在人工智能技术狂飙突进的时代，超大规模 AI 训练成为推动行业变革的核心引擎。然而，传统计算架 构在面对千亿级乃至万亿级参数模型训练时，逐渐显露出性能瓶颈、能耗高企以及生态适配性不足等问 题。近日，浪潮计算机发布新一代安全可靠AI 服务器 CS5698H3，以高性能、低功耗、开放架构的特 点，为超大规模 AI 训练构建起高效、开放、绿色的全新平台。 l 极致性能表现 CS5698H3采用 2 颗第四代 C86 处理器与 8 个 OAM 模组，实现计算性能的跨越式提升。在数据传输方 面，支持 896GB/s 的 GPU 互联带宽，使得数据在各计算单元间的流转迅速；集群扩展带宽达到 3.2Tbps，为大规模分布式训练提供了坚实的带宽保障。通过实际测试验证，CS5698H3在大规模训练任 务中的加速比超90%，能够大幅缩短模型训练周期，显著提升科研与商业应用的效率。 此外，CS5698H3 配备 8*NVMe SSD 数据缓存加速模块，针对高吞吐训练数据预处理的需求，提供了 高效的数据存储与读取解决方案。在处理海量训练数据时，SSD 的高速读写能力能够快速响应计算任 务，避免数据传输成为性能瓶颈，确保整个训练流程的 ...

Core Points - The China Securities Cloud Computing and Big Data Theme Index rose by 1.35% to 4252.23 points with a trading volume of 24.589 billion yuan [1] - The index has seen a decline of 1.98% over the past month, 23.12% over the past three months, and 1.68% year-to-date [1] - The index consists of 50 listed companies involved in cloud computing services, big data services, and related hardware [1] Index Composition - The top ten weighted companies in the index are: iFlytek (8.19%), Kingsoft Office (6.35%), NewEase (5.18%), Unisplendour (5.07%), Inspur Information (4.95%), Sugon (4.29%), Runhe Software (3.95%), Zhongji Xuchuang (3.83%), Hengsheng Electronics (3.72%), and Runze Technology (2.99%) [1] - The industry composition of the index shows that Information Technology accounts for 70.19%, Communication Services for 28.47%, and Industry for 1.34% [1] Index Adjustment and Tracking Funds - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Public funds tracking the cloud computing index include: GF CSI Cloud Computing and Big Data Link A,招商中证云计算与大数据ETF, and several others [2]

Core Viewpoint - The cloud gaming industry continues to lead the market, with significant gains in the information security and big data sectors, as evidenced by the performance of related ETFs [1] Group 1: ETF Performance - Several ETFs related to big data have shown a half-day increase of over 1%, with specific ETFs like the Information Security ETF (159613) and the Big Data Industry ETF (516700) rising by 1.59% and 1.51% respectively [2][3] - The Information Security ETFs (159613 and 562920) have small scales, with half-day trading volumes below 10 million yuan, tracking the CSI Information Security Theme Index [3] Group 2: Index Composition - The CSI Information Security Theme Index includes listed companies involved in information security technology, products, and services, reflecting the overall performance of securities in the information security sector [4] - Major stocks in the CSI Information Security Theme Index include Inspur Information (5.78%), Unisoc (5.39%), and Hikvision (5.02%) [5] Group 3: Big Data Sector - The Big Data Industry ETF (516700), Big Data ETF (515400), and Data ETF (516000) also experienced gains exceeding 1%, with the Big Data ETF (515400) having a large scale of 2.3 billion shares and a half-day trading volume of 96.73 million yuan [6] - The CSI Big Data Industry Index selects companies involved in big data storage, analysis, operations, and applications, reflecting the overall performance of securities in the big data sector [6][7] - Key stocks in the CSI Big Data Industry Index include iFlytek (9.23%), Inspur Information (8.72%), and Unisoc (6.22%) [7]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The report analyzes Shandong provincial state - owned capital investment and operation companies from four dimensions: establishment background and process, positioning and consolidated business directions, assets and profitability, and outstanding bonds and bond valuations [2]. - Shandong provincial state - owned capital investment and operation companies' construction process can be divided into three stages: transferring state - owned capital to the provincial social security fund (2014 - 2017), introducing Shandong Guohui and transferring 20% of social security funds to it (2018 - 2020), and restructuring the social security fund council into Caixin Company and reorganizing the provincial investment and operation platforms (2020 - present) [2][8][9]. - These companies can be classified into five types according to their functions and business directions: state - owned capital operation companies, diversified industrial investment companies, focused industrial investment companies, financial investment companies, and policy - oriented investment companies [3][15]. - The asset scale of 12 provincial state - owned capital investment and operation companies in Shandong is significantly differentiated, and the asset structure varies greatly due to different functional positioning and business segments. Their profitability is good but has been under pressure in recent years [4][31][43]. - The outstanding bonds are mainly public bonds, and the scale is also significantly differentiated. Shandong Development, Shandong Guotou, Shandong Land, Shandong Steel Group, and Shandong High - speed have relatively low weighted ChinaBond valuation yields [5][52]. 3. Summary According to the Directory 3.1 Emergence: Establishment of Shandong Provincial Investment and Operation Companies - In 2013, the Third Plenary Session of the 18th Central Committee proposed to reform the state - owned capital authorization and operation system. Shandong Province launched a new round of state - owned enterprise reform [6]. - In 2014, Shandong issued the "26 Articles on Shandong State - owned Enterprise Reform", and in 2015, it passed the "1 + 5" documents, which jointly formed the top - level design for the construction of Shandong's state - owned investment and operation platforms [7]. - The construction process of Shandong provincial state - owned capital investment and operation companies has three stages: transferring state - owned capital to the social security fund, introducing Shandong Guohui, and restructuring and integrating platforms [2][8][9]. 3.2 Anchoring Direction: Company Positioning and Consolidated Business Directions - Companies are divided into five types: state - owned capital operation companies (e.g., Shandong Guotou), diversified industrial investment companies (e.g., Hualu Group, Lushang Group, Shandong Guohui), focused industrial investment companies (e.g., Shandong Energy, Shandong Gold, Shandong High - speed, Shandong Steel Group), financial investment companies (e.g., Luxin Group), and policy - oriented investment companies (e.g., Shandong Land, Shandong Development, Shandong Finance) [3][15]. - Each type of company has its own core business and development strategy. For example, Shandong Guotou focuses on IT business, Hualu Group on high - end chemical industry, and Luxin Group on financial services [19][20][23]. 3.3 Financial Perspective: Company Assets and Profitability 3.3.1 Asset Dimension - Asset scale is significantly differentiated, divided into four echelons. Shandong High - speed and Shandong Energy have over - trillion - yuan asset scales, while Shandong Development has the smallest scale [31]. - Asset composition varies. There are four types based on the consolidated statements: assets mainly formed by industrial subsidiaries' businesses, financial assets and long - term equity investments in financial subsidiaries, assets mainly formed by equity investments, and assets mainly formed by government - function infrastructure and its investment and financing services [32][34][35]. 3.3.2 Profitability Dimension - The overall profitability of 12 companies is good but has been under pressure in recent years. Since 2022, the overall revenue growth has slowed down, and the net profit has declined [43]. - In terms of revenue structure, 7 companies have more retained operating profits, 4 companies' profits mainly come from investment income, and Shandong Steel's investment income is an important source of profit due to industry downturn [44]. 3.4 Bond Market: Outstanding Bonds and Bond Valuation Overview - Outstanding bonds are mainly public bonds, and the scale is significantly differentiated. Shandong High - speed has the highest outstanding bond scale, while Shandong Development and Hualu Group have the smallest [52]. - Shandong Development, Shandong Guotou, Shandong Land, Shandong Steel Group, and Shandong High - speed have relatively low weighted ChinaBond valuation yields, less than 2% [52].

Core Viewpoint - The CSI Computer Theme Index has experienced a decline, reflecting the overall performance of listed companies in the computer sector, with significant drops over various time frames [2][3]. Group 1: Index Performance - The CSI Computer Theme Index opened lower and fell by 1.7%, closing at 6604.0 points with a trading volume of 24.895 billion yuan [1]. - Over the past month, the index has decreased by 0.61%, while it has dropped by 19.82% over the last three months and 2.42% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in information technology services, application software, system software, and computer hardware, with a base date of December 31, 2004, set at 1000.0 points [2]. - The top ten weighted companies in the index are Hikvision (8.06%), Zhongke Shuguang (7.01%), iFlytek (6.59%), Kingsoft Office (5.0%), Unisplendour (4.2%), Tonghuashun (4.17%), Inspur Information (3.88%), Runhe Software (3.17%), Hengsheng Electronics (2.99%), and 360 (2.71%) [2]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shenzhen Stock Exchange (67.73%) and the Shanghai Stock Exchange (32.27%) [2]. - In terms of industry composition, information technology accounts for 90.69% of the index, while communication services make up 9.31% [3]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Public funds tracking the CSI Computer Index include Tianhong CSI Computer Theme ETF Link A, Tianhong CSI Computer Theme ETF Link C, Guotai CSI Computer Theme ETF Link C, and others [3].

Group 1 - The company, Inspur Electronic Information Industry Co., Ltd., has announced the issuance of its fourth phase of ultra-short-term financing bonds for the year 2025, with a total registered amount of 5 billion yuan [1] - The bonds were approved by the board on April 11, 2023, and subsequently by the shareholders' meeting on May 12, 2023, with the registration valid for two years from the date of the notice [1] - The specific issuance details include an amount of 1 billion yuan, a face value of 100 yuan per bond, and an interest rate of 1.68%, with the funds expected to be fully received by May 21, 2025 [1] Group 2 - The lead underwriter for this issuance is China Construction Bank, with Industrial Bank serving as the co-lead underwriter [1] - The announcement regarding the issuance was disclosed through various financial news outlets and the company's official website [1]

证券代码：000977 证券简称：浪潮信息 公告编号：2025-030 浪潮电子信息产业股份有限公司 关于公司 2025 年度第四期超短期融资券发行情况公告 | 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 | | --- | | 误导性陈述或重大遗漏。 | 浪潮电子信息产业股份有限公司（以下简称"公司"）于 2023 年 4 月 11 日 召开的第八届董事会第二十九次会议审议通过了《关于公司拟注册发行超短期融 资券的议案》，上述议案已经 2023 年 5 月 12 日召开的公司 2022 年度股东大会 审议通过，详细内容分别于 2023 年 4 月 12 日、2023 年 5 月 13 日披露于《中国 证 券 报 》《 证 券 时 报 》《 证 券 日 报 》《 上 海 证 券 报 》 和 巨 潮 资 讯 网 （http://www.cninfo.com.cn）。 2023 年 8 月 18 日，公司发行超短期融资券的申请已经中国银行间市场交易 商协会注册通过（中市协注〔2023〕SCP356 号），核定公司超短期融资券注册金 额为 50 亿元，注册额度自通知书落款之日起 2 年 ...

Core Insights - The China Urbanization Index series reflects the performance of listed companies influenced by changes in economic and consumption structures, focusing on themes such as intensive, intelligent, and green low-carbon development [1][2] Group 1: Index Performance - The China Urbanization Index (H30138) reported a value of 2202.65 points, with a recent one-month increase of 3.94%, a three-month decline of 10.99%, and a year-to-date decrease of 2.92% [1] - The index is based on a reference date of June 29, 2012, with a base point of 1000.0 [1] Group 2: Index Holdings - The top ten weighted stocks in the China Urbanization Index include BOE Technology Group (5.94%), Hikvision (4.29%), ZTE Corporation (4.25%), Haier Smart Home (4.07%), State Grid Corporation of China (3.79%), iFlytek (3.6%), TBEA (2.48%), Unisplendour (2.31%), GoerTek (2.2%), and Inspur Information (2.14%) [1] - The index holdings are primarily listed on the Shenzhen Stock Exchange (67.36%) and the Shanghai Stock Exchange (32.64%) [1] Group 3: Industry Composition - The industry composition of the index holdings shows that Information Technology accounts for 52.16%, followed by Industrial (21.11%), Communication Services (15.99%), Consumer Discretionary (7.65%), Healthcare (2.23%), Materials (0.53%), and Utilities (0.33%) [2] - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

Group 1: Company Overview - Huili B's total market capitalization fell below RMB 300 million for the first time, closing at RMB 290 million on May 20, 2023, which may trigger delisting risk if it remains below this threshold for 20 consecutive trading days [1][2] - The company announced a share buyback plan, intending to repurchase shares worth between RMB 3 million and 6 million at a price not exceeding USD 0.51 per share [2] - Huili B's stock price dropped significantly, with a 24.49% decline over the last five trading days and a 55.6% decline over the last 30 trading days, closing at USD 0.222 per share [2] Group 2: Financial Performance - In Q1 2023, Huili B reported revenue of RMB 3.8144 million, a year-on-year decrease of 0.24%, and a net profit attributable to shareholders of RMB 1.2489 million, down 37.99% year-on-year [2] - Other companies facing delisting risks include *ST Lingyun B and *ST Jinguang B, with *ST Lingyun B's stock price falling below RMB 1 for the first time [4] Group 3: IPv6 Industry Insights - The Central Cyberspace Affairs Commission, the National Development and Reform Commission, and the Ministry of Industry and Information Technology issued a document outlining goals for IPv6 deployment by 2025, aiming for 850 million active users and 1.1 billion IoT connections [5][6] - The document includes nine key tasks to enhance IPv6 infrastructure and security, with major companies like China Unicom and ZTE leading in market capitalization and IPv6 deployment efforts [7][8] - IPv6 concept stocks have performed well this year, with an average increase of 13.45%, and several companies, including Dongtu Technology and Anbotong, seeing gains exceeding 50% [8][9]

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1] Core Insights - The demand for AI chips and computing power leasing is expected to grow significantly, driven by increased capital expenditure from downstream internet companies [8][9] - The revenue of Taiwanese server manufacturers has shown double-digit year-on-year growth, indicating a positive trend in the computing power industry [10] - Major companies like Huawei and Nvidia are launching new AI chip products, which are anticipated to enhance their market positions [8][41] Summary by Sections AI Chips - Huawei has launched the CloudMatrix 384 cluster solution based on the Ascend 910C chip, with plans to start large-scale shipments in June 2025 [8][28] - The revenue of domestic AI chip companies, such as Cambricon and Haiguang, has seen substantial growth, with Cambricon's revenue reaching 11.11 billion yuan in Q1 2025, up 4230% year-on-year [39] - The demand for AI chips is expected to continue rising, with companies adapting to large model frameworks to enhance computing power cluster construction [40] Demand Side - Global cloud service providers, including Google Cloud, AWS, and Microsoft, reported a combined revenue increase of 11% year-on-year in Q1 2025 [63] - Capital expenditures from major companies are projected to remain high, with Microsoft planning to invest approximately $80 billion in AI infrastructure in FY2025 [64] - Alibaba's cloud business revenue reached 30.1 billion yuan in Q1 2025, growing 18% year-on-year, driven by increased adoption of AI-related products [63] Computing Power Industry Chain - The revenue of Taiwanese server manufacturers, including Quanta and Wistron, has shown significant growth, with Quanta's revenue increasing by 58% year-on-year in April 2025 [71] - The domestic computing power leasing market is expected to reach a potential revenue scale of 260 billion yuan by 2026, indicating strong demand [74] - Companies are focusing on enhancing their product lines and expanding customer bases to capitalize on the improving server market demand [70]