在产业领域，我国已逐渐形成算力网络软硬件基础设施及平台与应用服务的上中下游完整产业链，初步 巩固了我国在算网领域的主导地位。其中产业链上游，一方面由国家新基建、信创等政策指引，推动了 算网新型基础设施的自主设计研发与创新落地；另一方面由东数西算、5G网络与大数据等国家重大工 程驱动，推进了大算力、高性能、低功耗与高可靠算网软硬件基础设施的研发产业化落地。产业链中游 旨在提供算网一体化管理与运营交易的平台服务能力，促进计算与网络基础设施从过去的割裂形态走向 深度融合。产业链下游通过构建多样化的算网应用服务，并基于创新的商业模式向用户提供算网服务， 实现算网的价值流通与落地。 ◎欧阳晔 张亚勤 尹 浩 "开辟发展新领域新赛道，不断塑造发展新动能新优势"。党的二十大报告为我国新一轮科技革命和产业 变革指明了战略方向。在数字经济成为当前全球主要国家推动经济复苏的关键举措和经济发展的制高点 的背景下，算力作为数字经济的关键生产力，已形成新的全球竞争格局，并开启了算力网络新赛道。 算力网络的内涵 国际数据公司2022年评估报告指出，15个重点国家的计算力指数平均每提高1点，国家的数字经济和国 内生产总值将分别增长3.5‰ ...

Group 1 - The core point of the article is that Beijing Jiliu Technology Co., Ltd. has completed a Series B financing round, raising nearly 100 million RMB, with participation from Henan Investment Group, Xinglian Capital, and Zhuoyuan Asia [1][2]. Group 2 - The financing details include the date of announcement on November 13, 2025, and the total amount raised being close to 100 million RMB [2]. - Other recent financing rounds for Jiliu Technology include a Series A+ round on July 20, 2025, also raising nearly 100 million RMB, with investors such as International Guofang and Karamay City Investment [2]. - Jiliu Technology specializes in providing an open computing power network, with products including GPU-RDMA network communication frameworks and high-speed lossless network switches, which can enhance performance by over 20% and save costs in the thousands of thousands of RMB in a thousand-card environment [2].

Core Viewpoint - The Ministry of Industry and Information Technology has launched a special initiative to develop a millisecond-level computing power network, aiming to enhance the responsiveness of computing resources within urban areas by 2027 [1][4]. Group 1: Millisecond Computing Power Network Development - The initiative focuses on creating a high-speed, low-latency network that allows for millisecond-level access to computing resources, addressing the gap between traditional network delays and real-time computing needs [1][4]. - By 2027, the goal is to establish a comprehensive urban millisecond computing power network capable of providing connectivity with less than 1 millisecond latency for computing centers and less than 10 milliseconds for application terminals [1][4]. Group 2: Actions to Achieve Goals - The initiative outlines three main actions: enhancing interconnectivity between computing centers, improving access to computing resources, and optimizing application responsiveness [1][4]. - Specific targets include achieving a unidirectional latency of less than 1 millisecond between medium and large computing centers by 2027, with at least 50% deployment of 400Gbps capacity [2][3]. Group 3: Technological Innovations and Infrastructure - The initiative emphasizes the need for advanced technologies such as task scheduling and intelligent network operation to facilitate dynamic coordination between computing and network resources [3][4]. - It also aims to enhance the performance of computing centers through the deployment of all-optical networks and innovative network protocols, improving communication efficiency for applications like artificial intelligence [4][5]. Group 4: Industry Impact and Applications - The millisecond-level computing power network is expected to drive commercial breakthroughs in high-value scenarios, such as autonomous driving and telemedicine, by significantly reducing response times [5]. - The initiative supports the "East Data West Computing" strategy by minimizing data transmission delays, thereby improving resource utilization efficiency across regions [4][5].

Market Insights - Gold prices have surged, breaking the $4300 mark for the first time, with silver futures rising over 4% during trading [1] - The recent increase in precious metals is attributed to factors such as the U.S. government shutdown, trade tensions, and expectations of Federal Reserve interest rate cuts [1] Industry Developments - Several mid-sized banks in the U.S. have been implicated in loan fraud, leading to a significant drop in the market value of regional banks, which collectively lost over $100 billion in a single day [2] - Concerns regarding credit quality and asset transparency have heightened among investors, raising fears of potential systemic risks within the regional banking sector [2] - The Ministry of Industry and Information Technology in China has initiated a "millisecond computing" project aimed at enhancing computing network capabilities, which is expected to create investment opportunities in domestic computing power [3] Macro Events - A phone call between U.S. President Trump and Russian President Putin has concluded, with discussions focused on ending the Russia-Ukraine conflict and potential future meetings [4] Institutional Perspectives - Citic Securities suggests that while short-term adjustments are inevitable, the market remains resilient, recommending attention to military and new consumer sectors [6] - Debon Securities notes that reduced trading volumes reflect heightened market risk aversion, with value sectors represented by dividends likely to continue outperforming [7] - Dongfang Securities maintains that short-term adjustments will not alter the upward trend of the market, asserting that technology stocks remain the main focus [8] Emerging Technologies - Chinese scientists have reportedly overcome key challenges in solid-state battery technology, which could double the range of electric vehicles by 2025, opening new markets [9] - The National Energy Administration in China has announced 41 hydrogen energy pilot projects, indicating significant progress in hydrogen technology and industry layout [10] - The upcoming World VR Industry Conference is expected to see participation from major companies like Huawei, Apple, and Alibaba, with projections indicating an 8.8% year-on-year increase in global VR and MR headset shipments in 2024 [11] Company Announcements - Rongzhi Rixin has projected a net profit increase of 871.3% year-on-year for the first three quarters [12] - Fuyao Glass reported a 28.93% year-on-year increase in net profit for the same period [14] - Guangsheng Youse anticipates a turnaround in net profit for the first three quarters due to rising rare earth market conditions [14]

Core Insights - The Ministry of Industry and Information Technology has initiated a special action for "millisecond computing" in urban areas, focusing on the development of computing power networks [1] - The goal is to establish a high-speed, large-capacity, low-latency, and widely accessible urban network that provides millisecond-level computing resource connectivity [1] - By 2027, the aim is to form a comprehensive, efficient urban millisecond computing network capability system across the country [1] Summary by Categories Action Plan - The special action aims to facilitate millisecond interconnection of computing centers (<1 millisecond) and ensure millisecond access to computing resources in key locations (<1 millisecond) [1] - It also targets achieving millisecond accessibility for application terminals with network latency under 10 milliseconds [1] Development Goals - The initiative is expected to drive various industry stakeholders to focus on establishing smooth millisecond computing channels [1] - The plan outlines a phased approach to advance the construction of the millisecond computing network nationwide [1]

Core Insights - China's economy continues to maintain stable and healthy development, providing certainty and positive energy for global economic growth. Despite some perceptions that investment opportunities are diminishing, China's economic transformation and upgrading present unprecedented opportunities for countries worldwide [1] Group 1: Industry Transformation and Upgrading - China's manufacturing sector remains the largest globally for 15 consecutive years, with 80% of it comprising traditional industries such as metallurgy, chemicals, machinery, light industry, and textiles. The acceleration of high-end, intelligent, and green development will release investment opportunities in these areas [1] - New industries such as artificial intelligence, robotics, and biomedicine are rapidly emerging, with China leading in several AI models and maintaining the largest industrial robot market for 12 years. The country is fostering the development of future industries and is open to sharing investment opportunities with global partners [1] Group 2: Technological Innovation and Talent Dividend - China is quickly rising in the global technology innovation landscape, with R&D expenditure exceeding 3.6 trillion yuan in 2024, approaching the OECD average. The country leads in high-level international journal publications and invention patents [2] - The integration of technological and industrial innovation is accelerating, with increasing patent conversion rates and the transformation of cutting-edge technological achievements into new productive forces. China produces over 5 million STEM graduates annually, enhancing the talent dividend, particularly in engineering [2] Group 3: Consumption Expansion and Upgrade - China's per capita GDP exceeds $13,000, with a steadily expanding market size. The retail sales of consumer goods are expected to surpass 50 trillion yuan by 2025, solidifying China's position as the world's second-largest consumer market [3] - Online retail sales have ranked first globally for 12 consecutive years, with significant sales in automobiles and air conditioners. Service consumption is becoming a new growth engine, with the proportion of per capita service consumption expected to reach 46.1% in 2024 [3] Group 4: Infrastructure Development - China's vast territory necessitates significant infrastructure development, particularly in the central and western regions where railway and road density is lower than in the eastern coastal areas. Traditional infrastructure construction and upgrades will yield long-term economic and social benefits [3] - Investment demand remains high for intercity railways and cross-river, cross-sea bridges, which improve transportation logistics and regional economic development. Rapid growth in new infrastructure areas such as computing networks, mobile communications, and smart cities will create vast market opportunities [3] Group 5: Urbanization and Social Welfare - China's urbanization is transitioning from rapid growth to stable development, focusing on improving quality and spatial layout, developing urban clusters, and modernizing cities. Urban renewal projects will create significant investment opportunities [4] - The demand for social welfare services, including childcare, education, elderly care, and healthcare, is increasing. By 2025, China aims to provide 4.5 childcare spots per 1,000 children under three, addressing gaps compared to developed countries [4]

Core Viewpoint - The National Data Standardization Technical Committee has solicited public opinions on two technical documents related to the national integrated computing power network, marking the completion of nine technical documents that establish a comprehensive standard system for the network [1] Group 1: Technical Document Development - The nine technical documents signify the transition of the national integrated computing power network from planning to implementation, laying a technical foundation for a unified resource management and scheduling system [1] - The documents include requirements for computing power pooling, security protection, resource management, multi-dimensional billing, performance measurement, operational services, and monitoring interfaces [1] Group 2: Future Implementation - The National Data Bureau will accelerate the implementation of these technical documents to promote a connected, user-friendly, green, and secure national integrated computing power network [1] - This initiative supports the construction of a strong digital nation and aims to establish a digital foundation for a unified national market [1]

Core Insights - The article emphasizes the emergence of the 1ms urban computing network as a crucial infrastructure for supporting artificial intelligence applications and enhancing smart city development [1][3][5] - The 1ms urban computing network is recognized for its ultra-low latency, which significantly improves data transmission efficiency and enables real-time responses for various smart applications [1][2][4] Group 1: Industry Development - The 1ms urban computing network is being constructed as a new type of information infrastructure, integrating computing power and network resources to ensure efficient matching and utilization of computing resources [2][3] - The Chinese government has set a target for the demonstration areas to achieve a 1ms latency urban computing network by 2025, indicating strong policy support for this initiative [3][5] - The development of the urban computing network is seen as a strategic measure for digital transformation across industries, with a focus on enhancing the digital economy [3][6] Group 2: Technological Advancements - The integration of the 1ms urban computing network with various AI models, such as DeepSeek, is enabling customized AI solutions for different sectors, including finance and government [2][4] - The network's capabilities allow for intelligent management of computing resources, supporting agile scheduling and real-time data processing [4][5] - The application of the 1ms urban computing network has led to significant improvements in operational efficiency, such as a 33% increase in production efficiency for the Jiangxi Copper Group's automated systems [5] Group 3: Future Directions - There is a call for strengthening standards and regulations to guide the development of algorithms and ensure the secure and stable operation of the computing network [6] - Emphasis is placed on fostering international cooperation to build a robust industrial ecosystem and promote collaborative innovation in technology [6] - The ongoing advancements in technology and the expansion of application scenarios are expected to further enhance the role of the 1ms urban computing network in smart city construction [1][3]