华创证券指出，两项IDC REITs项目估值水平分别为16.5、14.3倍，预计可为IDC公司估值提供新的锚 点。目前IDC公司估值已处历史低位，同时IDC公司在体量上属于国产算力产业链环节中资金承载能力 较大的板块。GB300服务器对高速互连提出更高要求，推动光通信产业全面迈入1.6T时代，供应链相关 企业核心受益，业绩增长确定性进一步增强。国内客户对B系列GPU服务器接受度更高，算力租赁具有 较高的ROI，盈利空间较为充足。GB300系统集成72颗Blackwell Ultra GPU与36颗基于Arm Neoverse架 构的Grace CPU，AI算力较GB200提升1.5倍，单机柜算力密度达3PFLOPS，大模型训练周期缩短30%， 单位算力功耗降低40%，PUE低于1.08。 （文章来源：每日经济新闻） 通信ETF跟踪的是通信设备指数，该指数由中证指数有限公司编制，从A股市场中选取涉及通信网络基 础设施、通信终端及相关配套设备等业务的上市公司证券作为指数样本，以反映通信设备行业相关上市 公司证券的整体表现，具有较强的行业代表性。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表 ...

Group 1 - The CPO optical module concept is gaining traction, with the CSI Cloud Computing and Big Data Theme Index rising by 2.13% as of July 8, 2025, with notable increases in stocks such as Tianfu Communication up by 13.56% [1] - CPO technology is recognized as a key infrastructure for AI computing power due to its low power consumption and high bandwidth characteristics, with applications expected in various sectors including smart transportation, energy, finance, and healthcare [1] - The global edge AI market is projected to grow from 321.9 billion yuan in 2025 to 1,223 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 39.6%, while China's edge AI market is expected to increase from 80.2 billion yuan to 307.7 billion yuan during the same period, with a CAGR of 39.9% [1] Group 2 - The CSI Cloud Computing and Big Data Theme Index tracks 50 listed companies involved in cloud computing and big data services, with the top ten weighted stocks accounting for 51.84% of the index [2] - The top ten stocks in the CSI Cloud Computing and Big Data Theme Index include companies such as iFlytek, Zhongji Xuchuang, and New Yisheng, indicating a strong concentration in the index [2]

Group 1 - The surge in computing hardware stocks has led to a strong performance in the mid and downstream sectors of computing power [1] - Hangang Co., Ltd. reached the daily limit increase, while Qingyun Technology and Hongjing Technology rose over 5% [1] - Other companies such as Hengrun Co., Inspur Information, Hongbo Co., Hainan Huatie, and Parallel Technology also experienced gains [1]

Group 1 - The core viewpoint highlights that sectors such as telecommunications, building materials, electronics, and power equipment are leading the A-share market, with significant activity in photovoltaic-related concepts [1] - CoreWeave has become the first cloud service provider to deploy NVIDIA's GB300NVL72 system, indicating a strong demand for computing power driven by AI advancements [1] - Oracle has signed multiple large cloud agreements, with one expected to contribute over $30 billion annually starting from the 2028 fiscal year, showcasing the financial potential of cloud services [1] Group 2 - The cloud computing 50 ETF (516630) is tracking a cloud computing index that has a high AI computing power content, covering popular concepts such as optical modules, computing leasing, data centers, and AI servers [2] - NVIDIA's recent stock price surge is expected to benefit the domestic computing power industry chain, reflecting a positive outlook for companies involved in this sector [2]

"在人工智能大模型迅速发展的今天，算力成为了不可或缺的血液。"在2025全球数字经济大会数字经济产业国际交流合作体验区，北京超级云计算中心(以 下简称"北京超算")CTO甄亚楠表示，北京超算目前正在为用户精准匹配算力资源，构建更加开放、高效和灵活的算力平台及生态系统，让算力资源的获 取、调度和使用变得更加容易，从而高效破解部分算力难题。 那么，如何让算力更好用？甄亚楠说，北京超算具备万卡集群工程化能力，同时拥有长达14年的专业服务经验，有力保障大模型训练、推理业务的开展，实 现算力资源从可用到好用再到降本。 作为2025全球数字经济大会重要活动，"首发首秀"聚焦新技术研发成果、新产品迭代升级及场景化应用解决方案。北京超算也在现场发布了汇集了40多个主 流大模型的MaaS平台。 "MaaS平台不仅集成了DeepSeek全系列模型，还整合了智谱GLM、Qwen、ERNIE-4.5等国产优秀模型。"甄亚楠表示，这种多元化的模型选择使企业能够根 据自身业务需求和算力预算，灵活选用最适合的AI能力，无需从零开始训练大模型，大幅节省了研发投入和时间成本。 据悉，北京超算成立于2011年，目前已累计服务超过1000家科研机 ...

Market Overview - The market showed strong performance with all three major indices rising, particularly the ChiNext Index which surged by 2.25%, and over 3,900 stocks in the market increased in value, indicating heightened capital activity [1] Solar Energy Sector - The solar energy sector experienced significant gains with stocks like Shihang New Energy, Yijing Photovoltaic, and Tongwei Co. hitting the daily limit, driven by supportive policies from the Ministry of Industry and Information Technology aimed at promoting high-quality development in the solar industry [3] - New policies in regions like Yunnan are supporting the integration of solar manufacturing and power generation, leading to accelerated supply-side reforms and the exit of outdated production capacity, benefiting leading companies [3] - Technological innovations such as BC batteries and perovskite breakthroughs have greatly enhanced the competitiveness of solar companies [3] Computing Hardware Sector - The computing hardware sector saw notable performance with companies like Yihau New Materials and Xinyi Sheng reaching historical highs, driven by the explosive demand for AI computing power following the launch of NVIDIA's GB200 server [3] - The development of ASIC chips is accelerating, with expected shipments surpassing GPUs next year, which is a long-term positive for the entire computing supply chain [3] - Industrial Fulian, a leading global electronics manufacturer, is deeply tied to top clients like NVIDIA, showing strong performance in stock prices [3] Gaming Sector - The gaming sector also performed well, with companies like Ice Glacier Network and Giant Network seeing significant gains due to a substantial increase in the number of game licenses, reaching a 22-year high in June [4] - Supportive policies for the gaming industry are enhancing market expectations for profitability, while AI technology is improving development efficiency and user experience [4] Building Materials Sector - The building materials sector showed positive performance with companies like International Composite Materials and Shandong Fiberglass hitting the daily limit, driven by ongoing "anti-involution" policies aimed at improving industry fundamentals [4] - The central financial meeting emphasized the need to eliminate low-price disorderly competition, which is favorable for leading building material companies [4] Consumer Electronics and PCB Sectors - The consumer electronics sector benefited from increased tariffs on Vietnam by the U.S., highlighting the advantages of Chinese manufacturing, alongside domestic policies stimulating demand [4] - The PCB sector is experiencing growth due to surging demand for high-end products in AI servers and automotive electronics, with leading companies accelerating production [4] Underperforming Sectors - The banking sector saw declines, with major banks like Shanghai Pudong Development Bank dropping over 2%, attributed to tightening liquidity at month-end and institutional reallocation of funds [5] - The power sector also faced a pullback, influenced by changing demand expectations following high temperatures [5] - The insurance sector and controlled nuclear fusion sector underperformed due to regulatory impacts and previous overvaluation, respectively [5] Conclusion - Overall, the market displayed a clear structural trend with strong performances in solar, computing, and gaming sectors, while banking and power sectors lagged behind [5]

新华财经北京7月8日电 （王媛媛）A股早盘震荡反弹，沪指接近3500点整数关口，创业板指涨逾2%领 涨三大指数。截至午间收盘，沪指报3493.16点，涨0.58%，成交3404亿元；深证成指报10568.25点，涨 1.27%，成交5324亿元；创业板指报2178.22点，涨2.25%，成交2640亿元。 板块方面，光伏、PCB、游戏、CPO等板块涨幅居前，保险、银行、电力、可控核聚变等板块跌幅居 前。 盘面热点 盘面上，算力硬件股集体走强，PCB方向领涨，工业富联等10余股涨停。消费电子概念股表现活跃，福 蓉科技涨停。 个股涨多跌少，全市场超3900只个股上涨。 消息面上 字节跳动否认甲骨文等将收购TikTok美国业务 北京时间7月8日，有消息称字节跳动已同意将TikTok 美国业务出售给由甲骨文牵头的美国财团，自身 保留少数股权。对此，字节跳动方面对新华财经记者表示，该信息不实。 香港证监会：扩大南向通参与机构范围加入券商、保险公司、理财及资产管理公司 中国人民银行和香港金管局宣布了数项债券通优化扩容的措施，包括扩大南向通参与机构范围，加入券 商、保险公司、理财及资产管理公司；优化离岸人民币债券回购业务， ...

Group 1 - Oracle will collaborate with OpenAI on computing power and develop multiple data centers across the United States, indicating a positive outlook for the global computing power industry [1][2] - Baidu has launched its self-developed video generation model MuseSteamer, while Google has introduced the new Veo3 video generation model globally, highlighting the intense competition in large model development [1][2] - Beijing has released a three-year action plan for "Artificial Intelligence + Pharmaceutical Health," aimed at accelerating the integration of AI in the pharmaceutical industry [2] Group 2 - The computer industry index fell by 1.28% last week, while the CSI 300 index rose by 1.54%, indicating a 2.82 percentage point underperformance of the computer sector [3] - As of the last trading day of the previous week, the price-to-earnings ratio of the computer industry stood at 51.7 times, with 106 out of 359 A-share component stocks rising and 253 falling [3] - The computer industry is expected to see dual improvements in performance and valuation due to the recovery of demand, with investment opportunities identified in various sectors including the Xinchuang sector and AI sector [3]

证券研究报告 甲骨文将与OpenAI在算力方面合作， 我们持续看好全球算力产业发展 计算机行业 强于大市（维持） 平安证券研究所计算机团队 分析师：闫磊S1060517070006(证券投资咨询）YANLEI511@pingan.com.cn 黄韦涵S1060523070003(证券投资咨询）HUANGWEIHAN235@pingan.com.cn 研究助理：王佳一S1060123070023（一般证券从业资格）WANGJIAYI446@pingan.com.cn 资料来源：科创板日报，平安证券研究所 2025年7月8日 请务必阅读正文后免责条款 核心摘要 行业要闻及简评：1）甲骨文将与OpenAI在算力方面合作，我们持续看好全球算力产业发展。甲骨文将与OpenAI在算力方面合作，将在 美国各地开发多个数据中心。百度发布自研视频生成模型MuseSteamer，谷歌在全球推出全新Veo 3视频生成模型。全球大模型竞争依然激 烈，将推动算力维持旺盛需求，我们持续看好全球算力产业发展。2）北京市发布"人工智能+医药健康"三年行动计划，加速人工智能赋 能医药产业发展。7月3日，北京市科学技术委员会等联合印发《北京市加 ...

Market Overview - On July 8, A-shares opened mixed, with the Shanghai Composite Index up by 0.04%, while the Shenzhen Component and ChiNext indices were in the red. However, by the time of reporting, all three indices turned positive, with the ChiNext index rising over 1% [1][2]. Sector Performance - The morning session saw gains in sectors such as electronics, building materials, telecommunications, and computers, with PCB, CRO, and consumer electronics outsourcing stocks performing well. Conversely, public utilities and banking sectors showed weakness [2][3]. PCB Sector - PCB concept stocks continued to strengthen, with International Composite Materials and Yidong Electronics hitting the 20% daily limit up. Jin'an Guoji achieved a four-day consecutive rise, while Honghe Technology had four limit-up days in six days [8][9]. Pharmaceutical Sector - The pharmaceutical sector was notably strong, with CRO, innovative drugs, and weight-loss drug stocks collectively rising. Lianhuan Pharmaceutical achieved a consecutive limit-up, while companies like Weixin Kang, Hasan Lian, and Xiaofang Pharmaceutical also hit the limit-up. Toxin Pharmaceutical and Ruizhi Pharmaceutical saw increases exceeding 10% [4][5][6]. Notable Stock Movements - Fujilai (301258) surged to a limit-up of 20.01%, reaching a price of 39.28 CNY per share shortly after opening. Other notable stocks included Tuoxin Pharmaceutical and Ruizhi Pharmaceutical, which rose by 13.27% and 12.88%, respectively [5][6]. Regulatory Issues - Ruiskanda faced a trading halt due to a 9.95% drop, attributed to regulatory issues involving its chairman and director, who are under criminal coercive measures for alleged violations related to information disclosure. The company had previously faced administrative penalties from the CSRC [11][13].