Core Insights - The digital economy theme index (931582) has shown a slight increase of 0.31% as of November 11, 2025, with notable gains in constituent stocks such as Zhaoyi Innovation (603986) up by 2.94% and Tuojing Technology (688072) up by 2.56% [1][2] - The digital economy ETF (560800) has also increased by 0.30%, with significant growth in trading volume and scale over the past week, indicating strong investor interest [1][2] - Ant Group's president revealed at the World Internet Conference that the company has deployed a large-scale domestic computing power cluster, achieving over 98% stability in training tasks, which is expected to enhance AI capabilities in security and risk control [1][2] Market Performance - The top ten weighted stocks in the digital economy theme index account for 53.93% of the index, with Dongfang Fortune (300059) and Cambricon (688256) being the largest contributors [2][4] - The performance of individual stocks within the index varies, with some stocks like Zhaoyi Innovation (603986) showing significant gains while others like Dongfang Fortune (300059) have seen slight declines [4] Industry Trends - East Wu Securities emphasizes the strong consensus among AI leaders that "computing power is energy," which is expected to benefit suppliers of AI infrastructure and chips in the long term [2] - The investment logic in the AI sector is shifting from valuation-driven to performance-driven, suggesting a more stable mid-term outlook for the industry despite short-term market fluctuations [2]

Group 1 - Alibaba Group is building large-scale AI infrastructure and increasing investment to create a super AI cloud [1] - Ant Group has deployed a domestic computing power cluster at the scale of ten thousand cards, achieving over 98% stability in training task performance [1] - Minsheng Securities believes that super nodes are expected to become mainstream technology under cluster expansion, enhancing the domestic computing power ecosystem [1] Group 2 - The industry is focusing on building ultra-high bandwidth and ultra-low latency ScaleUp networks to connect multiple XPU high-speed interconnections into super nodes [2] - Huaxi Securities suggests that regardless of future restrictions on overseas computing power chip sales to China, domestic computing power development will remain a key focus of policy support [2] Group 3 - Zhongke Shuguang has launched the world's first 640-card single-machine super node, which can support trillion-parameter large model training and improve performance by 30%-40% compared to traditional solutions [3] - Qihua Data is constructing high-end GPU computing server clusters and expanding its data storage business into the AI server field [3]

【导读】回顾周末，汇总十大券商最新研判 经批准，自即日起至2026年11月27日，商务部公告2024年第46号（《关于加强相关两用物项对美国出口 管制的公告》）第二款暂停实施。 国家统计局：10月份全国居民消费价格同比上涨0.2% 据国家统计局，2025年10月份，全国居民消费价格同比上涨0.2%。其中，城市上涨0.3%，农村下降 0.2%；食品价格下降2.9%，非食品价格上涨0.9%；消费品价格下降0.2%，服务价格上涨0.8%。1—10月 平均，全国居民消费价格比上年同期下降0.1%。10月份，全国居民消费价格环比上涨0.2%。其中，城 市上涨0.2%，农村上涨0.1%；食品价格上涨0.3%，非食品价格上涨0.2%；消费品价格上涨0.2%，服务 价格上涨0.2%。 国办：推动大数据、物联网、脑机接口等新一代信息技术及医疗机器人等智能设备集成应用 中国基金报记者 泰勒 大家好，马上就要到开盘时间，这个周末，利好的消息不少，一起看看！ 周末利好消息 国办印发《关于加快场景培育和开放推动新场景大规模应用的实施意见》 国务院办公厅印发的《关于加快场景培育和开放推动新场景大规模应用的实施意见》对外发布。意见指 出， ...

Group 1 - The State Council issued an opinion to accelerate the cultivation and large-scale application of new scenarios, focusing on five areas including new fields and new tracks, industry transformation, and social governance [1][4][6] - The Ministry of Commerce announced the suspension of the second clause of the export control announcement on dual-use items to the U.S. until November 27, 2026 [2] - In October, the national consumer price index (CPI) rose by 0.2% year-on-year, with urban prices increasing by 0.3% and rural prices decreasing by 0.2% [3] Group 2 - CITIC Securities noted that about 60% of institutional holdings are related to AI, indicating a significant influence of AI narratives across various sectors including TMT, non-ferrous metals, and chemicals [11] - Shenwan Hongyuan highlighted the ongoing evolution of the market ahead of the 2026 economic outlook, with a focus on price increases and the potential for sector rotation [12] - CITIC Jiantou suggested that the A-share market may continue to experience a bull market into 2026, with a focus on resource sectors and military industry [14] Group 3 - Guojin Securities emphasized the shift from computing power to electricity in the tech sector, indicating a revaluation of Chinese assets and opportunities in power and manufacturing [15] - CMB noted that recent price increases in commodities are driven by cyclical trends, with a focus on sectors like coal, non-ferrous metals, and renewable energy [16] - Xinda Securities observed a shift in market style, with value stocks outperforming growth stocks, particularly in cyclical industries [17] Group 4 - China Galaxy pointed out that the current market is in a phase of adjustment, with hidden themes emerging for year-end performance, particularly in sectors like electric grid equipment and lithium batteries [18] - Zhongtai Securities indicated that the overall risk appetite has decreased, but there are still opportunities in sectors with strong earnings quality and safety margins [19] - Xingzheng Securities suggested a focus on cyclical sectors and AI-related industries, emphasizing the importance of economic recovery indicators [21] Group 5 - Huaxi Securities predicted that November will favor small-cap and thematic investments, with a focus on AI applications and sectors benefiting from the "anti-involution" trend [22]

Group 1 - The State Council issued an implementation opinion to accelerate the cultivation and large-scale application of new scenarios, focusing on five areas including new fields, industry transformation, and social governance [2] - In October, the national consumer price index (CPI) rose by 0.2% year-on-year, with urban prices increasing by 0.3% and rural prices decreasing by 0.2% [3] - The Ministry of Finance emphasized the continuation of special actions to boost consumption, including fiscal subsidies for personal consumption loans in key areas [4] Group 2 - The Ministry of Commerce announced a suspension of the second clause of the export control announcement regarding dual-use items to the U.S. until November 27, 2026 [5] - China's foreign exchange reserves increased by $4.685 billion in October, reaching $3.343343 trillion, marking a 0.14% rise from September [6] - The white paper on "China's Actions for Carbon Peak and Carbon Neutrality" was released, highlighting significant progress in energy transition and low-carbon development [7] Group 3 - Ant Group has deployed a domestic computing cluster on a scale of ten thousand cards, achieving over 98% stability in training tasks [10] - ST Huatuo applied to revoke other risk warnings after receiving an administrative penalty notice from the China Securities Regulatory Commission [11] - Shanghai Xiba announced that its board members are under investigation for suspected short-term trading, but it will not significantly impact the company's operations [12] Group 4 - Huadian Energy plans to invest 12.043 billion yuan in a wind power project to align with national industrial policies [13] - The U.S. Senate failed to advance a funding bill for federal employees, prolonging the government shutdown [16][17] - U.S. stock markets ended a three-week rising streak, with the Nasdaq down 3.04% for the week, while Microsoft experienced its longest losing streak since November 2011 [18] Group 5 - Analysts from China Galaxy suggest that the hidden main line for the year-end theme may be emerging, with a focus on sectors like power grid equipment and lithium batteries [28] - Zhongyuan Strategy predicts that the A-share market will likely experience sideways fluctuations in November, preparing for a potential index-level rally by year-end [29]

要闻速递国办发文，加快场景培育和开放推动新场景大规模应用日前，国务院办公厅印发《关于加快场 景培育和开放推动新场景大规模应用的实施意见》，对相关工作作出部署。意见聚焦打造一批新领域新 赛道应用场景、建设一批产业转型升级的新业态应用场景、推出一批行业领域应用场景、创新社会治理 服务综合性应用场景、丰富民生领域应用场景等5方面，提出22类场景培育和开放重点领域。国家统计 局：10月份CPI同比上涨0.2%据国家统计局，2025年10月份，全国居民消费价格同比上涨0.2%。其中， 城市上涨0.3%，农村下降0.2%；食品价格下降2.9%，非食品价格上涨0.9%；消费品价格下降0.2%，服 务价格上涨0.8%。1—10月平均，全国居民消费价格比上年同期下降0.1%。10月份，全国居民消费价格 环比上涨0.2%。其中，城市上涨0.2%，农村上涨0.1%；食品价格上涨0.3%，非食品价格上涨0.2%；消 费品价格上涨0.2%，服务价格上涨0.2%。财政部：继续实施好提振消费专项行动财政部发布《2025年 上半年中国财政政策执行情况报告》提出，下一步，用好用足更加积极的财政政策。压实预算执行责任 链条，将提高资金使用效益和 ...

11月8日，在2025年世界互联网大会·乌镇峰会前沿人工智能模型论坛上，蚂蚁集团平台技术事业群总裁骆骥表示，在算力方面， 蚂蚁已部署万卡规 模的国产算力集群。 骆骥表示 ， 算力 集 群 适配自研与各主流开源模型，训练任务稳定性超过98%，训练与推理性 能可媲美国际算力集群，并全面应用于安全风控领域 的大模型训练与推理服务。 ...

Core Insights - Ant Group has deployed a domestic computing power cluster at a scale of tens of thousands of cards, achieving over 98% stability in training tasks and performance comparable to international computing clusters [1][2] - The rapid development of Artificial General Intelligence (AGI) is driven by the "Scaling Law," with flagship language models now exceeding 20 terabytes of training data and entering the trillion-parameter era [1][2] Group 1: Technological Innovations - Ant Group is exploring a series of technological innovations to enhance intelligent experiences, focusing on optimizing model parameter efficiency, data application efficiency, and computational efficiency [2] - The Ant Bailing model has established a comprehensive open-source model system covering language, reasoning, and multimodal capabilities, with the recent launch of the world's first open-source trillion-parameter model, Ring-1T, showcasing advanced logical reasoning and coding abilities [2] Group 2: Efficiency Improvements - The training efficiency of the Ring-1T model has been nearly doubled through innovative training methods, stabilizing both training and reasoning lengths [2] - Ant Group has made significant breakthroughs in controlling the number of tokens generated during reasoning, achieving a "Pareto optimal" balance between task effectiveness and computational costs [2] Group 3: Future Vision - The company emphasizes that the ideal future is not about AI replacing humans but rather about AI enhancing human capabilities, promoting a high degree of human-AI collaboration [2]