【环球时报记者 马俊 环球时报赴上海特派记者 刘扬】编者的话：凭借巨大的产业带动能力、广泛的应用场景以及与国家战略的高度契合，低空经济被视为 中国经济发展的新引擎和重要增长极。但不同于地面可见的公路或铁路网络，低空经济所需的无形空中交通网，该如何建立、又该遵循什么规则呢？针对上 述问题，《环球时报》记者日前在国内多个展会以及学术论坛中与多位相关领域权威专家进行深入交流，本期推出"走近前沿科技·透视低空"系列报道之 二，探讨建成低空经济的"空中高速路"需要具备哪些重要能力与有力保障。 组建空中"立体交通网络" 目前中国在发展低空经济方面已经有了不少实践，例如利用eVTOL（电动垂直起降飞行器）、飞行汽车等新型航空器展开观光或人员运输；利用配送无人 机、货运无人机运输物资；依托多旋翼、固定翼等无人机对特定区域进行常态化巡检。但这些业务多是分散式的应用，既缺乏相关监管措施，也存在各自为 战、设备重复建设等问题。 中国通信企业协会低空经济专委会高级研究员王晓东告诉《环球时报》记者，目前在全国范围内共有超过210万座通信铁塔资源，它们在助力中国建设全球 领先的5G网络的同时，也可以作为发展低空经济的基础设施。他介绍说， ...

Core Insights - The domestic computing industry is transitioning from "technical breakthroughs" to "scaled applications," as indicated by increasing orders, rising inventory, and growing sales collections [1][5][11] Financial Performance - Haiguang Information reported Q3 revenue of 4.026 billion yuan, a year-on-year increase of 69.6%, and a net profit of approximately 760 million yuan, up 13.04% [1][2] - The company generated a net cash flow from operating activities of 2.255 billion yuan in the first three quarters, a significant increase of 465.64% [2] - Cambricon achieved Q3 revenue of 1.727 billion yuan, a staggering year-on-year growth of 1332.52%, and a net profit of 567 million yuan, recovering from a loss of 194 million yuan in the same period last year [2][3] Inventory and Contracts - Haiguang's inventory at the end of Q3 was 6.502 billion yuan, reflecting strategic stockpiling to meet market demand [2] - Cambricon's inventory was 3.729 billion yuan, with contract liabilities of 796.1 million yuan, indicating strong order demand [3] Market Dynamics - Major domestic orders from operators, such as China Unicom and ICBC, highlight the increasing adoption of domestic computing solutions, with over 90.9% of the procurement budget allocated to domestic products [7] - The collaboration between leading AI model manufacturers and domestic chip companies is enhancing the integration of AI applications [8] Ecosystem Development - The growth of domestic computing is attributed to systemic ecosystem construction, with companies like Haiguang emphasizing the importance of collaboration across hardware and software sectors [9][10] - The establishment of open innovation chains and collaborative frameworks among over 6,000 partners is facilitating the development of integrated solutions [9] Positive Feedback Loop - The financial results reflect a positive cycle where customer prepayments encourage manufacturers to secure production capacity, leading to iterative improvements across the supply chain [11]

Core Insights - The domestic computing industry is transitioning from "technical breakthroughs" to "scaled applications," as indicated by increasing orders, rising inventory, and growing sales returns [1][6][8] Financial Performance - Haiguang Information reported Q3 revenue of 4.026 billion yuan, a year-on-year increase of 69.6%, and a net profit of approximately 760 million yuan, up 13.04% [1][2] - The company generated a net cash flow from operating activities of 2.255 billion yuan in the first three quarters, a significant increase of 465.64% [2] - Cambricon achieved Q3 revenue of 1.727 billion yuan, a staggering year-on-year growth of 1332.52%, with a net profit of 567 million yuan, recovering from a loss of 194 million yuan in the same period last year [2][3] Inventory and Contracts - Haiguang's inventory at the end of Q3 was 6.502 billion yuan, reflecting strategic stockpiling to meet market demand [2] - Cambricon's inventory was 3.729 billion yuan, with contract liabilities of 79.61 million yuan, indicating strong order demand [3] Market Dynamics - Major domestic orders from companies like China Unicom and ICBC highlight the increasing adoption of domestic computing solutions, with over 90.9% of the procurement budget allocated to domestic computing servers [6][8] - The collaboration between leading AI model manufacturers and domestic chip companies is enhancing the performance and deployment of AI applications [6][8] Ecosystem Development - The growth of the domestic computing industry is attributed to systemic ecosystem development, with companies like Haiguang fostering collaboration across the supply chain [7][8] - Haiguang has established an open innovation chain involving over 6,000 partners, facilitating the development of 15,000 software and hardware adaptations [7][8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [7] Core Views - The company has demonstrated strong revenue growth, with a projected increase in operating income from 6,012 million yuan in 2023 to 28,700 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 39% [3][6] - The net profit attributable to the parent company is expected to rise from 1,263 million yuan in 2023 to 6,359 million yuan in 2027, with a consistent growth rate of around 40% [3][6] - The company is positioned in a high-demand sector, with significant orders reflected in a contract liability of 28 billion yuan as of the end of Q3 2025, indicating robust market demand [5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 9,490 million yuan, a year-on-year increase of 54.65%, and a net profit of 1,961 million yuan, up 28.56% [4] - In Q3 2025 alone, revenue reached 4,026 million yuan, marking a 69.60% increase year-on-year and a 31.38% increase quarter-on-quarter [4] Growth Projections - Revenue projections for 2024, 2025, 2026, and 2027 are 9,162 million yuan, 13,760 million yuan, 20,600 million yuan, and 28,700 million yuan respectively, with growth rates of 52%, 50%, and 50% for the following years [3][6] - The expected earnings per share (EPS) are projected to grow from 0.54 yuan in 2023 to 2.74 yuan in 2027 [3][6] Market Position and Strategy - The company is actively expanding its market presence and investing in research and development, with R&D expenses increasing by 42.55% year-on-year in the first three quarters of 2025 [5] - The opening of the HSL protocol is expected to enhance collaboration across the industry, improving efficiency and resource utilization, which will further drive innovation and market growth [5]

Investment Rating - The report maintains a "Recommended" rating for the industry [4] Core Insights - The report highlights the significant impact of U.S. tariffs and export controls on Chinese products, particularly in the software and hardware sectors, emphasizing the need for domestic innovation and self-reliance [1] - The Chinese government is actively promoting domestic products through favorable procurement policies, including a 20% price deduction for local products in competitive bidding [1] - The report indicates that the domestic chip industry is gaining traction, particularly in the financial sector, with major projects like the Industrial and Commercial Bank of China's procurement of Huaguang chip servers valued at approximately 3 billion yuan [1] - The report notes a substantial increase in domestic server procurement by China Unicom, with 90.1% of the servers being domestically produced, reflecting a strong trend towards localization [2] - The report anticipates a turning point for the domestic innovation industry (Xinchang) driven by supportive policies and improving performance of listed companies in the sector [2][3] Summary by Sections - **Policy Support**: The government emphasizes high-level technological self-reliance as a key development focus, aiming to enhance core technology research and innovation capabilities [2] - **Market Performance**: Several listed companies in the Xinchang sector have shown improved performance compared to the previous year, indicating a positive outlook for the industry [3] - **Investment Recommendations**: The report suggests focusing on key players in the Xinchang sector, including China Software, Dameng Data, and others, as well as leaders in specific sub-sectors like industrial software and the Harmony OS ecosystem [3]

Core Viewpoint - The article discusses the significant shift towards domestic chip solutions in the financial sector, particularly highlighting the recent 3 billion yuan order from Industrial and Commercial Bank of China for Haiguang chips, indicating a strong commitment to domestic innovation and technology adoption [1] Group 1: Market Trends - Major financial institutions, including ICBC, CCB, and ABC, have significantly increased their procurement of domestic technology, with a notable focus on the C86 chip, which has captured nearly 60% of the market share in financial innovation [2] - The financial sector's transition from pilot programs to large-scale implementation of domestic solutions marks a maturation of the domestic technology deployment model [4] Group 2: Pilot Programs and Implementation - The initial pilot phase for financial innovation began in August 2020, with 47 institutions participating, which later expanded to 198 institutions, mandating a minimum investment of 15% of IT spending on domestic solutions [3] - Successful pilot programs have laid the groundwork for widespread adoption of domestic technology, with Haiguang chips establishing a competitive edge in critical financial applications [3][4] Group 3: Product Performance and Security - The focus has shifted from merely ensuring basic functionality to enhancing product stability, versatility, and scalability, with domestic chips like Haiguang achieving high performance and security standards [5] - Haiguang's C86 chip has been recognized for its compatibility with the X86 ecosystem, ensuring seamless integration with existing software applications and outperforming competitors in stability post-migration [6] Group 4: Strategic Implications - The transition to domestic solutions is driven by a combination of policy support and market competition, emphasizing the importance of performance alongside compliance and security [6] - As the market evolves, domestic manufacturers must adapt to competitive pressures, focusing on enhancing product features and performance to secure large-scale contracts [6]

Core Insights - AMD has signed a 6GW computing power chip cooperation agreement with OpenAI, which is expected to accelerate the ROCm ecosystem development [1] - The Haiguang DTK software stack is fully compatible with the ROCm ecosystem, potentially reducing the adaptation costs for large models in China [2] - Industrial and commercial banks, along with China Unicom, are procuring Haiguang chips worth several billion yuan, indicating a rapid penetration of Haiguang chips in the domestic market [3] Group 1 - AMD and OpenAI's agreement includes the deployment of a total of 6GW of AMD GPU computing power, starting with 1GW based on the MI450 series GPU in the second half of 2026 [1] - The collaboration is seen as a response to the significant gap in AI computing power supply and aims to enhance the synergy between AMD and OpenAI in both hardware and software [1] - ROCm 7 is expected to be available by Q3 2025, offering over 3.5 times the inference capability and three times the training capability compared to ROCm 6 [1] Group 2 - The Haiguang DCU features a complete software stack, including DTK, development toolchain, and model repository, which supports mainstream deep learning frameworks like TensorFlow and Pytorch [2] - This compatibility is anticipated to effectively lower the costs associated with adapting large models domestically [2] Group 3 - Industrial and Commercial Bank of China has announced a procurement project for Haiguang chip servers, with a potential total procurement amount reaching 3 billion yuan [3] - China Unicom's procurement project for Haiguang servers has a budget of 2.782 billion yuan, indicating strong demand for domestic chip solutions [3] - The financial and telecommunications sectors are expected to lead the way in achieving comprehensive domestic production, thereby accelerating the penetration of Haiguang chips [3]

Market Overview - The Hong Kong stock market experienced a slight pullback, with the Hang Seng Index closing down 145 points or 0.61% at 23,831 points, while the Hang Seng China Enterprises Index fell 47 points or 0.49% to 9,656 points [1][5] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1][5] - The major sectors that saw declines included local real estate, software, and 5G concepts, while gold stocks performed well [1] US Market Performance - The US market showed resilience, with the Dow Jones Industrial Average rising 529 points at one point, ultimately closing up 0.5% at 46,758 points [2] - The S&P 500 index remained nearly flat, while the Nasdaq Composite fell 0.3% to 22,780 points, influenced by declines in stocks like Nvidia and Tesla [2] Hong Kong Stock Index Trends - The Hang Seng Index saw significant gains this year, with a 30% increase year-to-date and an 11.56% rise in the third quarter [3] - The Hang Seng Technology Index surged 21.93% in the third quarter, reaching its highest level since October 2021 [3] Investment Recommendations - The report suggests focusing on sectors such as artificial intelligence, semiconductors, and industrial software, which are supported by new productivity initiatives [3] - It also highlights the value of state-owned enterprises with lower valuations and higher dividends, as well as upstream non-ferrous metals benefiting from anticipated interest rate cuts [3] Key Company Highlights - Shanghai Electric (2727 HK) saw a significant increase of over 14%, reaching a new closing high due to the successful launch of a photovoltaic project in Romania [1] - The military industrial leader AVIC (2357 HK) rose by 5.4% over the week, as recommended in previous reports [1] Market Sentiment and Future Outlook - The report indicates a continued positive sentiment towards Chinese assets, with substantial net inflows from southbound funds totaling 436.322 billion HKD in the third quarter [3] - The anticipated growth in domestic chip companies and AI applications is expected to drive further investment opportunities in the technology sector [9]

Core Insights - The rapid advancement of domestic computing chips is complemented by positive developments in general-purpose processors in China [1] - Major procurement announcements from Industrial and Commercial Bank of China (ICBC) and China Unicom indicate a significant shift towards domestic CPU usage in server procurement [1][6] - The overall market for intelligent computing is expected to grow substantially, with projections indicating that by 2027, intelligent computing power in China will reach 1117 EFLOPS [1][9] Group 1: Procurement Announcements - ICBC announced a procurement of Haiguang chips with a total value of approximately 3 billion yuan, with candidates including Inspur, ZTE, and Lenovo [1] - China Unicom's procurement project has a budget exceeding 7.9 billion yuan, with a significant portion allocated for domestic general-purpose processors [1] - The procurement data shows that over 90% of the servers will use domestic CPUs, with Haiguang and Kunpeng CPUs being the most utilized [3][4] Group 2: Market Trends and Projections - The share of domestic chip servers has increased to 90.1%, a significant rise from around 40% in previous years [4] - The demand for server CPUs is expected to grow, with projections indicating that by 2028, the demand for data center servers will reach 13.99 million units, with a compound annual growth rate of 6% from 2024 to 2028 [7] - The domestic server CPU market is rapidly evolving, with X86 architecture still dominating but Arm architecture gaining market share [8][9] Group 3: Domestic CPU Development - Domestic CPUs such as Haiguang, Kunpeng, and Alibaba's Xuantie are rapidly developing, with a notable increase in market presence [8] - The domestic CPU localization rate has risen from 0% in 2018 to 36% in 2023, with expectations to reach 85% by 2028 due to policy support and technological advancements [9] - The current landscape shows a strong push towards domestic solutions in the server CPU market, driven by both demand and government initiatives [9]

Core Insights - Chinese computing power companies received significant contracts during the National Day holiday, with China Unicom and Industrial and Commercial Bank of China (ICBC) announcing server procurement projects totaling over 10 billion RMB [1][5] - The projects primarily feature domestic chips, highlighting the rapid growth and market acceptance of local chip manufacturers [1][9] Group 1: ICBC Server Procurement - ICBC awarded a 3 billion RMB server project to Inspur Information, which was the sole winner of the bid [3] - The bidding conditions were stringent, requiring bidders to have prior contracts with major banks or telecom companies totaling at least 20 million RMB [3] - The project involves air-cooled servers, despite a market shift towards liquid cooling solutions [3][5] Group 2: China Unicom Server Procurement - China Unicom's centralized procurement project totaled 7.96 billion RMB, divided into two packages: one for Intel CPU servers and another for domestic computing servers [4][5] - The domestic computing server package included budgets of 2.782 billion RMB for Haiguang servers and 4.285 billion RMB for Kunpeng servers [4] - Domestic suppliers secured the majority of the contracts, indicating a strong preference for local technology [5] Group 3: Market Dynamics and Trends - Inspur Information leads the domestic server market with a 30.8% share, followed by other local companies like Super Fusion and H3C [7] - The x86 server market in China is projected to reach 39.3 billion USD in 2024, with local companies increasingly relying on both Intel and Haiguang chips [7][8] - The rise of domestic chip manufacturers like Haiguang and Huawei is reshaping the competitive landscape, with local chips gaining market share against established players like Intel and AMD [9][10]