证券研究报告·策略报告·策略周评 （2）算力硬件领域，国内厂商聚焦全栈体系突破。算力硬件领域本周以国 内厂商的技术突破为核心，竞争焦点从单一算力供给升级为"芯片-服务器 -平台"的全栈体系构建。国内端，联想 12 月 10 日正式推出"AI 工厂" 解决方案，同步发布万全异构智算平台 4.0 与问天 WA8080aG5 算力服务 器——前者通过异构算力调度技术实现大模型预训练时间缩短 35%，后者 支持单 GPU 超 1000 瓦功耗，为未来更高性能模型训练预留升级空间，成 功破解国内算力异构化整合难题。同日，华为云发布"盘古算力调度系统"， 可实现跨区域算力资源的智能分配，使算力利用率提升至 85%以上。这些 布局不仅直接拉动通信设备、高规格数据中心的需求，更推动算力基础设 施从"资源型"向"生产型"转型。 （3）应用端多场景突破，AI 升级为产业核心引擎。应用端本周呈现多场 景突破态势，AI 技术从工具属性向产业核心引擎升级。内容创作领域，快 手可灵在 12 月 9 日-12 日期间保持日更节奏，先后上线数字人 2.0、图片 O1 与视频 O1 模型，通过标准化 API 接口构建起从脚本生成到视频输出的 ...

Group 1 - The 2025 World Computing Conference opened in Changsha, focusing on the future development of computing power as a strategic force in the intelligent economy and society [1] - International experts praised China's technological achievements, highlighting the impressive infrastructure in computing, including servers and chips from Huawei [1] - The conference provided a platform for discussions on the integration of digital twin technology and large language models in various industrial processes [2] Group 2 - The development of an autonomous computing system is a key focus for the Chinese technology and industry sectors, aiming to create a controllable computing power network [3] - The Chinese computing network is envisioned to evolve in three stages: aggregation of computing resources, scheduling of computing tasks, and collaboration on computing tasks [3] - The autonomous computing industry is transitioning from basic usability to a more user-friendly phase, with significant growth opportunities in Hunan province [4]