The Ultimate Feast of Computing Power Overflow

The First Ripple: Atomic-Level “Invisible Gold Mine” (Materials Section)
Chip manufacturing involves stacking at the atomic level. SMIC produces 200,000 units of the 910C, and once machines start, gold flows endlessly. This logic is called “Sustainable Materials”—equipment is one-time use, but consumables are burned every second.

Sputtering Targets (Art of Metals):
Jiangfeng Electronics (300666) / Youyan New Materials (600206)
Logic: These are the raw materials for chip internal wiring. The demand for ultra-high purity copper and tantalum targets in 7nm/5nm processes is exponential. Huawei is expanding production, and these two are essential upstream “water suppliers.” Jiangfeng focuses on high-end, Youyan leverages rare earth resource advantages.

Photoresists and Special Gases (Chemical Magic):
Tongcheng New Materials (603650) / Nanda Optoelectronics (300346) / Jingrui Electronic Materials (300655)
Logic: The more Japan restricts, the faster domestic substitution becomes. It used to be “usable if it works,” now it’s “must use.” Tongcheng precisely positions itself in KrF/ArF photoresists, Nanda Optoelectronics makes the fastest breakthroughs in ArF. Etching each circuit layer depends on these companies’ performance.

Electronic Special Gases (Chip Blood):
Huat Gas (688268) / JinHong Gas (688106)
Logic: 70% of chip manufacturing processes require special gases. SMIC’s full capacity means the consumption of gases is the biggest fundamental factor.

The Second Ripple: Precision Manufacturing “Mother Machines and Nests” (Equipment and Clean Rooms Section)
Fab factories are not built at will; they are the most precise factories on Earth.

Clean Rooms (Power of Computing):
Yaxiang Integration (603387) / Shenghui Integration (603163)
Logic: SMIC’s expansion projects in Beijing and Shanghai require extremely high cleanroom standards. Looking at SMIC’s CAPEX (Capital Expenditure), you can see which year their orders are scheduled for. Yaxiang is more deeply tied to major manufacturers, Shenghui has unique advantages in high-end process fab buildings.

Key Equipment (Decoupling from US and Japan):
Xinyuan Micro (688037) / Shengmei Shanghai (688012) / North China Huachuang (002371)
Logic: In coating and developing (Track) processes, Xinyuan Micro is the core competitor to Japan’s TEL; in cleaning, Shengmei Shanghai is indispensable. When national policies intervene, the domestic equipment market share will be forcibly increased from 20% to 80%.

The Third Ripple: “Physical Base” of the Manca Cluster (AIDC and Power Section)
Once the chips are made, they need places to plug in and power to run. The Manca Cluster’s environment requirements are almost “perverse.”

AIDC and Liquid Cooling (Cooling Chips Down):
Runze Technology (300442) / Yingweike (002837) / Shenling Environment (301018)
Logic: The power consumption of 910C is huge; traditional air cooling can’t handle it. Liquid cooling has become standard. Runze is the AIDC provider tied to top-tier manufacturers, Yingweike and Shenling are the dual leaders in liquid cooling temperature control equipment.

Power Equipment (Vessels of Energy):
Jinpan Technology (688676) / Siyuan Electric (002028) / Pinggao Electric (600312)
Logic: AI’s ultimate is energy. When the Manca cluster starts, the current surge is enormous. Dry-type transformers (Jinpan), high-voltage switches (Siyuan)—these seemingly insignificant “big guys” are the last line of defense to ensure computing power doesn’t crash.