Analysis of the Correlation Between Northbound Capital's Increase in Holdings of Aurore (600666.SS) and AI Computing Power Concept

Based on market data analysis and public information research, this report systematically analyzes the correlation between northbound capital’s increase in holdings of Aurore (600666.SS) and the AI computing power concept.

---

As of the end of the third quarter of 2025, northbound capital increased its holdings of Aurore by

, with the number of shares held on behalf of Hong Kong Securities Clearing Company Limited increasing by approximately [1]. This increase rate is relatively high in the A-share market, reflecting international capital’s high attention to changes in the company’s fundamentals.

From the perspective of northbound capital’s trading behavior, it has continued to flow into Aurore since 2025. Combined with an analysis of the company’s business transformation timeline, the capital increase in holdings is highly synchronized with the company’s AI computing power business layout[1].

---

Aurore has clearly identified AI computing power services as the main direction of its strategic transformation. According to the company’s official information and annual report disclosures, its computing power business layout covers the following core areas:

Layout Area	Specific Content	Progress Status
Intelligent Computing Power Subsidiary	Established in Beijing, Shanghai, Shenzhen, and Harbin	In Operation
Shareholding in Suanchang Technology	23.8% shareholding in Beijing Suanchang Technology	In-depth Participation
GPU Computing Power Services	Provides computing power leasing for RTX 4090, H800-80, L40S-48, etc.	Commercialized
AI Agent Platform	Data+AI platform, full-stack AI solutions	Continuous Iteration

1. Computing Power Infrastructure Construction
   : Servers for the intelligent computing power subsidiary established in Beijing (registered capital of RMB 30 million) have been deployed and officially put into operation in November 2023[1]

2. Technology Platform Support
   : Through its 23.8% shareholding in Suanchang Technology, the company has deeply entered the core track of AI agents, covering the construction of Data+AI platform capabilities[2]

3. Customer Resource Expansion
   : Has successfully served customers such as Silk Road New Cloud (integrated intelligent computing center), Jingwei Hengrun (intelligent driving computing power), Shenzhen Yuanxiang (large model training and inference), and Shandong University (bare-metal computing power)[3]

---

There is a clear

between northbound capital’s significant increase in holdings and the company’s AI computing power layout, which is reflected in the following dimensions:

In the first three quarters of 2025, Aurore achieved a net profit of

, a year-on-year surge of [1]. This earnings growth mainly comes from:

• Incremental revenue contributed by the large-scale operation of computing power leasing business
• Stable cash flow support from the traditional sapphire business
• 26.35% growth in inventory indicates strategic reserves of computing power equipment

National and local policies continue to increase support for computing power infrastructure construction:

• The Overall Layout Plan for the Construction of Digital China proposes optimizing the layout of computing power facilities
• The Action Plan for High-Quality Development of Computing Power Infrastructure clarifies that by 2025, the computing power scale will exceed 300 EFLOPS, with intelligent computing accounting for 35%
• The China Securities Regulatory Commission (CSRC) supports new financing tools such as data center REITs[4]

Global AI investment remains highly booming, and computing power chip giants such as NVIDIA have repeatedly hit new highs, driving the sustained rise of the A-share AI industry chain[4]. As institutional investors, northbound capital has high sensitivity and forward-looking vision regarding changes in industry trends.

---

Although northbound capital’s significant increase in holdings reflects market recognition of the company’s AI transformation, investors still need to pay attention to the following risk factors:

Risk Type	Specific Content	Risk Level
Financial Health	Accounts receivable collection period of 152 days, slowing by 7.87% year-on-year	Medium
Valuation Risk	P/E Ratio of 73.60, significantly higher than the industry average	High
Business Sustainability	The earnings surge is partly due to bad debt write-backs, and sustainability remains to be verified	Medium
Market Competition	Competition in the computing power leasing market is intensifying, with leading enterprises having obvious advantages	Medium

---

1. Capital Behavior Synchronized with Business Transformation
   : The 87% increase in northbound capital’s holdings occurred at the critical node when the company’s AI computing power business transitioned from the layout phase to the harvest phase

2. Clear Fundamental Support Logic
   : The 1156.78% net profit growth verifies the revaluation effect of the computing power business on the company’s value

3. Industry Logic Recognized by Capital
   : Increased policy support and the high boom of the AI industry provide a clear reason for northbound capital to increase its holdings

4. Risks and Opportunities Coexist
   : While recognizing the value of the company’s transformation, investors need to carefully assess financial health and valuation risks

---

[1] Eastmoney.com - 87% Increase in Holdings! Northbound Capital Locks in the Only Hidden Champion of AI Agents (https://caifuhao.eastmoney.com/news/20260118063758710184400)

[2] 10jqka.com - Latest Developments of Aurore (600666) (http://basic.10jqka.com.cn/600666/)

[3] Aurore Official Website - AI Computing Power Services Page (https://aurora-sapphire.cn/ai-service.html)

[4] Securities Times Network - Special Report on AI Computing Power Services (https://www.stcn.com/article/detail/1225296.html)