Guohai Securities·2025-09-29 01:37Group 1: Company Insights - The report highlights the emergence of China's "Stargate" project, which aims to solidify the core position of domestic computing power, with the successful integration of four national-level computing platforms and six data centers into the Yangtze River Delta hub in Wuhu [4][5] - The computing power public service platform in Wuhu has connected to 34 data centers, aggregating nearly 640P of general computing power, 26,000P of intelligent computing power, 33.3P of supercomputing power, and 2,070 qubits of quantum computing power [4][5] - The report indicates that the share of intelligent computing power in China's total computing power is expected to rise from 3% in 2016 to 35% by 2025, with over 250 intelligent computing centers already established or under construction [5][6] Group 2: Industry Trends - The report discusses the strategic restructuring of coal assets between Pingmei Group and Henan Energy Group, which is seen as a timely move for regional coal asset reorganization [14] - The coal industry is experiencing a slight decrease in port coal prices, while pithead coal prices continue to rise, indicating a mixed supply-demand scenario [15] - The report notes that the petrochemical industry is expected to see an average annual growth of over 5% in added value from 2025 to 2026, driven by a new growth plan released by seven government departments [19][20]