本周（8月25日—8月31日），国内方面，7月规上工业企业利润及8月PMI数据将出炉，2025中国国际大数据产业博览会（简称"数博会"）将举办。国际方 面，欧洲央行将公布7月货币政策会议纪要，美国将发布7月PCE物价指数，纽约联储主席威廉姆斯将发表演讲。本周有一只上证主板新股申购，近千亿元市 值限售股解禁。 07:30 日本7月失业率 15:55 德国8月失业率 20:30 美国7月PCE物价指数同比 20:30 美国7月商品贸易帐(亿美元) 8月25日（周一） 00:00 英国-伦敦证券交易所因夏季银行假日休市一日 10:00 国新办举行新闻发布会，介绍"十四五"时期海关守护国门安全、促进高质量发展成就 20:30 美国7月芝加哥联储全国活动指数 22:00 美国7月新屋销售环比 22:00 美国7月新屋销售(万户) 22:30 美国8月达拉斯联储商业活动指数 8月26日（周二) 国内成品油将开启新一轮调价窗口 07:15 FOMC永久票委、纽约联储主席威廉姆斯在墨西哥央行成立100年纪念会议上发表主旨演讲 10:00 国新办举行新闻发布会，介绍"十四五"时期能源高质量发展成就 20:30 美国7月耐用品订 ...

Market Overview - The international market experienced fluctuations last week, with the U.S. stock market showing mixed results. The Dow Jones increased by 1.53%, while the Nasdaq decreased by 0.58%. The S&P 500 rose by 0.27% [2] - European stock indices all rose, with the UK FTSE 100 up by 2.00%, Germany's DAX 30 up by 0.02%, and France's CAC 40 up by 0.58% [2] Economic Indicators - The upcoming U.S. Personal Consumption Expenditures (PCE) for July is a key economic indicator that will influence the Federal Reserve's future interest rate decisions [2] - In Europe, consumer confidence surveys will provide insights into the economic conditions following U.S. trade tariffs, along with inflation data from multiple countries in August [2] - In Asia, central bank meetings in South Korea and the Philippines are anticipated, with ongoing attention to the prospects of negotiations between Russia and Ukraine [2] Federal Reserve Insights - Federal Reserve Chairman Jerome Powell expressed concerns about a weak job market and opened the door for potential interest rate cuts next month. The market anticipates a 89% chance of a rate cut in September [3] - Investors are looking for upcoming data to confirm these expectations, particularly regarding the impact of tariffs on inflation and the extent of the U.S. economic slowdown [3] - The core PCE data to be released next week is expected to be closely monitored, as strong data may necessitate the Fed to justify rate cuts with weak employment data [3] Additional Economic Data - Other data expected to provide insights into the U.S. economy includes July durable goods orders, August consumer confidence surveys, and weekly jobless claims [4] - HSBC economists predict that the second quarter GDP growth rate will be revised up from 3.0% to 3.2%, although they expect consumer confidence in August to remain low [4] Commodity Prices - International oil prices saw their first weekly increase in three weeks, with WTI crude oil rising by 2.71% to $63.66 per barrel and Brent crude oil increasing by 2.85% to $67.73 per barrel [5] - Gold prices stabilized and rebounded, with COMEX gold futures for August delivery rising by 1.15% to $3374.40 per ounce, driven by increased expectations for a rate cut [7] Corporate Earnings - Notable companies reporting earnings this week include Nvidia, CrowdStrike, Snowflake, and Micron Technology, along with Chinese companies Alibaba and Pinduoduo [4]

Group 1: Industry Developments - The Ministry of Industry and Information Technology emphasizes orderly guidance for computing power facility construction and aims to enhance the quality of computing power resource supply [1] - The 2025 China Computing Power Conference highlights that China's computing power platform is accelerating construction, with 10 provinces already connected to computing power sub-platforms [2] - The report indicates that the scale of intelligent computing power in China is expected to grow by over 40% by 2025 [2] Group 2: Education Initiatives - Hangzhou's primary and secondary schools will implement AI general education courses, requiring at least 10 class hours per academic year [3] Group 3: Investment Insights - A report from MIT warns that 95% of generative AI investments yield little to no return, with half of the projects failing and only 5% achieving commercialization [3] - Goldman Sachs reports that hedge funds have net bought Chinese stocks at the fastest pace in seven weeks, indicating a shift in investment strategy towards the stock market [6] Group 4: Corporate Announcements - Huawei announces a global product launch event in Paris on September 19, where it will unveil the new HUAWEI WATCH GT 6 series and other products [5] - SpaceX has postponed the tenth test flight of its "Starship" to address ground system issues [8]

从2025中国算力大会上了解到，中国算力平台正加快建设。目前，已有山西、辽宁、上海、江苏等10个 省区市的算力分平台正式接入。通过算力应用大赛累计征集的创新算力项目已经超过2.3万个，在工 业、金融、医疗、能源等领域实现了规模化复制推广。预计2025年，我国智能算力规模增长将超过 40%。 华工科技光模块年产能超过3000万只，为全球最大的光模块生产厂商之一，已成功开发出400G、 200G、100G全系列产品。 据智通财经主题库显示，相关上市公司中： 光迅科技800G产品已有部分客户在用，公司1.6T光模块产品已开发完成，产品已在OFC2023 DEMO， 目前正在推进送样测试工作。公司推出了可用于算力中心网络的全光交换机产品。 根据中国智算中心产业发展白皮书（2024年），AI大模型应用场景不断丰富，商用进程加快，智算中 心市场增长动力逐渐由训练切换至推理，预计2028年中国智算中心市场规模有望达到2886亿元。IDC与 浪潮信息联合发布的《2025年中国人工智能计算力发展评估报告》，2025年中国智能算力规模将达到 1037.3EFLOPS，预计到2028年将达到2781.9EFLOPS。甬兴证券研报认 ...

Group 1 - The recruitment system of Pang Donglai crashed due to overwhelming applications, with all positions receiving sufficient valid resumes by 10:45 AM on August 23 [3] - Dalian University of Technology has halted salary payments for all staff, with total execution amounts exceeding 3.5 billion yuan, due to account freezes by the court [5][8] - Meta has launched a new audio translation feature for Reels, utilizing AI for multilingual dubbing, which significantly reduces video production costs [18] Group 2 - Keurig Dr Pepper is nearing a deal to acquire European coffee company JDE Peet for approximately 18 billion USD, with plans to separate beverage and coffee businesses post-merger [23] - Spotify announced a price increase alongside the launch of new services, aiming to attract 1 billion users [23] - Four-dimensional Map has entered the final stages of acquiring intelligent driving company JianZhi Robotics, as part of its strategy to expand into smart driving [24] Group 3 - The Chinese intelligent computing power scale is expected to grow by over 40% by 2025, driven by rapid advancements in artificial intelligence [31][32] - The pet food market in China is projected to exceed 175.5 billion yuan by 2025, with post-90s individuals being the primary pet owners [32] - The summer box office for 2025 has already surpassed 11 billion yuan, with several films leading the ticket sales [36]

第一财经每日早间精选热点新闻，点击「听新闻」，一键收听。 【今日推荐】 美国副总统：对俄实施新制裁"并非不可能" 当地时间8月24日，美国副总统万斯表示，对俄罗斯实施新制裁以向俄方施压，使其结束俄乌冲突并非不可能，美国有多种选择来 对俄罗斯施压。万斯称，在特朗普政府推动结束俄乌冲突之际，对乌克兰的安全保障不包括美国"地面部队"。万斯称，美国不会派 遣地面部队前往乌克兰，但美国将继续发挥积极作用，努力确保乌克兰人获得必要的安全保障和信心，从而停止这场冲突。 俄外长：普京愿与泽连斯基会面 但有前提 俄罗斯外交部24日公布了俄外长拉夫罗夫接受美媒采访实录，透露了俄美领导人阿拉斯加会晤细节，以及对俄乌冲突解决进程的 看法。拉夫罗夫指出，普京多次表明愿与泽连斯基会面，但前提是双方会晤能够预期达成相应成果。涉及法律文件签署时，各方 须明确签署方的合法性。依据乌克兰宪法，泽连斯基当前不具备这样的合法性。关于俄乌直接谈判进程，拉夫罗夫称，在上一轮 伊斯坦布尔谈判中，俄方提议设立三个工作组（含政治议题组），乌方至今仍未回应。 3名中国公民在美国纽约州大巴事故中遇难 当地时间8月22日下午，美国纽约州发生一起大巴侧翻事故，造成人 ...

Group 1 - The construction of integrated computing networks is accelerating, with seven cities' computing power centers connecting to the national supercomputing internet [1] - The China Photovoltaic Industry Association firmly opposes engaging in vicious competition by pricing below cost [1] - The Ministry of Industry and Information Technology is soliciting public opinions on the "Interim Measures for Total Control Management of Rare Earth Mining and Separation" [1] Group 2 - The total box office for the summer 2025 film season has surpassed 11 billion yuan [1] - The National Energy Administration reports that the national electricity market transaction volume increased by 3.2% year-on-year from January to July [1] - The China Securities Regulatory Commission has issued a decision to amend the "Regulations on the Classification Supervision of Securities Companies" [1] Group 3 - During the summer transportation period, the national railway has sent over 800 million passengers [1] - The scale of intelligent computing power in China is expected to grow by over 40% this year [1]

Company News - Sunshine Insurance reported a total premium income of 80.814 billion yuan, a year-on-year increase of 5.7%; net profit reached 3.389 billion yuan, up 7.8% [8] - China Coal Energy recorded a revenue of 74.436 billion yuan, a year-on-year decrease of 19.9%; net profit was 7.325 billion yuan, down 31.5% [9] - TCL Electronics achieved a revenue of 54.777 billion HKD, a year-on-year increase of 20.4%; net profit was 1.09 billion HKD, up approximately 67.8% [10] - Jianfa International Group reported a revenue of 34.17 billion yuan, a year-on-year increase of 4.3%; net profit was 914 million yuan, up 11.8% [11] - Chongqing Bank's interest income was approximately 15.37 billion yuan, a year-on-year increase of 6.72%; operating income was 7.527 billion yuan, up 8.24%; net profit was approximately 3.19 billion yuan, up 5.39% [12] - Times Electric reported a revenue of approximately 12.214 billion yuan, a year-on-year increase of 17.95%; net profit was approximately 1.6715 billion yuan, up 12.93% [13] - CITIC Resources recorded a revenue of 9.382 billion HKD, a year-on-year increase of 137.9%; net profit was 152 million HKD, down 57% [14] - Brilliance China reported a net profit of 1.7 billion yuan, a year-on-year increase of 15%; revenue was 561.7 million yuan, up 8.4% [15] - Zhaojin Mining reported a net profit of approximately 1.44 billion yuan, a year-on-year increase of approximately 160.44% [17] - Greentown China reported a profit attributable to shareholders of 210 million yuan, a year-on-year decrease of 89.74% [16] Industry Insights - The semiconductor, media and entertainment, and telecommunications equipment sectors showed significant strength, while the financial, real estate, home appliance, and coal industries experienced some pullback [7] - The rapid growth of intelligent computing demand is driven by the development of artificial intelligence, with China's total computing power scale growing at an annual rate of around 30% [3] - The Ministry of Industry and Information Technology plans to guide local areas in the reasonable layout of intelligent computing facilities to improve supply quality and meet the needs of emerging and future industries [3] - The internet platform pricing behavior rules aim to regulate pricing behaviors, protect consumer and operator rights, and promote healthy development of the platform economy [4]

Group 1: Smart Computing Industry - China's smart computing scale is expected to grow by over 40% by 2025, driven by the rapid development of smart computing platforms across multiple provinces [1] - The Ministry of Industry and Information Technology is guiding the reasonable layout of smart computing facilities to enhance supply quality for emerging industries [1] - Smart computing is widely applied in generative models, autonomous driving, embodied intelligence, smart cities, and industrial manufacturing, with over 23,000 innovative computing projects collected through competitions [1] Group 2: Jingwang Electronics - Jingwang Electronics plans to invest 5 billion yuan in an expansion project focused on AI computing, high-speed network communication, and automotive intelligence [2] - The project has a post-tax investment recovery period of approximately 7.5 years and will be implemented in phases from 2025 to 2027 based on market demand [2] - The expansion reflects Jingwang Electronics' strategic ambition to deepen its involvement in the AI industry chain, amid increasing demand for high-end PCBs in AI servers and autonomous driving [2] Group 3: Yushu Technology - Yushu Technology is set to launch a humanoid robot featuring 31 degrees of freedom, showcasing a ballet dancer design [3] - The robot's design aligns with biomimetic principles, potentially allowing it to be integrated into various complex social scenarios such as service, healthcare, and companionship [3] - The standardization of degrees of freedom is expected to accelerate the mass production and cost reduction of joint components, indicating a significant market potential in the generalization of robots [3]

Core Insights - The 2025 China Computing Power Conference opened with the theme "Building the Foundation of Computing Power to Lead the Future," marking the completion of the integration of computing power platforms across 10 provinces in China [1] - The national computing power platform aims to create a neutral, open, fair, and trustworthy service ecosystem to enhance the efficient allocation and value release of computing resources [1][2] - The computing power industry in China has seen rapid growth during the 14th Five-Year Plan period, with a total computing power scale reaching 788 EFLOPS and a storage capacity exceeding 1680 EB [1][2] Industry Developments - As of the end of July, over 1,000 enterprise users have registered on the China Computing Power Platform, with more than 100 service providers and over 110 quality computing power products available [2] - The Ministry of Industry and Information Technology (MIIT) plans to enhance the construction of diverse, intelligent, secure, and green computing infrastructure to improve resource utilization efficiency [2][3] - The total scale of computing power in China has been growing at an annual rate of approximately 30%, driven by the rapid development of artificial intelligence [2] Future Projections - By 2035, artificial intelligence is expected to contribute over 11 trillion yuan to China's GDP, potentially leading to a tenfold or even hundredfold increase in computing power demand [2] - The intelligent computing power scale is projected to grow by over 40% by 2025, with applications in various fields such as generative models, autonomous driving, and smart cities [3] - China's computing power scale is currently ranked second globally, significantly contributing to economic and social development [3]