On August 13, cloud computing stocks rallied, led by computing power leasing, with the pure-play cloud computing ETF, Huabao Fund Cloud Computing ETF (159099), surging over 3% intraday before closing 0.88% higher. Shanghai Cdxj Digital Technology Co.,Ltd. hit its daily limit for three consecutive sessions, Star-Net Ruijie also hit the limit, and Unisplendour Corporation briefly touched the limit before closing up over 7%. Other notable gainers included Inspur Electronic Information Industry, Sugon Information Industry, and Runsheng Technology.

Overseas, cloud computing giants posted earnings that broadly beat expectations, providing strong fundamental validation for the growth trajectory of the global AI computing power sector. Nebius reported second-quarter revenue surging 454% year-over-year, with adjusted EBITDA of $236 million and an AI cloud business margin of 50%. AI computing power supplier CoreWeave saw second-quarter revenue hit $2.575 billion, up 112% year-over-year, with a backlog of orders climbing to approximately $104 billion, prompting the company to raise its full-year revenue guidance to between $12.4 billion and $13.2 billion.

Domestically, leading cloud vendors have significantly raised their full-year capital expenditure guidance. Tencent Holdings' second-quarter report showed a sharp increase in computing power spending; quarterly capital expenditure surged 176% year-over-year to 52.8 billion yuan, with funds primarily allocated to IT infrastructure, including AI computing power procurement and data centers. Additionally, DeepSeek plans to raise its overall API service pricing soon, with a substantial expected increase, signaling a shift in token pricing logic toward value recovery.

The combination of strong overseas performance and high domestic investment validates the long-term support for expanding AI computing power demand. The entire industrial chain, including computing power leasing, intelligent computing centers, and AI hardware, is expected to benefit comprehensively, with the computing power sector's prosperity rising. Tianfeng Securities notes that domestic and international computing power leasing markets have begun a price increase cycle, and higher model fees will improve cash flow, feeding back into upstream computing power procurement demand. This positions computing power leasing firms to enter a phase of both volume and price growth.

Guohai Securities indicates that the supply-demand imbalance for computing power in China is intensifying, making the medium-to-long-term growth logic for the computing power leasing industry clearer, and it has entered a period of profit release. By 2026, domestic computing power leasing is expected to gradually enter a high-growth profit phase, achieving non-linear profit growth several times faster than revenue growth, driven by large-scale computing power reserves and long-term contracts with major clients.

As the core infrastructure for AI computing power and applications, and a key foundation for the AI era, cloud computing holds strong thematic allocation value amid the expansion of AI computing power, the acceleration of data center construction, and the rising prosperity of cloud infrastructure. The Huabao Fund Cloud Computing ETF (159099) passively tracks the CSI Cloud Computing 50 Index, and as of August 12, its computing power leasing exposure stood at 58.95%. Its top ten holdings cover core areas such as optical modules (including Zhongji Innolight and Eoptolink Technology), servers/AI computing power (including Sugon Information Industry and Inspur Electronic Information Industry), data centers (including Runsheng Technology), and software platforms (including Kingsoft Office and Hundsun Technologies), helping investors fully capture the opportunities from AI computing power expansion and the rising cloud infrastructure cycle.