Group 1 - Karamay signed strategic cooperation agreements with 36 government units, well-known computing power enterprises, and research institutions, involving an investment of 14.373 billion yuan and a planned computing power scale of 68,000 P [1][2] - Karamay has established 60,000 standard cabinets, with a storage capacity of 6,200 PB and intelligent computing power of 17,000 P, and has launched six major data centers including Huawei Cloud and China Mobile [1] - Karamay aims to create favorable conditions for eastern computing power enterprises to explore the western market and enhance competitiveness, supporting the integration into the "Belt and Road" initiative [1] Group 2 - Karamay benefits from excellent natural conditions, including an average annual temperature of 5 to 14°C, dry weather, and a stable geological environment, which has never experienced earthquakes above 4.7 magnitude [2] - The city has established a unified computing power network, integrating scattered computing projects into clusters and forming partnerships with cities like Shanghai, Beijing, and Shenzhen for collaborative scheduling and transaction settlement mechanisms [2] - Karamay is advancing the construction of a 100,000 P green computing power cluster, enhancing its service capabilities based on the existing 17,000 P computing power service capacity [3] Group 3 - Investors can adopt integrated construction methods for IDC rooms and intelligent computing centers or choose leasing models to quickly establish computing resource pools [3] - The existing standardized factories in the park are also suitable for intelligent transformation, facilitating the development of computing power services [3] - Future plans include forming a high-performance computing service supply capability that deeply integrates general-purpose and domestically produced chips [3]

Core Insights - The report emphasizes the importance of technological modernization as a foundation for achieving high-quality development in China, aiming for a strategic goal of becoming a technological powerhouse by 2035 [6][9] - The manufacturing PMI for March 2025 is reported at 50.5, indicating a slight increase from the previous value of 50.2, suggesting a stable manufacturing environment [6][9] - The report highlights the ongoing efforts to clean up existing illegal charging policies, indicating a proactive regulatory approach [6][9] Domestic Market Performance - The Shanghai Composite Index closed at 3,335.75, down 0.46%, while the Shenzhen Component Index closed at 10,504.33, down 0.97% [4] - The average P/E ratios for the Shanghai Composite and ChiNext are reported at 14.25 and 37.48 respectively, indicating a mid-level valuation suitable for long-term investment [9][10] International Market Performance - The Dow Jones closed at 30,772.79, down 0.67%, while the S&P 500 and Nasdaq also experienced declines of 0.45% and 0.15% respectively [5] Industry Analysis - The report discusses the growth in the AI and computing power sectors, highlighting the increasing demand for data centers and AI infrastructure as key growth drivers [15][25] - The electrical equipment sector has shown strong performance, with the index rising 0.86% in March, outperforming the broader market [18] - The report notes a significant increase in domestic excavator sales and the release of humanoid robot products, indicating a robust machinery sector [28] Investment Recommendations - Investors are advised to focus on sectors such as electric power, precious metals, and diversified finance for short-term opportunities, while maintaining a balanced approach between defensive and growth stocks [12][14] - The report suggests that the new materials sector is expected to continue its growth trajectory, driven by increasing demand in manufacturing and technology integration [24] Key Data Updates - The report provides updates on the release of locked shares and the top ten active stocks in the Shanghai-Hong Kong Stock Connect, indicating market liquidity and investor interest [8]

目前，平台已与上海三大运营商以及多家云算力企业达成初步合作意向，并探索接入西部对口合作地区优质算力。 上海智能算力科技有限公司总经理孙跃介绍称，上海市智能算力资源统筹调度服务平台以社会闲散算力纳管交易为核心，通过"一云多芯、一云多池"灵 活调度的云服务平台，为垂类行业应用、开源社区、AI研究者、个人开发者等提供高性价比普惠算力服务。目前，平台已首批接入上海仪电、上海电信、 上海移动、上海联通、商汤科技、碳和科技等互联网企业算力、云计算服务商、电信运营商等。 现场还颁发了2024年度上海市算力网络高质量发展标杆应用案例、上海市智算中心综合能效卓越奖和绿色技术单项成就奖。其中，商汤临港智算中心获 得标杆应用案例一等奖。 近日，2025年"智算申城"高峰论坛在上海召开。会上，上海市智能算力资源统筹调度服务平台上线。 上海市经济和信息化委员会主任张英在致辞中指出，上海正顺应智能化变革机遇，将人工智能作为重点发展的三大先导产业之一，引领制造业数智化转 型，带动构建具有竞争力的智算产业生态。面向未来，上海将充分利用超大城市的综合优势，加快建设更具国际影响力的人工智能"上海高地"。 现场，上海市智能算力资源统筹调度服务平台 ...

作 者丨雷晨 编 辑丨倪雨晴 近年来，随着人工智能（AI）技术的迅猛发展，全球范围内掀起了一股AI算力中心建设的热 潮。 从中国各地的"智算中心"项目密集开工，到美国科技巨头动辄数百亿美元的数据中心投资， 算力基础设施成为新一轮科技竞赛的核心战场。 这股热潮之下，业内也开始出现不同的声音。阿里巴巴集团主席蔡崇信等业内人士警示"AI算 力投资存在泡沫"，而Me t a、英伟达等企业则坚称"AI算力需求远超供给"。 而当美国市场率先出现阶段性过剩信号，中国算力产业又该如何避免重蹈覆辙？ 美国算力泡沫隐现？ 今年以来，De e pSe e k凭借其高效、灵活和低成本的优势，引发全球大模型平权浪潮。 随着算力成本的不断降低，算力领域是否存在泡沫的争议日益加剧，其中，美国市场首先出 现了关于算力中心存在泡沫的论点。 今年1月，微软计划在2 0 2 5财年斥资8 0 0亿美元用于建设AI数据中心，重点用于开发能够训练 人工智能模型、部署人工智能以及基于云的应用程序的数据中心。 2月，Me t a正在探索建设一座巨型数据中心园区的计划，以支持其AI项目，预计投资额将超 过2 0 0 0亿美元。该公司CEO扎克伯格曾透露，计 ...

Group 1 - The article emphasizes the upcoming earnings report season and suggests focusing on leading companies with strong earnings performance [2][4] - It highlights the importance of Q1 earnings expectations as a significant factor influencing stock prices, recommending the identification of core sectors and leading companies with potential earnings surprises [2][3] - The article notes a potential decline in market risk appetite due to earnings disclosures, suggesting that investors may consider increasing positions in high-quality leading stocks during market dips [2][3] Group 2 - Major companies are significantly increasing their capital expenditures, with Tencent planning a capital expenditure of 36.578 billion yuan for Q4 2024, a 386% year-on-year increase, and China Mobile announcing a 37.3 billion yuan investment in computing power for 2025 [2][3] - The article discusses the high growth prospects of the computing power industry, particularly following Nvidia's announcement of a new chip architecture at the GTC conference, which is expected to drive demand for AI model inference [2][3] - It recommends continuous monitoring of developments in the computing power industry and suggests positioning in core leading companies within this sector [2][3]