记者丨 雷晨 编辑丨朱益民 在数字经济浪潮席卷全球的今天，算力已成为衡量国家竞争力的核心指标。 随着"十四五"规划进入收官阶段，中国算力产业交出了一份令人瞩目的成绩单：算力总规模跃 居全球第二，5G基站数量5年增长5倍，千兆宽带用户激增34倍。 与此同时，国产GPU、光模块、PCB等关键技术领域"多点开花"……一场从"跟跑"到"领跑"的 算力产业跃迁正在加速推进。 在夯实国内基座的同时，中国算力企业凭借技术性价比与场景化经验加速出海。 例如，润建股份在东盟参与24个算力中心建设，飞腾芯片谋划"嵌入式出海"战略；光模块龙头 依托海外AI训练需求，业绩估值双升。 然而，机遇与挑战并存：欧美巨头垄断高端市场，地缘政治风险暗涌。如何将"中国方案"转化 为出海的利器，成为企业下一阶段的核心命题。 随着从"算力平权"向"智算平权"的跃迁，智能算力的建设也在加速推进。上海等地纷纷出台政 策，明确提出到特定时间节点要实现的智算规模目标以及自主可控算力占比要求。 除了数字基础设施实现长足发展，在数字技术创新方面，我国也实现新突破。 刘烈宏表示，过去业界常说"缺芯少魂"，形象反映了我国在高端芯片、操作系统等方面自主可 控不足的问 ...

当郭彦东下决心创业做智能机器人时，他首选了深圳。 来到深圳，郭彦东发现，在南山区西丽这片区域里，汇集了十几家像智平方一样，有志在智能机器人行 业做出贡献的创业企业。形成企业集聚的背后，离不开人才支撑。 来到深圳，郭彦东发现，在南山区西丽这片区域里，汇集了十几家有志在智能机器人行业做出贡献的创 业企业。他在这里创办了智平方。 我国AI技术的快速追赶及"算力平权"时代的开启，机器人产业迎来前所未有的跃升机遇。而在深圳，一 场颠覆未来的"硅基革命"正在西丽湖畔悄然成型。 在阳台山南部余脉和塘朗山之间的谷地，沿着留仙大道、深圳地铁5号线，优必选、越疆科技、逐际动 力、智平方等机器人企业在"谷"里汇聚，不仅各自相距不过5分钟车程，与南方科技大学、深圳大学、 哈尔滨工业大学（深圳）等知名高校亦是步行可达。 业内常言，AI、机器人是全世界最聪明大脑共同进行技术对战的领域。深圳"机器人谷"的崛起密码，就 藏在"聪明大脑"在产、学、研链条的无缝流转中。 当哈工大师兄弟共创的乐聚机器人用八年时间将实验室"玩具"变为工业生产力，当优必选人形机器人组 团进车厂实训，深圳正以新的模式证明：真正的脑力革命，不在于碳基与硅基的对抗，而是让 ...

Group 1 - The core viewpoint emphasizes that AI is transforming asset allocation by achieving computational equity and enhancing investment research capabilities, particularly through the DeepSeek model [1][11][14] - AI is positioned as an "enhanced tool" in investment research, improving data processing efficiency and optimizing strategy execution, but it cannot fully replace human judgment in complex market scenarios [2][3][21] - The report highlights the importance of integrating AI with traditional investment frameworks to enhance decision-making processes while maintaining human oversight [20][21][30] Group 2 - The application of DeepSeek in asset allocation involves a systematic optimization of traditional strategies, focusing on risk parity and dynamic market timing [16][17][18] - The report discusses the integration of AI in A-share market strategies, utilizing macroeconomic indicators and sentiment analysis to enhance market timing and sector rotation [17][18] - AI's role in ESG investment is explored, demonstrating how it can dynamically incorporate ESG factors into asset allocation frameworks to balance returns and sustainability [18][19] Group 3 - The report outlines the deployment of AI in hedge funds and quantitative trading, showcasing how AI-driven models can assist in decision-making and strategy development [49][54][58] - It emphasizes the need for specialized AI models tailored to financial tasks, such as the Fin-R1 model, which is designed for complex financial reasoning and can be deployed on consumer-grade hardware [65][66] - The success of AI-driven investment strategies is illustrated through case studies, including Minotaur Capital, which achieved significant returns using AI for stock selection [70][74]

Investment Rating - The industry investment rating is "Recommended" [1] Core Viewpoints - The report highlights a revolution in sequencing technology empowered by AI, with domestic companies accelerating their AI business layout [5][6] - The domestic sequencing market is rapidly growing, with China becoming the second-largest gene testing market globally, surpassing 33.5 billion RMB in 2024 [31] - AI technology is significantly reducing costs and enhancing the efficiency and accuracy of sequencing processes, leading to advancements in personalized treatment and drug development [32] Summary by Sections Industry Overview - The pharmaceutical and biotechnology industry includes 645 listed companies with a total share capital of 5,825.23 million shares and sales revenue of 37,462.19 billion RMB [1] - The total profit for the industry is 3,382.22 billion RMB, with an average PE ratio of 42.37 [1] Market Performance - The pharmaceutical index increased by 1.06% during the week of March 3-7, 2025, underperforming the CSI 300 index, which rose by 1.39% [7][9] - The pharmaceutical industry index PE (TTM, excluding negative values) is 26.65 times, with a valuation premium of 121.81% compared to the CSI 300 index, indicating a historical low [9] AI Empowerment in Sequencing Technology - AI is optimizing sequencing processes and data analysis algorithms, enhancing speed and accuracy [31] - Domestic companies like BGI and Tempus are leveraging AI to create closed-loop ecosystems for data analysis and clinical applications [20][21] - The report emphasizes the importance of AI in reducing detection costs and improving personalized treatment options [32] Key Companies and Developments - Tempus AI focuses on integrating AI with clinical diagnostics, utilizing a vast database for drug development and clinical trial optimization [20][21] - BGI is enhancing sequencing efficiency through AI tools and has established a significant presence in over 100 countries [32] - Other notable companies include Shengxiang Biology, Novogene, and Berry Genomics, all of which are advancing their AI capabilities in sequencing and diagnostics [34][35]