. Payment details for exhibition fees: (1) The above exhibition fees do not include "construction deposit", "construction management fee", "facility rental fee" and other expenses; (2) Exhibitors who sign contracts shall remit the deposit to the organizing committee's account within ten working days from the date of signing the contract, and fax the remittance voucher to the organizing committee for verification; (3) The remaining exhibition fees should be remitted to the account designated by the organizing committee before December 31, 2026; 4. The order of advertisements in the conference booklet will be based on the order of receiving the advertisement fees, and the inclusion deadline is March 31, 2027; 5. The organizing committee will send the Exhibitor Manual to exhibiting enterprises in April 2027. Inquiry Welcome: Shanghai Fulemi Technology Co., Ltd. SNEC 20th (2027) International Solar Photovoltaic and Smart Energy & Energy Storage and Battery (Shanghai) Conference and Exhibition Contact: Manager Wei Tel: +86-13817218765 (same as WeChat) E-mail: weiwei@snec.org.cn

Data released Friday by South Korea's Ministry of Science and ICT showed that, driven by sustained global investment in AI, the country's July exports of information and communication technology (ICT) products surged 140.6% YoY. July ICT export value reached $53.4 billion, up from $22.2 billion a year earlier. The ministry said this was the highest July figure on record. South Korea's July ICT imports rose 37.3% YoY to $18.3 billion, resulting in a trade surplus of $35.1 billion. By product, driven by strong demand for AI-related chips, semiconductor exports soared 178.8% YoY to $41 billion, extending their growth streak to 17 consecutive months. Exports of computers and communications equipment soared 353.9% YoY to $4.9 billion, and mobile phone exports rose 62.6% YoY to $1.6 billion. By destination, combined exports to China and Hong Kong surged 194.7% YoY. Exports to the US jumped 187% YoY, exports to Vietnam rose 115.7% YoY, exports to the EU grew 202% YoY, and exports to India increased 128.2% YoY.

TrendForce data showed that on August 14, the average spot prices of memory chips were as follows: DDR5 16Gb (2Gx8) 4800/5600 (unchanged day on day), DDR4 16Gb (2Gx8) 3200 (up 0.56% day on day), and DDR4 8Gb (1Gx8) 3200 (up 0.25% day on day).

An upbeat outlook from SanDisk (SNDK.O) boosted optimism about long-term earnings from the AI boom, and Asian memory chip stocks rose. Shares of SanDisk partner Kioxia Holdings rose as much as 8.7% in Tokyo, while shares of memory maker SK Hynix rose as much as 6.5% in Seoul. The Bloomberg Asia Semiconductor Stock Index rose as much as 1.6% and was on track for a fifth consecutive session of gains. SanDisk previously said it expects revenue to grow 15% to 20% from 2028 to 2030, driven by long-term pricing agreements with clients. Andrew Jackson, head of Japanese equities at Ortus Advisors, wrote: “A few years ago, it was unheard of for NAND flash makers to make such accurate long-term forecasts. Compared with more volatile spot memory prices, long-term agreements may help smooth out the classic boom/bust cycle.”

[SMM Tin Midday Review: Weak Supply and Demand Combined with Macro Expectations Game, SHFE Tin Consolidates Above 420,000 yuan/mt]

SMM, August 12: Foxconn Industrial Internet’s semi-annual report posted substantial profit growth, further confirming the strong momentum of AI computing infrastructure and driving a recovery in sentiment across the high-speed interconnect industry chain. Against the backdrop of expanding computing power, high-speed copper cables have drawn attention from some market funds as a key short-range interconnect solution for AI servers. At the same time, SMM observes that the installation rush for power batteries, high prosperity in energy storage, and surging AI computing-end demand have collectively driven an ongoing climb in operating rates in the copper foil industry. As of the close on August 12, the high-speed copper cable concept rose 2.22%. Among individual stocks, Taichenguang and Hengdongguang jumped over 6%, while the biggest gainers included Xianying Technology, Ruikeda, Dingtong Technology, Far East, Changxin Bochuang, ZTT, and Zhaolong Interconnect. Market News [Shanghai: Build 100,000-card-level ultra-large intelligent computing clusters in Songjiang, Lingang, Qingpu, etc.] The Shanghai Municipal Commission of Economy and Informatization issued the “15th Five-Year Plan for the Development of the Software and Information Services Industry in Shanghai.” The plan mentions creating a tiered supply system that synergizes “large clusters + small clusters + edge computing,” building 100,000-card-level ultra-large-scale intelligent computing clusters in Songjiang, Lingang, and Qingpu, and constructing 1,000-card-level clusters in Baoshan, Pudong, and Jiading. It guides the transformation of traditional data centers and ICT server rooms into 100-card-level edge intelligent computing centers to meet ultra-low-latency computing demands from enterprises and individuals. Focusing on industries such as finance, education, healthcare, culture and tourism, and manufacturing, the plan supports building Model as a Service (MaaS) platforms, providing industry application marketplaces, model customization and hosting, agent building, low-code development, API interfaces, computing power provision and management, and AI inference services, thereby upgrading intelligent computing cloud service capabilities. It also highlights tackling next-generation model architectures and promoting exploration of multiple technology routes based on non-Transformer architectures such as state space models, recurrent neural network variants, and liquid neural networks. Efforts will be accelerated to lay out technology systems for cutting-edge foundation models, including physical intelligence, world models, quantum intelligence, and brain-inspired intelligence. The plan further addresses breakthroughs in networking technologies for ultra-large-scale intelligent computing clusters, focusing on core segments such as high-performance computing chips (GPU/NPU), quantum chips (QPU), high-speed optical interconnects (CPO), high-bandwidth memory (HBM), and heterogeneous servers to boost supply capacity for intelligent computing hardware and facilitate the deep integration of proprietary chips with mainstream large models. With an emphasis on new storage retrieval and data-model collaboration, the plan aims to achieve breakthroughs in high-precision heterogeneous processing, native multimodal fusion, and dynamic value alignment, and to build automated complex reasoning covering the full life cycle of corpus data. [Foxconn Industrial Internet: H1 2026 net profit up 95.99% YoY; AI computing demand continued to surge during the reporting period] Foxconn Industrial Internet announced on August 11 that its H1 2026 revenue was 557.861 billion yuan, up 54.63% YoY. Net profit attributable to shareholders of the listed company was 23.74 billion yuan, up 95.99% YoY. Net profit attributable to shareholders of the listed company after deducting non-recurring profit or loss was 22.984 billion yuan, up 96.99% YoY. Basic earnings per share was 1.2 yuan. The company plans not to distribute cash dividends, not to issue bonus shares, and not to convert capital reserve into share capital. The change in operating revenue was mainly due to the benefit from the continued surge in AI computing power demand, steady increase in market share among major clients, and strong performance of cloud service business, driving overall revenue growth. The change in net profit was mainly due to the benefit from the continued surge in AI computing power demand, with the company's main business operations achieving steady improvement in profitability. (Jin10 Data) [CoreWeave Second-Quarter Revenue Doubles, Shares Surge 12% After Hours] CoreWeave (CRWV.O) rose 12% in after-hours trading on Tuesday after reporting second-quarter revenue of $2.58 billion, up 112% YoY and surpassing Wall Street expectations, indicating that demand for AI computing power is still growing rapidly; net loss was $626 million, compared to $290 million in the same period last year; order backlog reached $104 billion, with projects under construction totaling 1.5 gigawatts of capacity. CoreWeave is accelerating the expansion of its data center business, competing with cloud computing giants such as Amazon, Google and Microsoft to capture the market for data centers equipped with chips capable of running generative AI models. However, CoreWeave has yet to achieve profitability. As of the end of the quarter, its debt on the balance sheet reached $35 billion, used to cover NVIDIA GPU and other equipment procurement costs. This quarter, Meta said it would invest an additional $21 billion in CoreWeave. Additionally, CoreWeave announced a multi-year cooperation agreement with Anthropic and received a $6 billion commitment from quantitative trading firm Jane Street. (Jin10 Data) [Axera Next-Generation High-Power AI Chip Completes Tape-Out, Supports Multi-Chip Cascading for Full-Fledged Large Model Inference on the Edge] From the earnings call of Axera's 2026 semi-annual report, it was learned that the company's next-generation high-performance, high-power AI chip has completed tape-out, with a significant increase in computing power specifications, equipped with high bandwidth, and supports two-chip or four-chip cascading, enabling high-performance inference of full-fledged large models on the edge. [Strategic Cooperation Intent Reached, Huawei to Provide Ascend Computing Equipment to Beijing Data Group] According to Beijing Data Group, on August 7, Beijing Data Group and Huawei held working talks and reached a strategic cooperation intent. Next, the two sides will focus on deepening cooperation in computing power clusters and city-level computing infrastructure construction. Beijing Data Group’s subsidiary Tongniu Information will participate in the construction of Beijing's city-level computing infrastructure, coordinating the deployment, daily operations, and computing services of the group's self-innovated computing clusters. Huawei will fully support Beijing Data Group in advancing the city-wide layout of self-innovated computing, providing advanced Ascend computing equipment, comprehensive technical solutions, and service support to jointly build a trusted city-level computing foundation in Beijing, continuously releasing the value of computing engines and offering stable, reliable computing support for the development of “Digital Intelligence Beijing.” [Nvidia Announces Partnership with Six Financial Giants to Arrange $500 Billion AI Infrastructure Financing System] Nvidia (NVDA.O) announced on the 10th local time that it has established a strategic partnership with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to create an independent computing financing platform, aiming to mobilize over $500 billion in third-party capital over the long term for building artificial intelligence infrastructure. Nvidia stated that the new financing platform transforms Nvidia’s computing and full-stack AI infrastructure into an investable asset class for global capital, expands access to AI factories, achieves long-term revenue tied to usage, and supports Nvidia’s ecosystem growth in hardware sales and software applications. [Tesla: Terafab Plan Launches in Texas, Targeting Over 1 Terawatt of Computing Capacity Annually] On August 6, Tesla (TSLA.O) stated that earlier this year, SpaceX and Tesla announced the launch of the “Terafab” project—the world’s largest chip manufacturing initiative, integrating logic chips, memory chips, and advanced packaging technology within a single facility. In April, Tesla broke ground on a new R&D fab at the northern campus of its Texas Gigafactory, which served as the predecessor to Terafab. And today, we officially announced that Terafab will be located in Grimes County, Texas. This facility will be an advanced semiconductor wafer fab, designed to bridge the vast gap between current global chip supply capability and future computing demand. The combined chip demand of SpaceX and Tesla is expected to exceed 1 terawatt (TW) of computing power, far surpassing the current global supply capability. We greatly appreciate our existing chip suppliers and encourage them to expand capacity where possible, but the widening supply-demand gap in the future is the core reason for the Terafab project. Terafab’s goal is to manufacture new computing capacity at unprecedented scale and speed. The project plans to build a vertically integrated factory with a manufacturing area exceeding 100 million square feet. The facility will cover the manufacturing, packaging, and testing of advanced logic chips and memory chips. Concentrating these processes at a single location will facilitate rapid iteration and accelerate the deployment of new computing power. [ZTE Partners With Sky47 to Build Pakistan's Largest Intelligent Computing Data Center] Recently, the inauguration ceremony of Sky47 Karakoram-01, the largest integrated general-purpose and intelligent computing data center in Pakistan, jointly built by ZTE and Pakistan's leading cloud service provider Sky47, was held in Islamabad. As Pakistan's first customized AI-native Tier III data center, Sky47 Karakoram-01 has a total power supply capacity of 8.5 MW. The center will provide robust cloud computing, data hosting, and advanced digital service support across Pakistan, fully meeting the computing power needs of government and enterprises in fields such as artificial intelligence (AI), machine learning (ML), and high-performance computing (HPC). Power Battery Cell Installation Rush and Robust AI Industry Chain Demand Keep Copper Foil Operating Rate Climbing According to SMM, In July, the operating rate of the copper foil industry continued to climb, supported by strong end-use demand from downstream. In the lithium battery sector, production schedules of major Chinese lithium battery companies hit another record high in July. The installation rush for power battery cells boosted production schedules, and demand for lithium battery copper foil remained positive. In the electronic circuit segment, AI industry chain-related demand remained strong; capacity continued to shift toward high-end products, and demand for electronic circuit copper foil across all specifications stayed robust. Voices From All Parties CSC Financial’s research report notes that the scaling of frontier models has entered a stage of parallel multi-path development. Anthropic Mythos 5 and Fable 5 are estimated by the industry to have 8 trillion and 5 trillion parameters respectively; Kimi K3 has a total of 2.8 trillion parameters; and ByteDance is reportedly pretraining a model with up to 10 trillion parameters. Post-training is further extended to million-token agent trajectories, thousands of tool calls, and complex tasks lasting several hours. The RSI review published on July 8 covered 1,250 papers, 74% of which were published in 2026, indicating a clear acceleration in AI R&D automation. We believe that model competition is shifting from single-parameter expansion toward coordinated evolution involving pretraining, reinforcement learning, inference-time computing, RSI, and long-term agent capabilities. Computing power demand will expand from training to inference and agent execution. We remain bullish on the Capex ecosystem of major players, domestic chips and super-nodes, computing services, Pre-AI, B-end AI applications, and local inference. Founder Securities' research report indicates that the market's oversold rebound has entered a critical phase, with divergence unfolding across tech and cyclical growth sectors. Continue to focus on allocation opportunities in three areas. First, tech stocks also require selective positioning by structure. At the index level, the Sci-Tech Innovation Board and ChiNext have rebounded about 10% from their lows, and there remains upside relative to the typical oversold rebound amplitude of major themes. The AI narrative has seen some shifts after US CSP earnings reports, with competitive capex marginally weakening; cloud business and healthy cash flow are decisive factors. Therefore, within AI, hardware and applications will become more balanced. Focus on core overseas computing power names with low crowding, as well as domestic computing power segments with high earnings visibility such as semiconductor equipment and materials; relatively undervalued AI applications and Hang Seng Tech deserve attention. Second, watch for opportunities in HALO assets, as expectations for US Fed interest rate hikes are easing. Beyond core resource-related non-ferrous metals and chemicals, oversold old and new energy, including power grids and electrical equipment, coal and petrochemicals, etc. Third, leading pharmaceutical names with improving fundamentals, low crowding, and abating headwinds. CITIC Securities' research report notes that since 2023, the rapid development of AI has driven the iterative upgrade of optical module technology. New technologies such as optical chip speed upgrades, silicon photonics integration, and CPO architecture are jointly driving the iterative upgrade of optical module testing equipment. Combined with the rapid expansion of AI computing power infrastructure, this is driving a "volume and price increase" for optical module testing equipment. Currently, international players remain relatively ahead in the 1.6T high-end market, but domestic enterprises are accelerating their catch-up, with the gap steadily narrowing. We are bullish on the long-term development of the domestic optical module industry and the trend of import substitution for high-end optical module testing equipment. China Merchants Securities, reviewing nine sharp A-share market corrections since 2015, found that sharp declines were mostly triggered by external shocks or liquidity risks, with stabilization marked by policy responses. The average rebound window after a correction is 34 trading days, with the Wind All A-Share Index rebounding by more than 19% on average, and the larger the prior decline, the greater the subsequent rebound tends to be. Sector performance exhibits "two-phase" rotation: in the first 10 trading days of a rebound, high-beta, oversold sectors such as electronics and computers lead the gains; after 20 to 60 trading days, the market shifts to themes with fundamental support, such as electrical equipment and food & beverage. For the current cycle, a two-step allocation is recommended: initially, prioritize TMT and other oversold, high-beta sectors (with focus on computing power leaders in China and overseas); after 10 to 20 trading days, return to a rebalancing of fundamentals, focusing on electrical equipment, chemical pharmaceuticals, coal, and non-bank financials. Along sector themes, key opportunities to capture are the catch-up potential in the overseas computing power price-hike chain, the elasticity of domestic computing power hardware, and gold's value as a safe-haven and rebalancing asset. The overall allocation revolves around three main themes: technology innovation, enterprises going global, and rebalancing of traditional low-valuation sectors. According to CICC research, since mid-to-late June, global AI chains experienced notable pullbacks, with South Korea—characterized by high leverage, high crowding, and high retail participation—being the most severe. Behind this were the amplifying effects of high crowding and high leverage, disturbances from macro factors (such as rising expectations for US Fed interest rate hikes and the renewed blockade of the Strait of Hormuz driving up oil prices), and market concerns over a re-emerging AI bubble (e.g., Meta renting out computing power, declining token spending). In fact, before the bubble finally burst in March 2000, the tech stock market saw at least four rounds of large-scale, prolonged corrections. The triggers for these declines are highly similar to the current adjustment: short-term setbacks in industry trends, headwinds in the macro environment, and overheated valuation sentiment. The eventual rebound in tech stocks was also due to the easing of these three pressures. Therefore, corresponding to the present, for the market to stabilize and even start a new round of increases, these three factors are needed: the digestion of high crowding and high leverage (largely achieved), the easing of expectations for US Fed interest rate hikes or the actual announcement (watch the July FOMC meeting), and more importantly, new catalysts from earnings reports and industry developments (the July-August earnings season). Recommended reading:

DeepSeek V4 Pro triggered a global price war among large language models with its ultra-low pricing. OpenAI slashed prices by 80%, Anthropic pulled back from markets outside China, Microsoft is evaluating integration, and Nvidia’s share of the Chinese GPU market plunged from 95% to 8%. Chinese models accounted for 60% of total call volume on OpenRouter, leading US models for 14 consecutive weeks.

Independent tech journalist Tim Culpan pointed out that the A20 Pro processor wafers produced by TSMC’s N2 process are showing good yield and sufficient capacity, with processor production basically ready, and that this process is not a bottleneck affecting iPhone shipments. However, due to a severe shortage of DRAM supply, the completed processor wafers cannot be subsequently packaged, leading to inventory buildup and putting pressure on Apple and its supply chain’s stockpiling. With only weeks to go before the release of the iPhone 18 series and the foldable iPhone Ultra, Apple and its supply chain assemblers are urgently seeking more mobile DRAM chip supply. In terms of DRAM supply, Apple currently relies primarily on Micron Technology, while also sourcing from SK Hynix and Samsung.

Tesla (TSLA.O) announced that the "Terafab" project has officially landed in Grimes County, Texas. Jointly initiated earlier this year by SpaceX and Tesla, the project is the world’s largest chip manufacturing plan, aiming to bridge the massive gap between current global chip supply capabilities and future computing demand. In fact, the predecessor of Terafab broke ground in April at the north campus of the Texas Gigafactory—a new R&D wafer fab. Now the project has been officially upgraded and sited in Grimes County, where it will be developed into an advanced semiconductor wafer fab. SpaceX and Tesla’s combined chip demand is expected to exceed 1 terawatt (TW) of computing capacity, a scale that far surpasses current global supply capability. We deeply appreciate our existing chip suppliers and encourage them to expand their capacity wherever possible, but the widening supply-demand gap in the future is the core reason behind the existence of the Terafab project. Terafab aims to manufacture new computing capacity at unprecedented scale and speed. The project plans to build a vertically integrated factory with over 100 million square feet of manufacturing space, covering fabrication, packaging, and testing of advanced logic and memory chips. Consolidating these processes in a single facility facilitates rapid iterative improvements and accelerates the deployment of new computing capacity.