Core Viewpoint - The article highlights the transformation of Guizhou into a core node of the national computing power network, facilitated by a new high-bandwidth, low-loss cable that connects Guizhou to Guangzhou, breaking geographical barriers and enhancing data transmission efficiency [1] Group 1: Infrastructure Development - A new cable has been established that allows for the rapid transmission of massive amounts of data from the Guangdong-Hong Kong-Macao Greater Bay Area to Guizhou, enabling effective computing power coordination and scheduling [1] - The "East Data West Computing" project has led to the creation of a "computing power highway" that connects Guiyang directly to Guangzhou, overcoming previous inefficiencies and cost barriers associated with data transmission [1] Group 2: Resource Allocation - The combination of the cable's physical connectivity and the "Xirang" platform's intelligent scheduling allows for precise matching of computing power resources from the West with the demand in the East [1] - This integration of "hard connectivity" and "soft scheduling" facilitates a rational distribution of computing power across regions [1] Group 3: Economic Impact - Guizhou is transitioning from a traditional support role to becoming a central hub for computing power in the country, fostering collaborative development and regional advantages [1] - The accessibility of computing power, akin to utilities like water and electricity, is expected to support various industries and drive high-quality economic development [1]

Core Viewpoint - The company focuses on innovations in optical products primarily for data center applications, emphasizing a complete product matrix from basic transmission to terminal connections [2] Group 1: Business Innovations - The company has developed a comprehensive product matrix that includes optical cables, optical fiber jumpers, MPO/MTP pre-terminated components, LC optical connectors, and optical distribution frames [2] - The company provides optical connection solutions for high-end clients in sectors such as finance [2] Group 2: Research and Development - The company is increasing its R&D investment in the optical product field to enhance its core technological competitiveness [2] - The company is aligning its product development with trends in computing networks and artificial intelligence [2] Group 3: Market Focus - Currently, the company does not engage in the optical fiber rod business [2]

Core Viewpoint - The article highlights the completion and significance of ten major engineering projects initiated by central enterprises in China, showcasing their capabilities and contributions to national development and energy security [1][22]. Group 1: Major Engineering Projects - The Longdong-Shandong ±800 kV UHVDC project, completed on May 8, 2025, is a key energy artery for China's "West-to-East Power Transmission," with a total investment of 20.2 billion yuan and a transmission capacity of 8 million kW over a distance of 915 kilometers [3][4]. - The Hainan 500 kV main grid project, fully operational by December 15, 2025, enhances the island's energy security and supports the development of clean energy and digital economy [6]. - The Tianyi IoT platform, launched in December 2025, is the world's largest public utility smart IoT platform, supporting over 700 million users and facilitating the digital transformation of various sectors [8]. - The world's largest computing power network, launched by China Mobile in August 2025, integrates advanced technologies to support national computing power network construction and digital economy development [10]. - The world's first megawatt-level compressed CO₂ thermal energy storage pilot system was completed on September 25, 2025, showcasing advancements in energy storage technology [12]. - The first 700 MW ultra-supercritical circulating fluidized bed boiler, operational since April 17, 2025, represents a significant achievement in clean coal technology [13]. - The Boao Zero Carbon Demonstration Zone, established in March 2025, is China's first region to achieve zero carbon operation through innovative projects [15]. - The Qinling North Slope integrated protection and restoration project, completed on November 30, 2025, focuses on ecological restoration and biodiversity enhancement [18]. - The Urumqi to Yuli Expressway, opened on December 26, 2025, significantly reduces travel time and is a key project in China's transportation strategy [19]. - The first pile foundation fixed offshore photovoltaic project in Yantai, completed on May 27, 2025, is expected to generate 694 million kWh annually, contributing to carbon reduction efforts [21]. Group 2: Future Outlook - Central enterprises are expected to continue their momentum into 2026, planning and initiating more super engineering projects to drive economic development and enhance the quality of life for citizens [22].

资料显示，蘅东光为光通信领域精密器件供应商。公司主营业务为光通信领域无源光器件产品的研发、制造与 销售，被认定为广东省专精特新中小企业、国家级专精特新"小巨人"企业、深圳市"瞪羚企业"。 蘅东光主要营收来自无源光纤布线产品，2024年实现营收13.15亿元，归母净利润1.48亿元，毛利率与归母净利 率分别为26.74%、11.22%。招股说明书显示，预计2025年1—12月业绩预增，蘅东光营业收入约21.1亿元至22 亿元，同比上升60.45%至67.30%，净利润约2.7亿元至3亿元，同比上升82.13%至102.36%，扣非净利润约2.65 亿元至2.95亿元，同比上升84.74%至105.65%。 东吴证券认为，随着大模型训练及生成式AI的全球大潮，全球数据中心架构正经历从传统互连向高带宽、低 延迟、低损耗算力网络的结构性重塑。同时，行业竞争重心由精密加工向半导体级微纳制造跨越，大幅提高产 业技术壁垒。这种转变将无源器件从单纯的传输配件推向了决定算力集群效率的核心位置，为行业开辟了由技 术换代与算力扩张双重驱动的新增长模式。随着细分行业深入供应链，高昂的转换成本与深度的技术耦合不断 提高客户黏性，抢占基 ...

并行科技副总裁、AI联合创始人赵鸿冰在「AI 算力新十年」论坛发表了主题为《基于用户视角的算力服务 及算网服务》的演讲。 历经18年超算领域深耕，并行科技见证并参与了中国算力市场的演进。当前，算力市场呈现多场景、多业 态的爆发式增长，从尖端超算到智算形态，从算力租赁到算力网络，行业生态日趋多元；与此同时，大模 型技术的快速迭代，也对算力的可用性、高效性与性价比提出了更高要求。 " 并行算网已接入62个算力中心，已累计输出超200亿核时、近2 亿卡时。 " 作者丨刘伊伦 编辑丨包永刚 2025年12月12-13日，第八届GAIR全球人工智能与机器人大会在深圳·博林天瑞喜来登酒店正式启幕。 作为AI 产学研投界的标杆盛会，GAIR自2016年创办以来，始终坚守"传承+创新"内核，始终致力于连接 技术前沿与产业实践。 在人工智能逐步成为国家竞争核心变量的当下，算力正以前所未有的速度重塑技术路径与产业结构。13日 举办的「AI 算力新十年」专场聚焦智能体系的底层核心——算力，从架构演进、生态构建到产业化落地展 开系统讨论，试图为未来十年的中国AI产业，厘清关键变量与发展方向。 在这样的背景下，从用户视角构建算力服务体 ...

Core Insights - The Yangtze River Delta (YRD) is entering a period of "fourfold opportunities" as it approaches the 14th Five-Year Plan, emphasizing the need for collaborative innovation ecosystems, institutional openness, infrastructure improvement, and innovative regional cooperation mechanisms [1][3]. Group 1: Fourfold Opportunities - The YRD is experiencing a convergence of national strategic initiatives, industrial cluster development, rich scientific and technological resources, and accelerated open economy growth [3]. - The region's strategic position is increasingly prominent as it leads China's economic development while balancing regional growth [1]. Group 2: Collaborative Innovation - There is a strong emphasis on leveraging the YRD's technological innovation resources to establish cross-regional collaborative innovation mechanisms [3]. - Initiatives include the joint development of major scientific infrastructure and a collaborative plan focusing on key sectors such as integrated circuits, artificial intelligence, and biomedicine [3][4]. Group 3: Institutional Openness - The YRD provinces and cities are encouraged to pioneer institutional openness in areas such as rules, regulations, management, and standards, aligning with international high-standard trade rules [4][5]. - Efforts to eliminate hidden barriers to the free flow of resources are essential, particularly in technology transactions and talent evaluation [5]. Group 4: Infrastructure Development - Infrastructure connectivity is identified as a foundational element for YRD integration, with a call to accelerate the construction of a world-class port and airport network [5]. - The development of digital infrastructure and collaborative platforms for computing power is also highlighted as a priority [5]. Group 5: Shared Benefits and Cost Mechanisms - The establishment of various forms of benefit-sharing and cost-sharing mechanisms is recommended to promote collaborative advantages in the YRD [5]. - The success of collaborative industrial funds should be leveraged to create a metropolitan area industrial innovation fund [5].

Core Insights - The rapid development of artificial intelligence (AI) technology is driving the emergence of innovative applications, which pose new challenges for computing power and network infrastructure [1][2] - The transition from "connection empowerment" to "computing power empowerment" and now to "AI empowerment" in IP wide area networks (WAN) is being facilitated by national policies supporting the development of computing power and AI technologies [1][2] Group 1: AI WAN Development - AI WAN is emerging as a high-intelligence, high-reliability, and high-security IP wide area network, integrating computing power networks with AI [2] - The need for a new type of AI network infrastructure is driven by the demand for intelligent services and applications, such as AI model training and inference [2] Group 2: Network Requirements for Intelligent Computing - Intelligent computing networks require lossless, ultra-high throughput, and ultra-low latency networks to address the challenges of large-scale GPU cluster interconnection [3] - The construction of a lossless network connection is essential, as even a 2% packet loss can significantly reduce throughput [3] - High throughput transmission mechanisms are necessary to handle the petabyte-scale data transmission in intelligent computing networks [3] Group 3: Transformation of Internet Paradigms - The advent of AI agents represents a paradigm shift in the development of wide area networks, enabling proactive demand discovery and resource collaboration [4] - The concept of an "intelligent agent internet" is proposed, which focuses on efficient connections and interactions among users, agents, and tools [4] Group 4: New Interaction Paradigms - The intelligent agent internet will give rise to a new interaction paradigm, termed multi-modal user interface (MUI), which integrates various sensory modalities for more natural human-machine interaction [5] - The collaboration model will shift from human operation to human decision-making, with intelligent agents executing tasks autonomously [5] Group 5: Protocol Innovations - Innovations in the transport layer are necessary to enhance throughput performance in wide area intelligent computing networks, as traditional TCP protocols face limitations [6] - The introduction of computing power routing technology aims to optimize network and computing resource states for low-latency scheduling [7] - G-SRv6 technology addresses the limitations of native SRv6, enhancing transmission efficiency and scalability for intelligent computing networks [8][9] Group 6: Physical Layer Innovations - Hollow-core fiber technology is identified as a core technology for AI wide area interconnection, offering significant advantages in reducing transmission latency and increasing capacity [10] Group 7: Application Layer Protocol Innovations - The intelligent agent internet will require new application layer protocols to manage diverse traffic types and enhance operational efficiency [11] - Key components include identity resolution, authentication, and routing mechanisms to ensure secure and efficient interactions among agents [13][14][15] Group 8: Network Management Enhancements - The integration of intelligent agents into network management can significantly improve efficiency and reliability by automating the translation of user intentions into network actions [16] Conclusion - The AI technology landscape is entering a phase of continuous business model evolution, necessitating further development of wide area networks to fully realize their potential [17] - The focus should be on integrating new productivity factors, enhancing performance metrics, and fostering new business models centered around AI training and intelligent agent interconnection [17] - The global landscape for intelligent computing networks and intelligent agent internet technology is evolving, with a need for continued development of autonomous AI WAN technologies [18]

Core Insights - China Mobile disclosed an annual procurement exceeding 530 billion yuan, with over 17,000 signed suppliers, indicating a shrinking market [1][20] - The capital expenditure (CAPEX) trend shows a decline from 92 billion yuan in H1 2022 to 58.4 billion yuan in H1 2025, a decrease of over 30% [4][22] - The CAPEX for H1 2025 is projected to account for 51.8% of the total investment by the three major operators [4][9] Procurement Scale - Annual procurement amount exceeds 530 billion yuan, with over 17,000 suppliers [1][20] - The supplier classification includes 10 strategic suppliers, 14 core suppliers, and 299 excellent (A-level) suppliers [1][20] CAPEX Trends - CAPEX is expected to decrease from 151.2 billion yuan in 2024 to 138.5 billion yuan in 2025, a decline of 8.5% [4][22] - Despite the overall decline, CAPEX remains a significant portion of the three operators' total investment [4][22] Supplier Classification - The core suppliers list includes notable companies such as Haiguang Information, HiSilicon, and Feiteng, indicating a push towards a self-controlled supply chain [5][23] - Strategic suppliers like FiberHome are recognized for their deep collaboration with China Mobile, emphasizing future technological advancements [5][24] Investment Logic - China Mobile plans to invest 37.3 billion yuan in computing power, representing 25% of its capital expenditure, with no upper limit on investment based on market demand [6][25] - The focus on computing power investment reflects its importance as a core competitive weapon for the future [6][25] Domestic Supply Chain Acceleration - The supplier classification highlights a clear trend towards domestic suppliers, with many core suppliers being key players in the domestic innovation industry [7][25] - The domestic AI chip's procurement success indicates strong support for local manufacturing [6][27] Industry Restructuring - The classification system aims to reshape the entire industry chain, focusing on technology, security, and efficiency [11][28] - Companies in the "strategic" tier will collaborate with China Mobile on cutting-edge technologies like 6G and AI [11][29] Future Game Rules - The emphasis on specialization means companies with technical advantages in niche areas will be favored [12][30] - Stricter domestic requirements will continue to strengthen, favoring local suppliers [13][30] - Innovation capabilities will become a critical criterion for companies aiming for the "strategic" tier [14][30] Survival Guide for Suppliers - Suppliers aiming for a larger share in the existing market should strive to meet the standards of core suppliers [15][31] - Those looking to capitalize on new market opportunities should focus on becoming strategic suppliers in emerging technologies [16][31] - Enhancing domestic capabilities will be essential for suppliers seeking international support [17][31]

Core Viewpoint - The company plans to raise up to 662 million yuan through a targeted stock issuance, focusing on the development of OSS product platforms and intelligent network applications, aiming to strengthen its core business competitiveness and explore new growth opportunities in line with the digital transformation trend in the telecommunications industry [1]. Fundraising Details - The total investment amount for the projects is 6.813756 billion yuan, with the raised funds allocated as follows: 2.73 billion yuan for OSS product R&D and intelligent network applications, 1.6 billion yuan for intelligent scheduling management systems, 740 million yuan for next-generation digital home software-defined terminals, 1.21 billion yuan for the Shanghai R&D office center, and 340 million yuan for working capital [3][4]. - The issuance will target no more than 35 qualified investors, with a maximum of 31.2 million shares to be issued, accounting for 30% of the company's total share capital before issuance [3]. Project Allocation - 2.73 billion yuan will enhance 15 existing OSS products to improve automation and intelligence in network operations [4]. - 1.6 billion yuan will develop nine product modules, including a computing controller, to support the "East Data West Computing" strategy [4]. - 740 million yuan will introduce SDN technology for home gateway management, aiding telecom operators in upgrading their digital home services [4]. - 1.21 billion yuan will be used for the construction of the Shanghai R&D office center to improve the working environment and attract talent [4]. - 340 million yuan will optimize the capital structure and support business expansion [4]. Company Position - As a core supplier in the OSS field for telecom operators, the company has a strong foothold in the ICT management sector, serving major operators like China Mobile and China Telecom, with software development and technical services accounting for over 95% of revenue from January to September 2025 [4].

Group 1 - The event held by Beijing Municipal Cyberspace Administration on December 8 focuses on accelerating the deployment and application of IPv6, aiming to transition from "access" to "transport" and from "usable" to "user-friendly" [2] - IPv6 is highlighted as a core technology for the next-generation internet, essential for building a high-speed, ubiquitous, intelligent, and low-carbon information infrastructure, and serves as an "innovation engine" for urban digital transformation and high-quality development of the digital economy [2] - Beijing plans to enhance policy guidance, mechanism innovation, ecosystem construction, and resource assurance to promote large-scale deployment of IPv6, leveraging its technological advantages in fields like artificial intelligence, 6G, autonomous driving, and computing networks [2] Group 2 - The experience-sharing session showcased innovative measures for promoting IPv6 coverage, emphasizing a collaborative approach among government and enterprises, creating a model for accelerating IPv6 deployment across the city [3] - An award ceremony recognized outstanding cases of IPv6 deployment and application, with 10 first prizes, 10 second prizes, and 20 third prizes awarded, demonstrating the integration and innovative development of IPv6 in key sectors such as government, education, finance, and the internet [3] - The establishment of the Capital Internet Industry IPv6 Innovation Development Alliance was announced, aiming to foster a collaborative innovation system among internet enterprises in Beijing to build a shared and win-win IPv6 industry ecosystem [3]