（文章来源：经济日报） 算力资源是发展新质生产力的重要引擎，也是引领未来产业变革的关键动力。贵安新区是全国一体化算 力网络的重要枢纽节点之一，从中央到地方，一系列支持政策陆续出台，为算力生态发展提供了坚实保 障。贵安新区凭借气候、能源和区位优势等，着力打造面向全国的算力保障基地，为算力驱动新质生产 力发展树立了典范。 作为支撑数字经济发展的核心驱动力，算力正在重塑区域经济发展新格局。贵安新区聚焦"算力+产 业"发展新模式，通过科学布局提升算力、丰富应用场景强化赋能、推动东西联动壮大产业，大力发展 人工智能、数据标注、数据交易等相关产业，产业链初具规模。但要看到的是，目前贵安新区发展算力 产业的配套产业仍有待完善，算力产业领域较为局限，区域协同发展尚待提升。 要完善算力产业配套体系，打造算力产业一体化。补强产业链薄弱环节，推动上下游产业链协同发展。 加快推进算力基础设施立体布局，统筹云计算、人工智能、超级计算、区块链等各类算力设施建设，打 造高效协同的"云—超—智—链"算力集群，实现算力资源统一调度。吸引算力设备制造、高端芯片制造 商、数据中心运维、液冷设备生产企业等上游产业主体落地，继续深化同华为、腾讯等头部 ...

Summary of BlueYun Technology Conference Call Company Overview - BlueYun Technology is recognized as a national-level specialized "little giant" enterprise with 117 software copyrights and 18 invention patents, boasting over 40,000 square meters of available computing power. The company focuses on providing computing cloud services, 3D solutions, and computing operation services for large internet companies and AI model demand enterprises [2][3][12]. Core Business and Services - The main business segments include: 1. **Computing Cloud Services**: Targeting large internet enterprises and cloud service providers with AI model training and inference needs. 2. **3D Solutions**: Including private deployment, high-performance computing solutions, and next-generation AI data center design and implementation. 3. **Computing Operation Services**: Providing market promotion, agency operation, and technical services for small-scale or idle computing resources [5][14]. Strategic Developments - The company has developed an original ecological computing center operating system that integrates heterogeneous computing power, scheduling, and AI collaborative development into a full-stack product matrix, aiming to establish a next-generation AI computing operation ecosystem [2][3][6]. - BlueYun has set up subsidiaries in Qingyang and Wuhan to establish a computing hub in central and western China, aligning with the national "East Data West Computing" strategy [3][28]. Financial Performance - In 2024, the company experienced rapid revenue growth, but net profit growth was slower due to weakened market demand, high equipment procurement costs, and increased R&D investments in new AI collaborative development platforms [2][12]. - The gross margin in the GPU computing service sector declined due to market confidence fluctuations and high equipment costs, with a significant order from China Mobile expected to start generating revenue in 2025 [3][15]. Customer Base and Market Trends - The primary customer groups include large language model companies, small to medium-sized AI developers, startups, and end-users. The demand for computing power from C-end users is rapidly increasing [2][7][8]. - The company anticipates a shift in revenue structure towards cloud services, aiming for over 50% growth in 2025 and 2026 [3][22]. Technological Innovations - The original ecological platform developed by BlueYun integrates various advanced technologies and provides comprehensive support for AI model companies and individual users [9][10]. - The company is leveraging its proprietary heterogeneous computing scheduling technology, which is expected to show its value as the market matures [19][20]. Industry Position and Competitive Landscape - BlueYun Technology differentiates itself from competitors like Parallel Technology by focusing on GPU-based services for AI model training and inference, while Parallel Technology relies more on CPU-based supercomputing [26]. - The company is actively engaging with leading universities and innovation hubs to support emerging technologies and foster new business opportunities [33]. Future Outlook - The company expects to maintain a strong growth trajectory in its main business areas, with a focus on cloud services and computing solutions. The anticipated growth rate for 2025 is projected to exceed 50% [22][32]. - The overall sentiment in the AI industry is optimistic, with expectations for significant advancements and applications in vertical markets by 2025 [31][32]. Additional Insights - BlueYun's computing power capacity is measured at 40,000 units, indicating its strong position in high-performance computing for AI applications [18]. - The company is cautious about over-investment in computing power, noting that while there may be excess in some areas, the overall demand for computing resources in China still has room for growth compared to the U.S. [32].

Core Insights - The Karamay Cloud Computing Industrial Park is a significant hub for cloud computing, big data, and artificial intelligence, with over 190 enterprises and projects established since its opening in 2013 [1][2] - The park has built six large data centers with more than 60,000 standard data cabinets, achieving an average utilization rate of 70% and a computing power scale exceeding 17,000 P [1] - Karamay aims to support the national data infrastructure pilot tasks and plans to achieve 100% green electricity for its computing centers, with electricity prices gradually decreasing to 0.3 yuan per kilowatt-hour [1] Group 1: Infrastructure and Services - The Karamay Cloud Computing Industrial Park has established a robust infrastructure for cloud computing, including a significant increase in computing power demand driven by the rapid development of AI large models [2] - The park's services include IDC cabinet leasing, computing power leasing, and cloud services, primarily catering to clients in AI model applications [3] - The "Silk Road New Cloud" center operates with low latency of 60 milliseconds for clients in eastern coastal regions, enhancing service efficiency [3] Group 2: Technological Innovations - The park features a carbon and liquid cooling data center that achieves an annual PUE of as low as 1.1, providing a stable operating environment for computing servers [3] - The liquid cooling system allows for heat recovery, which is utilized for heating office areas, contributing to carbon neutrality efforts [4] - Karamay's technological advancements support the agricultural sector through various data platforms developed by local enterprises [4] Group 3: Collaborative Efforts - Karamay has signed a cooperation agreement with the Shanghai Municipal Economic and Information Commission to collaboratively build an intelligent computing ecosystem [2] - The city hosted a promotional event in Shanghai, resulting in strategic cooperation agreements with 36 government units and well-known computing and AI enterprises [2] - The collaborative efforts aim to enhance the development of the national AI sector and contribute to the "East Data West Computing" initiative [2]

方案部署了体制机制创新、地方品牌铸造、"人工智能+"、基础设施提升、数据产业培育、数字人才培 育、数字化发展环境优化、数字赋能提升等8个方面的重大行动。 完善数据工作央地政策协调机制。建立健全全方位多层次的统筹工作体系，加快完善地方数据管理机构 的相关职能。 本报北京5月16日电 （记者王云杉）国家数据局综合司近日印发了《数字中国建设2025年行动方案》。 加快推动物联网、工业互联网优化升级，深入实施"东数西算"工程，逐步实现各地区算力需求与国家枢 纽节点算力资源高效供需匹配。 方案提出，到2025年底，数字中国建设取得重要进展，数字领域新质生产力不断壮大，数字经济发展质 量和效益大幅提升，数字经济核心产业增加值占国内生产总值比重超过10%，数据要素市场建设稳步推 进，算力规模超过300百亿亿次/秒（EFLOPS），政务数字化智能化水平明显提升，数字文化建设跃上 新台阶，数字社会精准化、普惠化、便捷化取得显著成效，数字生态文明建设取得积极进展，数字安全 保障能力全面提升，数字治理体系更加完善。 （文章来源：人民日报） 发展彰显优势、体现特色的数字产品和数字产业。加快锻造数据领域"长板"，通过技术创新、功能改 ...

建筑装饰 证券研究报告 建筑转型系列——中能建拟携手城地香江打造算力中 心"国家队"，AI 基建高景气业绩释放在即 建筑转型系列：中能建拟携手城地香江，打造算力中心"国家队" 城地香江已由传统地基工程主业转型为华东区域域领先的综合算力中心整 体解决方案服务商，2024 年公司发布定增预案，拟向中能智算募集资金不 超过 6.97 亿元，用于补充流动资金及偿还债务，定增完成后中能智算将持 股 23.08%并成为公司控股股东，中国能建实现间接控股，国资委将成为公 司实控人。中国能建深度参与全国"东数西算"八大节点区域算力枢纽中心 建设，在甘肃庆阳、宁夏中卫、安徽芜湖、广东韶关、山西大同、北京经开 区等多个枢纽节点投资或布局了数据中心项目。我们认为通过本次发行，中 国能建集团将完成对华东区域优质数据中心资产的整合，推动上市公司成为 中国能建集团构建"全国一体化算力网络"的承载主体，强强联合的并购重 组或有望迎来估值重塑。 AI 基建需求有望实现高速增长，多个大单落地支撑业绩释放 智能算力需求增长，带动了数据中心资产投资景气度提升，2023 年数据中 心的投资规模达 879 亿元，同比增长超 90%；截至 2024 年 ...

Group 1: Industry Development - Computing power is the core productivity in the digital economy, accelerating the development of the information technology industry and promoting the digital transformation of traditional industries such as manufacturing, transportation, education, and media [1] - Generative artificial intelligence and large models are key factors driving the development of AI technology, with breakthroughs in core technologies like deep learning, reinforcement learning, and transfer learning [2] Group 2: Company Performance - The industry shows a rapid development trend, with specific performance data of other companies available in public records [2] - In 2024, the company's operating revenue reached 1.379 billion yuan, with a net profit attributable to shareholders of 27.5043 million yuan [2] Group 3: Future Growth Points - The company focuses on three core business segments: integrated sales of computing power equipment, comprehensive services for computing power infrastructure, and digital value-added solution services [2] - Future strategies include deepening customer demand exploration, enhancing core product capabilities, and promoting the construction of a computing power network centered on "East Data West Calculation" [2] - The company aims to build a comprehensive service capability covering the entire industry chain from "computing power infrastructure - intelligent scheduling - industry applications" while expanding its overseas market efforts [2]

建成光缆线路38.7万公里，直连城市由22个增加至27个，网络出省总带宽达到21T，与全国90%以上地 区光纤直连传输时延控制在8-20毫秒以内；光纤接入端口占比达到99.2%，排名全国第1，宽带入户排名 全国第4位；新建5G基站5068个，累计达到1.7万个，5G行政村点亮率从80.5%提升至95%，5G用户渗透 率位居全国第2，银川市、固原市成功入选全国"双千兆城市"……近年来，宁夏把发展数字经济作为打 造新质生产力的主攻方向、高质量发展的重要引擎、转型升级的重要动力，通信网络设施加快改善，数 字经济呈现总量持续扩大、占比不断提升、数实融合领域不断拓宽的良好发展态势。 另一方面，东西算力合作日益深化。宁夏加强与国家部委、企事业单位的对接，争取国家部委、企事业 单位等机构在宁夏落地数据中心或智算项目，积极推动建设国家战略数据灾备基地。截至目前，人力资 源和社会保障部"金保工程"二期异地灾备数据中心已经落地，还有一批项目正在加紧对接。与北京、浙 江、安徽等省份的合作取得实质性进展，腾讯、商汤、智谱华章、上海鸿翼等智算（存力）中心项目加 快建设，其中腾讯智算中心正在进行机房改造，预计6月完成16MW布设。 截至 ...

Core Insights - The "2025 Technology Innovation and Artificial Intelligence Ecological Partnership Conference" showcases advancements in AI and technology in Sichuan, emphasizing the integration of digital intelligence into daily life [1][8] - Sichuan Unicom is positioning itself as a leader in AI and digital infrastructure, aiming to enhance the province's digital economy through comprehensive AI applications and collaborations [10][12] Group 1: Event Overview - The conference, guided by the Sichuan Provincial Department of Science and Technology and organized by China Unicom Sichuan, features academic discussions and an exhibition area demonstrating AI innovations [1][3] - The event highlights Sichuan's commitment to high-quality digital economic development, with participation from government, industry, academia, and research sectors [10] Group 2: Technological Innovations - The exhibition includes interactive AI technologies such as a tea-serving robot and humanoid robots capable of multi-modal interactions, showcasing advancements in robotics and AI applications [3][5] - Shared drones equipped with intelligent tracking algorithms are introduced to address the need for solo travelers to capture memories, indicating a practical application of AI in tourism [7] Group 3: AI Applications and Collaborations - Sichuan Unicom's AI initiatives include projects like the "Cultural Relics Activation" program and AI report interpretation tools for healthcare, demonstrating the practical benefits of AI in various sectors [12][14] - The company has achieved a 99% coverage rate for its 5G network and plans to increase the number of 5G base stations to 84,500 by 2025, enhancing digital infrastructure [14] Group 4: Strategic Partnerships - The conference culminated in the signing of cooperation agreements between Sichuan Unicom and 26 organizations in the AI field, marking a significant step in fostering collaborative innovation [14]

Group 1 - The company, founded by Lei Jun and currently led by Lan Manju, faces challenges such as stagnant performance, questionable pricing fairness in related transactions, and high customer concentration, revealing the fragility of its business model [2] - Despite being labeled as "specialized and innovative," the company's ability to tell a compelling capital story in the fiercely competitive IDC industry remains uncertain [2] - The company's revenue from IDC comprehensive services increased from 381 million yuan in 2021 to 462 million yuan in 2023, accounting for 95.08% of total revenue, while revenue from cloud comprehensive services declined from 65.92 million yuan to 20.84 million yuan during the same period [6] Group 2 - The company has experienced a significant drop in revenue from major clients, particularly Tencent, whose contribution fell from 133 million yuan in 2022 to 41.45 million yuan in the first half of 2024, leading to Tencent terminating its procurement of IDC resources [9] - The company's reliance on three major telecom operators (China Telecom, China Mobile, and China Unicom) has increased, with revenue from these operators accounting for 49.13% of total revenue in the first half of 2024 [9] - The company's accounts receivable balance increased from 66.03 million yuan in 2021 to 113 million yuan in the first half of 2024, with accounts receivable turnover rate dropping from 8.78 times to 2.40 times [10] Group 3 - The company's R&D expense ratio decreased from 3.42% in 2021 to 2.93% in 2023, falling below the industry average of 4.35% in 2023, indicating a shortfall in R&D investment [11] - The company is shifting its focus to data center energy consumption control in first-tier cities, with plans to build its own cabinets, which increased from 2.5% of revenue in 2022 to 20.79% in 2024 [12] - The IDC market in China reached a scale of 507.8 billion yuan in 2023, but the company's revenue remains below competitors, raising questions about whether its planned fundraising of 400 million yuan will support its transformation [12]

Group 1 - DeepSeek has accelerated the application of AI in various sectors, showcasing the potential for low-cost adoption of artificial intelligence and the significant opportunities for digital transformation [1] - The introduction of DeepSeek models has led to the emergence of new business models and operational modes, driven by the powerful reasoning capabilities and cost-effectiveness of these models [1][3] - Local governments are increasingly adopting AI technologies, with DeepSeek models enabling enhanced community services and operational efficiency in public administration [3][4] Group 2 - The collaboration between DeepSeek and Huawei's Ascend AI cloud services has become a new choice for government applications, facilitating the deployment of AI in public service systems [3][4] - Various local governments are actively implementing DeepSeek models to improve the efficiency and quality of administrative services, supported by robust computing power from Huawei's cloud platform [4][5] - The national strategy for computing power infrastructure, including the "East Data West Computing" initiative, aims to enhance the core role of computing resources in supporting AI applications [5][6] Group 3 - The development of computing power is being prioritized both in terms of quantity and quality, addressing the diverse needs of AI applications across different scenarios [6][8] - The establishment of AI cloud computing centers, such as those by Huawei, is crucial for providing scalable and diverse computing resources to support the growing demands of AI applications [8][9] - A collaborative ecosystem involving government guidance, enterprise leadership, and multi-party cooperation is essential for driving innovation and addressing the challenges of AI technology implementation [9][10] Group 4 - The upcoming Huawei China Partner Conference 2025 will serve as a platform for discussing key issues related to technological collaboration and market competitiveness in the AI sector [10] - Strategic policy innovations and ecosystem building are necessary to create a conducive environment for AI technology applications in public administration, ultimately promoting high-quality economic and social development [10]