Group 1 - The China Securities Big Data Industry Index (930902) rose by 0.59% as of June 5, 2025, with notable increases in constituent stocks such as Bosi Software (up 4.27%) and Deepin Technology (up 2.60%) [1] - The Data ETF (516000) also saw a rise of 0.56%, marking its third consecutive increase, with a latest price of 0.9 yuan [1] - Over the past week, the Data ETF has accumulated a rise of 2.05% [1] Group 2 - The Ministry of Industry and Information Technology (MIIT) held a special meeting to promote the development of the artificial intelligence industry, emphasizing the need for systematic planning and collaborative advancement [2] - The MIIT's recent initiatives aim to strengthen the industrial foundation, enhance computing power supply, and promote the deployment of large models in key manufacturing sectors [2] - The report highlights the importance of cultivating AI-enabled application service providers and accelerating the iterative application of industry-specific large models [2] Group 3 - Industrial analysts at Industrial Securities view the computing power industry as a high-growth sector benefiting from both policy and industrial transformation [2] - The MIIT's "Computing Power Interconnection Action Plan" outlines new requirements for computing power interconnectivity and public computing power standardization [2] - The restructuring of domestic companies like Haiguang and Shuguang is expected to enhance competition among domestic computing power leaders and concentrate market share among top companies [2]

Core Insights - The development of the computing power industry in China is accelerating, with a projected market size of 211.6 billion yuan by 2025, driven by a series of policies from central to local governments [1][5] - The launch of the China Computing Power Platform (Shandong) marks a significant step towards the integration of computing resources nationwide [1][2] - The computing power industry is becoming a new growth sector, with numerous listed companies actively pursuing opportunities through investments and collaborations [3][4][5] Policy and Market Development - Various regions, including Beijing, Shenzhen, and Tianjin, have introduced policies to promote the computing power industry, recognizing its role as a core driver of the digital economy [2] - Legislative measures, such as the "Guiyang Computing Power Industry Promotion Regulations," have been enacted to support industry growth [2] - The establishment of a standardized system for collaborative development of computing networks is essential to address existing challenges in the industry [2] Industry Collaboration and Investment - Companies are increasingly forming partnerships and making investments to strengthen their positions in the computing power supply chain [3][4] - Notable collaborations include the merger of Haiguang Information and Zhongke Shuguang, aimed at enhancing competitive advantages in high-end chip development [4] - Several companies, such as Dongxin Co., are investing in promising startups to capture key segments of the computing power market [3] Market Growth and Opportunities - The computing power market is expected to reach 1,037.3 EFLOPS by 2025, with significant growth in demand for computing services [5][6] - Listed companies have reported substantial orders related to computing power services, with total amounts exceeding 8 billion yuan this year [5] - The year 2023 is being referred to as the "Year of Computing Power Leasing," indicating a rapid increase in demand across various industries [5][6]

Summary of Conference Call Records Industry Overview - The AI Agent market is projected to grow significantly, with estimates suggesting a market size of $4.71 billion by 2030, up from approximately $5.1 billion in 2024, reflecting a compound annual growth rate (CAGR) of 44.8% [1][2][3] Key Company Insights - **Zhida Buy**: The AI agent "Xiao Zhi" has been integrated into various platforms such as Yuanbao, Doubao, and Wenxiaoyan, providing independent consumer decision-making advice [2] - **Guomai Technology**: An AI agent focused on home care is expected to launch in Q2, utilizing a multi-agent model [2] - **Daiwei Technology**: This company is a comprehensive service provider in the internet data center and computing power service sector, aiming to meet digital transformation needs across industries [4] - **Yitian Intelligent**: A subsidiary of Yitian Intelligent, in collaboration with Suiruan Technology and Tencent Cloud, is developing the first domestic "Wanka Inference Cluster," which will provide over 2500P of computing power [4] Technological Developments - **Tencent Mixuan**: Announced the open-source of the first multi-modal unified CoT reward model, enhancing reasoning capabilities in AI applications. This project aims to improve the evaluation of complex tasks and cross-task generalization [3] - The demand for computing power is expected to increase as AI applications continue to expand, particularly in light of U.S. restrictions on H20 exports, positioning domestic computing power as a viable alternative [3] Market Trends - The AI and computing power sectors are experiencing heightened interest, with significant trading volumes in related stocks. The market saw a decrease in overall trading volume by 169 billion, with 225 stocks exceeding 1 billion in trading volume [9][10] - Notable sectors include AI, automotive, and robotics, with a diverse range of stocks showing activity [8][9] Additional Insights - **Precision Injection Molding**: Zhaomin Technology emphasizes its competitive edge in precision injection molding, utilizing advanced materials and manufacturing techniques to meet high-quality standards for robotic components [16] - **Investment Activity**: Anada focuses on the electric drive system industry, with products catering to various electric mobility markets and potential applications in humanoid robotics [17] Conclusion The AI and computing power industries are poised for rapid growth, driven by technological advancements and increasing market demand. Companies are actively developing innovative solutions and expanding their market presence, indicating a robust investment landscape in these sectors.

Core Viewpoint - The domestic computing power industry in China is undergoing a rational return, focusing on optimizing existing resources rather than building new infrastructure due to supply chain and cost pressures exacerbated by US-China trade tensions and AI chip export controls [1][6]. Group 1: Current Challenges - The computing power infrastructure construction is facing significant supply chain and cost pressures, leading to a shift from "building new" to "utilizing existing" resources [1]. - The industry has seen a slowdown in growth, with recent reports indicating a trend of reduced investment in computing power infrastructure projects [2]. - A large portion of existing computing power resources is underutilized, with many data center servers showing average utilization rates as low as 5-10% [10]. Group 2: Policy and Structural Changes - The government is implementing "window guidance" for computing power infrastructure projects to promote a unified national computing power network and address resource allocation issues [2]. - A nationwide assessment of computing power resources is underway, which may lead to a redistribution of resources and a restructuring of the industry [4][6]. Group 3: Industry Adaptation and Innovations - Companies are focusing on improving computing power utilization rates, with reports indicating that the overall utilization rate of existing intelligent computing centers is only 32% [7]. - Innovations such as Lenovo's heterogeneous computing platform and Baidu's AIAK suite are being developed to enhance the efficiency of computing power usage [9]. - The industry is evolving from a simple resource supply model to a more intelligent computing platform that supports diverse AI applications and real-time resource allocation [9].

2025年一季报业绩进一步印证了算力产业链的高景气程度，特别是国产算力核心企业，净利润普遍大幅 增长，这反映了算力市场的旺盛需求。在业界人士看来，国产算力正处于政策利好持续释放、市场需求 爆发、技术创新突破、业绩开始兑现四重共振的关键节点，其价值实现的奇点正加速到来。 政策红利持续释放 政策作为产业发展的"方向盘"和"助推器"，在推动国产算力崛起的过程中，发挥着不可或缺的关键作 用。 2020年4月，中共中央、国务院印发《关于构建更加完善的要素市场化配置体制机制的意见》，"数 据"作为一种新型的生产要素首次被列入。2020年底，国家发展改革委等部门发布《关于加快构建全国 一体化大数据中心协同创新体系的指导意见》，提出到2025年，全国范围内数据中心形成布局合理、绿 色集约的基础设施一体化格局。 2021年5月，《全国一体化大数据中心协同创新体系算力枢纽实施方案》确定了在京津冀、长三角、粤 港澳大湾区、成渝，以及贵州、内蒙古、甘肃、宁夏等地布局建设全国一体化算力网络国家枢纽节点， 提出加快实施"东数西算"工程。2021年12月到2022年2月，"东数西算"涉及的8个国家算力枢纽节点和10 个国家数据中心集群全部 ...

Market Overview - The market experienced a broad increase, but the sustainability of this rally remains in question, as it is based on prior gains in Hong Kong and US markets during the holiday period [1] - The first trading day after a long holiday typically reflects a rebound rather than a genuine trend change, with the real market direction expected to be clearer the following day [1] Trading Data - On the day of the report, there were 65 stocks hitting the daily limit up, while 16 stocks hit the limit down [2] - A total of 188 stocks rose by more than 5%, and 432 stocks rose by more than 3% [2] - The ratio of rising to falling stocks was 2830 to 2357, indicating a generally positive sentiment in the market [2] Capital Flow Analysis - The influx of capital was noted, with a significant number of stocks showing strength, suggesting that the market may be entering a new phase if this trend continues [3] - The selling pressure was relatively low, indicating that many investors had already exited their positions prior to this rally [3] Sector Focus - The current market focus is on performance growth and the delisting of ST stocks, which are driving the market upward based on news and insider information [6] - Key sectors identified for potential growth include robotics and computing power, which are seen as leading themes for the upcoming month [6][7] Investment Opportunities - Robotics and computing power are highlighted as sectors with strong interest from major funds, indicating potential for significant returns [6][7] - The market is currently in a phase where smaller investors can still find opportunities, but caution is advised regarding potential market corrections [7]

Market Overview - The market experienced fluctuations with mixed performance across the three major indices, resulting in a trading volume of 1.17 trillion yuan, an increase of 147.2 billion yuan compared to the previous trading day [1] - The overall market saw over 3,400 stocks rise, indicating a bullish sentiment despite the mixed index performance [1] Sector Performance - The robotics sector saw significant gains, with over 10 stocks hitting the daily limit up, including Jinggong Technology [1] - The computing power concept stocks also rebounded, with Hongbo Shares reaching the daily limit [1] - Huawei-related stocks were active, with Changshan Beiming hitting the daily limit [1] - Conversely, bank stocks collectively adjusted, with Huaxia Bank dropping over 8% [1] Index Performance - The Shanghai Composite Index closed down 0.23% at 3,279.03 points [2] - The Shenzhen Component Index increased by 0.51%, closing at 9,899.82 points [2] - The ChiNext Index rose by 0.83%, ending at 1,948.03 points [2] Additional Metrics - The limit-up rate was recorded at 74%, with 73 stocks hitting the limit and 26 stocks touching the limit down [5] - The high opening rate was 61%, with a profit rate of 56% [5]

4月28日，A股早盘探底回升，截至午间收盘，沪指跌0.03%，深证成指跌0.43%，创业板指跌0.55%。 热门板块 1、银行板块拉升 银行股再度拉升，工商银行续创历史新高，重庆银行涨超7%，青岛银行、江苏银行、上海银行等跟 涨。 点评：中信证券表示，短期看，中美贸易摩擦对市场预期仍有影响，在此背景下低波板块具有配置价 值；中期看，在宏观"审慎"和"走弱"的两种假设情形下，银行板块相对于大部分行业而言，基本面具备 相对稳健特征，相对价值显著，建议积极增配。 2、AI应用方向反弹 AI应用方向展开反弹，游戏股领涨，天娱数科、掌阅科技等涨停，盛天网络、完美世界、昆仑万维等 跟涨。 招商证券指出，后续A股整体下行风险可控，叠加后续随着业绩披露期结束，再度进入业绩真空期，以 及在经济整体稳定，流动性充裕背景下，市场风险偏好有望持续提升。 盘面上，银行股强势拉升，工商银行续创历史新高；钢铁板块走强，首钢股份领涨；AI应用方向展开 反弹，游戏股领涨，天娱数科涨停；算力产业链反弹，鸿博股份2连板；此外，互联网电商、半导体等 板块涨幅居前。下跌方面，大消费股全线大跌，有友食品、国光连锁、安记食品等多股跌停，地产、医 药、汽车 ...

中国移动日前宣布建成全国首个覆盖"通、智、超、量"（通算、智算、超算、量子计算）四算融合的算 力网络，算力服务器规模超100万台，智算规模超43EFLOPS（每秒百亿亿次浮点运算），并网21家智 算中心、3家国家级超算中心、3家量算中心，可调度算力资源占全国六分之一。 专家认为，以数智化为主要特征的新一轮科技革命和产业变革深入发展，数据成为新生产要素，算力成 为新基础设施和基础能源，人工智能成为新生产工具，推动经济社会从"互联网+""5G+"向"人工智能 +"加速转变，对算网基础设施演进提出新要求，也带来新机遇。 算力规模不断扩大 作为人工智能发展的基石，算力已成为重要的基础设施之一，算力需求呈爆发式增长。数据显示，截至 2024年底，我国算力总规模达280EFLOPS，其中智能算力规模达90EFLOPS，占比超过30%。同时，算 力基础设施发展成效显著，梯次优化的算力供给体系初步构建，算力基础设施综合能力明显提升，算力 产业不断创新发展，持续赋能千行百业。 国际数据公司（IDC）与浪潮信息联合发布的《2025年中国人工智能计算力发展评估报告》显示， DeepSeek带来的算法效率提升并未抑制算力需求，反而因 ...

Investment Rating - The industry rating is "Recommended" [4] Core Insights - The domestic computing power industry is experiencing a pivotal shift from technology following to innovation leadership, driven by the acceleration of AI and digital transformation [13][18] - The performance of domestic chips continues to break through, and the open-source ecosystem is improving, indicating that the domestic computing power industry has entered a new stage of high-quality development [13][18] - The total computing power scale in China is expected to grow by 16.5% year-on-year in 2024, with over 8.8 million standard racks in use [24] Summary by Sections Section 1: Domestic Computing Power - Price Fluctuations and Demand Growth - Domestic computing power card prices are on the rise, driven by increased demand and supply shortages [19][20] - AI technology advancements are leading to a comprehensive price increase in cloud infrastructure, with significant implications for the industry structure [21][22] - Alibaba plans to invest at least 380 billion RMB in AI and cloud computing infrastructure over the next three years, marking a substantial commitment to the sector [27][28] Section 2: Domestic Computing Power - Breaking Through and Leading New Development Trends - Various cities are actively promoting the construction of computing power centers, such as Zhengzhou, Gui'an, and Shenzhen, to meet digitalization demands [36][37] - The upgrade of domestic large models has led to a surge in demand for computing power leasing, with many companies accelerating procurement [41] - Shenzhen has issued nearly 200 million RMB in "training coupons" to support AI and intelligent robotics companies, enhancing the computing power infrastructure [47][48] Section 3: Investment Recommendations - Beneficiary stocks include: 1. AIDC: Runjian Co., Guanghuan New Network, Aofei Data, Runze Technology [17] 2. Computing Power Leasing: Hainan Huatie, Hongjing Technology, Hongxin Electronics [17] 3. Cloud Computing: Youkede, Capital Online, Shunwang Technology, Deepin Technology [17] 4. Computing Power Chips: Haiguang Information, Cambricon, Chipone, Huawei [17] 5. AI Power: Zhongheng Electric, Magmi Tech, Oulu Tong, KOTAI Power [17]