Core Viewpoint - The Ministry of Industry and Information Technology has issued the "Guidelines for the Construction of High-Standard Digital Parks," emphasizing the need to enhance digital infrastructure and optimize computing power resources [1] Group 1: Digital Infrastructure - The guidelines call for the upgrading of network infrastructure, promoting the construction and evolution of 5G-A and 10G optical networks [1] - There is a focus on the widespread application of identification and analysis systems to create a high-speed, ubiquitous, agile, and reliable network channel [1] Group 2: Computing Power Infrastructure - The guidelines advocate for a scientific and reasonable coordination of various computing power applications, including general computing, intelligent computing, and supercomputing [1] - The aim is to improve the efficiency of computing resource utilization [1]

Group 1 - The core point of the article is that ChaoXun Communication (SH 603322) announced a board meeting to discuss the change of accounting firm and other related documents [1] - For the fiscal year 2024, the revenue composition of ChaoXun Communication is as follows: Intelligent Computing accounts for 54.39%, Information Communication accounts for 44.98%, and other businesses account for 0.64% [1] - As of the time of reporting, ChaoXun Communication has a market capitalization of 7.3 billion yuan [1]

Group 1 - The core point of the article is that ChaoXun Communication (SH 603322) held its 21st meeting of the 5th board of directors on October 30, 2025, to review proposals including the revision of certain governance systems [1] - For the fiscal year 2024, ChaoXun Communication's revenue composition is as follows: Intelligent Computing accounts for 54.39%, Information Communication accounts for 44.98%, and other businesses account for 0.64% [1]

Core Insights - The National Data Bureau has reported significant progress in the construction of national data infrastructure over the past year, aiming to create a new infrastructure system focused on releasing the value of data elements, supported by networks and computing power [1] Group 1: Infrastructure Development - A guideline for national data infrastructure construction has been released, establishing a "three-step" approach to advance the initiative [1] - The optimization of computing resource layout shows that the operational costs of data centers in the western region are approximately 50%-70% lower than those in the eastern region, indicating a substantial cost advantage [1] - Eight national hub nodes have been established with a total intelligent computing scale of 620,000 PFLOPS, accounting for about 80% of the national total [1] Group 2: Collaborative Framework - The National Data Bureau has organized trials in 18 cities, including Beijing and Shanghai, focusing on six technical routes to promote collaborative data infrastructure [1] - A three-tier technical architecture has been constructed to facilitate coordinated data infrastructure across regions, with seven regional functional nodes and 25 city business nodes established, covering 16 provinces [1] - By the end of this year, the number of city business nodes is expected to expand to around 50, covering 80% of provinces [1] Group 3: Computing Resource Monitoring - An integrated computing network experimental verification platform has been established, creating a "dynamic map" of national computing resources based on 63 indicators [2] - The platform enables monitoring and scheduling of computing resources across eight hubs, ten clusters, and several non-hub provinces, covering 901 computing facilities [2] - It can schedule 40,000 PFLOPS of multi-source computing power across different entities and regions, offering over 40 products and services related to general computing, intelligent computing, and supercomputing [2]

Core Insights - Guizhou Big Data Group signed seven strategic cooperation agreements during the 2025 China International Big Data Industry Expo, focusing on various sectors including cloud computing, artificial intelligence, and data security [1] Group 1: Strategic Partnerships - Guizhou Big Data Group partnered with Guizhou Mobile to collaborate on smart computing, big data, cloud services, and new infrastructure projects, aiming to create replicable benchmark demonstration projects [1] - A strategic agreement was signed with Sangfor Technologies to focus on cloud services, network and data security, and artificial intelligence, aiming to build a comprehensive big data industry ecosystem [1] - A partnership with 360 Digital Security Group was established to develop specialized technologies and products in government and enterprise network data security and artificial intelligence [1] - Guizhou Big Data Group signed a comprehensive strategic cooperation agreement with Huawei to deepen collaboration in cloud computing, big data, and artificial intelligence [1] - A strategic agreement with Guizhou Unicom was signed to promote innovation in healthcare, cloud computing, low-altitude economy, industrial internet, and IoT [1] - A memorandum of strategic cooperation was signed with People’s Daily to enhance collaboration in the big data sector [1] - A strategic cooperation agreement with Boyan Technology was established to focus on AI applications, digital transformation services, and public data utilization [1]

Core Viewpoint - The article highlights significant developments in the computing power sector, emphasizing the government's push for high-quality development and the need to address the current supply-demand imbalance in computing resources [1][4][5]. Group 1: Government Initiatives - The State Council recently released a top-level document on "Artificial Intelligence+", focusing on strengthening the overall coordination of intelligent computing power [1][6]. - During the 2025 Digital Expo, the National Data Bureau launched a nationwide integrated computing power network monitoring and scheduling platform, aiming to enhance resource allocation and efficiency [6][7]. - A joint initiative was proposed to strengthen the collaborative development of computing power hubs, emphasizing the need for unified technical standards and regional cooperation [7]. Group 2: Industry Development - As of June 2023, China has 10.85 million operational computing centers, with intelligent computing power reaching 788 EFLOPS [4]. - The computing power industry is experiencing a structural mismatch in supply and demand, with industry insiders expressing concerns about the quality of current resources [4][8]. - The government is signaling the importance of improving the quality of computing power supply, with a focus on avoiding disorderly competition and ensuring sustainable development [5][6]. Group 3: Challenges in Computing Power - The industry faces challenges such as insufficient core supply, communication bottlenecks, and complex scheduling of computing resources [8]. - By 2025, the demand for intelligent computing in China is expected to reach 300E, but the supply distribution remains uneven [8][14]. - The mismatch in computing resources is particularly evident in the government cloud sector, where various factors contribute to the imbalance [9][12]. Group 4: Perspectives on Resource Allocation - Some industry experts argue that the current supply-demand imbalance is a normal market adjustment and not necessarily a true mismatch [14][15]. - The lack of effective commercial closure for many large model enterprises contributes to underutilization of computing resources [15]. - There is a consensus among industry players on the need for high-quality development and various proposed solutions to optimize resource utilization [16][17].

Group 1 - The core point of the announcement is that ChaoXun Communication's executives plan to reduce their holdings by a total of approximately 32.68 million shares, which represents up to 0.21% of the company's total share capital [1] - As of the announcement date, the company's executives hold a total of approximately 1.3074 million shares, accounting for 0.83% of the total share capital [1] - The revenue composition for ChaoXun Communication in 2024 is projected to be 54.39% from intelligent computing, 44.98% from information communication, and 0.64% from other businesses [1] Group 2 - The domestic A-level car exhibition in Southwest China features nearly 120 brands and 1,600 vehicles, indicating a competitive market landscape [2] - The emergence of new energy vehicles is expected to significantly alter the automotive market dynamics [2]

Core Viewpoint - The company focuses on mining explosion-proof electrical equipment and plans to develop its business around intelligent manufacturing and computing power services [1] Group 1: Business Overview - The company's main business includes mining explosion-proof electrical equipment, which is utilized in coal mines, petrochemical industries, non-coal mines, and tunnel engineering [1] - The permanent magnet motor products are used in coal mines, non-coal mines, and the cement industry [1] Group 2: Computing Power Services - The company provides computing power services primarily for Chinese universities and research enterprises, utilizing supercomputing and intelligent computing as a cloud-based service model [1] - The company has established and operates a thousand-card-level high-performance intelligent computing cluster, tens of thousands of core high-performance computing clusters, and several small customized intelligent computing clusters [1] - The team possesses certain advantages in computing center construction, computing cluster architecture design, operation and maintenance management, and equipment supply chain assurance [1] Group 3: Future Development - The company aims to develop its future business with a core focus on intelligent manufacturing and computing power services [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4]. Core Viewpoints - The company is experiencing steady revenue recovery, with a projected revenue of 124.25 billion yuan in 2023, slightly increasing to 150.12 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 7.5% from 2025 to 2027 [1]. - The net profit attributable to the parent company is expected to decline from 9.33 billion yuan in 2023 to 8.43 billion yuan in 2024, before gradually increasing to 9.46 billion yuan by 2027, indicating a focus on long-term growth despite short-term challenges [1]. - The company is undergoing a structural transformation, shifting from a primary focus on operator networks to a collaborative development model involving "network + computing power + terminals," with over 35% of revenue coming from the second curve business [2][3]. Financial Summary - Revenue is projected to decrease by 2.4% in 2024, followed by a recovery with a growth rate of 7.0% in 2025 and maintaining similar growth rates through 2027 [1]. - The gross margin is under pressure during the transformation phase, with a reported gross margin of 34.27% in Q1 2025, down 7.75 percentage points year-on-year, primarily due to intense competition in the computing power and terminal markets [2]. - The company anticipates that the computing power business will become a major growth driver, particularly with the launch of DeepSeek, which is expected to shift demand from training to inference, thus expanding the market size [2]. Earnings Forecast - The forecasted net profit for the company is 8.58 billion yuan in 2025, 8.88 billion yuan in 2026, and 9.46 billion yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 17.5, 16.9, and 15.9 respectively [3][4].