GPU云夯实算力底座， 为AI应用出海注入核心动能。 近年来，全球AI市场迎来爆发式增长，贝恩数据显示，2023年全球人工智能软硬件市场规模已达1,850亿美元，并正以40%-55%的年增速扩张，预计2027年 将突破7,800亿-9,900亿美元，其中AI应用市场规模将超4,070亿美元。在这一浪潮下，中国AI应用企业凭借技术代际突破、国内场景创新经验及政策支持， 加速向海外市场扩张，成为全球AI生态的重要参与者。 36氪研究院 . 专注于一二级市场及新经济领域的研究与咨询 以下文章来源于36氪研究院 ，作者36氪研究院 综合来看，中国AI应用企业若要在出海征程中取得成功，需要构建一个完善的"算力筑基+营销破局+支付闭环"三角体系，而算力基础设施的优化是首要突 破口。同时，通过场景化基础设施定制，满足不同行业、不同区域的个性化需求，实现差异化竞争，也是企业在海外市场立足的关键所在。 在此背景下，36氪研究院基于对700家AI应用出海企业的问卷调研，发布了《2025年中国AI应用出海企业发展需求洞察报告》（以下简称"报告"）。该报告 全面剖析了AI应用企业出海现状、核心需求及未来趋势，并聚焦AI生产力工具、情 ...

Group 1 - The A-share market continued its "small spring" trend in July, with the Shanghai Composite Index surpassing 3600 points and a year-to-date increase of over 6.6%, led by sectors such as building materials, rare earths, and innovative pharmaceuticals [1] - Despite the overall market performance, some funds experienced significant losses, with certain products down nearly 20% year-to-date, highlighting a stark contrast to the market's gains [1] - The performance of actively managed funds has been disappointing, with fund managers failing to demonstrate effective operational capabilities in the face of market fluctuations [1] Group 2 - The Qianhai Kaiyuan AI-themed mixed fund reported a year-to-date loss of 19.15% as of the end of July, ranking low among its peers [2] - This fund underwent a significant portfolio adjustment at the beginning of the year, shifting from established AI leaders to smaller chip companies, which has been viewed as a "dark horse gamble" [2] - The fund's strategy has been criticized for not including leading AI companies, and its performance continued to decline despite further changes in the second quarter [2] Group 3 - Star fund manager Qu Yang stepped down in June after managing the fund for nine years, with the fund's assets shrinking from 600 billion yuan at its peak in 2021 to 144 billion yuan [3] - The fund's return during the dual management period with Wei Chun was -41.32%, contrasting sharply with the 93.3% return during Qu Yang's sole management [3] Group 4 - The Jianxin China Manufacturing 2025 fund, managed by Sun Sheng, also faced a loss of over 15% year-to-date, attributed to poor timing in its investment strategy [4] - The fund made significant changes to its top holdings, reflecting a shift towards computing infrastructure, but suffered from a market pullback in the first quarter [4] - The fund's performance continued to lag in the second quarter, with a net asset value decline of 6.43% due to weaker-than-expected domestic AI development [4] Group 5 - The Vanguard funds managed by Liu Zhiqiang also revealed inconsistencies between strategy and performance, with both funds experiencing net value declines exceeding 14% in the first quarter [5] - The funds claimed to maintain a flexible strategy for stable returns, yet their actual performance significantly lagged behind the benchmark [5] - Many of these funds are labeled as "thematic funds," but their performance benchmarks are tied to broad market indices, raising questions about their investment focus [5] Group 6 - Industry experts noted that aggressive portfolio adjustments can lead to repeated mistakes, particularly for funds that have not aligned their strategies with market trends [6] - Many underperforming funds made extensive adjustments in the first quarter, attempting to follow market shifts, but ended up underperforming their benchmarks [6] - The trend of frequent and aggressive adjustments has resulted in further declines in net asset values, illustrating the risks of misjudging market directions [6] Group 7 - Despite the challenges faced by some active funds, there are still a number of successful actively managed funds that have generated significant excess returns through deep industry insights and precise stock selection [7] - Investors are advised to adopt a more rational "core-satellite" strategy, combining broad market index ETFs for stability with selectively chosen active funds for potential alpha returns [7] - This structured approach can help mitigate risks while allowing for a more measured response to market fluctuations and the short-term volatility of certain active funds [7]

Monetary Policy and Economic Support - The People's Bank of China continues to implement a moderately loose monetary policy, focusing on preventing excessive exchange rate fluctuations and increasing financing support for key areas such as "two new" and "two heavy" [2] - The National Development and Reform Commission (NDRC) announced the release of the fourth batch of 69 billion yuan in funding to support the consumption of old goods, completing the annual plan of 300 billion yuan [2] Company Performance - Ninebot reported a revenue of 11.742 billion yuan for the first half of 2025, a year-on-year increase of 76.14%, with a net profit of 1.242 billion yuan, up 108.45% [5] - Hikvision achieved a revenue of 41.818 billion yuan, a 1.48% increase year-on-year, with a net profit of 5.657 billion yuan, up 11.71% [5] - Cangge Mining reported a revenue of 1.678 billion yuan, a decrease of 4.74%, but a net profit of 1.8 billion yuan, an increase of 38.80% [5] - Chipone expects a revenue of approximately 584 million yuan for Q2 2025, a quarter-on-quarter increase of 49.90% [5] Corporate Developments - Zhongyou Engineering received a project award letter for a seawater pipeline project in Iraq worth 2.524 billion USD (approximately 18.032 billion yuan), which could positively impact future revenue and profits [7] - BYD reported July car sales of 344,296 units, a year-on-year increase of 0.27%, with cumulative sales from January to July reaching 2.49 million units, up 27% [6] - China Shenhua announced plans to issue shares and pay cash to acquire coal-related assets from its controlling shareholder, the National Energy Group [8] Industry Trends - The report from CITIC Securities suggests focusing on high-growth sectors such as overseas computing chains, innovative pharmaceuticals, wind power, and military industry, while also monitoring the progress of domestic computing and AI applications [8]

中原证券8月1日发布研报称，给予光迅科技（002281.SZ）买入评级。评级理由主要包括：1）国外业务 毛利率较高，数据中心光模块毛利率明显提升；2）国内业务占比较高，细分市场均排名前列；3）重视 研发创新，具备领先的垂直集成技术能力、一站式的产品提供能力、大规模柔性制造能力；4）算力基 础设施产业链景气度高，光模块产业持续受益。风险提示：国际贸易争端风险；AI发展不及预期；行 业竞争加剧；供应链风险。 （文章来源：每日经济新闻） ...

Core Insights - The forum highlighted the importance of diverse computing power infrastructure in driving the large-scale implementation of artificial intelligence [1][6] - Shanghai is actively implementing national strategic deployments to accelerate the development of new-generation information infrastructure, aiming to become a globally influential "International Digital Capital" [1] - Keda Data emphasizes its core competencies in power electronics and data center experience to provide comprehensive solutions from planning to intelligent operation [1][3] Group 1: Key Developments - Keda Data's Senior Vice President presented five characteristics and challenges of computing power deployment in the AI era, along with three core capabilities of their infrastructure [3] - The newly launched Computing Power Platform V2.0 integrates diverse computing resources across four major intelligent computing clusters, enabling various industry applications [5] - The forum included multiple strategic partnership signings with companies across AI chips, software algorithms, cloud computing, and research institutions, reinforcing Keda Data's technical strength and service capabilities [5][6] Group 2: Future Directions - Keda Data aims to deepen collaboration with industry partners to accelerate the construction of efficient, green, and open computing power infrastructure [6] - The forum showcased innovative achievements in modular intelligent computing rooms and liquid cooling systems, emphasizing the critical role of reliable computing power infrastructure in AI development [6]

Core Insights - NanZhi Optoelectronics has successfully completed a Series A financing round of several tens of millions, led by Jicui Huacai and followed by Yinfengquan Venture Capital, aimed at expanding its "thin-film lithium niobate + X" photonic chip production line and optimizing its process systems [1][4] Company Overview - Founded in 2018 by Academician Zhu Shining and his team from Nanjing University, NanZhi Optoelectronics focuses on "thin-film lithium niobate + X" photonic chip technology, being the first in China to achieve 8-inch wafer-level preparation and pilot verification [2] - The company has served over 400 industrial and research clients and has incubated more than 40 photonics-related enterprises, forming an initial industrial ecosystem covering chip design, material preparation, device processing, system packaging, and standard testing [2] Financing Purpose and Impact - The recent financing will primarily support the operation of NanZhi Optoelectronics' production line to meet the growing demand for customized photonic chip development, pilot verification, and small-batch trial production from industrial and research clients [4] - The company aims to upgrade its existing OptoChat AI photonic-specific large model platform to create an integrated photonic intelligent engine from design to tape-out [4] Strategic Positioning - NanZhi Optoelectronics is positioned as a "pilot engine" connecting cutting-edge technology with industrial applications through a three-pronged model of platform services, standard products, and incubation investment [4] - The company is recognized for its unique value in the domestic photonic chip field, effectively lowering the threshold for technology commercialization and providing crucial support for the transformation of innovative results [4] Future Aspirations - The company’s leadership emphasizes the importance of establishing a self-controlled photonic chip pilot and manufacturing platform as essential for building China's computing infrastructure [5] - NanZhi Optoelectronics is committed to an open approach, collaborating with various industry stakeholders to build the future of the photonics industry [5]

Group 1: Market Overview - The communication sector outperformed the market in July 2025, with the communication index rising by 6.87% compared to a 4.85% increase in the Shanghai Composite Index, ranking 10th among 31 primary industries [1][14]. - Key performers in the sector included optical devices, optical modules, IDC, and optical fiber cables, with notable stock increases from companies like Shijia Photon (46.23%), Chunz中科技 (42.16%), and NewEase (40.42%) [1][24]. Group 2: Fund Holdings Analysis - As of Q2 2025, the total market value of funds heavily invested in the communication sector reached 122.5 billion yuan, accounting for 3.98% of the total fund holdings, with a quarter-on-quarter increase of 1.2 percentage points [1][30]. - The concentration of holdings in the top ten communication stocks increased, with these stocks representing 89% of the total market value in the communication sector [1][33]. Group 3: Global Computing Power Trends - The demand for computing power continues to rise, driven by significant capital expenditures from North American cloud providers, with OpenAI and Oracle collaborating on a 4.5GW data center project [2][40]. - NVIDIA's GB300 and CPO switches have officially launched, benefiting the computing power supply chain, while major optical module companies like NewEase and Zhongji Xuchuang are forecasting substantial growth in H1 2025 [2][50]. Group 4: Domestic AI Development - The approval of high-end chips like NVIDIA's H20 for export to China is expected to alleviate chip shortages, while domestic AI infrastructure is rapidly evolving, with major players like Alibaba Cloud and Huawei Cloud leading the market [3][44]. - The domestic AI IaaS market is experiencing significant growth, with increased demand for computing power from telecom operators and the introduction of new open-source models by Alibaba [3][44]. Group 5: Investment Recommendations - The report recommends focusing on optical devices and modules, as well as companies involved in copper connectivity, due to the sustained high demand for computing power infrastructure [4][5]. - Long-term investments in the three major telecom operators are suggested, as they maintain stable operations and increasing dividend payouts [4][5].

Investment Rating - The report maintains a "Recommend" rating for the communication industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [36]. Core Insights - The optical module industry has shown unexpected growth in the first half of 2025, with major companies reporting over 50% year-on-year profit increases, driven by the demand for 800G products [22][26]. - NVIDIA's H20 chip is set to re-enter the Chinese market, which is expected to enhance the domestic computing power supply chain and benefit related sectors such as IDC [19][17]. - The communication sector has outperformed the broader market indices, with a 7.56% increase in the past week, and a 17.82% increase year-to-date, significantly surpassing the performance of the CSI 300 index [9][10]. Summary by Sections Industry Overview - The communication industry consists of 123 listed companies with a total market capitalization of approximately 492.49 billion yuan [3]. - The sector's performance has been strong, with a year-to-date increase of 17.82%, outperforming the CSI 300 index by 14.67 percentage points [9]. Market Performance - The communication sector's absolute performance over the last month, six months, and twelve months stands at 8.7%, 18.6%, and 30.5%, respectively [4]. - The sector's PE-TTM is reported at 35.94, compared to 13.39 for the CSI 300 index [9]. Key Companies and Recommendations - Key recommendations include China Mobile, China Telecom, and China Unicom for operators; for optical modules, NewEase, Tianfu Communication, and Zhongji Xuchuang are highlighted [30]. - The report suggests monitoring companies like Aofei Data, Guanghuan New Network, and Runze Technology in the IDC sector due to the anticipated benefits from the H20 chip's market re-entry [19][30]. Optical Module Market - Major optical module suppliers in China have reported significant profit growth, with NewEase's net profit expected to increase by 327.68%-385.47% year-on-year [22]. - The demand for 800G and 1.6T products is driving the market, with expectations of continued growth in the coming quarters [26][24].

Group 1 - The company expects a net profit attributable to shareholders of 3.6 billion to 4.4 billion yuan in the first half of 2025, representing a year-on-year increase of 52.64% to 86.57% [1] - The significant increase in sales of high-end optical modules, such as 800G, is driven by the continuous construction of computing power infrastructure and strong capital expenditure from end customers, leading to a notable rise in revenue and net profit [1] - The company confirmed an equity incentive expense of approximately 70 million yuan, which impacted the net profit attributable to shareholders, while non-recurring gains, including government subsidies, increased by about 20 million yuan, positively affecting performance [1] Group 2 - In 2024, the company's operating revenue reached 23.862 billion yuan, a year-on-year increase of 122.64%, while the net profit attributable to shareholders was 5.171 billion yuan, up 137.93% [3] - The net profit after deducting non-recurring gains was 5.068 billion yuan, reflecting a year-on-year growth of 138.66% [3] - The chairman and president of the company, Liu Sheng, has a diverse background in research and management, with a history of leadership roles in various technology companies [3]

Group 1 - The manufacturing cycle has been reduced from 60 months to 24 months through the integration of "computing + network" technologies, leading to significant upgrades in the entire process from research and development to production [1] - The importance of computing infrastructure has been emphasized as a key facility for industry digital transformation, with the government implementing policies to promote high-quality development in the computing industry [3] - The Ministry of Industry and Information Technology and other departments have released action plans to establish a monitoring mechanism for computing infrastructure and to create benchmark cities for computing networks by 2025 [3] Group 2 - Zhejiang province is the only region in China with a "one center, two direct connection points" model, enhancing its computing capabilities and completing a low-latency computing circle [3] - Hangzhou has made significant progress in expanding its 1ms latency circle, covering over 20 million people and meeting the demands for computing applications through advanced network technologies [4] - The China (Hangzhou) Computing Town has gathered key enterprises focusing on integrated circuit design, high-end software, and intelligent hardware, aiming to build a comprehensive industrial ecosystem [6] Group 3 - The Zhejiang Water Science Culture Group utilizes low-latency computing networks to enable real-time generation of short videos across 500 application scenarios, supporting the development of the cultural tourism industry [7] - Major telecommunications companies in Zhejiang have shared insights on the operational status and unique applications of the city's computing network, highlighting its role in facilitating intelligent transformation in industries like smart manufacturing [4][7]