Market News - China's October CPI and PPI data will be released on November 9, with a forecasted CPI year-on-year increase to 0.6% and a narrowing PPI decline from -2.8% in September to -2.2% in October [2] - China's October import and export data will be published on November 7, with exports expected to rise by 4.9% year-on-year and imports by 1.2% [3] - The U.S. will release the ADP employment report on November 5, with expectations of a modest increase in non-farm employment and a potential rise in the unemployment rate to 4.4% [4] - The Q3 earnings season continues this week with major companies like AMD and Qualcomm reporting, with AMD's growth driven by strong performance in data center and client segments [5] Sector Updates - The 2025 xEV Battery Technology Forum and Solid-State Battery Technology Industry Conference will be held in Shanghai from November 3 to 4, focusing on lithium batteries and solid-state battery mass production [9] - A notification to improve duty-free shop policies was issued to boost consumption, effective from November 1, 2025 [10] - The 8th China International Import Expo will take place from November 5 to 10, with a record exhibition area and participation from over 290 Fortune 500 companies [11] - The CEIC 2025 Consumer Electronics Innovation Conference will be held in Shenzhen from November 6 to 8, showcasing innovations in smart devices and technologies [12] - The 2025 World Internet Conference will be held in Wuzhen from November 6 to 9, focusing on building a collaborative digital future [13] Company Highlights - Seres is set to list on the Hong Kong Stock Exchange on November 5, with an IPO price of up to HKD 131.5 per share, aiming to raise approximately HKD 12.9 billion [15] - BYD reported October sales of 441,700 new energy vehicles, a year-on-year decrease from 502,700 units [16] - Great Wall Motors announced October sales of 143,100 vehicles, a 22.5% year-on-year increase [17] - Chery Group reported October sales of 281,161 vehicles, with new energy vehicle sales up 54.7% year-on-year [18] - NIO delivered 40,397 vehicles in October, marking a 92.6% year-on-year increase [19] - Li Auto delivered 31,767 vehicles in October, with plans to expand its overseas market presence [19] Lock-up Expiration - A total of 30 companies will have lock-up shares released this week, amounting to 1.028 billion shares with a total market value of approximately CNY 20.322 billion [22] - The peak lock-up expiration date is November 7, with six companies accounting for 62.69% of the total market value [22] New Stock Calendar - Three new stocks are set to be issued this week, totaling approximately 573 million shares and expected to raise CNY 3.947 billion [26] Market Outlook - CITIC Securities suggests that structural opportunities remain, with a focus on traditional manufacturing upgrades, Chinese enterprises going global, and AI developments [29] - CITIC Jiantou anticipates a new round of market consolidation in November, advising investors to pause on increasing positions [31] - Galaxy Securities emphasizes the importance of technology and industry integration, highlighting the government's focus on a modern industrial system [32]

Core Viewpoint - As the business demands from end customers gradually increase, the data center cabinets that have been put into operation are being powered on, further driving the company's steady growth in performance [1][5] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 1.241 billion yuan, a year-on-year increase of 4.93%; net profit attributable to the parent company was 120 million yuan, up 14.05%; and net profit excluding non-recurring items was 99 million yuan, an increase of 7.09% [2][3] - In the third quarter of 2025, the company reported operating revenue of 430 million yuan, a year-on-year increase of 6.49%; net profit attributable to the parent company was 35 million yuan, up 1.13%; and net profit excluding non-recurring items was 29 million yuan, an increase of 0.97% [2] Operational Progress - The Langfang project is progressing as planned, with the external power supply and civil construction completed and solidified as of June 2025, while the remaining mechanical and electrical parts are under construction, with good contract execution, which will further strengthen the company's computing power supply capacity in core areas [4][5] - The Guangdong Heyuan data center has been included in the "2025 National Green Data Center List," showcasing the company's leading position in the construction and operation of green data centers [4] Investment Outlook - With the continuous promotion of Digital China and the explosive demand for intelligent computing driven by AI, the company is expected to benefit in the long term [5] - The company forecasts net profits attributable to the parent company for 2025-2027 to be 174 million yuan, 198 million yuan, and 239 million yuan, corresponding to current market valuations of 137 times, 120 times, and 100 times PE, respectively, maintaining a "buy" rating [5]

Investment Rating - The report maintains an "Outperform" rating for the computer industry, indicating an expected relative increase of over 10% compared to the CSI 300 index within the next six months [30]. Core Insights - The report analyzes the "15th Five-Year Plan" released by the Central Committee, emphasizing breakthroughs in domestic technology and innovation, particularly in the information technology sector [5][9]. - The focus has shifted from quantitative economic growth to "high-quality development," with increased emphasis on technology and innovation [11][12]. - Key industries highlighted include low-altitude economy, quantum technology, brain-computer interfaces, nuclear fusion energy, embodied intelligence, and 6G mobile communication [16][19]. - The construction of a "Digital China" is transitioning from digitization to intelligentization, with AI expected to empower various industries [21][20]. Summary by Sections 1. Summary of the 14th and Outlook for the 15th Five-Year Plan - The 14th Five-Year Plan highlighted significant deficiencies in key areas, while the 15th Five-Year Plan reflects substantial progress in domestic technology and innovation capabilities [10][12]. 2. Development Goals and Structure - The 15th Five-Year Plan emphasizes "high-quality development" and places technology as a central goal, focusing on innovation systems, talent, and core technologies [11][12]. 3. Key Content 3.1 Core Industries and Projects - The 15th Five-Year Plan narrows its focus on fewer industries, emphasizing modern industrial systems and high-level technological self-reliance [15][16]. 3.2 Digital China Construction: From Digitization to Intelligentization - The report notes a shift in focus towards deeper integration of AI and digital technologies across various sectors, enhancing productivity and innovation [20][21]. 3.3 Self-Reliance and Innovation - The report highlights significant advancements in self-reliance in technology, particularly in integrated circuits and foundational software, as well as increased government support for domestic innovation [23][24].

Group 1 - The core viewpoint of the news is that the 15th Five-Year Plan emphasizes the importance of technological modernization as a foundation for China's modernization, with specific focus on original innovation and integration of technology and industry [1][2][10] - The plan outlines four key areas for technological advancement: enhancing original innovation and core technology breakthroughs, promoting deep integration of technological and industrial innovation, advancing education and talent development, and furthering the construction of a digital China [1][2][10] Group 2 - Original innovation is highlighted as a fundamental driver of development, with a strategic shift from scale expansion to quality enhancement in China's innovation strategy [2][3] - The integration of scientific research with industrial practice is emphasized, showcasing successful examples of collaboration between academia and industry, leading to significant financial outcomes in technology transfer [5][6] - The plan calls for a systematic approach to education, technology, and talent development, aiming to cultivate interdisciplinary talents that can adapt to future societal needs [7][8] Group 3 - The news discusses the role of artificial intelligence and digital technologies in enhancing various sectors, indicating a strong push towards a digital economy that integrates with the real economy [9][10] - The importance of establishing a unified data market and promoting the development of industrial internet is underscored, aiming to facilitate the deep integration of digital and physical economies [9][10]

Group 1 - The recent enthusiasm in educational institutions in Guangxi is driven by the spirit of the 20th Central Committee's Fourth Plenary Session, aiming to transform this spirit into a powerful force for high-quality educational development in the region [1][2] - The session emphasizes the integration of education, technology, and talent development, highlighting the role of universities as key players in this intersection [1][2] - Guangxi University plans to align its development with national strategic needs, focusing on optimizing academic disciplines and enhancing high-level talent recruitment to contribute to technological and industrial innovation [1] Group 2 - The Guangxi Artificial Intelligence Academy aims to strengthen its role as a "bridgehead" in talent development, focusing on deep integration of education and industry to support the China-ASEAN community [2] - Educators are encouraged to incorporate the session's spirit into their teaching practices, fostering innovation and technical skills among students [2][3] - The session's call for improving education quality and ensuring equitable access for special education students is being embraced by educators, emphasizing the importance of inclusive education [3]

Core Insights - The development of digital economy and technology is recognized as a crucial engine for modernizing China and enhancing national competitiveness [2][3] - The construction of a digital and intelligent province in Henan is essential for high-quality development and efficient governance [3][5] Group 1: Digital Economy Development - The digital economy in Henan is projected to exceed 2.2 trillion yuan by 2025, contributing over 50% to GDP growth [5] - The province has made significant strides in digital infrastructure, with a computing power scale of 9.8 EFlops and a leading position in 5G network coverage [5] - Policies and initiatives have been implemented to promote digital transformation and innovation in various sectors, including manufacturing and artificial intelligence [4][5] Group 2: Governance and Efficiency - Digital governance methods, such as smart cities and digital government, are enhancing the efficiency and precision of social governance [3] - The integration of digital technologies into governance is expected to improve the overall operational efficiency of society [3][6] Group 3: Challenges and Opportunities - Despite rapid growth, Henan's digital economy faces challenges, including insufficient development in core digital industries [6] - The focus is on addressing these challenges by enhancing digital infrastructure, promoting deep integration of digital and real economies, and optimizing resource utilization [6]

Group 1 - The core viewpoint emphasizes the significant achievements in China's development during the "14th Five-Year Plan" period and the importance of transitioning to a modernized industrial system in the "15th Five-Year Plan" period [1] - The plan aims to cultivate and expand emerging and future industries while enhancing the foundation of the real economy [1] - It highlights the need for original innovation and breakthroughs in key core technologies to drive economic growth [1] Group 2 - The "15th Five-Year Plan" outlines the necessity of deepening the integration of technological and industrial innovation [1] - It stresses the importance of promoting high-quality development and expanding effective investment to stimulate domestic consumption [1] - The plan also focuses on enhancing the vitality of various business entities and improving the market-oriented allocation of resources [1] Group 3 - The objectives include advancing agricultural modernization and improving the quality and efficiency of agricultural production [1] - It aims to promote coordinated regional development and optimize the spatial development pattern of the country [1] - The plan emphasizes the importance of cultural development and enhancing the influence of Chinese civilization [1]

截至9点57分，科创人工智能ETF（589010）报1.486元，微涨0.27%，早盘高开后震荡上行。分时图显 示，价格在分时均线上方运行，呈现短线稳步抬升态势。上证科创AI指数同步上涨0.27%，表现略强于 上证指数的微幅下跌。持仓股中上涨家数略多于下跌，澜起科技、寒武纪等龙头走强，部分个股涨幅超 3%，科技成长风格延续。成交方面，当前成交额约2345万元，交投保持活跃。ETF近五日连续净流 入，市场热情高涨。 银河证券表示，"十四五"期间，中国人工智能算力体系完成了从"可用"到"好用"、从"引进"到"自主"的 惊险一跃，通过"芯片能效曲线-算力中心形态-举国体制定价权"三条主线同步逼近拐点，最终重塑了产 业对"算力成本"与"算力安全"的双重预期。定性来看，这一拐点由三条彼此咬合的链条驱动：国产AI芯 片在架构侧完成"从0到1"后进入"能效收敛"阶段；数据中心产业由通用IDC（互联网数据中心）转向专 用AIDC（人工智能数据中心）；国家层通过"东数西算"与"算力券"把价格形成机制收回公共部门。三 股力量同时发生作用，使得"算力"开始具备公共事业属性，也为后续Agent要素化提供了成本可预期、 供给可控制、安 ...

Group 1 - The core focus of the 14th Five-Year Plan is on "technological self-reliance and strength," with an emphasis on high-quality development and original innovation, reflecting the importance of technology in economic growth [4][5] - The plan highlights the need for breakthroughs in "bottleneck" areas of core technology, particularly in the AI industry chain, which includes upstream computing power, midstream algorithms/data, and downstream applications [5] - The announcement indicates a significant shift towards boosting domestic consumption, with a focus on improving the consumption rate and increasing government investment in social welfare sectors such as education and healthcare [6][7] Group 2 - The plan emphasizes the construction of a robust national security system, covering critical areas such as food, energy resources, and key industrial supply chains, with a notable increase in focus on national defense and aerospace [8][10] - Emerging industries such as new energy, new materials, and aerospace are identified as strategic growth areas, alongside future industries like quantum technology and AI, which are expected to drive new growth points [10] - The military industry is anticipated to experience a cyclical recovery, with strong expectations for order releases at the intersection of the five-year plan, particularly in aerospace projects similar to the US "Starlink" initiative [11][12]

Core Viewpoint - Lhasa is actively developing its digital economy as a key pillar of its economic strategy, leveraging unique highland resources and infrastructure to enhance regional competitiveness and foster collaboration with other regions [1][10]. Digital Economy Development - From January to August 2025, Lhasa's digital economy enterprises achieved a cumulative revenue of 5.753 billion yuan, with 35 enterprises accounting for 58.33% of the total in Tibet [1]. - The region has established a regional international communication business entry and exit bureau, with 7,486 5G base stations, achieving a 98.7% coverage rate in administrative villages [1]. - The "Future Network Highland Innovation Laboratory" was established in May 2023, marking deep collaboration between Jiangsu and Lhasa in digital industries [1]. Infrastructure and Investment - China Mobile Tibet invested 739 million yuan to build a state-of-the-art data center in Lhasa, which will provide 6,600 racks upon completion [5]. - The "Computing Power Summit" development plan for 2024-2026 aims to establish a computing power center in Lhasa [5]. - Lhasa's high-tech zone is home to the world's highest green data center, utilizing clean energy for various industrial applications [5]. Traditional Industry Transformation - Traditional industries in Lhasa are embracing digital transformation, with companies like Tibet High Chang Mining Co. implementing smart manufacturing and real-time monitoring systems [6][7]. - The digital transformation initiatives are enhancing market competitiveness and laying a solid foundation for sustainable economic development in Tibet [7]. Public Services and Smart City Initiatives - Lhasa is advancing its public service digitalization, with initiatives like the digital prosecution supervision platform and smart governance models [8]. - By June 2024, Lhasa had implemented online services across 80 applications, facilitating data sharing among 55 government departments [8]. Talent and Policy Support - Lhasa is implementing a "1+6+N" policy framework to support businesses, covering various aspects such as funding, space, and talent [13][14]. - The city is actively attracting high-level talent through housing subsidies and partnerships with local universities [14]. Clean Energy and Operational Cost Advantages - The 200 MW photovoltaic project in Lhasa is expected to save 106,500 tons of standard coal annually and reduce CO2 emissions by 291,900 tons [15]. - Lhasa's unique climate conditions and clean energy resources contribute to lower operational costs for data centers [16]. Strategic Positioning and Future Outlook - Lhasa's strategic location as a gateway to South Asia positions it to become a hub for cross-border data flow [16]. - The city aims to integrate into the national "East Data West Computing" strategy, focusing on high-quality development of its digital economy [16].