会议同期，国家算力互联网四川枢纽服务节点同步上线，其依托算力互联互通平台拓展算力服务边界， 实现了三大突破，包括建成国内领先的跨服务商、跨架构的供需匹配服务体系；上线国内领先的基于智 能体的算力产品服务"超市"；具备国内领先的分钟级算力资源状态感知监测能力。下一步，该节点作 为"东数西算"西部枢纽的核心载体，将打造面向西南、辐射全国的算力互联调度中枢。 2025年5月，工业和信息化部印发了《算力互联互通行动计划》，提出到2026年，我国将建立较为完备 的算力互联互通标准、标识和规则体系。到2028年，我国要基本实现全国公共算力标准化互联，逐步形 成具备智能感知、实时发现、随需获取的算力互联网。 "随着'人工智能+'行动的持续推广，人工智能将广泛应用于生产生活的各个领域，随时、随地、随需可 获取的低成本算力是实现这一目标的重要前提。"中国信通院院长余晓晖在会上表示，发展算力互联网 需重点推进五方面工作：一是加速设施互联，推广高速互联与高性能传输协议；二是强化资源互用，建 立统一标识体系与多级互联平台；三是推动业务互通，提升应用调度互通与算网融合能力；四是夯实互 联基础，完善制度与标准体系；五是深化场景赋能，构建 ...

Core Viewpoint - The Hang Seng Index rose by 0.17% on December 24, with southbound capital recording a total transaction amount of HKD 457.99 billion, resulting in a net sell of HKD 11.75 billion [1] Group 1: Southbound Capital Transactions - Southbound capital transactions included a total of HKD 169.12 billion for the Shenzhen Stock Connect, with a net sell of HKD 6.24 billion, and HKD 288.87 billion for the Shanghai Stock Connect, with a net sell of HKD 5.52 billion [1] - The most active stock for southbound capital was SMIC, with a total transaction amount of HKD 46.18 billion and a net buy of HKD 4.91 billion, closing up by 3.12% [1][2] - Other notable stocks included Alibaba and Tencent, with transaction amounts of HKD 30.19 billion and HKD 16.71 billion, respectively, both experiencing net sells of HKD 2.88 billion and HKD 6.11 billion [1][2] Group 2: Individual Stock Performance - The stocks with the highest net buy amounts included Agricultural Bank with HKD 1.75 billion and Hua Hong Semiconductor with HKD 1.06 billion [1] - China Mobile had the highest net sell amount at HKD 7.11 billion, closing down by 0.06% [1][2] - The stock with the longest consecutive net buy days was CSPC Pharmaceutical, with a total net buy of HKD 2.12 billion over three days [2]

Group 1 - The Hang Seng Index rose by 0.17% to close at 25,818.93 points on December 24, with a total net sell of HKD 1.175 billion through the southbound trading channel [1] - The total trading amount for the southbound trading was HKD 45.799 billion, with a net sell of HKD 1.175 billion [1] - In the Shanghai-Hong Kong Stock Connect, the top traded stock was SMIC with a trading amount of HKD 29.39 billion, followed by Alibaba and China Mobile with HKD 19.46 billion and HKD 10.41 billion respectively [1] Group 2 - In the Shenzhen-Hong Kong Stock Connect, SMIC also led with a trading amount of HKD 16.78 billion, followed by Alibaba and Tencent with HKD 10.74 billion and HKD 9.16 billion respectively [2] - The highest net buy was for SMIC at HKD 4.25 billion, with a closing increase of 3.12% [2] - Tencent had the highest net sell at HKD 5.53 billion, closing with a slight increase of 0.17% [2]

Group 1 - The core viewpoint of the report indicates a significant recovery in equity market sentiment, with major stock indices generally rising and small-cap stocks experiencing a rebound [1][2] - The report highlights that the Shanghai Composite Index has recorded six consecutive days of gains, with a cumulative increase of 3.04% since December 17, reflecting a strong market bottom and positive investor sentiment [1][2] - The report suggests that the current market rally may be an early onset of spring dynamics, with historical patterns indicating that most year-end rallies tend to touch previous highs before retreating [2] Group 2 - The report notes that the CSI A500-related ETFs have seen substantial net inflows, with a net inflow of 13.374 billion yuan on December 23 and a total of 69.179 billion yuan from December 11 to 23, accounting for 25.16% of the total scale of these ETFs [3] - It is observed that other broad-based ETFs did not experience significant net inflows during the same period, indicating that incremental capital may be waiting for more certainty before entering the market [3] Group 3 - In the bond market, despite frequent news impacts, market stability is gradually strengthening, with long-term interest rates maintaining a low volatility state [4][6] - The report discusses the People's Bank of China's (PBOC) recent monetary policy actions, including a net injection of 30 billion yuan in mid-to-long-term funds in December, which is slightly lower than previous months [6][7] - The report highlights that the PBOC's recent statements suggest a shift in focus from the quantity of credit to the quality and actual demand for loans, indicating a potential decrease in urgency for further interest rate cuts [7] Group 4 - The report indicates that the domestic commodity market has maintained high bullish sentiment for three consecutive days, with precious metals, particularly silver, showing strong performance [8][9] - It notes that silver has significantly outperformed gold, with a daily increase of 8.12%, driven by a combination of market dynamics and fundamental supply-demand factors [9] - The report also mentions that the lithium carbonate supply logic is facing a temporary correction due to the anticipated resumption of production at a lithium mining project, which may challenge current trading logic [10]

Core Viewpoint - The China Mobile Yangtze River Delta (Suzhou) Fenhu Intelligent Computing Center project has reached a significant milestone with the completion of the main structure of the fifth machine room in the first phase, indicating progress in the development of advanced computing infrastructure in the region [1][5]. Group 1: Project Overview - The project is located in Lili Town, Wujiang District, Suzhou, covering a total planned area of approximately 205 acres with a total investment of 6 billion yuan [3][6]. - It is designed to build 9,990 computing racks, with a total computing power of 15,000 PFLOPS upon operation [3][6]. - The fifth machine room, which has recently topped out, has a single building area of 22,000 square meters and is planned to deploy 1,850 intelligent computing racks [3][6]. Group 2: Construction Timeline - The first phase of the project is scheduled for completion by the end of June 2026, with the second phase already included in the startup plan [3][6]. Group 3: Industry Impact - Once operational, the center will provide solutions for data storage, disaster recovery, visual computing, and AI training and inference, targeting sectors such as government, finance, manufacturing, and technology [5][6]. - The project aims to promote the ecosystem of intelligent hardware, chip modules, and computing power platforms, supporting the national "East Data West Computing" strategy [5][6].

Investment Rating - The communication industry is rated as "Recommended" due to sustained high prosperity driven by AI, 5.5G, and satellite communication [1][4]. Core Insights - The report highlights the expansion of computing hardware and the accelerated penetration of liquid cooling technology as a mainstream choice due to increasing heat density from high-performance chips [2]. - Major global manufacturers, including NVIDIA and Google, have fully adopted liquid cooling solutions, indicating a shift from pilot projects to large-scale implementation [2]. - The Taiwanese liquid cooling manufacturer, Qihong, reported a year-on-year revenue growth of 80.63% and a net profit increase of 115.10% in Q3 2025, driven by increased orders from overseas clients [2]. Market Overview - The overall market performance for the week of December 15-21, 2025, saw the Shanghai Composite Index rise by 0.03%, while the Shenzhen Component Index and the ChiNext Index fell by 0.89% and 2.26%, respectively. The communication sector also experienced a decline of 0.89% [1][9]. - Within the communication sector, the highest gain was seen in the communication cable and accessories sub-sector, which rose by 4.29%, while the communication application value-added services sub-sector experienced the largest decline of 4.13% [1][12]. Stock Performance - Notable stock performances for the week included Wanlong Optoelectronics with a gain of 34.20%, followed by Tongding Interconnection at 24.74% and Zhenyou Technology at 21.89% [1][14]. Industry News - A report indicated that the single-channel 100G LPO/LRO optical modules are set to ramp up production, supporting the efficient expansion of computing clusters [16]. - LightCounting forecasts that the optical module market will exceed $23 billion in 2025, with significant capital expenditures from major tech companies like Alphabet, Amazon, Meta, and Microsoft [18][19].

Group 1: Regulatory Actions - Apple has been fined approximately €98.63 million (around 813 million RMB) by the Italian antitrust authority for abusing its market dominance through its App Tracking Transparency policy, which restricts competition among third-party developers since April 2021 [2] Group 2: Autonomous Driving Developments - Baidu's autonomous driving service platform,萝卜快跑, plans to launch driverless testing and services in London by 2026, marking its first entry into a right-hand traffic market outside of Hong Kong [3] Group 3: AI and Robotics Innovations - Alibaba has open-sourced a new image generation model, Qwen-Image-Layered, which allows for advanced layer understanding and image generation, addressing consistency issues in AI-generated images [4] - 智元机器人 expects to achieve sales revenue exceeding 1 billion RMB this year, with plans for significant growth in robot shipments and revenue in the coming years [5] - 智元机器人 has launched a national robot rental platform, "擎天租," aiming to streamline the rental process and project the market size to exceed 10 billion RMB this year [5] Group 4: Corporate Transactions and Investments - 吉利汽车 has completed the privatization of 极氪, which is now a wholly-owned subsidiary, and its financial performance will be consolidated into 吉利汽车's financial statements [7] - 凌云光's subsidiary plans to invest up to $5 million in the IPO of 智谱, reinforcing their long-term partnership in AI and industrial data [8] - 通宇通讯 is increasing its registered capital by 10 million RMB through a cash investment from 武汉武创院投资有限公司 to enhance its capital strength [6] Group 5: Market Trends and Product Launches - 长飞光纤 reports that the demand for fiber optic cables related to the telecom market remains under pressure, despite increased attention on new products related to data centers [10] - 云知声 has launched a new medical AI model, "山海·知医大模型5.0," which aims to transition from an "intelligent tool" to a "clinical collaborator" [11] - 华为 has released the nova15 series smartphones, starting at 2,699 RMB, featuring the new 麒麟9010s chip and HarmonyOS 6 [23]

Core Viewpoint - Southbound funds experienced a net outflow of approximately 1.175 billion HKD today, marking a continued trend of selling pressure in the Hong Kong stock market [2]. Group 1: Southbound Fund Activity - Southbound funds accounted for about 49.51% of the total turnover of the Hang Seng Index, with a half-day transaction volume of approximately 45.799 billion HKD [2]. - The net outflow from the Shanghai-Hong Kong Stock Connect was around 0.551 billion HKD, while the Shenzhen-Hong Kong Stock Connect saw a net outflow of approximately 0.624 billion HKD [2]. - Southbound funds have recorded a cumulative net outflow of about 7.2 billion HKD from China Mobile over the past nine days [2]. Group 2: Individual Stock Performance - SMIC (00981.HK) saw a significant net buy of 0.491 billion HKD and an increase in stock price by 3.12% [2][3]. - Hua Hong Semiconductor (01347.HK) experienced a net buy of 0.106 billion HKD, with a stock price increase of 1.64% [2][3]. - Tencent Holdings (0700.HK) had a net outflow of 0.611 billion HKD, with a slight stock price increase of 0.17% [2][3]. - China Mobile (00941.HK) faced a net outflow of 0.711 billion HKD, with a minor decline in stock price of 0.06% [2][3]. Group 3: Recent Trends - Over the past five days, SMIC has seen a reduction of 3.74 million shares, indicating a short-term trend of outflow [2]. - Hua Hong Semiconductor has had a reduction of 6.02 million shares in the same period, also reflecting a short-term outflow trend [2]. - Tencent Holdings has seen an increase of 3.07 million shares over the last five days, suggesting a potential short-term inflow [2]. - China Mobile has had an increase of shares over the last five days, but the overall trend remains one of outflow [2].

Group 1 - On December 24, 2025, SMIC (00981), Alibaba-W (09988), and China Mobile (00941) were the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 2.939 billion, 1.946 billion, and 1.041 billion respectively [1][2] - In the Shenzhen-Hong Kong Stock Connect, SMIC (00981), Alibaba-W (09988), and Tencent Holdings (00700) also ranked as the top three companies by trading volume, with transaction amounts of 1.678 billion, 1.074 billion, and 0.916 billion respectively [1][2] Group 2 - In the Southbound Stock Connect, the top ten active trading companies included SMIC (00981) with a net buying amount of 65.43 million, while Alibaba-W (09988) and China Mobile (00941) had net selling amounts of 1.57 billion and 513 million respectively [2] - In the Shenzhen-Hong Kong Stock Connect, SMIC (00981) had a net buying amount of 425 million, while Alibaba-W (09988) and Tencent Holdings (00700) recorded net selling amounts of 1.31 billion and 553 million respectively [2]

| 南向资金今日成交活跃个股榜单 | | --- | | 代码 | 简称 | 收盘价 (港元) | 准庆帽 (%) | 净买入金额 (亿港元) | | | --- | --- | --- | --- | --- | --- | | 0981.HK | 中芯国际 | 71.05 | 3.12 | 4.91 | . | | 1288.HK | 农业银行 | 5.61 | 0.18 | 1.75 | . | | 1347.HK | 华虹半导体 | 71.45 | 1.64 | 1.06 | . | | 1093.HK | 石药集团 | 8.77 | -1.24 | 1.00 | . | | 6869.HK | K K K J 光 J J K J J K J J K L H H J J | 56.3 | 3.11 | 0.27 | | | 1772.HK | 赣锋锂业 | 56.05 | -0.18 | 0.26 | . | | 1810.HK | 小米集团-W | 39.22 | 0.05 | 0.04 | . | | 1398.HK | 工商银行 | 6.13 | -0.49 | -0.23 | . | | 13 ...