核心观点 国信证券近日发布通信行业2025年10月投资策略：北美CSP云厂（包括亚马逊、谷歌、Meta、微软、甲 骨文等）计划2025财年资本开支超过3700亿美金，同比增长40%。 国信证券近日发布通信行业2025年10月投资策略：北美CSP云厂（包括亚马逊、谷歌、Meta、微软、甲 骨文等）计划2025财年资本开支超过3700亿美金，同比增长40%。其中，甲骨文最新一季财报显示，其 FY26Q1末剩余履约义务（RPO）达4550亿美元，较上季度末增加3170亿美元，公司将继续加大AI投 入，预计2026财年资本开支达350亿美元。IDC数据显示，全球以太网交换机市场在2025年Q2营收145亿 美元（约1033亿人民币），同比增长42.1%。 以下为研究报告摘要： （2）三大运营商仍属红利配置重要资产，三大运营商经营稳健，并且分红比例持续提升，高股息价值 仍在，建议长期持续配置三大运营商。 2025年第9月重点推荐组合：中国移动、中际旭创、中兴通讯、广和通。 风险提示：宏观经济波动风险、数字经济投资建设不及预期、AI发展不及预期、中美贸易摩擦等外部 环境变化。（国信证券 袁文翀,张宇凡） 9月行情回顾：板 ...

Core Insights - The core viewpoint emphasizes that AI will replace energy as the most important commodity, driving daily operations across various industries, with computational power being the key element for AI's industrial application [1][12] - The "computational power question" is central to the AI industry, focusing on how to make computational power more accessible and transition from a "technology race" to "industry application" [2] Group 1: Full-Stack Intelligent Computing - ZTE Communications proposed a full-stack open intelligent computing solution that covers hardware systems and AI platforms, ensuring compatibility with mainstream GPU and CPU, allowing businesses to flexibly choose based on their needs [3] - The solution includes self-developed switching chips, intelligent computing servers, super node servers, and AiCube integrated computing machines, enabling efficient training and inference [3] Group 2: Super Node Servers - The super node servers showcased can support 64 GPUs per machine, allowing for vertical and horizontal scaling to meet extreme performance needs, thus supporting millions of user requests and complex predictive models [5] - This solution enables businesses to gradually upgrade their computational power as their operations evolve, rather than requiring an all-in commitment from the start [5] Group 3: Intelligent Computing Centers - The intelligent computing center focuses on energy efficiency, with a modular and prefabricated architecture that reduces delivery cycles by 40% and significantly lowers energy consumption [7] - As of June 2023, China's operational computing center rack scale reached 10.85 million standard racks, with intelligent computing capacity growing by approximately 40% compared to 2023 [6][7] Group 4: Collaborative Ecosystem - The partnership between ZTE Communications and Alibaba Cloud has evolved over 13 years, expanding from the Chinese market to a global presence, indicating the importance of collaboration in advancing AI industry [8] - The collaboration aims to create a symbiotic ecosystem that integrates software and hardware, supply and demand, and domestic and international markets [8][9] Group 5: Global Solutions - ZTE Communications and Alibaba Cloud have established cloud capability centers in various countries, promoting a "joint development + local delivery" model that meets local regulations and market needs [11] - This approach transforms "Chinese-style computing engineering" into globally applicable solutions, supporting enterprises in their international operations [11][12]

（文章来源：每日经济新闻） 创业板人工智能ETF国泰（159388）跟踪的是创业板人工智能指数（970070），涨跌幅为20%，该指数 从创业板市场中选取涉及软件开发、智能硬件制造、大数据处理等人工智能技术及相关应用的上市公司 证券作为指数样本，以反映创业板市场内人工智能相关上市公司证券的整体表现。该指数聚焦中国新兴 科技产业的创新能力和成长潜力，涵盖了人工智能领域的代表性企业。 国信证券指出，全球云服务提供商（CSP）的AI军备竞赛加速，算力基础设施持续受益于AI发展，成为 通信行业主赛道。阿里云发布的全新一代磐久128超节点AI服务器采用正交架构设计，单个机柜支持 128个AI计算芯片，功率密度达350kW，支持单芯片2000W高负载运行，硬件故障预测准确率达99%， 显著提升数据中心算力集中度。中兴通讯展出的超节点服务器支持64张GPU，具备Scale-Up与Scale-Out 双重扩展能力。光通信领域，阿里自研102.4T交换机支持800G/1.6T光模块，UPN网络系统采用 LPO/NPO光互连技术，预计实现成本降低30%以上。 ...

Core Insights - The AICC2025 Artificial Intelligence Computing Conference was held in Haidian District, focusing on AI infrastructure and optimization of domestic AI computing systems [1] - The conference introduced the "Beijing Plan" for super-node intelligent computing applications, emphasizing the need for advanced computing resources in the era of large models [1] Group 1: AI Infrastructure and Development - The demand for computing power has surged due to the explosive growth in training and inference of large models, making traditional computing architectures inadequate [1] - Over 30 companies and institutions, including China Mobile and Inspur Information, collaborated to release the "Beijing Plan," which aims to integrate AI chips, system manufacturers, and application innovators [1] Group 2: Super-node Servers and Industry Applications - Super-node servers consist of dozens to hundreds of AI chips, functioning as a compact computing unit with low-latency interconnect technology [2] - The goal is to make AI technology accessible across various industries, moving from exclusive use by leading players to widespread application [2] Group 3: Policy Support and Innovation Centers - A new innovation center was established in Beijing to focus on reconfigurable computing chip architecture and software ecosystem optimization, involving companies like Qingwei Intelligent and Tsinghua University [2] - The conference featured a policy consultation desk, offering guidance on a subsidy program for AI companies, with a maximum subsidy of 20 million yuan to support breakthroughs in models and intelligent agents [2]

Group 1 - The core of the "Beijing Plan" is to develop a super-node innovation consortium that integrates companies from systems, large models, and applications to create industry-specific "intelligent bodies" [3] - The intelligent body proliferation is a key goal of the national "Artificial Intelligence +" initiative, aiming for a penetration rate exceeding 70% by 2027 and 90% by 2030 [3] - The "Beijing Plan" will leverage domestic super-node platforms to develop solutions for various scenarios such as scientific research, embodied intelligence, healthcare, intelligent manufacturing, and education [3] Group 2 - In 2024, Beijing's AI core output value is projected to reach 350 billion yuan, with 159 registered large models accounting for 30% of the national total [3] - The city has gathered over 2,400 companies and a large number of top talents, with unicorn companies making up half of the national total [3]

Core Viewpoint - ZTE Corporation collaborates with Alibaba Cloud to build a global cloud ecosystem, focusing on digital transformation and intelligent computing solutions for enterprises [4][5][7]. Group 1: Partnership and Collaboration - ZTE and Alibaba Cloud have been partners since 2013, emphasizing an open and win-win philosophy while deepening business collaboration [5]. - The partnership has led to the development of dedicated cloud solutions that integrate ZTE's servers with Alibaba Cloud's operating system, serving over 200 clients across more than 30 provinces [5]. Group 2: Global Expansion - ZTE has a long-standing international presence, operating in over 160 countries and serving more than 500 operators, which supports the collaborative efforts with Alibaba Cloud in various regions [7]. - Joint cloud capabilities have been established in countries such as Indonesia, Algeria, Dubai, Mexico, Singapore, and Malaysia, creating replicable regional models for digital transformation [7]. Group 3: Intelligent Computing Solutions - ZTE introduced a full-stack open intelligent computing solution that is compatible with mainstream GPU/CPU, providing diverse computing power and model options [9]. - The company showcased a super-node server capable of supporting 64 GPUs, designed for large-scale intelligent computing clusters, demonstrating industry-leading integration and expansion capabilities [11]. Group 4: Sustainable Solutions - ZTE's "intelligent and economical" elastic computing center solution addresses diverse customer needs and green energy pressures, featuring modular and prefabricated architecture that shortens delivery cycles by 40% [14]. - The solution supports liquid cooling and high-density deployment, enhancing energy efficiency and meeting the demands of large-scale data center construction [14]. Group 5: Future Directions - ZTE aims to continue its focus on independent innovation and open collaboration, striving to advance intelligent computing infrastructure, green data centers, and global cloud network cooperation [14].

Core Insights - ZTE Corporation ranks second in the "Top 100 Innovative Large Enterprises in China 2025" with a score of 86.74, reflecting its strategic transformation and technological reinvention in the AI era [1][3]. Group 1: Strategic Transformation - ZTE is shifting from being a traditional communication equipment supplier to a "connection + computing" player, aiming to leverage AI and computing power for growth [4][5]. - The company has reported a 14.5% year-on-year revenue growth in the first half of 2025, with its computing and terminal businesses growing nearly 100%, now accounting for over one-third of total revenue [4][9]. Group 2: Technological Advancements - ZTE has developed a comprehensive self-research system covering computing processors, network processors, and AI switching chips, enhancing its technological foundation for intelligent computing clusters [5][8]. - The introduction of ultra-node solutions based on self-developed AI switching chips has achieved GPU intercommunication bandwidths of 400GB/s to 1.6TB/s, showcasing ZTE's technological capabilities [5][6]. Group 3: Market Performance - In the first half of 2025, ZTE's overall revenue reached 71.55 billion yuan, with the enterprise business segment showing explosive growth, increasing by 109.9% year-on-year [9][10]. - The AI server segment has become a significant contributor, with ZTE winning the largest share in a major procurement project for AI computing devices by China Mobile [9][10]. Group 4: R&D and Innovation - ZTE's R&D expenses reached 12.66 billion yuan in the first half of 2025, accounting for approximately 18% of its revenue, supporting AI technology development and product innovation [13][14]. - The company holds around 94,000 patent applications, with over 50% related to AI, establishing a strong technological barrier in key areas such as intelligent computing chips and AI algorithms [13][14]. Group 5: International Expansion - ZTE's overseas revenue reached 20.94 billion yuan in the first half of 2025, marking a 7.8% year-on-year increase, indicating its growing international market presence [11][12]. - The company is focusing on data centers and intelligent computing infrastructure in international markets, covering regions such as Europe, Latin America, and the Middle East [11][12].

Core Insights - Beijing's first "dark factory" for intelligent computing servers is set to begin production by the end of 2025, marking a significant step in the integration of intelligent manufacturing and artificial intelligence [1] - The Beijing Economic-Technological Development Area (BDA) is implementing a systematic approach to build a comprehensive support system for artificial intelligence, focusing on key sectors such as high-performance computing and intelligent hardware [1][2] - The "dark factory" will utilize fully automated production lines and intelligent scheduling systems, significantly enhancing production efficiency and product consistency, with an expected annual output value reaching hundreds of millions [1] Infrastructure Development - BDA has established the largest public computing power platform in Beijing and is initiating the construction of the largest single computing center in the city, with a planned capacity exceeding 30,000 P [2] - Policies such as "computing power vouchers" and "data vouchers" are effectively reducing R&D costs for enterprises, facilitating rapid iteration and application of AI technologies [2] Industry Applications - BDA is driving industry upgrades through sector-specific strategies in healthcare, manufacturing, and robotics, exemplified by the establishment of an innovative center for humanoid robots [2] - The launch of the "Yizhi" government model service platform demonstrates the application of large models in practical scenarios [2] Ecosystem Development - BDA is constructing a 500,000 square meter "Modular World" AI industrial community in three phases, supporting enterprises from startups to leading companies [2] - The "Qiyuan Tribe" has already achieved full occupancy with over 40 registered enterprises, indicating strong interest and growth in the AI sector [2] Future Outlook - The completion of the "dark factory" is expected to enhance Beijing's leadership in AI hardware manufacturing and provide robust support for the development of the AI industry in the Beijing-Tianjin-Hebei region and nationwide [1][2]

Group 1: Market Trends - AI computing hardware sector showed significant gains on July 29, driven by increased capital expenditure from overseas cloud vendors and a release of performance results [1] - Google's Q2 earnings report revealed an increase in annual capital expenditure to $85 billion, primarily for AI servers and data center construction, with cloud computing revenue reaching $13.6 billion, a 32% year-over-year increase [2] - The ongoing trade negotiations between China and the U.S. in Stockholm may lead to a reduction in trade conflicts, which could benefit domestic optical module companies [3] Group 2: Domestic Developments - At the recent World Artificial Intelligence Conference, companies like Huawei and ZTE showcased advancements in AI computing infrastructure, indicating steady improvements in domestic capabilities [2] - Huawei presented its Ascend 384 super node machine, while ZTE displayed a super node server designed for large-scale model training and inference [2] Group 3: Investment Opportunities - Investors are encouraged to consider communication ETFs (515880) and the ChiNext AI ETF (159388) for potential investment opportunities in the optical module sector [1][7] - Public funds have shown an increase in holdings in the communication sector, with a rise in the top ten holdings' proportion to 3.61%, marking a shift from underweight to overweight [3]

Market Overview - The market experienced fluctuations throughout the day, with the ChiNext Index leading the gains. The total trading volume in the Shanghai and Shenzhen markets reached 1.8 trillion yuan, an increase of 609 billion yuan compared to the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index rose by 0.33%, the Shenzhen Component Index increased by 0.64%, the ChiNext Index surged by 1.86%, and the CSI 500 Index gained 0.50% [1] AI and Computing Hardware Sector - The AI computing hardware sector saw significant gains, driven by increased capital expenditures from overseas cloud providers entering a performance release phase, steady improvements in domestic computing infrastructure products, and a potential easing of US-China trade tensions [3] - Google raised its full-year capital expenditure forecast to $85 billion, primarily for AI servers and data center construction, with its cloud computing revenue reaching $13.6 billion, a 32% year-over-year increase [4] - The demand for NVIDIA's H20 chips in China is estimated to exceed current inventory by more than 100%, indicating a substantial supply-demand gap that may be filled by the upcoming B30 chip [5][6] Pharmaceutical Sector - The pharmaceutical sector continued to perform well, with the Innovation Drug ETF rising by 4.26% and the Biopharmaceutical ETF increasing by 2.72% [8] - A significant licensing agreement was reached between Hengrui Medicine and GSK, with GSK paying a $500 million upfront fee and potential milestone payments totaling approximately $12 billion [8] - The CXO leader WuXi AppTec reported strong performance and raised its annual guidance, reflecting the robust growth of the innovative drug industry [8] Policy and Investment Opportunities - The government has introduced favorable policies for drug procurement and support for innovative drugs, with a new childcare subsidy scheme set to begin in 2025 [9] - Investors are encouraged to consider the Innovation Drug ETF and the newly issued Science and Technology Innovation Drug ETF, which tracks biotech-focused indices with higher growth potential [9] Stablecoin Developments - The stablecoin sector saw a late surge, with the Software ETF rising by 1.57%. Hong Kong's stablecoin legislation is set to take effect on August 1, 2025, which may accelerate the launch of legal stablecoins [10][11] - The Shanghai municipal government is increasing its focus on the development of stablecoins, which could enhance the efficiency of cross-border payments and support the internationalization of the renminbi [11]