Investment Rating - The report suggests focusing on domestic AI development-driven sectors such as servers and IDC, as well as overseas AI development-driven sectors like servers and optical modules [5] Core Insights - OpenAI is expanding its collaboration and accelerating computing power investments, including a partnership with Broadcom for a 10GW custom AI accelerator, aiming for deployment by the second half of 2026 and completion by the end of 2029 [1] - The demand for optical modules is expected to increase significantly, with projections of 50 million, 75 million, and 100 million units needed in 2025, 2026, and 2027 respectively [1] - TSMC reported a higher-than-expected profit margin of 59.5% for Q3 2025, driven by strong AI demand, and provided a positive revenue guidance for Q4 2025 [1] - Domestic AI applications are entering a large-scale commercialization phase, as indicated by the increase in daily token usage from 120 billion in May 2024 to over 30 trillion by September 2025 [1][3] - The optical communication industry is expected to see growth, as evidenced by Shijia Photon's Q3 2025 revenue of 570 million yuan, a year-on-year increase of 103% [1] Summary by Sections Communication Sector - The telecommunications business revenue for the first eight months reached 1,182.1 billion yuan, a year-on-year increase of 0.8% [4][15] - The optical module exports saw a decline of 28.66% year-on-year in August, attributed to domestic companies building factories overseas [4][34] Server Sector - The server index decreased by 5.85% this week and 8.28% for the month, but OpenAI's initiatives are expected to drive demand for server chips [2][7] - TSMC's high profit margins and capacity expansion are expected to support the production of AI chips [2][7] Optical Module Sector - The optical module index fell by 7.55% this week and 12.35% for the month, but long-term demand is projected to rise due to significant investments in AI data centers [2][7] IDC Sector - The IDC index decreased by 6.24% this week and 8.91% for the month, but the domestic AI ecosystem is forming a rapidly iterating internal cycle [3][10]

Group 1 - The Ministry of Industry and Information Technology (MIIT) has launched a special initiative to achieve a one-way interconnection delay of less than 1 millisecond between medium and large computing centers in urban areas by 2027, addressing the domestic computing power shortage [1] - By 2027, the deployment rate of 400Gbps exits for medium and large computing centers is expected to reach no less than 50%, enhancing user experience in computing power usage [1] - Domestic AI chip manufacturers are rapidly iterating their products, and the seamless adaptation of domestic computing chips is expected to drive the sustainable development of domestic AI [1][2] Group 2 - The demand for domestic computing power is anticipated to rise significantly by 2025, driven by large enterprises' capital expenditures and the formation of a consensus on computing power localization [2] - Companies like Cambricon and Moore Threads are expected to see revenue growth due to breakthroughs in advanced processes, contributing to the formation of a self-controlled domestic computing power industry chain [2] - The upcoming World VR Industry Conference will feature major tech companies, indicating a growing interest in AI glasses and the potential for innovation in the AI+AR glasses industry [2] Group 3 - The current market is experiencing a rotation of hot topics, with discussions on whether the technology sector can maintain its momentum, particularly in the context of the "14th Five-Year Plan" focusing on strong technology attributes [3] - The logic of domestic substitution is being reinforced amid trade disputes, which is a key driver for the strength of technology stocks [3][4] - The AI wave has opened up new growth opportunities across multiple industries, positioning technology stocks as the main focus of the current market rally [4] Group 4 - The Sci-Tech Innovation Artificial Intelligence ETF (589520) is highlighted for its three key advantages: policy support for AI, the importance of self-controlled technology in the context of tech friction, and its high elasticity and offensive potential compared to direct investments in individual stocks [5] - The top ten holdings of the ETF account for over 71.90% of its weight, with semiconductors being the largest sector, indicating a concentrated investment strategy [6]

Market Insights - Gold prices have surged, breaking the $4300 mark for the first time, with silver futures rising over 4% during trading [1] - The recent increase in precious metals is attributed to factors such as the U.S. government shutdown, trade tensions, and expectations of Federal Reserve interest rate cuts [1] Industry Developments - Several mid-sized banks in the U.S. have been implicated in loan fraud, leading to a significant drop in the market value of regional banks, which collectively lost over $100 billion in a single day [2] - Concerns regarding credit quality and asset transparency have heightened among investors, raising fears of potential systemic risks within the regional banking sector [2] - The Ministry of Industry and Information Technology in China has initiated a "millisecond computing" project aimed at enhancing computing network capabilities, which is expected to create investment opportunities in domestic computing power [3] Macro Events - A phone call between U.S. President Trump and Russian President Putin has concluded, with discussions focused on ending the Russia-Ukraine conflict and potential future meetings [4] Institutional Perspectives - Citic Securities suggests that while short-term adjustments are inevitable, the market remains resilient, recommending attention to military and new consumer sectors [6] - Debon Securities notes that reduced trading volumes reflect heightened market risk aversion, with value sectors represented by dividends likely to continue outperforming [7] - Dongfang Securities maintains that short-term adjustments will not alter the upward trend of the market, asserting that technology stocks remain the main focus [8] Emerging Technologies - Chinese scientists have reportedly overcome key challenges in solid-state battery technology, which could double the range of electric vehicles by 2025, opening new markets [9] - The National Energy Administration in China has announced 41 hydrogen energy pilot projects, indicating significant progress in hydrogen technology and industry layout [10] - The upcoming World VR Industry Conference is expected to see participation from major companies like Huawei, Apple, and Alibaba, with projections indicating an 8.8% year-on-year increase in global VR and MR headset shipments in 2024 [11] Company Announcements - Rongzhi Rixin has projected a net profit increase of 871.3% year-on-year for the first three quarters [12] - Fuyao Glass reported a 28.93% year-on-year increase in net profit for the same period [14] - Guangsheng Youse anticipates a turnaround in net profit for the first three quarters due to rising rare earth market conditions [14]

Group 1: Industry Developments - The Ministry of Commerce stated that China's export control measures on rare earths are a normal action to improve its export control system, not aimed at specific countries [1] - The Ministry of Industry and Information Technology announced a special action to develop a millisecond-level computing network, focusing on low-latency and high-capacity capabilities [1] - The State Administration for Market Regulation is proposing new regulations to clarify food safety responsibilities for third-party platforms and food service providers to combat the "ghost delivery" phenomenon [1] - The National Taxation Administration reported that over 6,654 domestic and foreign platforms have submitted tax-related information as of October 15, exceeding 60% of the total platforms required to report [1] - The National Food and Strategic Reserves Administration announced that it has purchased 108 million tons of summer wheat, with prices showing a stable upward trend since October [1] Group 2: Company Announcements - Fuyao Glass announced the resignation of Chairman Cao Dewang, with Cao Hui elected as the new chairman [2] - TBEA's subsidiary plans to acquire a 74.19% stake in Shuguang Cable for 946 million yuan [4] - Longbai Group's subsidiary intends to acquire assets related to Venator UK's titanium dioxide business [4] - Huayit Technology plans to purchase 100% of Huayi Microelectronics' shares, with stock resuming trading [4] - Zhaogu Mining reported a 66.49% year-on-year increase in net profit for the third quarter [4] - New China Life Insurance reported a 19% year-on-year increase in cumulative original insurance premium income for the first nine months [4]

新华社北京10月16日电（记者周圆）记者16日获悉，工业和信息化部办公厅日前发文部署开展城域"毫 秒用算"专项行动，提出在全国范围内梯次推进毫秒用算网络建设，到2027年基本形成全域覆盖、高效 畅通的城域毫秒用算网络能力体系。 具体内容方面，专项行动明确完善算力中心间互连网络架构，加快算力中心间高性能网络部署；完善重 点场所算力接入网络布局，推动光网络设备向综合接入点和产业园区等用户侧部署；优化算力应用终端 到服务器的网络时延，优化人工智能训练推理的通信效能等。 此外，专项行动要求各省份通信管理局会同工业和信息化主管部门强化组织保障，加强调研指导，统筹 协调解决各方问题困难。各基础电信企业集团公司加强对行动实施区域内子（分）公司的专项指导、政 策倾斜和技术支持等。 专项行动要求，聚焦算力网络发展，构建高速大容量、确定低时延、泛在广覆盖的城域网络，在城域内 提供毫秒级算力资源网络通达能力，即面向基础设施实现算力中心毫秒互连，面向重点场所实现算力资 源毫秒接入，面向应用终端实现算力应用毫秒可达。 ...

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has launched a special action plan to develop a metropolitan "millisecond computing" network, aiming for a coverage rate of at least 70% by 2027, enhancing the efficiency and accessibility of computing resources across the country [1][3]. Group 1: Overall Strategy and Goals - The initiative focuses on developing a high-speed, low-latency metropolitan network that provides millisecond-level computing resource accessibility, with specific targets for interconnection and access times [4]. - By 2027, the plan aims to achieve less than 1 millisecond latency for interconnections between medium and large computing centers and less than 10 milliseconds for applications to computing centers [4]. Group 2: Action Content - The plan includes three main actions: 1. Promoting "millisecond interconnection" between computing centers, with a target of 50% deployment of 400Gbps connections by 2027 [5]. 2. Enhancing "millisecond access" to computing resources, aiming for a coverage rate of at least 70% for 1 millisecond latency circles by 2027 [5]. 3. Improving "millisecond accessibility" for applications, targeting a network latency of less than 10 milliseconds from application terminals to computing servers by 2027 [6]. Group 3: Implementation Requirements - Local communication management departments are tasked with selecting cities with high computing resource density and good network infrastructure to implement the action plan, with a maximum of three cities per province [7]. - A mid-term evaluation will be conducted one year after the action's initiation, requiring local departments to report network monitoring data to the national platform [7]. - At the end of the action period, a summary of the implementation will be required, with results evaluated and published by the MIIT [8].

Core Viewpoint - The Ministry of Industry and Information Technology has initiated a special action for "millisecond computing" in urban areas, aiming to develop a high-capacity, low-latency computing network by 2027 [1] Group 1: Action Objectives - Focus on the development of computing networks to provide millisecond-level computing resource accessibility within urban areas [1] - Establish a computing center interconnection with latency of less than 1 millisecond and ensure resource access and application reachability within 10 milliseconds [1] Group 2: Implementation Timeline - The initiative aims to progressively advance the construction of the millisecond computing network across the country, targeting a comprehensive and efficient network capability system by 2027 [1]

Core Viewpoint - The company is actively monitoring the development of the Xinjiang International Integrated Computing Power Center project and has the technical and service capabilities to participate in such projects, although no formal cooperation agreement has been signed yet [1]. Group 1: Company Involvement - The company has expressed interest in the Xinjiang International Integrated Computing Power Center project, which involves the construction of a 2000P computing power cluster [1]. - The company is leveraging its strengths in the IDC sector to expand data center operations in key regions, including Beijing-Tianjin-Hebei, Hangzhou Bay, Greater Bay Area, Chengdu-Chongqing, Wuhan, and Xinjiang [1]. - The company is focused on building a national scheduling center for computing power, contributing to the integrated computing power network construction across the country [1]. Group 2: Project Details - The project aims to support satellite remote sensing data processing and cross-border logistics intelligent scheduling [1]. - The company is developing a "computing power + algorithm + application" innovative application ecosystem, which emphasizes efficient allocation of computing resources through regional systems and resource integration [1]. - The company will actively seize cooperation opportunities related to the project as they arise and will fulfill information disclosure obligations in case of substantial progress [1].

在研发创新层面，山东移动构建多层次平台矩阵：中移齐鲁创新院与5G-A双链融合产业创新示范基地 聚焦人工智能、算力网络等领域，推进RedCap、工厂平面定位等前沿技术试点；青岛分公司5G联创 +实验室深耕网络性能优化与ToB应用孵化；工信部5G应用安全创新推广中心主攻安全标准研制与产品 研发，形成"研发-试点-落地"全链条创新体系。 核心资源布局层面，山东移动打造"硬基建+软能力"双轮驱动模式。新型数据中心资源以"2+2+X"布 局，计划规划建成淄博、青岛等五大中心，服务覆盖4000余万4G用户、1820万宽带用户及6200余万物 联网用户；智算资源以"1+2+X"布局，形成超410PFLOPS算力，配备A100、华为910B等设备，构建三 级大模型赋能体系及MaaS服务体系。依托以上资源，公司推出视频AI、大模型、智能体等五大产品体 系，广泛服务全省中小企业。 山东移动累计获授权专利312件、软件著作权449件，斩获山东省技术发明奖一等奖等118项省部级以上 奖项，助力200家化工企业降风险提能效、60家生物医药企业增创新提产能、78家电力企业强电网安全 性，累计服务中小企业超百余家。此次入选标志着山东移动在 ...

Core Insights - The development of all-optical capacity networks is crucial for the digital economy, enabling efficient access to computing power and driving digital transformation [1][2] - The China Academy of Information and Communications Technology (CAICT) emphasizes the importance of all-optical capacity as a key component for high-quality development in computing infrastructure [1][2] Industry Developments - The forum held by CAICT discussed the construction of all-optical capacity networks to support millisecond-level computing access across various industries [1][2] - Recommendations were made to enhance capacity planning, strengthen network technology, and accelerate the integration of computing and networking services [2] Technological Advancements - Telecom companies are leading the construction of all-optical capacity networks, with China Unicom and China Mobile outlining their strategies to enhance computing capabilities and expand application scenarios [4] - Internet companies are also actively developing solutions, such as edge GPU computing pools, to leverage all-optical networks for cloud computing services [4] Market Opportunities - The demand for all-optical capacity is driving companies in the optical module sector, such as Zhongji Xuchuang and NewEase, to accelerate the development of high-speed optical modules [5] - Companies like Longfei Fiber and Hengtong Optics are focusing on new fiber technologies to support long-distance, high-capacity transmission [5] Business Model Transformation - The evolution of all-optical capacity is not just a technological upgrade but also a transformation in business models, making computing power as accessible as utilities like water and electricity [6]