丨证券研究报告丨 战略数据研究丨专题报告 [Table_Title] TMT 板块涨幅居前，东数西算领涨主题—— W112 市场观察 报告要点 [Table_Summary] 当周非基金重仓领涨；市场动速方面，风格、行业轮动速度仍在较高位；行业板块方面，TMT 板块涨幅居前，通讯业务板块领涨行业；风格方面，小微盘、高估值占优，创业板成长领涨风 格；主题方面，东数西算、碳中性领涨主题。 分析师及联系人 [Table_Author] 陈洁敏 SAC：S0490518120005 SFC：BUT348 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 丨证券研究报告丨 更多研报请访问 cjzqdt11111 [Table_Title TMT 板块涨幅居前，东数西算领涨主题 2] —— W112 市场观察 战略数据研究丨专题报告 [Table_Summary2] 机构赚钱效应：非基金重仓领涨 市场动速：风格、行业轮动速度仍在较高位 行业板块：TMT 板块涨幅居前，通讯业务领涨行业 风格跟踪：小微盘、高估值占优，创业板成长领涨风格 主题热点：东数西算、碳中性领涨主题 风险提 ...

【导读】算力股集体拉升，海南自贸区概念午前冲高 中国基金报记者 晨曦 6月6日上午，A股市场窄幅震荡。截至午间收盘，上证指数跌0.06%，深证成指跌0.18%，创业板指跌0.48%，北证50指数跌0.11%。 | 内地股票 它 | | | | --- | --- | --- | | 行情 | 资金净流入 | 涨跌分布 | | 上证指数 | 深证成指 | 北证50 | | 3382.11 | 10185.34 | 1433.08 | | -1.98 -0.06% -18.16 -0.18% -1.55 -0.11% | | | | 科创50 | 创业板指 | 万得全A | | 992.32 | 2038.87 | 5155.34 | | -4.09 -0.41% -9.75 -0.48% -3.20 -0.06% | | | | 沪深300 | 中证500 | 中证A500 | | 3873.06 5757.85 | | 4544.39 | | -4.50 -0.12% -12.12 -0.21% -5.15 -0.11% | | | | 中证1000 | 深证100 | 中证红利 | | 6156.56 | ...

[Table_Reportdate] 2025年06月06日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 花雨欣 hyx@longone.com.cn [晨会纪要 Table_NewTitle] 20250606 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.若有效上破3418点压力位，指数或有进一步盘升动能——技术分析上证指数简评 ➢ 2.端午旅游增速放缓——端午消费数据点评 ➢ 1.国家主席习近平同美国总统特朗普通电话 ➢ 2.央行发布1万亿买断式逆回购操作 ➢ 3.税务总局表示前四月民营经济活力持续提升 ➢ 4.中国人民银行副行长陶玲：构建与科技创新相适应的科技金融体制，加强银行信贷服务 能力 ➢ ...

6月6日，广东省人工智能与机器人产业联盟第一届第一次会员大会及成立大会将在广州召开。本次大会 由中共广东省委统一战线工作部、广东省科学技术厅、广东省工业和信息化厅指导，广东省工商业联合 会(总商会)主办，中共广东省委网络安全和信息化委员会办公室、广东省发展和改革委员会、广东省财 政厅、广东省人力资源和社会保障厅、广东省商务厅、广东省人民政府国有资产监督管理委员会、广东 省政务服务和数据管理局、广东省科学技术协会支持。 这场大会汇聚了广东在人工智能与机器人产业领域的最优资源和最大力量，将为广东打造全球人工智能 与机器人产业创新高地注入新动能。广东联通作为此次大会的参与企业之一，对广东人工智能和机器人 产业有何布局和思考？对此，广东省工商联视频号、南都湾财社专访了广东联通党委书记、总经理周立 松。 在周立松看来，现在正是赶上了发展的好时候。"广东是国内人工智能产业链最齐全，生态最完备，应 用场景最丰富的集聚区，兼具了科技创新、先进制造、市场应用等多方面的优势。我们机器人的产量占 了全国的40%，现在又赶上了政策支持、产业集中、技术突破三大机遇叠加的好时候。" 以算网为基，广东联通建成了韶关国家东数西算枢纽，助力完 ...

算力概念今日继续活跃，华脉科技连板，天津普林、湖北广电等涨停。 催化上，工业和信息化部近日印发《算力互联互通行动计划》。 一、行情回顾 市场全天震荡反弹，创业板指涨超1%。算力产业链集体爆发，CPO、PCB、铜高速连接等方向纷纷走强，大位科技、方正科技、华脉科技、天津普林等多 股涨停。虚拟电厂概念全天强势，中电鑫龙、南网能源、金智科技、积成电子等涨停。稳定币概念股午后拉升，恒宝股份、恒银科技、翠微股份、元隆雅图 等涨停。下跌方面，消费股迎来调整，潮宏基、莱绅通灵等跌停。个股涨跌互现，今日成交1.32万亿。 二、当日热点 1.算力 | 股票名称 | | 最新价 = | 涨跌幅 = | 涨停时间 = | 换手率 = | 流通市值 = | | | --- | --- | --- | --- | --- | --- | --- | --- | | 华脉科技 | 2天2板 | 16.97 | +9.98% | 11:25:35 | 35.22% | 27.25亿 | 公司数据中心业务 | | 603042.SS | | | | | | | 线、机柜及微模块 | | 天津普林 | | 23.17 | +10.02% | ...

6月4日，从宁夏回族自治区政府新闻办举行的新闻发布会上获悉，宁夏数字经济呈现总量持续扩大、质 效持续提升、数实融合持续深化的良好发展态势，在算力基础设施建设、产业生态培育、数据要素开发 应用、数智赋能转型及跨域协同合作五个方面实现"新突破"。 算力基础设施建设实现"新突破"。截至目前，宁夏已建成大型、超大型数据中心9个，在建项目27个， 标准机架数达14.2万架，智算算力规模7.4万P，中卫数据中心集群智算规模位居全国第三。"总体看，项 目落地实现新突破，建设进度跑出加速度，形成多点发力、梯次推进的跨越式发展格局，截至2024年 底，智算项目投资、标准机架、智算算卡、算力规模同比实现'四个翻番'。"自治区发展改革委副主 任、自治区数据局局长麦欣甫表示，预计今年底，以上指标将再次实现同比翻番。宁夏算力综合指数进 入全国前十，算力质效分指数排名西部第一。 算力产业生态培育成效显著。银川、石嘴山等地集聚电子制造项目发展初具规模，为4000余家企业提供 云计算服务。20多个大模型在宁夏落地训练，凯添燃气AI、农业农村经济运行智能AI等人工智能行业 垂域模型陆续投入应用。6所学校入选全国中小学人工智能教育基地。 数据要 ...

静待博弈下的新平衡- 电力行业 2025 年中期策略 20250604 摘要 受 136 号文影响，电力行业从粗放式发展转向高质量发展，绿电交易市 场将更注重质量，火电角色转变为电力供应的兜底和调峰，煤价下跌显 著提振火电盈利能力。 煤价维持低位，北方大型火电厂如京能、华电一季度业绩亮眼，二季度 煤价同比跌幅大，火电总体业绩保持增速；水电方面，一季度蓄水良好， 二季度雅砻江来水情况良好，水电竞股表现出色。 绿电脱碳政策预期温和，风光装机容量已成常态，火电竞争格局逐步转 向调节性作用，发电利用小时数下降，但仍承担压舱石角色，2025 年 后新增用电需求主要由非化石能源满足。 煤炭价格下跌显著提升火电盈利能力，北方港口 5,500 大卡动力煤指数 探底至 620 元/吨，每度电煤耗降低有望拉大盈利空间，市场采购比例 高、电韧性强的企业业绩乐观。 容量电价机制和调峰辅助服务费用提升火电企业收益保障，预计 2026 年起容量电价回收固定成本比例将提升至 50%-70%，容量收入占营收 比例也将提升，增强火电业绩稳定性。 Q&A 电力公用事业板块在中期投资策略方面有哪些变化和影响？ 今年（2025 年）6 月 1 日之 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [7] Core Views - The company is transitioning from a financial investment strategy to an industrial investment holding group, focusing on new energy and new technology sectors, aligning with national policy directions and market trends [4][12][15] - The company has successfully restructured its capital and improved its financial health, with a significant reduction in debt-to-asset ratio from approximately 78% in 2021 to about 65% in 2023, and projected to further decrease to around 60% in 2024 [4][6][24] - The company has established a strong synergy between its green energy and data center businesses, aiming to create a digital economy ecosystem that integrates AI computing power, data assets, and application scenarios [7][15][23] Summary by Sections 1. Transition to Industrial Investment Holding Group - The company has shifted its focus from short-term financial investments to long-term industrial investments, particularly in new energy and technology sectors, which are expected to drive future growth [4][12] - The company has increased its stake in Shandong High-speed New Energy to 60.66%, enhancing its control and position in the renewable energy market [12][15] 2. New Energy Sector - The company has received significant funding, including approximately HKD 47 billion from its own group and additional support from national clean energy subsidies, which has improved the capital structure of its subsidiary, Shandong High-speed New Energy [4][12] - The company is actively involved in various renewable energy projects, including wind and solar initiatives, with a total capacity exceeding 1GW planned for the next two years [4][5] 3. New Infrastructure and Data Center Development - The company has strategically invested in Century Internet, a leading digital infrastructure provider, to enhance its capabilities in the data center sector [4][12] - A significant project in Ulanqab City aims to integrate green power with intelligent computing, with a total investment of approximately CNY 21 billion [5][12] 4. Financial Performance and Projections - The company has shown a strong revenue growth trajectory, with projected revenues of CNY 58.84 billion, CNY 67.85 billion, and CNY 74.99 billion for 2025 to 2027, respectively [7][27] - The net profit is expected to grow significantly, with projections of CNY 1.38 billion, CNY 2.24 billion, and CNY 3.47 billion for the same period, reflecting a robust growth rate [7][27]

Investment Rating - The report assigns an "Accumulate" rating to the company [7] Core Views - The company is transitioning from a financial investment strategy to an industrial investment holding group, focusing on new energy and new technology sectors, aligning with national policy directions and market trends [4][12][15] - The company has successfully restructured its capital and improved its financial health, with a significant reduction in debt-to-asset ratio from approximately 78% in 2021 to about 65% in 2023, and further projected to decrease to around 60% in 2024 [4][6][24] - The company has established a strong synergy between its green energy and data center businesses, enhancing operational efficiency and reducing costs [7][15] Summary by Sections 1. Transition to Industrial Investment Holding Group - The company has shifted its focus from short-term financial investments to long-term industrial investments, particularly in new energy and technology sectors, which are expected to drive future growth [4][12] - The company has increased its stake in Shandong High-speed New Energy to 60.66% by 2025, reinforcing its control and commitment to the renewable energy market [12][23] 2. New Energy Sector - The company has received significant funding, including approximately HKD 47 billion from its parent group and additional government subsidies, which have improved the capital structure of its subsidiary, Shandong High-speed New Energy [4][5] - The company is actively involved in various renewable energy projects, including wind and solar initiatives, with a total capacity exceeding 1GW planned for the next two years [4][5] 3. New Infrastructure and Data Center Development - The company has strategically invested in Century Internet, a leading digital infrastructure provider, to enhance its capabilities in the data center sector [4][7] - A significant project in collaboration with Ulanqab City aims to integrate green energy and data computing, with a total investment of approximately CNY 21 billion [5][7] 4. Financial Performance and Forecast - The company has shown a robust growth trajectory, with projected revenues of CNY 58.84 billion in 2025, and net profits expected to reach CNY 1.38 billion, reflecting a year-on-year growth rate of 155% [7][27] - The company’s net profit margin has improved significantly, with a forecasted net profit of CNY 3.47 billion by 2027, indicating strong operational efficiency [7][32]

转自：北京日报客户端 京津冀地区作为中国重要的经济增长极，数字经济协同发展格局不断深化。三地联合推进5G基站覆盖 与标识解析二级节点建设，2024年10月底京津冀5G基站达到38.3万个。 在紧临京张高铁的张家口经济开发区内，国家一体化算力网络京津冀枢纽张家口算力中心项目建设主体 完工，进入室内装修、机电设备安装及其它配套工程施工阶段。 工人在张 家口算力中心大楼顶端施工。武殿森摄 据介绍，项目一期预计今年6月底建成投运，将成为距北京一小时可达的首个超大规模智算中心。该项 目投资单位、来自北京的中明能源(河北)有限公司负责人介绍，即将投用的一期工程将提供人工智能基 础数据标注、大模型训练等业务，并配有1.3万平方米的运维楼，为京津冀等地创业软件企业提供孵化 器。 启动万兆宽带试点 。图为雄安新区华望城万兆小区的用户与工作人员合影。 京津冀枢纽张家口算力中心有望下个月投运、京津区域内将实现宽带时延小于0.5毫秒、雄安启动万兆 宽带试点……近日，记者采访发现，三地数字基础设施建设突飞猛进，三地数字基础设施互联互通程度 加深，京津冀数字经济协同创新加速。 雄安新区 国家一体 化算力网络京津冀枢纽张家口算力中心项目建 ...