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 ...

Group 1 - The core idea of the article revolves around the emergence of Shenzhen as a hub for the robotics industry, driven by a convergence of talent, technology, and supportive infrastructure [1][2][10] - The establishment of Zhifang, a company focused on general-purpose intelligent robots, highlights the trend of entrepreneurs choosing Shenzhen for its complete hardware supply chain and pragmatic spirit [2][3] - The "Robot Valley" in Shenzhen is characterized by a seamless flow of knowledge and collaboration among academia, industry, and government, fostering innovation in robotics [1][4][10] Group 2 - The West Lake International Science and Education City, covering approximately 69.8 square kilometers, hosts several prestigious universities that contribute to robotics research and development [3][4] - Companies like Zhijidongli, founded by a former academic, exemplify the trend of leveraging academic expertise to drive entrepreneurial ventures in robotics [3][4][5] - The entrepreneurial ecosystem in Shenzhen is marked by a generational transfer of knowledge, where professors mentor students who then establish their own companies [5][6][7] Group 3 - The article discusses the importance of a comprehensive incubation service system for AI and robotics startups, moving beyond traditional garage-style entrepreneurship [8][9] - Shenzhen's government has implemented supportive policies, including the establishment of strategic investment funds to back AI and robotics startups, reflecting a shift from merely providing policies to creating real-world applications [9][10] - The city aims to open up 100 application scenarios for AI and robotics, allowing companies to test and refine their technologies in practical settings [10]

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]