今日投资参考：算力行业维持高景气状态 Low-Dk电子纱供不应求

Market Overview - The Shanghai Composite Index experienced a slight decline of 0.2%, closing at 3288.41 points, while the Shenzhen Component Index fell by 0.62% to 9855.2 points, and the ChiNext Index decreased by 0.65% to 1934.46 points. The Northbound 50 Index saw a more significant drop of 1.78% [1] - Total trading volume across the Shanghai, Shenzhen, and North exchanges was 107.69 billion yuan, a decrease of approximately 60 billion yuan from the previous day [1] Industry Insights - The real estate, food and beverage, agriculture, automotive, pharmaceutical, and liquor sectors showed declines, while the banking sector performed positively. Concepts related to computing power and PEEK materials were active [1] - The steel industry is expected to enter a new phase of supply-side reform, with profits from black metal smelting and rolling industries reaching 7.51 billion yuan in Q1 2025, marking a year-on-year increase of 0.8%. Key steel enterprises reported a 9.6% decrease in operating costs, and the average sales profit margin for steel products increased by 0.67 percentage points [2] - The Low-Dk electronic fabric market is experiencing a supply-demand imbalance, with prices increasing by over 17% year-on-year in Q1 2025. The global market for 5G low-dielectric electronic fabrics and cloth is projected to grow from approximately 135 million USD in 2023 to 528 million USD by 2030, with a compound annual growth rate of 21.4% [3] - The computing power industry remains in a high-growth state, with significant investments in projects such as the "Super Thousand Card Domestic Intelligent Computing Center Project" and "Yangtze River Delta Intelligent Computing Center Project," totaling over 14.1 billion yuan. Google reported a 43% year-on-year increase in capital expenditure for Q1 2025, amounting to 17.2 billion USD [4] Policy Developments - The Ministry of Industry and Information Technology is accelerating the revision of mandatory national standards for advanced driver assistance systems and autonomous driving technologies [5][6] - The National Energy Administration is promoting policies to support the hydrogen energy industry, aiming to enhance the entire hydrogen energy supply chain and improve the industrial ecosystem [7] - The National Development and Reform Commission announced the establishment of a childcare subsidy system and plans to allocate approximately 2.1 billion yuan for consumer goods replacement programs [8] - The People's Bank of China indicated plans for timely adjustments to reserve requirements and interest rates, aiming to maintain liquidity and support economic stability [9] - The National Energy Administration is encouraging private enterprises to invest in nuclear power projects and other energy infrastructure, promoting participation in major technological innovations in the energy sector [10]