7月26日，世界人工智能大会（WAIC）在上海正式拉开帷幕。 在展会现场，具身智能无疑是最备受瞩目的行业。从灵活完成格斗动作的人形机器人，到能精准执行家务、康复辅助的服务型机器人，这些具备物理交互能 力的智能体凭借流畅的动作、自然的交互赚足了观众眼球。 然而，在这场科技盛宴中，当人们沉浸在具身智能带来的震撼体验时，人工智能产业的核心底座——以芯片、板卡、服务器、计算集群等为核心构成的算力 基础设施，依然是整个行业绕不开的关键话题。 与往届大会相比，今年算力基础设施展区呈现出截然不同的风貌。 往年展台上随处可见的"参数竞赛"已悄然淡去，各厂商送展的芯片和服务器展品中，很少再有将某项极致性能参数用醒目字体刻意标记出来的情况。 曾经被重点标注的技术指标，如今更多地融入到具体的产业解决方案中，或是隐藏在真实的应用场景演示里。 现场的讨论也多是基于"碎片化算力资源统筹"、"低功耗与低成本"与"垂类产品软硬件整合"这些非常务实的话题。 全链路国产化进行时 在算力基础设施的务实转型浪潮中，"全链路国产化"的推进节奏尤为引人关注。 过去几年，全球供应链波动引发的芯片断供风险，以及核心技术"卡脖子"的现实挑战，反复挑动着国内人 ...

今日复牌后，华升股份盘中跌停上演"天地板"，截至收盘跌8.27%报7.21元。 收购科技公司 6月23日晚，华升股份发布公告，公司拟通过发行股份及支付现金方式，购买易信科技100%股份。 同时，公司向控股股东湖南兴湘投资控股集团有限公司发行股份募集配套资金，公司股票于2025年6月24日开市起复牌。 根据公告，华升股份正在筹划发行股份及支付现金购买深圳易信科技股份有限公司100%股份，并向公司控股股东湖南兴湘投资控股集团有限公司发行股份 募集配套资金事项。 重组预案显示，华升股份主要专注于麻类特色产品，集研发、设计、原料采购、纺纱、织布、印染、制造、销售于一体，公司已形成涵盖纺纱、织布、印 染、服装、家纺制造的完整产业链。 本次交易对方为白本通、张利民、深圳前海拓飞咨询管理合伙企业（有限合伙）等28名易信科技股东。除火炬创投、骆献文外，易信科技剩余26名股东已与 华升股份签署框架协议书。 华升股份指出，将持续与火炬创投和骆献文协商，并按规定履行相应程序后收购其持有的易信科技共计2.12%的股份。 | 证券代码 证券简称 停复牌类型 | | 停牌起 | 停牌 | 停牌终止日 | 复牌日 | | --- | -- ...

Group 1 - The company plans to acquire 100% of Yixin Technology through a combination of share issuance and cash payment, with the transaction price yet to be determined [1] - Yixin Technology focuses on the AIDC field, providing lifecycle services for green computing infrastructure, including planning, construction, operation management, and energy-saving product development [1] - The transaction aligns with national strategies to promote new information infrastructure and cultivate new productive forces [1] Group 2 - Yixin Technology has established and operates multiple high-performance intelligent computing centers in various locations, including Shenzhen, Huizhou, Guangzhou, and Haikou, and is currently building a green computing center in Hunan [2] - The company aims to enhance regional coordination and overall operational efficiency of intelligent computing infrastructure, catering to high-demand scenarios such as low-altitude economy, artificial intelligence, industrial internet, and fintech [2] - This acquisition is expected to deepen the company's integration into the national computing network layout, supporting high-quality development of new productive forces [2]

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook with expected performance exceeding the benchmark index by more than 10% [4]. Core Insights - The AI industry continues to see significant advancements, with major models like DeepSeek-R1-0528 and Google's Gemini 2.5 Pro demonstrating enhanced capabilities in reasoning and performance metrics [9][11]. - The ByteDance Volcano Engine Force conference is set to showcase comprehensive upgrades to the Doubao model family and explore various AI applications across multiple industries [15][17]. - The vertical integration of the domestic computing power industry, particularly the merger between Sugon and Haiguang Information, is a landmark event that aligns with national strategies for self-sufficiency in computing power [18][21]. Summary by Sections AI Model Developments - DeepSeek-R1-0528 has undergone a minor version upgrade, significantly improving its reasoning capabilities and depth of thought, with a notable performance in mathematical testing [9][10]. - Google's Gemini 2.5 Pro has been updated to outperform competitors in various benchmarks while maintaining a competitive pricing strategy [11][13]. Industry Events - The ByteDance Volcano Engine Force conference on June 11 will cover AI innovations and industry applications, featuring multiple forums and discussions on AI's potential across sectors like finance and healthcare [15][17]. Industry Integration - The merger between Sugon and Haiguang Information is a strategic move to enhance domestic computing capabilities, responding to both national and global technological competition [18][21]. - This merger is expected to eliminate communication barriers within the supply chain, accelerating technology iteration cycles and enhancing collaborative efficiencies [21]. Companies to Watch - The report suggests monitoring various companies in the computing power sector, including Cambrian, Haiguang Information, Alibaba, and others, as potential investment opportunities [3][22]. - In the AI agent space, companies like Kingsoft Office and Yonyou Network are highlighted for their growth potential [3][22].

策略研究 | 证券研究报告 — 点评报告 2025 年 6 月 8 日 策略点评 海外映射催化，重视科技反弹 海外映射驱动叠加市场风格轮动之下，AI 产业链具备一定反弹空间。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：高天然 tianran.gao@bocichina.com 证券投资咨询业务证书编号：S1300522100001 算力基础设施悲观预期正在扭转，美股英伟达、博通等龙头厂商均市场 表现亮眼，海外映射逻辑催化下 A 股算力基础设施同步反应，再次强调 算力基础设施的高景气趋势正在持续验证。此外，端侧 AI 眼镜新品密集 落地，应用端 AI 应用正从概念走向深度集成与任务执行，微软、谷歌等 科技巨头正全力布局，6 月字节即将召开火山引擎 2025 原动力大会，国 内 AI 应用亦有催化。海外映射驱动叠加市场风格轮动之下，AI 产业链具 备一定反弹空间，当前正是较优配置时机。 风险提示：1）政策落地不及预期，宏观经济波动超预 ...

Group 1 - The origin of the saying "Five poor, six absolute, seven turn around" comes from the Hong Kong stock market in the 1980s and 1990s, indicating a seasonal pattern in stock performance [1] - The saying has been adopted in the A-share market, but its relevance has been questioned due to changes in market structure and investor behavior [1][4] - Historical data over the past 20 years shows that the average performance of the A-share market in May has been positive, with an average increase of 1.52%, despite 55% of the years experiencing declines [2][4] Group 2 - In June, the A-share market has shown an average decline of 1.41%, with 40% of the years experiencing downturns, attributed to tightening liquidity and institutional rebalancing [2][4] - July typically sees a recovery, with an average increase of 2.26% and 40% of the years showing declines, driven by policy expectations and mid-year earnings reports [2][4] Group 3 - The weakening of the calendar effect is noted, as recent policy changes have accelerated, reducing the impact of traditional seasonal patterns [4][5] - The increase in institutional investor participation has led to a diminished effect of short-term sentiment fluctuations, with a greater focus on long-term investment logic [5] Group 4 - Investment strategies should focus on fundamental analysis and policy direction rather than solely relying on historical patterns [6][8] - Suggested strategies include diversifying investments across technology growth and defensive dividend assets to mitigate risks associated with market volatility [7][11] Group 5 - The report emphasizes the importance of focusing on sectors supported by government policies, such as technology and consumer upgrades, which are expected to benefit from recent financial measures [9][10] - The real estate sector is highlighted as having potential recovery opportunities due to improved credit conditions and consumer spending capabilities [10]

在生成式AI技术推动下，全球迎来新一轮资本开支扩张。与此同时，中国AI产业因本土大模型DeepSeek的发布引发广泛关注，掀起了中国资产的重估浪潮。 多家头部外资机构认为，DeepSeek等创新成果不仅显示出中国在AI算法领域的突破，更凭借低成本优势推动了AI应用快速落地，并为AI产业链上下游带来广阔空 间。得益于制造业和数据等资源禀赋，中国在AI+物联网等领域的推进速度甚至有望超越海外，成为AI全球产业链重塑中的关键力量。 在AI驱动的科技革命背景下，半导体、机器人、算力基础设施等产业链核心环节正成为投资新风口。外资机构预计，未来，围绕AI产业链的算力、设备、国产替代 等方向或将持续成为资本关注的重点。 AI推动新一轮资本开支增长 随着生成式AI技术的发展，全球主要科技企业正在推动新一轮资本支出扩张。 路博迈集团高级研究分析师、半导体领域首席专家Jamie Zakalik日前表示，目前所有大型企业，甚至一些中小企业，都认识到在生成式AI浪潮中保持领先的重要 性。根据公开数据，美国四大云服务和AI企业的资本开支总额预计将从2023年的1500亿美元增长至今年的3000亿美元，短短两年实现翻倍。 在AI基础设施 ...