在用算力中心机架规模达51.4万标准机架、智算规模达到32EFLOPS……23日上午于山西大同开幕的2025中国算力大会上， 一个个数据展示着山西省算力产业的发展成果，现场展厅里各种各样的算力应用场景令人眼花缭乱，展现着山西转型发展的新 变化。 自2021年《山西省加快推进数字经济发展的若干政策》出台以来，山西充分发挥自身优势，加快算力布局，从输煤、输电 向输算力转变，"算"出了一条推动传统产业升级、因地制宜布局新兴产业和未来产业的转型发展新路径。 以多元优势努力培育算力沃土 三晋大地，天高云阔。在大同市灵丘县，占地1000多亩的秦淮数据环首都·太行山能源信息技术产业基地，像一组巨型算力 模块与群山相映；在阳泉市，数万台服务器阵列嗡嗡作响，飞速解析无人驾驶汽车的实时路况，街道上自动驾驶公交车、出租 车、快递车有序行驶…… 如今，这样的场景在山西越来越常见。京东、抖音、中联、秦淮数据等众多头部企业的算力项目纷纷落户山西，太原数字 产业集群、阳泉"数智新城"、吕梁"数谷"等新场景多点开花，推动传统能源基地快速迈向算力沃土。 令人欣喜的是，这背后更多是发挥市场力量，而非依赖政府投资。大同市经开区党工委书记宁文鑫说： ...

三晋大地，天高云阔。在大同市灵丘县，占地1000多亩的秦淮数据环首都·太行山能源信息技术产业基地，像一组巨型算力模块与群山相 映；在阳泉市，数万台服务器阵列嗡嗡作响，飞速解析无人驾驶汽车的实时路况，街道上自动驾驶公交车、出租车、快递车有序行驶…… 如今，这样的场景在山西越来越常见。京东、抖音、中联、秦淮数据等众多头部企业的算力项目纷纷落户山西，太原数字产业集群、阳 泉"数智新城"、吕梁"数谷"等新场景多点开花，推动传统能源基地快速迈向算力沃土。 令人欣喜的是，这背后更多是发挥市场力量，而非依赖政府投资。大同市经开区党工委书记宁文鑫说："大同市算力中心基建累计投资282 亿元，服务器投资累计491亿元，主要依靠市场驱动，算力使用方均为互联网头部企业。" 这是2025年8月23日拍摄的中国算力大会开幕式现场。新华社记者 柴婷 摄 这种变化得到了2025中国算力大会与会嘉宾的认同。中国信息通信研究院云大所总工程师郭亮说："山西发展算力产业有广阔的前景，将 有力推动未来的转型发展。" 山西为何受到众多头部算力企业青睐？山西省副省长汤志平给出了答案："山西发展算力产业在能源、气候、区位上有得天独厚的优势， 与算力产业高 ...

新华社太原8月24日电 题：从能源基地迈向算力沃土——山西"算"出转型发展新路径 新华社记者吕梦琦、柴婷、王怡静 在用算力中心机架规模达51.4万标准机架、智算规模达到32EFLOPS……23日上午于山西大同开幕的 2025中国算力大会上，一个个数据展示着山西省算力产业的发展成果，现场展厅里各种各样的算力应用 场景令人眼花缭乱，展现着山西转型发展的新变化。 自2021年《山西省加快推进数字经济发展的若干政策》出台以来，山西充分发挥自身优势，加快算力布 局，从输煤、输电向输算力转变，"算"出了一条推动传统产业升级、因地制宜布局新兴产业和未来产业 的转型发展新路径。 以多元优势努力培育算力沃土 三晋大地，天高云阔。在大同市灵丘县，占地1000多亩的秦淮数据环首都·太行山能源信息技术产业基 地，像一组巨型算力模块与群山相映；在阳泉市，数万台服务器阵列嗡嗡作响，飞速解析无人驾驶汽车 的实时路况，街道上自动驾驶公交车、出租车、快递车有序行驶…… 如今，这样的场景在山西越来越常见。京东、抖音、中联、秦淮数据等众多头部企业的算力项目纷纷落 户山西，太原数字产业集群、阳泉"数智新城"、吕梁"数谷"等新场景多点开花，推动传统能 ...

近期，全国首个数据中心源网荷储一体化绿电直供项目——乌兰察布数据中心低碳算力基地源网荷储一 体化项目正式投运。该项目通过风光发电、智能输电、并网直供和储能调峰等系统协同运行，实现了清 洁能源与数据中心的直接供能对接。 面临经济性挑战。张林山说，新能源出力的波动性与算力需求的稳定性之间存在着冲突。在西部，"极 热无风""日落无光"等特殊时段，风力发电和光伏发电会出现骤降的情况，这对需要稳定电力供应的数 据中心来说是巨大的挑战。为了保障算力的稳定运行，数据中心不得不额外配置储能设备或火电作为备 用电源，这一举措导致边际成本大幅上升，加剧了运营压力。同时，跨省绿电交易壁垒加重了成本负 担，东部企业若想采购西部的绿电，需要承担跨省输电费、政府基金等一系列附加成本，使得绿电实际 到网价格比本地火电高出不少，影响了东部企业采购西部绿电的积极性，阻碍了绿电资源在全国范围内 的优化配置。 还需更多价格信号和激励机制。钟洪麟认为，新能源发电的绿色价值如碳减排、生态效益等尚未通过价 格信号得到充分体现，其低碳优势难以转化为市场竞争力，而碳市场机制目前对人工智能、数据中心等 新兴高耗能行业的覆盖尚不完善，绿色消费激励机制不足。尽管 ...

2025 年 08 月 23 日 市值扩张路上机会频现 策略研究团队 ——投资策略周报 韦冀星（分析师） 耿驰政（联系人） weijixing@kysec.cn 证书编号：S0790524030002 gengchizheng@kysec.cn 证书编号：S0790125050007 证券化率指标—判断指数牛估值空间的一种参考 本轮行情与分子端盈利表现出现一定错位。我们在 2025 年 7 月 12 日发布的报告《剖 析市场突破的核心动力》中指出，从交易行为、资金流向到制度支持，多重因素共 同构筑了市场上行的内在基础。在宏观预期相对缺位的背景下，本轮行情与以往典 型的"指数牛"存在相似特征：分子端盈利修复未成为主导力量，指数突破上行更 多依赖于资金承载力的增强与主题交易的活跃。因此，我们在《证券化率看牛市估 值》中提出可将证券化率指标（股市总市值与 GDP 之比）作为识别估值高点的有效 参考工具。其突破 1 倍的位置应作为估值的重要关注点。展望后市，指数中枢有望 进一步上移，两市总市值增长态势有望延续。 北证 50 的"新中枢"或将确立 在本周的《北证 50：从关键突破到新中枢确立》中，我们认为近期北证 50 ...

市领导林涛、蒋敏参加。 8月22日，民营企业座谈会（新一代信息通信专场）暨全国高校信息通信区域技术转移转化中心 （江苏）建设工作座谈会在紫金山实验室召开。市委书记周红波与民营企业家、高校和金融机构代表座 谈交流，学习贯彻习近平总书记关于民营经济发展的重要论述，研究推动新一代信息通信产业高质量发 展的思路举措。 周红波说，促进技术转移转化，关键在于建立良好的创新生态。市委市政府将充分吸纳大家的意见 建议，进一步优化体制机制，促进科学家、企业家、金融家各展所长、融通互补，强化企业创新主体地 位；引入金融活水，更好发挥政府投资基金的引导作用，带动更多社会资本投早、投小、投长期、投硬 科技；强化平台支撑，整合高校院所、龙头企业各类资源，促进公共服务平台开放共享；扩大场景供 给，持续深化"宁工品推"活动，加快完善"概念验证—场景测试—产品推广"链条；促进人才引育，加大 高层次人才招引和精细化服务力度，着力营造人才发展良好环境。 座谈会上，信息通信区域技术转移转化中心（江苏）汇报了运行情况，与会的企业家、高校和金融 机构代表先后发言，围绕加快分中心建设、推动科技创新和产业创新深度融合，进行了充分深入的讨 论。北京大学、南 ...

3700点多空观点汇总 流入、IPO 火热展现复苏迹象等,具备配置价值。 ▽ 主要分歧 ·对债券市场和消费行业分歧较大。 汇聚40家基金公司最新研判,把握市场风向 合 小天总结 ▽ 机构共识 【天天基金 • 对A股权益市场中期表现较为乐观； 港股短期弱于A 股但看好长期配置价值。 · A股:认为尽管经济数据有弱态,但流动性宽松、市 场风偏以及政策环境利好,资金入市潜力大,且有 从结构牛走向全面牛的趋势。 · 港股: 普遍认可其虽短期因多种因素（如 AH 股溢 价、香港拆借利率上行等）跑输 A 股, 但长期来 看,由于其估值处于历史偏低区间、南下资金持续 资产研判 热点行业 ·部分机构认为短期内债券处于逆风,受股市牛市压 制,债市赔率下降,利率债短端价值有限、长端交 易结构脆弱,获取超额收益难度大而另一些机构则 指出,虽然当前债市受多种因素影响震荡,但在收 益率上行较多后, 性价比较高, 若股市震荡, 债券 将迎来配置机会。 •对于消费行业，有的机构认为内需边际放缓，耐用 品消费动能减弱,居民资产负债表修复缓慢制约持 续性,而有的机构强调国家扩大内需战略创造了良 好政策环境。 相同点 · 认为A股市场中科技和红 ...

Group 1 - The A-share market has shown a trend of upward fluctuation since September last year, with improved investor risk appetite [1][2] - The technology growth sector, driven by the AI wave, is attracting global incremental capital into the A-share market, becoming the core theme of a new large-scale upward trend [1][2] - The release of the "Action Plan for Promoting the High-Quality Development of Public Funds" aligns with the current market needs, emphasizing the importance of research and investment capabilities [1][4] Group 2 - The current economic high-quality development is at a critical transition period, with new economic industries steadily increasing their share of GDP [3] - The AI wave is leading to large-scale applications in technology fields such as computing power, robotics, and innovative pharmaceuticals, indicating potential breakthroughs in various sectors [3] - The new consumption trends driven by Generation Z are expected to significantly grow by 2035, creating new investment opportunities [3] Group 3 - The public fund reform emphasizes active management and equity investment capabilities, requiring fund companies to adjust their development models [4] - The company has established a systematic research and investment framework, focusing on talent cultivation and product line layout to enhance core investment capabilities [4][5] - The "active quant" model combines qualitative analysis with quantitative tools to achieve stable excess returns [5] Group 4 - The company's core competency focuses on active equity investment and technology stock investment, aligning with high-quality development themes [6] - The capital market and public fund industry are undergoing fundamental changes, shifting from asset management to wealth management [6] - The company aims to enhance investor experience by providing comprehensive services throughout the investment process [6]

Group 1 - The core viewpoint is that a bull market trend is being established, with expectations for the third quarter and the overall market in the second half of the year [1][2][3] - The sectors expected to sustain growth in the future are primarily concentrated in consumption, finance, and technology, with finance and technology already showing upward momentum [1][2] - The banking sector is attracting attention from investors seeking low valuations and high dividends, although there may be profit-taking once the market rises [1][2] Group 2 - The consumption sector has shown relatively poor performance this year, particularly due to slowing income growth and policy impacts, but there is potential for recovery in the third quarter [2] - The current market trend is shifting from a localized bull market to a broader advantage, with more sectors beginning to participate in the upward movement [2] - The bull market is expected to last for two to three years, indicating a long-term investment opportunity rather than a short-term trend [2]

Quantitative Models and Construction Methods 1. Model Name: Timing System Signal (Wind All A Moving Average Distance Model) - **Model Construction Idea**: This model uses the distance between the short-term moving average (20-day) and the long-term moving average (120-day) of the Wind All A Index to determine the market's overall trend. A positive and expanding distance indicates an upward trend[2][9]. - **Model Construction Process**: 1. Calculate the 20-day moving average (short-term) and the 120-day moving average (long-term) of the Wind All A Index. - Latest values: 20-day MA = 5658, 120-day MA = 5241[2][9]. 2. Compute the percentage difference between the two moving averages: $ \text{Distance} = \frac{\text{20-day MA} - \text{120-day MA}}{\text{120-day MA}} \times 100\% $ - Current distance = 7.96%[2][9]. 3. Interpret the signal: If the distance is greater than 3% and positive, the market is in an upward trend[2][9]. - **Model Evaluation**: The model effectively captures the market's upward momentum and provides a clear signal for maintaining high equity positions during positive trends[2][9]. 2. Model Name: Industry Allocation Model - **Model Construction Idea**: This model identifies industries with potential for medium-term outperformance based on factors such as policy support, valuation, and growth trends[2][10]. - **Model Construction Process**: 1. Analyze industry-specific drivers, including policy incentives and growth catalysts. 2. Identify sectors with "distressed reversal" characteristics or benefiting from policy-driven growth. 3. Recommend sectors such as innovative pharmaceuticals, securities insurance, photovoltaics, coal, and non-ferrous metals. 4. Use the TWO BETA model to emphasize technology-related sectors, including military, computing power, and batteries[2][10]. - **Model Evaluation**: The model provides actionable insights for sector rotation, aligning with macroeconomic and policy trends[2][10]. 3. Model Name: Position Management Model - **Model Construction Idea**: This model determines optimal equity allocation levels based on valuation metrics and market trends[3][10]. - **Model Construction Process**: 1. Assess valuation levels of the Wind All A Index using PE and PB ratios. - Current PE: 70th percentile (moderate level). - Current PB: 30th percentile (low level)[3][10]. 2. Combine valuation analysis with timing signals (e.g., moving average distance and profit-making effect). 3. Recommend equity allocation levels based on the above factors. - Current recommendation: 80% equity allocation[3][10]. - **Model Evaluation**: The model balances valuation and trend analysis, providing a systematic approach to equity allocation[3][10]. --- Model Backtesting Results 1. Timing System Signal - Moving average distance: 7.96% (greater than the 3% threshold, indicating an upward trend)[2][9]. 2. Industry Allocation Model - Recommended sectors: Innovative pharmaceuticals, securities insurance, photovoltaics, coal, non-ferrous metals, military, computing power, and batteries[2][10]. 3. Position Management Model - PE: 70th percentile (moderate level)[3][10]. - PB: 30th percentile (low level)[3][10]. - Recommended equity allocation: 80%[3][10]. --- Quantitative Factors and Construction Methods 1. Factor Name: Profit-Making Effect - **Factor Construction Idea**: This factor measures the market's ability to generate profits for investors, serving as a key indicator of market sentiment and potential capital inflows[2][10]. - **Factor Construction Process**: 1. Calculate the profit-making effect value based on market performance. - Current value: 3.73% (positive)[2][10]. 2. Interpret the signal: A positive value indicates sustained investor confidence and potential for further capital inflows[2][10]. - **Factor Evaluation**: The factor is a reliable indicator of market sentiment, supporting timing and allocation decisions[2][10]. --- Factor Backtesting Results 1. Profit-Making Effect - Current value: 3.73% (positive, indicating sustained market confidence)[2][10].