北交所科技新产业跟踪第二十八期：海内外高密度智算中心建设“紧锣密鼓”，北交所智能算力产业链盘点

Core Insights - The report highlights the ongoing construction of high-density intelligent computing centers both domestically and internationally, with significant investments in the AI computing infrastructure [8][12][47] - The overall market for computing power in China is projected to grow from approximately 215.92 billion yuan in 2019 to an estimated 912.35 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 33.41% [14][44] - The report notes a decrease in the price-to-earnings (P/E) ratios across four major industries, with the automotive sector's P/E ratio dropping to 15.2X, a decline of 4.71% [28][50] Industry Overview - The intelligent computing industry is experiencing rapid growth, with a focus on green computing as a key trend. By 2025, the proportion of intelligent computing within the total computing power is expected to reach 35% [45][18] - The report identifies that the upstream of the AI industry chain is the computing power infrastructure, which includes components, ICT infrastructure, and other hardware [14][45] - The report outlines the government's clear plans for the next two years regarding computing power, including targets for total computing power (EFLOPS) and the number of intelligent computing centers [18][44] Company Performance - The report tracks 141 companies in the North Exchange's technology sector, noting an overall median price change of -2.82% for the week, with notable performers including Qifeng Precision (+38.61%) and Youji Co., Ltd. (+24.53%) [49][50] - The median P/E ratio for these companies decreased from 20.5X to 19.6X, indicating a shift in market valuation [50][22] - The total market capitalization of these companies fell from 1632.20 billion yuan to 1589.98 billion yuan, with the median market cap also decreasing [51][49] Investment Trends - Major companies in the AI computing sector, such as Alibaba and Tencent, are significantly increasing their investments in computing power, with projects like the Zhangbei Super Intelligent Computing Center and financing for deep learning technology [12][44] - The report emphasizes the importance of the "East Data West Computing" initiative, which aims to build a national computing network system, benefiting companies in the intelligent computing sector [47][44] - The report also highlights the performance of specific companies, such as Shuguang Shuchuang, which leads in AI server liquid cooling facilities, and Parallel Technology, a leader in AI computing cloud platforms [19][48]