文 | 财华社 因元旦假期安排，12月31日港股市场仅开放上午半天交易，午后正式完成2025全年收官。 回望这一年，港股市场延续了2024年的涨势，再度走出强劲上涨行情，恒生指数全年累涨27.77%，恒生科技指数同步上涨23.45%，更值得关注的是，全 年成交量较往年显著放大，交投活跃度大幅提升，估值修复与产业景气共振之下，市场赚钱效应全面释放。 阶段轮动清晰：不同主线接力驱动市场上行 从板块轮动节奏来看，2025年港股呈现清晰的阶段性主线切换，从年初的AI科技热潮，到年中的创新药BD交易爆发，再到反内卷政策驱动的产业优化， 最终以有色金属板块的全年领跑画上句点，不同阶段的核心主线共同推动港股市场全年上行。 具体而言，年初阶段，DeepSeek赶在蛇年春节前发布了大模型DeepSeek-R1，直接惊艳全球。其"多快好省"的特性在给英伟达（NVDA.US）一记暴击之 外，也打开了中国资产的牛市之路。 在这一阶段，港股市场的科技板块成为绝对主角，恒生科技指数在2025年一季度累计上涨20.74%，远超同期恒生指数15.25%的涨幅。 资金则重点追捧算力基建、大模型研发及AI应用相关标的，不仅传统互联网大厂，如阿里 ...

因元旦假期安排，12月31日港股市场仅开放上午半天交易，午后正式完成2025全年收官。 回望这一年，港股市场延续了2024年的涨势，再度走出强劲上涨行情，恒生指数全年累涨27.77%，恒生科技指数同步上涨23.45%，更值得关注的是，全年 成交量较往年显著放大，交投活跃度大幅提升，估值修复与产业景气共振之下，市场赚钱效应全面释放。 阶段轮动清晰：不同主线接力驱动市场上行 从板块轮动节奏来看，2025年港股呈现清晰的阶段性主线切换，从年初的AI科技热潮，到年中的创新药BD交易爆发，再到反内卷政策驱动的产业优化，最 终以有色金属板块的全年领跑画上句点，不同阶段的核心主线共同推动港股市场全年上行。 具体而言，年初阶段，DeepSeek赶在蛇年春节前发布了大模型DeepSeek-R1，直接惊艳全球。其"多快好省"的特性在给英伟达（NVDA.US）一记暴击之外， 也打开了中国资产的牛市之路。 在这一阶段，港股市场的科技板块成为绝对主角，恒生科技指数在2025年一季度累计上涨20.74%，远超同期恒生指数15.25%的涨幅。 资金则重点追捧算力基建、大模型研发及AI应用相关标的，不仅传统互联网大厂，如阿里巴巴（09988 ...

Core Viewpoint - The recent adjustment in AI concept stocks has sparked discussions about a potential "bubble," yet major international investment banks like Goldman Sachs, UBS, and Citigroup continue to express strong support for the future of AI, indicating that long-term institutional investors remain committed to the sector [1][2]. Group 1: Investment Bank Support - Major investment banks have released reports affirming their positive outlook on AI, suggesting that the current investment cycle has room for growth and is comparable to the early stages of the 1990s tech boom rather than a speculative peak [2][3]. - Goldman Sachs emphasizes that the current AI hype resembles the tech boom of 1997-1998, indicating that the market is still in a foundational phase rather than experiencing excessive speculation [2]. - UBS asserts that the AI sector has not yet reached the dangerous peak of the 2000 internet bubble, highlighting that valuations are not extreme and that key conditions for a bubble burst are absent [2]. Group 2: Demand Drivers - The optimism from investment banks is underpinned by a global surge in demand for computing power, with AI applications expanding beyond the tech sector into traditional industries such as finance, manufacturing, healthcare, and automotive [3][4]. - Goldman Sachs projects that the widespread application of generative AI could boost U.S. labor productivity by 15% over the next decade, driving increased corporate investment [3]. - Morgan Stanley forecasts that capital expenditures for large-scale cloud providers will reach $445 billion by 2025, growing 56% year-over-year, and further increase to $582 billion by 2026, reflecting explosive underlying demand [3]. Group 3: Focus on Certainty - The recurring bubble discussions highlight the ongoing market debate regarding new technologies, but long-term stock prices will ultimately be determined by companies' actual profitability [5]. - Companies in the computing infrastructure sector, such as Industrial Fulian, are positioned as core assets in the computing era, supported by strong market share, exceeding performance expectations, and substantial order backlogs [5]. - The recent market correction in the AI sector has eliminated speculative excess, thereby enhancing the visibility of high-quality companies' values [5].

Market Overview - On October 17, A-shares experienced a collective decline, with the Shanghai Composite Index falling by 1.95%, the Shenzhen Component Index by 3.04%, and the ChiNext Index by 3.36%. The North Star 50 Index dropped by 3.75% [1] - The total trading volume in the A-share market reached 1.9547 trillion yuan, with over 4,700 stocks declining [1] - Sectors such as electric grid equipment, photovoltaic energy storage, CPO, controllable nuclear fusion, cultivated diamonds, and semiconductors saw significant declines, while gas, precious metals, and airport shipping sectors performed relatively well [1] ETF Performance - Major broad-based ETFs experienced fluctuations, with the A500 ETF (512050) declining by 2.41% [1] - AI-related ETFs collectively fell, with the Chip ETF (159995) down by 3.68% and the AI ETF (515070) down by 2.82% [1] - The 5G Communication ETF (515050) dropped by 4.23%, and the ChiNext AI ETF (159381) fell by 2.33% [1] AI Sector Insights - Despite increased market volatility, the AI sector continues to show strong growth potential, supported by favorable policies and strategic collaborations [2] - The Ministry of Industry and Information Technology is promoting a "millisecond computing" initiative to enhance computing resource accessibility [2] - AMD's strategic partnership with OpenAI and OpenAI's commitment to invest $1 trillion over the next five years for computing capabilities indicate a robust demand for AI computing resources [2] Long-term Outlook - According to Guotai Junan Securities, the prosperity of AI is extending beyond the stock market into credit and bond markets [2] - Future market focus will shift to the sustainability of AI narratives, including the performance of tech companies in Q3 reports and capital expenditure guidance, as well as the Federal Reserve's interest rate path and U.S. fiscal sustainability [2] - The A-share market's attention will return to incremental policies, external liquidity, and regulatory attitudes, balancing growth and stability in investment strategies [2]

Core Insights - The recent surge in computing power infrastructure has become a focal point, with multiple local governments proactively planning for future needs [1] - The demand for computing power is driven by the current AI technology revolution, which is causing a rapid increase in requirements for model training [1] - Computing power is recognized as a crucial driver of economic development, with significant potential for GDP growth from investments in this sector [1] Government Initiatives - Jilin province aims for an intelligent computing power scale to exceed 5000 PFLOPS by the end of 2027, emphasizing a proactive and scientific layout of resources [1] - Hubei province targets a total computing power scale of 25 EFLOPS by 2027, with at least 90% of new facilities dedicated to intelligent and supercomputing [1] - A nationwide computing power identification system has been established across 31 provinces, with 52 "data express" lines officially launched [1] Corporate Investments - Alibaba has announced a three-year plan to invest 380 billion yuan in AI infrastructure, indicating a significant commitment to enhancing computing capabilities [1] - Huawei has introduced computing supernodes and a million-card cluster to overcome computing bottlenecks, showcasing its technological advancements [1] Economic Impact - The demand for computing power is expected to double every 3-4 months due to the needs of large model training [1] - A study suggests that every 1 yuan invested in the computing power industry can generate an additional 3 to 4 yuan in GDP growth, highlighting the sector's economic potential [1]

Group 1: Solid-State Battery Developments - A research team led by Professor Zhang Qiang from Tsinghua University has made significant progress in polymer electrolytes for lithium batteries, developing a new fluorinated polyether electrolyte that enhances physical contact and ionic conductivity at solid-state interfaces, potentially aiding the development of mature solid-state battery products [2] - The Ministry of Industry and Information Technology and eight other departments have issued an action plan emphasizing solid-state batteries as a key focus area, aiming to support the transition of lithium and sodium batteries to solid-state technology and to establish 3 to 5 global leading enterprises by 2027 [4] - As of September 25, 21 solid-state battery concept stocks have seen net purchases exceeding 100 million yuan since September, with companies like CATL, Xian Dao Intelligent, Guoxuan High-Tech, and Ganfeng Lithium leading in net purchase amounts [4] Group 2: Market Reactions and Trends - The solid-state battery sector has experienced a surge in stock prices, with several companies reaching their daily limit up due to positive market sentiment [3] - Brokerages have seen a rise in stock prices, with Guosheng Financial hitting the daily limit, and other firms like Xinda Securities, GF Securities, Huatai Securities, and CITIC Securities also experiencing gains [4] - The central bank has emphasized the need for a moderately loose monetary policy to encourage financial institutions to increase credit supply, which may positively impact the financial sector [7] Group 3: AI Infrastructure Investments - Alibaba has announced a three-year investment plan of 380 billion yuan for AI infrastructure, indicating a strong commitment to enhancing computational capabilities [11] - The demand for computational power is rapidly increasing due to the AI technology revolution, with estimates suggesting that the training requirements for large models double every 3 to 4 months [12] - Investment in computational infrastructure is expected to drive economic growth, with projections indicating that every yuan invested in the computational industry could generate 3 to 4 yuan in GDP growth [12]

Core Insights - The next major opportunity in AI lies within "new infrastructure for computing power" as highlighted by the recent measures from the National Development and Reform Commission and other departments [1][3] - The demand for AI large models and intelligent computing centers is expected to drive a high growth cycle in computing power infrastructure, with a significant leap in the industry chain scale projected by Q4 2025 [1][3] Industry Developments - Computing power has become a fundamental resource for societal operations, supporting technologies from facial recognition to autonomous driving [3] - A 1% increase in the computing power index can lead to a 0.33% growth in the digital economy and a 0.18% increase in GDP [3] - Major global tech companies are intensifying investments in computing power infrastructure, with Alibaba planning to invest 380 billion yuan in AI infrastructure over the next three years, marking the highest investment record in China's private sector for AI infrastructure [3][4] - Huawei has launched the world's strongest computing power supernodes and clusters, with Atlas 950 and 960 SuperPoD products leading in key metrics [4][5] - OpenAI, along with SoftBank and Oracle, announced a plan to invest $500 billion over four years to build data centers and supercomputing clusters in the U.S. [5] Market Performance - As of September 26, there are 319 listed companies in the computing power concept sector in A-shares, with 91 companies seeing stock price increases of over 50% this year, and 34 companies achieving a doubling of their stock prices [6][7] - Companies like Pingzhi Information have transitioned to computing power services, signing contracts worth over 2.2 billion yuan for computing power services [8] - Bohui Co., Ltd. has accelerated its transformation, establishing a subsidiary focused on liquid cooling management systems for intelligent computing centers [8][9]

Group 1 - Shenzhen Dongyangguang Industrial Development Co., Ltd. (Dongyangguang Group) announced a plan to acquire 100% equity of Qinhuai Data's China business for 28 billion yuan through a cash payment [1] - The acquisition involves increasing capital in Yichang Dongshu No.1 Investment Co., Ltd. by Dongyangguang and its controlling shareholder, with amounts of 3.5 billion yuan and 4 billion yuan respectively [1] - Qinhuai Data's China business achieved revenue of 6.048 billion yuan and a net profit of 1.309 billion yuan in 2024, with revenue of 2.608 billion yuan and a net profit of 745 million yuan in the first five months of 2025 [1] Group 2 - Dongyangguang Group's chairman stated that the acquisition is a key step in integrating into the "East Data West Calculation" project and aims to build a national integrated computing power network [2] - The company plans to ensure smooth business transition and operation while focusing on resource integration in areas such as liquid cooling materials, AIDC, and clean energy [2] - The competitive bidding for Qinhuai Data's assets attracted multiple industry capital, internet companies, and local state-owned platforms, indicating high market recognition of the asset value [2]

Core Viewpoint - The article discusses the "AI Energy Paradox," highlighting the dual nature of AI technology that improves energy efficiency while increasing power consumption due to high computational demands. It emphasizes the challenges of achieving a balance between computational power, cost control, and low carbon emissions, referred to as the "impossible triangle" [1][2]. Group 1: Company Overview - Shandong Gaohigh Technology (山高控股) is recognized as a leader in the Chinese computing power sector, successfully addressing the industry's challenges with its "green electricity + computing power" dual-drive model, resulting in a remarkable 506% year-on-year increase in net profit [2][6]. - The company has established a unique ecosystem by integrating power generation, grid management, load balancing, and energy storage, which is essential for providing reliable and efficient computing power [5][6]. Group 2: Market Dynamics - By 2028, the demand for inference computing power is expected to surpass training computing power, making it a critical resource for AI operations. The Chinese intelligent computing market is projected to grow 2.5 times, with an annual growth rate of nearly 40% [3][4]. - The integration of the "source-network-load-storage" project in Ulanqab City, which aims to create an innovative mechanism for local power generation and consumption, is a significant step towards solving the "impossible triangle" [3][4]. Group 3: Financial Performance - In the first half of 2025, Shandong Gaohigh Technology reported revenues of 2.503 billion yuan, with 96% coming from emerging industries, and a net profit of 476 million yuan, reflecting a 506% increase year-on-year [6][7]. - The collaboration with Century Internet has led to significant growth in operational metrics, with Century Internet's revenue reaching 2.43 billion yuan in Q2, a 22% increase, and base business revenue growing by 112.5% [6][7]. Group 4: Strategic Initiatives - The company is expanding its green energy assets, having secured over 4 GW of new energy development indicators, which will support the replication of the Ulanqab model across other regions rich in clean energy resources [11][12]. - Strategic partnerships, such as the one with Huawei, enhance the company's capabilities in providing computing infrastructure and green energy solutions, particularly in zero-carbon parks and smart transportation projects [14][15]. Group 5: Future Growth Potential - The "electricity-computing integration" model is not merely a static asset combination but a dynamic ecosystem with significant growth potential, driven by three engines: replication, collaboration, and digital asset management [10][11][15]. - The issuance of tokenized products for real-world assets (RWA) positions the company to capitalize on the growing global RWA market, expected to reach $16.1 trillion by 2030, thereby opening new financing channels and revenue models [15][20].

Group 1 - The core viewpoint of the article highlights that domestic AI computing infrastructure service provider Jiliu Technology has completed nearly 100 million yuan in A+ round financing, led by Shanghai Guotou Futeng Capital and Guofang Innovation [1] - The financing will primarily be used for core technology and product research and development, market expansion, and team building [1] - Since its establishment in 2023, Jiliu Technology has participated in the construction of various large-scale computing clusters, ranging from hundreds to thousands and even tens of thousands of units [1] Group 2 - The company has successfully implemented multiple long-distance training and computing power clusters [1] - Jiliu Technology has received multiple rounds of investment from first-line funds, industrial capital, and local state-owned assets, with a cumulative financing amount reaching several hundred million yuan [1]