Group 1 - The core viewpoint emphasizes the rapid development of computing power in the Beijing-Tianjin-Hebei region, which now accounts for over one-third of the national total, supported by advanced data centers and collaborative efforts between Hebei and Beijing [1] - The Hebei province is actively enhancing its computing power supply and promoting the integration of computing and electricity, aiming to foster artificial intelligence innovation scenarios and strengthen the computing power industry [1][2] - The establishment of various intelligent computing centers, such as the Shijiazhuang Artificial Intelligence Computing Center and the Xingtai Taihang Intelligent Computing Center, reflects Hebei's commitment to building smart infrastructure for AI [2] Group 2 - The integration of computing power with green electricity is highlighted, with projects like the Zhangjiakou Intelligent Computing Center utilizing renewable energy to reduce operational costs by approximately 20% per kilowatt-hour [3] - The use of green electricity in computing projects in Zhangjiakou is projected to reach 80% in the future, showcasing a commitment to sustainable energy practices [3] - The application of AI in various sectors, such as steel manufacturing and agriculture, demonstrates significant efficiency improvements and cost savings, with examples including a 7000 million yuan annual savings in steel production and a 20% reduction in fertilizer usage in farming [3][4] Group 3 - The traffic management system in Zhangjiakou has implemented AI traffic lights that enhance traffic flow efficiency by 30% during peak hours, indicating the practical benefits of AI in urban infrastructure [4] - The electronic information industry in Hebei reported revenues of 417.78 billion yuan in the previous year, marking a 19.2% year-on-year growth, while the big data industry saw a remarkable 65.7% increase in revenue [4]

Core Insights - The 2025 China Intelligent Computing Industry Ecosystem Development Conference was held in Shenzhen, focusing on how to promote high-quality development of the computing power industry through supply-demand collaboration and ecosystem building [1] - Computing power has become a core engine for industrial upgrading and innovation development amid the waves of artificial intelligence (AI) and digital transformation [1] Group 1: Industry Development - Experts emphasized the need for a unified standard for computing power interconnectivity to break down technical and industrial barriers [1] - The concept of a computing power internet aims to enhance resource interconnectivity without building a new network, focusing on upgrading existing internet functionalities [1] - Efficient integration of computing resources can unlock the industrial value of large models in vertical sectors [1] Group 2: Project Initiatives - China Communications (Zhongwei) Big Data Technology Co., Ltd. is developing the Zhongwei Smart Data Valley project, which is expected to be operational by August this year [2] - The project aims to facilitate collaboration between Shenzhen and Zhongwei, leveraging green computing power from Zhongwei and algorithmic advantages from Shenzhen [2] - The project will implement a "Western training + Eastern inference" collaborative model through the China Computing Power Network [2] Group 3: Sector-Specific Applications - The Zhongwei Smart Data Valley will provide customized computing power support for emerging industries in Shenzhen, such as intelligent connected vehicles and biomedicine [3] - Collaboration with automotive companies in Shenzhen will focus on developing an autonomous driving training platform, utilizing low-cost computing power from Zhongwei to accelerate model iteration [3] - A cross-regional data circulation mechanism will be established, ensuring compliance and security for cross-border data transmission through technologies like blockchain [3]

5日，记者从国家税务总局青海省税务局获悉，根据最新税务数据统计显示，在政策激励与市场需求的 双重驱动下，该省绿色算力产业展现出强劲发展动能。 随着多个重大绿色算力项目落地，青海省税收政策持续向产业链上下游延伸：对算力基础设施建设企业 给予企业所得税"三免三减半"，对软件研发企业实施增值税即征即退，对数据服务企业适用研发费用加 计扣除比例提升等。 据税务数据统计显示：近两年来，青海省算力经营主体对建筑业、交通运输业、金融业、科学研究和技 术服务业的采购金额大幅增长，带动上下游产业协同发展。与此同时，算力技术加速赋能实体经济，工 业、医疗等领域信息服务采购额持续增长。 （文章来源：中国新闻网） 对此，青海税务部门精准落实税收政策，引导企业合规经营，以政策红利驱动"政策赋能、产业集聚、 能级提升"的良性发展循环。 从算力投入看，2024年该省算力产业经营主体设备及服务采购额同比增长10.6%，高出全省平均购进增 速16.2个百分点；2025年1至4月，这一数据同比增长18%，增速超出全省平均22.7个百分点。 在绿电消纳领域，青海省税收政策的引导作用同样显著。2024年该省算力企业电力采购额同比增长 18.9%，2 ...

Market Overview - The A-share market experienced a significant rally, with all three major indices rising, and the Shanghai Composite Index reaching a new high for the year at 3461.15 points, up 0.18% [1] - The Shenzhen Component Index closed at 10534.58 points, up 1.17%, while the ChiNext Index rose 1.90% to 2164.09 points [1] - The total market turnover exceeded 1.33 trillion yuan, with over 3200 stocks advancing [1] Consumer Electronics Sector - The consumer electronics sector showed strong performance, with an overall increase of 2.83%, ranking third among industry sectors for the day [2] - Notable individual stock performances included Lens Technology rising over 11%, and Industrial Fulian hitting the daily limit, with a net inflow of 20.23 billion yuan [2] - Analysts predict strong order growth for Industrial Fulian in the next 3 to 5 years, driven by robust demand from cloud service providers [2][3] PCB and Computing Power Industry - The PCB and computing power-related stocks saw a collective rise, with the PCB concept sector increasing by 3.27% [4] - Key players like Dongshan Precision and Shenghong Technology reached new highs, with Dongshan Precision planning to complete the acquisition of Solstice Optoelectronics by Q3 [4] - The overall outlook for the communication sector is improving, particularly for light module leaders, driven by surging AI demand in North America [5] Solid-State Battery Sector - The solid-state battery sector rebounded, with an overall increase of 1.77%, and 173 stocks within the sector rising [7] - Notable performers included Hong Kong Technology rising nearly 16% and Huasen Lithium rising over 15% [7] - The solid-state battery industry is accelerating its industrialization process, with expectations for long-term growth as performance improves [8]

A股今日（7月3日）全线上扬，创业板指大涨近2%；港股弱势下探，恒生指数、恒生科技指数盘中均跌超1%。 具体来看，沪指盘中窄幅震荡上扬，深证成指涨超1%，创业板指涨近2%。截至收盘，沪指涨0.18%报3461.15点，深证成指涨1.17%报10534.58点，创业板 指涨1.9%报2164.09点，沪深北三市合计成交13336亿元，较此前一日减少逾700亿元。 场内近3300股飘红，创新药概念再度爆发，广生堂（300436）、神州细胞20%涨停，热景生物等涨超10%；PCB概念崛起，逸豪新材（301176）、中一科 技（301150）20%涨停，铜冠铜箔（301217）涨近14%；消费电子概念拉升，蓝思科技（300433）涨超11%，工业富联（601138）、鹏鼎控股 （002938）、大为股份（002213）等涨停；值得注意的是，宁德时代（300750）盘中一度大涨超5%。 算力产业链股活跃 PCB、复合铜箔等算力产业链股集体拉升，截至收盘，逸豪新材、中一科技20%涨停，铜冠铜箔涨近14%，博敏电子（603936）、鹏鼎控股等均涨停。 行业方面，2025年二季度，通信公司业绩预期分化，但总体较一季度改善。得 ...

Core Viewpoint - The 2025 Green Computing (Artificial Intelligence) Conference will be held on July 12 in Hohhot, focusing on building a green computing ecosystem and creating a new future for artificial intelligence [1] Group 1: Event Details - The conference will include an opening ceremony, keynote speeches, one thematic event, and nine parallel sessions [1] - The event aims to showcase the advantages and achievements of the integrated computing network hub in Inner Mongolia, establishing a digital foundation for Chinese-style modernization [1] Group 2: Regional Development - Hohhot has leveraged its geographical location, climate, green electricity, network, computing power, policies, and talent to seize opportunities from the national "East Data West Computing" initiative [1] - The city has achieved a new level of high-quality development in the digital economy and has been recognized with titles such as "China Cloud Valley," "Pioneer of Computing Power Industry Cluster," and "Pioneer of Green Computing Development" by the China Communications Industry Association [1] Group 3: Previous Conferences - Hohhot has successfully hosted two previous Green Computing Conferences in the past two years, attracting numerous industry experts and leading company representatives to provide critical intellectual support and decision-making references for the development of the green computing industry [1] Group 4: Organizers - The conference is organized by the Hohhot Municipal People's Government, with support from the China Academy of Information and Communications Technology, the Hohhot Big Data Management Bureau, and the Management Committee of the Inner Mongolia Horinger New Area [1]

Core Viewpoint - The AI computing industry continues to show strong performance, with significant gains in related stocks and ETFs, particularly in the context of increasing demand for AI infrastructure and components [1][3][5]. Group 1: Stock Performance - On the last trading day of June, the AI computing sector remained active, with the ChiNext AI ETF achieving a six-day consecutive rise, closing up 2.1% [1]. - Notable stocks such as Zhongji Xuchuang and Tianfu Communication saw significant fluctuations, with Tianfu Communication leading with a rise of over 6% [1]. - The ChiNext AI ETF Huabao (159363) recorded a trading volume of 1.59 billion yuan, indicating strong market interest [1]. Group 2: Monthly Performance - The ChiNext AI ETF Huabao reported a monthly increase of 16.99%, outperforming the ChiNext Index, which rose by 8.02% [6]. - The ETF's performance was significantly better than other AI-themed indices, such as CS AI and Kexin AI [6]. Group 3: Industry Outlook - The investment strategy for July suggests continued high demand for AI computing infrastructure, particularly in light of the upcoming earnings forecast season [3]. - Key sectors to watch include optical modules and copper connection industries, which are expected to benefit from global AI development [3]. - The server manufacturing sector is experiencing robust growth, with Taiwanese AI server manufacturers reporting a year-on-year revenue increase of 162% in May [4]. Group 4: Market Trends - The A-share computing industry is viewed as a rare growth sector, with expectations that the commercialization of AI will enhance its market position [5]. - The report emphasizes the importance of focusing on leading companies in the optical module sector and related fields to capture opportunities in the AI market [5].

Group 1 - The A-share market saw a strong performance in early trading on June 30, with major indices rising, particularly in the media, electronics, and communications sectors [1] - The AI ETF on the ChiNext, Huaxia (159381), surged over 1.8%, marking its sixth consecutive increase, with leading stocks including Bochuang Technology, Shenzhou Taiyue, Taicheng Light, and others [1] - Nvidia's stock reached a historic high, closing at $157.8 with a weekly increase of 9.7%, pushing its market capitalization close to $3.85 trillion, which positively influenced the domestic computing power sector [1] Group 2 - The Huaxia AI ETF tracks the ChiNext AI Index, selecting AI-focused companies listed on the ChiNext, with a daily price fluctuation limit of ±20% [2] - The fund has a low annual management fee rate of 0.15% and a custody fee rate of 0.05%, making its overall fee structure competitive among comparable funds [2] - The index has a significant weight in optical module CPO stocks, exceeding 26.6%, indicating a high "light" content in the AI index, with major constituents including Xinyi Technology, Zhongji Xuchuang, and others [2]

Core Insights - Karamay is rapidly transforming into a "computing power new city" leveraging its abundant clean energy and stable geological conditions, with over 60,000 standard server cabinets established in its cloud computing industrial park [1][5] - The China-Shanghai Cooperation Organization Digital Technology Cooperation Development Forum highlighted topics such as artificial intelligence, low-altitude economy, and intelligent manufacturing, all closely related to computing power [1] Group 1: Companies Leveraging Computing Power - Hangzhou Yundongchu Technology Co., Ltd. has developed the "Jueying" series of robots for various applications, exporting to over 40 countries, and aims to utilize computing power to enhance product intelligence [2] - Langchao Communication Information System Co., Ltd. reported a 100% increase in overseas revenue compared to the same period last year, indicating significant business opportunities arising from the growing demand for computing power [3] Group 2: Government and Industry Support - Karamay's government is actively promoting the integration of computing and electricity, with the city's computing power scale reaching 1.7 million PFlops, making it the first city in Xinjiang to exceed 1 million PFlops [5] - The city has initiated the "Artificial Intelligence +" action plan to break down industry barriers and build a new ecosystem for AI applications, aiming to enhance international market outreach [5] Group 3: Industry Trends and Opportunities - The development of digital technology is facilitating the widespread application of high-definition video across various sectors, with a focus on international market expansion [5] - The advantages of Karamay, such as abundant sunlight and wind energy, are becoming increasingly prominent as clean energy supports the growth of computing power in the context of rapid digital economic development [5]

国产算力产业链在二季度迎来盈利拐点，规模效应显现，研发、销售及 管理费用率普遍提升，打破了市场对国产算力不盈利的固有认知，其中 交换机产业链最先出现利润拐点。 国内数据中心板块整体稳定，头部互联网企业上架率稳步提升，国产服 务器、光模块及交换机产业出货量显著增长，表明国内算力产业未受 H20 禁令重大影响。 国内以太网交换机市场以 BBAT 等互联网大厂需求为主导，倾向于 SDN 模式或白盒交换机，与海外市场以 IB 交换机为主存在显著差异，国内厂 商在快速动态配置方面更具优势。 白盒交换机凭借其可配置性和快速迭代能力，满足数据中心流量实时变 化的需要，CSP 厂商更倾向于采用开放的 SDN 白盒模式，推动了紫光 新华 3 和锐捷等交换机厂商市场份额的提升。 交换机产业毛利较高，不仅得益于硬件生产，更在于与互联网厂家联合 研发 JDM 模式，涉及路由协议和 Mac 表配置等软件技术，技术门槛高 于其他环节，建议关注星网锐捷和锐捷网络。 重点推荐国产算力链 20250624 摘要 Q&A 为什么在当前时点重点推荐国产算力链？ 当前推荐国产算力链的原因主要有以下几点：首先，尽管 H20 被禁导致国内互 联网大厂资 ...