分析师及联系人 [Table_Author] 丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 2025 年第 39 周计算机行业周报： 从云栖大会看后续中国 AI 发展之路 报告要点 [Table_Summary] 上周计算机板块持续震荡调整，小幅下跌 0.33%，在长江一级行业中排名第 14 位，两市成交 额占比为 8.62%，算力相关标的活跃。上周中央政府采购网发布国机采〔2025〕22 号《关于更 新中央国家机关台式计算机、便携式计算机批量集中采购配置标准的通知》；工业和信息化部部 长李乐成表示要开辟脑机接口、量子信息等新赛道开源鸿蒙 6.0 Release 版本发布。本周建议 关注：1）AI Infra：AI Infra 有望核心受益；2）AI Agent 相关厂商；3）中国推理算力产业链； 4）CSP 厂商方面关注推理需求带来的推动；5）IDC，重点关注与头部大厂合作的 IDC。 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.955 ...

Group 1 - As of July 2023, China has built 4.598 million 5G base stations and over 30.53 million gigabit network capability ports, achieving "gigabit access in every county and 5G access in every township" [1] - The Ministry of Industry and Information Technology (MIIT) emphasizes four upgrades in the new information infrastructure: comprehensive coverage and leading performance, integration of computing and networking, resource sharing and green energy efficiency, and urban-rural integration [1] - The MIIT is focusing on strengthening core technologies, enhancing industrial chain resilience and security, and achieving breakthroughs in key technology areas, with significant progress in the 5G industry chain [1] Group 2 - Emerging fields such as artificial intelligence and satellite internet are accelerating, with rapid development of open-source models like DeepSeek and the establishment of satellite constellations [2] - Major Chinese telecom companies, including China Mobile, China Telecom, and China Unicom, rank 1st, 7th, and 8th globally among operators, while several device manufacturers like Huawei have become global leaders [2] - The information and communication industry is characterized by high R&D investment, advanced technology, and strong innovation, playing a crucial role in supporting new industrialization and the integration of the real economy with the digital economy [2] Group 3 - The MIIT will continue to promote network construction and upgrades, enhance 5G and gigabit optical network coverage, and accelerate the deployment of 5G-A and ten-gigabit optical networks [3] - The MIIT aims to implement large-scale applications of 5G through various action plans, promoting collaboration between the information communication industry and artificial intelligence [3] - The MIIT is committed to accelerating the deployment of 5G-A products and advancing 6G technology research, while fostering an application ecosystem for 6G [3]

北京着力打造我国自主创新的重要源头和原始创新的主要策源地，国家实验室高质量在轨运行；布局建 设全国重点实验室145家；怀柔综合性国家科学中心布局建设37个科技设施平台，29个已进入科研状 态，成为全球重大科技基础设施密度最高的地区之一；在量子信息、脑科学与类脑等前沿领域建设10家 新型研发机构。 目前，全市已形成新一代信息技术、科技服务业、医药健康3个万亿级以及智能制造与装备、人工智能 等7个千亿级产业集群，重点培育商业航天、生物制造等23个未来产业。人工智能领域，打造"人工智能 第一城"。形成涵盖算力、数据、模型和应用的全栈政策体系，豆包、智谱、kimi等标杆模型性能稳居 全球第一梯队；累计备案上线大模型159款，数量持续领跑全国；2024年，北京拥有人工智能相关企业 超过2400家，位列全国第一，核心产业规模近3500亿元。 商业航天领域，形成了运载火箭、卫星制造、地面站及终端设备、卫星应用服务全产业链；全球首款液 氧甲烷火箭"朱雀二号"成功入轨，全球首颗卷式全柔性太阳翼卫星发射成功。2024年，北京高技术产业 增加值1.49万亿元，较2020年增长56.9%；数字经济增加值突破2.2万亿元，较2020年 ...

工业和信息化部总工程师钟志红：加速丰富5G-A产品体系，推动高品质网络落地部署，加快推进6G技术研发，前瞻布局和培育面向6G的应用产业生态，瞄 准未来科技和产业发展制高点，加快新一代信息技术、人工智能、量子信息、区块链等领域科技创新，培育发展新兴产业和未来产业。 （文章来源：央视新闻） 近日，2025年中国国际信息通信展览会在北京国家会议中心开幕。为了让更多"硬核"科技走进日常生活，工业和信息化部出台不少政策，为科技创新与产业 应用按下"加速键"。 钟志红表示，将推动信息化和工业化深度融合，分类分级深化工业互联网应用，培育一批工业智能体，推动"人工智能+制造"行动。持续推进双千兆网络协 同发展，有序推进算力中心建设布局，筑牢数字基础设施底座。拓展信息通信技术在智慧城市、数字乡村、智能交通、智慧能源等领域的广泛应用。 ...

Group 1 - The majority of robotics concept stocks have risen, with notable increases in companies such as Geek+ (02590) up 10.54% to HKD 29.16, Jinli Permanent Magnet (300748) up 6.29% to HKD 22.32, and Ubtech (09880) up 6.04% to HKD 144 [1] - Recent announcements regarding humanoid robots have been frequent, with the Minister of Industry and Information Technology stating that new sectors such as humanoid robots, brain-computer interfaces, and quantum information will be developed during the 14th Five-Year Plan [1] - The Ministry of Science and Technology is promoting the accelerated application of humanoid robots in various sectors including automotive manufacturing, logistics, and power inspection, laying a solid foundation for the development of a trillion-level industry [1] Group 2 - According to Dongfang Securities, there has been an increase in information regarding the mass production of humanoid robots since Q3 this year, with Tesla aiming to produce 100,000 units per month within the next five years and targeting a cumulative delivery of 1 million robots as a key incentive [1] - Domestic humanoid robot companies such as Ubtech, Zhiyuan, and Yushu have received orders worth hundreds of millions, with Zhiyuan and Tiantai Robotics also surpassing 10,000 units in shipments and orders [1] - The industry is currently at a turning point from initial development to mass production, with significant orders reflecting an accelerated rise in industry prosperity [1]

"安徽智造"惊艳2025世界制造业大会。从开幕式上惊艳的"黑科技"发布，到座谈会上务实的合作洽谈， 安徽清晰地展示出其制造业发展的新图景——它不仅是重大创新成果的"产出地"，更是全球创新要素 的"连接器"。 在序厅展区内，BEST紧凑型聚变能实验装置、国仪量子宽场NV显微镜、本源量子第四代超导量子计算 机、深蓝航天"星云-1"及"星云-2"运载火箭、九州云箭龙云发动机等"大国重器"，集中展现出安徽在量 子信息、聚变能源、深空探测三大科创引领高地的最新成果。 一个形似导弹头的探头，加上一台方形控制机箱，构成国盾量子本次展出的冷原子重力仪的外观主体。 这台重力仪集绝对重力、振动等观测指标于一体。"这款产品在2024年完成国际首次量子绝对重力仪组 网连续观测，已为多个省市的地震局提供服务，可应用于地质勘测、巨灾防范等领域。"国盾量子特聘 博士李苏鹏对上证报记者说。 "量子+金融""量子+AI智能办公""量子+车联网"，本次大会展示的"量子"元素丰富。9月上旬，安徽省委 特别组织召开了一场量子科技应用场景对接会，中央驻皖企业、量子科技企业、量子科技应用领域企业 和投融资机构等悉数参会，从研发、应用等多场景维度，共探量 ...

今日（9.24），硬科技主线重燃，科创新材料ETF汇添富(589180)大涨4.67%，昨日重获资金净流入！热门成分股中，上纬新材、神工股份20CM涨停，安集 科技涨超11%，聚合材料涨超10%，华海诚科涨超8%，厦钨新能涨超7%。 | 序号 | 代码 | 名称 | 涨跌幅 | 成交额▼ | 估自科重 | | --- | --- | --- | --- | --- | --- | | 1 | 688126 | 沪硅产业 | 5.89% | 37.61 Z | 10.51% | | 2 | 688503 | 聚和材料 | 10.81% | 22.99亿 | 2.83% | | 3 | 688019 | 安集科技 | 11.73% | 19.11亿 | 5.92% | | 4 | ୧୫୫୧୫୧ | 上纬新材 | 20.00% | 18.67亿 | 2.09% | | 5 | 688778 | 原钨新能 | 7.84% | 17.53亿 | 4.45% | | 6 | 688234 | 天岳先进 | 2.31% | 14.18亿 | 3.79% | | 7 | ୧୫8532 | 花酒城村 | 8.85% | 10. ...

Group 1: Industry Overview - The fluorochemical industry continues to experience high prosperity, with improved corporate profitability [5][6] - Prices of third-generation refrigerants have been steadily rising, indicating sustained high demand in the industry [8][9] - The supply of refrigerants is constrained by quota restrictions, coupled with increased downstream demand, leading to a favorable supply-demand balance [8][9] Group 2: Company Analysis - Juxing Technology (巨星科技) - Juxing Technology achieved a revenue of 7.027 billion yuan in the first half of 2025, representing a year-on-year increase of 4.87%, with a net profit of 1.273 billion yuan, up 6.63% [14] - The company has established a global multi-tier sales channel and is expanding its direct-to-consumer (DTC) business, with cross-border e-commerce revenue growing over 30% [14][16] - Juxing Technology's international strategy includes building production capacity overseas and optimizing its supply chain to respond to market uncertainties [16] Group 3: Market Trends and Projections - The global tools market is projected to reach $67.3 billion by 2026, with a compound annual growth rate (CAGR) of approximately 4% from 2024 to 2026 [15] - The demand for tools is expected to remain stable due to active transactions in the housing market and industrial production expansion [15] - The company is well-positioned to capitalize on market opportunities through its global manufacturing and distribution network [16] Group 4: Financial Performance and Investment Recommendations - The profitability of refrigerant production companies such as Juhua Co., Sanmei Co., and Yonghe Co. has significantly increased, with net profits growing by 145.84%, 159.22%, and 140.82% respectively in the first half of 2025 [7][9] - Investment recommendations suggest focusing on sectors with structural supply optimization and companies with relative advantages in the chemical industry [11]

Group 1 - The A-share market showed mixed performance on September 24, with the Sci-Tech 50 ETF (588000) opening lower but rising by 1.42% as of 10:09 AM, marking an increase of over 11% in the past 20 days. Key stocks driving this growth include Shengmei Shanghai and Hehui Optoelectronics [1] - The Ministry of Industry and Information Technology announced at the 25th China International Industry Fair that the "14th Five-Year Plan" will implement new emerging industry cultivation actions, focusing on areas such as humanoid robots, brain-computer interfaces, the metaverse, and quantum information [1] - China Galaxy Securities remains optimistic about the computing power-related sectors in the second half of the year, including PCB, domestic computing power, IP licensing, and chip inductors, indicating that the computing power sector is still in a performance realization phase with relatively moderate valuation levels [1] Group 2 - The Sci-Tech 50 ETF tracks the Sci-Tech 50 Index, with 68.77% of its holdings in the electronics sector and 9.85% in the pharmaceutical and biotechnology sector, totaling 78.62%. This aligns well with the development direction of domestic chips, artificial intelligence, and robotics [2] - The ETF also covers multiple sub-sectors such as semiconductors, medical devices, software development, and photovoltaic equipment, indicating a high level of hard technology content [2] - Investors optimistic about the long-term development prospects of China's hard technology are advised to continue monitoring this sector [2]

Market Overview - The A-share market experienced a slight decline with a V-shaped trend, while the bond market corrected and precious metals continued to rise to new highs [1] Market Analysis Stock Market - The A-share market showed a "divergent fluctuation, tail-end repair" characteristic, with the Shanghai Composite Index and Shenzhen Component Index closing down by 0.18% and 0.29% respectively, while the ChiNext Index rose by 0.21% [2] - The market saw a total trading volume of 2.52 trillion yuan, indicating a significant increase in trading activity [2] - The technology sector remained a focal point, with semiconductor equipment and banking sectors leading gains, while tourism and consumer services faced significant adjustments [2] - The afternoon rebound was driven by technology stocks, particularly in sectors like photolithography machines and storage chips, reflecting investor confidence in the technology direction [2] Bond Market - The bond market experienced a collective adjustment, with long-term bonds showing greater weakness; the 30-year Treasury futures contract fell by 0.67%, reaching a new low since April [6] - The yield on the 10-year Treasury rose by 1.05 basis points to 1.7980%, while the 30-year yield increased by 1.6 basis points to 2.0990% [7] - The overall funding environment remained tight, with the central bank conducting a 276.1 billion yuan reverse repurchase operation, leading to a net withdrawal of 10.9 billion yuan [7] Commodity Market - Precious metals, particularly gold and silver, reached new historical highs, with gold prices rising by 1.99% and silver by 1.78% [8] - The overall commodity market saw a decline, with the South China Commodity Index dropping by 1.09%, while agricultural and energy products performed poorly [8] - The long-term trend for precious metals is expected to remain upward due to support from U.S. Federal Reserve monetary policy expectations and geopolitical risks [8] Trading Hotspots Recent Hot Products - Gold: Supported by central bank purchases and Fed rate cuts [12] - Artificial Intelligence: Accelerated capital expenditure by global tech giants [12] - Domestic Chips: Significant potential for domestic substitution due to technological breakthroughs [12] - Robotics: Accelerating industrialization trends [12] - Consumer Goods: Benefiting from RMB appreciation and market style shifts [12] Core Thoughts Summary - The market is expected to experience short-term fluctuations, with a potential shift from "technology-led" to "balanced allocation" [13] - The technology sector's strong logic sub-sectors are anticipated to perform well, while dividend stocks will also highlight their allocation value [13] - In the commodity sector, precious metals and non-ferrous metals are likely to see smoother price increases due to global liquidity [13]