计算机周观点第 33 期：底层基础设施迭 代加速，AI 原生力量重塑软件产业格局 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 杨蒙(分析师) | 021-23185700 | yangmeng@gtht.com | S0880525040072 | | 钟明翰(研究助理) | 021-38031383 | zhongminghan@gtht.com | S0880124070047 | 本报告导读： 本周，SpaceX 确认与 xAI 合并，其 100 万颗卫星申请获受理；Claude Cowork 更新 11款插件，动摇传统 SaaS 软件核心护城河；质变科技发布记忆湖产品 MemoryLake。 投资要点： 请务必阅读正文之后的免责条款部分 [Table_Report] 相关报告 计算机《未来产业之脑机接口：资本与政策赋 能，迎产业窗口期》2026.02.05 计算机《政策注入消费动能，看好 ...

Investment Rating - The investment rating for the computer industry is "Positive" and maintained [10] Core Insights - The total market value of heavy holdings in the computer sector for Q4 2025 is approximately 23.27 billion, down from 37.36 billion in Q3 2025, reflecting a decrease of about 14.09 billion. The concentration of holdings has further increased, with a higher proportion in storage and vertical applications. Overall, the allocation ratio for the computer industry has reached a historically low level, indicating limited downside potential. With the acceleration of AI application commercialization, the sector is expected to see a recovery [2][5][6][35]. Summary by Sections Heavy Holdings and Allocation - The heavy allocation ratio for the computer sector has continued to decline, reaching a historical low of 1.6% in Q4 2025, down 0.7 percentage points from Q3 2025. The heavy allocation ratios over the past year have been -2.8%, -3.4%, -3.6%, and -3.8%, indicating a deepening decline [19][20]. Sector Performance and Fund Flow - The absolute value of holdings in various sub-sectors has generally decreased, with increased pressure from fund outflows. The top five sub-sectors by market value in Q4 2025 are IT infrastructure (2.8%), government IT (2.3%), industrial software (2.1%), cybersecurity (1.7%), and automotive IT (1.7%). The government IT sector saw a significant increase of 0.6%, while energy IT experienced a notable decline of 1.3% [6][34]. Concentration of Holdings - The concentration of holdings in the computer sector has significantly increased, reaching a new high. The CR10 and CR5 concentration ratios rose from 65.9% to 69.8% and from 49.1% to 57.8%, respectively, indicating a trend towards increased concentration of fund holdings [7][43]. Future Outlook - The application and computing power chains are expected to continue attracting institutional investments, with a focus on structural opportunities amid sector rotation. The current optimistic narrative surrounding AI is expected to drive demand for computing power, particularly as AI applications begin to materialize in various high-value scenarios [8][27][28]. Valuation Metrics - As of February 3, 2026, the latest PE-TTM for the Jiangsu computer index is 68.5 times, which is at the 91st percentile since 2016. In comparison, the latest PE-TTM for the CSI 300 is 13.3 times, at the 78th percentile [48][50].

Core Insights - The Tianjin Binhai High-tech Zone reported a revenue growth of 11.6% year-on-year for its five major industries last year, with a focus on developing two trillion-yuan industrial clusters in the fields of trusted computing and platform economy services [1] Industry Overview - The five major industries in the high-tech zone include trusted computing, new economic services, biomedicine, new energy, and high-end equipment manufacturing, with trusted computing and new economic services achieving double-digit revenue growth last year [1] - The high-tech zone is also prioritizing cutting-edge fields such as core chips, brain-computer interaction, and cell and gene therapy, becoming one of the first four future industry pilot zones in Tianjin [1] Company Developments - Zhongke Shuguang has established an annual production capacity of one million high-end servers and terminal products in the high-tech zone, positioning it as a hub for digital and intelligent technology [1] - The company plans to collaborate with upstream and downstream enterprises, universities, and research institutions to build a comprehensive innovation system covering core components, complete systems, software ecosystems, and application services [1] Future Plans - Over the next five years, the high-tech zone aims to upgrade its leading industries and accelerate the construction of a modern industrial system, targeting the establishment of two trillion-yuan industrial clusters [1] - This year, the zone aims to launch one landmark project and 16 high-quality projects to attract premium projects and strengthen the industrial chain [1]

在业内看来，郑州有地理区位优势，东数西算的8大算力枢纽和10大算力中心集中在东西部，而身处在 版图中央的郑州在网络时延和算力集散方面具有先天优势，能够承接东部算力需求外溢和西部绿色算力 的联动，充当全国算力中转分发的枢纽。 而且，河南作为农业、工业以及人口大省，自身的数据资源丰富，工业门类齐全，尤其在电子信息、算 力、新能源、新材料等方面的基础雄厚，省内自身的算力需求也很旺盛。而河南的传统产业升级，战略 性新兴产业培养，黄河生态保护战略等都需要顶尖算力的支撑。 超算互联网作为国家战略，从2023年开始启动建设。其核心思路是以互联网的思维运营超算，通过建立 类似京东、淘宝模式的应用商城，连接供需双方，目的是推动国产应用和大模型的普及，推升算力流通 和利用效率，推动算力服务市场化和标准化。 在业内看来，此次核心节点的接入，标志着国家超算互联网的建设取得了实质性突破，为建设贯穿东西 覆盖全国的一体化算力网络，迈出了至关重要的一步。 郑州发力，启用国内最大单体国产AI算力池 2月5日，算力圈传来一则重磅消息，位于郑州的国家超算互联网核心节点上线试运行。该节点从启动建 设到落地部署仅用两年多时间，一举成为国家超算互联网 ...

中国 央行等八部门：未经相关部门同意，境内主体及其控制境外主体不得在境外发行虚拟货币。证监会：明确备案监管要求，六类情形禁止开展业 务。 国常会：加力提效用好中央预算内投资、超长期特别国债、地方政府专项债券等资金和新型政策性金融工具。 华见早安之声 市场概述 美国消费者信心创六个月新高，逢低买入推动美股反弹，标普涨近2%，创去年5月以来最佳单日涨幅，道指首次突破5万点，罗素2000大涨3.6%。黄仁勋称 AI需求极度高涨，英伟达大涨7%，芯片股指飙升5.7%。软件ETF反弹3.5%。亚马逊绩后跌5.6%、但较昨日盘后跌幅收窄。 美债收益率全线走高，10年期上行近3基点，2年期收益率涨5.54基点。美元日内跌0.3%，但全周收涨0.56%、两周连涨。 在经历了周四的崩盘后，加密货币周五暴力反弹，收复前一日大部分跌幅。比特币价格飙升11%，重回7万美元。以太坊大涨11%，站上2000美元。 金银走V反转。芝商所提保后，白银一度重挫10%，随后较日低飙升20%。现货黄金最终收涨近4%。油价小幅收涨。 亚洲时段，A股三大股指震荡收跌，化工集体拉升掀涨停潮，恒指、恒科指均跌超1%，阿里跌近3%，沪银暴跌15%。 要闻 ...

华见早安之声 央行等八部门：未经相关部门同意，境内主体及其控制境外主体不得在境外发行虚拟货币。证监会：明确备案监管要求，六类情形禁止开展业 务。 国常会：加力提效用好中央预算内投资、超长期特别国债、地方政府专项债券等资金和新型政策性金融工具。 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 美国消费者信心创六个月新高，逢低买入推动美股反弹，标普涨近2%，创去年5月以来最佳单日涨幅，道指首次突破5万点，罗素2000大涨3.6%。黄仁勋称 AI需求极度高涨，英伟达大涨7%，芯片股指飙升5.7%。软件ETF反弹3.5%。亚马逊绩后跌5.6%、但较昨日盘后跌幅收窄。 美债收益率全线走高，10年期上行近3基点，2年期收益率涨5.54基点。美元日内跌0.3%，但全周收涨0.56%、两周连涨。 在经历了周四的崩盘后，加密货币周五暴力反弹，收复前一日大部分跌幅。比特币价格飙升11%，重回7万美元。以太坊大涨11%，站上2000美元。 金银走V反转。芝商所提保后，白银一度重挫10%，随后较日低飙升20%。现货黄金最终收涨近4%。油价小幅收涨。 亚洲时段，A股三大股指震荡收跌，化工集体拉升掀涨停潮，恒指、恒科 ...

Core Insights - The article highlights the launch of the scaleX 30,000-card supercluster by Zhongke Shuguang, marking the establishment of the largest domestic AI computing power pool in China, which supports advanced AI computing scenarios such as trillion-parameter model training and AI for Science [1][5]. Group 1: Technological Breakthrough - The scaleX supercluster was deployed in less than two months after its first appearance at the HAIC conference in December 2025, showcasing China's rapid integration capabilities in large-scale intelligent computing systems [2]. - Zhongke Shuguang overcame several key technical challenges, including high-speed interconnection, tight coupling design of storage and computing, and efficient resource scheduling, through systematic innovation [4]. Group 2: Practical Value - The scaleX supercluster has demonstrated its application value across various fields, including supporting trillion-parameter model training and enhancing inference efficiency for major internet companies [5]. - It has also contributed to significant advancements in scientific research, such as improving protein research efficiency by 3 to 6 orders of magnitude for top domestic research teams [5]. Group 3: Regional Empowerment - The simultaneous deployment of three superclusters is expected to significantly impact regional development, particularly in Zhengzhou, enhancing its capabilities in computing power and digital infrastructure [6]. - The establishment of this core node is anticipated to elevate Zhengzhou's development level and strengthen its role in computing power scheduling and multi-domain applications [6].

Core Viewpoint - The article highlights the launch of the scaleX 30,000-card supercluster by Zhongke Shuguang, marking a significant advancement in domestic AI computing power, supporting large-scale model training and high-throughput inference, and promoting a new phase of accessible and user-friendly intelligent computing [1][6]. Technological Breakthrough - The scaleX supercluster transitioned from demonstration to deployment in less than two months, showcasing China's rapid integration capabilities in large-scale intelligent computing systems [2]. - Zhongke Shuguang overcame key technical challenges such as high-speed interconnection, tight coupling of storage and computing, and efficient resource scheduling through systematic innovation [4]. Practical Value - The scaleX supercluster has demonstrated its application value across various fields, including training trillion-parameter models and enhancing inference efficiency for major internet companies [6]. - It has supported significant advancements in scientific research, such as improving protein research efficiency by 3-6 orders of magnitude, and has completed optimization for over 400 mainstream models [6]. Regional Empowerment - The deployment of three superclusters not only provides core computing support but also has a profound impact on regional development, particularly in Zhengzhou, enhancing its capabilities in computing resource scheduling and digital construction [8]. - The establishment of this core node is expected to elevate Zhengzhou's development and strengthen its role in various applications, contributing to a complete and innovative industrial ecosystem [8].

Core Insights - The strategic significance of the national supercomputing internet core node transcends a single computing center, redefining the accessibility and infrastructure of computing power [1] - The demand for AI large models is experiencing explosive growth, but the shortage of computing resources is a critical bottleneck for industrial upgrades [1][2] - The national supercomputing internet platform aims to activate computing power value and improve resource allocation efficiency, marking a significant milestone with the core node's trial operation on February 5, 2026 [1][2] Development Timeline - The "14th Five-Year Plan" proposed the strategic goal of building a national integrated computing network, elevating computing power to the status of essential infrastructure [2] - The deployment of the national supercomputing internet began in February 2023, with significant milestones including the establishment of a national supercomputing internet consortium and the construction of core nodes [2][3] - The core node construction project commenced in October 2023, with the platform expected to connect over 30 supercomputing centers across 14 provinces [2][3] Resource Pool and Management - The national supercomputing internet has formed a heterogeneous computing resource pool with over 150,000 accelerator cards and 2 million computing cores [3] - The platform aims to unify the management of these dispersed computing resources, creating an E-level (exaflop) heterogeneous computing resource pool that continues to expand [3] AI Application and Ecosystem - The supercomputing internet serves as a core connector in the industrial landscape, facilitating the last-mile connection between computing supply and demand [4] - The platform has already served over 1 million users, processing a peak of 1.03 million jobs in a single day, significantly lowering computing costs and usage barriers [4] - The AI community within the platform provides one-stop services for developers and enterprises, enabling intelligent scheduling of computing resources [4] Regional Development and Talent Cultivation - The core node in Zhengzhou is positioned to become a hub for computing power scheduling, effectively linking green computing resources in the west with demand from the east [5] - Plans include the construction of a 160,000 square meter research space and the training of over 3,000 advanced computing talents [5] Accessibility and Efficiency - The supercomputing internet aims to make computing power as accessible as water and electricity, addressing the "last mile" issue of computing applications [6] - The platform's integrated delivery model allows users to access powerful computing capabilities easily, supporting simultaneous use by millions of users [6] Open Ecosystem and Research Support - The platform has over 32,000 developers in its AI community, with major firms contributing open-source models and datasets [7] - Significant advancements in scientific computing have been achieved, with AI models dramatically improving efficiency in various fields, including meteorology and materials research [7] Future Outlook - The construction of the supercomputing internet ensures autonomous control over computing supply in critical areas, forming a complete internal circulation system for computing power [8] - As the national strategy progresses, the construction of the integrated computing network is expected to accelerate, balancing autonomy with open collaboration [8]

Group 1 - The National Bureau of Statistics held four symposiums to gather opinions from industry experts and company representatives on advancing the construction of Digital China [1] - Experts and representatives from major companies such as Huawei, Tencent, Alibaba, and Baidu participated, discussing the challenges and trends in the industry during the 14th Five-Year Plan period [1] - There was a consensus among participants that the planning is systematic and leading, effectively addressing social concerns and enhancing development confidence [1]