3.产业链加速本土化集群。为应对快速的研发迭代，产业集群优势逐步显现，如PCB产业链国内下游高 份额之后，上游的覆铜板，覆铜板上游的树脂、玻纤布、铜箔等都开始了国内企业加速验证，光模块亦 是如此； 4.订单外溢。围绕份额变化投资，随着龙头公司订单外溢，整个产业链都呈现高景气度，部分公司份额 提升。 人民财讯11月26日电，中信建投发布算力产业链2026年投资展望，研报认为，展望2026年，算力领域有 以下投资机会： 1.龙头公司增长确定性：英伟达需要整个产业链研发能力快速迭代、快速响应。若能力不够很难进入英 伟达产业链，或者份额显著下降，PCB、光模块等龙头公司与下游芯片公司跟踪紧密、地位稳固，其中 PCB价值量未来将受益于正交背板使用、cowop工艺的提升； 2.新技术升级方向，英伟达阶段性着重解决问题的方向，是获取超额利润的子方向。2025年开始，系统 方案的供电、散热问题成为整个系统的瓶颈点。北美缺电越来越明显，电力系统需要更加稳定以及更加 高效的输送方式，关注HVDC和更高效的SST固态变压器等技术。同时随着芯片性能提升，散热方面遇 到越来越多的瓶颈，关注液冷板、CDU、UQD等领域企业份额提升的投资 ...

当清晨第一缕阳光撒过贺兰山巅，银川算力产业园内的服务器机柜已嗡鸣作响，山脊上的白色风机叶片 划破晨雾，源源不断地输送绿色能源……抓住特色，精准施策，宁夏布局新型产业，推动特色优势产业 转型升级和数字经济深度融合发展，培育发展新动能，奏响高质量发展"协奏曲"。 0:00 该系列微视频由人民网策划制作，中国互联网发展基金会支持。 "发现新质生产力"融媒体报道，基于区域发展实践，聚焦形成先发优势的新兴高端产业，系统展示各地 立足禀赋、创新求变的生动案例，为探索高质量发展提供启示，凝聚力量，共同谱写中国式现代化新篇 章。 ...

本报讯 （记者贾丽）开展城市算网基础设施建设，实现算力、存力和运力的高效协同，满足云边端各 类联接场景的高效应用，正逐步成为城市智能化转型的必然选择。 近日，1ms城市算网中国行专家座谈会和专题探访活动在上海市顺利举办，工业和信息化部新闻宣传中 心总编辑王保平在会上介绍，算力作为新质生产力的重要组成部分，已经成为当前经济社会高质量发展 的关键驱动力，城市算网整合算力资源、协同匹配算力需求，对城市数字化转型意义重大。 他指出，城市算网的建设是城市发展的内在需求和未来的必然趋势，未来需持续加强统筹规划、聚焦技 术创新，推动城市算网基础设施赋能千行百业高效应用。 上海市经济和信息化委员会、信息基础设施管理处副处长吴南竹指出，上海贯彻国家算力产业战略，将 其作为新质生产力培育突破口。上海市经济和信息化委员会通过出台智算中心建设导则、推动上线算力 统一调度服务平台、开展"算力强基揭榜行动"工作等不断夯实算力基础底座力量，并推出10亿元专项补 贴，发放"算力券、模型券、语料券"，助力企业便捷高效用算，未来将持续积极推动城市算网服务能力 提升。 商汤智能科技有限公司坚定投入商汤大装置的建设。相关负责人介绍，在赋能行业大模型 ...

Core Insights - The integration of artificial intelligence with the real economy is accelerating, with computing power being a crucial component of new productive forces, driving industrial upgrades [1][6] - Domestic companies are adopting a dual-track development model of "open collaboration" and "full-stack ecosystem" to break single technology dependencies and build a diverse technology-driven ecosystem [1][7] Group 1: Technological Breakthroughs - The Chinese government's 20th Central Committee has set a clear direction for domestic computing power development, emphasizing the need for innovation in AI and digital technologies [1] - At the Changsha World Computing Conference, the scaleX640 supernode showcased by Inspur demonstrated significant advancements in computing power, achieving a 30%-40% performance improvement for trillion-parameter model training compared to traditional solutions [3][6] Group 2: Market Demand and Growth - The global demand for computing power is surging, with the AI computing power market expected to reach 141.98 billion yuan in 2024 and nearly 1.344 trillion yuan by 2031, reflecting a compound annual growth rate of 37.3% [6] - Traditional computing architectures face challenges such as insufficient computing power, slow data transmission, high energy costs, and instability, which are significant barriers to digital transformation for many companies [6] Group 3: Industry Strategies - Leading domestic companies are exploring differentiated paths to address the growing computing power demand and systemic technological bottlenecks, with Inspur's open architecture and Huawei's full-stack solution representing two distinct approaches [7] - The collaboration between Inspur and over 20 upstream and downstream companies aims to establish an open and inclusive AI computing industry ecosystem, highlighting the trend towards diversified technological routes in the market [7]

Group 1 - Guangdong Province aims to maintain the leading position in digital economy development by 2027, with the core industry value-added accounting for over 16% of GDP [1] - The plan includes the establishment of three trillion-level digital industry clusters and the cultivation of several high-value new digital industry tracks [1] - The average annual compound growth rate of the data industry is expected to exceed 15%, with the scale of the artificial intelligence core industry surpassing 440 billion yuan [1] Group 2 - The number of large-scale industrial enterprises undergoing digital transformation is projected to exceed 60,000, with computing power scale reaching over 60 EFLOPS [1] - The semiconductor and integrated circuit industry is set to become a significant area of international influence, establishing a "third pole" for integrated circuits in China [1] - Companies in the core supply chain, such as optical modules and liquid cooling, are expected to benefit continuously from the strong demand for computing power [1] Group 3 - Shenliang Environment offers a wide range of liquid cooling products for data centers, including end-to-end solutions and core CDU equipment [2] - Magmi Tech is currently the only company in mainland China collaborating with NVIDIA on power supply, with AI power expected to become a new growth point for the company [2]

打造3个具有国际竞争力的万亿级数字产业集群。 2月底，国家数据局正式批复包含广东省在内的7个地区创建国家数字经济创新发展试验区，为贯彻落实 国家关于推进数字经济高质量发展的决策部署，加快建设国家数字经济创新发展试验区，促进实体经济 和数字经济深度融合，11月20日，广东省人民政府正式印发《广东省国家数字经济创新发展试验区建设 方案（2025-2027年）》（下称《建设方案》）。 五是推进适数化改革，充分激发数字经济发展活力。围绕"以制度创新推动数字经济规范发展""以生态 打造促进平台经济健康发展""以要素保障促进数字经济动能释放""以数字政府改革提升营商环境质 效"等四方面提出工作任务，强调围绕数字经济治理、平台企业培育、关键要素保障、政务服务升级四 个方面推进适数化改革，破除数字经济发展的制度障碍，优化发展环境、激发发展活力。 六是深化数字经济协同发展，构建高水平开放合作新格局。围绕"协同推动'数字湾区'建设""深化省际数 字经济交流合作""拓展国际数字经济开放空间"三个方面提出工作任务，强调通过粤港澳大湾区合作、 省际合作、国际合作三个层次，全面提升全省数字经济协同发展、对外开放水平。 一是推进数据要素市 ...

Group 1: Stock Performance and Market Reactions - *ST Zhengping's stock price increased by 221.93% from September 1, 2025, to November 18, 2025, leading to a significant deviation from its fundamentals, prompting the company to conduct a trading review [1] - The stock will be suspended from trading starting November 19, 2025, with a maximum suspension period of 10 trading days [1] - The company has experienced 26 trading halts during the specified period due to abnormal stock price fluctuations [1] Group 2: Government Initiatives and Industry Outlook - The Ministry of Industry and Information Technology released the "High-Standard Digital Park Construction Guidelines," aiming to enhance digital infrastructure and promote the development of high-standard digital parks by 2027 [2] - The guidelines target the establishment of around 200 high-standard digital parks, ensuring comprehensive digital transformation of industrial enterprises within these parks [2] - The current AI-driven demand for computing power is expected to provide long-term support for the industry, despite recent market adjustments [2] Group 3: Performance of Computing Power Stocks - Computing power concept stocks have seen an average price increase of 49.66% this year, with 21 stocks rising over 100% [3] - Shijia Photon leads with a 391.04% increase in stock price, driven by the demand for high-bandwidth products in data centers [3] - 17 computing power stocks have received significant foreign investment, with several stocks having over 1% QFII holding ratio as of the end of Q3 [3] Group 4: Company Developments and Innovations - Sanwang Communication has been actively engaging with 38 institutions this month, showcasing its domestically produced industrial communication equipment tailored for the petrochemical industry [4] - The company has successfully passed testing requirements for its products, which are based on domestic chip technology and aim to achieve full compatibility across the supply chain [4]

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] - The development of a computing power industry system is crucial for advancing digital industrialization and fostering new industries and business models, which will support the modernization of China [1] Group 1: Current State of Computing Power Industry - China's computing power has seen rapid growth, with a notable emphasis on green and low-carbon characteristics in the industry [1] - Despite growth, challenges such as resource dispersion and low utilization rates persist, hindering the vitality of the computing power industry [2] - The lack of clear standards and legal frameworks for computing power construction is a barrier to high-quality development in the sector [2] Group 2: Strategic Recommendations - It is recommended to enhance the construction of computing power centers and optimize the supply structure to match regional development strategies effectively [2] - Encouragement of core technology breakthroughs is essential to improve the self-supply capability of computing power, focusing on high-end chips and algorithm development [3] - Establishing technical standards and regulations is necessary to ensure the legality and compliance of computing power services, guiding infrastructure development and market operations [4]

Group 1 - The Ministry of Industry and Information Technology has issued guidelines for the construction of high-standard digital parks, emphasizing the need to enhance digital infrastructure, including the upgrade of network infrastructure and the promotion of 5G and high-speed optical networks [1] - The guidelines advocate for optimizing computing power infrastructure, aiming to improve the efficiency of computing resource utilization through a balanced approach to various computing applications [1] - Huaxi Securities suggests focusing on the domestic computing power industry chain, highlighting the increasing attention on domestic computing and AI applications following the strong growth of Alibaba Cloud and the launch of Huawei's super node cluster products [1] Group 2 - CITIC Securities notes that since 2025, both Chinese and American tech stocks have performed well, with the computing power sector leading market gains and opportunities emerging in models and applications [2] - Looking ahead to 2026, the domestic computing power sector is expected to thrive, with performance elasticity and investment certainty, potentially replicating the long bull market seen in US stocks since 2023 [2] - The urgency for domestic alternatives in semiconductor equipment and AI chips has increased due to overseas restrictions, and domestic chip manufacturers are exploring solutions like super nodes to overcome performance limitations [2]

人民财讯11月18日电，重庆市经济和信息化委员会近日印发《重庆市加快推进人工智能终端产业创新蝶 变行动计划(2026—2030年)》，其中提出，加快建设高性能、高效能算力中心，实施"东数西算"工程， 联合成都、西安等西部城市共建算力网络联盟，推动数据中心集群协同联动。加快研发适配算力硬件的 基础系统软件，带动智能管理、算力调度等软件服务发展。 ...