证券研究报告 科技 AI 顶层纲领发布，开启 AI 应用浪潮 华泰研究 2025 年 8 月 27 日│中国内地 动态点评 《"人工智能+"行动意见》：战略高度空前，开启 AI 应用浪潮 8 月 26 日，国务院印发《关于深入实施"人工智能+"行动的意见》（以下简 称《意见》），该《意见》是继"互联网+"之后，国家层面推动新一轮产业 变革的纲领性文件。《意见》将 AI 定位为培育"新质生产力"的核心引擎， 并通过"6 大重点行动"和"8 项基础支撑"构建了清晰的"施工图"。我 们认为，该《意见》标志着中国人工智能产业的发展重心，正从技术研发与 概念验证阶段，全面转向与实体经济深度融合、商业化落地和价值兑现的关 键阶段。 亮点一：AI 应用成为主旋律，破解落地"最后一公里"难题 《意见》关键词在于"深入实施"，我们预计后续各部委、地方政府将密集出 台配套细则，通过专项资金、税收优惠、应用试点等方式，将政策红利传导 至企业端。为解决 AI 应用落地存在'最后一公里'障碍等问题，政策提出 了明确的量化目标：2027/2030 年重点领域融合普及率超 70%/90%，并布 局一批"国家人工智能应用中试基地"。通过顶层 ...

Core Viewpoint - The A-share market is experiencing a significant surge driven by the AI industry chain, with the ChiNext Index rising by 2.4% and various sectors such as semiconductors and CPO witnessing substantial gains, indicating a technological revolution in the capital market [1][3]. Industry Insights - Over 40% of the 1.7 trillion yuan trading volume is directed towards the AI industry chain, with leading companies like NewEase Technology hitting the 20% limit up due to a 42% increase in capital expenditure from North American cloud giants, with orders extending to 2026 [3]. - The ChiNext AI index has surged by 68% since April, reflecting real industrial breakthroughs rather than speculative hype, as evidenced by companies like SMIC investing nearly 15% of their revenue in R&D and ranking among the top three globally in wet etching equipment shipments [3]. - The Ministry of Industry and Information Technology has recently released the "Artificial Intelligence +" policy, which supports AI chip development and intelligent computing infrastructure, effectively boosting the tech industry [3]. - Inspur Information holds over 45% market share in AI servers, with orders from major players like Tencent and Huawei expected to sustain growth for the next three years [3]. - Rare earth materials are becoming shadow stocks in the tech sector, with companies like Northern Rare Earth hitting the limit up due to the essential role of permanent magnet materials in AI robotics [3]. Investment Directions - For medium to long-term investors, three key areas to focus on include: - Semiconductor equipment, with SMIC's Ultra C series cleaning equipment reducing chemical consumption by 75%, showcasing true domestic replacement capabilities [4]. - AI computing infrastructure, exemplified by the low PUE value of 1.04 for the liquid-cooled data center from Zhongke Shuguang, which is 30% more energy-efficient than traditional facilities [4]. - The robotics supply chain, with significant domestic replacement opportunities for core components like reducers and sensors as Tesla's Optimus prepares for mass production [4]. - The investment in tech stocks is characterized as a marathon rather than a sprint, with historical context provided by the 554% rise in the ChiNext during the 2012 bull market driven by the smartphone and mobile internet revolution [4].

Group 1 - The main stocks with significant capital outflows include Topway Information (-1.96 billion), Lingyi Technology (-1.79 billion), and Huasheng Tiancheng (-1.25 billion) [1] - Other notable stocks with capital outflows are Liou Co. (-0.65 billion), Zhinan Zhen (-0.65 billion), and Hengbao Co. (-0.63 billion) [1] - The total capital outflow from the top 20 stocks indicates a bearish sentiment in the market, particularly affecting sectors like software development, internet services, and battery manufacturing [1][2] Group 2 - Topway Information experienced a price increase of 2.21% despite a capital outflow of 1.96 billion [2] - Lingyi Technology had a price increase of 0.6% with a capital outflow of 1.79 billion [2] - Huasheng Tiancheng saw a price drop of 4.22% alongside a capital outflow of 1.25 billion [2][3]

融券方面，当日融券卖出4.03万股，净卖出3.45万股。 8月26日，沪深两融数据显示，浪潮信息获融资买入额11.58亿元，居两市第10位，当日融资偿还额13.59 亿元，净卖出20121.64万元。 最近三个交易日，22日-26日，浪潮信息分别获融资买入17.94亿元、17.28亿元、11.58亿元。 ...

Group 1 - The State Council emphasizes the importance of high-quality development in service trade to support the construction of a strong trade nation and a higher-level open economic system [1] - The State Council has issued opinions on the implementation of the "Artificial Intelligence +" initiative, aiming for over 70% application penetration of new intelligent terminals and intelligent agents by 2027 [2] - The National Development and Reform Commission announces a reduction in gasoline and diesel prices, with 92-octane gasoline decreasing by 0.14 yuan per liter [7] Group 2 - Cambrian Technology reports a net profit of 1.038 billion yuan in the first half of the year, marking a turnaround from losses [8] - Huayi Brothers Media sees a net profit of 2.229 billion yuan in the first half, a year-on-year increase of 372% [8] - Northern Rare Earth reports a net profit of 931 million yuan, a significant year-on-year increase of 1951.52% [8] Group 3 - South New Pharmaceutical plans to acquire assets from Future Medicine, which is expected to constitute a major asset restructuring [11] - Shiyun Circuit plans to invest 1.5 billion yuan to build a new generation PCB manufacturing base [11] - Biyi Micro plans to acquire 100% equity of Shanghai Xinggan Semiconductor for 295 million yuan [11]

Policy Background and Core Logic - The State Council released the "Opinions on Deepening the Implementation of 'Artificial Intelligence+' Action" on August 26, 2025, aiming to promote AI empowerment across six dimensions: technology, industry, consumption, livelihood, governance, and global cooperation [1] - The policy outlines three stages: achieving deep integration in six fields by 2027 (with smart terminal penetration exceeding 70%), establishing smart economy as a growth driver by 2030 (with penetration exceeding 90%), and entering a new stage of intelligent society by 2035 [1] - This policy is expected to reshape China's AI industry chain and create trillion-level investment opportunities [1] Computing Infrastructure: The "Water, Electricity, and Coal" of the AI Era - The policy emphasizes "strengthening intelligent computing power coordination," focusing on breakthroughs in liquid cooling technology, optical modules, and AI chips [3] - Inspur Information holds a 47% global market share in AI servers, with a revenue increase of 165% year-on-year in Q1 2025, benefiting from accelerated construction of intelligent computing centers [4] - The company has received over 20 billion yuan in national computing network orders, with a 40% year-on-year increase in net profit in Q2 2025 [4] Industry Applications: Accelerated Penetration in Vertical Scenarios - The policy encourages deep integration of AI with manufacturing, government, and healthcare, accelerating commercialization in vertical scenarios [5] - Weining Health's AI-assisted diagnostic system covers 3,000 hospitals with a diagnostic accuracy rate of 93.6%, and its medical AI revenue doubled in Q2 2025 [5] - The company has won over 20 provincial government projects, enhancing processing efficiency by 70% through its NLP capabilities [5] Consumer-Level AI: Revolution in Smart Terminals - Wanxing Technology's AI model has improved video creation efficiency by five times, with a revenue increase of 180% in H1 2025 [6] - The company is a core chip supplier for Alibaba's AI glasses, with a market share exceeding 60% in smart wearable chips [6] - AI subscription services are becoming a new growth driver, with net profit increasing by 120% year-on-year in Q2 2025 [6] Data Elements and Security: The Foundation of the AI Ecosystem - The policy highlights the need for "data element circulation and security governance," making data labeling and privacy computing essential [6] - Companies like Haitan Ruisheng and Qi Anxin are positioned to benefit from this trend [6] Intelligent Agents and Ecosystem: The Core of Next-Generation Interaction - The policy promotes "human-machine collaborative organizational structures," making intelligent agent platforms standard for enterprises [6] - Companies such as Tuowei Information are expected to play a significant role in this area [6] Global Cooperation and Open Source Ecosystem - The policy emphasizes "AI for all," with open-source communities and global standard-setting being crucial [6] - Companies like Cambrian are involved in this global cooperation effort [6] Investment Strategy - Short-term focus on computing hardware (e.g., Zhongji Xuchuang, Inspur Information) and government intelligent agents (e.g., Tuowei) [7] - Long-term attention to companies with high technical barriers and deep scenario implementation (e.g., Zhongke Shuguang, Weining Health) [7]

Group 1 - The State Council issued an opinion on the implementation of "Artificial Intelligence+" actions, aiming for deep integration of AI with six key areas by 2027, with a target application penetration rate of over 70% for new intelligent terminals and agents [2] - By 2030, AI is expected to fully empower high-quality development in China, with application penetration rates exceeding 90%, making the intelligent economy a significant growth driver [2] - By 2035, China aims to enter a new stage of intelligent economy and society development, supporting the realization of socialist modernization [2] Group 2 - The National Development and Reform Commission announced a new round of fuel price adjustments, effective from August 26, with gasoline and diesel prices reduced by 180 yuan/ton and 175 yuan/ton respectively, translating to a decrease of 0.14 yuan per liter for 92 gasoline [3] - During the 14th Five-Year Plan period, China plans to build the world's largest electric vehicle charging network, with a target of two charging piles for every five vehicles [3] - The renewable energy generation capacity is expected to increase from 40% to around 60% during this period [3] Group 3 - Since 2012, China's foreign investment flow has ranked among the top three globally for 13 consecutive years, with over 50,000 enterprises established overseas by the end of 2024 [4] - The total foreign investment stock exceeds 3 trillion USD, maintaining a global share of 7.2% [4] Group 4 - As of July 2025, the total scale of public funds in China reached 35.08 trillion yuan, setting a new historical high [5] - The Ministry of Housing and Urban-Rural Development and the People's Bank of China issued a management measure for anti-money laundering in real estate, mandating compliance from real estate institutions [5] Group 5 - The Australian Postal Corporation announced the suspension of most parcel services to the United States, with exceptions for letters and gifts valued under 100 USD [6] Group 6 - Companies such as Cambrian reported a net profit of 1.038 billion yuan in the first half of the year, marking a turnaround from losses [7] - China Ping An's operating profit grew by 3.7% in the first half, with an interim dividend of 0.95 yuan per share [7] - Northern Rare Earth's revenue increased by 45.24% year-on-year, with net profit soaring by 1951.52% [7] - Companies like Victory Technology and Light Media reported significant profit increases of 366.89% and 371.55% respectively in the first half of the year [7] Group 7 - According to Citic Securities, improving liquidity is expected to support a rebound in Hong Kong stocks, with a focus on innovative drugs and internet opportunities [9] - Guotai Junan predicts that the paper industry chain prices are likely to continue rising due to seasonal demand and low inventory levels [10]

分产品来看，报告期内，浪潮信息在服务器产品实现营业收入752.86亿元，同比增长99.5%；存储类、 交付类等产品，实现营业收入48.37亿元，同比增长11.52%；其他类产品实现营业收入6961.18万元，同 比减少42.45%。 据悉，浪潮信息是全球领先的IT基础设施产品、方案和服务提供商。近年来，公司不断完善和强化智算 产品技术布局，全面推进算力、算法、数据和互连技术的创新，加速"人工智能+"的落地。 算力方面，发展新一代以系统为核心的计算架构，打造开放、多元、绿色、智能的元脑智算产品和方 案，为人工智能的创新和应用，提供强大算力平台。 8月26日晚，浪潮信息(000977)披露2025年半年报。上半年，公司实现营业收入801.92亿元，同比增长 90.05%；归母净利润7.99亿元，同比增长34.87%；扣非净利润6.72亿元，同比增长61.1%。 2025年，浪潮信息持续聚焦云计算、大数据、人工智能为代表的智慧计算，在研发、生产、交付、服务 模式等方面持续创新，各项业务保持快速增长势头。 根据Gartner、IDC发布的最新数据，浪潮信息服务器、存储产品市场占有率持续保持全球前列：2025年 第一季 ...

8月26日晚，浪潮信息（000977）披露2025年半年报。上半年，公司实现营业收入801.92亿元，同比增 长90.05%；归母净利润7.99亿元，同比增长34.87%；扣非净利润6.72亿元，同比增长61.1%。 2025年，浪潮信息持续聚焦云计算、大数据、人工智能为代表的智慧计算，在研发、生产、交付、服务 模式等方面持续创新，各项业务保持快速增长势头。 分产品来看，报告期内，浪潮信息在服务器产品实现营业收入752.86亿元，同比增长99.5%；存储类、 交付类等产品，实现营业收入48.37亿元，同比增长11.52%；其他类产品实现营业收入6961.18万元，同 比减少42.45%。 据悉，浪潮信息是全球领先的IT基础设施产品、方案和服务提供商。近年来，公司不断完善和强化智算 产品技术布局，全面推进算力、算法、数据和互连技术的创新，加速"人工智能+"的落地。 算力方面，发展新一代以系统为核心的计算架构，打造开放、多元、绿色、智能的元脑智算产品和方 案，为人工智能的创新和应用，提供强大算力平台。 根据Gartner、IDC发布的最新数据，浪潮信息服务器、存储产品市场占有率持续保持全球前列：2025年 第一季 ...

智通财经APP讯，浪潮信息(000977.SZ)发布2025年半年度报告，报告期内，公司实现营业收入801.92亿 元，同比增长90.05%。实现归属于上市公司股东的净利润7.99亿元，同比增长34.87%。实现归属于上市 公司股东的扣除非经常性损益的净利润6.72亿元，同比增长61.10%。基本每股收益0.5425元。 ...