【重点关注】 ·全国白名单项目贷款审批金额已超7万亿元 ·工信部等七部门：加强新型信息基础设施建设按需布局算力基础设施 ·严查"阴阳价" 国家医保局加强定点药店药品价格管理 ·上海：力争到2027年培育20家左右未来产业生态主导型企业 【国内要闻】 ·国务院总理李强日前签署国务院令，公布《密云水库水源保护条例》（以下简称《条例》），自2025 年12月1日起施行。《条例》旨在加强密云水库水源保护，促进密云水库流域绿色发展，统筹多水源保 障首都水安全。 ·根据国家保障消费品以旧换新政策要求，吉林省即日（10月11日）起调整汽车报废更新补贴政策。调 整后，实行"预约资格制"，需通过"云闪付APP"领取资格券。首期1000万元补贴资金今日10时开放预 约，新能源车补贴2万元、燃油车补贴1.5万元，资格券领取后当月有效。 ·10月11日，一个名为"娃小宗"的微博账号已完成平台认证，截至目前，该账号粉丝数已超6000，仍在 持续上涨中。 检索信息显示，该账号认证主体为宏胜饮料集团有限公司，审核通过时间为9月30日，但 暂未发布任何内容。 ·住房城乡建设部部长倪虹在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布 ...

SA： 嗯，我们想做的就是打造非常强大的人工智能，叫它 AGI 也好，超级智能也罢，不 管现在流行叫它什么，然后把它部署出去，让它能真正造福人类，让人们能用它来做各种 各样的事情。这事儿呢，在基础设施、产品，当然还有研究方面，都有挺多活儿要干的。 我们想做的就这一件事。 OpenAI 的宏大愿景 主持人： 我们只有 30 分钟，我担心啊，要是把 OpenAI 过去一个月搞的那些合作和发布 会都念一遍，估计这半小时就全用完了，而且我真没夸张。所以，为了省点时间，你们最 近这么多动作，从开发者日上宣布的，到这些基础设施合作，背后到底有个啥宏大的统一 理论？能不能用一句话或者一段话给概括一下？ SA： 我老是搞不定这种历史类比，因为我总会纠结于那些我很在意的不同之处什么的。 我是这么想的：大多数人未来可能就只需要一个 AI 服务，这个服务得在他们生活的方方 面面都有用。所以你会用 ChatGPT，但你又希望它能跟别的服务整合在一起，所以你需 要在 ChatGPT 里面能用上别的 App。我们得有 API 业务，因为你会想用 OpenAI 账号登 录别人做的某个服务，你想要的是那种体验的连续性，希望它一直都懂你、存着 ...

Group 1 - The communication sector underperformed the market in September, with the communication index down 0.15% compared to a 3.20% increase in the CSI 300 index, ranking 14th among 31 primary industries [2][14] - The PE valuation for the communication sector was 23.8 times in September, slightly below the historical median of 33.6 times over the past decade [2][16] - Key performers in the communication sector included optical devices, IDC, and optical fiber cables, with notable stock increases from companies like Tengjing Technology (+66%), Chunzong Technology (+92%), and Yuanjie Technology (+44%) [2][22] Group 2 - The global AI sector remains robust, with North American CSPs planning to invest over $370 billion in capital expenditures for FY2025, a 40% increase year-on-year [3][27] - Oracle reported a significant increase in its remaining performance obligations (RPO), reaching $455 billion, indicating strong future revenue potential [3][30] - The global Ethernet switch market is projected to reach $14.5 billion in Q2 2025, reflecting a 42.1% year-on-year growth, driven by data center demand [3][33] Group 3 - Domestic CSPs in China are expected to invest over 450 billion yuan in AI computing power by 2025, with companies like Alibaba and Tencent leading the charge [4][50] - The industrialization of domestic super-node data centers is accelerating, with Alibaba launching its new generation of AI servers and Huawei showcasing significant advancements in computing clusters [4][52][58] - The demand for optical modules remains high, with ongoing advancements in CPO and OCS technologies, as major chip manufacturers increase their orders to meet AI server requirements [4][70] Group 4 - Investment recommendations emphasize the importance of AI computing infrastructure, suggesting continued focus on optical devices, communication equipment, and liquid cooling technologies [5][21] - The three major telecom operators are highlighted as important assets for long-term investment due to their stable operations and increasing dividend payouts [5][21] - A recommended investment portfolio includes China Mobile, Zhongji Xuchuang, ZTE, and Guanghetong for September 2025 [5][21]

Group 1 - The communication sector underperformed the market in September, with the Shanghai and Shenzhen 300 Index rising by 3.20% while the communication index fell by 0.15%, ranking 14th among 31 primary industries [2][14] - The PE valuation of major companies in the communication sector was 23.8 times in September, slightly below the historical median of 33.6 times over the past decade [2][16] - The top-performing segments in September included optical devices, optical modules, IDC, and optical fiber cables, with notable stock performances from companies like Tengjing Technology (+66%) and Chunzong Technology (+92%) [2][22] Group 2 - Global AI growth remains strong, with North American CSPs planning to invest over $370 billion in capital expenditures for FY2025, a 40% increase year-on-year [3][27] - Oracle reported a significant increase in its remaining performance obligations (RPO), reaching $455 billion, indicating robust demand for its cloud services [3][30] - The global Ethernet switch market is projected to reach $14.5 billion in Q2 2025, reflecting a 42.1% year-on-year growth, driven by strong demand from data centers [3][33] Group 3 - Domestic CSPs in China are expected to invest over 450 billion yuan in AI computing power by 2025, with companies like Alibaba and Tencent leading the charge [4][50] - The industrialization of domestic super-node data centers is accelerating, with Alibaba launching its new generation of AI servers and Huawei unveiling significant advancements in computing clusters [4][52][58] - The demand for optical modules remains high, with ongoing collaborations between major chip manufacturers and CSPs to meet the increasing needs for high-end chips [4][70] Group 4 - Investment recommendations emphasize the importance of monitoring the development of AI computing infrastructure, particularly in sectors like optical devices and communication equipment [5][21] - The three major telecom operators in China are highlighted as important assets for long-term investment due to their stable operations and increasing dividend payouts [5][21] - A recommended investment portfolio includes China Mobile, Zhongji Xuchuang, ZTE, and Guanghetong for the upcoming period [5][21]

Core Viewpoint - The company, Nongshang Environment, announced an investment plan for its subsidiary, Guangzhou Xinsuan Shengyang Technology Co., Ltd., to construct a data center infrastructure project in Guangzhou, with a budget not exceeding 83.6963 million yuan [1] Group 1 - The investment will be used to build the Guangzhou Smart Innovation Valley computing power infrastructure project [1] - The facilities constructed will primarily be used for the company's own purposes or for leasing data center infrastructure services to external clients [1]

每经AI快讯，有投资者在投资者互动平台提问：公司如何看待人形机器人，公司产品是否可以应用到 人形机器人？公司产品阿里巴巴确实在算力领域进行了大规模投入，这直接反映了其争夺AI时代领先 地位的决心。在2025云栖大会上，公司高层已明确表示，现有的投资只是开始，请问公司产品能否助力 算力基础设施投资？ 特锐德（300001.SZ）9月30日在投资者互动平台表示，公司目前没有针对人形机器人的充电产品。在算 力基础设施领域，公司针对数据中心的需求和特点创新研发数据中心用电力模块，采用预制化方案推动 产品标准化部署，通过集成变压器、UPS、配电柜等设备，极大缩短建设周期、降低建设成本、提升交 付效率。公司凭借卓越的技术实力和优质的产品服务，已与国内众多头部数据中心建立了良好的合作关 系，包括中国移动、中国电信、阿里巴巴、普洛斯、字节跳动等知名企业。 （文章来源：每日经济新闻） ...

Core Viewpoint - The company, Teruid (300001.SZ), currently does not have charging products for humanoid robots, focusing instead on power modules for data centers [1] Group 1: Company Developments - The company has innovatively developed power modules tailored for data centers, addressing specific demands and characteristics of this sector [1] - The company employs a prefabricated approach to promote standardized deployment of its products, which significantly shortens construction cycles and reduces costs [1] - The company has established strong partnerships with leading domestic data centers, including major firms such as China Mobile, China Telecom, Alibaba, ProLogis, and ByteDance, due to its superior technology and quality service [1]

流动性方面，科创信息技术ETF盘中换手24.21%，成交8538.25万元，市场交投活跃。拉长时间看，截 至9月29日，科创信息技术ETF近1周日均成交9852.21万元，居可比基金第一。 截至9月29日，科创信息技术ETF近3年净值上涨127.24%，指数股票型基金排名44/1879，居于前 2.34%。从收益能力看，截至2025年9月29日，科创信息技术ETF自成立以来，最高单月回报为32.25%， 上涨月份平均收益率为9.53%。 消息面上，在2025世界人工智能大会(WAIC)上,国产GPU企业摩尔线程创始人兼CEO张建中首次提出 的"AI工厂"理念。以"AI工厂"理念为核心蓝图,将芯片研发、集群搭建与软件生态构建的全栈能力深度 整合,持续推动国产算力基础设施向AGI时代所需的规模化、高效率、高可靠模型训练"超级工厂"升级。 有券商表示，算力产业链的高景气度已经确定，生成式AI的竞争已转向算力基础设施的军备竞赛，巨 头们正通过前所未有的资本投入，争夺有限的电力、土地和芯片资源，以奠定未来AI时代的竞争优 势。AI巨头的天价投资和长期规划，为整个生态提供了清晰的需求预期，这意味着算力供应链的全链 条受益 ...

Group 1 - The Shanghai Composite Index showed a slight recovery after a morning dip, with the ChiNext Index rising nearly 3% [1] - The lithium battery sector experienced strong upward momentum, with various sub-sectors such as sodium-ion batteries and solid-state batteries leading the gains [2] - The lithium battery indices reported significant increases, with the lithium battery index up by 4.22% and the power battery index up by 4.52% [3] Group 2 - A total of 421 companies were surveyed by institutions in the past 10 trading days, with 57 companies receiving attention from overseas institutions [4] - Deep South Circuit (002916) was the most focused company, receiving visits from 29 overseas institutions, highlighting its capacity expansion through technology upgrades and new projects [4] - Zhongkong Technology was also notable, with 20 overseas institutions participating in its survey, and it recently won two major projects from Sinopec, expected to generate significant annual output value [4] Group 3 - Stocks that received overseas institutional research saw an average increase of 3.11% over the past 10 trading days, with Demingli (001309) leading with a 56.95% increase [7] - More than half of the surveyed stocks received net purchases from financing clients, with Zhongchuang Zhiling (601717) receiving the highest net buy of 342 million yuan [7] - The storage industry is experiencing a positive outlook due to increased capital expenditures from major tech companies, with expectations for storage prices to maintain an upward trend in the fourth quarter [7]

Group 1: Long-term Care Insurance - The National Healthcare Security Administration released the "National Long-term Care Insurance Service Project Directory (Trial)" which defines a standardized payment scope for long-term care insurance funds, providing a clear reimbursement guide for disabled individuals and their families [1][2] - The directory includes 36 service items categorized into 20 living care items and 16 medical care items, covering aspects such as dietary care, hygiene care, and rehabilitation [1] - A dynamic adjustment mechanism for the long-term care service project directory will be explored based on the operational status of the long-term care insurance fund and the evolving needs of disabled individuals [1] Group 2: Service Export Promotion - The Ministry of Commerce and nine other departments issued policies to promote service exports, proposing 13 measures to support service trade, including optimizing tax procedures and enhancing export credit insurance [3] - The policies aim to support new service export models and industries, such as digital services and green services, to cultivate key enterprises and projects in the service export sector [3] Group 3: Steel Industry Growth Targets - The Ministry of Industry and Information Technology announced a plan for the steel industry to achieve an average annual growth of around 4% from 2025 to 2026 [8] - The plan addresses the imbalance between supply and demand in the steel industry and proposes ten measures to enhance quality and reasonable growth [8] Group 4: Cross-Border Trade and Logistics - The reopening of the border between Poland and Belarus allows the resumption of the China-Europe Railway Express, a crucial land trade route connecting China to Europe [9][10] - The railway is vital for logistics, with over 85% of the trains passing through or arriving in Poland, highlighting the importance of this route for EU trade [9] Group 5: Monetary Policy and Market Stability - The People's Bank of China conducted a 600 billion yuan MLF operation, marking the seventh consecutive month of increased liquidity injection to stabilize market expectations [11] - The central bank's actions aim to address significant funding pressures and support government bond issuance while maintaining a stable financial environment [11] Group 6: Cross-Border Brokerage Adjustments - Several cross-border internet brokerages have tightened their account opening requirements for mainland residents, reflecting increased regulatory scrutiny [13][14] - The tightening measures include requiring proof of overseas residency or work, indicating a shift in the operational landscape for cross-border investment services [13][14] Group 7: Nvidia and OpenAI Partnership - Nvidia announced a strategic cooperation with OpenAI, planning to invest up to $100 billion in AI computing systems over the coming years [15] - This partnership aims to enhance computational infrastructure, which is critical for the future economy and supports OpenAI's extensive user base and AI services [15]