Core Viewpoint - The A-share computing power sector underwent a significant value reshaping in 2025, transitioning from policy-driven expectations to performance verification, with the Wind computing power theme index rising by 80% year-to-date as of December 25, 2025 [1] Performance Highlights - The Wind computing power theme index closed at 7108 points, with 22 stocks in the sector doubling in value, and four stocks, including Shijia Photon, Xinyi Sheng, Yongding Co., and Zhongji Xuchuang, seeing increases over 400% [1][2] - Major companies like Haiguang Information reported a revenue of 9.49 billion yuan, up 54.65% year-on-year, and a net profit of 1.961 billion yuan, up 28.56% [7] - Cambrian Technology achieved a staggering revenue growth of 2386.38% year-on-year, reaching 4.607 billion yuan, with a net profit of 1.605 billion yuan [8] Structural Differentiation - The computing power sector displayed a "ice-fire duality" with a structural differentiation, reflecting a reassessment of value creation capabilities across the computing power industry chain [6][7] - The market focus shifted from "concept" to "performance," favoring companies with clear technological paths and real profit growth [7] Domestic Substitution Progress - The domestic substitution process in the computing power sector transitioned from "policy-driven" to "market-driven," with a comprehensive ecosystem emerging that includes chips, servers, and foundational software [11] - Leading companies like Huawei have established vertical integration capabilities, enhancing the domestic computing power ecosystem [12] Technological Iteration and Breakthroughs - The year 2025 saw significant technological breakthroughs characterized by hardware upgrades and software ecosystem improvements, particularly in liquid cooling technology and AI chip performance [14][15] - Liquid cooling technology has become a key solution for meeting energy efficiency standards, with companies like Yingwei achieving substantial revenue growth due to their innovative solutions [9] Future Outlook - The value reshaping of the A-share computing power sector is expected to continue into 2026, with a focus on high-performance AI chips and the broader application of liquid cooling technology [16] - The competition will shift towards ecosystem collaboration, with companies that can provide comprehensive solutions across hardware, software, and services gaining a competitive edge [16]

Core Insights - The acceleration of the 1ms urban computing network construction is crucial for implementing the "High-Quality Development Action Plan for Computing Power Infrastructure" and is a key measure for optimizing regional computing power resource allocation under the "East Data West Computing" national strategy [1][2] Group 1: Urban Computing Network Development - The urban computing network is identified as a core carrier of computing power infrastructure, significantly impacting traditional industry upgrades and the cultivation of new ecosystems [1] - The China Academy of Information and Communications Technology (CAICT) has been conducting industry research and standard formulation around the 1ms urban computing network, continuously promoting the enhancement of urban computing network capabilities [1] - The construction of the 1ms urban computing network is becoming a vital link between national strategies and local development, with a focus on building a low-latency, high-reliability, and secure development system [1] Group 2: Sichuan Province's Computing Power Industry - Sichuan Province has established a comprehensive computing power industry development system based on the "Chuan-Yu Integration, All-Area Coordination, and Green Low-Carbon" development positioning [2] - The provincial government is actively promoting the supply-demand matching of the computing power industry and facilitating deep cooperation through various supportive policies [2] - Sichuan's computing power industry is advancing through a systematic and large-scale approach to infrastructure construction, with significant achievements in computing power center clusters and multi-level latency circles [2]

Core Viewpoint - The merger between domestic computing power giants Zhongke Shuguang and Haiguang Information has been terminated, signaling potential risks in asset restructuring for listed companies, even among leading stocks in the booming artificial intelligence sector [1] Group 1 - The merger was initially expected to create a vertically integrated "computing power aircraft carrier" [1] - Following the announcement, Zhongke Shuguang's stock price hit the daily limit down, while Haiguang Information experienced a slight decline [1] - The termination of the merger serves as a warning regarding the uncertainties associated with corporate restructuring in the industry [1]

Core Insights - Sichuan has five products selected in the "Computing Power Strong Foundation" initiative by the Ministry of Industry and Information Technology, highlighting the province's advancements in computing power and data industries [1][2] Group 1: Selected Products - The selected products from Sichuan include: - "New Refrigeration System" by Yimikang Technology Group Co., Ltd. - "Intelligent Operation and Maintenance Robot for Computing Centers" by Sichuan Yunshangtianfu Technology Co., Ltd. - "Dual Cold Source Heat Pipe Multi-Split Air Conditioning System for Computing Power" by Sichuan Supin Information Technology Co., Ltd. - "Zero Carbon Space Computing Center" by Chengdu Guoxing Aerospace Technology Co., Ltd. - "AI-based Network Security Supervision Platform" by China Railway Chengdu Science and Technology Research Institute Co., Ltd. [1] Group 2: Initiative Overview - The "Computing Power Strong Foundation" initiative is a national-level major technological research program organized by the Ministry of Industry and Information Technology, focusing on six key areas: computing, storage, networking, applications, green technology, and security [2] - The initiative aims to select enterprises and institutions with strong innovation capabilities and key core technologies through a "reveal and take charge" mechanism to tackle significant technological products and solutions [2] - Sichuan has also issued the "Sichuan Province High-Quality Development Action Plan for Computing Power Infrastructure (2024-2027)," which emphasizes the development and demand for intelligent computing power, optimizing overall layout, enhancing operational efficiency, and promoting green and secure development [2]

Core Insights - The article highlights the rapid development of computing power in China, emphasizing its critical role in the AI industry and the ongoing efforts to optimize and expand computing resources across the nation [1][2][3]. Group 1: Company Developments - Hunan Huishiwei Intelligent Technology Co., led by young entrepreneur Gu Shanzhi, is advancing its self-developed "Juzhou" large model, benefiting from the powerful computing resources provided by the National Supercomputing Internet [1]. - The company has trained 40 million images, significantly enhancing its model's performance while reducing research and development costs due to affordable domestic computing power [1]. Group 2: Industry Trends - The national integrated computing network is being established to address issues such as supply-demand mismatches and high costs in computing resources, allowing more users to access efficient computing services [1][2]. - Policies like the "East Data West Computing" initiative and various action plans have been implemented to accelerate the construction of a unified national computing network, optimizing resource allocation and enhancing application scenarios [2]. - The computing resource layout in China is evolving, with a tiered structure of hub nodes, regional centers, and local edge computing, as indicated by the "2025 Computing Development Report" [2]. Group 3: Future Outlook - The computing industry in China is experiencing structural optimization and technological innovation, with a focus on collaborative resource management and dynamic optimization capabilities [3]. - Companies like Sugon are addressing technical challenges in multi-computing integration and heterogeneous collaboration, aiming to foster an open computing ecosystem that supports AI and other digital technologies [3].

新华社北京11月30日电 题：织起全国一张网，看算力普惠按下"加速键" 新华社记者温竞华、周圆 在湖南汇视威智能科技有限公司，"95后"创业者顾善植正带领团队加班加点，迭代升级自主研发的"橘 洲"大模型。依托国家超算互联网的强大算力支持，该大模型高效完成了4000万张图片的训练，性能快 速提升。 山东汇聚融合全省16地市及周边省份算力资源，入网算力中心资源利用率平均提升40%，赋能1000多个 应用场景；贵州创新发放"算力券"，为企业提供多样化激励，降低用户用算成本；江苏打造智算算力网 AI开发平台，统筹纳管异构异属异域的智算资源，实现全局能用、好用…… 当前，我国算力资源布局进一步优化，算力基础设施已初步形成枢纽节点、区域中心、本地边缘梯次化 布局架构。《2025运力发展报告》显示，我国已初步形成1ms时延城市算力网、5ms时延区域算力网、 20ms时延跨国家枢纽节点算力网。 "十五五"规划建议提出，"适度超前建设新型基础设施，推进信息通信网络、全国一体化算力网、重大 科技基础设施等建设和集约高效利用""强化算力、算法、数据等高效供给"。 中国信息通信研究院副院长魏亮认为，我国算力领域已取得显著进展，算力产 ...

Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes accelerating innovation in artificial intelligence and digital technologies, highlighting the importance of computing power as a new productive force in the digital economy [1] Group 1: Importance of Computing Power - Computing power integrates information processing, network capacity, and data storage, becoming a key production factor in the transition from industrial to digital civilization [1] - The enhancement of computing power is crucial for supporting the transformation of traditional industries and the development of strategic emerging industries [1] Group 2: Challenges in the Computing Power Industry - The computing power industry faces challenges such as resource fragmentation and low utilization rates, which hinder its vitality [2] - There is a need for breakthroughs in key core technologies and improvements in computing power assurance capabilities [2] Group 3: Development Strategies - Promoting the construction of computing power centers and optimizing the supply structure is essential for matching national computing resource supply with regional demand [2] - Encouraging core technology breakthroughs and enhancing autonomous supply capabilities in computing power are vital for advancing the industry [3] Group 4: Standardization and Regulation - National departments should lead the establishment of technical standards and regulations for computing power, ensuring legal compliance in service provision [4] - Clear market operation rules and effective regulatory measures are necessary to foster a healthy ecosystem for the computing power industry [4]

Core Viewpoint - The computing power sector is experiencing increased volatility, but the demand driven by AI remains robust, presenting opportunities during adjustments [1] Group 1: AI and Computing Power Demand - The demand for computing power driven by AI is expected to remain strong, indicating a positive outlook for the sector [1] - The current period is likened to an industrial revolution, suggesting that the impact of AI will be profound and should be observed from a long-term perspective [1] Group 2: Quantum Technology Developments - Quantum technology is identified as a key future industry for national development, with significant potential for economic growth [1] - Recent advancements in the quantum computing industry include the collaboration between China Telecom Quantum Group and GuoDun Quantum to build and test a superconducting quantum computer named "Tianyan-287" [1] - IBM has also released two new quantum processors, highlighting ongoing innovation in the field [1] - There is a recommendation to focus on components such as dilution refrigerators and low-temperature coaxial cables within the quantum technology sector [1]

Core Insights - CIMG Inc. has announced that its subsidiary, Xinmiao Times, has been authorized as a distributor for Inspur Information, marking its entry into the computing power industry [1][2] - This partnership is expected to enhance CIMG's presence in the high-growth computing power sector and leverage Inspur's technology and ecosystem resources [2][3] Company Overview - CIMG Inc. specializes in digital health and sales development, utilizing technology and marketing to boost partners' sales growth [1] - The company employs AI and cryptocurrencies to drive industry growth and enhance user acquisition and brand management [3] Strategic Implications - The collaboration with Inspur aligns with CIMG's long-term strategy to deepen its presence in the computing power industry, aiming to build competitive advantages [3]

Core Insights - The National Development and Reform Commission (NDRC) highlights existing issues in China's computing power infrastructure, including small and scattered facilities and low efficiency of outdated equipment, indicating significant room for improvement in energy-saving and carbon reduction efforts [1] - First Shanghai Securities expresses optimism about the sustained high growth in computing power demand driven by AI applications, noting that both domestic and international AI applications are reaching a commercialization turning point [1] - Huaxi Securities recommends focusing on the domestic computing power industry chain, citing the unexpected growth of Alibaba Cloud and the launch of Huawei's super node cluster products as factors increasing attention on domestic computing power and AI applications [1] Industry Developments - The NDRC plans to prioritize the large-scale, intensive, and green development of computing power infrastructure, aiming to enhance efficiency through optimized construction layouts [1] - Domestic computing power capacity bottlenecks are expected to be broken through by 2026, with a significant increase in domestic chip production anticipated [1] - The acceleration of commercialization by overseas AI giants like OpenAI is expected to maintain high demand for computing hardware [1] Market Trends - The recent IPO approval of Moore Threads is expected to accelerate the scale and penetration of domestic AI computing power and applications [1] - The overall domestic computing power level is anticipated to improve due to advancements in manufacturing processes and chip architecture upgrades, which may lead to an increase in domestic market share [1]