AI算力、芯片概念股集体异动！ 此外，今日A股收盘后，广州也传来算力领域的利好消息。广州市人民政府近日印发《关于贯彻落实金融支持广州南沙深化面向世界的粤港澳全面合作的 意见实施方案》。其中提到，加强对区块链、人工智能等关键数字服务机构的招商引资力度，培育本土优质数字服务机构。支持在南沙建设区块链、人工 智能等关键数字技术与金融场景融合应用的数据算力中心、研发认证中心、测评中心以及监管平台等机构。 8月12日，A股三大指数集体走强，截至收盘时，沪指涨0.50%录得7连阳，深证成指涨0.53%，创业板指涨1.24%。值得关注的是，AI产业链持续活跃，算 力、芯片概念股盘中大幅拉升，"龙头股"寒武纪20cm涨停，股价创历史新高；工业富联涨超9%，同样创出新高。 消息面上，福建通信管理局近日印发新型信息基础设施高质量发展三年行动计划。其中提出，到2027年，数据中心布局进一步优化，规模实现显著增长， 全省互联网数据中心算力规模达9 EFLOPS。稍早之前，四川省通信管理局等十四部门联合印发《四川省信息基础设施强基赋能行动方案（2025-2027 年）》，提出到2027年，全省基础电信企业算力规模较2024年底翻两番。 ...

盘面上看，半导体、算力、大金融、燃气等板块涨幅居前；稀土永磁、BC电池、PEEK材料概念、水泥 等板块跌幅居前。 来源：上海证券报·中国证券网 上证报中国证券网讯 8月12日，创业板指涨幅扩大至1%。截至14:02，上证指数报3668.53点，涨 0.58%；深证成指报11342.66点，涨0.45%；创业板指报2403.64点，涨1%。沪深两市合计成交额1.54万 亿元。 ...

Group 1 - Hangzhou Municipal Justice Bureau has released a draft regulation to promote the development of the embodied intelligent robot industry, aiming to enhance policy synergy and standardize high-quality development paths [1] - The regulation emphasizes the need for improved network and computing power infrastructure, establishing a diversified intelligent computing service system to enhance resource utilization efficiency and reduce costs [1] - The focus is on core technology areas including the "brain" (embodied intelligent models), "small brain" (motion control systems), and "body" (core components and complete robots), as well as specialized chips [1] Group 2 - Huatai Securities anticipates that global tech companies will increase AI investments, particularly in optical communication, with a positive outlook for 1.6T optical module demand as NVIDIA's network cards ramp up production [1] - The long-term potential for optical interconnects to penetrate the scale-up field is highlighted, with an expected increase in their share of the AI computing power value chain [1] - Domestic computing power chain components such as switches, AIDC, computing power leasing, and liquid cooling are expected to see performance releases [1] Group 3 - Citic Securities notes that the demand for training and inference of AI large models continues to grow, with ongoing evolution in scaling laws for post-training and online inference [2] - The underlying infrastructure is developing towards larger clusters, while single-chip computing power improvements are expected to slow down due to advanced process impacts [2] - System-level nodes are anticipated to become crucial for AI computing power development by addressing interconnect, network, and memory wall issues [2] Group 4 - Companies like Xiechuang Data are entering the computing power industry through smart storage and edge computing, leveraging cloud platform services and server remanufacturing [3] - New Clean Energy is building a full-stack capability in the embodied intelligent robot field based on power semiconductor technology, focusing on device innovation and ecosystem collaboration [3]

Market Trends - The market trends from late July to early August closely resemble those from late February to early March, indicating a cyclical pattern in market behavior [3][4] - Both periods experienced a month-long rally followed by significant adjustments and rebounds, with similar volume patterns of "decrease-increase" [4] Risk Signals - The current market exhibits typical "tail behavior," with three major risk signals to watch for: accelerated sector rotation, rising external pressures, and irrational leverage [6][7][9] - Rapid sector rotation is evident, with strong sectors unable to maintain momentum, reflecting a "one-day tour" pattern where funds quickly shift from high-performing sectors to lower-positioned ones [6] - External pressures, particularly from U.S.-China relations, are increasing uncertainty, impacting market momentum [7][8] Leverage and Market Behavior - Leverage funds are increasing their positions despite market pressures, with margin financing balances exceeding 2 trillion yuan, the highest since July 2015, indicating potential overheating [9] - The behavior of leverage funds during market adjustments suggests a tendency to amplify volatility, raising concerns about future market corrections [9] Investment Strategy - In the context of a "tail market," the recommended strategy is to reduce positions at highs while preparing for potential rebounds, emphasizing the importance of locking in profits rather than chasing returns [11][13] - The current market dynamics suggest that maintaining a cautious approach may be more valuable than aggressive strategies, especially as market conditions evolve [14][15]

Group 1 - The A-share computing power industry chain is active, with a focus on optical modules, servers, and PCB leaders, as evidenced by the 5G Communication ETF (515050) rising over 2% in intraday trading [1] - China Mobile announced its 1H2025 performance, indicating a strategic investment increase in AI computing power, with capital expenditure of 58.4 billion yuan for the first half of 2025 and a full-year guidance of 151.2 billion yuan [1] - The total intelligent computing scale reached 61.3 EFLOPS in 1H2025, with self-built intelligent computing capacity at 33.3 EFLOPS and over 660,000 IDC racks for external services [1] Group 2 - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index, with a latest scale exceeding 6 billion yuan, focusing on the Nvidia, Apple, and Huawei supply chains [2] - The optical module CPO concept stocks account for 31% of the ETF's weight, while PCB circuit board concept stocks account for 15.95% [2] - The top ten weighted stocks include companies like Zhongji Xuchuang, Xinyi Sheng, and Lixun Precision, indicating a strong presence in the AI computing hardware and 6G industry chain [2]

Market Overview - The market continues to operate in an upward trend, with the core observation variable being whether the market's profit-making effect can be sustained. As long as the profit-making effect remains positive, incremental capital is likely to continue entering the market. The current WIND All A trend line is around 5540 points, with a profit-making effect value of 2.30%, which is significantly positive. It is recommended to hold positions patiently and maintain a high allocation until the profit-making effect turns negative [1][4][8]. Industry Rotation - In terms of industry allocation, the model continues to recommend sectors that are in a turnaround phase, specifically Hong Kong innovative pharmaceuticals and securities, as the upward trend persists. The TWO BETA model continues to recommend the technology sector, with a focus on military and computing power. Short-term signals indicate that the liquor and agriculture sectors are entering a low point in the emotional cycle, which may lead to a rebound [2][4][8]. Performance Metrics - The Davis Double strategy achieved an excess benchmark of 1.32% this week, with a cumulative absolute return of 33.83% for the year. The CSI 300 Enhanced strategy also outperformed the benchmark by 1.77% this week, with a cumulative excess return of 19.41% for the year. The net profit gap strategy had an excess benchmark of -0.26% this week, with a cumulative absolute return of 37.50% for the year [1][9][15]. Valuation Indicators - The overall PE of the WIND All A index is at the 70th percentile, indicating a medium level, while the PB is at the 30th percentile, indicating a relatively low level. Based on short-term trend assessments, the absolute return products with WIND All A as the stock allocation subject are recommended to maintain an 80% allocation [4][6][8].

Core Insights - The report emphasizes a potential second wave of market growth, focusing on technology and cyclical leaders as key investment opportunities [3][6][11] Liquidity and Market Conditions - The report notes a decline in U.S. non-farm employment figures, raising concerns about the U.S. economy and increasing expectations for interest rate cuts, with a 10Y/2Y U.S. Treasury yield drop of 10BP/18BP since August [4][12] - Continuous monetary easing is highlighted, with weekly reverse repos exceeding 1 trillion yuan for four consecutive weeks, and a strong inflow into the bond market expected due to anticipated tax incentives [4][12] - Market trading volume remains stable at 1.6 to 1.8 trillion yuan, with financing balances nearing 2 trillion yuan, indicating robust new inflows [4][12] Investment Themes - The report identifies three main investment themes: 1. **Leading Companies**: Focus on sectors like non-ferrous metals, military industry, and state-owned enterprise restructuring, with PPI hitting a bottom [4][12] 2. **Domestic Innovation**: Anticipation of a recovery in domestic technology and semiconductor sectors, with high utilization rates in domestic foundries and clear expansion trends [5][13] 3. **Global Expansion**: The report discusses the ongoing global expansion of new investments in cultural sectors, gaming, and innovative pharmaceuticals [5][14] Market Phases and Performance - Historical analysis indicates that each market cycle sees a flow of new capital from institutional investors to retail investors, with the current phase identified as a second wave of growth [6][14][15] - The report outlines the performance of various sectors across different market phases, noting that technology and cyclical sectors are expected to lead in the current second wave of growth [16][30] PPI Trends - The report discusses the PPI cycle, indicating that PPI has reached a bottom and is expected to recover, which aligns with the performance of cyclical sectors [32][33]

- The report defines the market environment using the distance between the long-term (120-day) and short-term (20-day) moving averages of the WIND All A index, which continues to expand, indicating an upward trend [2][9][10] - The industry allocation model recommends sectors such as innovative drugs in Hong Kong and securities for mid-term allocation, while the TWO BETA model continues to recommend the technology sector, focusing on military and computing power [2][3][10] - The current PE ratio of the WIND All A index is around the 70th percentile, indicating a moderate level, while the PB ratio is around the 30th percentile, indicating a relatively low level [3][10][15] Model and Factor Construction 1. **Model Name: Industry Allocation Model** - **Construction Idea**: Recommends sectors based on mid-term market trends - **Construction Process**: Utilizes historical data and market trends to identify sectors with potential for reversal and growth, such as innovative drugs and securities in the Hong Kong market - **Evaluation**: Effective in identifying sectors with potential for mid-term growth [2][3][10] 2. **Model Name: TWO BETA Model** - **Construction Idea**: Focuses on sectors with high beta values, indicating higher volatility and potential returns - **Construction Process**: Analyzes sectors with high beta values, recommending technology, military, and computing power sectors - **Evaluation**: Continues to recommend high-growth sectors, showing consistency in sector selection [2][3][10] Model Backtesting Results 1. **Industry Allocation Model** - **PE Ratio**: 70th percentile [3][10][15] - **PB Ratio**: 30th percentile [3][10][15] - **Moving Average Distance**: 6.92% [2][9][10] - **Profitability Effect**: 2.30% [2][9][10] 2. **TWO BETA Model** - **PE Ratio**: 70th percentile [3][10][15] - **PB Ratio**: 30th percentile [3][10][15] - **Moving Average Distance**: 6.92% [2][9][10] - **Profitability Effect**: 2.30% [2][9][10]

Core Insights - The conference held in Wuhu, Anhui, focused on the theme of "Carbon Index Green Computing Driving Supply and Demand," marking the official launch of the Wuhu Liquid Cooling Intelligent Computing Base with a total investment of 250 million yuan [1] - The Long Triangle region is recognized as a key area for the development of intelligent computing, with the establishment of national integrated computing network hubs and data center clusters aimed at optimizing computing power layout [1][2] - The global data center electricity consumption is projected to reach 415 terawatt-hours in 2024, accounting for 1.5% of global electricity use, with significant contributions from the US, China, and Europe [1][2] Industry Developments - China is actively promoting the proximity of computing power to energy-rich areas and implementing new models for green electricity supply, energy storage, and microgrids to address energy consumption challenges [2] - The "Green Computing Development Research Report (2025)" indicates that over 60% of new computing power in 2024 will be concentrated in key hub areas, with the average Power Usage Effectiveness (PUE) of data centers expected to drop to 1.46 [2] - Liquid cooling technology is gaining traction in data center construction due to its advantages over traditional air cooling, including higher heat dissipation rates and lower noise levels [2] Market Potential - The liquid cooling server market in China is projected to reach $2.37 billion (approximately 17.03 billion yuan) in 2024, with a year-on-year growth of 67%, and is expected to grow to $3.39 billion (approximately 24.35 billion yuan) in 2025 [3] - The Wuhu Liquid Cooling Intelligent Computing Base, developed by TIER Technology, has a total investment of 250 million yuan and covers an area of approximately 26,000 square meters, featuring an immersion liquid cooling data center and related facilities [3][4] - The base aims to achieve a PUE of 1.08 and over 80% green electricity usage through a combination of self-generated photovoltaic systems and purchased green electricity [4] Strategic Goals - TIER Technology plans to enhance its technical capabilities and service offerings in the Long Triangle region, aiming to create a comprehensive intelligent computing platform for various sectors including government, industry, education, finance, transportation, and healthcare [4]

昨天（8月8日），2025算力之都开发者大会在宁夏银川正式拉开帷幕。本次大会聚焦人工智能关键共性 技术创新，推动人工智能技术与实体经济深度融合。这也标志着宁夏正式启动"人工智能+实体经济"深 度赋能工程。 宁夏工业和信息化厅副厅长卢机智：一方面是要全力推动宁夏枢纽扩量提速，把宁夏的电力变成全国的 算力，另一方面我们还要加快建设人工智能通用大模型训练场，打造一批典型应用场景，把宁夏打造成 全国算力之都。 本次大会邀请全球顶尖院士专家及3000余名开发者，围绕AI算力优化、大模型应用、低空经济、量子 通信、具身机器人及数字孪生等前沿技术，现场拆解行业难题，形成多套可直接落地的深度应用模板。 （文章来源：央视新闻） 参会专家姚卯青：人工智能已经走入了大模型的时代，大模型背后最重要的生产资料，那就是大算力、 大数据和大的模型参数。能把我们的基础设施做得越来越稳定、越来越高效、越来越安全、越来越绿 色，也为我们长期发展奠定好的基础。 自2024年以来，宁夏的线上算力产业园线上已入驻企业超百余家，涵盖算力、大模型、机器人、AI仿 真和系统集成等多业务方向，积极推动绿色算力服务国家"东数西算"战略任务，撬动整个产业链面向全 ...