China Galaxy Securities: Computing power network accelerates unified scheduling; trillion-yuan investment promotes full-chain coordination.

China Galaxy Securities released a research report stating that intelligent computing power has been incorporated into the national-level monitoring and scheduling platform, with resources concentrating in key regions and monitoring coverage expanding, while cross-regional unified scheduling and coordinated operation capabilities continue to improve. The computing power network is not a single government project, but rather an infrastructure construction process guided by policy with participation from multiple entities and long-term sustained investment. Overall, the expansion of computing clusters and network upgrades bring demand for equipment and supporting facilities, while resource interconnection, scheduling operations, and mechanism improvement are the key priorities for the next stage. It is recommended to position along the four main lines of "operations and scheduling - optical interconnection - switching and networking - bearing and supporting facilities." The main viewpoints of China Galaxy Securities are as follows: Policy deployment continues to deepen, and computing power network construction evolves from hub layout to resource coordination The core idea of the computing power network is to connect multi-source heterogeneous computing power through networks to achieve nationwide "unified discovery, unified scheduling, and on-demand use." In terms of policy, the computing power network has been incorporated into the "six networks" coordinated deployment, with the spatial layout further expanded from eight hubs and ten clusters to an "8+10+3" pattern, and efforts are being made to build a "hub-region-edge" multi-tier computing facility system and a "1+M+N" interconnection node system; the construction focus has also extended from hub and cluster construction to areas emphasizing both "hard investment" and "soft construction," such as computing-power coordination, resource monitoring and scheduling, and market-oriented operations. In response to the spatial supply-demand disparity between strong market demand in the east and favorable energy and bearing conditions in the central and western regions, the policy emphasizes coordinating the east, central, and western regions and promoting the integration of computing power with green electricity. As of the end of July 2026, the intelligent computing scale built in the eight hubs and three computing-power coordination regions accounted for more than 85% of the national total, and about 60% of intelligent computing power had been incorporated into the national-level monitoring and scheduling platform, with resources concentrating in key regions and monitoring coverage expanding, while cross-regional unified scheduling and coordinated operation capabilities continue to improve. Trillion-yuan investment scale, with multiple entities participating in construction Computing power network investment is dominated by enterprise investment, leaving room for private investment; operator capital expenditure is tilting toward computing power, with cloud vendors, third-party IDCs, and energy enterprises participating jointly. During the "15th Five-Year Plan" period, computing power network construction is expected to add RMB4 trillion in direct investment, with the construction scale comparable to major infrastructure such as new-type power grids and urban underground pipe networks, and it is explicitly dominated by enterprise investment, leaving room for private investment. Although operators' overall capital expenditure is contracting, the scale and proportion of computing-power-related investment continue to rise; for example, China Telecom Corporation's computing power network investment in the first half of 2026 increased by 97% year on year, with its proportion rising to 48%; Tencent, GDS, and others are also increasing investment in data centers and computing power centers. From this perspective, the computing power network is not a single government project, but rather an infrastructure construction process guided by policy with participation from multiple entities and long-term sustained investment. Hard investment consolidates the computing-network foundation, soft construction improves scheduling and operations The main line of the industrial chain is the coordinated construction of computing power, transport capacity, electricity, and scheduling, with incremental demand released differentially across each segment. In terms of transport capacity, the two-tier low-latency network of 5ms and 20ms between hubs has basically taken shape, but there is still room for improvement in high-quality metropolitan-area computing access and high-speed transmission; for example, the average coverage rate of 100G OTN is only 15.34%, and all-optical cross-connect and 400G and above transmission are the directions for subsequent upgrades. In terms of computing power, the construction of 10,000-card and 100,000-card clusters and domestic heterogeneous adaptation continues to advance; as of 2025, 42 10,000-card-level intelligent computing clusters had been built, and in 2026 the national domestic 100,000-card cluster "Sugon 8000 (Dengfeng)" was completed. In terms of electricity, computing-power coordination, green electricity direct connection, and liquid cooling are being applied at an accelerated pace, with the PUE of newly built large and ultra-large computing facilities to be reduced below 1.2 by 2030. In terms of scheduling, the national-level monitoring platform and the "1+M+N" system have been initially established, with 1.45 million PFLOPS of intelligent computing power already incorporated into monitoring and more than 20 scheduling entities onboarded, but unified metering and billing, normalized cross-domain scheduling, and market-oriented trading mechanisms still need improvement. Overall, the expansion of computing clusters and network upgrades bring demand for equipment and supporting facilities, while resource interconnection, scheduling operations, and mechanism improvement are the key priorities for the next stage. Investment recommendations It is recommended to position along the four main lines of "operations and scheduling - optical interconnection - switching and networking - bearing and supporting facilities." Attention is suggested for operator-related targets: China Mobile Limited, China United Network Communications, China Telecom Corporation; optical interconnection-related targets: Zhongji Innolight, Eoptolink Technology Inc., etc.; switching and networking-related targets: Ruijie Networks, etc.; bearing and supporting facilities-related targets: Range Intelligent Computing Technology Group, RunJian Co., Ltd., Beijing Asiacom Information Technology, etc. Risk warnings: risks that computing power network investment implementation falls short of expectations; risks that breakthroughs in key technologies such as domestic chips fall short of expectations, etc.