（编辑 王雪儿） 证券日报网讯 华孚时尚11月13日在互动平台回答投资者提问时表示，公司阿克苏城市公共算力平台项 目的设备与服务采购按已签署的框架协议执行，公司业务团队始终与生态合作伙伴保持积极联系。根据 框架协议规定，具体购买事项以双方签署的订单为准，分批执行，单个订单金额根据买方实际需求确 定。 ...

Core Viewpoint - The company is currently in the structural construction phase of the Aksu City Public Computing Power Platform project and is planning to manage the work schedule to mitigate weather-related impacts [2] Project Progress - The Aksu City Public Computing Power Platform project is under structural construction [2] - The company will adjust the work schedule based on the winter break period to minimize the impact of weather on construction [2] - The company commits to timely information disclosure in accordance with project progress [2]

Core Viewpoint - The company Keda Xunfei has revised its fundraising plan, maintaining a total fundraising amount of 4 billion yuan while reallocating funds to enhance its computing power platform project, which is now prioritized over working capital [4][5]. Fundraising Allocation - The revised plan keeps the total fundraising amount at 4 billion yuan, with 800 million yuan allocated for the Spark Education large model and typical product project remaining unchanged [4]. - The amount for working capital has been reduced from 3.2 billion yuan to 800 million yuan, while an additional 2.4 billion yuan is now designated for the computing power platform project, which accounts for approximately 60% of the total fundraising [4][5]. Strategic Importance of Computing Power - The computing power platform project aims to support the upgrade and iteration of the underlying model for the Spark cognitive large model, as well as provide computational support for the continuous optimization of various large models, including deep reasoning and multilingual models [5]. - The project aligns with national policies emphasizing the importance of autonomous and controllable large model computing power, making the rental of computing power more reasonable under government support [4][6]. Collaboration with Domestic Suppliers - The company has established long-term collaborative mechanisms with domestic computing power suppliers such as Huawei and Cambrian, focusing on addressing hidden issues in the underlying software and hardware of domestic computing power [6]. - The implementation of the computing power platform project is expected to enhance the multilingual support capabilities of the Spark large model, creating new revenue growth points for the company [6]. Market Position and Future Plans - The company plans to target overseas markets with its multilingual large model, optimizing for regional language habits, cultural contexts, and industry application scenarios to better meet local demands [6]. - As of September 29, the company's stock closed at 53.95 yuan per share, with a market capitalization of 124.7 billion yuan [6].

Core Insights - Hello announced a strategic investment in its Robotaxi business from Alibaba Group, indicating a deepening collaboration in autonomous driving technology and commercialization efforts [1] - The partnership aims to accelerate the commercialization and scaling of the Robotaxi industry, building on previous collaborations [1] Company Developments - In June, Hello officially entered the Robotaxi sector, forming "Zhaofu Intelligent Technology Co., Ltd." with Ant Group and CATL, focusing on L4 autonomous driving technology development and commercialization, with an initial investment exceeding 3 billion yuan [1] - On September 11, Hello unveiled its Robotaxi strategic plan and introduced its first mass-produced Robotaxi model, "HR1" (Hello Robot1), with plans for mass production by 2026 and deployment of over 50,000 Robotaxi vehicles by 2027 [1]

Core Insights - Hello announced a strategic investment from Alibaba Group in its Robotaxi business, indicating a deepening collaboration in smart driving technology and commercializing the Robotaxi industry [1] Group 1: Investment and Collaboration - The investment signifies a further enhancement of the existing partnership between Hello and Alibaba, focusing on smart driving models, computing platforms, and Robotaxi services [1] - Both companies aim to accelerate the commercialization and scaling of the Robotaxi sector through this collaboration [1] Group 2: Technological Development - Future cooperation will be based on real-world operational scenarios and needs of Robotaxi, aiming to create low-cost, high-safety, reliable, and highly available smart driving technologies [1] - The partnership will involve the co-development of foundational models in vision, voice, and language, as well as specialized models for intelligent cabins [1] - Both companies will explore innovative applications of cutting-edge models in the field of autonomous driving [1]

Core Insights - Shenzhen Airport's T2 terminal and related projects have officially commenced construction, aiming to enhance the airport's capacity, operational efficiency, and support the development of Shenzhen as a global economic center [2][3] - The design capacity of the new projects is set to accommodate 31 million passengers annually, with significant infrastructure developments including a 400,000 square meter terminal and various transportation hubs [2] - By 2024, Shenzhen Airport is projected to surpass 60 million passengers, ranking fourth nationally, with a cargo throughput of 188,100 tons, maintaining the highest domestic cargo volume [2][3] Infrastructure Development - The new T2 terminal and associated projects will significantly expand Shenzhen Airport's operational capacity, which currently operates with only one terminal and two runways [3] - The airport's peak hour capacity is expected to reach 65 aircraft movements, making it one of the busiest airports in the country [3] - Future plans include a comprehensive expansion to a "3+3+3+1" operational structure, integrating air, land, and rail transport systems [3] Future Projections - By 2035, Shenzhen aims to achieve an annual passenger throughput of 100 million and a cargo throughput of 350,000 tons, with a target of over 120 international routes [4] - The airport's international passenger and cargo volume is expected to constitute 20% of total throughput, reflecting its ambition to become a leading global aviation hub [4] Cargo Performance - Shenzhen Airport ranked 19th globally in cargo volume, handling 1,881,468 tons, with a year-on-year growth of 17.6% [6][7] - The Greater Bay Area's airports, including Shenzhen, Hong Kong, and Guangzhou, are recognized among the top 20 global cargo airports, highlighting the region's strategic importance in global supply chains [6][9]

Market Overview - On August 25, 2023, a total of 33 stocks had closing limit orders exceeding 1 billion yuan, indicating strong market interest [2] - Among these, Tianpu Co. and Zhongke Shuguang had limit orders exceeding 1 billion yuan, with amounts of 1.797 billion yuan and 1.131 billion yuan respectively [2] Stock Performance - Baogang Co. had a limit order volume of 1.8699 million hands, leading the market, followed by Tianpu Co. and Helitai with 557,700 and 541,200 hands respectively [2] - Yuanlin Co. achieved a six-day consecutive limit up, while ST Dongshi and Chengfei Integration had five and four consecutive limit ups respectively [2] Industry Highlights - Zhongke Shuguang, a leader in the computing power sector, launched the Nebula800, the first standardized super-intelligent computing power platform in China [3] - The Chinese computing power platform construction is accelerating, with an expected growth of over 40% in intelligent computing power scale by 2025 [3] Rare Earth Permanent Magnet Sector - Key stocks in the rare earth permanent magnet sector, such as Jinli Permanent Magnet and Baogang Co., experienced limit ups [4] - Jinli Permanent Magnet plans to increase its high-performance rare earth permanent magnet material production capacity to 60,000 tons by 2027 [4] Gold Sector - Northern Copper's gold sales volume for 2024 is projected at 6,319 kg, with sales revenue of 3.56 billion yuan, accounting for 14.77% of total revenue [7] - Hunan Silver reported a 28.35% year-on-year increase in silver production for 2024, totaling 761.08 tons, and a 35.52% increase in gold production, reaching 2,683.28 kg [8] Institutional Investment - Ten stocks on the Dragon and Tiger list had net purchases exceeding 1 billion yuan, with Dongfang Precision and Jinli Permanent Magnet leading with net purchases of 605 million yuan and 550 million yuan respectively [9]

Core Viewpoint - The State Grid Beijing Electric Power Company is advancing 67 key summer reinforcement projects for the power grid, which will be operational by early July 2025, to meet the rapidly growing electricity demand in Beijing [4]. Group 1: Project Overview - The 67 projects include 19 main network projects and 48 distribution network projects, aimed at ensuring stable operation of the Beijing power grid and enhancing summer comfort for residents [3][4]. - The summer reinforcement projects are expected to add 150 kilometers of transmission lines at 35 kV and above, and increase transformer capacity by 1.73 million kVA [4]. Group 2: Regional Impact - The projects will effectively meet the electricity demand growth in areas such as Tongzhou, Chaoyang, Haidian, and the Beijing Economic-Technological Development Area, while also improving power supply capabilities in Changping, Miyun, and Shunyi [4]. - These initiatives are designed to support high-quality economic and social development in Beijing [4]. Group 3: Strategic Goals - The company is focusing on "strengthening capacity, addressing shortcomings, and ensuring safety" to optimize the power grid development plan and accelerate the construction and upgrading of both main and distribution networks [5]. - The year 2025 marks a critical phase in the implementation of Beijing's 14th Five-Year Plan for the power grid, with key projects like the Global and Jiangzhuang Lake 220 kV substations enhancing regional interconnectivity and reliability [5]. Group 4: Infrastructure Development - The projects incorporate smart technology to significantly enhance the resilience and reliability of the power grid, supporting various sectors including tourism, high-end industries, and artificial intelligence [5][6]. - Key projects also include the construction of 110 kV substations and the expansion of existing substations to improve power supply quality and address regional electricity pressure [6].

Market Overview - On May 21, 2025, A-shares experienced a high-level fluctuation, with the Shanghai Composite Index rising by 0.21% to 3387.57 points, while the Shenzhen Component Index increased by 0.44% to 10294.22 points. The total trading volume in the Shanghai and Shenzhen markets was 11,735 billion yuan, an increase of 38 billion yuan from the previous trading day [1] - Hong Kong stocks also saw gains, with the Hang Seng Index rising by 0.62% to 23827.78 points and a total trading volume of 2162.54 billion HKD [1] - In contrast, U.S. stocks fell, with the S&P 500 Index dropping by 1.61% to 5844.61 points, marking the largest decline in a month [1] Company News - UBS expressed optimism about the Chinese stock market, highlighting that foreign capital inflow will be a significant trading logic in the coming quarters, with Hong Kong stocks slightly outperforming A-shares. The recent performance of IPOs in Hong Kong reflects overseas investors' recognition and interest in China's core assets, indicating more long-term capital will flow back into the Chinese stock market [3] - Baidu reported a first-quarter revenue of 32.452 billion yuan, a year-on-year increase of 3% from 31.513 billion yuan. The adjusted operating profit was 5.33 billion yuan, exceeding the forecast of 4.89 billion yuan. The adjusted EBITDA was 7.2 billion yuan (approximately 993 million USD), with an adjusted EBITDA margin of 22%. The core adjusted EBITDA was 6.7 billion yuan (approximately 925 million USD), with a margin of 26%. However, Baidu's non-GAAP net profit decreased by 8% year-on-year to 6.47 billion yuan. R&D expenses for the first quarter were 4.5 billion yuan (approximately 626 million USD), down 15% year-on-year due to reduced personnel-related costs [3] Industry Development - The China Computing Power Platform (Shanghai) and the Shanghai Computing Power Trading Platform were officially launched during the 2025 World Telecommunication and Information Society Day series of events. The platform aims to integrate computing power monitoring, supply-demand matching, dynamic scheduling, industrial ecosystem community, and computing power challenge actions, focusing on achieving five key objectives: a national "computing power resource ledger," a "one-stop" service system for computing power matching, a comprehensive "computing power scheduling network," a collaborative "computing power ecosystem," and a "computing power technology innovation list" to tackle core technologies [4]

Core Viewpoint - The launch of the China Computing Power Platform in Nanchang aims to enhance the national computing power infrastructure and services, promoting a comprehensive open access to computing resources across various sectors [1] Group 1: Platform Features - The China Computing Power Platform integrates several functions including computing power monitoring, supply-demand matching, dynamic scheduling, industry ecosystem community, and computing power challenge actions [1] - The platform aims to achieve five key objectives: a national "computing power resource ledger," a "one-stop service" for computing power matching, a "unified network" for computing power scheduling, a collaborative "computing power ecosystem," and a "core technology breakthrough" list for technological innovation [1] Group 2: Key Participants - The launch ceremony was attended by Wang Zhiqin, Vice President of the China Academy of Information and Communications Technology, and Dai Bin, Deputy Director of the Shanghai Communications Administration [1]