2024年中蒙贸易额达到186.2亿美元，同比增长10.1%，超出中国外贸总体增幅5个百分点。 8月25日至29日，第五届中国—蒙古国博览会将在内蒙古呼和浩特市举办，这是今年中蒙两国重要的经 贸交流活动之一。 7月30日，商务部举行专题新闻发布会。商务部副部长鄢东介绍，中蒙博览会是中蒙两国政府共同主 办、面向全球的国际性展会。本届主题为"深化互利合作 推进合作共赢"，将突出区域性、开放性和多 元性，着力打造国家向北开放新平台、区域产业链供应链合作新纽带、东北亚区域合作新支点。 据商务部数据，2024年中蒙贸易额达到186.2亿美元，同比增长10.1%，创历史新高，超出中国外贸总体 增幅5个百分点。中国长期保持蒙古最大贸易伙伴国、最大进口来源国和出口对象国地位。 蒙古国食品农牧业和轻工业部国务秘书占布拉次仁表示，《中华人民共和国和蒙古国关于建立和发展全 面战略伙伴关系的联合宣言》设定了力争早日将两国贸易额提升至200亿美元的目标。 两国正朝着既定 的贸易增长目标稳步迈进。特别值得一提的是，两国共同举办的博览会等活动，为这一目标的实现发挥 了重要作用。 他对第一财经记者表示，2025年将要举办的第五届中蒙博览会是 ...

此外，展会期间还将举办"蒙古国日"主题活动、"科技与创业论坛"、中蒙企业对接会以及丰富多彩的文 化交流活动。 商务部副部长鄢东表示，本届中蒙博览会将突出区域性、开放性和多元性，着力打造国家向北开放新平 台、区域产业链供应链合作新纽带、东北亚区域合作新支点。博览会不仅立足中蒙合作，还辐射东北亚 地区和共建一带一路国家，参与国家和人员逐年增加，对推动区域经贸合作发挥了重要作用。 （总台央视记者 丁雅妮 张歆） 责编：黄之安、卢思宇 商务部今天举行新闻发布会介绍，第五届中国—蒙古国博览会将于8月25日至29日在内蒙古呼和浩特举 办。 据介绍，第五届中蒙博览会以"深化互利合作 推进合作共赢"为主题，设置了多个行业专业馆，将汇聚 国内外1500多家企业。 本届博览会设置了绿色算力与人工智能展区，重点呈现"东数西算"解决方案、蒙古国新能源数据中心规 划等内容。在新能源、现代煤化工领域，聚焦中蒙电力跨境输送及相关技术，集中展示30多项行业领先 成果。中蒙在环保、可持续发展和技术创新等领域的合作，将成为本届博览会的一大亮点。 ...

Core Viewpoint - The rapid development of big data and AI technologies is driving the growth of data centers, which are projected to consume over 1100 KWh of electricity by 2024, with air conditioning systems accounting for 40% of total energy consumption, highlighting the urgent need for energy-saving innovations [1][3] Group 1: Technological Innovations - Gree Electric's newly developed "high-efficiency rotary volume refrigerant pump and machine room air conditioning" and "multi-adaptive wide-frequency high-efficiency rotary compressor and air conditioner" have been recognized as "internationally leading" technologies [1][3] - The rotary volume refrigerant pump is noted as an international first, significantly improving energy efficiency and addressing traditional refrigerant pump challenges [5][8] Group 2: Industry Context - The scale of data centers in China is rapidly expanding, with over 8.8 million standard racks expected by the end of 2024, driven by the "East Data West Computing" initiative, AI computing power demands, and green low-carbon policies [3] - Data centers are referred to as "smokeless steel mills" due to their rapid energy consumption growth, making the push for green transformation and energy efficiency crucial for industry development [3] Group 3: Energy Consumption Insights - Traditional communication machine rooms have air conditioning as a major energy consumer, accounting for over 30% of total energy costs [4] - The new refrigerant pump technology allows for a significant increase in operational temperature range, enhancing energy efficiency and enabling substantial energy savings, with estimates of 240 million kWh saved annually if adopted by major telecom operators [5][7] Group 4: Compressor Technology Advancements - Gree's multi-adaptive wide-frequency rotary compressor has overcome industry challenges related to low efficiency and reliability, achieving a frequency range of 1Hz to 200Hz, which is significantly broader than the conventional range [7][8] - The compressor's efficiency improvements include a 5% increase across all frequency bands, a 10% enhancement in seasonal energy efficiency, and a 15% boost in low-temperature heating capacity, ensuring better user experience and energy savings [7][8]

Core Viewpoint - The report highlights the significant revenue growth of Parallel Technology, driven by its intelligent computing cloud services, with a projected revenue increase of 69% year-on-year for the first half of 2025, supported by strategic collaborations and advancements in AI integration [1][4]. Financial Performance - In H1 2025, the company achieved revenue of 458 million yuan (yoy +69%), with a net profit of 5.08 million yuan (yoy +20%) and a net cash flow from operating activities of 39.26 million yuan (yoy +323%) [1]. - For Q2 2025, revenue reached 259 million yuan (yoy +86% / qoq +31%), with a net profit of 1.48 million yuan [1][2]. Business Segments - The company reported revenue from its four main business segments: computing power services (441.72 million yuan, yoy +71%), supercomputing cloud system integration (10.23 million yuan, yoy +121%), supercomputing software and technical services (5.69 million yuan), and other services (0.03 million yuan) [2]. - The intelligent computing cloud service segment alone generated 264.63 million yuan, reflecting a year-on-year growth of 175% [2]. Strategic Collaborations - Parallel Technology signed a framework cooperation agreement with Alibaba Cloud to enhance domestic computing power infrastructure and promote AI technology applications across various sectors [3]. - The company's MaaS platform has integrated the Zhiyu GLM-Z1 series inference models, aiming to provide efficient and cost-effective solutions for clients [3]. Industry Trends - The intelligent computing power scale in China is projected to reach 725.3 EFLOPS in 2024, with a year-on-year growth of 74.1%, driven by the national "East Data West Computing" initiative [4]. - The report anticipates that by 2025, the general computing power scale will reach 85.8 EFLOPS, while intelligent computing power is expected to grow to 1,037.3 EFLOPS, marking a 43% increase [4]. Profit Forecast - The company forecasts net profits of 24 million yuan, 36 million yuan, and 48 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.40, 0.61, and 0.80 yuan per share [5].

Group 1 - The core point of the announcement is that Hongjing Technology has confirmed a significant procurement of NVIDIA chips from Deepbo Information, amounting to 55.368 million yuan, which is crucial for its AI computing power strategy [1] - Deepbo Information's unique status as a partner and its resources are key to this collaboration, providing Hongjing with a reliable channel to acquire high-end NVIDIA chips amid global shortages [1][2] - The partnership aligns with national strategies like "East Data West Computing," allowing Hongjing to capitalize on the growing demand for AI computing power in various sectors [2] Group 2 - The collaboration enhances Hongjing's infrastructure for AI model training and algorithm optimization, enabling the company to offer integrated services of computing power, algorithms, and applications [3] - Hongjing's proactive approach in securing chip resources through strategic partnerships demonstrates its competitive edge in the market, especially during a time of chip shortages [2][3] - The partnership with Deepbo Information not only addresses immediate supply challenges but also positions Hongjing favorably for future growth in the AI computing landscape [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's revenue in H1 2025 reached 458 million yuan, representing a year-on-year increase of 69%. The growth was driven by the high increase in intelligent computing cloud services, which saw a 175% year-on-year growth [6][9] - The company has signed a framework cooperation agreement with Alibaba Cloud to enhance AI technology accessibility through the integration of the GLM-Z1 series inference models into its MaaS platform [6][7] - The "Parallel Computing Network" is expected to support the national "East Data West Computing" strategy, with the intelligent computing scale projected to reach 725.3 EFLOPS in 2024, a year-on-year increase of 74.1% [7] Financial Performance Summary - In H1 2025, the company achieved a net profit of 5.08 million yuan, a year-on-year increase of 20%, and a net cash flow from operating activities of 39.26 million yuan, up 323% year-on-year [6] - Revenue projections for 2025 are estimated at 863 million yuan, with a year-on-year growth rate of 31.86% [8] - The company is expected to achieve net profits of 24 million yuan in 2025, with corresponding EPS of 0.40 yuan per share [9]

Economic Overview - In the first half of 2025, the GDP of 31 provinces in China has been released, with Guangdong, Jiangsu, and Shandong remaining the top three economic provinces [1] - The national GDP growth rate for the first half of 2025 is reported at 5.3%, with 20 provinces exceeding this growth rate [1][2] Provincial Performance - Tibet leads the growth with a GDP increase of 7.2%, followed by Gansu at 6.3% and Hubei at 6.2% [2][20][23] - Guangdong's GDP growth is reported at 4.2%, placing it among the lowest in the country, with significant declines in fixed asset investment and exports [26][27] - Sichuan's GDP reached 31,918.2 million yuan, growing by 5.6%, driven primarily by the service sector [8] - Shanghai's GDP grew by 5.1%, with the information service sector contributing significantly to this growth [5][6] Sector Contributions - The service industry remains the main driver of Shanghai's economy, accounting for 79.1% of its GDP, with information services growing by 14.6% [5][6] - In Gansu, the industrial sector saw a notable increase, with a 10.2% growth in industrial output, making it one of the few provinces with double-digit growth [20][21] - Hubei's high-tech manufacturing sector also performed well, with a 14.4% increase in output [23] Investment and Trade - Gansu's foreign trade showed strong growth, with a 33.8% increase in total trade value, significantly higher than the national average [21] - Guangdong's export growth was only 1.1%, indicating challenges in the external trade environment [26] - Fixed asset investment in Guangdong decreased by 9.7%, the largest decline in the country, primarily due to a drop in real estate investment [27][30] Challenges and Future Outlook - The economic performance of provinces like Liaoning and Yunnan remains below the national average, with growth rates of 4.7% and 4.4% respectively [12][14] - The ongoing challenges in traditional industries and the need for structural adjustments are highlighted in provinces like Liaoning [13] - The economic outlook for provinces like Hubei appears positive, with expectations to meet the annual growth target of 6% [24]

Investment Rating - The report maintains an "Accumulate" rating for the industry, specifically in the power equipment sector [5]. Core Insights - The intelligent computing center industry is experiencing rapid expansion driven by a combination of policy support, local government initiatives, and surging market demand. The investment scale in China's intelligent computing center market reached 87.9 billion yuan in 2023, representing a year-on-year growth of over 90%. It is projected to reach 288.6 billion yuan by 2028 [1][20]. - Local governments and basic telecom operators are the primary participants in the construction of intelligent computing centers, accounting for over 50% of the projects in operation, under construction, or planned as of August 2024. Internet and cloud service providers contribute approximately 17.7% of the projects [20][21]. Summary by Sections 1. Demand Driven Growth in AIDC - The investment scale of intelligent computing centers is significantly increasing due to the resonance of policy support and the demand for large models. The rapid growth in data volume driven by large model applications is pushing the intelligent computing center into an expansion phase [16][17]. - Major telecom operators and internet companies are ramping up their investments in computing power. For instance, China Mobile plans to invest 37.3 billion yuan in computing power, which will constitute 25% of its capital expenditure in 2025 [2][27]. 2. Evolution of Data Center Power Supply Architecture - The current power supply systems in data centers primarily utilize UPS, but there is a gradual shift towards HVDC and Panama power systems. HVDC systems offer significant advantages in reliability, efficiency, and economic viability compared to traditional UPS systems [3][26]. - The Panama power system demonstrates clear advantages in investment costs and operational efficiency, achieving a conversion efficiency of 97% [3][26]. 3. Future Trends in Power Supply Architecture - The transition towards medium and high voltage power supply systems is becoming a trend, with a focus on high-density and energy-efficient solutions in the AIDC era [3][38]. - The report suggests that companies like Kehua Data and Kstar, as well as leaders in HVDC and Panama power systems like Zhongheng Electric, are well-positioned to benefit from the increasing capital expenditures by internet companies [4][38].

Group 1 - The Chinese government emphasizes the continuous promotion of the "Artificial Intelligence +" initiative, integrating digital technology with manufacturing and market advantages to support the widespread application of large models [1] - High-quality datasets are identified as a crucial driving force for AI development, with the National Data Bureau categorizing them into three types: general, industry general, and industry specialized [1] - The National Data Bureau is accelerating the construction and application of high-quality datasets to promote the marketization and valuation of data elements, providing solid data support for cultivating new productive forces [1] Group 2 - The National Data Bureau is conducting a special action for ecological cultivation, which includes collecting and promoting typical cases of high-quality datasets in key sectors such as healthcare, industry, and transportation [2] - Regular technical exchange activities are being held to discuss data annotation, synthesis, and methodologies for building high-quality datasets [2] - Seven cities, including Hefei and Chengdu, are being guided to establish data annotation bases, with 524 datasets constructed and a total scale exceeding 29PB, serving 163 large models as of mid-2023 [2] Group 3 - Guizhou Province has 48 key data centers under construction or in operation, with 28 being large data centers and a storage capacity of 25EB, equivalent to storing 5 billion HD movies [3] - The province's intelligent computing scale has reached 85EFLOPS, with over 98% of the computing power dedicated to intelligent computing, and an outbound bandwidth exceeding 60,000 Gbps [3] - Guizhou is accelerating the construction of data centers and intelligent computing centers, with a focus on optimizing policies to meet the computing power needs of large model training, animation rendering, and esports [3]

Core Insights - Qinghai Province is leveraging its clean energy resources to pursue a path of green and high-quality development, becoming a leader in clean energy production in China [1][3] Group 1: Clean Energy Infrastructure - Qinghai's total installed power capacity reached 75.9 million kilowatts by June 2023, with clean energy and renewable energy accounting for 94.2% and 72.6% of the total, respectively, both ranking first in the country [1] - The province has established the first clean energy and green computing scheduling center, which connects data from 28 power generation companies and 558 renewable energy stations, enabling efficient management of dispersed power generation facilities [2] Group 2: Operational Efficiency - The scheduling center allows for unmanned operation and centralized monitoring, reducing operational personnel costs by over 40% for power generation companies [2] - The center supports real-time monitoring, remote control, and fault handling, ensuring the safe operation of the power grid [2] Group 3: Green Computing Integration - Qinghai is integrating clean energy with green computing, responding to the growing demand for computing power driven by advancements in artificial intelligence [3][4] - The province has developed a big data model for coordinated scheduling of computing power and energy, optimizing energy consumption during periods of abundant renewable energy supply [4] Group 4: Carbon Footprint Management - Green computing is being utilized for carbon footprint tracking and green low-carbon certification for export products, enhancing the international competitiveness of enterprises [5] - The scheduling center has established a carbon footprint database for export-oriented companies, providing proof of green computing usage to help them navigate global green trade barriers [5]