1、国家发改委新闻发言人蒋毅在新闻发布会上透露，今年"两重"建设项目清单8000亿元已全部下达完 毕，中央预算内投资7350亿元已基本下达完毕。 智通财经8月1日午间新闻精选 4、上海市通信管理局发布开展"算力浦江"2025年算力基础设施高质量发展专项行动，其中提到，至 2025年底，本年度新建成的大型以上算力中心不少于5个，全市算力中心智算规模争取达到100EFLOPS （FP16)以上。 2、国家发改委体改司副司长蒋毅表示，今年第三批690亿元支持消费品以旧换新的超长期特别国债资金 已全部下达完毕，并将于10月按计划下达第四批690亿元资金，届时将完成今年3000亿元的资金下达计 划。 3、工信部印发《2025年度多晶硅行业专项节能监察任务清单的通知》，要求各地工业和信息化主管部 门按照《通知》于2025年9月30日前报送监察结果。 5、截至午间收盘，沪指跌0.19%，深证成指跌0.15%，创业板指跌0.16%。恒指收跌0.18%，恒生科指收 涨0.13%。 ...

Core Insights - The company, Jiechuang Intelligent, identifies major internet companies as key clients and partners, specifically mentioning collaborations with Tencent and NetEase for data center construction services [2] - A strategic partnership has been established with Xin Feng Wei Technology, a joint venture with Alibaba, focusing on AI digital ecosystem development and urban digital transformation [2] - The collaboration aims to promote the deployment of secure and reliable computing infrastructure and the implementation of intelligent applications to support high-quality urban digital transformation [2]

Core Insights - The forum highlighted the importance of diverse computing power infrastructure in driving the large-scale implementation of artificial intelligence [1][6] - Shanghai is actively implementing national strategic deployments to accelerate the development of new-generation information infrastructure, aiming to become a globally influential "International Digital Capital" [1] - Keda Data emphasizes its core competencies in power electronics and data center experience to provide comprehensive solutions from planning to intelligent operation [1][3] Group 1: Key Developments - Keda Data's Senior Vice President presented five characteristics and challenges of computing power deployment in the AI era, along with three core capabilities of their infrastructure [3] - The newly launched Computing Power Platform V2.0 integrates diverse computing resources across four major intelligent computing clusters, enabling various industry applications [5] - The forum included multiple strategic partnership signings with companies across AI chips, software algorithms, cloud computing, and research institutions, reinforcing Keda Data's technical strength and service capabilities [5][6] Group 2: Future Directions - Keda Data aims to deepen collaboration with industry partners to accelerate the construction of efficient, green, and open computing power infrastructure [6] - The forum showcased innovative achievements in modular intelligent computing rooms and liquid cooling systems, emphasizing the critical role of reliable computing power infrastructure in AI development [6]

Core Insights - NanZhi Optoelectronics has successfully completed a Series A financing round of several tens of millions, led by Jicui Huacai and followed by Yinfengquan Venture Capital, aimed at expanding its "thin-film lithium niobate + X" photonic chip production line and optimizing its process systems [1][4] Company Overview - Founded in 2018 by Academician Zhu Shining and his team from Nanjing University, NanZhi Optoelectronics focuses on "thin-film lithium niobate + X" photonic chip technology, being the first in China to achieve 8-inch wafer-level preparation and pilot verification [2] - The company has served over 400 industrial and research clients and has incubated more than 40 photonics-related enterprises, forming an initial industrial ecosystem covering chip design, material preparation, device processing, system packaging, and standard testing [2] Financing Purpose and Impact - The recent financing will primarily support the operation of NanZhi Optoelectronics' production line to meet the growing demand for customized photonic chip development, pilot verification, and small-batch trial production from industrial and research clients [4] - The company aims to upgrade its existing OptoChat AI photonic-specific large model platform to create an integrated photonic intelligent engine from design to tape-out [4] Strategic Positioning - NanZhi Optoelectronics is positioned as a "pilot engine" connecting cutting-edge technology with industrial applications through a three-pronged model of platform services, standard products, and incubation investment [4] - The company is recognized for its unique value in the domestic photonic chip field, effectively lowering the threshold for technology commercialization and providing crucial support for the transformation of innovative results [4] Future Aspirations - The company’s leadership emphasizes the importance of establishing a self-controlled photonic chip pilot and manufacturing platform as essential for building China's computing infrastructure [5] - NanZhi Optoelectronics is committed to an open approach, collaborating with various industry stakeholders to build the future of the photonics industry [5]

Group 1: Market Overview - The communication sector outperformed the market in July 2025, with the communication index rising by 6.87% compared to a 4.85% increase in the Shanghai Composite Index, ranking 10th among 31 primary industries [1][14]. - Key performers in the sector included optical devices, optical modules, IDC, and optical fiber cables, with notable stock increases from companies like Shijia Photon (46.23%), Chunz中科技 (42.16%), and NewEase (40.42%) [1][24]. Group 2: Fund Holdings Analysis - As of Q2 2025, the total market value of funds heavily invested in the communication sector reached 122.5 billion yuan, accounting for 3.98% of the total fund holdings, with a quarter-on-quarter increase of 1.2 percentage points [1][30]. - The concentration of holdings in the top ten communication stocks increased, with these stocks representing 89% of the total market value in the communication sector [1][33]. Group 3: Global Computing Power Trends - The demand for computing power continues to rise, driven by significant capital expenditures from North American cloud providers, with OpenAI and Oracle collaborating on a 4.5GW data center project [2][40]. - NVIDIA's GB300 and CPO switches have officially launched, benefiting the computing power supply chain, while major optical module companies like NewEase and Zhongji Xuchuang are forecasting substantial growth in H1 2025 [2][50]. Group 4: Domestic AI Development - The approval of high-end chips like NVIDIA's H20 for export to China is expected to alleviate chip shortages, while domestic AI infrastructure is rapidly evolving, with major players like Alibaba Cloud and Huawei Cloud leading the market [3][44]. - The domestic AI IaaS market is experiencing significant growth, with increased demand for computing power from telecom operators and the introduction of new open-source models by Alibaba [3][44]. Group 5: Investment Recommendations - The report recommends focusing on optical devices and modules, as well as companies involved in copper connectivity, due to the sustained high demand for computing power infrastructure [4][5]. - Long-term investments in the three major telecom operators are suggested, as they maintain stable operations and increasing dividend payouts [4][5].

Investment Rating - The report maintains a "Recommend" rating for the communication industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [36]. Core Insights - The optical module industry has shown unexpected growth in the first half of 2025, with major companies reporting over 50% year-on-year profit increases, driven by the demand for 800G products [22][26]. - NVIDIA's H20 chip is set to re-enter the Chinese market, which is expected to enhance the domestic computing power supply chain and benefit related sectors such as IDC [19][17]. - The communication sector has outperformed the broader market indices, with a 7.56% increase in the past week, and a 17.82% increase year-to-date, significantly surpassing the performance of the CSI 300 index [9][10]. Summary by Sections Industry Overview - The communication industry consists of 123 listed companies with a total market capitalization of approximately 492.49 billion yuan [3]. - The sector's performance has been strong, with a year-to-date increase of 17.82%, outperforming the CSI 300 index by 14.67 percentage points [9]. Market Performance - The communication sector's absolute performance over the last month, six months, and twelve months stands at 8.7%, 18.6%, and 30.5%, respectively [4]. - The sector's PE-TTM is reported at 35.94, compared to 13.39 for the CSI 300 index [9]. Key Companies and Recommendations - Key recommendations include China Mobile, China Telecom, and China Unicom for operators; for optical modules, NewEase, Tianfu Communication, and Zhongji Xuchuang are highlighted [30]. - The report suggests monitoring companies like Aofei Data, Guanghuan New Network, and Runze Technology in the IDC sector due to the anticipated benefits from the H20 chip's market re-entry [19][30]. Optical Module Market - Major optical module suppliers in China have reported significant profit growth, with NewEase's net profit expected to increase by 327.68%-385.47% year-on-year [22]. - The demand for 800G and 1.6T products is driving the market, with expectations of continued growth in the coming quarters [26][24].

Group 1 - The company expects a net profit attributable to shareholders of 3.6 billion to 4.4 billion yuan in the first half of 2025, representing a year-on-year increase of 52.64% to 86.57% [1] - The significant increase in sales of high-end optical modules, such as 800G, is driven by the continuous construction of computing power infrastructure and strong capital expenditure from end customers, leading to a notable rise in revenue and net profit [1] - The company confirmed an equity incentive expense of approximately 70 million yuan, which impacted the net profit attributable to shareholders, while non-recurring gains, including government subsidies, increased by about 20 million yuan, positively affecting performance [1] Group 2 - In 2024, the company's operating revenue reached 23.862 billion yuan, a year-on-year increase of 122.64%, while the net profit attributable to shareholders was 5.171 billion yuan, up 137.93% [3] - The net profit after deducting non-recurring gains was 5.068 billion yuan, reflecting a year-on-year growth of 138.66% [3] - The chairman and president of the company, Liu Sheng, has a diverse background in research and management, with a history of leadership roles in various technology companies [3]

Group 1 - The manufacturing cycle has been reduced from 60 months to 24 months through the integration of "computing + network" technologies, leading to significant upgrades in the entire process from research and development to production [1] - The importance of computing infrastructure has been emphasized as a key facility for industry digital transformation, with the government implementing policies to promote high-quality development in the computing industry [3] - The Ministry of Industry and Information Technology and other departments have released action plans to establish a monitoring mechanism for computing infrastructure and to create benchmark cities for computing networks by 2025 [3] Group 2 - Zhejiang province is the only region in China with a "one center, two direct connection points" model, enhancing its computing capabilities and completing a low-latency computing circle [3] - Hangzhou has made significant progress in expanding its 1ms latency circle, covering over 20 million people and meeting the demands for computing applications through advanced network technologies [4] - The China (Hangzhou) Computing Town has gathered key enterprises focusing on integrated circuit design, high-end software, and intelligent hardware, aiming to build a comprehensive industrial ecosystem [6] Group 3 - The Zhejiang Water Science Culture Group utilizes low-latency computing networks to enable real-time generation of short videos across 500 application scenarios, supporting the development of the cultural tourism industry [7] - Major telecommunications companies in Zhejiang have shared insights on the operational status and unique applications of the city's computing network, highlighting its role in facilitating intelligent transformation in industries like smart manufacturing [4][7]

Summary of Conference Call Notes Industry Overview - The discussion focuses on the advancements and investment opportunities in the AI sector over the next two to three years, emphasizing the rapid evolution of AI technologies and applications [1] - The AI industry is projected to contribute over 12.4 trillion RMB to GDP, with an annual growth rate of approximately 0.8% [2] Key Insights and Arguments - The demand for computing power is shifting from proprietary models to open-source models, driven by significant reductions in model costs [2] - The growth in cloud computing demand remains robust, heavily reliant on algorithmic support for computing advancements [3] - NVIDIA's chips have seen a 4000x increase in computing power over the past six years, showcasing a significant advancement in processing capabilities [4] - Future applications, including autonomous driving and intelligent robotics, are expected to require a substantial increase in token output, potentially exceeding 100 tokens per second [5] - Investment in AI infrastructure is crucial, with a focus on enhancing server capabilities and reducing training and inference costs [6] - The domestic AI sector is anticipated to experience rapid growth, particularly in response to recent changes in U.S. export controls on advanced technologies [7] Emerging Trends - The AI agent ecosystem is evolving, with a projected market growth from $10 billion in 2020 to $40 billion by 2030, indicating a strong demand for AI agents [10] - AI agents are expected to replace traditional applications as new content distribution channels, leveraging their strong aggregation and commercial capabilities [11] - The integration of AI agents with large models is likely to transform production processes and create new business models [12] Investment Opportunities - The capital expenditure in AI is projected to reach nearly $30 billion by 2023, with expectations for continued growth driven by advancements in computing infrastructure and new AI applications [8] - The development of AI infrastructure is seen as a key investment focus, with opportunities arising from the integration of hardware and software innovations [13] - The rise of "parasitic intelligence" presents long-term investment opportunities, emphasizing the importance of ethical considerations in AI development [14] Technological Advancements - NVIDIA's advancements in semiconductor processes and memory bandwidth are critical to the ongoing evolution of AI technologies [15] - Innovations in data transmission and system architecture are expected to enhance overall computing capabilities [16] - The future of AI applications is anticipated to transition from generative AI to physical AI, indicating a broader scope of application in real-world scenarios [17][18] Conclusion - The AI sector is poised for significant growth, driven by technological advancements and increasing demand for computing power. The integration of AI agents and infrastructure improvements will play a crucial role in shaping the future landscape of the industry [19][20]

中际旭创（300308）公告，预计2025年1月1日至2025年6月30日归属于上市公司股东的净利润为36亿 元-44亿元，比上年同期的23.58亿元增加52.64%-86.57%。报告期内，得益于终端客户对算力基础设施 的持续建设、资本开支强劲增长带来800G等高端光模块销售的大幅增加，产品结构持续优化，公司营 业收入和净利润同比得到大幅提升。 ...