本周重磅 利好中国资产！重要调整，即将生效！ 阿里巴巴、拼多多、英伟达等热门科技股将发布财报 本周，阿里巴巴、拼多多、美团等热门科技股将发布最新财报。此外，芯片巨头英伟达也将发 布其2026财年第二季度财报。在市场普遍关注其核心数据中心业务增长势头的同时，分析师将 目光投向了其AI芯片需求结构变化、Blackwell芯片产能爬坡以及中国市场前景三大维度。 美国7月PCE数据将公布 根据日程安排，北京时间8月29日，美联储最青睐的通胀指标——美国7月个人消费支出价格指 数（PCE）将公布。经济学家预计，美国7月核心PCE指数环比保持在0.3%不变，同比小幅反 弹至2.9%。即将公布的PCE通胀数据不太可能破坏美联储9月份的降息计划，但高通胀可能会 打压9月之后的降息希望。另外，美国二季度实际GDP年化季环比修正值、7月耐用品订单数据 也将在下周陆续公布。此前，美联储主席鲍威尔当地时间8月22日在杰克逊霍尔全球央行年会 上暗示美联储可能降息。 本周新股 根据发行安排，本周暂有两只新股申购，具体申购信息如下： 近期，MSCI公布了其所有指数的2025年8月指数审议结果，并将对其旗舰指数体系进行大规模 调整，将于8月 ...

Group 1: Government Policies and Economic Measures - The State Council meeting highlighted the effectiveness of large-scale equipment updates and the old-for-new consumption policy in stabilizing investment, expanding consumption, promoting transformation, and benefiting people's livelihoods [2] - The meeting emphasized the need for a comprehensive evaluation of policy implementation, improved coordination, and mechanisms to better stimulate domestic demand while cracking down on fraudulent subsidy claims [2] - The development of the sports industry and consumption is identified as a key component of the strategy to expand domestic demand, with a focus on increasing supply, enriching events, and enhancing service levels [3] Group 2: Industry Developments - The computing power sector is experiencing rapid growth, with a reported annual growth rate of around 30% in total computing power scale, driven by the demand for intelligent computing [4] - The Ministry of Industry and Information Technology plans to guide the reasonable layout of intelligent computing facilities to improve supply quality and meet the needs of emerging industries [4] - The introduction of a temporary management measure for rare earth mining and processing aims to regulate production and curb illegal activities, ensuring a more standardized market for rare earth products [3][5] Group 3: Market Trends and Reactions - A surge in A-share computing power concept stocks was observed, indicating a clear window for domestic computing chip replacement and a positive industry outlook [4] - The China Photovoltaic Industry Association called for strict adherence to laws and regulations to combat malicious competition in the photovoltaic market, emphasizing quality and compliance [10][11] - The upcoming release of financial reports from over 3,700 listed companies is expected to impact market dynamics, with significant companies scheduled to report [13]

Core Viewpoint - The company, Shunwang Technology, reported significant growth in its 2025 semi-annual results, driven by advancements in artificial intelligence, computing power, and the gaming industry, positioning itself as a leader in the digital service sector [1][10]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.01 billion yuan, a year-on-year increase of 25.09% - The net profit attributable to shareholders was 162 million yuan, up 69.22% - The net profit excluding non-recurring items was 140 million yuan, reflecting a growth of 54.21% - Basic earnings per share reached 0.24 yuan, an increase of 71.43% [1]. Industry Trends - The gaming industry in China saw actual sales revenue of 168 billion yuan in the first half of 2025, marking a year-on-year growth of 14.08% [2]. - The integration of virtual reality, augmented reality, and artificial intelligence is evolving gaming content and experiences, enhancing cultural dissemination and technological innovation [2]. Business Strategy - The company covers over 70% of the national esports service market and maintains partnerships with over 2,000 collaborators, providing comprehensive service solutions [3]. - Shunwang Technology has established cooperation with over 95% of game manufacturers in China, enhancing its digital marketing capabilities [3]. Technological Advancements - The company is focusing on edge computing and has developed a distributed GPU computing management platform to optimize idle computing resources [5]. - Shunwang Technology's edge computing services are designed to reduce network latency and improve response times for various industries [6]. AI Integration - The company has launched AI cloud computers and integrated various AI models into its products, providing a seamless experience for over a million active users [7]. - Shunwang Technology's AI infrastructure platform offers integrated solutions for multiple industries, including digital entertainment and healthcare [8][9]. Market Position - The company is recognized as a leading player in the edge computing sector, having been named one of the "Top 20 Edge Computing Enterprises in China" for 2025 [6]. - Shunwang Technology's continuous innovation in AI and computing power positions it well to capitalize on the growing demand for intelligent solutions across various sectors [10].

来源：光祥财经 市场焦点： 这个周末的消息面，喜大普奔。 A股突破3800点，创下十年新高。 当地时间22日，美联储主席鲍威尔在杰克逊霍尔全球央行年会上暗示，美联储可能降息。 面对久违的"鸽派"信号，美股的表现也是相当的哇噻，科技股集体起飞，道指大涨1.89%，创下历史新高，纳指 大涨1.88%，标普500指数大涨1.52%。中概股指数更是暴涨近3%。 终于等到这一天了，历史上每次美联储降息潮，都会有全球性股市牛市，尤其是新兴市场！因为钱会流出美 股，去新兴市场寻找更多的机会，作为全球第二大A股必然是首选。最重要的是人民币压力更小了，货币工具箱 的空间就多了，为a股慢牛奠定了更加牢固的基础，所以加强持股信仰和梭哈的勇气，不要辜负这个时运！ 周末热度最强的还是算力和芯片。相关芯片借壳点燃市场激情。 指数来到3800，但赚钱却越来越难。上一周，高位抱团股集体扑街，平均调整幅度超过10%，大部分小票跑输 指数。几千亿市值股票寒武纪20CM涨停。 市场似乎在高低切和大小轮换。 周末简单地和一些大佬交流一下，整体依然看牛市。现在几乎没有看空的，但对于节奏和快慢分歧较大。 全球瞩目的美联储降息，也迎来更明显的信号。 价值 ...

Core Viewpoint - The recent performance of the A-share market, particularly the Shanghai Composite Index, demonstrates a "slow bull" market that has been more rapid than historical comparisons suggest, with significant upward movement over a short period [1][3][10]. Market Performance - The Shanghai Composite Index has risen approximately 800 points from 3,000 to 3,800 over the past 96 trading days, marking a significant upward trend [1][3]. - The index reached new highs, with the latest milestone being above 3,800 points on August 22, 2023, following a series of key levels breached in a relatively short time frame [1][3][10]. Trading Dynamics - The index's ascent has been characterized by fewer large gains, with only eight instances of over 1% daily increases in the last 96 trading days, indicating a cautious market sentiment [4][5]. - Despite the overall upward trend, individual stock performance has been volatile, with fluctuations in the number of stocks rising or falling each day [6][7]. Sector Rotation - There has been a notable shift in market focus from small-cap stocks to technology-driven large-cap stocks, particularly in the recent weeks, indicating a potential "technology bull" market [9][10]. - The performance of various indices, such as the ChiNext and CSI 500, has shown that while small-cap stocks led earlier, larger technology stocks have begun to take the lead [9]. Future Outlook - Analysts suggest that the current market conditions, including improving liquidity and positive macroeconomic indicators, may support further upward movement in the index [10][13]. - Key investment themes identified include high-growth technology sectors, industries with strong earnings support, and potential recovery in real estate, indicating a diversified approach to investment opportunities [11][12].

数据显示，近年来，我国算力总规模年增速达到30%左右。在人工智能的快速发展带动下，智能算力需 求呈现迅猛增长态势。中国电信研究院发布的《智算产业发展研究报告（2025）》显示，随着人工智能 大模型加速赋能行业应用和智能终端，将进一步助力智能算力产业蓬勃发展。中国电信研究院战略发展 研究所所长饶少阳表示，到2035年，人工智能将为我国的GDP贡献超过11万亿，大概占到GDP的4%到 5%。这个可能带动算力的需求是十倍，甚至百倍的增长。工业和信息化部负责人表示，将引导各地合 理布局智能算力设施，逐步提高智能算力供给质量，满足新兴产业和未来产业发展需要。预计2025年， 我国智能算力规模增长将超过40%。（央视财经） ...

Core Viewpoint - The construction of China's computing power platform is accelerating, with multiple provinces and cities already connected, aiming to enhance resource utilization and promote intelligent transformation across industries [1][3][19]. Group 1: Development of Computing Power Platform - The computing power platform in China has integrated resources from various regions and industries, creating a unified scheduling network [6]. - Over 100 computing service providers have joined the platform, with more than 1,000 industry users registered, and nearly 100 mainstream foundational and vertical models connected [8]. - The Ministry of Industry and Information Technology has set goals for establishing a comprehensive interconnectivity standard and system by 2026, with a vision for a standardized computing power internet by 2028 [10]. Group 2: Growth and Demand for Intelligent Computing Power - The total scale of computing power in China has been growing at an annual rate of approximately 30%, driven by the rapid development of artificial intelligence [19]. - By 2035, artificial intelligence is projected to contribute over 11 trillion yuan to China's GDP, potentially increasing the demand for computing power tenfold or even a hundredfold [22]. - The intelligent computing power has been widely applied in various fields, including generative models, autonomous driving, smart cities, and industrial manufacturing, with over 23,000 innovative computing projects collected through application competitions [22]. Group 3: Future Projections - It is expected that by 2025, the scale of intelligent computing power in China will grow by more than 40% [22].

Core Viewpoint - The article highlights the rapid development of China's computing power platform, emphasizing the government's support and the significant growth potential in the computing power industry, particularly in the context of AI and domestic chip manufacturing [2][5][6]. Group 1: Government Initiatives - The Ministry of Industry and Information Technology (MIIT) is accelerating the construction of China's computing power platform, with 10 provinces already connected [3]. - MIIT plans to enhance the quality of computing power resource supply and optimize the layout of computing power infrastructure [4]. - By 2025, China's intelligent computing power scale is expected to grow by over 40% [7]. Group 2: Market Dynamics - On August 22, A-share computing power and chip stocks surged, with the Wind computing power theme index rising by 5.81% [5]. - Domestic computing power chip manufacturers are emerging, with companies like Ascend and Cambricon launching self-developed AI chips [5]. - The AI computing industry is experiencing a reinforced logic loop of "infrastructure investment → application monetization → sector expansion → reinvestment" [5]. Group 3: Industry Growth and Projections - China's total computing power scale has been growing at an annual rate of around 30% [6]. - The "Computing Power Interconnection Action Plan" aims to establish a complete standard and rule system by 2026, with a goal of achieving standardized interconnection by 2028 [6]. - By 2035, AI is projected to contribute over 11 trillion yuan to China's GDP, potentially increasing computing power demand tenfold or more [6].

Core Viewpoint - Hengrun Co., Ltd. reported significant growth in its financial performance for the first half of 2025, driven by the recovery in the wind power sector and the substantial contribution from its computing power business [1][2]. Financial Performance - The company achieved operating revenue of 2.073 billion yuan, representing a year-on-year increase of 223.44% [1]. - The net profit attributable to shareholders was 40.1665 million yuan, marking a turnaround from losses in the previous year [1]. - The gross profit margin improved to 8.21%, showing significant year-on-year enhancement [2]. Wind Power Sector - The recovery in the wind power sector led to increased orders and sales margins, with full subsidiaries significantly improving capacity utilization, thereby reducing unit production costs [2]. - The company focused on high-value-added products, with new products like large megawatt flanges and main shaft bearings entering mass production and gradually contributing to performance [2]. - According to CICC's research, the wind power sector is on the verge of a profitability reversal, with market expectations for improved competition dynamics and profitability in the coming quarters [2]. Computing Power Business - Hengrun has established a dual-driven business model of "wind power + computing power," with its subsidiary Shanghai Runliuchu returning to normal operations since the second half of 2024 [3]. - In the first half of 2025, Shanghai Runliuchu achieved operating revenue of 1.039 billion yuan and a net profit of 22.4573 million yuan, showing substantial growth compared to the previous year [3]. - Longcheng Securities highlighted the increasing demand for computing power driven by advancements in AI models and chip performance, indicating ongoing investment opportunities in the computing power sector [3]. Research and Development - The company has intensified its R&D efforts, aligning with its goal of turning losses into profits, and has implemented five key measures to enhance sales and profits [4]. - R&D investment totaled 41.8965 million yuan, a year-on-year increase of 62.51% [4]. - The company has transitioned from "static" forging to "dynamic" deep processing in the wind power bearing sector, supporting major domestic manufacturers [4]. Industry Outlook - The Global Wind Energy Council (GWEC) predicts that global wind power installed capacity will reach 138 GW in 2025, with a compound annual growth rate of 8.8% from 2025 to 2030, indicating ongoing benefits for the wind power industry [4]. - Shanghai Runliuchu is actively collaborating with leading computing power server manufacturers to support the national computing power network layout, in line with the country's digital economy strategy [5].

Core Viewpoint - The financial performance of ShenGong Co., Ltd. (688233) for the first half of 2025 shows significant growth in revenue and net profit, indicating strong operational efficiency and market demand for its products [1]. Financial Performance Summary - Total revenue reached 209 million yuan, a year-on-year increase of 66.53% [1]. - Net profit attributable to shareholders was 48.84 million yuan, up 925.55% year-on-year [1]. - The gross profit margin improved to 37.59%, an increase of 48.84% compared to the previous year [1]. - The net profit margin surged to 27.03%, reflecting a 516.23% increase year-on-year [1]. - The total of selling, administrative, and financial expenses was 9.39 million yuan, accounting for 4.5% of revenue, down 54.36% year-on-year [1]. - Earnings per share rose to 0.29 yuan, a remarkable increase of 866.67% [1]. Accounts Receivable and Cash Flow - Accounts receivable increased significantly, with a year-on-year growth of 106.7% [1]. - Operating cash flow per share decreased by 13.86% to 0.4 yuan [1]. - The company reported a decrease in cash and cash equivalents by 67.63% to 257 million yuan [1]. Business Model and Market Demand - The increase in revenue is attributed to the recovery in demand for large-diameter silicon materials and increased demand for silicon components [3]. - The company’s business model relies heavily on R&D and capital expenditures, necessitating careful evaluation of capital projects [4]. - The long-term demand for silicon components is expected to grow due to advancements in domestic integrated circuit manufacturing capabilities and increased investments from global tech giants [7]. Investment and Market Position - The company’s return on invested capital (ROIC) was reported at 1.7%, with a historical median ROIC of 15.47% since its listing [3]. - The company has seen a significant increase in institutional interest, with several funds increasing their holdings in ShenGong Co., Ltd. [6].