Core Viewpoint - Hongxin Electronics (300657) announced a partnership with the People's Government of Qingyang to sign a framework agreement for the construction of the Suihong Qingyang Green Intelligent Digital Infrastructure Project, with a total investment of approximately 12.8 billion yuan [1] Group 1 - The project will cover a planned construction area of about 500 acres [1] - The total investment for the project is estimated at 12.8 billion yuan, which will be implemented in phases [1] - The project will be independently constructed by the company in the Gansu Qingyang East Data West Computing Industrial Park or through a joint venture with ecological partners [1]

Core Viewpoint - The company Hongxin Electronics (300657.SZ) announced a collaboration with the People's Government of Qingyang to sign an investment framework agreement for the construction of the Suihong Qingyang Green Intelligent Digital Infrastructure Project, with a total investment expected to be 12.8 billion yuan [1] Group 1 - The total planned construction area for the project is approximately 500 acres [1] - The project will be developed in phases, including the construction of a high-performance intelligent computing center and a high-performance computing server modification and support base [1] - Additional components of the project include a high-performance domestic computing adaptation research institute and a national computing scheduling platform as part of the "East Data West Computing" initiative [1]

Group 1 - Zhejiang University Netnew Technology Co., Ltd. announced that its wholly-owned subsidiary won a bid for the intelligent engineering project of the Zhejiang Provincial Public Health Clinical Center, with a contract value of 94.2712 million yuan [1] - The project includes multiple subsystems such as comprehensive wiring, computer networks, security monitoring, energy management, and information release, indicating a high level of integration and extensive coverage [1] - The project is seen as a significant step in the company's transformation towards "infrastructure digitization," showcasing a closed-loop practice of "computing power - model - data" [1] Group 2 - The company is transitioning from a traditional system integrator to a digital platform enterprise, focusing on integrating cutting-edge technologies such as AI, privacy computing, blockchain, and big data [2] - The company has established a comprehensive AI model service system, integrating computing power resources and providing solutions for computing and network infrastructure [2] - The core competitiveness of building a digital platform requires investment in key technologies and addressing challenges related to computing power deployment and user acceptance [2] Group 3 - The company is exploring the development of a large model platform, launching the "Big Teacher Model" development platform based on its computing resources [3] - The "Zhejiang Teacher" intelligent platform for universities has been officially launched, enhancing the platform's capabilities and establishing a foundation for nationwide promotion in the education sector [3] - The company is positioned to become a provincial-level computing power scheduling platform operator, with potential applications in urban data asset management and public service intelligence [3]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [11]. Core Insights - The report highlights that the three major telecom operators in China—China Mobile, China Telecom, and China Unicom—are transitioning from traditional communication providers to "AI infrastructure providers, industry enablers, and security guardians," significantly contributing to the digital transformation of the economy and society [1][3]. - The integration of AI into various sectors is seen as a key driver of the new technological revolution and industrial transformation, with telecom operators playing a crucial role in this evolution [1]. Summary by Sections Investment Recommendations - The report suggests that telecom operators will significantly benefit from the performance growth and value reassessment brought by intelligent computing services under the AI wave. It recommends focusing on the three major operators: China Mobile, China Telecom, and China Unicom, as well as their partnerships with computing service providers such as Runze Technology, Pingzhi Information, Zhongbei Communication, ZTE, Fenghuo Communication, and Unisplendour [3]. Industry Developments - The report emphasizes the practical AI capabilities demonstrated by the telecom operators at WAIC 2025, showcasing their role as a "digital infrastructure national team" and their technological leadership in building a smart service ecosystem that covers both industry and people's livelihoods [3]. - The collaboration between computing power and network innovation is highlighted as a core logic for the operators' computing infrastructure, leading to significant breakthroughs in computing resource utilization and efficiency [3]. Infrastructure Investment - In 2025, the three major operators are expected to increase their investments in computing infrastructure, with China Mobile planning to invest 37.3 billion RMB in this area. Both China Telecom and China Unicom are projected to see over 20% year-on-year growth in their computing investments [3]. - The report notes that the domestic server procurement by China Unicom has exceeded 90% for domestic servers, while China Mobile has the largest single liquid-cooled intelligent computing center among global operators, with over 85% of its computing power being domestically sourced [3].

Market Overview - The three major indices experienced slight declines, with total trading volume in the two markets dropping below 300 billion [1] Company Highlights - Qizheng Pharmaceutical and Victory Energy both achieved three consecutive trading limit increases [1] - Qizheng Pharmaceutical has been recognized for its research, production, and sales capabilities [4] - Nanshan Institute and Asia-Pacific Pharmaceutical also reported three consecutive trading limit increases over five days [4] - Anlikang and Guizhou Bailing both recorded two consecutive trading limit increases, with Anlikang being a leading domestic manufacturer in its category [6] - Huason Pharmaceutical and Tianmu Pharmaceutical are noted for their significant market positions in non-prescription drugs [8] Industry Developments - The Ministry of Industry and Information Technology issued a notification regarding a task list related to the photovoltaic industry [10] - Companies like Jiejia Weichuang and Shuangliang Energy are involved in the development of photovoltaic materials and equipment [11] - The AI design company FIGI is also mentioned in the context of industry advancements [8] Emerging Trends - The robotics sector is seeing growth, with companies like Dongjie Intelligent and Zhongma Transmission making strides in logistics and automation [20] - The electric vehicle sector is highlighted with companies like Daying Electronics focusing on automotive components [33]

Group 1 - The emergence of generative AI has significantly increased the demand for computing power, transitioning from large models to intelligent agents and embodied intelligence [2] - The global AI server market is projected to grow from $125.1 billion in 2024 to $158.7 billion in 2025, reaching $222.7 billion by 2028, with generative AI servers' market share increasing from 29.6% in 2025 to 37.7% in 2028 [3] - In China, the intelligent computing power is expected to reach 1,037.3 EFLOPS by 2025 and 2,781.9 EFLOPS by 2028, with a compound annual growth rate (CAGR) of 46.2% from 2023 to 2028 [3] Group 2 - The trend of cross-domain and cross-cluster mixed training of large models is emerging, supported by advancements in computing network infrastructure [4] - The "East Data West Computing" initiative has seen over 43.5 billion yuan invested, with a total investment exceeding 200 billion yuan, improving network latency and energy efficiency [4] - The construction of computing networks is evolving towards AI-driven and distributed models, with a focus on multi-node and multi-mode collaboration [10] Group 3 - Companies face challenges in cross-cluster mixed training, particularly in integrating different computing service providers and ensuring effective communication protocols [5] - The shift in user demand from training to inference computing power is evident, indicating a transition from a scale-driven to an efficiency-driven industry [6][8] - The service model is evolving from traditional Infrastructure as a Service (IaaS) to Model as a Service (MaaS), focusing on industry-specific solutions [7] Group 4 - The increasing demand for computing power necessitates a reevaluation of self-built computing infrastructure, which may not be cost-effective for many companies [8] - Companies are increasingly opting for computing platforms to manage workloads, raising the bar for service providers to develop efficient scheduling platforms [9] - The construction of computing networks is crucial for driving innovation across various industries, with a focus on AI and distributed computing [9] Group 5 - The rise in computing demand also raises concerns about energy consumption in data centers, with AI data center capacity expected to grow at a CAGR of 40.5% by 2027 [12] - Innovative cooling technologies and strategic data center locations are being explored to reduce energy consumption [12][13] - The integration of AI technologies is enhancing the operational efficiency of data centers, leading to a shift towards fully automated "dark" data centers [15]

据央视新闻消息，青海正通过绿色电力与算力调度中心，实现清洁能源与数字算力协同发展。青海拥有 丰富的光伏、风能和水电资源，调度中心集约管理558座场站，提供精准的新能源发电预测，助力企业 降本增效。调度中心接入5家主要算力中心，总算力达1.5万P，通过"算电协同调度大数据模型"，优化 电力使用，推动节能减排。今年上半年，算力中心实现电量转移优化和电费成本节约，推动青海成为国 家"东数西算"工程的重要节点，赋能生态监测、智慧社区等领域。 ...

Core Insights - The core value added by China's digital economy is projected to reach 10.4% of GDP by 2024, surpassing the 10% target set five years ago in the "14th Five-Year Plan" [1][2] - The growth of the digital economy is attributed to advancements in digital technology and infrastructure, with a significant increase in the value added from 7.8% in 2020 to 10.4% in 2024, amounting to approximately 6 trillion yuan [1][3] Group 1: Digital Technology and Infrastructure - The rise of domestic artificial intelligence (AI) has been notable, with China leading in the number of generative AI patents, accounting for 61.5% of the global total [2][3] - As of June 2023, China has established 4.55 million 5G base stations and over 30.22 million gigabit network service ports, creating the world's largest mobile communication and fiber broadband network [3][4] - The "East Data West Computing" initiative has significantly enhanced computing power infrastructure, with the number of operational computing centers expected to exceed 9 million by the end of 2024, doubling from the end of the 13th Five-Year Plan [3][4] Group 2: Empowering Industries - The application of data as a new production factor has accelerated across various industries, with examples such as smart farming systems that reduce labor needs and improve efficiency [4][5] - The digital transformation in industries has led to the establishment of over 30,000 basic intelligent factories and more than 1,200 advanced intelligent factories by the end of 2024, covering over 80% of major manufacturing sectors [6][7] - The digitalization of research and design tools in large-scale industrial enterprises is projected to reach a penetration rate of 84.1% by 2024, marking a 10.6 percentage point increase from the end of the previous five-year plan [7] Group 3: Enhancing Daily Life - The online retail sales in China are expected to reach 15.5 trillion yuan by 2024, reflecting a 31.4% increase from the end of the 13th Five-Year Plan, maintaining its position as the world's largest online retail market [10] - The integration of digital technologies in tourism has led to innovative experiences, such as the use of VR and AI in cultural performances and the development of a digital tourism service platform [8][10] - The implementation of smart traffic systems in cities has improved traffic flow and reduced waiting times at traffic lights, enhancing the daily commuting experience for residents [9][10]

Core Insights - The telecommunications industry in China has shown resilience with a year-on-year growth of 9.3% in total business volume, while the electronic information manufacturing industry increased by 11.1% and software business revenue grew by 11.2% [1][4]. Infrastructure Development - The construction of information infrastructure has accelerated, with a total of 4.55 million 5G base stations and 1.118 billion 5G mobile phone users by the end of June, achieving a user penetration rate of over 79% [1]. - Over 300 cities have deployed 5G-A networks, enhancing network technology and services, which has led to the emergence of new application scenarios such as low-altitude economy and smart manufacturing [1]. Digital Economy Growth - The "dual-gigabit" network development and the rapid advancement of intelligent computing have laid a solid foundation for the sustained growth of the information and communication industry, with 30.22 million gigabit network service ports and 226 million gigabit broadband users [2]. - The national computing resource layout has been optimized, with 10.43 million standard computing racks in use and an intelligent computing scale of 748 EFLOPS, ranking among the world's top [2]. Application of Digital Technologies - The application of digital technologies, particularly 5G and artificial intelligence, has deepened, with 5G applications integrated into 86 out of 97 major categories of the national economy, and over 138,000 5G application cases [3]. - The "5G + Industrial Internet" projects have surpassed 18,500, significantly driving the digital transformation of industries [3]. Information Consumption Trends - New applications such as 5G new calls, live streaming, and cloud gaming have rapidly emerged, leading to a continuous double-digit growth in mobile internet traffic for six consecutive months [4]. - The digital industry achieved a business revenue growth of 9.3% in the first half of the year, with electronic information manufacturing and software services playing a crucial role in this growth [4][5]. Software and IT Services Performance - The software and information technology service industry has shown stable growth, with software business revenue reaching 557.88 billion yuan, a year-on-year increase of 11.2% [5]. - The cloud computing and big data services generated 58.55 billion yuan in revenue, also reflecting an 11.2% growth [5]. Hardware Innovations - Several domestic companies have launched key products in high-growth areas such as security chips and AI-integrated devices, with over 100 AI terminal devices developed [6]. - The sales volume of AI glasses on JD.com increased sevenfold during the "618" shopping festival, indicating a growing consumer interest in AI smart terminal devices [6]. Social Impact and Accessibility - The telecommunications industry has focused on improving public services, achieving over 90% coverage of 5G in administrative villages, thus narrowing the digital divide [6]. - Initiatives to enhance digital accessibility for the elderly have included the adaptation of over 3,000 websites and apps, as well as the organization of over 400,000 digital literacy classes [6]. Future Outlook - The information and communication industry is positioned to inject continuous new momentum into high-quality economic and social development as it enters the planning phase for the 15th Five-Year Plan [7].

Core Viewpoint - The core viewpoint of the article is that China's digital economy has significantly advanced, with the core industry's value added to GDP expected to reach 10.4% by 2024, surpassing the initial target set in the "14th Five-Year Plan" ahead of schedule, indicating a new stage in digital economic development [7][9][17]. Group 1: Digital Economy Growth - The value added of China's digital economy core industry as a percentage of GDP increased from 7.8% in 2020 to 10.4% in 2024, representing a growth of 2.6 percentage points and an increase of approximately 6 trillion yuan [7][9]. - The digital economy is recognized as a new economic form that relies on data resources and modern information networks, with significant advancements in digital technology and infrastructure [8][9]. - The number of AI patents from China reached 27,000 out of 45,000 globally, accounting for 61.5%, indicating China's leading position in the global AI model development [9][10]. Group 2: Empowering Industries - The application of digital technologies in agriculture has led to significant efficiency improvements, with some enterprises reporting a 5.5% increase in yield and a 5.3-fold increase in marine biological resources [11][12]. - By 2024, over 30,000 basic intelligent factories and more than 1,200 advanced intelligent factories have been established, covering over 80% of major manufacturing sectors, with productivity improvements of 22.3% on average [12][13]. - The digital transformation in industries has resulted in enhanced operational efficiency, with the digital R&D design tool adoption rate among large-scale industrial enterprises reaching 84.1% by 2024 [13]. Group 3: Enhancing Daily Life - The digital economy has improved daily life experiences, with online retail sales projected to reach 15.5 trillion yuan in 2024, a 31.4% increase from the end of the 13th Five-Year Plan [17]. - Smart traffic management systems have been implemented, optimizing traffic light durations based on real-time data, thus improving commuting efficiency [16][17]. - The integration of digital technologies in cultural and tourism sectors has led to innovative experiences, enhancing visitor engagement through advanced technologies like VR and AI [15][19]. Group 4: Urban Digital Infrastructure - The construction of a unified digital infrastructure is underway, integrating various data sources to enhance urban management and governance capabilities [18][20]. - The focus on data sharing and collaboration among different sectors aims to break down information silos, improving overall operational efficiency in urban environments [20][21].