大伙好啊，刚刚过去的九月，你的朋友圈被各种科技新闻刷屏了吗？AI不是还在"震惊部"，芯片怎么 又"卡脖子"了？飞行汽车，这玩意儿真的不是PPT吗？ 九月简直成了科技圈的"春运"，无锡半导体展、腾讯大会、云栖大会连轴转。但这可不是简单的赶集， 而是一场硬核实力的集中阅兵。 华为小米为啥能掀起巨浪？因为它们拿出的不再是参数表，而是能重新定义市场格局的"硬货"。这直接 刺激了二级市场的神经，引发了一场关于"国产替代"和"算力自主"的全面价值重估。 光模块、HBM（高频宽记忆体）、国产GPU为什么集体躁动？逻辑很简单：大模型是吃算力的"电老 虎"，而这些就是给电老虎"喂食"的食堂和后厨。 食堂和后厨都忙不过来了，说明前面的"电老虎"生意 火爆啊！中芯国际、寒武纪被券商研报刷屏，正是这条逻辑链的最强印证——资本市场正在为中国科技 的"底座"重新定价。 第三把火：汽车"上新"，卷出新天际的"移动终端" 华为带着新车杀入，堪称九月最精彩的"鲶鱼效应"。它搅动的不仅是整车市场，更是整个智能驾驶产业 链的一池春水。 如果你有这种错觉，那九月资本市场的真金白银，就是一盆最提神的醒脑冰水——这不再是科幻迷的狂 欢，而是一场由政策发 ...

Core Insights - The domestic computing power ecosystem is evolving through collaboration across various sectors, from chips to servers and intelligent computing clusters, aiming for higher efficiency and application deployment [1][2][3] - Companies like DeepSeek are leading the charge in integrating domestic chips into practical applications, enhancing computational efficiency while reducing storage and data transmission costs [4][5] - The launch of the OISA 2.0 protocol during the conference marks a significant step in building a collaborative platform for GPU interconnectivity, supporting the scale-up of intelligent computing clusters [5][6] Industry Developments - The collaboration among domestic operators, internet companies, chip manufacturers, and research institutions is crucial for establishing a cohesive computing power industry chain [3][5] - The OISA 2.0 protocol supports up to 1024 AI chips with bandwidth exceeding TB/s and latency reduced to hundreds of nanoseconds, enhancing the performance of intelligent computing clusters [5] - The introduction of the GSE technology system by China Mobile aims to optimize the scale-out route for intelligent computing centers, focusing on high-capacity networking capabilities [6] Technological Innovations - The industry is addressing the challenges of heterogeneous computing by developing unified platforms that enhance ecosystem synergy [6][8] - The integration of high-performance computing and intelligent computing requires a deep restructuring of hardware architecture, emphasizing the need for collaborative innovation across various layers [8] - The focus on liquid cooling technologies is increasing, with cold plate liquid cooling systems being highlighted for their efficiency in high-density deployments [11][12] Market Trends - The demand for intelligent computing centers is rising, but challenges remain in infrastructure planning, model development efficiency, and deep integration of industrial applications [9][10] - The report emphasizes the need for a comprehensive standard system covering construction, development, and application processes in intelligent computing services [9] - Companies are actively developing full-stack solutions to meet diverse computing power demands across various industries, including education, energy, and healthcare [10] Future Directions - The industry is moving towards a collaborative ecosystem that promotes open protocols and integrated solutions, driving technological advancements in the domestic computing power sector [13] - The focus on energy efficiency and cost reduction through innovative cooling solutions is expected to play a critical role in the future of data center construction [11][13]

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - The report emphasizes two main themes: AI applications and financial innovation. It highlights the strengthening investment logic around AI agents and the potential for a new wave of financial innovation driven by blockchain technology. The report anticipates a significant turning point in Q4 for domestic AI models and applications, with improved model capabilities and reduced costs [7][52]. Summary by Sections Market Performance - Last week, the computer sector experienced a significant increase of 7.84%, ranking third among major industries in the Yangtze River region. The total trading volume accounted for 11.49% of the market [2][5][16]. Key Recommendations - The report suggests focusing on: 1. AI agent-related companies 2. The domestic inference computing power industry chain, particularly recommending leading AI chip company Cambrian [7][52] 3. Cloud service providers where agent applications are expected to materialize 4. Companies with blockchain technology reserves and financial IT-related enterprises [7][52]. Recent Developments - The report notes the release of security assessment results by the China Information Security Testing Center and the National Confidential Technology Testing Center, indicating ongoing advancements in the domestic information security sector [21][26]. - The 2025 China Computing Power Conference was held, emphasizing the importance of collaboration among various industry stakeholders to enhance the quality of the computing power industry [27][34]. AI and Computing Power Trends - The report highlights a rapid increase in AI application adoption, with a significant rise in daily token consumption from 1 trillion at the beginning of 2024 to over 30 trillion by mid-2025, indicating a strong demand for computing power [30][34]. - The current state of the computing power industry is characterized by a need for high-quality, scalable development, with a focus on improving technology and infrastructure [30][34]. Financial Innovation - The report discusses the potential of blockchain technology to drive a new wave of financial innovation, emphasizing its role in ensuring data integrity and transaction authenticity [49][54].