Core Insights - The 2025 China Computing Power Conference showcased significant breakthroughs in computing power, including the "Jiuzhou" computing power optical network developed by China Mobile, achieving 10 EFLOPS, capable of performing 100 trillion calculations in one second [1] - The conference highlighted ten major advancements in China's computing industry, focusing on both core underlying technologies and ecological solutions that enhance efficiency and sustainability [1][2] - These advancements are expected to drive GDP growth by over 12.6 billion yuan, indicating a strong economic impact from the computing power sector [1] Group 1: Major Breakthroughs - China Mobile's "Jiuzhou" optical network is the world's largest 400G all-optical inter-provincial backbone network [1] - Shanxi Qineng's integrated platform for computing and electricity saves 10 million yuan in electricity costs annually and reduces carbon emissions by 100,000 tons [1] - Super Fusion's FusionOne AI solution enables rapid deployment of AI applications, with over 500 projects already implemented [1] Group 2: Collaborative Technologies - China Telecom's "Wide-area Intelligent Computing Lossless Networking Technology" allows efficient collaboration between distant data centers [2] - China Unicom's "Distributed Training and Inference Key Technology" ensures efficient and secure AI training while protecting data privacy [2] - Lenovo's "Comprehensive Large Model Training and Inference Solution" enhances model inference performance by ten times and enables rapid fault recovery [2] Group 3: Ecosystem Development - Alibaba Cloud's heterogeneous GPU cloud platform facilitates collaboration among different brands of domestic GPUs, supporting over 100 major projects [2] - ZTE's intelligent computing supernode system enables large-scale high-speed interconnection of domestic GPU cards, supporting training of models with over one trillion parameters [2] - Shanghai AI Laboratory's DeepLink solution allows large-scale mixed training across provinces, optimizing national computing resources [2][3]

Investment Rating - The report maintains a rating of "Outperform" for the electronic industry, indicating a relative performance expectation of over 10% compared to the benchmark index [3][34]. Core Insights - The report continues to be optimistic about opportunities in the domestic computing power industry driven by advancements in advanced processes and the overseas computing power supply chain [2][28]. - The release of Deepseek V3.1 is expected to enhance domestic computing power demand, particularly in training applications, while the halt in production of the H20 chip by Nvidia may improve the penetration rate of domestic AI chips [28]. - The report highlights significant investment opportunities in both domestic and overseas ASIC supply chains, particularly in the context of AI hardware investments transitioning to a reasoning-driven era [2][28]. Summary by Sections Market Review - The overall market saw an increase, with the Shanghai Composite Index rising by 3.49% and the Shenwan Electronics Index increasing by 8.95%, ranking second among 31 sectors [1][13]. Weekly Focus - The report discusses the release of Deepseek V3.1, which features a hybrid reasoning architecture and improved efficiency [23][24]. - Nvidia's request to halt production of the H20 chip is noted, reflecting a strategic reassessment of its market approach in China [25][28]. - GoerTek's acquisition of Shanghai Aolai is aimed at enhancing its core competitiveness in micro-nano optical devices for AI and AR applications [26][27]. Investment Opportunities - Domestic computing power opportunities are emphasized, with a focus on companies like SMIC and Huahong Semiconductor, as well as semiconductor equipment and materials firms [28]. - The overseas ASIC supply chain is highlighted, particularly companies with significant capacity increases, such as Huidian Co., and PCB manufacturers like Shengyi Technology [28].

Group 1: Satellite Internet and Housing Policies - The issuance of satellite internet licenses in China is imminent, marking the first step towards commercial operations in this sector, although full service akin to Starlink may take 2-3 years to realize [1] - Shanghai has announced new housing policies allowing eligible families to purchase an unlimited number of homes outside the outer ring, effective from August 26, 2025, which includes both new and second-hand properties [1] Group 2: Technological Advancements in Satellite Communication - A breakthrough in multi-antenna digital beamforming technology for low Earth orbit satellites has been achieved, enhancing signal-to-noise ratios significantly, which is crucial for the integration of satellite communication with ground-based networks [2] Group 3: Carbon Market Development - The Central Committee and State Council have issued guidelines to accelerate the establishment of a voluntary carbon trading market, emphasizing the importance of integrity and social oversight in project management [3][9] - The goal is to have a comprehensive national carbon trading market by 2027, covering major industrial sectors and key areas for voluntary emissions reductions [9] Group 4: ETF Market Growth - The total market size of ETFs in China is approaching 5 trillion yuan, with a record trading volume of 555.84 billion yuan, indicating rapid growth in the ETF sector [4] - China has surpassed Japan to become the largest ETF market in Asia, with a total asset management scale of 611.7 billion USD as of July [4] Group 5: Housing Loan Rate Adjustments - The Shanghai branch of the central bank has adjusted the pricing mechanism for commercial personal housing loans, eliminating the distinction between first and second homes, and ensuring that banks set rates based on their operational conditions [5] Group 6: Developments in Computing Power - The 2025 China Computing Power Conference introduced the "2575N" achievement system, highlighting advancements in the computing power industry and the establishment of collaborative ecosystems among major tech companies [6][7] - Huawei Cloud has announced a restructuring to focus more resources on AI and computing power industries, aiming to enhance cloud services through innovation [8]

Core Viewpoint - Huawei Cloud is undergoing significant organizational restructuring to focus resources on AI and computing power industries, while optimizing its cloud services through hardware-software collaboration and architectural innovation [1][2]. Group 1: Organizational Changes - On August 22, Huawei Cloud CEO announced a large-scale reorganization involving the merger and elimination of numerous lower-level departments, particularly in core teams such as product, public cloud services, and R&D, potentially affecting thousands of employees [1]. - Analysts view this restructuring as a "de facto layoff" and a strategic abandonment of non-core and peripheral businesses, indicating a long-term shift rather than a temporary contraction [1]. Group 2: Focus on AI and Computing - Huawei Cloud plans to invest more resources in the intelligent computing cloud sector, specifically in Ascend Cloud, Pangu large model, and digital intelligence integration, while also supporting the development of the Ascend CANN ecosystem [1]. - The company aims to deepen its involvement in the Pangu large model, assisting various industries in utilizing large models effectively and promoting AI applications on the Ascend platform [1]. Group 3: Financial Context - Since June, Huawei Cloud has been gradually discontinuing nearly twenty services and products, including basic enterprise services like email and domain registration, as part of a strategy to streamline operations [2]. - The restructuring is seen as a dual effort to concentrate resources on AI and to reduce expenses, with the goal of achieving profitability for Huawei Cloud, which has been struggling with losses [2].

（图片来源：摄图网） 在广西，中国电信依托"5G+平台+算力+应用"的核心路径，深化数字化基础设施建设与应用创新，加速推动5G技术与港口各类核心环节的融合渗透，以 智算能力推动北部湾港智慧化建设持续升级迭代，为塑造中国智慧港口注入源源不断算力动能。 在湖南，中国电信与株洲尚驰电气进行了GPU智算能力合作，助力打造工业部件3D设计、设备仿真实验、AR/VR设计等场景下的算力融合应用；在长沙 马栏山视频文创产业园，园区内大量动漫游戏企业对云存储、云备份、大数据处理和AI能力有着快速增长的需求。据此，中国电信深入剖析实际情况， 依托中南智算中心，为各类企业量身定制算力和云网综合解决方案，动态提供智能算力和带宽资源，以一站式智能化边缘云服务，全方面满足各类数字应 用对算力的高标准要求。 激活算力资源，助燃AI引擎 不久前，国务院常务会议审议通过的《关于深入实施"人工智能+"行动的意见》提出，要着力优化人工智能创新生态，强化算力、算法和数据供给。中国 电信持续推动算力基础设施建设，护航AI等新兴产业发展。 （记者 安子修）作为人工智能的重要训推力量，算力的重要性在数字时代愈发凸显。近日，作为我国算力产业风向标的2025 ...

消息面上值得关注的是，据2025中国算力大会介绍，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。预计2025年，我国智能算力规模增长将超过40%。 从基本面看，此前海光信息发布2025年半年度报告，上半年，公司实现营业收入54.64亿元，同比增长 45.21%；净利润12.01亿元，同比增长40.78%。与此同时中科曙光（603019）发布2025年半年度业绩快报显 示，上半年，公司实现营业收入58.54亿元，同比增长2.49%；净利润7.31亿元，同比增长29.89%。 此外值得一提的是，海光信息拟换股吸收合并中科曙光备受市场关注。8月6日，海光信息公告表示，自本 次交易预案披露以来，公司及有关各方正在积极推进本次交易的相关工作。 华安证券（600909）指出海光信息拟通过换股吸收合并的方式对中科曙光进行战略整合，旨在实现公司在 芯片领域、中科曙光在整机和数据中心基础设施领域的优势技术积累、团队和资金能力、供应链和市场资 源等资源上的互补和深度融合，以产业链垂直整合、技术协同，构建从芯片设计到算力服务的全栈能力， 加速算力产业生态环境构建，提升与国际龙头企业的 ...

Core Insights - Shanxi province is transitioning from a traditional energy base to a computing power hub, showcasing significant advancements in its computing power industry at the 2025 China Computing Power Conference [1][2] - The province has attracted major companies like JD, Douyin, and Qinhuai Data, leveraging its natural advantages and market-driven investments to foster a computing power ecosystem [2][3] Industry Development - Shanxi's computing power infrastructure includes 514,000 standard racks and a computing scale of 32 EFLOPS, indicating robust growth since the introduction of policies to accelerate digital economy development in 2021 [1] - The total investment in computing centers in Datong has reached 282 billion yuan, with server investments totaling 491 billion yuan, primarily driven by market forces rather than government funding [2] Competitive Advantages - Shanxi's climate, with an average temperature of 9.9 degrees Celsius, provides a natural cooling effect for data centers, resulting in an average Power Usage Effectiveness (PUE) of 1.2, which is among the best in the country [2][3] - The province benefits from low electricity prices and abundant green energy resources, making it an attractive location for computing power projects [3] Infrastructure and Projects - Shanxi has initiated 16 computing center projects with a total investment exceeding 138.46 billion yuan, including significant projects like the IPv6 Interconnection Low-Carbon Green Computing Center in Taiyuan [5] - The China Mobile (Shanxi Taiyuan) Computing Center, with 10,000 racks and a computing capacity of 2000 PFLOPS, exemplifies the strategic infrastructure supporting high-end applications like AI model training and big data analysis [5] Impact on Traditional Industries - The integration of computing power into traditional sectors, such as coal mining, has led to significant efficiency improvements, with a reported 40% reduction in personnel and a 60% increase in production [8][9] - Shanxi has established 289 intelligent coal mines, showcasing the transformative impact of computing power on traditional industries [9] Broader Applications - Computing power is enhancing various sectors, including agriculture, where it aids in crop monitoring and pest diagnosis, and governance, improving efficiency in community management [10] - The emergence of new professions, such as data annotators, reflects the growing influence of computing power across different industries [10]

2025中国算力大会在山西大同盛大启幕，以"算网筑基，智引未来"为主题，标志着我国在算力领域的又一里程碑事件。会上，中国算力平台成功接入了包 括山西、辽宁、上海等在内的十个省区市分平台，实现了从平台到生态、从资源到场景的全面贯通。 近年来，我国算力产业发展迅猛，"十四五"期间更是取得了显著成就。智能算力规模达到了788EFLOPS，干线400G端口数量大幅增加至14060个，存力总 规模也突破了1680EB。同时，"华彩杯"算力应用创新项目征集活动反响热烈，累计征集项目超过2.3万个。 为应对算力产业发展中的挑战，我国以"点、链、网、面"为主轴，积极推动全国一体化算力网的建设。在中国信息通信研究院的引领下，自2017年起，产 业各界携手并进，稳步推进中国算力平台的建设。 作为国家级综合性算力服务平台，中国算力平台集算力供应、需求和服务于一体，致力于打造一个中立、开放、公平、可信的服务生态。通过提升不同系 统间的兼容性和互操作性，平台进一步促进了算力资源的高效配置与价值释放。 大会现场，栾晓维还发布了人工智能算力优化AICO体系，这一产学研共创的"算力加速引擎"旨在解决AI算力落地的痛点，让企业能够更便捷、经济 ...

Core Viewpoint - The rapid development of artificial intelligence is driving a significant increase in demand for intelligent computing power, with expectations for substantial growth in the industry by 2025 [1][4]. Group 1: Industry Growth and Demand - As of July, over 1,000 registered enterprise users and more than 100 service providers are operating on China's computing power platform, with over 110 quality computing power products available [2][5]. - The total scale of computing power in China has been growing at an annual rate of approximately 30%, with projections indicating that the intelligent computing power scale will exceed 40% growth by 2025 [4]. - By 2035, artificial intelligence is expected to contribute over 11 trillion yuan to China's GDP, accounting for about 4% to 5% of the total GDP, potentially leading to a tenfold or even hundredfold increase in computing power demand [4]. Group 2: Policy and Infrastructure Development - The Ministry of Industry and Information Technology (MIIT) aims to guide the construction of computing power facilities and improve the quality of computing resources [6][7]. - Policies will be implemented to optimize the layout of computing power infrastructure and promote the construction of green data centers [7]. - By 2026, a comprehensive standard and rule system for computing power interconnectivity is expected to be established, with a goal of achieving standardized interconnectivity by 2028 [7]. Group 3: Innovation and Industry Upgrades - Numerous companies showcased innovative achievements at the conference, contributing to the development of the computing power industry [8][9]. - Notable innovations include China Mobile's advancements in computing network integration and Inspur's application of AI in the industrial internet to enhance manufacturing efficiency [9][10]. - The "2025 Computing Power China Annual Major Breakthrough Achievements" highlighted ten significant technological breakthroughs, emphasizing the industry's capability for full-chain innovation [10].

作为数字经济时代的新质生产力，算力产业发展备受市场关注。 23日，以"算网筑基智引未来"为主题的2025中国算力大会在山西省大同市开幕。 工业和信息化部副部长熊继军在致辞中表示，工信部将加强与相关部门协同，持续加强多元泛在、智能 敏捷、安全可靠、绿色低碳的算力基础设施建设，切实提升算力资源使用效率，推动算力网络"点、 链、网、面"体系化高质量发展，持续巩固提升信息通信业竞争优势和领先地位。 他表示，工信部将深化算力赋能行业应用，推动构建算力产业良好生态。面向教育、医疗、能源等重点 行业，开展算力赋能专项行动。推动"智算生态圈"建设，推广一批标志性技术产品和解决方案，推动实 施城域"毫秒用算"专项行动，加快建设中国算力平台。 熊继军强调，将有序引导算力设施建设，切实提升算力资源供给质量。推动完善算力布局政策体系，优 化布局算力基础设施，引导各地合理布局智能算力设施，持续开展国家绿色数据中心建设。加快突破 GPU芯片等关键核心技术，扩大基础共性技术供给。深入开展算力强基"揭榜"行动，聚焦计算、存储、 网络等重点方向，加快新技术新产品应用推广。 工信部最新数据显示，截至今年6月底，我国在用算力中心标准机架达1085 ...