最近有朋友问我GPU目前的租赁行情，正好看到国盛证券的这篇研报。里面分析了目前GPU云的行 业趋势、各个大厂的竞争格局、目前的GPU租赁市场行情，以及哪些A股的标的，我们这篇报告只关 注行业信息，研报中个股部分的内容就不讲了。 上次发的RTX5090的文章之后，咨询的朋友非常多，看来大家对RTX5090的热情还是非常高的，对 RTX5090有兴趣的朋友或者RTX5090渠道商的朋友，可以加文章后面的微信。 正文 行业趋势总览 当前AI与云计算产业的协同发展已形成紧密的飞轮效应，其核心逻辑在于技术迭代、应用扩展和算 力需求三者的正反馈循环。AI大模型能力的快速提升（如Qwen3、Llama4的多模态升级与逻辑推理 优化）正推动AI从辅助工具向核心生产力渗透，这一过程高度依赖云服务商在算力、存储和运维等 底层能力的持续升级。 以阿里云为例，其第九代ECS实例算力提升20%而价格下降5%，通过硬件性能优化和规模效应摊薄 成本，为企业降低AI开发门槛，进而刺激更多应用场景的落地，例如谷歌Gemini 2.5 Pro在复杂推理 任务中超越人类的表现，以及阿里Qwen2.5-Omni以轻量化模型实现手机端全模态交互，均显 ...

Core Insights - China General Nuclear Power Group (CGN) has established a significant presence in Inner Mongolia, covering 12 leagues and cities, delivering nearly 800 billion kilowatt-hours of green electricity and effectively treating over 180,000 acres of desert [2][3] - CGN's projects in Inner Mongolia, including the integration of wind and solar energy with desert reclamation, exemplify the synergy between ecological and economic benefits [3][5] - The company is advancing its renewable energy initiatives, aiming for a total installed capacity of over 10 million kilowatts by 2025, contributing to the region's energy structure optimization [7] Renewable Energy Projects - CGN has constructed six solar power stations in the Kubuqi Desert, employing a multi-faceted approach to desert management that includes power generation and ecological restoration [3][4] - The Xueshu Wind Farm is notable for being the first renewable energy project in China to utilize an 800 kV DC ultra-high voltage transmission system, setting multiple industry records [4] - The total installed capacity of CGN's projects in Inner Mongolia has reached 7.78 million kilowatts, with significant reductions in coal consumption and carbon emissions [5] Economic and Social Contributions - CGN is actively building a clean energy industrial cluster in Inner Mongolia, which has generated over 13.1 billion yuan in GDP and created more than 1,000 jobs [6] - The company has invested 1 billion yuan in educational initiatives, including the establishment of a school, benefiting over 1,500 students [7] - CGN's commitment to social responsibility includes a total investment of 33.01 million yuan in various forms of community support over the past five years [7]

Core Viewpoint - Hengli Petrochemical reported a slight increase in revenue and net profit for 2024, driven by a favorable market environment and cost reduction strategies, despite a decline in non-recurring net profit [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 236.27 billion yuan, a year-on-year increase of 0.63% - The net profit attributable to shareholders was 7.04 billion yuan, up 2.01% year-on-year - The non-recurring net profit was 5.21 billion yuan, down 13.14% year-on-year - For Q4 2024, operating revenue was 58.51 billion yuan, a decrease of 5.14% year-on-year and 10.30% quarter-on-quarter - Q4 2024 net profit attributable to shareholders was 1.94 billion yuan, up 61.03% year-on-year and 78.39% quarter-on-quarter [1]. Cost and Efficiency - The overall sales gross margin for 2024 was 9.86%, a decrease of 1.39 percentage points from the previous year - Financial expenses decreased by 2.44% year-on-year, while sales and management expenses increased by 11.23% and 10.38%, respectively - R&D expenses rose by 24.20% year-on-year - The net profit margin for 2024 was 2.99%, an increase of 0.05 percentage points year-on-year [1][2]. Cash Flow and Working Capital - The net cash flow from operating activities was 22.73 billion yuan, a decrease of 3.41% year-on-year due to reduced sales collections - The net cash flow from investing activities was -20.90 billion yuan, while financing activities generated 7.82 billion yuan, a year-on-year decline of 21.11% - The cash and cash equivalents balance at the end of the period was 24.55 billion yuan, an increase of 63.37% year-on-year - Accounts receivable turnover decreased from 515.54 times in 2023 to 422.88 times, while inventory turnover increased from 6.03 times to 7.67 times [2]. Industry Trends and Demand - The petrochemical industry experienced expanded demand in 2024, with both production and sales increasing - The decline in crude oil and coal prices contributed to cost reduction and efficiency improvements for the company - The domestic textile supply chain showed steady recovery, with rapid growth in demand for civilian silk, benefiting the company's aromatic-PTA-polyester value chain [1][2]. New Material Production and Innovation - In 2024, several projects were launched, including a 1.6 million tons/year high-performance resin and new materials project, enhancing the company's capabilities in high-value downstream sectors - The annual production of 400,000 tons of high-performance special industrial silk was fully operational, supporting the automotive, chemical, and electronics industries - The Suzhou Fenhu base's 12 functional film production lines were fully operational, with an annual capacity of 470,000 tons, improving competitiveness in the high-end functional film sector [3]. Integrated Development Strategy - The company is a leader in implementing a full industrial chain strategy in polyester new materials, aiming to create a world-class integrated platform from crude oil to various high-value chemical products - The company has established significant processing capacities, including 20 million tons of crude oil and 5 million tons of coal, with advanced PTA production capabilities [4]. Future Outlook - Revenue projections for 2025-2027 are 247.14 billion yuan, 258.18 billion yuan, and 268.69 billion yuan, respectively, with net profits of 8.46 billion yuan, 10.75 billion yuan, and 12.01 billion yuan - The company is expected to benefit from the continued decline in raw material prices, new material capacity releases, and its integrated development strategy [5].

Core Viewpoint - The transaction between Maanshan Iron & Steel Co., Ltd. (Ma Steel) and Baosteel Co., Ltd. involves the transfer of a 35.42% stake in Ma Steel's wholly-owned subsidiary, Maanshan Steel Co., Ltd. (Ma Steel Limited), to Baosteel for approximately 5.139 billion yuan, along with a cash capital increase of 3.861 billion yuan into Ma Steel Limited by Baosteel [1][3] Group 1 - Ma Steel will reduce its ownership in Ma Steel Limited from 100% to 51%, while Baosteel will acquire a 49% stake [1] - The transaction includes the signing of a share transfer agreement and a shareholder agreement between Ma Steel, Baosteel, and Ma Steel Limited [1] - The capital increase will consist of 266 million yuan added to the registered capital and 3.595 billion yuan to the capital reserve of Ma Steel Limited [1] Group 2 - As of February 28, 2025, the net asset valuation of Ma Steel Limited is assessed at 14.506 billion yuan, reflecting an increase of 1.977 billion yuan (15.78%) compared to the audited net assets attributable to the parent company [2] - The valuation shows a significant increase of 4.429 billion yuan (43.95%) compared to the book value of 10.077 billion yuan of Ma Steel Limited [2] Group 3 - The total consideration for Baosteel to acquire a 49% stake in Ma Steel Limited through the share purchase and capital increase amounts to 9 billion yuan [3] - The transaction is expected to optimize the capital structure of Ma Steel and enhance its capital strength, providing financial support for future development [3] - Baosteel's investment is aligned with its strategic planning and aims to leverage its competitive advantages to enhance both companies' market influence and competitiveness [4]

Core Viewpoint - Ganneng Co., Ltd. (SZ000899) reported a mixed performance for the fiscal year 2024, with a decline in revenue but significant growth in net profit, primarily due to a decrease in fuel costs for thermal power generation [1][2]. Financial Performance - The company achieved operating revenue of 6.92 billion yuan, a decrease of 2.37% compared to the previous year [1]. - Net profit attributable to shareholders reached 714.05 million yuan, an increase of 45.84% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was 688.32 million yuan, reflecting a year-on-year growth of 33.14% [1]. - Basic earnings per share were reported at 0.73 yuan, up 46% from the previous year [1]. Cash Flow and Assets - The net cash flow from operating activities was 1.24 billion yuan, representing a 13.11% increase compared to the previous year [1]. - Total assets at the end of the reporting period amounted to 17.40 billion yuan, with accounts receivable at 762 million yuan [2]. Power Generation Capacity - The installed power generation capacity of Ganneng Co., Ltd. reached 4.1214 million kilowatts, a growth of 6.78% year-on-year [2]. - The total electricity generated during the reporting period was 16.654 billion kilowatt-hours, a decrease of 0.58% compared to the previous year [2]. - Thermal power generation accounted for 15.857 billion kilowatt-hours, down 2.85%, while hydropower generation increased by 29.12% to 337 million kilowatt-hours, and renewable energy generation surged by 177.11% to 460 million kilowatt-hours [2]. Management Compensation - The total remuneration for directors, supervisors, and senior management in 2024 was 6.6804 million yuan, with the highest compensation for the chairman and general manager, Song Hebin, at 882,800 yuan [3][5]. - Song Hebin's salary increased by approximately 81.91% compared to 2022 [5]. Company Overview - Ganneng Co., Ltd. is a key electric power enterprise in Jiangxi Province, focusing on thermal, hydropower, and renewable energy generation, while promoting a synergistic development of traditional and new energy sources [5].

Core Viewpoint - Hubei Yihua (000422.SZ) has significantly improved its profitability through continuous enhancement of industrial chain collaboration, despite a slight decline in revenue for 2024. Group 1: Financial Performance - In 2024, Hubei Yihua achieved operating revenue of 16.964 billion yuan, a slight decrease of 0.48% year-on-year, while net profit attributable to shareholders reached 653 million yuan, an increase of 44.32% [1][2] - The company plans to distribute a cash dividend of 2 yuan per 10 shares, totaling 217 million yuan, which accounts for 33.18% of the net profit for 2024 [5] - The total assets of the company at the end of 2024 were 26.713 billion yuan, a year-on-year increase of 24.40%, and the equity attributable to shareholders was 7.362 billion yuan, up 11.88% [2] Group 2: Business Strategy - Hubei Yihua focuses on its core business by repurchasing minority stakes in its subsidiary Yihua Fertilizer, investing in phosphate and ammonium projects, and divesting low-relevance assets [1][2] - The company aims to achieve an operating revenue of no less than 18 billion yuan in 2025 by optimizing resource allocation and enhancing operational efficiency [1] Group 3: Product and Market Position - Hubei Yihua is a leading player in the nitrogen fertilizer industry, with urea production capacity of 1.56 million tons per year and a market share ranking fourth in the country for diammonium phosphate [2] - The company has a PVC production capacity of 720,000 tons per year, ranking among the top ten in China, and a global second position in the production of pentaerythritol [2] Group 4: Research and Development - The company emphasizes R&D, with R&D expenses reaching 813 million yuan in 2024, a year-on-year increase of 10.45% [3] - Hubei Yihua has developed new products and technologies, including a high-purity gypsum production process and various specialty resins [3] Group 5: Shareholder Returns - Hubei Yihua has established a dual-driven system of "cash dividends + market value management" to enhance shareholder returns [5] - The company has committed to a cash dividend totaling no less than 30% of the annual net profit for the next three years, ensuring a consistent return to investors [5]

Group 1 - The core strategy of the Southern Power Grid Company is to maintain an investment scale of over 100 billion yuan in Guangdong by 2025, supporting the province's strategic goal of "recreating a new Guangdong" [1] - The company is focusing on a "three acceleration" strategy to develop a new energy system, which includes accelerating the construction of supportive and reliable power supply projects, the implementation of the Cangyue DC project, and promoting digital and green collaborative development [1] Group 2 - The Southern Power Grid Company aims to support the Guangdong provincial government's goal of adding 30 million kilowatts of new power generation capacity by 2025, with a focus on offshore wind power and pumped storage power stations [2] - Key projects include the Yangjiang Sanshan Island offshore wind power transmission project, which is the first of its kind in the country, and the pumped storage projects in Meizhou, Zhaoqing, Huizhou, and Maoming, which are nearing completion [2][3] - Once completed, the power transmission capacity from the eastern and western regions of Guangdong to the Pearl River Delta will increase significantly, enhancing the reliability and security of power supply in the Greater Bay Area [2] Group 3 - The Yangjiang Sanshan Island offshore wind power project is expected to be operational by October 2026, providing a continuous supply of clean energy to the Greater Bay Area [3] - By the end of 2025, the second phase of the Meizhou pumped storage power station will be fully operational, making the Greater Bay Area the world's first area with a capacity of over 10 million kilowatts for pumped storage [3] Group 4 - The Southern Power Grid Company plans to leverage major projects in Guangdong to tackle key technological challenges, focusing on flexible DC technology, AI in power, and the "Electric Hong" IoT operating system [4] - In Guangzhou, the company is constructing a flexible DC back-to-back project that will enhance power supply capacity by 700,000 kilowatts, addressing supply-demand balance issues in large urban areas [4] - In Shenzhen, the company aims to invest approximately 5.5 billion yuan to build over 20 substations to meet the electricity needs of the "20+8" industrial cluster [4] Group 5 - Since the 14th Five-Year Plan, the Southern Power Grid Company has built a 2,000-kilometer target network in Guangdong, increasing the power interconnection capacity from 4 million kilowatts to 10 million kilowatts [5] - The company plans to focus on both emerging strategic industries and traditional industries, promoting the development of a trillion-level new energy storage industry cluster [5] - The company will also enhance rural power grid upgrades and promote coordinated development between urban and rural areas [5]

Core Viewpoint - The Jizhao High-speed Railway, known as "the most beautiful high-speed railway in Shandong," is entering a comprehensive construction phase, aiming to enhance the connectivity and tourism potential of the region while alleviating pressure on the existing Beijing-Shanghai high-speed railway [2][3][4]. Group 1: Construction and Connectivity - The Jizhao High-speed Railway spans 268.48 kilometers and includes 10 stations, with significant construction milestones already achieved, including the completion of the first tunnel [2][3]. - The railway is designed to relieve congestion on the Beijing-Shanghai high-speed railway, particularly benefiting the daily travel needs of residents in Jinan, Tai'an, Jining, and Zaozhuang [3][4]. Group 2: Tourism Development - The railway is positioned as a "mobile 5A scenic area," enhancing access to rich cultural and tourism resources along its route, including famous sites like Mount Tai and the ancient city of Tai'erzhuang [4][5]. - The opening of the Jizhao High-speed Railway is expected to stimulate local tourism, with travel agencies planning to launch new products to attract visitors [5][6]. Group 3: Economic Integration - The railway will create a new intercity corridor between the Jinan economic circle and the southern Shandong economic circle, facilitating the flow of production factors and optimizing resource allocation [6][7]. - It is anticipated that the Jizhao High-speed Railway will promote industrial collaboration between Jinan and the southern region, leveraging Jinan's technological and financial resources alongside the agricultural and energy strengths of the southern region [6][7]. Group 4: Future Expansion and Regional Impact - Future plans include extending the Jizhao High-speed Railway to connect with the Xuzhou area, enhancing the overall high-speed rail network and economic interactions between Shandong and the Yangtze River Delta [7].

南方财经全媒体集团全国两会报道组 作 者丨王峰、张敏、季媛媛 编 辑丨包芳鸣 2 0 2 5 年 3 月 5 日 上 午 ， 十 四 届 全 国 人 大 三 次 会 议 在 人 民 大 会 堂 举 行 开 幕 会 ， 审 议 政 府 工 作 报 告。 2 0 2 5年是"十四五"规划的收官之年，也是全面建设社会主义现代化国家新征程的关键之年。 在这一重要时刻，政府工作报告为经济社会发展指明了方向，明确了重点任务。 2 1世纪经济 报道记者梳理了政府工作报告十大经济社会发展关注点。通过这些关注点，我们可以更好地理 解中国经济高质量发展的内在逻辑，把握未来趋势，共同迎接新征程上的机遇与挑战。 1、GDP增长5%左右 经济增长预期目标为5%左右，综合考虑了国内外形势和各方面因素，兼顾了需要与可能。这 个预期目标，既是稳就业、防风险、惠民生的需要，也有经济增长潜力和有利条件支撑，并与 中长期发展目标相衔接，突出迎难而上、奋发有为的鲜明导向。 从地方两会公布的经济增长目标来看，2 0 2 5年3 1个省份的GDP增长目标加权平均为5 . 3%。总 体来看，2 0 2 5年我国经济将进一步回升向好，全年有望实现5%左右的 ...

按照人随产业走、产业决定城市兴衰等基本逻辑， 我们在《中国城市发展潜力排名： 2023》研究报告中对全国除港澳台外的337个地级及以上城市的发展潜力进行客观排名， 北 京、上海、深圳、广州、杭州、成都、南京、苏州、武汉、重庆 位居前10名。 从排名变动来看，南京超越苏州位居第七，南京近年来通过加大高技术投入力度、不断招 才引智、积极开放交流等，一定程度上推动了城市发展，而苏州的发展韧性仍较强。 摘要 NO1.北京：政治、文化、国际交往和科技创新中心。 1）北京集政治中心、创新中心、金融 中心、国际交流中心、文化中心等优势于一身，未来将聚焦于发展首都核心功能。2）北京三 产比重达到84%，金融、总部经济和科技创新成为三大名片。3）北京严控人口规模抬升生活 成本、影响城市活力，但引导人口布局优化也有助于城市高质量发展；区域发展不平衡问题 仍存。4）未来，北京将建设成为国际一流的和谐宜居之都，引领京津冀协同发展。作为全国 第一个减量发展城市，北京将从粗旷型扩张到精细化调整转型。 NO2.上海：全球化的大上海，未来媲美纽约。 1）上海已基本建成国际经济中心，随着中国 经济的腾飞，未来有望媲美纽约，成为主要的全球经济金 ...