人民财讯10月31日电，10月31日，国家发展改革委政策研究室副主任李超在新闻发布会上回答证券时报 记者提问。李超表示，我国算力基础设施还存在部分算力设施"小而散"、老旧算力设施能效偏低等问 题，在节能降碳改造方面仍有较大优化空间。下一步，国家发展改革委员将以算力基础设施规模化、集 约化、绿色化发展为重点，推进多项工作，包括优化建设布局，以规模化推动效率提升等。具体来说， 国家发展改革委员会将强化"东数西算"规划布局刚性约束，合理规划、严格把关，新建大型和超大型算 力设施优先布局在全国一体化算力网国家枢纽算力设施集群范围内。统筹算力与电力基础设施布局，推 动算力设施向西部绿电富集区集群布局，提升可再生能源利用水平。鼓励小、散、低效的存量算力设施 向集约化、高效率转变。 ...

固定收益 | 固定收益点评 "十五五"规划公报，关注什么？ 证券研究报告 "十五五"规划公报强调经济高质量发展 《公报》的主要目标涉及高质量发展、科技自立自强、深化改革、人民生 活和国家安全等多个方面，其中，经济发展目标更加重视高质量发展，可 能延续"十四五"规划的导向，淡化具体的 GDP 增速目标。回顾历史来看， 十二五规划提出"经济平稳较快发展，国内生产总值年均增长 7%"，十三 五规划要求"经济保持中高速增长"，国内生产总值到 2020 年比 2010 年 翻一番，十四五规划强调"国内生产总值年均增长保持在合理区间"，未设 定具体的 GDP 增速目标。 中长期而言，到 2035 年，我国的人均国内生产总值达到中等发达国家水 平，或仍存在隐含的经济增长目标。根据国家统计局数据，2024 年我国人 均 GDP 为 1.34 万美元，2035 年要达到 2.5 万美元左右，其间 GDP 名义增 长速度要达到 6.3%，如果期间价格水平平均每年上涨 1.3%-1.5%，那么 GDP 就要平均增长 4.8%-5.0%。 "产业"在"十五五"公报中的优先性提升 此次《公报》强调建设现代化产业体系，巩固壮大实体经济根 ...

招商证券指出，9月经济数据显示政策逆周期调节正在加力提效，资金活化程度改善，M1增速回升导致M1-M2剪刀差收 窄，显示国内需求有边际回暖迹象。同时，PPI同比降幅收窄且规上工业企业利润增速由负转正，反映出工业端正在企稳。 尽管投资与消费仍面临压力，但财政支出加快及新型政策性金融工具落地有望进一步支撑基本面改善。 近期，工业和信息化部印发开展城域"毫秒用算"专项行动的通知，推动AI算力向分布式与边缘协同化发展。金元证券认 为，该专项行动标志着我国数字经济正从"算力规模"迈向"算力效率"的关键阶段，通信设备、算力基础设施厂商以及国产 AI芯片与边缘计算产业链将迎生态红利。长期来看，AI服务器板块有望持续受益于算力架构升级趋势。 截至2025年10月17日，中证500ETF平安近1年夏普比率为1.41。 回撤方面，截至2025年10月20日，中证500ETF平安近半年最大回撤7.07%，相对基准回撤0.14%。 费率方面，中证500ETF平安管理费率为0.50%，托管费率为0.10%。 截至2025年10月21日 09:48，中证小盘500指数(000905)上涨0.93%，成分股中信重工(601608)上涨10 ...

通信板块当前观点汇报 20251020 摘要 光模块和北美算力链短期内或有超额收益，但绝对收益需更多变化驱动。 通信板块中，运营商板块具红利/防守属性，业绩波动小；泛无线产业链 及端侧 AI 产品受中美贸易摩擦影响，三季度出口略显疲软，但同比仍增 长。 国内算力链受芯片采购策略影响，三季度基础设施订单交付量预计下降。 光模块行业受益于英伟达新型算力芯片及云厂商网络升级，1.6T 光模块 需求大幅上调，或提前推动 2027 年业绩高增长，提升估值。 AI 产业链或北美算力产业链具投资性价比，建议坚守并跟踪全球 token 消耗数据。关注光通信行业是否进入新一轮架构周期，以及 Ruby 相关 产业链为 2026 年需求做的准备。 光模块市场需求巨大，800G 需求已达 4,000-4,500 万只，1.6T 达 2000 万只，整体供不应求，降价幅度预计小于以往，相关公司产业景 气度有望延续。 目前判断 2026 年行业增长无大碍，新增需求量或非常大，中远期前景 清晰。10 月是光模块市场活跃期，关注北美算力链三季度业绩及投资者 日活动，或带来乐观指引和产品升级。 Q&A 近期通信板块的整体表现和未来预期如何？ ...

Group 1 - The market is experiencing high volatility with increased short-term divergence and accelerated sector rotation, but the long-term upward trend in technology remains intact [1] - After the unexpected rise in August, the market may face short-term fluctuations, yet the overall trend is positive, indicating structural opportunities that should be actively seized [1] Group 2 - Investment focus is on four main areas: 1. Computing infrastructure, which continues to see rising demand, particularly in sectors like computing chips, optical communication, PCB, and liquid cooling [2] 2. The explosive potential of AI applications, with the ongoing improvement of AI infrastructure and technology leading to the emergence of blockbuster products in both edge and cloud applications [2] 3. Embodied intelligence scenarios, including humanoid robots, autonomous vehicles, and drones, which are expected to benefit from advancements in AI capabilities [2] 4. Emerging industries supported by policy, especially those highlighted in the "14th Five-Year Plan," which will be important for medium to long-term investment [2] - Future market dynamics, such as style rebalancing and the performance of small-cap stocks, will be key areas of focus [2]

Core Viewpoint - The acquisition of Qinhuai Data by Dongyangguang represents a significant move into the AI computing infrastructure sector, highlighting the growing importance of data centers as essential assets in the digital economy [1][15][16] Group 1: Acquisition Details - Dongyangguang, in collaboration with Shenzhen Dongyangguang Industrial Development Co., has formed a buyer consortium to acquire 100% of Qinhuai Data for 28 billion RMB, marking the largest M&A deal in China's IDC industry to date [1][4] - The acquisition structure is complex, involving multiple steps and significant leverage, allowing Dongyangguang to minimize direct financial exposure while gaining strategic access to the AI computing market [4][6][10] - Post-acquisition, Dongyangguang will hold a minority stake in the acquiring entity, East Data No. 1, ensuring that the financial risks associated with Qinhuai Data's operations do not directly impact Dongyangguang's balance sheet [6][10][12] Group 2: Strategic Implications - The acquisition is seen as a strategic move for Dongyangguang to transition from traditional manufacturing to becoming a key player in the AI computing infrastructure space, leveraging its existing capabilities in clean energy and liquid cooling technologies [15][16] - Dongyangguang aims to create a synergistic relationship with Qinhuai Data, enhancing operational efficiency and expanding its market presence in the data center sector [7][15] - The deal reflects a broader trend of traditional industries entering the AI and data center markets, as companies seek to capitalize on the growing demand for computing power driven by advancements in AI technologies [2][16][17] Group 3: Market Context - The data center market is experiencing a significant valuation reassessment, with major investments from both traditional and tech companies, indicating a robust growth trajectory for AI infrastructure [17] - Qinhuai Data has established itself as a leading player in the market, with substantial revenue contributions from major clients like ByteDance, underscoring its strategic value in the AI ecosystem [10][13] - The global AI server market is projected to grow from $125.1 billion in 2024 to $222.7 billion by 2028, highlighting the lucrative opportunities within the sector [16]

Core Insights - The acquisition of Qinhuai Data by Dongyangguang and its partners for 28 billion RMB marks the largest M&A deal in China's IDC industry to date, reflecting the growing interest in data as a key asset in the AI era [1][5][6] - Dongyangguang aims to integrate resources in liquid cooling materials, AIDC, and clean energy to build a large-scale green intelligent computing center, enhancing its position in the AI computing landscape [1][10] Company Overview - Dongyangguang, traditionally focused on aluminum foil and chemical manufacturing, is now entering the core layer of the digital economy through capital acquisition and industrial synergy [2][10] - The company reported a revenue of 7.124 billion RMB for the first half of 2025, a year-on-year increase of 18.48%, with a net profit of 613 million RMB, reflecting strong financial performance [8][9] Acquisition Details - The acquisition structure involves a complex three-step process, with Dongyangguang and its affiliates investing in a subsidiary that will ultimately acquire Qinhuai Data, allowing for a leveraged buyout without directly impacting Dongyangguang's balance sheet [3][4] - Post-acquisition, Dongyangguang will hold a minority stake in the acquiring entity, minimizing financial risk while gaining access to the lucrative data center market [4][12] Market Context - Qinhuai Data operates a significant scale of computing infrastructure, with nearly 900 MW of operational and under-construction capacity, positioning it as a major player in the "East Data West Computing" initiative [6][7] - The data center market is experiencing a valuation reassessment, driven by the increasing demand for AI infrastructure, with IDC predicting the global AI server market to grow from 125.1 billion USD in 2024 to 222.7 billion USD by 2028 [11] Strategic Implications - The acquisition is seen as a strategic move for Dongyangguang to transition from traditional manufacturing to becoming a comprehensive AI computing platform provider, leveraging its existing clean energy resources and technological capabilities [10][11] - The partnership with Qinhuai Data is expected to create synergies in technology, product offerings, and regional deployment, enhancing operational efficiency and market competitiveness [10][12]

Core Viewpoint - The State Council has issued a plan for pilot reforms in the market-oriented allocation of factors in certain regions, focusing on innovative allocation methods for both traditional and new factors, such as data and computing power, to drive the digital economy [1] Group 1: New Factor Allocation - The pilot reform aims to explore new allocation methods for traditional factors like land, labor, and capital, as well as new factors such as data, computing power, airspace, and spectrum [1] - The efficient allocation and value release of these new factors are seen as fundamental to upgrading industries and enhancing the digital economy [1] Group 2: Institutional Innovation - The core of the new factor market allocation is the clarification of ownership and circulation rules for new factors [2] - Pilot regions are encouraged to define property rights, value assessment, and revenue distribution for data and computing power, addressing issues of reluctance and fear in circulation [2] - Establishing high-standard, trustworthy trading markets for new factors is essential to break down entry barriers into the industrial system [2] Group 3: Capital Involvement - The introduction and regulation of diverse capital sources are crucial for developing and converting the value of new factors [2] - Regions should guide various capital types, including venture capital and industry funds, to invest in key areas like data cleaning, computing infrastructure, and low-altitude economy [2] - A regulatory framework must be established to prevent disorderly capital expansion and ensure investments align with national strategies and public interests [2] Group 4: Application Scenarios - The ultimate value of new factors is reflected in their ability to empower the real economy [3] - Pilot regions should open up application scenarios in smart cities, intelligent manufacturing, and low-altitude logistics to facilitate the testing and large-scale application of new technologies and business models [3] - Supporting traditional industries in their transformation through new factors is essential for cultivating competitive digital industry clusters [3]

Core Viewpoint - Dongyangguang Group is acquiring 100% equity of Qinhuai Data China for 28 billion yuan, marking a significant step in integrating into the "East Data West Computing" project and enhancing the national integrated computing network [1][2][6] Group 1: Acquisition Details - The acquisition involves a cash payment of 28 billion yuan to Bain Capital for Qinhuai Data China's operations in China [1][2] - Qinhuai Data China is recognized as a leading third-party large-scale computing infrastructure solution provider, ranking first in three key indices: intensive development, international layout, and green low-carbon [2] - The projected revenue for Qinhuai Data China in 2024 is 6.048 billion yuan, with a net profit of 1.309 billion yuan [2] Group 2: Strategic Importance - The acquisition aligns with Dongyangguang Group's strategy to embrace the digital economy and transition from manufacturing to intelligent manufacturing [3][6] - The move is seen as a vital step in enhancing the company's capabilities in green computing and artificial intelligence [6] Group 3: Synergy and Collaboration - Post-acquisition, both companies will collaborate across four dimensions: regional layout, technology, product, and demand [4] - Dongyangguang Group will leverage its clean energy resources to provide low-cost green electricity to Qinhuai Data China, supporting its low-carbon development goals [4] - The integration of Dongyangguang's liquid cooling technology with Qinhuai Data's operations aims to create a comprehensive solution that enhances energy efficiency in data centers [5] Group 4: National Strategy Alignment - The acquisition reflects Dongyangguang Group's commitment to aligning its business strategy with national initiatives, particularly in building advanced computing infrastructure [6] - The company aims to enhance its autonomous control over data assets, contributing to the broader goal of integrating digital and physical economies in China [6]

Core Viewpoint - Dongyangguang Group announced a strategic acquisition of 100% equity in Qinhuai Data China for 28 billion yuan, aiming to enhance its capabilities in the digital economy and contribute to the national integrated computing network [1][2][6] Group 1: Acquisition Details - The acquisition price for Qinhuai Data China is set at 28 billion yuan, with projected revenues of 6.048 billion yuan and net profits of 1.309 billion yuan for 2024 [2] - Dongyangguang Group plans to ensure a smooth transition and continuous operation post-acquisition, focusing on resource integration in areas like liquid cooling materials and clean energy [1][2] Group 2: Industry Positioning - Qinhuai Data China ranks first in the industry for concentrated development, international layout, and green low-carbon indices, with an overall scale index ranking second nationwide [2] - The acquisition reflects high market recognition of Qinhuai Data China's asset value, with multiple competitors including industrial capital and internet companies [2] Group 3: Strategic Transformation - The acquisition is a significant step for Dongyangguang Group in transitioning from manufacturing to intelligent manufacturing, aligning with the digital economy [3] - The company has previously engaged in partnerships to explore intelligent robotics and liquid cooling technology, indicating a proactive approach to industry trends [3] Group 4: Synergistic Collaboration - Post-acquisition, the collaboration will focus on four dimensions: regional layout, technology, product, and demand, enhancing operational efficiency [4] - Dongyangguang Group will leverage its clean energy resources to support Qinhuai Data China's low-carbon development and competitive positioning [4] Group 5: Technological Integration - The integration of Dongyangguang Group's electronic components technology with Qinhuai Data China's AI server technology aims to enhance market penetration in high-end markets [5] - The partnership will facilitate customized data center services for Dongyangguang Group's intelligent robotics business, addressing the growing demand for computing power [5] Group 6: National Strategy Alignment - The acquisition aligns with China's national strategy to build leading computing infrastructure, supporting the "East Data West Computing" initiative [6] - Dongyangguang Group's trajectory from manufacturing to digital infrastructure exemplifies the integration of the digital economy with the real economy [6]