China Great Wall Securities has released a research report following the State Council's recent publication of a crucial top-level design for "Artificial Intelligence Plus" initiatives. As intelligent terminals serve as the ultimate application endpoint for AI+, they directly represent the commercial manifestation of "AI+" technologies, and the firm maintains an optimistic outlook on investment opportunities across various intelligent terminal applications. Computing power serves as the fundamental capability support that directly connects infrastructure models and data. The policy release further validates the critical importance of computing power infrastructure development, supporting continued optimism for investment opportunities throughout the computing power industry chain. Key recommendations include CHINA MOBILE (600941.SH, 00941), Inspur Information (000977.SZ), Eoptolink Technology (300502.SZ), and Yuanjie Technology (688498.SH).
**Key Developments**
On August 26, 2025, the State Council issued the "Opinions on Deep Implementation of 'Artificial Intelligence Plus' Actions" (hereinafter referred to as "the Opinions").
**Deepening AI+ Integration and Accelerating Comprehensive Development of Intelligent Terminals**
The Opinions establish that by 2027, China will achieve widespread deep integration of artificial intelligence with six key sectors, with new-generation intelligent terminals and intelligent agents reaching over 70% adoption rates. The intelligent economy's core industries will experience rapid growth, AI's role in public governance will be significantly enhanced, and the AI open cooperation system will continue improving.
By 2030, China's artificial intelligence will comprehensively empower high-quality development, with new-generation intelligent terminals and intelligent agents achieving over 90% adoption rates. The intelligent economy will become a crucial growth driver for China's economic development, promoting technological inclusivity and result sharing.
By 2035, China will fully enter a new stage of intelligent economic and social development, providing strong support for basically achieving socialist modernization.
Among key initiatives, the Opinions specifically emphasize promoting "Internet of Everything" through intelligent terminals, cultivating intelligent product ecosystems, and vigorously developing new-generation intelligent terminals including intelligent connected vehicles, AI smartphones and computers, intelligent robots, smart homes, and intelligent wearables to create integrated, full-scenario intelligent interaction environments. The document also calls for accelerating AI integration with metaverse, low-altitude flight, additive manufacturing, brain-computer interfaces, and other technologies for product innovation, exploring new forms of intelligent products.
The comprehensive development of intelligent terminals such as intelligent robots and intelligent connected vehicles directly corresponds to the "intelligent native" concept mentioned in the Opinions. As intelligent terminals represent the ultimate application endpoint for AI+, they directly embody the commercialization of "AI+" technologies, supporting continued optimism for related investment opportunities.
**Strengthening Three-Dimensional Capabilities in Models, Computing Power, and Data**
The Opinions particularly emphasize strengthening foundational support capabilities across three dimensions: models, computing power, and data.
Regarding models, the focus is on enhancing fundamental model capabilities to support multi-path technological exploration and basic model architecture innovation, actively promoting coordinated development of theoretical, technological, and engineering innovations, while exploring new forms of model applications and establishing comprehensive model capability evaluation systems.
For data aspects, the emphasis is on strengthening data supply innovation, continuously building high-quality AI datasets, improving data property rights and copyright systems adapted to AI development, promoting legal and compliant opening of copyrighted content from publicly funded projects, strengthening data supply incentives, and cultivating the data processing and services industry.
Concerning computing power, the focus is on supporting breakthrough innovations in AI chips and enabling software ecosystem development, accelerating technological breakthroughs and engineering implementation of ultra-large-scale intelligent computing clusters, optimizing national intelligent computing resource layout, and strengthening intelligent computing power interconnection and supply-demand matching.
As "AI+" implementation deepens, higher requirements will inevitably be placed on foundational infrastructure models, computing power, and data. These three elements form an integrated whole, with computing power directly connecting models and data endpoints as the most fundamental capability support. The release of these Opinions further confirms the critical importance of computing power infrastructure development, supporting continued optimism for investment opportunities throughout the computing power industry chain.
**Investment Recommendations**
Telecommunications Operators/State-owned Cloud: CHINA MOBILE, China Telecom, China Unicom, Shenzhen Sand A, E Hualu
Main Equipment Manufacturers & Servers: Inspur Information, Tsinghua Unigroup, Star-Net, Sugon
Optical Modules: Eoptolink Technology, Huagong Tech
Optical Chips: Yuanjie Technology
Data Centers: InVision, GREE, Shenling Environment, GDS Holdings
Satellite Internet: Zhenyou Technology, Haige Communications, Sinosat, Shanghai Hanxun, Creative Information, Hytera, Chengchang Technology, CETC, Zhenlei Technology
PCB: Fastprint, Shengyi Electronics, Shenzhen Nan Circuit, Shi Yun Circuit, Chongda Technology
Connectors: Dingtong Technology, Ruicoda
Photomasks: Luwei Optoelectronics, Qingyi Photomask
Cables: Xinya Electronics
Computing Power Modules: MeiG Smart, Quectel Wireless, Fibocom Wireless
Industrial Internet: Foxconn Industrial Internet, Sanwang Communications
Domain Controllers: Hirain Technologies, Huayang Group, Desay SV, Joyson Electronics, Long Teng Intelligent, Hetai, Topband
Operating Systems/Software: Thundersoft, Kotei Informatics
MR Industry Chain: Bluestar New Chemical Materials, Zhaowei Machinery, AAC Technologies, Peng Ding Holdings, Changying Precision
Quantum Communications: Quantum CTek, IonQ, Quantum Computing Inc., D-Wave Quantum Inc., IBM, Honeywell
**Risk Warnings**
Intensified market competition risks; key technological breakthrough risks falling short of expectations; downstream demand below expectations; raw material price volatility risks