工业和信息化部副部长熊继军在 昨日召开的 2025中国算力大会上强调， 工信部将有序引导算力设施建设，切实提升算力资源供给质量。 推动完善算力布局政策体系，优化布局算力基础设施，引导各地合理布局智能算力设施，持续开展国家绿色数据中心建设。 强化企业创新主体地位，推进科技创新与产业创新深度融合。 加快突破GPU芯片等关键核心技术，扩大基础共性技术供给。 下载财联社APP获取更多资讯 准确 快速 权威 专业 一体化算网建设再提速 七城算力中心接入国家超算互联网 2025中国算力大会主论坛上，国家超算互联网与七城算力中心"算力互联互通接入仪式"顺利举行。 随着国家超级计算太原中心、青岛"海之心"人工智能计算中心、长沙人工智能创新中心、万达开先进计算中心等七家算力中心正式接入， 国家超算互联网所连接的骨干节点型算力中心已突破30家，联合体成员数量更突破200大关。 工信部熊继军：优化布局算力基础设施 引导各地合理布局智能算力设施 在周六召开的2025中国算力大会上，工业和信息化部副部长熊继军表示，截至今年6月底，我国在用算力中心标准机架达1085万架，智能 算力规模达788 EFLOPS，干线400G端口数量大幅增加 ...

Core Viewpoint - The Tianhong Advanced Manufacturing A Fund (011851) reported a profit of 300,400 yuan for Q2 2025, with a net value growth rate of 0.26% and a fund size of 147 million yuan as of the end of Q2 2025 [2][17]. Fund Performance - The fund's weighted average profit per share for the reporting period was 0.002 yuan [2]. - As of July 18, 2025, the fund's unit net value was 1.059 yuan [2]. - The fund's performance over different time frames includes: - 3-month net value growth rate: 10.59%, ranking 100 out of 171 comparable funds [4]. - 6-month net value growth rate: 4.78%, ranking 112 out of 171 comparable funds [4]. - 1-year net value growth rate: 16.01%, ranking 97 out of 166 comparable funds [4]. - 3-year net value growth rate: -11.88%, ranking 26 out of 125 comparable funds [4]. - The fund's Sharpe ratio over the past three years was 0.0736, ranking 26 out of 120 comparable funds [10]. - The maximum drawdown over the past three years was 40.31%, ranking 112 out of 122 comparable funds [12]. Investment Strategy and Outlook - The fund manager anticipates a more optimistic market in the second half of the year, contingent on a stable external environment [3]. - Key investment directions for the second half include: - Cyclical sectors benefiting from domestic economic improvement, extending from consumption to manufacturing and from downstream to upstream [3]. - High-tech sectors benefiting from domestic industrial restructuring, including new energy, AI applications, computing power construction, aerospace manufacturing, and innovative pharmaceuticals [3]. Fund Holdings - As of June 30, 2025, the fund's top ten holdings included: - Geely Automobile, CATL, Air China, China Power, Zhongtian Technology, Shantui, Guangdong Hongda, Xiamen Tungsten, AVIC Shenyang Aircraft, and Torch Electronics [20]. Fund Positioning - The fund maintained an average stock position of 87.59% over the past three years, with a peak of 93.24% at the end of 2024 and a low of 70.32% in mid-2021 [15].

Group 1 - *ST Jinguang (600190) will be subject to mandatory delisting due to major violations, with trading suspension starting from May 30, 2025 [2] - The company was found to have inflated profits through false trade activities and misreporting, with inflated profits of 36.10 million yuan in 2022, 68.09 million yuan in 2023, and 15.38 million yuan in Q1 2024 [2] - The stock will enter a delisting transition period for 15 trading days after the delisting decision, followed by a five-day period before being officially delisted [2] Group 2 - Central state-owned enterprises (SOEs) are accelerating market value management, with several companies releasing market value management systems [4] - Local and enterprise-level efforts are expected to enhance the pace of market value management, particularly for low-priced and low-market-cap companies, by the second half of 2025 [4] - 16 potential stocks have been identified based on criteria of stock price below 8 yuan and market capitalization below 8 billion yuan [5] Group 3 - Jishi Media, a local state-owned enterprise, is focusing on strategic emerging industries and digital transformation to enhance its asset scale and profitability [5][6] - The company reported a revenue of 499 million yuan in Q1, a year-on-year increase of 23.14%, marking the highest growth rate since its listing [7] - The company is actively collaborating on digital infrastructure projects to boost its capabilities in various sectors [6] Group 4 - Two potential stocks, Liyuan New Energy and ST Chenming, have seen continuous institutional buying over the past two years, with significant net purchases recorded [8] - Liyuan New Energy focuses on wind and solar power generation, with a notable increase in social security fund holdings [8]

Group 1: Core Insights - The annual "World Telecommunication and Information Society Day" highlighted the focus on 10G optical networks, artificial intelligence, and computing power infrastructure [1][5] - The introduction of 10G optical networks marks a significant upgrade, providing 10 times the bandwidth of current 1G networks, and is now commercially available in Guangzhou [2][4] - The Ministry of Industry and Information Technology (MIIT) has initiated pilot projects for 10G optical networks, aiming for deployment in key urban areas by the end of 2025 [3] Group 2: Industry Developments - Guangdong telecom operators have begun rolling out 10G optical networks in communities, with several neighborhoods designated as demonstration areas [2] - The 10G network enables high-speed downloads, such as downloading an 80GB 8K movie in just 80 seconds, and supports various high-bandwidth applications [4] - The focus on AI and computing power is evident, with the launch of initiatives to build a computing power internet trial network, allowing users to flexibly purchase computing services [5]

Core Viewpoint - Huagong Technology is facing new challenges amid ongoing globalization strategies, particularly due to the recent introduction of "reciprocal tariffs" by the United States, which has raised concerns among shareholders [1][2]. Financial Performance - In 2024, Huagong Technology achieved a revenue of 11.709 billion yuan, representing a year-on-year growth of 13.57%, and a net profit attributable to the parent company of 1.221 billion yuan, up 21.17% [2]. - The domestic market contributed approximately 88.2% of the total revenue, amounting to 10.328 billion yuan, while the international market accounted for about 11.8%, with revenue of 1.381 billion yuan [2]. - The revenue growth rate for the international market was 25.57%, significantly higher than the overall revenue growth rate of 13.57% [2]. Globalization Strategy - Huagong Technology has established four overseas R&D centers and over 40 sales service centers in North America, Australia, Germany, and Canada, which have led to a noticeable increase in export orders from Europe, North America, and the Middle East [2][3]. - The company aims to increase the proportion of overseas sales to over 30% in the future, despite short-term policy fluctuations [3]. Impact of Tariffs - The recent tariff fluctuations have had some impact on the company, but the management believes they have the capability to manage these challenges [2][3]. - The company's business in the U.S. will primarily focus on optical modules, which may either be exempt from tariffs or have the tariff burden passed on to customers, thus minimizing the impact on profits [2]. Future Projections - For 2025, Huagong Technology projects a revenue of 14 billion yuan, reflecting a year-on-year growth of approximately 19.56% [6]. - In the first quarter of the current year, the company reported a revenue of 3.355 billion yuan, a year-on-year increase of 52.28%, and a net profit of 410 million yuan, up 40.88% [6]. - The company anticipates steady growth across its three main business segments, with the optical module segment expected to see significant growth driven by domestic computing power infrastructure development [6][7].

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Insights - The demand for computing power is expected to increase further driven by AI technologies, with the State Grid's first tender scale reaching a new high [1] - The power equipment capacity can reach 3-5 times that of computing chips, with the supply and distribution market space expected to reach 73 billion yuan by 2026 [4] - The AIDC power equipment sector has shown strong performance recently, with significant gains in backup diesel power sources (+26.6%), lead-acid batteries (+14.1%), and uninterruptible power supplies (UPS) (+13.6%) [4] - The industry is characterized by a long power transmission chain with global giants like Vertiv, Eaton, and Schneider having established strong product lines and solution capabilities [4] - Domestic companies are gaining competitive advantages in various segments of the data center industry, with leading firms gradually building solution provision capabilities [4] - The year 2025 is anticipated to be a pivotal year for global AIDC construction, with major cloud providers expected to significantly increase capital expenditures [4] Summary by Sections AIDC Power Equipment - The global data center's IT load is projected to grow significantly, with a compound annual growth rate (CAGR) of 48% from 2024 to 2026 [4] - The investment in power engineering reached 302.2 billion yuan in December 2024, a year-on-year increase of 54% [4] - The first batch of 2025 State Grid transmission and transformation equipment tenders amounted to 15.239 billion yuan, a year-on-year increase of 23.5% [4] Grid Industry - The grid investment for 2025 is expected to exceed 650 billion yuan for the first time, with a continuous increase in investment during the 14th Five-Year Plan period [4] - The tender results for the State Grid's high-voltage direct current equipment showed a significant increase in the value of contracts awarded [4] - The domestic grid sector is expected to maintain high investment levels, with an estimated average annual investment exceeding 700 billion yuan [4]

Core Viewpoint - The private quantitative investment industry is gaining attention with the rise of DeepSeek, as Shenzhen aims to transform into a global hub for quantitative innovation by enhancing its computing power infrastructure [1][2]. Group 1: Meeting Overview - A seminar was organized by the Shenzhen Private Fund Association, attended by 16 leading quantitative institutions, focusing on the challenges and opportunities in the AI era, computing power applications, and suggestions for building a computing power center in Shenzhen [1][2][4]. - The meeting highlighted the need for collaboration among quantitative firms to create a supportive ecosystem for development [2]. Group 2: Key Discussion Points - The seminar focused on three main areas: understanding the current state of quantitative institutions in Shenzhen, discussing the challenges and opportunities in the AI era, and providing feedback on the planning of the computing power center [4]. - The local government introduced plans for a computing power center aimed at optimizing resource allocation and reducing R&D costs for quantitative firms [5]. Group 3: Industry Pain Points - The quantitative industry faces three major pain points: increasing competition for talent, high costs and barriers in acquiring non-standard data, and the need for more flexible regulatory frameworks [8][9][10]. - There is a pressing demand for composite talents skilled in finance, AI, and mathematics, but competition from other regions remains a challenge [8]. Group 4: Institutional Feedback - Leading quantitative firms provided insights during the meeting, emphasizing the importance of AI in factor extraction, the need for industry standards, and the integration of macro and quantitative strategies [12]. - Suggestions included establishing a shared computing power platform and enhancing market trust through strategy transparency [12]. Group 5: Future Plans - Shenzhen plans to introduce policies to support the quantitative industry, including talent recruitment subsidies and computing power procurement assistance [10]. - The city aims to significantly enhance its intelligent computing power by 2026, with a target of over 80E FLOPS of real-time usable intelligent computing power [13].