Group 1 - The article highlights the importance of tracking major announcements in the stock market, including suspensions, shareholding changes, investment wins, acquisitions, performance reports, and unlocks, to help investors identify potential investment hotspots and mitigate risks [1] - The company is involved in the development of PCB products related to 6G, low-altitude satellites, and other communication fields [1] - The company provides infrastructure support for large commercial rockets associated with aerospace industry and is also engaged in humanoid robotics, low-altitude economy, and data centers [1] - The company plans to acquire equity in a commercial encryption enterprise, indicating a focus on computing power and artificial intelligence, particularly in collaboration with Huawei [1]

下周市场将面临三大关键事件：政治局会议、中央经济工作会议以及美联储议息会议，市场波动可能加 大 周五市场已开始提前交易政治局会议释放宽松货币政策与积极财政政策信号的预期。同时，市场对政策 支持长期资金入市的预期进一步升温，周五金管总局正式下调保险公司业务风险因子；证监会主席吴清 在中国证券业协会第八次会员大会上提出，深化市场改革背景下证券行业将肩负四大使命，并提出适度 拓宽券商资本空间与杠杆上限；公募基金管理征求意见稿提出高管薪酬30%回购基金等制度安排，均有 助于提振市场信心。 智通财经APP获悉，海通国际发布研报称，本周市场缩量震荡，下周在政策预期升温的带动下有望延续 反弹行情，但反弹强度仍取决于政策落地力度以及美联储是否降息，同时若市场提前充分博弈，也需警 惕资金借利好兑现的风险。继续看好科技板块的反弹机会，仍建议重点关注回调较为充分的恒生科技以 及长鑫即将启动招股等带动下的科创板轮动机会。在政策方向上，券商板块已具备超跌反弹基础，在政 策提振下有望迎来补涨；而近期加速回落的房地产行业与持续低迷的内需消费行业，也有望迎来政策端 的进一步发力。 此前海通国际提出，非银金融有望接替银行成为新的市场稳定器。银 ...

Group 1 - OpenAI is expected to release GPT-5.2 as early as next Tuesday, with institutions noting that the leap in large model development is driving a continuous increase in computing power demand [1] - A new round of cold wave is anticipated, with institutions optimistic about the sustained high growth rate of electricity consumption; the company is recognized as one of the more specialized firms in the wind power industry in Fujian Province, focusing on clean energy generation [1] - The company has signed a cooperation agreement with Muxi Co., Ltd. to explore the localized application of domestic GPUs [1]

本周沪指最终收在3900之上，当然，重点是周五市场发生了一丝改变。 首先，是量能放大，我们此前反复强调过，1.5~1.6万亿是量能的冰点，这周多次验证。每当市场缩量至此，隔天都有放量，周五两市成交额回到1.73万 亿。 其次，周五是摩尔上市第一天。摩尔干的是芯片行业最难的CPU，对标的是英伟达。在A股那是属于极度稀缺的公司，市场非常的大方，上市第一天最高 直接干到5倍，成为A股历史上最快到3000亿市值的公司。打中一签，直接赚27万，赚钱效应直接拉满。给当下本就缺乏热点的市场增加了不少人气。 现在场子里比较热的是卫星+火箭，再加上通信，这其中也涉及到不少关于算力、芯片的事情。后面很有可能会迎来全产业链的全面启动，从而成为新一 轮的主线行情。这一点需要大家注意。 同步一下基本面消息。 周五晚间公布的美国9月PCE物价指数，录得2.8%，低于市场预期的2.9%，该数据公布之后，可以说为下周四的美联储议息会议铺平了降息路径。该数据 是议息会议之前最重要的数据。 最后，是券商的异动。一直在等券商拉出中阳线，结果这周五终于来了。 当然，随着下一任美联储主席的提名，鲍威尔的讲话市场愿意听多少，也会是此次议息会议的看点。 ...

2025 年 12 月 06 日 相关研究 《AI Infra：重点关注数据层软件及 MaaS——计算机行业周报 20251124- 20251128》 2025/11/29 《谷歌大模型超预期了吗? 国内 AI 2026 年策略! 华为容器热点! ——计算机行业 周报 20251117-20251121 》 2025/11/22 证券分析师 申万宏源研究微信服务号 本期投资后了 2026 计算机年度策略：算力聚沙成塔，应用乘风而起。 ● 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuihang@swsresearch.com 徐平平 A0230525080002 xupp@swsresearch.com 曹峥 A0230525040002 caozheng@swsresearch.com 陈晴华 A0230525100001 chenqh@swsres ...

Investment Rating - The report maintains a positive outlook on the computer industry, highlighting key investment opportunities in AI computing, embodied intelligence, and AI applications [3][4]. Core Insights - The computer sector has seen an 18% increase from early 2025 to December 2, 2025, ranking 12th among all industries, driven by fundamentals and thematic investments [3][4]. - The gap between Chinese and American large models is narrowing, with expectations for further convergence and potential surpassing in certain areas by 2026 [3][20]. - The importance of AI infrastructure is increasing, with a focus on software layers that are rapidly expanding in market size and penetration [3][4]. - The report identifies key companies benefiting from AI advancements, including 合合信息, which is positioned as a leader in intelligent text recognition [3][4]. Summary by Sections 2026 Computer Annual Strategy - The strategy emphasizes the aggregation of computing power and the rise of applications, with AI being the main theme for 2026 [3][4]. - The report notes a significant rebound in revenue and net profit for the computer sector in 2025, confirming a fundamental turning point [9][10]. Large Models - The report discusses the acceleration of monetization for large models in 2025, with a focus on AI programming and multi-modal applications [20][23]. - It highlights that domestic models are catching up in performance and cost-effectiveness compared to their international counterparts [20][23]. Computing Power - The trend towards supernodes is clear, with domestic computing power achieving overall performance improvements [3][4]. - Quantum computing is beginning to move towards commercialization, with several breakthroughs expected in the second half of 2025 [3][4]. Applications - The report indicates that industry know-how serves as a competitive moat, with software entering an optimal layout period [3][4]. - It predicts that many companies will see AI revenue exceed 10%, marking a technological revolution in the software industry [3][4]. Key Companies and Investment Targets - The report lists several companies as key investment targets, including 金山办公, 海康威视, and 浪潮信息, among others, across various segments such as AIGC and digital economy leaders [3][4].

"现在有一种观点是'算力的尽头是电力、是能源'，一定程度上说明了算力对能源的需求是巨大的。"任育之当日在国务院新闻办 公室举行的交流会上说，近年来，中国的人工智能在快速发展，算力用电量保持了高速增长。今年1-10月，全国互联网数据服 务用电量同比增长43%。 算力即计算能力，是集信息计算力、网络运载力、数据存储力于一体的新型生产力。近年来，中国算力总规模年增速达30%左 右。在人工智能的快速发展带动下，智能算力需求呈现迅猛增长态势。国家能源局新闻发言人表示，随着中国现代化的推进， 全社会用电量本身就在刚性、较快地增长。其中，人工智能和算力是个重要拉动因素，对电力规划和能源发展提出了更高要 求。 据国家能源局透露，正在开展的"十五五"能源电力规划中充分考虑了电力用电需求，统筹人工智能各种应用场景和用电特性， 精细预测用电增长，相应部署电力保障任务。推动算力基础设施和新能源基地协同布局，要使用更多清洁电力来满足算力用电 需求。 中国国家能源局新闻发言人、发展规划司司长任育之5日在北京表示，算力基础设施项目用电量大，对电力的可靠性要求也高。 推动算力和电力协同运行，通过绿电直联、智能微电网等新业态，推动算力基础设施 ...

Core Points - The China Securities Regulatory Commission (CSRC) is soliciting public opinions on the draft of the "Regulations on the Supervision and Administration of Listed Companies" [5] - The National Financial Regulatory Administration has adjusted risk factors related to insurance companies' investment in stocks and insurance businesses [2][3] Group 1: Regulatory Changes - The risk factor for stocks held by insurance companies for over three years in the CSI 300 index has been reduced from 0.3 to 0.27 [3] - The risk factor for stocks held for over two years in the Sci-Tech Innovation Board has been reduced from 0.4 to 0.36 [3] - The premium risk factor for export credit insurance and overseas investment insurance has been lowered from 0.467 to 0.42, and the reserve risk factor from 0.605 to 0.545 [3] Group 2: Company News - Sun Cable announced that its major shareholder, Yili Group, completed a share reduction plan, selling approximately 21.67 million shares, which is 3% of the total share capital [7] - The stock price of Sun Cable has increased by over 90% this year, and it has experienced a "four consecutive limit-up" in recent trading days [7] - Hai Tai Development has decided to terminate its cash acquisition of Zhixue Cloud Technology due to a lack of agreement on key transaction terms [8] - Bo Hai Chemical is planning a major asset sale and related transactions, with its stock set to be suspended from trading starting December 8 [8] - Wan Ke A has decided to forgo its redemption option on a bond with a balance of 1.1 billion yuan, citing current market conditions [10]

Core Insights - The demand for computing power in China is significantly increasing, with electricity consumption for internet data services rising by 43% year-on-year from January to October this year [1] - The total scale of computing power in China is growing at an annual rate of approximately 30%, driven by the rapid development of artificial intelligence [1] - The National Energy Administration has set a target for new data centers to achieve an 80% green electricity consumption rate, which supports climate change initiatives [2] Group 1 - The computing power infrastructure projects require substantial electricity and have high reliability demands [1][2] - There is a strong correlation between the growth of artificial intelligence and the increasing demand for computing power, which in turn raises the requirements for electricity planning and energy development [1] - The ongoing "14th Five-Year" energy and electricity planning is taking into account the electricity demand from various AI applications and is making precise predictions for electricity growth [1] Group 2 - The collaboration between computing power and electricity is being promoted through new business models such as direct green electricity connections and smart microgrids [2] - China's electricity supply is currently sufficient, and there is significant potential for the collaborative development of computing power and electricity to support the rapid growth of artificial intelligence [2]

Group 1 - The company Roman Holdings (605289.SH) announced that its subsidiary, Shanghai Wutongshu High-tech Co., Ltd. (referred to as "Wutong High-tech"), signed a procurement contract for computing power equipment with Beijing Guangma Software Co., Ltd., amounting to approximately 292 million yuan, which includes a total equipment price of 285 million yuan and management platform operation and related technical services totaling 7 million yuan [1] - Additionally, Wutong High-tech entered into sales contracts with Tianjin Maoyuan Equipment Leasing Co., Ltd. and China Merchants Intelligent Supply Chain Service Co., Ltd., agreeing to procure computing power service projects for China Merchants Intelligent Supply Chain Service Co., Ltd., with a total amount of approximately 156 million yuan (excluding warranty funds) [1]