绿色算力产业规模持续壮大。近五年来，全省与"绿算"相关的算力基础设施建设及光纤等产品制造、电 信运营服务、软件开发、数字化应用等行业经营主体开票销售收入年均增长9.3%。全国首个清洁能源 和绿色算力调度中心落成、中国柴达木绿色微电网算力中心等重大项目投运，全省算力供给能力有效提 升，"三大运营商"与金山、阿里、京东等国内互联网大型企业深化合作，2025年信息技术服务IDC业务 省外销售金额较上一年增长1.5倍。 算电协同效应持续释放。算力产业的快速发展有力促进省内绿电消纳，2025年全省算力产业购进绿电金 额同比增长11%，形成"绿电支撑算力、算力消耗绿电"的良性循环，算电协同发展步伐不断加快。 本报讯 （记者 郭靓 通讯员 林浩 索南尼玛） 2月27日，国家税务总局青海省税务局增值税发票数据显 示，青海省持续巩固清洁能源"双主体"地位，推动绿色算力产业布局建设，算电协同互促发展格局加速 形成，为全省高质量发展增添绿色动能。 清洁能源基础不断夯实。近五年来，全省清洁能源领域累计完成投资1700余亿元，2025年全省新能源发 电装机占比达到73%，新能源发电量占比达到50%，绿电资源优势进一步凸显，为"绿算"产 ...

在"AI颠覆论"甚嚣尘上时，作为"卖铲人"的算力产业链再度爆发。 比如，2月25日，富国基金、瑞银基金、天弘基金等多家基金公司调研了顺灏股份，其中在问答环节着 重提问了公司关于太空算力的布局，顺灏股份表示，公司持有27.8174%股权的轨道辰光积极响应中国 信息通信研究院组织发起的"算力星网"倡议，太空数据中心建设将在2025年至2027年，突破能源与散热 等关键技术，迭代研制试验星，建设一期算力星座。 2月26日，PCB、CPO、液冷服务器、算力芯片等概念集体走强，深南电路、大族激光、广合科技、川 润股份封涨停，高澜股份20cm涨停，此外，科创50指数盘中一度跌超1%，午后逐步走强，最终收涨 0.85%。 不过，今年以来，算力板块内部出现了明显分化，曾经的光模块两大龙头新易盛、中际旭创年内分别下 跌10.44%、6.19%，而CPO概念股天孚通信大涨78.31%，PCB方向的明阳电路、大族激光也分别大涨 91.29%、69.26%。 芯片巨头业绩验证算力需求扩张 当地时间2月25日，英伟达发布2026财年第四季度财报，当季总营收681.3亿美元，每股盈利1.62美元， 均超出华尔街预期，公司同时给出了高于预 ...

作为"浙江省经济第一区"，面向"十五五"，余杭早在年初就已明确"53311"发展目标即生产总值突 破5000亿元，数字经济核心产业增加值超3500亿元，文化产业增加值超3000亿元，财政总收入实现1000 亿元，规上营利性服务业营收率先迈上10000亿元台阶。 当然，作为5000年良渚文化的发源地，余杭的文化产业同样是"响当当"的存在。2025年，余杭规上 文化企业营收达7417亿元，增长11.8%；文化产业增加值达2075亿元，增长9.1%，两项指标总量连续14 年位居全市第一。 今年，余杭将实施余杭区文化产业高质量发展行动，巩固发展数字文化支柱产业，壮大动漫游戏、 影视传媒、创意设计三大特色产业，并前瞻布局文化智能装备、数字文化贸易、数字文旅三大未来产 业，力争实现文化产业增加值增长9%以上。 与此同时，余杭还将高标准推进未来科技城现代服务业创新发展区和良渚新城生命健康服务业创新 发展区建设，推动营利性服务业成为余杭经济增长的"第三极"。 产业发展从来不是"单打独斗"，而是一场项目、政策、服务协同发力的系统战。为此，余杭还将坚 持项目为王，大抓项目、抓大项目，并以"真金白银+真心实意"为企业、人才保驾护航 ...

"十五五"开局之年，青海正聚焦创新驱动，加紧培育壮大新动能，高标准建设国家绿色算电协同发展示 范区。吴晓军走进青海省绿电智算融合示范园，详细听取询问了解园区未来规划、建设成效、算力规 模、拉动投资税收就业等情况。强调，要在技术底座和体制机制保持领先的基础上，用好绿电直连、微 电网、源网荷储一体化优势，集聚央企和民企力量打造生态链条、形成产业集群，树立青海绿色算电协 同发展的样板和标杆。 吴晓军在调研中要求，有关地区部门要以更加务实的作风、更加有力的措施为企业发展保驾护航，强化 土地、资金等要素保障，注重以链招商，引进配套产业，为项目早落地、早开工、早投产提供有力支 撑。 本报讯（记者 莫昌伟）2月24日，春节假期后的第一个工作日，省委书记、省人大常委会主任吴晓军前 往光合组织产业生态创新中心、青海省绿电智算融合示范园调研，强调要深入学习贯彻习近平总书记关 于发展新质生产力的重要论述和对青海工作重大要求，把握人工智能时代机遇，抢抓绿色算电协同发展 先机，培育具有青海特色优势的新质生产力，以时不我待、只争朝夕的精神状态，铆足干劲抓发展，奋 力实现开门红。 吴晓军还来到省委总值班室、省委办公厅信息处，听取了解春节假 ...

Group 1: Macro Insights - The report discusses how AI deflation and balance sheet reduction could reshape asset pricing logic, emphasizing the uncertainty surrounding the Federal Reserve's future policy direction [1][6][7] - It highlights the potential impact of reducing the Fed's balance sheet on dollar asset prices and the importance of maintaining central bank independence [1][6][7] Group 2: Company Analysis - Huahong Semiconductor (688347.SH) - Huahong is projected to achieve revenues of 183.83 billion, 246.57 billion, and 284.07 billion CNY for 2025-2027, with net profits of 6.74 billion, 7.78 billion, and 11.29 billion CNY respectively [2][12] - The company is positioned as a leader in mature process semiconductor manufacturing, benefiting from the global semiconductor industry's recovery [12][13] - Huahong's expansion plans include the ramp-up of FAB9 and the integration of FAB5, which is expected to enhance future growth potential [12][14] Group 3: Company Analysis - Valiant Bio (9887.HK) - Valiant Bio focuses on three core technology platforms targeting oncology and autoimmune diseases, with significant clinical trials underway [3][16] - Revenue forecasts for 2025-2027 are 175.0 million, 196.0 million, and 200.8 million HKD, with a projected increase in profitability as clinical data catalysts emerge [3][16][17] Group 4: Company Analysis - Ningbo Huaxiang (002048.SZ) - Ningbo Huaxiang is expected to see net profits of 5.19 billion, 16.10 billion, and 17.56 billion CNY from 2025 to 2027, with a target market value of 402.39 billion CNY by 2026 [4][18] - The company is expanding into the humanoid robot sector and is anticipated to improve profitability following the divestment of European assets [18][19] Group 5: Industry Insights - Hotel and Catering - The report indicates a significant increase in travel and service consumption during the 2026 Spring Festival, with domestic tourism expected to reach 520 million trips, a 3.8% increase year-on-year [25][26] - The catering sector is benefiting from increased customer flow, particularly in first-tier cities, with notable growth in restaurant bookings and sales during the holiday period [26][27] Group 6: Industry Insights - Gas Turbine - The gas turbine industry is experiencing robust demand, with Siemens Energy reporting record order volumes and plans to increase production capacity significantly by 2027 [29][30][31] - Major companies like GE and Mitsubishi Heavy Industries are also reporting substantial order growth, indicating a strong market outlook for gas turbines [30][31][32] Group 7: Industry Insights - Tooling Industry - The report highlights a rapid increase in tungsten carbide prices, benefiting leading domestic tooling companies amid supply constraints and rising demand in high-value sectors [35][36][37] - The Chinese government's export controls on tungsten resources are expected to further enhance the competitive position of domestic tooling manufacturers [35][37]

Core Insights - The core point of the article is the launch of the national supercomputing internet core node in Zhengzhou, which utilizes the scaleX WanKa super cluster provided by Inspur (中科曙光) to offer over 30,000 AI acceleration cards, marking a significant advancement in domestic computing infrastructure [1][4]. Group 1: Infrastructure Development - The launch of the core node validates the engineering capabilities of domestic computing infrastructure, transitioning from early single-point breakthroughs to large-scale deployment [1]. - The scaleX WanKa super cluster is a product of the "AI Computing Open Architecture" strategy proposed by Inspur, emphasizing collaboration and decoupling among various industry players [4][5]. - The system incorporates advanced technologies such as ultra-high-density blades and immersion phase change cooling, increasing computing density by 20 times and reducing Power Usage Effectiveness (PUE) to 1.04 [4]. Group 2: Market Needs and Compatibility - The market demands efficient, secure, and stable intelligent computing infrastructure, which is essential for the advancement of the AI industry [3]. - The system's open architecture allows for heterogeneous deployment of different brands of domestic acceleration cards and compatibility with mainstream computing ecosystems like CUDA, facilitating broader developer access [5][6]. - This compatibility reduces the barriers for developers and provides users with more choices, aligning with the goal of integrating computing power into industrial workflows [6]. Group 3: Performance and Applications - The WanKa super cluster supports the training and fault recovery of trillion-parameter models, enhancing inference efficiency for major internet companies [7]. - It has contributed to significant advancements in AI for Science, helping domestic material research models achieve top rankings and improving protein research efficiency by 3 to 6 orders of magnitude [7][8]. - The integration of computing power, data, and application scenarios is crucial for transforming technology into a driving force for economic development [8]. Group 4: Future Outlook - Looking ahead to 2026, the intelligent wave is expected to drive the computing industry into a new development cycle, with Inspur committed to an open technological route [8][9]. - The company aims to focus on innovation across the entire value chain, addressing the challenges of heterogeneous computing power and enhancing resource utilization efficiency [9].

Market Overview - On February 12, the three major indices collectively rose, with the ChiNext Index and the Sci-Tech Innovation 50 Index both increasing by over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.16 trillion yuan, an increase of 159.7 billion yuan compared to the previous trading day [1] Index Performance - Shanghai Composite Index: 4134.02 (+2.03, +0.05%) [2] - Shenzhen Component Index: 14283.00 (+122.06, +0.86%) [2] - ChiNext Index: 1816.15 (+27.93, +1.56%) [2] - CSI 300: 4719.58 (+5.76, +0.12%) [2] - CSI 500: 8423.57 (+97.76, +1.17%) [2] Industry Developments - The Ministry of Industry and Information Technology announced plans to develop national computing power interconnection nodes, aiming to enhance the efficiency and service level of public computing resources [3] - Major domestic internet companies, including Tencent, Alibaba, and Baidu, are increasing efforts to attract users to AI applications, which is expected to significantly boost active user numbers in AI applications [3] - The demand for AI applications is driving growth in the domestic computing power industry chain, presenting key development opportunities [3] Stock Highlights - Tianfu Communication, a leader in the CPO concept, saw its stock rise by 11.61% to 322 yuan per share, reaching a market capitalization of 250.33 billion yuan [3] - Chip companies related to computing power also experienced gains, with Chipone Technology rising over 10% [3] - The liquid cooling server concept showed strong performance, with Chuanrun Co. achieving two consecutive trading limits in four days [3] - The electric grid equipment sector saw collective strength, with companies like Siyuan Electric and Sifang Co. reaching new highs [3] Individual Stock Movements - Double Good Energy, a solar energy company, saw its stock price hit the limit up within 10 minutes, with a total market value of 20.1 billion yuan, following the announcement of three overseas orders for high-efficiency heat exchangers [4] - Newly listed company N Haisheng experienced a maximum increase of 244.94%, triggering a trading halt, with over 300 million yuan in transactions [4]

一、行情 2月12日，算力产业链如CPO、液冷、云计算等多板块集体大涨。大元泵业、川润股份、博杰股份、优刻得（20CM）等集体涨停，申菱环境、朗进科技、 依米康、首都在线、天孚通信、青云科技、英维克等集体大涨。 | | 云计算数据中心 +1.60% | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 理 智谱上调GLM Coding Plan价格,整体涨幅30%起 | | | | | | | 股票名称 | | 最新价 = | 涨跌幅 ◆ | 涨停时间 ◆ | 换手率 = | 流通市值 ◆ | 解读 | | 大位科技 | 4天4板 | 13.86 | +10.00% | 09:25:00 | 1.32% | 204.92 乙 | 公司为国内AIDC（人工智能数据中心） 区域优质的数据中心资源,正投建张北 | | 600589.SS | | | | | | | 心,绑定互联网头部客户 | | 海量数据 | | | | | | | 国内领先的数据技术提供商;公司向量 | | 603138.SS | 5天3板 | 22.62 | ...

当前，算力互联互通成为产业共识，各方已积极开展技术路径探索与工程实践。在此背景下，工业和信 息化部研究制定了《通知》。 近日，工业和信息化部印发《关于组织开展国家算力互联互通节点建设工作的通知》（以下简称《通 知》），部署推进国家算力互联互通节点体系建设。 国家算力互联互通节点是推进国家算力互联互通体系建设的核心抓手和关键承载，采用"1+M+N"架 构，由1个已建成发布的国家算力互联网服务节点（国家节点）、M个区域节点和N个行业节点共同构 成。 具体来看，区域节点面向算力需求旺盛地区提供标识注册、资源汇聚等综合性支撑服务，行业节点聚焦 重点行业提供市场化服务并接入区域节点，所有节点遵循"统一标识、统一标准、统一规则"运行，提升 公共算力资源使用效率和服务水平，助力算力产业高质量发展。 《建设方案》聚焦节点核心功能落地，明确建设六大核心系统，包括国家算力互联网（区域、行业）服 务中心、算力标识管理系统、算力资源汇聚系统、算力选择系统、算力运行安全监测系统、安全保障系 统。 《通知》提出建立"1+M+N"国家算力互联互通节点体系，通过构建"统一标识、统一标准、统一规 则"运行机制，实现不同区域、主体、架构的算力资 ...

工业和信息化部（以下简称"工信部"）信息通信管理局发布《工业和信息化部办公厅关于组织开展国家 算力互联互通节点建设工作的通知》（以下简称《通知》），其中提到"面向国家枢纽节点、重大战略 区域、重点行业建设算力互联互通节点，构建算力互联互通节点体系，提高公共算力资源使用效率和服 务水平，促进算力高质量发展"。 中国城市专家智库委员会常务副秘书长林先平在接受《证券日报》记者采访时表示，随着政策持续落 地，高效、互联、安全、绿色的算力生态将逐步成型，既能为算力产业链企业拓展发展空间，也能助力 各行业数字化转型，释放经济增长潜力。 北京科方得科技发展有限公司研究负责人张新原对《证券日报》记者表示，当前AI大模型、商业航天 等产业快速发展，对算力网络的时延、性能等提出了更高要求。而这些实际需求将倒逼企业加大技术研 发力度，持续提升算力网络的运行效能和服务能力。 "算力作为数字时代的核心生产力，是支撑数字经济高质量发展的关键底座。当前我国算力产业正从规 模扩张转向质效提升，此次政策加码，既能优化算力布局、缓解区域与行业间供需不均，也将带动产业 链上下游需求释放，为相关上市公司带来切实的发展机遇。"中国数实融合50人论坛智 ...