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]

Group 1 - The core viewpoint of the articles highlights the significant rise in A-share computing hardware stocks driven by overseas sentiment, with the CSI Big Data Industry Index increasing by 1.37% and notable gains in individual stocks such as Hengsheng Electronics (up 6.72%) and Zhongke Shuguang (up 5.00%) [1] - Nvidia's annual shareholder meeting reassured investors about the strong demand in the AI sector, indicating that the large-scale upgrade of AI infrastructure in the computing industry is just beginning, which contributed to Nvidia's stock price rising by 4.3% and reaching a market capitalization of $3.77 trillion [1] - The global demand for data centers is expected to grow, with the number of large data centers operated by hyperscale operators projected to double in five years, reaching 1,136 by the end of 2024, according to Synergy Research Group [1] Group 2 - The Data ETF (516000) serves as a barometer for the big data industry, closely tracking the CSI Big Data Industry Index and covering the entire industry chain of big data storage, analysis, and application [2] - The wave of interconnected computing is reshaping the industry landscape, enhancing efficiency in data storage and accelerating model training and algorithm iteration in the analysis field, which improves data insight precision and depth [2] - Computing power is driving the implementation of innovative applications in demanding fields such as financial investment and intelligent driving, overcoming technical bottlenecks and expanding the boundaries of the big data industry [2]

Core Viewpoint - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan" to enhance the efficiency and service level of public computing resources, supporting the high-quality development of the digital economy in China [1][3]. Group 1: Definition and Background - Computing power interconnection refers to the standardization and interconnection of public computing resources from different entities and architectures, enabling efficient matching and flow of data and applications [2]. - The plan is driven by the rapid development of artificial intelligence and the increasing demand for computing resources, with a focus on creating a unified national computing power system and optimizing resource distribution [3]. Group 2: Goals and Objectives - By 2026, the plan aims to establish a comprehensive system of standards, identifiers, and rules for computing power interconnection, including the promotion of new high-performance transmission protocols and the creation of national and regional interconnection platforms [4]. - By 2028, the goal is to achieve standardized interconnection of public computing resources across the country, enabling intelligent perception and real-time access to computing power [4]. Group 3: Key Tasks - The plan outlines 16 key tasks across six areas, including enhancing the foundation of computing power interconnection, optimizing facility interconnection, promoting resource sharing, innovating business interconnection, developing application scenarios, and ensuring network and data security [6]. Group 4: Actions to be Taken - Five major actions will be implemented, including foundational actions for computing power interconnection, accelerating facility interconnection, building interconnection platform systems, innovating business interconnection, and leading actions for computing power interconnection [8]. Group 5: Application Scenarios - The plan will enable computing power interconnection in various application scenarios, including resource services, task scheduling, market transactions, and new business models in sectors like artificial intelligence, scientific computing, and smart manufacturing [9]. Group 6: Implementation Assurance - To ensure the effective implementation of the plan, three measures will be taken: strengthening task execution, enhancing resource investment, and fostering enterprise development to create a supportive ecosystem for computing power services [10].

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [2]. Core Insights - The report highlights the regulatory advancements in stablecoin policies in the US and Hong Kong, indicating a shift towards the formalization of cryptocurrency applications, particularly stablecoins [10][11]. - It emphasizes the growing adoption of stablecoins for cross-border payments and the increasing demand for AI applications, which are driving the need for enhanced computational liquidity [12][13]. Summary by Sections Investment Strategy - The US Senate has advanced the "Stablecoin Unified Standards Guarantee Act" with a vote of 66 to 32, mandating that all stablecoins must be backed 1:1 by high-quality, low-risk liquid assets [10]. - Hong Kong has introduced the "Stablecoin Ordinance," effective August 1, 2025, requiring entities to obtain licenses for issuing stablecoins, with stringent financial and compliance requirements [14]. - The global issuance of stablecoins has surpassed $240 billion as of May 3, 2025, indicating a significant market presence [11]. - AI applications are experiencing rapid growth, with ChatGPT reaching 620 million monthly active users, surpassing traditional social media platforms [12][13]. Industry News - The "Stablecoin Ordinance" in Hong Kong aims to regulate stablecoin activities and establish a licensing system, which is expected to accelerate the compliance and formalization of stable currencies [14]. - The Ministry of Industry and Information Technology has released the "Computational Power Interconnection Action Plan," aiming to standardize and enhance the interconnectivity of computational resources by 2026 [15][16]. - China Mobile has announced the winners of its AI general computing device procurement, with a total estimated procurement of 7,058 units [17]. - The successful launch of the fourth batch of low-orbit satellites for the "GW Constellation" marks a significant step in China's satellite internet capabilities [18]. Market Review and Focus - The telecommunications sector saw a 5.06% increase this week, outperforming major indices, with significant gains in optical modules and AI computing indices [19][20]. - The report suggests focusing on investment opportunities in the digital currency and computational power sectors, highlighting companies such as Chutianlong and Hengbao [23].

Group 1 - The A-share computing industry chain is showing active performance, with related ETFs experiencing significant net inflows of funds [1] - The Computer ETF (159998) has seen net inflows for 15 consecutive trading days, accumulating nearly 300 million yuan, with the latest fund size reaching 3.07 billion yuan [1] - The Cloud Computing ETF (517390) rose over 1% on June 9, with net inflows of 8.6 million yuan over the last 10 trading days [1] Group 2 - Nvidia's stock price has been strong, reaching $141.22 per share, close to its historical high of $153, with a total market capitalization of $3.446 trillion, surpassing Microsoft [1] - Nvidia's stock saw a cumulative increase of 24.06% in May, driven by its leading position in the AI sector and strong performance [1] - The Ministry of Industry and Information Technology in China has issued a plan to promote the interconnection of computing power, aiming to standardize public computing resources by 2028 [1] Group 3 - According to Zhongyin International, the AI industry chain has certain rebound potential due to overseas mapping drivers and market style rotation [2] - The pessimistic expectations for computing infrastructure are reversing, with leading companies like Nvidia and Broadcom performing well in the market [2] - The Computer ETF (159998) tracks the CSI Computer Theme Index, which includes stocks from companies involved in IT services, application software, system software, and computer hardware [2] Group 4 - The Cloud Computing ETF (517390) closely tracks the CSI Hong Kong-Shanghai Cloud Computing Industry Index and invests in internet companies in Hong Kong, A-share computing companies, and leading computer firms [3]

Core Viewpoint - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan," aiming to enhance the efficiency and service level of public computing resources, promoting high-quality development in computing power through 16 key tasks across six areas [1][2]. Group 1: Key Tasks and Areas - The action plan outlines six main areas: strengthening the foundation of computing power interconnection, optimizing computing facilities interconnection, promoting resource sharing, innovating business interconnection, creating application scenarios, and ensuring network and data security [2]. - Specific tasks include tackling core technology challenges, establishing standards and norms, and developing interconnection rules [2]. Group 2: Application Scenarios - The plan promotes the application of computing power interconnection in enterprise-level scenarios such as artificial intelligence, scientific computing, intelligent manufacturing, remote medical care, and consumer-level scenarios like intelligent driving, cloud rendering, cloud computing, and cloud gaming [2]. - It encourages the integration of computing power interconnection with energy internet, industrial internet, and mobile internet for innovative applications [2]. Group 3: Implementation Support - To ensure the successful implementation of the action plan, the Ministry will enhance resource investment and create a supportive environment through policies, funding, talent, and resource allocation [2]. - The plan emphasizes the cultivation of enterprises and optimization of the industry ecosystem, supporting backbone computing power enterprises, high-tech companies, and specialized small and medium-sized enterprises [2].

Group 1 - The report highlights a positive outlook for growth stocks in the technology sector, driven by a favorable monetary environment and supportive government policies, with a focus on themes such as new consumption, innovative pharmaceuticals, and AI applications [3][12][36] - The North Exchange A-share market shows strong performance with an average market capitalization of 3.053 billion yuan and a daily trading volume of 24.834 billion yuan, although liquidity has decreased by 19.20% compared to the previous week [26][28] - The North Exchange will launch the North Exchange Specialized and Innovative Index on June 30, 2025, which will include 50 large-cap "little giant" companies to reflect the overall performance of specialized and innovative enterprises [12][13][36] Group 2 - The North Exchange A-share market is characterized by high attention and frequent short-term surges in stock prices, with a current PE ratio of 51.96, significantly higher than other markets [7][36] - The report suggests focusing on leading companies in niche sectors with valuation advantages and strong financial performance, as the market is expected to continue its structural rotation [3][36] - The report notes that the North Exchange has gathered 138 specialized and innovative "little giant" companies with a total market capitalization of 423.693 billion yuan, accounting for 53.25% of the total market capitalization of the North Exchange [12][36]

Domestic Macro - The State-owned Assets Supervision and Administration Commission and other departments issued a notice on May 30 to enhance the salary distribution incentives for skilled talents in state-owned enterprises, introducing a special allowance linked to skill levels [5][12]. - On June 3, the State Council announced the implementation of the "Regulations on Government Data Sharing," aimed at building a digital government [5][13]. - The State Council issued a notice on June 5 to conduct the fourth national agricultural census, which will include rural households and agricultural production units [5][13]. - The Central Military Commission issued regulations to improve the quality and efficiency of military facility construction [5][13]. - The central bank is set to conduct a 1 trillion yuan reverse repurchase operation [5][14]. Domestic Industry - The Ministry of Industry and Information Technology released the "Computing Power Interconnection Action Plan" on May 30 [5][14]. - The Ministry of Ecology and Environment and other departments issued guidelines to strengthen ecological culture construction [5][14]. - The Ministry of Education emphasized the importance of transforming the blueprint for a strong education nation into reality [5][14]. - The Ministry of Commerce launched the "Service Consumption Season" for 2025 on June 3, promoting the integration of various service sectors [5][14]. - The National Energy Administration announced the first batch of pilot projects for the construction of a new power system on June 4 [5][14]. Local Policies - The Shanghai government held a press conference on May 30, announcing the Lujiazui Forum scheduled for June 18-19 [6][17]. - Beijing released a three-year action plan (2025-2027) to enhance property management services [6][17]. - The Shenzhen government issued a plan to promote high-quality development of service trade and digital trade [6][17]. - The Guangzhou government emphasized accelerating major project construction and optimizing industrial layout [6][17]. Overseas Dynamics - The U.S. announced an increase in import tariffs on steel to 50% on May 30 [7][19]. - The U.S. Trade Representative extended the exemption period for certain tariffs on China under Section 301 [7][19]. - India finalized a new electric vehicle policy allowing companies to import electric vehicles at a reduced tariff [7][19]. - On June 5, the U.S. announced a comprehensive travel ban on citizens from 12 countries [7][19].

工业和信息化部日前印发《算力互联互通行动计划》，旨在实现全国公共算力标准化互联，使算力像 水、电一样便捷使用，形成可查询、可对话、可调用的服务能力，进而构建数字经济发展新底座，有力 支撑制造强国、网络强国和数字中国建设。 实现算力互联互通，首要的是筑牢技术基础。一方面，加强基础软硬件技术攻关，包括减少算力互联时 产生的损失或错误，提高多样化算力感知能力，优化各类算力资源管理、协同调用等，从底层技术上为 算力互联互通奠定基础；另一方面，推动国家级互联网骨干直联点和新型互联网交换中心改造升级，鼓 励基础电信运营商扩大带宽容量，有效降低数据传输网络时延，提升网络通行能力。 当务之急，是为算力流通打造一套统一规范的"交通规则"。建立标准体系，是开启算力互联互通大门的 钥匙。比如，在标准中明确通信网络互通、算力资源互联、业务调度互通、数据传输流动等关键环节要 求，才能保障数据在算力网络中安全、快速流动，助力各类应用更快找到并用好不同类型的算力资源， 发挥最大效能。再如，业界关注的算力互联市场规则，考虑各方利益，形成合理的价格体系，并为算力 交易营造公平、公正、透明的市场环境，促进算力市场长远健康发展。 一个重要前提是让 ...