记者丨叶映橙 见习记者林健民 编辑丨陈思颖 "算力黑马"海南华铁（603300.SH）近日接连发布重磅公告，引发市场高度关注。 10月8日，海南华铁发布公告称，公司第二大股东胡丹锋宣布终止原定的减持计划，并计划在未来一个月内通过上海证券交易所交易系统以集中竞价方式 增持公司股份，金额不低于3000万元，不超过5000万元。 公告显示，胡丹锋此次增持是"基于对公司未来持续稳定发展的信心和长期投资价值的认可，增强投资者信心"。 此前，胡丹锋计划在9月8日至12月7日期间减持不超过44229507股，减持比例不超过公司总股本的2.22%。"变卦"背后，或与此前饱受投资者质疑的公司算 力业务大单告吹有关。 2025年3月，海南华铁全资子公司华铁大黄蜂与杭州X公司签署了一份为期5年的《算力服务协议》，合同总金额高达36.9亿元（含税）。该协议一度被视 为海南华铁进军算力市场的标志性事件，带动公司股价在3月5日至7日连续三个交易日涨停，3月12日股价上涨至13.26元，较年内低点4.76元涨了近2倍。 然而，仅仅不到7个月后，海南华铁于2025年9月30日发布公告，宣布该协议已终止，引发股民热议。 公告指出，由于市场环境 ...

云智算深度融合重塑数字经济的底层逻辑，随着人工智能技术突破，用户需要随时、随地、随需接入算力资源。算力互联网通过网络化手段实现跨地域、 跨主体的算力资源统一调度与接入，推动"东数西算"等国家工程落地实施，支撑人工智能、低空经济、自动驾驶等新兴业务发展。截至2024年底，我国算 力总规模达到280EFLOPS，近5年平均增速近30%。在全行业加速数字化转型、推进算力应用创新的关键阶段，安全问题不容忽视，算力互联安全的内涵 正经历从"网络防御"到"全域可信"的根本性拓展。 一、政策底座逐步完善，关键领域精准布局 我国算力产业迈向高质量规模化发展新阶段，相关制度文件密集出台，逐步夯实政策底座。《算力基础设施高质量发展行动计划》提出构建算力互联互通 体系，统一算力资源标识和身份认证，同时要求强化算力安全保障能力建设，确保网络安全、数据安全、产业链供应链安全和算力稳定运行。今年5月， 工信部印发《算力互联互通行动计划》，明确了算力互联互通体系重点任务，要求进一步夯实算力互联网安全保障，打造"云、网、边、端"一体化协同的 安全态势感知和防护能力。8月，国务院发布《关于深入实施"人工智能+"行动的意见》，聚焦智能算力统筹， ...

Core Insights - The National Cybersecurity Base (Wuhan) Computing Power Center has officially connected to the National Supercomputing Internet, marking a significant step in integrating regional computing resources into a national network [1][3] - The "East Data West Computing" strategy emphasizes the importance of computing power as a fundamental resource, akin to water and electricity [1] - The center will provide substantial support for technological innovation and industrial upgrades in Wuhan, particularly in advanced research fields and traditional industries [3][5] Group 1: Technological Innovation - The center will support major research projects in fields such as aerospace, biomedicine, and meteorology by providing powerful supercomputing resources to local universities and research teams [3] - It aims to accelerate original innovation and the transformation of research outcomes through enhanced computational capabilities [3] Group 2: Industrial Transformation - The center will offer accessible high-performance computing support to Wuhan's traditional manufacturing, health, and new display industries [3] - It will facilitate complex simulation design, AI model training, and big data analysis, promoting the integration of "AI+" and "Data+" with traditional manufacturing [3] Group 3: Network Security Enhancement - The center is designed with special network security features and capabilities, leveraging large-scale parallel computing for deep analysis of network traffic and session logs [5] - It has launched multiple cybersecurity applications for internet content monitoring and data analysis, and will support cybersecurity competitions with an efficient environment [5] Group 4: Infrastructure and Technology - The center utilizes over a thousand domestic servers built with domestic X86 processors and GPGPU acceleration cards, ensuring self-control and security while mitigating foreign chip risks [3] - It employs immersion liquid cooling technology, enhancing heat exchange efficiency and allowing for a 15%-20% increase in CPU frequency while reducing energy costs [4]

Core Insights - The Ministry of Industry and Information Technology (MIIT) is optimizing the layout of computing power infrastructure, which is expected to accelerate the construction of intelligent computing centers and drive the growth of domestic computing power demand [1][2]. Group 1: Policy and Infrastructure Development - As of June 2025, the number of standard racks in use for computing power centers in China reached 10.85 million, with intelligent computing power scaling up to 788 EFLOPS [1]. - The MIIT plans to improve the policy system for computing power layout and guide local governments in rationally establishing intelligent computing facilities [1][2]. - The official connection of the Chinese computing power platform includes ten provinces and cities, such as Shanxi, Zhejiang, and Shanghai, which is expected to enhance the overall layout of computing power centers across the country [2]. Group 2: Market Implications - The integration of the national supercomputing internet and the connection of seven computing power centers is anticipated to promote the development of the domestic AI industry and increase demand for domestic computing power [2]. - The acceleration of local intelligent computing center investments is seen as a catalyst for growth in the computing power sector [3].

Core Viewpoint - The Chinese computing power industry is transitioning from scale expansion to high-quality development, with significant advancements in infrastructure, technological innovation, and ecological construction [1]. Group 1: Industry Development - As of June 2023, China has 10.85 million standard racks in use for computing power centers and an intelligent computing power scale of 788 EFLOPS [1]. - The total storage capacity in China has exceeded 1680 EB, indicating continuous growth in storage capabilities [1]. - The "East Data West Computing" initiative plans to construct over 250 optical cable trunk lines to enhance data transmission [1]. Group 2: Technological Breakthroughs - The 2025 China Computing Power Conference highlighted 10 major technological breakthroughs, including the "China Mobile 'Jiuzhou' Computing Power Optical Network" and "Shanxi Qineng Integrated Platform" [2]. - Key core technologies in chips and software have made significant progress, contributing to the global leadership of China's computing power sector [2]. Group 3: Infrastructure and Connectivity - Ten provinces and cities, including Shanxi and Shanghai, announced their connection to the national computing power platform, forming a new development pattern of "overall overview and regional collaboration" [3]. - The number of backbone node computing centers connected to the national supercomputing internet has surpassed 30, with over 200 members in the consortium [3]. Group 4: Environmental Sustainability - The average Power Usage Effectiveness (PUE) of Chinese computing centers has decreased to 1.42, with 246 national green data centers established to support industrial upgrades and achieve carbon neutrality goals [3]. - The National Advanced Computing Taiyuan Center has implemented a new generation of immersion phase change liquid cooling technology, achieving a PUE value of 1.04 [3]. Group 5: Future Outlook - The future development of the Chinese computing power industry will focus on enhancing quality and speed, deepening the construction of an integrated computing power network, and optimizing resource coordination [4]. - Policies will be promoted to improve the layout of computing power infrastructure and accelerate breakthroughs in key core technologies, particularly in education, healthcare, and energy sectors [4].

Core Insights - The Chinese computing power industry is transitioning from scale expansion to high-quality development, as highlighted by the Ministry of Industry and Information Technology [1] - The 2025 Computing Power Development Report indicates that China's computing power infrastructure ranks among the top globally, with significant advancements in computing, storage, and transmission capabilities [1][2] Infrastructure and Capacity - As of June 2023, China has 10.85 million standard racks in use for computing power centers and an intelligent computing power scale of 788 EFLOPS [1] - The total storage capacity has exceeded 1680 EB, reflecting continuous growth in storage capabilities [1] - Over 250 "East Data West Computing" optical cable trunk lines are planned for construction [1] Technological Innovations - The forum announced 10 major breakthroughs in computing power technology, including significant contributions from China Mobile, Shanxi Qineng Technology, and Huawei [2] - The report emphasizes that key core technologies in chips and software have made breakthrough progress [2] Integration and Collaboration - The construction of an integrated computing power network is progressing, with 10 provinces connecting to the national computing power platform [3] - The number of supercomputing centers connected to the national supercomputing internet has surpassed 30, with over 200 members in the consortium [3] Environmental Sustainability - The average Power Usage Effectiveness (PUE) of Chinese computing centers has decreased to 1.42, with 246 national green data centers established [3] - The use of advanced liquid cooling technology at the National Advanced Computing Taiyuan Center has achieved a PUE value of 1.04, contributing to energy efficiency [3] Future Development - The industry aims to enhance quality and speed, deepen the construction of an integrated computing power network, and optimize resource coordination and dynamic capabilities [4] - Policies will be developed to improve the layout of computing power infrastructure and promote the application of computing power in key sectors such as education, healthcare, and energy [4]

Group 1 - The A-share market has been very active recently, particularly the computing power sector, which has shown strong performance since mid-August, with AI chips, AI servers, optical modules, and liquid cooling technology being standout hardware segments [1] - The strong performance of the computing power sector is driven by three main factors: first, the capital expenditure plans disclosed by major overseas cloud vendors exceeded expectations, maintaining high growth in global computing infrastructure investment; second, OpenAI's recent announcement of GPT-5 has attracted industry attention, with plans to double the scale of computing clusters in the next five months; third, feedback from the supply chain indicates robust demand for computing power, supported by new technological iterations that have spawned multiple high-growth sub-sectors [1] - Looking ahead, the demand for computing power is expected to grow exponentially due to breakthroughs in AI model performance, the evolution of multimodal technologies, and the rapid deployment of AI Agent applications, indicating a long-term high prosperity in the industry [1] Group 2 - Specific investment opportunities include GPU and ASIC chips, optical modules, optical chips, and fiber optic connectors, which are expected to continue benefiting from the growth in computing power [1] - Additionally, the rising demand for AI servers will lead to increased usage of PCBs, high-power power supply systems, and liquid cooling solutions, marking significant opportunities in these emerging fields [1]

Core Insights - The rapid development of China's computing power industry is highlighted, with significant growth in the computing power index and infrastructure [1][3] - The establishment of a comprehensive computing power platform across multiple provinces marks a new collaborative framework for computing power development in China [1][3] Summary by Sections Comprehensive Computing Power Development - As of June 2025, China's total number of operational computing center racks reached 10.85 million, with intelligent computing power scaling up to 788 EFLOPS [1] - The "2025 Comprehensive Computing Power Index" indicates a significant increase in storage capacity, projected to exceed 1680 EB by mid-2025, a 40% increase from 2023 [3] Computing Power Index - The index focuses on computing power scale and quality, with Hebei maintaining the top position for three consecutive years, while Zhejiang and Inner Mongolia showed significant improvements [4] - The eastern regions dominate in storage capacity, with Hebei and Guangdong exceeding 160 EB, while Jiangsu, Shanghai, and Beijing have established systems surpassing 100 EB [4] Network Capacity - Eastern provinces account for 70% of the top ten in network capacity, with the Yangtze River Delta region, particularly Zhejiang, Shanghai, and Jiangsu, leading the rankings [5] - The introduction of a new "model power" index assesses the comprehensive computing power development across provinces, highlighting the disparity between eastern and western regions [5] Ecological Collaboration - The establishment of the China Computing Power Platform aims to enhance compatibility and interoperability among various systems, facilitating a neutral and open service ecosystem [8] - As of July, over 1000 enterprises have registered on the platform, which has successfully managed the supply and demand of computing resources [8] Regional Development - The China Computing Power Platform in Shanxi is set to enhance resource management and monitoring capabilities, contributing to the province's computing power development [9] - The OISA ecological co-construction strategy aims to improve interconnectivity among GPU cards, promoting collaborative development in both intelligent and supercomputing sectors [10] Future Directions - The focus on enhancing data infrastructure is emphasized as a means to transition from a data-rich to a data-strong nation, seizing opportunities in the AI era [10]

Group 1 - The 2025 China Computing Power Conference opened with the theme "Building the Foundation of Computing Power to Lead the Future," highlighting the acceleration of the construction of China's computing power platform, with 10 provinces and cities already connected [1] - The China Computing Power Platform integrates computing resources from different regions and industries, creating a unified network for computing power scheduling, enabling comprehensive data collection and dynamic monitoring of computing power development [3] - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan," aiming to establish a complete standard and rule system for computing power interconnection by 2026, and to achieve standardized interconnection of public computing power nationwide by 2028 [5] Group 2 - China's total computing power scale has been growing at an annual rate of around 30%, driven by the rapid development of artificial intelligence, leading to a surge in demand for intelligent computing power [7] - The China Telecom Research Institute predicts that by 2035, artificial intelligence will contribute over 11 trillion yuan to China's GDP, accounting for approximately 4% to 5% of GDP, potentially driving a tenfold to hundredfold increase in computing power demand [7] - The Ministry of Industry and Information Technology aims to guide the reasonable layout of intelligent computing facilities to improve the quality of intelligent computing supply, meeting the needs of emerging and future industries [9]

Core Viewpoint - The construction of China's computing power platform is accelerating, with multiple provinces and cities already connected, aiming to enhance resource utilization and promote intelligent transformation across industries [1][3][19]. Group 1: Development of Computing Power Platform - The computing power platform in China has integrated resources from various regions and industries, creating a unified scheduling network [6]. - Over 100 computing service providers have joined the platform, with more than 1,000 industry users registered, and nearly 100 mainstream foundational and vertical models connected [8]. - The Ministry of Industry and Information Technology has set goals for establishing a comprehensive interconnectivity standard and system by 2026, with a vision for a standardized computing power internet by 2028 [10]. Group 2: Growth and Demand for Intelligent Computing Power - The total scale of computing power in China has been growing at an annual rate of approximately 30%, driven by the rapid development of artificial intelligence [19]. - By 2035, artificial intelligence is projected to contribute over 11 trillion yuan to China's GDP, potentially increasing the demand for computing power tenfold or even a hundredfold [22]. - The intelligent computing power has been widely applied in various fields, including generative models, autonomous driving, smart cities, and industrial manufacturing, with over 23,000 innovative computing projects collected through application competitions [22]. Group 3: Future Projections - It is expected that by 2025, the scale of intelligent computing power in China will grow by more than 40% [22].