The computing power industry is transitioning from simply constructing capacity to weaving an integrated network, entering a phase of high-quality, large-scale development.

Computing Power Scale Exceeds 2185 EFLOPS, Industry Enters High-Quality Scaling Phase

As of the end of June, the scale of China's intelligent computing power has reached 2185 EFLOPS, with the overall utilization rate of national computing facilities reaching 71.4%. The Ministry of Industry and Information Technology will continue to optimize the deployment of computing infrastructure, create interconnected nodes, strengthen resource coordination, monitoring, and technological breakthroughs. It will also deepen special initiatives such as enabling metropolitan-level "millisecond computing access" and providing inclusive computing power to empower small and medium-sized enterprises, aiming to comprehensively improve the efficiency of computing power utilization, service usability, and application interaction experience.

Industry Focus: Progress Towards High-Quality, Large-Scale Development

China's intelligent computing power industry is advancing towards a stage of high-quality, large-scale development, with its foundational infrastructure significantly strengthened. Data shows the scale of intelligent computing power has surpassed the 2000 EFLOPS milestone, reaching 2185 EFLOPS, firmly placing it among the global leaders. Concurrently, the construction of high-performance clusters is accelerating, with 52 intelligent computing facilities nationwide equipped with over ten thousand accelerator cards. These facilities support the national supercomputing internet by aggregating more than 3 million CPU cores and 200,000 GPU cards.

Regarding interconnectivity, the Ministry has coordinated the construction of over 70 major computing power channels, effectively enhancing network performance between hub nodes. This has initially achieved a 20-millisecond latency circle among the eight national hub nodes, with latency in some regions dropping as low as 1 millisecond, truly realizing "instant access" to computing resources. The Ministry stated it will continue optimizing the resource deployment of computing infrastructure, improve resource utilization efficiency following a "point, chain, network, surface" approach, and conduct research on new transmission protocols and other technologies. It will also promote the establishment of a standard system for market-based pricing of computing power to lower the barrier to usage.

Computing-Power Synergy: A Key Driver for Green Development

Furthermore, the synergy between computing and power has become crucial for the industry's green development. It is projected that national computing power electricity consumption will reach 800 billion kilowatt-hours by 2030. The state supports increasing the proportion of green electricity consumption in computing facilities and deeply exploring the potential for spatiotemporal adjustment of computing loads. The model of "strengthening computing with power and promoting power with computing" aims to ensure the sustainable supply of computing resources. This series of measures marks the transformation of China's computing power construction from "building capacity" to "weaving a network," providing a solid foundation for artificial intelligence innovation.

Industry Analysis: A Three-Dimensional Perspective

Rapid Growth in Scale and Network Acceleration

As of the end of June, the scale of intelligent computing power reached 2185 EFLOPS, with a national facility utilization rate of 71.4% and 52 large-scale intelligent computing facilities established. This data represents explosive growth compared to 1.882 million P (approximately 188 EFLOPS) at the end of March, confirming the high-speed expansion trend of computing infrastructure. Computing networks, new-generation power grids, and next-generation communication networks together form the foundation of the intelligent economy. Their synergistic integration helps optimize supply-demand matching and enhance overall efficiency.

Deepening Computing-Power Synergy and Increased Policy Support

The National Development and Reform Commission has identified computing network construction as a key focus for expanding effective investment, emphasizing the coordinated planning and construction linkage between computing networks and new power grids. Although market forces primarily drive computing capacity building, policies will strengthen overall coordination, explore the "strengthen computing with power, promote power with computing" synergy model, and promote the expansion of direct connection lines between national hubs to reduce latency. As AI large language models evolve, computing demand continues to rise. Supportive policies will accelerate computing network construction, providing sustained performance support for the industrial chain.

Optimized Transmission Channels and Enhanced Interconnectivity

Over the past two years, over 70 major computing power channels have been built around national hub nodes, improving inter-node network performance by 10% and continuously widening transmission pathways. The next step for the Ministry of Industry and Information Technology involves optimizing resource deployment, creating interconnected nodes, and tackling technological challenges like new transmission protocols. It will also deepen the "millisecond computing access" special initiative. These efforts will significantly improve the usability of computing services, promote inclusive computing power for SMEs, and achieve a systematic shift from "connectivity" to "smooth operation."

Investment Rationale and Instrument Recommendations

China's intelligent computing power industry is entering a new phase of high-quality, large-scale development, with a significantly strengthened infrastructure base, presenting a compelling investment case. By the end of June, the intelligent computing power scale of 2185 EFLOPS ranks among the global leaders, supported by 52 large-scale facilities and over 70 major channels that have improved network performance by 10%, achieving millisecond-level transmission latency between hubs. This greatly expands computing power supply capacity. On the policy front, the Ministry will continue optimizing deployment, advancing metropolitan "millisecond computing" and inclusive computing initiatives to全面提升 utilization efficiency and usability. The NDRC has明确 computing networks as a key investment focus, strengthening computing-power synergy and network integration. Future support is expected to increase in terms of projects and funding, accelerating network construction.

With the持续攀升 demand from AI large models, computing power investment is set to accelerate under a dual-drive model of market leadership and policy coordination. This will bring sustained业绩支撑 and positive guidance to the computing power industrial chain. Related sectors may see opportunities for both valuation re-rating and earnings growth, representing a确定 high-quality investment direction in the digital economy era.

Data Security and Technological Self-Reliance

The Big Data ETF Huabao (516700) passively tracks the CSI Data Index, which is deeply linked to domestic computing power (IDC, servers) and AI application fields. It covers the entire data technology process, including big data storage, production, analysis, operational platforms, and applications, better reflecting the overall development of China's big data industry. The CSI Data Index encompasses popular themes. As of the end of June, the weight allocations for cloud computing, IDC (computing power leasing), computing power, and AI application concept constituents were approximately 89.59%, 46.79%, 47.80%, and 23.71%, respectively.

Note: The Big Data ETF Huabao (516700) was previously known as the Big Data Industry ETF for on-market trading.

ETF Fee Information: The Big Data ETF Huabao does not charge a sales service fee. Subscription and redemption agents may charge a commission of up to 0.5%, which includes fees charged by stock exchanges, registration institutions, etc. On-market trading fees are subject to the rates actually charged by securities firms.

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