The Zhitong Finance App learned that Guosheng Securities released a research report saying that from “East Digital and Western Computing” to “National Integrated Computing Power Network”, it has been verified that the importance and status of computing power resources continues to rise in development and has become an important part of infrastructure; building a computing power network requires the strength of the national team as the core to support strong energy consumption control, cost reduction and efficiency, and network visualization capabilities.

Recommended attention: [Computing Power Scheduling] Startech (300608.SZ), Zhongke Shuguang (603019.SH), Hengwei Technology (603496.SH), three major operators, etc.; [Optical Connectivity] Zhongji Xuchuang (300308.SZ), Xinyisheng (300502.SZ), Tianfu Communications (300394.SZ), Taichenguang (300570.SZ), Guangxun Technology (002281.SZ), Decolly (688205.SH), etc.; [Liquid cooling] Invek (00288.SZ), Shenling Environment 301018.SZ), Gaolan Co., Ltd. (300499.SZ), etc.

Incident: Recently, the National Development and Reform Commission, the National Data Administration, the Central Network Information Office, the Ministry of Industry and Information Technology, and the National Energy Administration jointly issued the “Implementation Opinions on Deeply Implementing the “East Digital and Western Computing” Project to Accelerate the Construction of a National Integrated Computing Power Network.

Guosheng Securities's views are as follows:

Further proposing quantitative indicators for computing power network planning, the national team will become the core force in computing power infrastructure. On the one hand, the “Implementation Opinions” clarify the infrastructure status of the national integrated computing power network and indicate that a comprehensive computing power infrastructure system needs to be initially formed by the end of 2025. On the other hand, the opinions put forward specific quantitative indicators, once again strengthened the position of the national team, and focused on energy consumption control, transmission cost control, and security issues. Taken together, the bank believes that in the future, the construction of a national computing power network will form a core force centered on the national team, which will comprehensively drive the development of computing power optimization, computing power scheduling, optical communication, and liquid cooling in the country.

The “national team” position is important and will lead the country's computing power development, and is expected to further drive CAPEX investment and later layout of leading digital enterprises in the country, led by operators: The “Implementation Opinions” require that by the end of 2025 (the following subjects and time points are the same), various types of new computing power in the national hub node region account for more than 60% of the country's new computing power, and the usage rate of national hub node computing power resources significantly exceeds the national average.

The importance of energy consumption control in data centers has increased markedly. In the future, green power will account for an absolute share, which is expected to promote the implementation and application of liquid cooling in practice: a two-way coordination mechanism for computing power and power is initially formed, and green electricity accounts for more than 80% of new data centers built at national hub nodes.

The reduction in network transmission costs is a trend, and the core competitiveness of various equipment vendors and optical communication providers will then focus on cost reduction and efficiency: the ease of use of users using various types of computing power has improved markedly, the cost has been significantly reduced, and network transmission costs between national hub nodes have been drastically reduced.

The safety and reliability of core technology is an essential foundation, and it is expected to drive the newly needed position of computing network visualization: the key core technologies of computing power networks have basically achieved safety and reliability, and a high-quality development pattern of computing power networks characterized by networking, inclusiveness, and greening is gradually taking shape.

Cross-node computing power scheduling technology is difficult. It will first be implemented in the demonstration area: a 1ms latency urban computing power network, a 5ms latency regional computing power network, and a 20ms latency cross-country hub node computing power network will be initially implemented in the demonstration area.

Risk warning: AIGC's development falls short of expectations, and demand for computing power falls short of expectations.