Core Insights - The article emphasizes China's significant advancements in the global energy landscape, highlighting its dominance in electricity generation and capacity compared to the United States [1][2][4][19] - It discusses the strategic importance of energy in supporting technological advancements, particularly in AI, and how China's energy policies are designed to ensure a stable and cost-effective supply [12][15][21] Energy Generation and Capacity - In 2024, China's total electricity generation reached an impressive 10,100 TWh, which is 2.3 times that of the United States, indicating a substantial lead in energy production [2] - As of July 2025, China's total installed capacity reached 3.67 billion kW, reflecting an 18.2% year-on-year increase, equivalent to creating a power grid half the size of the United States [4][6] Comparison with the United States - The U.S. experienced a 3.1% increase in electricity generation in the first half of the year, but this growth is attributed to increased demand rather than proactive upgrades to the power grid [5][6] - The installed capacity in the U.S. is significantly lower, with a ratio of 2.93:1 compared to China, and the new capacity added in the U.S. is only 1/12th of China's [6][4] Renewable Energy Integration - China's growth in energy capacity is characterized as "muscle growth," driven by substantial investments in renewable energy sources like wind and solar, which are being integrated into the power system [6][17] - The article notes that the U.S. faces challenges with its aging and fragmented power grid, which limits its energy supply capabilities [7][19] Strategic Energy Policies - China's "East Data West Computing" strategy aims to redirect computing power demands from the eastern coastal regions to the resource-rich western areas, optimizing energy costs and availability [12][15] - The cost of electricity in China's western regions is significantly lower than in the U.S., allowing for substantial savings in operational costs for AI data centers [12][15] Long-term Energy Strategy - The article argues that China's energy strategy is not just a short-term solution but a long-term plan for sustainable development and digital infrastructure [15][21] - It highlights the importance of energy as a foundational element for innovation, military deployment, and research, positioning China favorably in global competition [19][21] Global Energy Landscape - The article concludes that China is at the forefront of a new energy revolution, with a dominant position in the renewable energy market, holding over 80% of the global market share in solar components and leading in wind energy installations [17][19] - The contrasting energy policies between China and the U.S. are expected to impact national competitiveness, with China focusing on energy freedom and stability [19][21]

从业务架构来看，广脉科技已形成"母公司统筹 + 子公司发力 + 孙公司落地"。甘肃广脉智算作为公司 控股子公司浙江广脉智算的全资子公司，专门承担庆阳国产万卡算力集群项目的建设与运营，这赋予了 基层业务单元充分的灵活性，能够快速适配地方项目需求。并且在2025 年 4 月，公司已与燧原科技签 署《经销商合作合同》，为此次与燧原全资子公司庆阳燧原的深度合作奠定了基础。 在算力产业竞争中，单一企业的资源与能力边界始终有限，而广脉科技通过构建"政府 + 核心技术伙伴 + 自身"的三方协同生态，实现了优势互补与资源聚合。此次战略合作框架协议的三方主体各具核心优 势，且形成了清晰的价值共创闭环。 庆阳市人民政府作为甲方，为项目提供了全方位的资源保障与政策赋能。庆阳不仅拥有优越的区位条 件、稳定的地质结构、丰富的能源资源，更能为项目提供全流程政务服务，推动落地实施；在资金支持 方面，政府将协助申报超长期特别国债、金融机构贷款及国家、省级专项项目，同时按照"一事一议"方 式提供算力券补贴。作为乙方的庆阳燧原，背靠上海燧原科技这一人工智能硬件与技术龙头，其在信息 系统集成、人工智能基础资源平台、集成电路设计等领域的技术积累，能 ...

Core Viewpoint - The "Several Measures for Strengthening the Cultivation of Innovative Enterprises in the Digital Economy" aims to enhance the development of digital economy innovative enterprises, which are crucial for high-quality economic growth and industrial upgrading [1][2]. Group 1: Policy Measures - The measures include establishing a discovery mechanism for innovative enterprises, enhancing data usage guarantees, strengthening computing power support, improving original innovation capabilities, and optimizing financing services [2][3]. - A national database for innovative enterprises will be created, with annual selections of high-potential companies, and targeted support will be provided based on their needs [2][3]. - The policy encourages local governments to establish public data authorization mechanisms and explore the issuance of "data vouchers" and "algorithm vouchers" to reduce data usage costs [2][3]. Group 2: Computing Power and Innovation - The "East Data West Computing" project will be implemented to optimize computing power distribution and support innovative enterprises with low-cost, reliable computing services [3][4]. - The measures promote collaboration among state-owned enterprises, industry leaders, and platform companies to enhance innovation capabilities and resource sharing [3][4]. - The establishment of patent pools in key industries is encouraged to facilitate innovation across the supply chain and ecosystem [3][4]. Group 3: Financial Support - Financial institutions are encouraged to provide diversified financial services to innovative enterprises based on market principles, promoting connections between banks and these companies [4][5]. - The measures aim to support qualified innovative enterprises in accessing public markets for financing [4][5]. - The introduction of "data vouchers" and "algorithm vouchers" is seen as an innovative tool to activate the data factor market and stimulate enterprise growth [4][5].

Group 1 - The Chinese government has issued measures to cultivate innovative digital economy enterprises, aiming to support the development of "gazelle" and "unicorn" companies [2] - The IPO of domestic GPU company Moore Threads has been approved, with a fundraising target of 8 billion yuan for chip research and development [2] - Starting January 1, 2026, China will implement export license management for pure electric passenger vehicles, affecting the conditions and management methods for exporting companies [2] Group 2 - On September 26, the A-share market experienced a decline, influenced by factors such as pre-holiday risk aversion and fund manager portfolio adjustments [3] - Dongxing Medical announced plans to acquire 90% of Wuhan Yijiaobao's equity to expand its business in the surgical medical device sector [3] - An internal report from the Federal Reserve indicates that risks in the U.S. banking system may exceed those seen before the 2008 financial crisis, highlighting vulnerabilities in large banks [3] Group 3 - The cryptocurrency market saw a significant downturn on September 25, with over 140,000 traders facing liquidation due to falling prices [4] - The Bank of Mexico has lowered its benchmark interest rate by 25 basis points to 7.50%, marking the 11th rate cut since the start of its easing cycle in early 2024 [5] - U.S. stock markets rebounded after the August PCE inflation data met expectations, with predictions of two more rate cuts by the Federal Reserve this year [5]

9月26日，国家发展改革委等六部门印发《关于加强数字经济创新型企业培育的若干措施》。 针对我国数字经济创新型企业(下称"数创企业")普遍面临数据获取成本高、算力门槛高、融资难、市场 开拓难等痛点，针对性部署十大举措，推动数字经济领域涌现更多瞪羚企业、独角兽企业。 在数创企业源头培育环节，《措施》明确，由国家发展改革委、国家数据局牵头搭建分级分类的数创企 业培育库，实行动态调整，同时组建"政府+企业+创新+投资"四合一专业化遴选培育组，强化对入库企 业的精准服务与监测分析，从源头筛选创新能力强、发展潜力大的优质企业。 金融支持方面，《措施》明确，强化创投资金引导，优化完善国有创业投资考核评价机制，探索将培育 数字经济瞪羚企业、独角兽企业情况纳入考核机制。在依法合规、风险可控前提下，规范银行与投资机 构的合作，为数创企业提供多元化金融服务。促进银企对接，向金融机构推荐优质数创企业项目。加大 力度支持符合条件的优质数创企业上市融资。 资源保障方面，《措施》从数据与算力两大核心要素发力。数据端鼓励地方建立公共数据授权运营机 制，支持数创企业公平参与公共数据资源开发利用，探索以成本共担、收益共享等方式，保障数创企业 开 ...

Core Points - The Chinese National Development and Reform Commission (NDRC) has released measures to foster the growth of innovative digital economy enterprises, aiming to cultivate more "gazelle" and "unicorn" companies in the sector [1][2] - The measures emphasize the importance of data as a key production factor and highlight the need for innovation in digital technology and application scenarios [1] Group 1: Support for Digital Economy Enterprises - The NDRC and the National Data Bureau will establish a database for nurturing digital innovation enterprises, selecting a batch of high-potential companies annually for dynamic inclusion [1] - The government will support these enterprises in participating in the development and utilization of public data resources, while ensuring data security and compliance [1] Group 2: Infrastructure and Resource Allocation - The measures include the implementation of the "East Data, West Computing" project to enhance computing power resources, ensuring the deployment of national hub nodes and optimizing demand in key application areas [1] - A national integrated computing network will be constructed, promoting collaborative participation from localities and ensuring orderly pooling and operation of computing resources under unified national standards [1] Group 3: Encouragement for International Expansion - The measures encourage state-owned enterprises, industry leaders, and relevant associations to collaborate in expanding overseas markets, leveraging the strengths of digital innovation enterprises [2] - A "sandbox regulatory" model will be explored cautiously, with tiered rules to allow for controlled experimentation in the digital economy [2]

Group 1 - The core viewpoint of the article highlights the significant opportunities for the domestic computing power industry chain due to favorable policies and technological advancements, particularly with the successful listing of Moore Threads, marking a milestone for domestic GPU development [1][2] - The Chinese government has released multiple policies to accelerate the construction of computing power infrastructure, emphasizing the urgency and commitment to developing domestic computing capabilities [2][3] - The "East Data West Computing" initiative aims to strengthen the supply of computing resources and build a national integrated computing network, which will drive demand for hardware across the entire computing infrastructure industry chain [3][4] Group 2 - The investment logic in the domestic computing power industry chain is evolving, with a shift from single-function chips to full-function GPUs, expanding application scenarios and market space [3][4] - The integration of AI with various industries, such as transportation, is expected to create diverse and customized demands for computing resources, providing opportunities for companies with industry-specific solutions [4][5] - Key companies benefiting from the recent developments include Cambrian (寒武纪), Haiguang Information (海光信息), and Zhongke Shuguang (中科曙光), which are positioned to capitalize on the growing demand for AI chips and computing infrastructure [7][8][9]

Group 1 - The National Development and Reform Commission (NDRC) is accelerating the construction of a nationwide integrated computing power network, aiming to create a new type of infrastructure that integrates computing power coordination, monitoring, unified scheduling, elastic supply, and security assurance [2][3] - Six departments have jointly issued measures to strengthen the cultivation of innovative digital economy enterprises, encouraging financial institutions to provide market-oriented financial services tailored to the needs of digital economy enterprises [3][4] - The CEO of Yushutech announced that the company will release a 1.8-meter humanoid robot in the second half of the year, highlighting significant growth in the domestic robotics industry, with an average growth rate of 50% to 100% among related companies [6][7] Group 2 - The implementation opinions on "Artificial Intelligence + Transportation" have been released, promoting the development of intelligent driving systems, remote driving cockpits, and new equipment such as drones and all-terrain vehicles [4] - The IPO application of Moer Thread has been approved by the Shanghai Stock Exchange, with plans to raise 8 billion yuan for the development of new AI training and graphics chips [8] - The company Hush Silicon Industry has received approval from the China Securities Regulatory Commission for a share issuance and cash payment to purchase assets, with a fundraising cap of 21.05 billion yuan [10]

本报讯 （记者陈红）近日，有投资者在互动平台上向江苏同力日升机械股份有限公司（以下简称"同力 日升"）提问，公司在算力中心节能降耗上目前是如何布局的，公司在绿电直连、算电协同上的具体优 势，以及公司相关技术如何保障数据中心安全性。 据同力日升相关负责人介绍，算力中心对供电可靠性要求达到99.99%，传统架构是两路电源接入后， 通过UPS加柴油机实现，但柴油机存在一次投入高、维护费用高、利用率低等缺点。公司引入绿电加储 能形成微网，若能证明系统可靠性高于柴油机，理论上可替代部分UPS和柴油机的备电系统供电。目 前，该项目已在北京市科协立项并做了"初步故障树测算"，要设计一套风光储系统，使其供电可靠性高 于柴油机，以达到IDC机房99.99%的供电可靠性要求。 此外，同力日升承接的非洲肯尼亚微电网项目是世界银行"点亮非洲"项目中的一员，公司在2022年就将 肯尼亚四个海岛微电网项目成功投运。肯尼亚微电网项目的成功投运验证了公司自主研发技术的可行 性、安全性和稳定性。公司在该项目上积累了大量微电网建设经验，在数据中心的微电网建设上将该经 验和技术进行融合，实现数据中心用电的稳定性、安全性。 对此，同力日升相关负责人 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Qinghai Province has a prominent strategic position and obvious resource endowment advantages, but its economic aggregate and per capita GDP are at a low level in the country, with a relatively low urbanization rate. The secondary industry develops steadily, and the tertiary industry plays an increasingly important role in economic growth. The province's fiscal strength is relatively weak, with a low fiscal self - sufficiency rate, and the central government provides continuous debt - reduction policy support [4]. - The economic development levels of cities and prefectures in Qinghai Province vary greatly, showing an unbalanced development pattern. Xining City has a much larger economic volume than other regions. Except for Hainan Prefecture and Haibei Prefecture, the GDP growth rates of other cities and prefectures in 2024 were lower than the national average. The fiscal strength of cities and prefectures shows a pattern of "strong in the north and weak in the south" [4]. - There are only 2 bond - issuing urban investment enterprises in Qinghai Province, both concentrated in Xining City. In 2024, the bond - issuing scale increased significantly year - on - year, but the net bond financing was negative. As of August 2025, the net financing scale remained negative. The short - term solvency of these enterprises has improved but is still weak, and the "comprehensive financial resources" of Xining City have a general support and guarantee ability for the "total debt of bond - issuing urban investment enterprises + local government debt" [4]. 3. Summary According to Relevant Catalogs 3.1 Qinghai Province's Economy and Fiscal Strength 3.1.1 Regional Characteristics and Economic Development Status of Qinghai Province - Qinghai Province is a link between Tibet, Xinjiang and the inland, with a prominent strategic position and rich resource endowments, including abundant water, mineral, salt lake, renewable, and animal and plant resources. However, the province has a small net outflow of permanent residents and a relatively low urbanization rate [5][7]. - In 2024, Qinghai Province's GDP was 395.079 billion yuan, ranking 30th in the country, with a GDP growth rate of 2.7%, lower than the national average. The per capita GDP was 66,600 yuan, ranking 24th. In the first half of 2025, the GDP was 187.568 billion yuan, with a year - on - year growth of 4.0% [8]. - The industrial structure of Qinghai Province shows a "three - two - one" pattern. The secondary and tertiary industries account for a relatively high proportion, and the tertiary industry has become an important force in economic development. Compared with the national industrial structure, the proportion of the first and second industries in Qinghai is relatively high, while that of the third industry is relatively low. In 2024, the industrial and service sectors in Qinghai both showed positive development trends, and emerging industries such as new energy and new materials are being cultivated [11]. - Multiple national - level planning policies have been implemented to support the development of Qinghai Province, and the central government provides financial transfer payments and special funds to support the province's development. In 2024, Qinghai Province also introduced a series of policies to promote economic development [12][14]. 3.1.2 Fiscal Strength and Debt Situation of Qinghai Province - In 2024, the general public budget revenue of Qinghai Province ranked low in the country, with relatively weak fiscal strength, a low fiscal self - sufficiency rate, and low government - funded revenue. The central government's subsidies contribute significantly to the comprehensive financial resources. The government debt ratio ranks in the middle of the country, and the government liability ratio ranks at the bottom [17][18]. - Qinghai Province, as one of the 12 key provinces for debt reduction, has continuously received central debt - reduction policy support. In 2023, 2024, and January - August 2025, the province issued special refinancing bonds worth 9.6 billion yuan, 8.2 billion yuan, and 7.3 billion yuan respectively. In 2024, it obtained a new government debt quota of 43 billion yuan, including a special debt quota of 26 billion yuan [21]. 3.2 Economic and Fiscal Conditions of Cities and Prefectures under Qinghai Province 3.2.1 Economic Development Status of Cities and Prefectures in Qinghai Province - The economic development levels of cities and prefectures in Qinghai Province vary greatly, with obvious head - gathering effects. Xining City, as the provincial capital, has a much larger GDP scale than other cities and prefectures. Except for Hainan Prefecture and Haibei Prefecture, the GDP growth rates of other cities and prefectures in 2024 were lower than the national average [22]. - Qinghai Province has formulated a "1 cluster, 2 zones, and multiple points" strategic layout. Different regions have different development focuses based on their resource endowments and geographical locations. In terms of industrial development, Xining City and Haixi Prefecture have relatively strong economic strength and more developed industries, while other regions are relatively backward [25][27]. 3.2.2 Fiscal Strength and Government Debt Situation of Cities and Prefectures in Qinghai Province - The fiscal strength of cities and prefectures in Qinghai Province shows a pattern of "strong in the north and weak in the south". In 2024, except for Xining City, Haixi Prefecture, and Haidong City, the general public budget revenues of other cities and prefectures increased. The fiscal self - sufficiency rates of most cities and prefectures are relatively low, and they rely heavily on central government subsidies [30]. - The scale of government - funded revenues of cities and prefectures in Qinghai Province varies significantly. The government - funded revenue of Xining City has been declining since 2022. The scale of central government subsidies received by each city and prefecture is large, and the central government subsidies contribute significantly to the local comprehensive financial resources [32][35]. - As of the end of 2024, the government debt scale of each city and prefecture in Qinghai Province increased compared with the previous year. Xining City has the largest debt balance. Most cities and prefectures have seen an increase in government liability ratios and debt ratios. The province has taken a series of measures to control debt risks and has achieved certain results [38][39]. 3.3 Debt - Repayment Ability of Urban Investment Enterprises in Qinghai Province 3.3.1 Overview of Urban Investment Enterprises - There are only 2 bond - issuing urban investment enterprises in Qinghai Province, both concentrated in Xining City. In 2024, the bond - issuing scale increased significantly year - on - year, but the net bond financing was negative. From January to August 2025, the bond - issuing scale decreased significantly compared with 2024, and the net financing scale remained negative [45]. 3.3.2 Analysis of Debt - Repayment Ability of Urban Investment Enterprises - The debt structure of bond - issuing urban investment enterprises in Qinghai Province is mainly indirect financing. As of the end of 2024, the short - term solvency indicators of these enterprises have improved but are still weak, and there is still relatively large short - term debt - repayment pressure. The net cash flow from financing activities of these enterprises has continued to flow out, but the scale has narrowed [48]. 3.3.3 Support and Guarantee Ability of Fiscal Revenue for the Debt of Bond - Issuing Urban Investment Enterprises - The ratio of Xining City's "comprehensive financial resources" to the "total debt of bond - issuing urban investment enterprises + local government debt" is 0.48 times, indicating that the "comprehensive financial resources" have a general support and guarantee ability for the debt [50].