Group 1: China Computing Power Platform - The construction of the China Computing Power Platform is accelerating, with 10 provinces and cities officially connected to the computing power sub-platforms [1] - The platform aims to enhance cross-regional and cross-industry resource matching, improving the efficiency of computing resource utilization [1] - The platform has gathered over 100 computing service providers and registered more than 1,000 industry users, connecting nearly 100 mainstream foundational and vertical models [3] Group 2: Action Plans and Standards - The "Computing Power Interconnection Action Plan" aims to establish a complete standard and rule system for computing power interconnection by 2026, with a goal of achieving standardized interconnection by 2028 [5] - The plan envisions a computing internet capable of intelligent perception and real-time discovery [5] Group 3: AI and Computing Power Collaboration - The integration of computing power and artificial intelligence is accelerating the intelligent transformation of industries, with various applications showcased at the conference [6] - An AI drone countermeasure system demonstrated over 99% recognition accuracy and a response time of less than 3 seconds [8] - A computing service platform can dispatch one-sixth of the national computing power scale, supporting billions of computing calls daily [10] Group 4: Growth of Intelligent Computing Power - China's total computing power has been growing at an annual rate of around 30%, with intelligent computing demand rapidly increasing due to the development of AI [14] - By 2035, AI is expected to contribute over 11 trillion yuan to China's GDP, potentially driving a tenfold to hundredfold increase in computing power demand [14] - The intelligent computing power scale is projected to grow by over 40% in 2025, with applications in various sectors including generative models, autonomous driving, and smart cities [16]

Core Insights - The article discusses the significance of computing power as a new form of productivity, likening it to "digital electricity" that integrates computing, networking, and storage [2][3] - The "Computing Power Interconnection Action Plan" aims to create a national computing network, enhancing resource integration and standardization, which is a competitive advantage for China compared to the U.S. [5][6] Group 1: Market Overview - The software revenue is projected to increase by 80% from 2020 to 2024, with over 10,000 smart factories covering 80% of major manufacturing categories, indicating that computing power is becoming a new engine for economic growth [5] - The Chinese computing power market is expected to reach 307.5 billion yuan by 2027, with every 1 yuan invested generating 3-4 yuan in economic growth [6] Group 2: Infrastructure Development - China Mobile is a key player with over 1 million computing servers and a computing scale exceeding 43 EFLOPS, accounting for one-sixth of the national resources [9] - The Sichuan computing center is a critical node in the "East Data West Computing" strategy, providing significant resources for large model training and intelligent services [11][12] Group 3: Competitive Landscape - China Unicom operates four smart computing centers with a total computing scale of 30 EFLOPS and has implemented a fully domestic platform supporting various local chips and models [14][15] - China Telecom has developed a cloud-intelligent layout with a computing scale of 21 EFLOPS and has integrated multiple partners into its platform [17][19] Group 4: Strategic Implications - The national computing network led by the three major telecom operators addresses the issue of resource dispersion and reduces computing costs for businesses, enhancing the overall efficiency of resource utilization [21] - The total computing power in China is currently at 280 EFLOPS, narrowing the gap with the U.S., and the competition in computing power is seen as a contest of ecosystems and layouts [21]

Core Viewpoint - The article discusses the recent approval of the "Artificial Intelligence +" action plan by the State Council, emphasizing the need for large-scale commercialization and application of artificial intelligence (AI) across various sectors to drive economic and social development [3][4][6]. Group 1: Policy and Government Initiatives - The State Council's meeting highlighted the acceleration of AI technology and the importance of implementing the "Artificial Intelligence +" action plan to leverage China's complete industrial system, large market scale, and rich application scenarios [3][4]. - Various government departments, including the National Development and Reform Commission (NDRC) and the Ministry of Industry and Information Technology (MIIT), are actively deploying policies to support AI integration into traditional industries and promote new strategic industries [4][6][7]. Group 2: AI Commercialization and Application - The NDRC emphasized the strong demand for AI applications, indicating that the technology is at a critical window for practical implementation, with significant potential to reduce costs and improve productivity across industries [6][7]. - The article notes the emergence of new intelligent products and scenarios, such as smart connected vehicles and smart home devices, which are increasingly being integrated into daily life and industrial processes [6][7]. Group 3: Infrastructure and Data Support - The article outlines the necessity of optimizing the AI innovation ecosystem by enhancing the supply of computing power, algorithms, and data, which are fundamental to AI development [9][10]. - The NDRC plans to advance the construction of computing power infrastructure and promote high-quality data supply and circulation to support AI applications [9][10]. Group 4: Role of State-Owned Enterprises (SOEs) - The State-owned Assets Supervision and Administration Commission (SASAC) has initiated the "AI +" special action for central enterprises, focusing on applying AI in key industries such as manufacturing and energy, resulting in over 500 application scenarios [12][13]. - Central enterprises are expected to lead in AI development, leveraging their access to vast industry data to enhance AI model training and performance [14][15].

Group 1: Policy Overview - The State Council has approved the "Opinions on Deepening the Implementation of 'Artificial Intelligence+' Action," marking a significant national-level industrial development initiative following the "Internet+" action in 2015 [1] - The policy aims to promote large-scale commercial applications of artificial intelligence (AI) and leverage China's complete industrial system, large market scale, and rich application scenarios to accelerate AI integration across various sectors [1][5] - The government will enhance demonstration leadership through state-owned enterprises and optimize the AI innovation ecosystem by strengthening supply in computing power, algorithms, and data [1][6] Group 2: Industry Impact - The implementation of the "Artificial Intelligence+" action is expected to assist in the transformation and upgrading of traditional industries and open new avenues for strategic emerging industries and future development [2] - AI is recognized as a key driver of the current technological revolution and industrial transformation, with the government emphasizing the need to combine digital technology with manufacturing and market advantages [4] - The demand for AI applications is strong across various sectors, with new intelligent products and scenarios emerging, such as smart connected vehicles and smart home devices [5] Group 3: Infrastructure and Support - The State Council emphasizes the importance of optimizing the AI innovation ecosystem by enhancing policy support and building a robust foundation in computing power, algorithms, data, and talent [6][7] - The "East Data West Computing" initiative aims to accelerate the construction of a national integrated computing network, with over 60% of new computing power expected to be concentrated in national hub nodes by the end of the year [7][8] - The Ministry of Industry and Information Technology has outlined plans to improve the supply capacity and efficiency of intelligent computing resources, with a focus on establishing a comprehensive standard and rule system for computing interconnectivity by 2026 [8][9] Group 4: Central Enterprises and Data Utilization - The State-owned Assets Supervision and Administration Commission (SASAC) has initiated the "AI+" special action for central enterprises, leading to over 500 AI application scenarios in key industries such as manufacturing and energy [10] - SASAC plans to enhance data empowerment by constructing high-quality data sets in key industries, which will support the training of large AI models [11] - Central enterprises are positioned to leverage their extensive industry data to improve AI model performance and accuracy, facilitating the deep integration of AI with traditional industries [11]

Core Viewpoint - The Shanghai Municipal Communication Administration has initiated the "Computing Power Pujiang" action plan aimed at the high-quality development of computing power infrastructure by 2025, focusing on enhancing computing power interconnectivity and management [1] Group 1: Action Plans - The "Computing Power Husheng" action plan will be launched to establish a unified computing power identification system, standardizing the allocation and usage of computing power identifiers [1] - Aiming for 80% coverage of optical transport networks (OTN) in key application areas by the end of 2025, with a focus on increasing the proportion of 400GE links between computing power centers [1] Group 2: Infrastructure Development - Continuous improvement of the 1ms city computing network construction is emphasized, with a target for 30% of dedicated computing network lines to support innovative technologies like SRv6 [1] - The plan supports the development of key computing power scheduling platforms in Shanghai, including the China Computing Power Platform and the Shanghai Computing Power Monitoring and Scheduling Platform [1] Group 3: Cross-Border Services - The initiative encourages basic telecommunications companies and new internet exchange centers to explore cross-border dedicated computing power services through compliant dedicated lines [1]

Investment Rating - The report maintains an "Outperform" rating for the computer industry [1][4]. Core Insights - The report highlights significant advancements in AI, particularly with the release of xAI's Grok 4, which claims to be the world's strongest AI model, achieving a training volume 100 times greater than its predecessor Grok 2 [3][60]. - Domestic AI chip companies are entering a concentrated IPO phase, with notable advancements in the domestic AI ecosystem, including the launch of Huawei's Ascend AI Cloud based on CloudMatrix 384 [3][4]. - The easing of EDA and H20 bans by the US is expected to accelerate the differentiation within the server industry, while the domestic market continues to push for localization and replacement of foreign systems [3][4]. Summary by Sections Industry Data - From January to May 2025, the software industry revenue reached 5.58 trillion yuan, growing by 11.2% year-on-year, with profit totaling 672.1 billion yuan, a 12.8% increase [13][14]. - The IC design sector showed the highest growth at 15.2%, while cloud and big data services also experienced significant growth [19][20]. AI Developments - The AI sector is witnessing rapid advancements, with Grok 4 outperforming other leading models in various assessments [60][65]. - Meta has initiated a talent acquisition strategy to bolster its AI capabilities, following setbacks with its Llama 4 model [74]. Localization Trends - The report notes that the domestic AI chip industry is moving towards a concentrated IPO phase, with significant developments in the domestic software ecosystem, including the number of applications for Huawei's Harmony OS surpassing 2,500 [3][4][19]. - The easing of US technology bans is seen as a catalyst for further domestic advancements and localization efforts [3][4]. Computing Power - The upcoming release of NVIDIA's next-generation AI server chip, GB300, is anticipated to enhance capital expenditures and chip procurement among major tech firms [4]. - The Ministry of Industry and Information Technology has launched initiatives to promote the construction of a unified national computing power service market [4].

Group 1 - The emergence of large models like ChatGPT has rapidly increased the demand for intelligent computing, leading to a surge in the construction of intelligent computing centers by local governments, telecom operators, and internet companies [1] - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan" to improve the efficiency and service level of public computing resources and promote high-quality development of computing power [1][8] - The total computing power in China is projected to reach 280 EFLOPS by 2024, with intelligent computing accounting for 32% of the total [2] Group 2 - There has been an increase in the termination of computing service contracts among listed companies, attributed to policy impacts and changes in the business environment [3] - The utilization rate of enterprise-level general computing centers is reported to be only 10% to 15%, with some intelligent computing centers having GPU utilization rates below 30% [4] - The mismatch between supply and demand for computing power is a significant issue, exacerbated by the shift in market demand from training to inference due to the emergence of products like DeepSeek [4][9] Group 3 - The selection of locations for intelligent computing centers is crucial for improving utilization rates, as it must consider the geographical preferences of talent and actual demand [5] - Industry representatives emphasize the need for deep engagement in local economic demands to transform AI technology into a growth engine for regional economies [6] - The operational capabilities of intelligent computing centers are critical, requiring a focus on network construction, scheduling integration, and system operation [4][7] Group 4 - The "Computing Power Internet" is a new infrastructure aimed at enhancing capabilities for computing applications and scheduling needs, with a goal to establish a standardized interconnection system by 2026 [8] - Innovation in chip technology and service ecosystems is essential to address structural contradictions in computing power supply and demand [9] - Companies are encouraged to integrate existing computing resources to avoid redundancy and optimize overall efficiency [7][9]

Group 1 - The China Securities Digital Economy Theme Index (931582) decreased by 1.16% as of July 1, 2025, with mixed performance among constituent stocks [1] - Longxin Technology (688047) led the gains with an increase of 8.09%, while Cambricon Technologies (688256) experienced the largest decline [1] - The Digital Economy ETF (560800) was quoted at 0.76 yuan, with a turnover rate of 1.41% and a transaction volume of 10.5772 million yuan [1] Group 2 - The Ministry of Industry and Information Technology issued the "Computing Power Interconnection Action Plan," aiming to establish a comprehensive standard system for computing power interconnection by 2026 and achieve nationwide public computing power standardization by 2028 [2] - The 2025 Global Digital Economy Conference will be held on July 2 in Beijing, featuring 46 thematic forums on emerging fields such as artificial intelligence and digital security [2] - The Digital Economy ETF closely tracks the China Securities Digital Economy Theme Index, which reflects the overall performance of listed companies in high digitalization application areas [2] Group 3 - As of June 30, 2025, the top ten weighted stocks in the China Securities Digital Economy Theme Index accounted for 51.3% of the index [3] - The top ten stocks include Dongfang Caifu (300059), SMIC (688981), and Northern Huachuang (002371), among others [3][4]

Group 1 - The China Securities Index for the big data industry (930902) has shown a slight increase of 0.17% as of June 27, 2025, with notable gains from constituent stocks such as Donghua Software (up 4.18%) and Aofei Data (up 2.50%) [1] - The Data ETF (516000) has experienced a 4.64% increase over the past week, indicating strong market performance and liquidity, with a turnover rate of 4.62% and a transaction volume of 19.34 million yuan [1] - The approval of the first batch of data center REITs, specifically the Southern Wanguo Data Center REIT, marks a significant breakthrough in China's capital market, entering the "technology new infrastructure" era [1] Group 2 - The Data ETF (516000) serves as a comprehensive indicator of the big data industry, covering the entire industry chain from storage to analysis and application [2] - The integration of computing power is reshaping the industry landscape, enhancing data storage efficiency and accelerating model training and algorithm iteration in the analysis field [2] - The strong support for computing power is facilitating the implementation of innovative applications in demanding fields such as financial investment and intelligent driving, thus expanding the boundaries of the big data industry [2]

Group 1: General Information - Report title: Copper Futures Daily Report [1] - Date: June 27, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - Short - term copper prices are expected to continue to strengthen, with attention on the upper pressure level of 80,000 [11] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Shanghai copper has risen for three consecutive days. The tight domestic and foreign spot markets and the warming macro - environment are the main reasons for the recent copper price increase. During the off - season, the domestic social inventory has accumulated slowly, with only 0.05 million tons accumulated this week. The export window is open, and smelters are increasing their export efforts. It is still difficult to accumulate domestic social inventory in the future. Under the tight spot situation, the premium has stopped falling and rebounded, but the continuous rise in copper prices has also narrowed the monthly spread on the disk. The LME market 0 - 3 back has continued to fall to $100/ton, and LME inventory has continued to decline by 400 to 93,075 tons. COMEX inventory has risen to 206,000 short tons. There is a structural shortage of global copper inventory, and this inventory contradiction will continue under the influence of the widening C - L spread [11] 2. Industry News - By the end of May 2025, China's new energy installed capacity has achieved a historic breakthrough: wind power installed capacity has reached 570 million kilowatts, and photovoltaic power installed capacity has reached 1.08 billion kilowatts. The combined proportion of the two in the total installed capacity has risen to 45.7%, surpassing the proportion of thermal power installed capacity for the first time, marking a new stage in the energy structure transformation [12] - According to the latest FedWatch data, the market's bet on the probability of the Fed cutting interest rates in July is 20.7%, which is higher than that of a week ago (12.5%), but the market still expects the Fed to keep interest rates unchanged in the July interest - rate meeting with a probability of nearly 80%. Although Fed officials have recently signaled an early interest - rate cut, substantial interest - rate cuts may have to wait until September due to the remaining inflation risks in the US and the resilience of the labor market [12] - With the maturity of generative AI technology and the acceleration of data center construction, the demand for copper cables in short - distance high - speed interconnection scenarios has increased significantly. The Ministry of Industry and Information Technology recently issued the "Action Plan for Computing Power Interconnection", aiming to promote the efficient interconnection of computing power infrastructure. High - speed copper cables, as the core components of short - distance transmission in data centers, are expected to become a key policy - supported direction. Nvidia re - claimed the title of the world's "market - value king" on Wednesday. A Wall Street analyst predicted that Nvidia is about to ride on the "golden wave" of artificial intelligence (AI). The market's optimistic sentiment towards the AI track continues to heat up, boosting the market performance of chip stocks and copper - cable high - speed connection concept stocks [12] - Goldman Sachs has raised its copper price forecast for the second half of 2025, and the market's re - evaluation of the strategic value of copper resources has indirectly boosted the confidence of the copper - cable high - speed connection industry chain [13]