AI芯片、液冷技术、光模块等领域龙头业绩高增，资本聚焦具备技术壁垒和生态协同的头部企业，产 业迈向高质量发展。 2025年，A股算力板块经历了一场深刻的价值重塑。 从年初的政策预期驱动到年末的业绩兑现验证，相关指数全年表现亮眼。截至2025年12月25日，国证算 力基础设施指数（399363.SZ）收盘报9467.22点，年初以来累计涨幅高达80.74%。 这一年，资本市场对算力产业的认知经历了从"概念炒作"向"价值锚定"的转变，折射出全球算力竞争加 剧与国内产业升级需求叠加下，中国算力产业链的必然进阶。 在中美科技博弈持续深化、全球AI算力需求爆发的双重背景下，2025年的A股算力板块，既展现了国产 替代的强劲动能，也暴露了核心技术的现实短板，即部分高端芯片制程仍有提升空间、部分基础软件生 态适配度待加强。 结构性分化：价值锚点转向业绩兑现 2025年的A股算力板块，最显著的特征便是"冰火两重天"的结构性分化。 这种分化并非简单的板块轮动，而是资本市场对算力产业链各环节价值创造能力的重新评估，其核心逻 辑已从短期政策利好转向长期业绩兑现与技术壁垒。市场热点从"概念"向"业绩"集中，具备明确技术落 地路径和真 ...

今日聚焦 4、中鼎股份：拟设合资公司 新公司将开展逐际机器人产品的关节组装业务以配合整机组装 中鼎股份公告称，全资子公司安徽睿思博机器人科技有限公司与深圳逐际动力科技有限公司、合肥柔性 科天机器人材料有限公司签订《项目合作协议》，拟共同出资设立一家有限责任公司，注册资本为5000 万元，其中睿思博以现金认缴出资3000万元，占注册资本的60%；逐际动力以技术认缴出资1000万元， 占注册资本的20%；柔性科天以现金认缴出资1000万元，占注册资本的20%。新公司将开展逐际机器人 产品的关节组装业务以配合整机组装。 5、4连板合兴包装：股票异常波动期间 控股股东新疆兴汇聚减持153.05万股公司股份 1、海科新源：与法恩莱特签订战略合作协议 预计电解液溶剂及添加剂供货量27万吨 海科新源公告称，公司与湖南法恩莱特新能源科技有限公司签署《战略合作暨原材料供货协议》，法恩 莱特在协议有效期内(2026年1月1日至2028年12月31日)向海科新源购买电解液溶剂及添加剂27万吨。该 协议为战略合作协议，具体合作事宜需在每一份订单中进一步明确，尚存在不确定性。本协议的签署对 公司本年度及未来各会计年度财务状况的具体影响 ...

12月19日，广东省人民政府新闻办公室举行第十场"'十四五'广东成就"系列主题新闻发布会，介绍韶关 市"十四五"经济社会发展总体情况。 韶关市委副书记、市长吴庆华介绍，"十四五"以来，韶关锚定"建设具有区域影响力的新韶关"总定位， 全面落实省委"1310"具体部署，在经济增长、产业转型等领域多点突破，经济总量先后跨过1500亿元、 1600亿元两个台阶，2024年人均GDP、居民人均可支配收入居粤北五市前列。 算力领跑+产业焕新 筑牢发展硬核支撑 韶关集群凭借"自然条件、综合成本、网络时延、人才集聚"四大优势，成为大湾区算力产业"核心承载 地"。当地地质安全稳定无地震记录，大工业电价低至0.55元/度、绿电装机占比58.8%，工业用地价格 较全省平均水平低72%，算力综合成本仅为大湾区城市六成；到广州、深圳传输骨干机房单向时延分别 降至1.3ms、1.66ms，规划建设深广韶数据大通道将进一步压缩时延；与鹏城国家实验室等共建科研平 台，17所大中专院校培育专业人才梯队。 "十四五"期间，韶关构建全链条算力产业生态，四大运营商及腾讯、万国数据等头部企业纷纷入驻，形 成12万标准机架承载能力，可承载18万P算力， ...

继摩尔线程之后，又一国产GPU龙头登陆A股市场，再度点燃市场热情。12月17日，沐曦股份 （688802.SH）登陆科创板，上市首日涨幅高达692.95%。当天，三大指数悉数收涨，创业板涨超3%。 当前，距离2025年收官仅剩10个交易日，市场调整将如何演绎？跨年行情又会否如期而至？多家券商做 出了预判。 "考虑本轮上涨行情的底层逻辑并未动摇，我们认为市场中期趋势仍然向好。"中金公司研究部国内策略 首席分析师李求索说。 对于跨年行情，第一财经梳理发现，券商首席普遍持乐观预判。国泰海通首席策略分析师方奕认为，交 易层面，保收益降仓位已步入尾声，岁末年初的再配置与机构资金回流有望改善市场流动性和活跃成 交，跨年攻势已经开始。 资金层面上，有券商提到，近期，A股成交额和换手率再度回升，显示资金正在积极寻找跨年行情的机 会。 资金面和情绪面现回暖迹象 12月17日，三大指数集体反弹，截至收盘，沪指报收3870.28点，涨1.19%；深成指和创业板指分别收涨 2.4%和3.39%。两市成交额1.81万亿，较上一交易日增加约870亿元。 各板块中，算力硬件概念表现活跃，中瓷电子（003031.SZ）、环旭电子（60123 ...

Core Insights - The 20th China IDC Industry Annual Convention (IDCC2025) and Digital Infrastructure Technology Expo (DITExpo) took place on December 10, 2025, in Beijing, focusing on the theme "Reshaping Computing Power, Breaking Boundaries" [1][15] - The event gathered hundreds of guests, including academicians, industry leaders, scholars, technical experts, and representatives from overseas data centers to discuss new trends in computing power development [1][15] Awards Summary - The 2025 China IDC Industry Annual Awards recognized outstanding contributions in the computing power industry over the past year, with 88 companies and projects awarded across 12 categories after a rigorous selection process [3][17] Domestic Ecological Intelligent Computing Engine Award - Beijing Electronic Smart Technology Co., Ltd. for Beijing Digital Economy Computing Power Center - Weichai Heavy Machinery Co., Ltd. for Weichai Data Center Generator Set [19] AI + DC Innovation Practice Award - China Telecom Guizhou Cloud Computing Branch for industry applications based on telecom AI large model - ProLogis Data Technology (Shanghai) Co., Ltd. for AI-driven green efficiency practices at ProLogis Smart Computing Center [19] Innovation Development Award - Shanghai Data Port Co., Ltd. - Beijing International Computing Power Service Co., Ltd. [20] Green Computing Center Award - China Mobile Communications Group Shanghai Co., Ltd. for China Mobile Yangtze River Delta (Shanghai) Lingang Data Center Building 5 - GDS Services Ltd. for GDS Langfang Data Center Building 2 [20] High Reliability Data Center Award - China Unicom Ningxia Autonomous Region Branch for China Unicom Zhongwei Cloud Data Center - China Telecom Qinghai Branch for National Digital Qinghai Green Data Center [20] Construction Design Award - China Aviation Planning and Design Institute Co., Ltd. for the renovation project of the People's Bank of China Clearing Center Satellite Ground Station [22] Power and Computing Synergy Pioneer Award - China Unicom (Qinghai) Green Power Intelligent Computing Technology Co., Ltd. for the demonstration microgrid project [25] Green Solutions Award - China Mobile Communications Group Anhui Co., Ltd. for AI-based multi-modal energy-saving operation and maintenance solutions [27] Innovative Technology Product Award - Kuaishou Intelligent Cloud (Ulanqab) Technology Co., Ltd. for the innovative soft tube liquid cooling data center project [29] Global Digital Infrastructure Leader Award - China Telecom International Co., Ltd. - GDS Services Ltd. [30] Excellence in Overseas Expansion Award - China Unicom International Co., Ltd. - SUNeVision Holdings Ltd. [30]

场景驱动的创新模式是中国算力产业的独特优势。 2025年12月3日，「甲子光年」在北京万达文华酒店圆满举办"轰然成势，万象归一"2025甲子引力年终盛典。 在算力产业专场圆桌对话中，甲子光年分析师王艺作为主持人，对话后摩智能联合创始人、战略副总裁项之初，海光信息智算产品负责人贺群，蓝耘科技 CTO安江华，新华三集团企业技术部总经理朱哲，围绕《中国算力方案：如何用有限资源做出无限可能？》展开深入探讨。 在当下全球算力竞争从"有没有"转向"够不够、好不好"的深水区，中国算力产业面临先进制程受限、高端GPU供应收紧等独特外部约束。嘉宾们指出，制 程瓶颈、软件生态和系统化工程成为年度高频词，产业正处于从"堆叠算力"到"高效协同"的关键"拐点"。 面对算力不足、互联受限、生态薄弱的"三重困境"，产业界分享了如何通过找准应用场景、构建差异化技术路线、以及推动端云协同来实现突破的策略。 从存算一体芯片的商业化落地，到超节点万卡集群的系统工程，从Scale-up与Scale-out的技术抉择，到液冷技术的必然选择，嘉宾们用实战案例揭示了中 国算力方案的创新路径。 对于未来的全球竞争格局，嘉宾们普遍认为，无论是芯片厂商、系统集 ...

Core Insights - The 20th China IDC Industry Annual Conference (IDCC2025) and Digital Infrastructure Technology Expo (DITExpo) was held in Beijing, marking a significant milestone in the IDC industry, themed "Reshaping Computing Power, Breaking Boundaries" [1][3] - The IDC industry in China has evolved from a market size of 2.16 billion yuan in 2006 to approaching a trillion yuan, transitioning from basic server hosting to a comprehensive intelligent computing power hub covering AI training, inference, and cloud computing [3][8] - The event gathered thousands of representatives from government, academia, and industry to discuss the future of the computing power industry and its next golden decade [3][8] Event Highlights - The DITExpo was officially launched during the conference, attended by prominent figures from academia and industry, symbolizing a new development stage for China's digital infrastructure industry [7][10] - Huang Chao, CEO of China IDC Circle, highlighted the IDC industry's journey over the past 20 years, noting its growth from hundreds of millions to nearly a trillion yuan, and the impact of national strategies like "New Infrastructure" and "East Data West Computing" [8][10] - The conference featured various keynote speeches and discussions on topics such as AI model inference systems, green computing, and the collaboration between computing power and electricity [12][14][18] Industry Trends and Reports - A report presented at the conference indicated that the demand for intelligent computing power is expected to grow at a compound annual growth rate of 49% over the next three years, with the total scale of data centers in China projected to exceed 25 GW by 2025 [31][33] - The report also emphasized the importance of green computing as a core competitive factor, with new projects increasingly requiring green electricity ratios [33] - The issuance of public REITs by companies like GDS and Runze marks a significant breakthrough in the capital market for the data center industry, paving the way for the securitization of computing power infrastructure [33] Awards and Recognition - The conference included the 2025 China IDC Industry Annual Awards, recognizing outstanding contributions to the development of the computing power industry [34][36] - Awards were given in various categories, including AI+DC innovation practices and green computing centers, showcasing the highest standards of technological innovation in the IDC industry [34][36] Future Outlook - The next decade is anticipated to be a period of rapid development for intelligent computing, with data centers evolving towards large-scale, high-density, and green low-carbon models [44][48] - The industry is expected to focus on deep collaboration between computing power and electricity, as well as the service-oriented and asset-oriented evolution of computing power [48] - The China IDC Circle aims to continue its role as a builder of the digital infrastructure ecosystem, contributing to the development of the digital economy and the construction of a digital China [48]

Core Viewpoint - The major asset restructuring between Haiguang Information and Zhongke Shuguang has been terminated due to significant changes in market conditions and the complexity of the transaction, leading to substantial stock price fluctuations for both companies [1][2][3]. Group 1: Restructuring Termination - Haiguang Information and Zhongke Shuguang announced the termination of their major asset restructuring on December 9, resulting in a sharp decline in their stock prices [1]. - The termination was attributed to the large scale of the transaction, involvement of multiple parties, and significant changes in market conditions since the initial planning [2]. - Both companies emphasized that the decision to terminate was made after extensive efforts to proceed with the transaction, but the conditions for implementation were not mature [3]. Group 2: Market Impact and Stock Performance - Following the announcement of the restructuring plan in June, both companies experienced significant stock price increases, with Haiguang Information's stock rising over 58% and Zhongke Shuguang's by nearly 30% since June [3]. - On the day of the termination announcement, Haiguang Information's stock closed at 219.30 CNY per share, while Zhongke Shuguang's closed at 100.13 CNY per share [3]. Group 3: Future Prospects and Collaboration - Despite the termination of the restructuring, both companies asserted that their operational performance and future collaborations would remain unaffected [5]. - They plan to maintain independent market operations while focusing on their respective core areas: Haiguang on chip design and Zhongke on computing infrastructure [5]. - The companies aim to enhance their competitive edge through strategic collaboration, addressing weak links in the industry chain [5]. Group 4: Competitive Landscape - The recent approval of NVIDIA's H200 chip for export to China has raised concerns about increased competition in the high-end chip market [6]. - Haiguang Information plans to strengthen its performance and compatibility with ecosystems while focusing on customized solutions for specific scenarios [6]. - Zhongke Shuguang's scaleX640 super node supports both domestic and international AI acceleration cards, allowing users to choose the most suitable chip for their needs [6].

长江商报消息●长江商报记者 沈右荣 备受关注的半导体领域千亿重组案搁浅，引发市场高度关注。 12月9日晚，海光信息（688041.SH）与中科曙光（603019.SH）同时发布公告称，正式终止换股吸收合并中科曙 光的重大资产重组事项。 2025年5月，海光信息和中科曙光宣布双方联合重组，海光信息换股吸收合并中科曙光，交易金额约1159.67亿 元。 这在当时被解读为A股"算力航母"呼之欲出，市场充满期待。 时过半年，如此重磅重组为何突然终止？海光信息和中科曙光都表示，由于本次交易规模较大、涉及相关方较 多，方案论证历时较长，目前市场环境较本次交易筹划之初发生较大变化，实施重大资产重组的条件尚不成熟。 6月9日晚，海光信息和中科曙光又双双披露合并预案。海光信息拟以0.5525:1的换股比例吸收合并中科曙光，海 光信息换股价格为143.46元/股，中科曙光换股价格为79.26元/股。 当时的公告称，本次交易通过换股吸收合并的方式对海光信息和中科曙光进行战略重组，旨在实现海光信息在芯 片领域、中科曙光在整机和数据中心基础设施领域的优势技术积累、团队和资金能力、供应链和市场资源等资源 上的互补和深度融合，以资源融合反 ...

◎记者 李兴彩 12月9日晚，市值超5000亿元的海光信息突然宣布终止换股吸并中科曙光，市场一片哗然。12月10日收 盘，中科曙光跌停，海光信息微跌0.36%。 12月10日收盘后，海光信息召开终止重大资产重组投资者说明会，表示吸并双方股价变化较大等因素， 导致重组未能成功。海光信息表示，双方将保持上市公司独立性，同时双方已有的协同模式会继续保 持，仍会通过战略协作共同消除产业链薄弱环节。后续，公司将根据自身业务发展需要，视情况开展产 业链整合。 股价变化较大等因素导致重组未能成功 沙超群还表示，吸并双方的二级市场股价变化较大，是市场环境变化的一个体现。自今年6月10日本次 重组预案披露至8月中旬，吸并双方的股价走势基本平稳，表明重组方案本身并未对双方股价产生重大 影响。但自8月中旬以来，受国内国际环境变化、A股市场整体走势、AI产业热度变化及市场预期等复 杂因素的影响，吸并双方股价开始了整体上涨并呈现较大波动的态势。两家公司股价的走势并非单独个 体现象，而是与同期A股芯片、人工智能、算力等行业概念的走势呈现较大的相关性。 回溯公告，海光信息在11月29日的公告中还表示"积极推进"，但短短十天后，就终止了该项 ...