2025年以来，多地制定算力券奖补机制，密集出台数据要素企业扶持政策，强化对人工智能产业的支 持。其中，发放算力券、语料券、训力券、数据要素券。 《中国经营报》记者注意到，8月22日，北京市经开区发布2025年上半年算力券申报指南；8月9日，河 南省人民政府印发《河南省支持人工智能产业生态发展若干政策措施》，明确"强化算力供给服务。建 立以算力券为核心的算力平台运营结算分担机制，每年发放总规模不超过5000万元的算力券"。 "算力每投入1元，就能拉动3—4元的经济产出。除了互联网大厂具有较大规模的算力芯片储备外，像我 们这种初创型企业，算力资源相当稀缺，也需要资金帮扶。"成都一家从事AI研发的中小型企业负责人 对记者表示。 降低创新成本 2024年12月，国家发展改革委、国家数据局、财政部、人力资源社会保障部联合印发的《关于促进数据 标注产业高质量发展的实施意见》提出，鼓励有条件的地方加大数据标注产业的支持力度，充分利用各 地发放的数据券、算法券和算力券等，降低数据标注企业成本。 成都早在2023年便在全国首创算力券推动算力普惠。2023年1月，成都市新经济委、成都市经信局等4部 门联合印发的《成都市围绕超算 ...

Group 1 - Dalian City is implementing a comprehensive plan to enhance the business environment, with the "6.0" version scheme set to introduce 60 measures and 296 tasks by mid-2025 [1] - As of July, 154 out of 296 tasks have been completed, achieving a completion rate of 52%, while 46 out of 58 commitments have been fulfilled, resulting in a 79% fulfillment rate [1] - The city aims to reduce costs and improve services for businesses, establishing itself as a benchmark city for a favorable business environment [1] Group 2 - Dalian is actively breaking down market entry barriers, allowing for cross-regional business registration and reducing investment project approval times to 8 days [2] - The city has allocated 4.5 billion yuan for the "Xinglian Talent Plan" to enhance talent services and has expanded financing options for small and medium-sized enterprises [2] - The efficiency of government services has improved, with over 90% of high-frequency matters processed through a single-window system, and processing times reduced by over 30% [2] Group 3 - Dalian has established eight grassroots "one-window" service points and is promoting a new model of "one-window + multi-faceted resolution" for maritime disputes [3] - The city is focusing on regulatory enforcement to lighten the operational burden on businesses, implementing flexible enforcement measures and reducing unnecessary inspections for low-risk companies [3] - Dalian's innovative practices in the bidding and tendering market have been recognized and promoted by the National Development and Reform Commission [3] Group 4 - Dalian is advancing market-oriented reforms in data elements, implementing national pilot tasks for data circulation and management [4] - The city has launched a public computing service portal and introduced a 20 million yuan "computing voucher" policy to enhance data service accessibility [4] - Dalian has been recognized as one of the top 20 cities in China for data elements, completing the first public data resource registrations in the country [4]

上海新政加码 AI 应用支持：6 亿算力券、 3 亿模型券、1 亿语料券 [Table_Industry] 计算机 [Table_Invest] [Table_Report] 本报告导读： 上海市经济信息化委印发《上海市进一步扩大人工智能应用的若干措施》，计划三年 内发放"6 亿算力券+3 亿模型券+1 亿语料券"，国内 AI 应用产业发展进一步加速。 投资要点： 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 踪 报 告 证 股票研究 /[Table_Date] 2025.08.01 [table_Authors] 2025-08-07 [Table_Summary] 投资建议：7 月 28 日，上海市经济信息化委印发《上海市进一步扩 大人工智能应用的若干措施》，计划在三年内发放 6 亿元算力券+3 亿元模型券+1 亿元语料券，这一政策将产生显著的链式反应，"算力 -模型-语料"全链条支持，加速大模型生态集聚，同时服务器、算力 调度与 AI 应用等多环节有望显著受益，国内 AI 应用产业发展进一 步加速，我们继续看好计算机板块。 上海新政围绕算力、模型、语料三大核心要素，推出总 ...

Group 1 - The article highlights 24 LP dynamics that occurred during the week of July 26 to August 1 [1] - The National Development and Reform Commission is seeking public opinions on guidelines for government investment funds, emphasizing the need to prevent homogeneous competition and the crowding-out effect on social capital [2] - Alibaba has established a new LP fund, with connections to Tsinghua University and Tianjin University, indicating a focus on early-stage projects [3] Group 2 - Blackstone reported a 13% year-on-year increase in assets under management, reaching $1.2 trillion (approximately 8.6 trillion RMB), and distributed $140 million (approximately 1 billion RMB) to shareholders [4] - Wuhan Investment Control Group and Donghu High-tech Zone signed a strategic cooperation agreement to establish a 100 billion RMB humanoid robot mother fund, focusing on core technologies and applications in various industries [7] - KKR announced it raised $28 billion, contributing to a 14% year-on-year growth in assets under management, now totaling $686 billion [8] Group 3 - Shanghai launched a 30 billion RMB artificial intelligence CVC fund to support AI applications and innovation [10] - A 20 billion RMB seed fund was established in Pudong, focusing on early-stage investments in innovative talent and technologies [11] - A 30 billion RMB energy fund was created to invest in integrated energy projects, highlighting the growing interest in renewable energy [12] Group 4 - Jiangsu Yangzhou established a 5 billion RMB aerospace industry fund, focusing on high-end equipment investments [13] - A 2 billion RMB low-altitude economy fund was launched in Hunan, targeting investments in low-altitude economic sectors [14] - Sichuan's digital culture fund, with a scale of 254 million RMB, aims to invest in digital economy sectors [17] Group 5 - A 10 billion RMB county-level fund was set up in Nanchong, focusing on high-end manufacturing and low-altitude economy [18] - Renhe Capital established a new fund focused on programmable logic devices, indicating a trend towards specialized technology investments [19] - The Suzhou high-end equipment industry fund plans to invest in smart manufacturing and low-altitude economy sectors [20] Group 6 - The Shanghai Jing'an District partnered with Kaihui Fund to establish a digital industrial fund, promoting digital transformation in the industrial sector [21][22] - Beijing Chaoyang District's technology innovation fund is set to invest in two sub-funds, focusing on digital economy sectors [23] - Shanghai's three leading industry mother funds are seeking to select third-party fund management institutions to support strategic emerging industries [24]

Group 1 - The technology growth style is showing strong performance, with the ChiNext Index rising over 1% and the STAR Market Index also performing well, indicating a bullish sentiment in the market [1] - The Double Innovation Leader ETF (588330) demonstrated high elasticity, with an increase of 1.11% in market price, attracting 3.8 million yuan in inflows, suggesting investor confidence in the sector's future performance [1][5] Group 2 - Key stocks leading the gains include major players in the optical module sector, with Zhongji Xuchuang rising over 6%, Xinyi Sheng increasing by more than 4%, and Tianfu Communication up over 3% [3] - In the software development sector, Kingsoft Office rose over 3%, while BGI Genomics increased by more than 1% [3] - Semiconductor stocks also saw positive movement, with Jiangbolong up over 2%, and Shengbang shares and Lankai Technology following suit [3] Group 3 - The Shanghai Municipal Economic and Information Commission has issued measures to expand AI applications, including a 600 million yuan subsidy for computing power and a 300 million yuan model coupon [5] - In the biopharmaceutical sector, notable developments include WuXi AppTec's significant performance boosting the CXO sector, and a major agreement between Hengrui Medicine and GSK [5] - The photovoltaic sector is experiencing price stabilization, with recent improvements in pricing across the supply chain, including silicon materials and solar cells [5] Group 4 - The Double Innovation Leader ETF (588330) is characterized by cross-market diversification, focusing on strategic emerging industries with a selection of 50 large-cap companies from the STAR and ChiNext boards [6] - The ETF serves as a "battle base" for growth styles, allowing for easy access to top Chinese technology stocks amid global tech competition [6] - The ETF's structure allows for a 20% price fluctuation limit, making it an efficient tool for capturing tech market trends with a lower investment threshold [6]

报告类型 股指日评 日期 2025 年 7 月 30 日 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(宏观国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 请阅读正文后的声明 ＃summary＃ | 表1:股指期货、现货行情数据 | | --- | 资料来源：Wind，建信期货研究发展部 1.2 后市展望： 外围市场方面，中美第三轮磋商将在瑞典斯德哥尔摩举行，中方在记者会上 表示，坚决反对任何一方以牺牲中方的利益为代价达成交易，关注最终谈判结果。 国内方面，7 月 28 日，上海市经济信息化委印发 《上海市进一步扩大人工智能 应用的若干措施》，其中提到，降低智能算力使用成本，发放 6 亿元算力券，加 强算力调度平台建设，体系化支持企业研发和应用大模型，加快 ...

Core Viewpoint - The Shanghai Municipal Economic and Information Commission has introduced measures to expand the application of artificial intelligence, including issuing 600 million yuan in computing power vouchers to reduce costs and support the development of large models [1] Group 1: Computing Power Vouchers - Various cities, including Wuhu, Tianjin, Wuhan, Hangzhou, and Kunming, have issued or plan to issue computing power vouchers to alleviate the financial burden on enterprises [1] - The issuance of computing power vouchers aims to lower the technical entry barriers for startups and SMEs, accelerating the application of large models [1][2] - The vouchers are part of a broader strategy to cultivate digital economic advantages and build an AI industry ecosystem, with a focus on combining computing power vouchers with other support measures like data vouchers and model vouchers [2] Group 2: Policy and Industry Response - The shift from focusing solely on intelligent computing power to including supercomputing power reflects a responsive policy design to new trends in the computing power industry [2] - The combination of computing power vouchers and other incentives is seen as a significant step in promoting the "AI+" initiative, which aims to enhance technological innovation and application scenarios [3][4] - The "AI+" initiative has gained significant traction, with various AI products becoming popular and widely adopted across different sectors, enhancing service efficiency [4] Group 3: Future Directions - To ensure the effective implementation of computing power and data vouchers, it is essential to address five key bottlenecks: chip autonomy, data compliance, green computing power, standard governance, and talent capital [5] - A comprehensive approach combining macro-level planning with precise execution is necessary to promote AI innovation and empower various industries [6]

Group 1: Policy Support for AI Development - Shanghai has introduced a comprehensive policy package, termed "Artificial Intelligence 12 Measures," to support the development of the AI industry, including the issuance of 6 billion yuan in computing vouchers, 3 billion yuan in model vouchers, and 1 billion yuan in data vouchers [1][2][12] - The policy aims to reduce the cost of computing resources, expand the application of large AI models, and promote key technological innovations across 12 specific areas, each with defined financial support [2][3] Group 2: Computing Resource Management - The initiative includes the establishment of a computing resource scheduling platform to facilitate the efficient allocation and trading of computing resources, integrating various local and external computing resources [3][4] - As of July 2025, Shanghai's intelligent computing capacity has reached 100,000 PetaFLOPS, with the scheduling platform connecting multiple service providers and achieving a total computing capacity exceeding 18,000 PetaFLOPS [3][5] Group 3: Financial Incentives for AI Applications - The policy allocates 3 billion yuan in model vouchers to support the deployment of third-party large model APIs and private deployments, offering subsidies of up to 50% for qualifying contracts [6][7] - Additionally, 1 billion yuan in data vouchers is designated to enhance public service platforms for data, providing subsidies for the purchase of high-quality data for AI applications [6][7] Group 4: Innovation and Talent Development - The measures support the establishment of new AI research institutions led by strategic talents, with funding of up to 500 million yuan over 3-5 years, and promote collaborative projects across various sectors [9][10] - The initiative also emphasizes the importance of talent services, offering tailored support for high-level talents and financial incentives for AI enterprises to reduce personnel costs [10][11] Group 5: Long-term Vision for AI Ecosystem - By the end of 2025, Shanghai aims to build a world-class AI industry ecosystem encompassing computing, data, models, and applications, which is expected to significantly enhance innovation and establish Shanghai as a global AI hub [12]

Market Overview - On July 28, the A-share market experienced significant fluctuations, with the Shanghai Composite Index rising by 0.12%, the Shenzhen Component Index by 0.44%, and the ChiNext Index by 0.96%[2] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.7 trillion yuan, showing a slight decrease compared to the previous trading day[1] Sector Performance - The leading sectors in terms of gains included electronic components, insurance, aerospace, and chemical pharmaceuticals, while coal, iron, and energy metals saw declines[1] - Approximately 2,800 stocks rose, indicating a broad-based market rally[1] Capital Flow - On July 28, net inflows into the Shanghai Stock Exchange were 76.10 billion yuan, while the Shenzhen Stock Exchange saw net inflows of 111.46 billion yuan[3] - The top three sectors for capital inflow were components, communication equipment, and chemical pharmaceuticals, whereas IT services, railways, and electricity faced the largest outflows[3] Economic Indicators - The Ministry of Science and Technology aims to enhance the effectiveness of technology transfer and innovation, indicating a focus on improving the national technology transfer system[4] - The National Energy Administration announced plans to establish a unified national electricity market by the end of the year, emphasizing the importance of energy supply and regulatory measures[5] Taxation Insights - From 2021 to 2024, the top 10% income earners contributed approximately 90% of individual income tax, highlighting the progressive nature of the tax system[6] - High-tech industry sales revenue grew by 14.3% in the first half of the year, with high-tech manufacturing's share of total manufacturing rising from 15.3% in 2020 to 16.9% in the first half of this year[7] Industry Trends - The electric motorcycle industry saw a slight decline in sales, with June figures showing a year-on-year drop of 15.37%[8] - Shanghai has issued 600 million yuan in computing power vouchers to reduce costs for AI applications, supporting the development of AI ecosystems[9] Fund Dynamics - The fund issuance market remains active, with 31 new funds launched this week, predominantly in equity funds[10] - Consumer REITs have shown strong performance, with over 80% of the 66 reported products achieving quarterly profits, indicating robust institutional interest[11]

Group 1: Market Trends - The A-share market has shown an upward trend, breaking through the 3500 and 3600 points, followed by a period of volatility [1] - Goldman Sachs raised the 12-month target for the MSCI China Index from 85 to 90, indicating a positive outlook from foreign investors towards A-shares [1][2] - The MSCI China Index and the CSI 300 Index reached four-year highs and year-to-date peaks, respectively, driven by better-than-expected GDP data and a recovery in the Hong Kong IPO market [2] Group 2: Policy Support for Technology - The Shanghai Municipal Economic and Information Commission issued measures to expand AI applications, including a 600 million yuan subsidy for computing power and a 300 million yuan subsidy for AI models [2][3] - The Ministry of Industry and Information Technology emphasized the development of humanoid robots, IoT, and high-end instruments, aiming to enhance industrial policies and support emerging industries [1][3] - Policies aimed at reducing overcapacity in industries like photovoltaics are expected to benefit leading listed companies, enhancing their performance [1][3] Group 3: Economic Stimulus Measures - The National Childcare Subsidy Implementation Plan was announced, providing annual subsidies of 3600 yuan per child under three years old, with an estimated total subsidy scale of approximately 1200 billion yuan [4][5] - The subsidy aims to increase birth rates and stimulate consumption, which is seen as beneficial for sectors like dairy products, infant supplies, and education [5] - The central government will share the subsidy burden with local governments, potentially leading to higher local subsidy standards that could further enhance the impact on birth rates [4][5]