紧抓"政策预期+产业景气"双重确定性，利用波动优化持仓结构，迎接三季度 业绩与政策共振行情。 策略研究 | 证券研究报告 — 总量周报 2025 年 7 月 13 日 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略周报 震荡中孕育突破动能 证券分析师：徐亚 （8621）20328506 ya.xu@bocichina.com 证券投资咨询业务证书编号：S1300521070003 证券分析师：高天然 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号：S1300518020001 证券分析师：郭晓希 (8610)66229019 xiaoxi.guo@bocichina.com 证券投资咨询业务证书编号：S1300521110001 tianran.gao@bocichina.com 证券投资咨询业务证书编号：S1300522100001 ◼ 震荡中孕育突破动能。本周市 ...

7月12日上午，2025绿色算力(人工智能)大会在呼和浩特市召开，一系列关乎绿色算力与人工智能产业 发展的标志性成果集中落地。这些成果覆盖算力网络协同、产业园区建设、算电融合、能源保障、科研 创新及算力规模扩容等关键领域，不仅为区域产业升级注入强劲动力，更对全国算力生态布局与高质量 发展具有里程碑式的重要意义。 算力调度平台接入国家级网络，重构全国算力协同格局 该产业园的落地不仅填补了北方地区大型金融数据集聚载体的空白，更将通过数据资源整合与技术创 新，推动金融业数字化转型进入"深水区"，为区域性金融中心建设提供核心支撑，对完善全国金融科技 产业布局具有不可替代的作用。 全国首个绿色算电协同产业基地启动，开创"能源-算力"融合新范式 和林格尔集群多云算力资源监测与调度平台正式接入全国一体化算力网资源监测平台，这一举措打破了 区域算力壁垒，实现了国家算力网络中北方节点与全国体系的深度联动。作为"东数西算"工程的关键支 撑，该平台的接入将推动全国算力资源从"分散管理"向"统筹调度"跨越，大幅提升算力配置效率，为跨 区域数据流通、算力互补提供了核心枢纽，标志着我国一体化算力网络建设进入实质性落地阶段。 金融数据产业 ...

内蒙古自治区人民政府与北京百度网讯科技有限公司签署合作协议 此次签约的重点项目中，既有高层次的战略合作，也有具体的产业落地项目。其中，内蒙古自治区人民 政府与北京百度网讯科技有限公司合作协议的签署备受关注。双方将依托百度在人工智能领域的技术优 势和生态资源，结合内蒙古丰富的绿色算力资源，在智能搜索、大模型训练、自动驾驶等多个领域展开 深度合作，有望推动人工智能技术与当地特色产业深度融合，打造一批具有示范意义的应用场景。 7月12日上午，在2025绿色算力(人工智能)大会上，重大项目签约环节成为全场焦点。现场共有10个重 点项目成功签约，总投资约200亿元，涵盖算力基础设施建设、人工智能应用落地、数据产业生态构建 等多个关键领域，为呼和浩特"中国云谷"绿色算力与人工智能产业发展再添强劲引擎。 签约仪式 其余8个签约项目亦各具特色，亮点突出，全面覆盖算力产业多个关键环节。在算力基础设施建设领 域，联想集团城市超级智能体与IT制造项目计划在和林格尔新区建设集智能算力调度、IT设备研发制造 于一体的产业集群，将进一步完善当地的算力产业生态；中国邮政集团数据中心(和林格尔新区)项目将 打造绿色低碳的数据存储基地，为邮政 ...

策略研究 | 证券研究报告 — 点评报告 2025 年 7 月 13 日 策略点评 国产算力产业链贯通，行情催化在即 国产算力产业链"产业突破-业绩验证-需求验证"逻辑链条已逐步打通，产业 链行情正在迎来催化。 tianran.gao@bocichina.com 证券投资咨询业务证书编号：S1300522100001 ◼ 国产算力产业链"产业突破-业绩验证-需求验证"逻辑链条已逐步打通，产 业端，沐曦集成、摩尔线程两大国产 GPU 厂商科创板 IPO 获受理，填补 A 股全功能 GPU 空白，华为算力集群性能媲美英伟达，产业链重点公司 业绩来看，工业富联中报业绩创历史同期新高，需求端，国产大模型 Tokens 消耗量高速增长。国产 GPU 上市潮、硬件厂商业绩兑现与 AI 大 模型需求增长形成共振，国产算力产业从技术研发、商业落地到需求支撑 已进入高速增长周期，全产业链自主化进程提速，国产算力行情亦有望受 到催化，建议关注国产算力芯片、服务器、PCB、光通信厂商等。 ◼ 风险提示：1）政策落地不及预期，宏观经济波动超预期。2）市场波动风 险。3）海外经济超预期衰退、流动性风险。 策略点评 国产算力产业链"产业 ...

Group 1: Core Views - The article highlights two major sectors that have become the "cradle" of trend stocks this year: the banking sector and the computing power industry chain [1][3] - Major banks, including the "Big Four" (ICBC, CCB, ABC, and BOC), have seen their stock prices reach historical highs, with ICBC rising by 2.8% recently [1] - The computing power industry chain has also seen significant stock price increases, with companies like New Yisheng and Shenghong Technology hitting new highs, and Longxin Bochuang experiencing a surge of over 15% [1] Group 2: Individual Stock Performance - Huicheng Environmental Protection has gained significant attention, with a cumulative increase of 2823.42% since hitting a low in April 2022 [4] - ST Huacheng, known as the "King of Games" in A-shares, saw its market value exceed 100 billion yuan before experiencing a sharp decline, closing down 5.03% [8] - Taotao Automotive recently announced a mid-year profit forecast of 310 million to 360 million yuan, indicating a year-on-year growth of 70.34% to 97.81% [10] Group 3: Market Trends and Adjustments - The computing power industry chain is currently undergoing adjustments, with leading stocks like Shenghong Technology and New Yisheng experiencing declines of 6.64% and 3.82%, respectively [12] - Despite recent adjustments, institutions remain optimistic about the long-term demand for computing power, driven by factors such as cloud service growth and AI model training [13]

Core Insights - The article highlights the rapid transformation of scientific research into market-ready products, exemplified by the collaboration between Hangzhou Industrial Investment Group and Zhejiang Sci-Tech University, which has led to the production of a fluorine-free oil repellent within a year [3] - Hangzhou Industrial Investment Group is committed to integrating technological innovation with industrial development, aiming to create a robust ecosystem that supports the seamless transition from innovation to industrial application [4][6] Group 1 - The establishment of a new innovation system by Zhejiang Hanghua New Materials Technology Co., Ltd. aims to streamline the technology transfer process, facilitating the transition from verification to industrialization [4][6] - The company has successfully launched a production line capable of producing 2,000 tons of green continuous high-concentration preparation, marking the first industrial application of nanocellulose in the paper industry in China [3][6] - The innovative materials produced, derived from wood, bamboo, and straw, exhibit remarkable properties, being one-fifth the weight of steel while possessing five times its strength [6][7] Group 2 - The company has established a concept verification center to attract disruptive innovations in the field of biomanufacturing, focusing on market-driven research and development [6][7] - Collaborations with leading paper companies such as APP Group and Hongta Renheng have been initiated, enabling the mass application of nanocellulose, which significantly reduces production costs for paper manufacturers [7] - The company is actively working on multiple technology projects, including the development of functional specialty papers and distributed energy systems, supported by a dedicated technology fund [9] Group 3 - Hangzhou Industrial Investment Group is expanding its innovation ecosystem by integrating cutting-edge technologies such as artificial intelligence and synthetic biology into its industrial framework [8] - The establishment of a 1 billion yuan biomanufacturing fund aims to foster collaboration between enterprises and research institutions, enhancing the overall innovation capacity [8] - The company is also exploring the use of air raid shelters for computing infrastructure, promoting resource efficiency and multifunctional urban space development [8][9] Group 4 - The "Technology Strengthening" action plan has been launched, with an initial funding of 20 million yuan to stimulate research and development investments across the group [9] - The group aims to double its R&D investment over three years, targeting a total of 2.445 billion yuan in 2024 [9] - The focus on collaborative innovation and technology transfer is expected to drive high-quality development and contribute to urban industrial upgrades [10]

Core Viewpoint - Zhongke Shuguang (603019.SH) has signed a cooperation framework agreement with Zhongke Xingtou to advance technological innovation in the space sector, focusing on advanced computing applications and industry development [1][2]. Group 1: Cooperation Details - The collaboration will involve technology research and development, industry applications, and ecosystem building, including the construction of a "space-ground integrated" computing architecture [2]. - Both companies aim to leverage their strengths in computing and aerospace information technology to promote deep applications of space computing technology in key areas [2]. Group 2: Company Performance - Zhongke Shuguang has over 30 years of development, holding a leading market share in high-end computing, storage, security, and data center sectors, and is actively involved in intelligent computing, cloud computing, and big data technology research [3]. - Since its A-share market debut in 2014, the company has achieved continuous growth in net profit for 11 consecutive years, with revenue increasing from 2.797 billion to 13.148 billion yuan over the past decade, representing a growth of over 3.7 times [4]. - In Q1 2025, Zhongke Shuguang reported revenue and net profit of 2.586 billion and 186 million yuan, respectively, reflecting year-on-year growth of 4.34% and 30.79% [4]. Group 3: Restructuring Plans - Zhongke Shuguang is pursuing a restructuring plan with Haiguang Information, where Haiguang will acquire Zhongke Shuguang through a share swap, with a swap ratio of 1:0.5525 [4][5]. - The total transaction value for the asset acquisition is approximately 115.967 billion yuan, and upon completion, Zhongke Shuguang will cease to be listed, with Haiguang inheriting all assets, liabilities, and rights [5].

其 他 报 告 2025年07月09日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3497 | 0.70 | 1.40 | | 深证成份指数 | 10588 | 1.47 | 1.25 | | 沪深300指数 | 3998 | 0.84 | 1.54 | | 创业板指数 | 2181 | 2.39 | 1.50 | | 上证国债指数 | 226 | -0.02 | 0.16 | | 上证基金指数 | 6947 | 0.12 | 0.16 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 24148 | 1.09 | -1.52 | | 中国香港国企指数 | 8709 | 1.16 | -1.75 | | 中国台湾加权指数 | 22362 | -0.30 | -0.14 | | 道琼斯指数 | 44406 | -0.9 ...

申万宏源策略 . 我们强调体系性、实战性 一、反内卷需要区分"去资本开支""去产能""去产量"：本轮反内卷政策加码会强化"去资本开 支"趋势，使得2026年中开始的供需格局拐点更确定，更持续。"去产能"主要体现为，资本开 支回落滞后影响 + 已有项目放弃投产 + 引导存量企业优胜劣汰。"去产能"的影响是慢变量， 将反映为长期盈利能力中枢的抬升。类似2016年"去产量"的影响是快变量，构成短期价格上涨 的必要条件，本轮不易也不宜推动严厉的"去产量"。 反内卷政策加码，唤醒了市场对2016-17年的供给侧的记忆。我们认为，2016-17年供给侧改革 经验，可以拆解成三个核心要素：一是"去产能"，包括淘汰落后产能，也包括抑制新增资本开 支，使得远期产能形成下降。"去产能"的影响是长期的，2022年之前以煤炭为代表的周期品盈 利能力总体维持高位，主要源自于"去产能"的影响。二是"去产量"，通过一般产能关停、限 产，使得国内周期品供需格局快速改善。在彼时周期行业产能利用率处于相对低位的情况下， 若不实施"去产量"，产能增速回落，但产量增速仍能与需求增速匹配(这会体现为产能利用率 的缓慢回升)，需求和产量仍是宽平衡状态， ...

Group 1 - Citic Securities maintains three strategies during the interim report season, focusing on industries with strong trends such as AI and innovative pharmaceuticals, sectors driven by performance and valuation like communication and electronics, and themes related to military and new energy [1] - Dongwu Securities highlights that financial stocks have been a driving force behind the index's rise, with a shift expected towards growth sectors, particularly in the technology space, as AI and computing sectors remain undervalued [2] - Huatai Securities notes that the robotics industry is entering a critical phase, with a shift in focus from initial capabilities to practical applications, emphasizing the importance of companies with actual orders and significant changes in their business layouts [3] Group 2 - Xiangcai Securities predicts a slight upward trend in the A-share market for July, driven by overlapping trends from new policies and investment strategies, with a focus on technology, green initiatives, consumption, and infrastructure as key areas of interest [4]