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<!DOCTYPE html>
<html lang="zh-CN">
<head>
<meta charset="utf-8" />
<meta name="viewport" content="width=device-width, initial-scale=1, shrink-to-fit=no">
<title>四川算力概念分析</title>
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<style>
body {
font-family: 'Inter', sans-serif;
background: linear-gradient(135deg, #0f172a 0%, #1e293b 100%);
color: #e2e8f0;
min-height: 100vh;
}
.card {
background: rgba(30, 41, 59, 0.7);
backdrop-filter: blur(10px);
border: 1px solid rgba(100, 116, 139, 0.3);
transition: transform 0.3s ease, box-shadow 0.3s ease;
}
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transform: translateY(-5px);
box-shadow: 0 10px 30px rgba(0, 0, 0, 0.3);
}
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background: linear-gradient(90deg, #3b82f6, #60a5fa);
-webkit-background-clip: text;
-webkit-text-fill-color: transparent;
background-clip: text;
}
.badge {
display: inline-block;
padding: 0.25em 0.6em;
font-size: 0.75em;
font-weight: 700;
line-height: 1;
text-align: center;
white-space: nowrap;
vertical-align: baseline;
border-radius: 0.375rem;
}
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background-color: rgba(59, 130, 246, 0.2);
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}
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background-color: rgba(34, 197, 94, 0.2);
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}
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background-color: rgba(139, 92, 246, 0.2);
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}
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color: #cbd5e1;
font-weight: 600;
text-transform: uppercase;
font-size: 0.75rem;
padding: 0.75rem;
}
.table td {
padding: 0.75rem;
vertical-align: middle;
border-top: 1px solid rgba(100, 116, 139, 0.2);
}
.section-title {
position: relative;
padding-left: 1rem;
margin-bottom: 1.5rem;
}
.section-title::before {
content: '';
position: absolute;
left: 0;
top: 0;
height: 100%;
width: 4px;
background: linear-gradient(to bottom, #3b82f6, #60a5fa);
border-radius: 2px;
}
#particles-js {
position: fixed;
width: 100%;
height: 100%;
top: 0;
left: 0;
z-index: -1;
}
.timeline-dot {
width: 12px;
height: 12px;
background-color: #3b82f6;
border-radius: 50%;
position: absolute;
left: -6px;
top: 6px;
}
.timeline-line {
position: absolute;
left: 0;
top: 18px;
bottom: 0;
width: 1px;
background-color: rgba(100, 116, 139, 0.3);
}
@media (max-width: 768px) {
.card {
margin-bottom: 1rem;
}
.table-responsive {
overflow-x: auto;
}
}
</style>
</head>
<body>
<div id="particles-js"></div>
<div class="container mx-auto px-4 py-8 max-w-6xl">
<!-- 标题区域 -->
<div class="text-center mb-12">
<h1 class="text-4xl md:text-5xl font-bold mb-4 gradient-text">四川算力</h1>
<p class="text-lg text-slate-300 max-w-3xl mx-auto">
2024-2027年四川省算力基础设施高质量发展行动方案分析
</p>
<div class="mt-4 flex justify-center space-x-2">
<span class="badge badge-blue">政策催化</span>
<span class="badge badge-green">技术需求爆发</span>
<span class="badge badge-purple">区域协同</span>
</div>
</div>
<!-- 概念事件 -->
<div class="card rounded-xl p-6 mb-8">
<h2 class="text-2xl font-bold mb-4 section-title">概念事件</h2>
<div class="grid md:grid-cols-2 gap-6">
<div class="space-y-4">
<div class="flex items-start">
<div class="flex-shrink-0 mt-1 mr-3">
<i class="fas fa-file-contract text-blue-400"></i>
</div>
<div>
<h3 class="font-semibold text-lg text-blue-300">政策催化</h3>
<p class="text-slate-300">2024年11月21日四川省发改委发布《四川省算力基础设施高质量发展行动方案2024—2027年明确到2027年构建"算网融合、算电协同"的全省一体化格局算力总规模达40EFLOPS智能算力占比≥60%并规划15个大规模智算中心PUE≤1.3)。</p>
</div>
</div>
<div class="flex items-start">
<div class="flex-shrink-0 mt-1 mr-3">
<i class="fas fa-chart-line text-green-400"></i>
</div>
<div>
<h3 class="font-semibold text-lg text-green-300">技术需求爆发</h3>
<p class="text-slate-300">2025年4月四川省统计局指出DeepSeek等AI技术带动算力需求激增工业机器人、传感器产量分别同比增长20.9%、23.3%。</p>
</div>
</div>
</div>
<div class="space-y-4">
<div class="flex items-start">
<div class="flex-shrink-0 mt-1 mr-3">
<i class="fas fa-building text-purple-400"></i>
</div>
<div>
<h3 class="font-semibold text-lg text-purple-300">企业动态</h3>
<ul class="text-slate-300 list-disc pl-5 space-y-1">
<li><strong>弘信电子</strong>2025年目标扩展至8-10万P算力当前4万P四川基地为三大核心节点之一。</li>
<li><strong>汇纳科技</strong>2023年9月与四川并集科技合作运营200台A100服务器2024年因供需紧张算力租赁价格上调100%。</li>
</ul>
</div>
</div>
<div class="flex items-start">
<div class="flex-shrink-0 mt-1 mr-3">
<i class="fas fa-network-wired text-yellow-400"></i>
</div>
<div>
<h3 class="font-semibold text-lg text-yellow-300">区域协同</h3>
<p class="text-slate-300">成渝枢纽纳入"东数西算"工程四川天府集群与重庆集群网络时延≤3毫秒形成西部算力高地。</p>
</div>
</div>
</div>
</div>
</div>
<!-- 核心观点摘要 -->
<div class="card rounded-xl p-6 mb-8">
<h2 class="text-2xl font-bold mb-4 section-title">核心观点摘要</h2>
<div class="space-y-4">
<div class="bg-slate-800 bg-opacity-50 p-4 rounded-lg">
<h3 class="font-semibold text-lg text-blue-300 mb-2">阶段判断</h3>
<p class="text-slate-300">四川算力已从政策规划期进入"供需两旺+技术验证"的加速落地阶段2025年或为业绩兑现元年。</p>
</div>
<div class="bg-slate-800 bg-opacity-50 p-4 rounded-lg">
<h3 class="font-semibold text-lg text-green-300 mb-2">核心驱动力</h3>
<p class="text-slate-300">政策强制指标40EFLOPS+AI模型迭代推理需求占比提升至60%+国产替代(昇腾/寒武纪生态渗透)。</p>
</div>
<div class="bg-slate-800 bg-opacity-50 p-4 rounded-lg">
<h3 class="font-semibold text-lg text-purple-300 mb-2">潜力空间</h3>
<p class="text-slate-300">按当前租赁价15-18万元/卡/年测算四川2027年智算中心市场规模或超500亿元40EFLOPS≈4万P按50%租赁率计算)。</p>
</div>
</div>
</div>
<!-- 核心逻辑与市场认知分析 -->
<div class="card rounded-xl p-6 mb-8">
<h2 class="text-2xl font-bold mb-4 section-title">核心逻辑与市场认知分析</h2>
<div class="grid md:grid-cols-2 gap-6">
<div>
<h3 class="font-semibold text-xl text-blue-300 mb-3">核心驱动力</h3>
<div class="space-y-3">
<div class="flex items-start">
<div class="flex-shrink-0 mt-1 mr-3">
<i class="fas fa-gavel text-blue-400"></i>
</div>
<div>
<h4 class="font-medium text-slate-200">政策刚性</h4>
<p class="text-slate-400 text-sm">四川省方案要求2025年智算规模≥25EFLOPS当前全国仅上海规划100EFLOPS年均复合增速需达50%以上。</p>
</div>
</div>
<div class="flex items-start">
<div class="flex-shrink-0 mt-1 mr-3">
<i class="fas fa-fire text-orange-400"></i>
</div>
<div>
<h4 class="font-medium text-slate-200">需求裂变</h4>
<p class="text-slate-400 text-sm">路演显示头部客户(央企/高校签约周期延长至3年A100租金已超过设备采购价年化收益率>100%),验证需求刚性。</p>
</div>
</div>
<div class="flex items-start">
<div class="flex-shrink-0 mt-1 mr-3">
<i class="fas fa-exchange-alt text-green-400"></i>
</div>
<div>
<h4 class="font-medium text-slate-200">技术替代</h4>
<p class="text-slate-400 text-sm">华为CloudMatrix384集群单卡效率超H100方案18%国产方案在DeepSeek推理中验证可行性降低对NV卡依赖。</p>
</div>
</div>
</div>
</div>
<div>
<h3 class="font-semibold text-xl text-purple-300 mb-3">市场认知偏差</h3>
<div class="space-y-3">
<div class="bg-purple-900 bg-opacity-30 p-3 rounded-lg">
<h4 class="font-medium text-slate-200 mb-1">预期差1</h4>
<p class="text-slate-400 text-sm">市场聚焦NV链但四川长虹、华鲲振宇等华为昇腾代工链2025年订单未充分定价华丰科技单机价值量4%→10%+)。</p>
</div>
<div class="bg-purple-900 bg-opacity-30 p-3 rounded-lg">
<h4 class="font-medium text-slate-200 mb-1">预期差2</h4>
<p class="text-slate-400 text-sm">政府主导的"算力券"补贴(如深圳发放"训力券"可能向四川倾斜润泽科技等IDC厂商受益程度被低估。</p>
</div>
</div>
</div>
</div>
</div>
<!-- 关键催化剂与未来发展路径 -->
<div class="card rounded-xl p-6 mb-8">
<h2 class="text-2xl font-bold mb-4 section-title">关键催化剂与未来发展路径</h2>
<div class="grid md:grid-cols-2 gap-6">
<div>
<h3 class="font-semibold text-xl text-blue-300 mb-3">近期催化剂3-6个月</h3>
<div class="space-y-4 relative pl-6">
<div class="relative">
<div class="timeline-dot"></div>
<div class="timeline-line"></div>
<div class="bg-slate-800 bg-opacity-50 p-3 rounded-lg">
<h4 class="font-medium text-slate-200">2025Q2</h4>
<p class="text-slate-400 text-sm">四川首批智算中心如成都智算中心二期投运昇腾910B集群规模验证。</p>
</div>
</div>
<div class="relative">
<div class="timeline-dot"></div>
<div class="timeline-line"></div>
<div class="bg-slate-800 bg-opacity-50 p-3 rounded-lg">
<h4 class="font-medium text-slate-200">2025Q3</h4>
<p class="text-slate-400 text-sm">国家算力调度平台(上海)启动,四川节点接入率成为关键指标。</p>
</div>
</div>
<div class="relative">
<div class="timeline-dot"></div>
<div class="bg-slate-800 bg-opacity-50 p-3 rounded-lg">
<h4 class="font-medium text-slate-200">2025Q4</h4>
<p class="text-slate-400 text-sm">英伟达H20供货受限国产卡渗透率或从30%跃升至50%路演提及华为已获4000片H800订单</p>
</div>
</div>
</div>
</div>
<div>
<h3 class="font-semibold text-xl text-green-300 mb-3">长期路径</h3>
<div class="space-y-4">
<div class="bg-green-900 bg-opacity-20 p-4 rounded-lg border-l-4 border-green-500">
<h4 class="font-medium text-slate-200 mb-1">2025-2026</h4>
<p class="text-slate-400 text-sm">政策驱动基建(国资主导)</p>
</div>
<div class="bg-blue-900 bg-opacity-20 p-4 rounded-lg border-l-4 border-blue-500">
<h4 class="font-medium text-slate-200 mb-1">2027-2028</h4>
<p class="text-slate-400 text-sm">商业化运营(租赁模式成熟)</p>
</div>
<div class="bg-purple-900 bg-opacity-20 p-4 rounded-lg border-l-4 border-purple-500">
<h4 class="font-medium text-slate-200 mb-1">2029+</h4>
<p class="text-slate-400 text-sm">技术迭代CPO/液冷降PUE至1.1</p>
</div>
</div>
</div>
</div>
</div>
<!-- 产业链与核心公司深度剖析 -->
<div class="card rounded-xl p-6 mb-8">
<h2 class="text-2xl font-bold mb-4 section-title">产业链与核心公司深度剖析</h2>
<h3 class="font-semibold text-xl text-blue-300 mb-3">产业链图谱</h3>
<div class="bg-slate-800 bg-opacity-50 p-4 rounded-lg mb-6">
<div class="flex flex-wrap justify-center gap-4">
<div class="bg-blue-900 bg-opacity-30 p-3 rounded-lg text-center min-w-[120px]">
<div class="font-medium text-blue-300">芯片层</div>
<div class="text-slate-400 text-sm mt-1">昇腾910B/寒武纪MLU590</div>
</div>
<div class="text-2xl text-slate-500 self-center"></div>
<div class="bg-purple-900 bg-opacity-30 p-3 rounded-lg text-center min-w-[120px]">
<div class="font-medium text-purple-300">设备层</div>
<div class="text-slate-400 text-sm mt-1">服务器/制冷</div>
</div>
<div class="text-2xl text-slate-500 self-center"></div>
<div class="bg-green-900 bg-opacity-30 p-3 rounded-lg text-center min-w-[120px]">
<div class="font-medium text-green-300">运营层</div>
<div class="text-slate-400 text-sm mt-1">租赁/调度</div>
</div>
</div>
<div class="mt-4 grid grid-cols-1 md:grid-cols-3 gap-3 text-sm">
<div class="text-center">
<div class="text-blue-300 font-medium">华为链</div>
<div class="text-slate-400">四川长虹/华鲲振宇</div>
</div>
<div class="text-center">
<div class="text-purple-300 font-medium">设备商</div>
<div class="text-slate-400">浪潮信息/工业富联/依米康</div>
</div>
<div class="text-center">
<div class="text-green-300 font-medium">运营商</div>
<div class="text-slate-400">汇纳科技/润泽科技/中国移动</div>
</div>
</div>
</div>
<h3 class="font-semibold text-xl text-green-300 mb-3">核心玩家对比</h3>
<div class="overflow-x-auto">
<table class="table w-full">
<thead>
<tr>
<th>公司</th>
<th>角色</th>
<th>验证数据</th>
<th>风险点</th>
</tr>
</thead>
<tbody>
<tr>
<td class="font-medium">四川长虹</td>
<td>华为昇腾代工龙头</td>
<td>子公司华鲲振宇2024年订单26亿元</td>
<td>毛利率仅3-4%(代工模式)</td>
</tr>
<tr>
<td class="font-medium">汇纳科技</td>
<td>A100租赁稀缺标的</td>
<td>200台A100已100%出租,年租金超采购价</td>
<td>芯片禁售导致扩张受限</td>
</tr>
<tr>
<td class="font-medium">依米康</td>
<td>数据中心制冷设备商</td>
<td>四川数据中心PUE≤1.3强制标准受益</td>
<td>技术替代(液冷方案竞争)</td>
</tr>
<tr>
<td class="font-medium">润泽科技</td>
<td>IDC运营商绑定阿里</td>
<td>账面现金20亿+授信10亿支撑扩张</td>
<td>客户集中度风险(阿里依赖)</td>
</tr>
</tbody>
</table>
</div>
</div>
<!-- 潜在风险与挑战 -->
<div class="card rounded-xl p-6 mb-8">
<h2 class="text-2xl font-bold mb-4 section-title">潜在风险与挑战</h2>
<div class="grid md:grid-cols-2 gap-4">
<div class="bg-red-900 bg-opacity-20 p-4 rounded-lg border-l-4 border-red-500">
<h3 class="font-semibold text-lg text-red-300 mb-2">技术风险</h3>
<p class="text-slate-300">国产卡CUDA生态兼容性不足路演提及需"堆人力"适配代码)。</p>
</div>
<div class="bg-orange-900 bg-opacity-20 p-4 rounded-lg border-l-4 border-orange-500">
<h3 class="font-semibold text-lg text-orange-300 mb-2">商业化风险</h3>
<p class="text-slate-300">租赁价格下行2025年H800产能释放后或降至10万元/卡/年)。</p>
</div>
<div class="bg-yellow-900 bg-opacity-20 p-4 rounded-lg border-l-4 border-yellow-500">
<h3 class="font-semibold text-lg text-yellow-300 mb-2">政策风险</h3>
<p class="text-slate-300">能耗指标收紧四川2025年新建数据中心需配套绿电比例≥30%)。</p>
</div>
<div class="bg-purple-900 bg-opacity-20 p-4 rounded-lg border-l-4 border-purple-500">
<h3 class="font-semibold text-lg text-purple-300 mb-2">信息矛盾</h3>
<p class="text-slate-300">新闻称"四川算力需求激增"但路演显示部分企业因缺卡延迟交付如汇纳科技2024年新增1万P目标未达预期</p>
</div>
</div>
</div>
<!-- 综合结论与投资启示 -->
<div class="card rounded-xl p-6 mb-8">
<h2 class="text-2xl font-bold mb-4 section-title">综合结论与投资启示</h2>
<div class="bg-gradient-to-r from-blue-900 to-purple-900 bg-opacity-30 p-5 rounded-lg mb-6">
<h3 class="font-semibold text-xl text-blue-300 mb-2">阶段判断</h3>
<p class="text-slate-300">主题炒作向基本面过渡——2025年订单/收入开始兑现,但估值仍依赖政策预期。</p>
</div>
<h3 class="font-semibold text-xl text-green-300 mb-3">高价值方向</h3>
<div class="space-y-3 mb-6">
<div class="flex items-start">
<div class="flex-shrink-0 mt-1 mr-3 text-green-400">
<i class="fas fa-check-circle"></i>
</div>
<div>
<h4 class="font-medium text-slate-200">华为昇腾代工链</h4>
<p class="text-slate-400 text-sm">四川长虹(弹性最大)+ 华丰科技(量价逻辑清晰)</p>
</div>
</div>
<div class="flex items-start">
<div class="flex-shrink-0 mt-1 mr-3 text-green-400">
<i class="fas fa-check-circle"></i>
</div>
<div>
<h4 class="font-medium text-slate-200">制冷设备</h4>
<p class="text-slate-400 text-sm">依米康PUE政策强制受益者</p>
</div>
</div>
<div class="flex items-start">
<div class="flex-shrink-0 mt-1 mr-3 text-green-400">
<i class="fas fa-check-circle"></i>
</div>
<div>
<h4 class="font-medium text-slate-200">租赁运营</h4>
<p class="text-slate-400 text-sm">汇纳科技A100稀缺性溢价但需跟踪芯片供应</p>
</div>
</div>
</div>
<h3 class="font-semibold text-xl text-purple-300 mb-3">关键跟踪指标</h3>
<div class="grid grid-cols-1 md:grid-cols-3 gap-3">
<div class="bg-slate-800 bg-opacity-50 p-3 rounded-lg text-center">
<div class="text-purple-300 font-medium mb-1">智算中心投运进度</div>
<div class="text-slate-400 text-sm">四川2025年目标15个</div>
</div>
<div class="bg-slate-800 bg-opacity-50 p-3 rounded-lg text-center">
<div class="text-purple-300 font-medium mb-1">国产卡集群性能</div>
<div class="text-slate-400 text-sm">昇腾910B vs H100效率</div>
</div>
<div class="bg-slate-800 bg-opacity-50 p-3 rounded-lg text-center">
<div class="text-purple-300 font-medium mb-1">租赁价格拐点</div>
<div class="text-slate-400 text-sm">H800是否跌破12万元/卡/年</div>
</div>
</div>
</div>
<!-- 关联股票数据表格 -->
<div class="card rounded-xl p-6 mb-8">
<h2 class="text-2xl font-bold mb-4 section-title">关联股票数据</h2>
<div class="table-responsive">
<table class="table w-full">
<thead>
<tr>
<th>股票名称</th>
<th>项目</th>
<th>产业链</th>
<th>分类</th>
<th>估值</th>
<th>子公司/客户</th>
<th>产品</th>
<th>投资理由</th>
</tr>
</thead>
<tbody>
<tr>
<td class="font-medium">依米康</td>
<td>数字基础设施全生命周期绿色解决方案</td>
<td>精密环境节能热管理技术</td>
<td>数据中心关键制冷设备供应商</td>
<td>-</td>
<td>-</td>
<td>-</td>
<td>简介中提到其为数据中心和精密环境提供关键制冷设备,专注绿色解决方案和节能热管理技术</td>
</tr>
<tr>
<td class="font-medium">广安爱众</td>
<td>丝绸云谷算力租赁</td>
<td>国资百亿级算力资产注入预期</td>
<td>-</td>
<td>300亿估值</td>
<td>-</td>
<td>-</td>
<td>简介提到青海亿众数字能源科技投资丝绸云谷其算力租赁收入及估值达300亿</td>
</tr>
<tr>
<td class="font-medium">四川长虹</td>
<td>-</td>
<td>华为算力产业链合作伙伴</td>
<td>-</td>
<td>-</td>
<td>长虹佳华、华鲲振宇</td>
<td>-</td>
<td>子公司深度参与华为算力产业链,华鲲振宇为华为鲲鹏/昇腾计算产品合作伙伴</td>
</tr>
<tr>
<td class="font-medium">高新发展</td>
<td>华鲲振宇股权持有</td>
<td>电子集团间接持股55%</td>
<td>-</td>
<td>-</td>
<td>四川高新投资集团(高投集团)</td>
<td>-</td>
<td>通过高投集团间接持有华鲲振宇55%股权,深度绑定算力产业链</td>
</tr>
<tr>
<td class="font-medium">动力源</td>
<td>-</td>
<td>-</td>
<td>数据中心电源供应商</td>
<td>-</td>
<td>华为H</td>
<td>数据通信/数据中心交换机模块电源、应急电源</td>
<td>为华为的数据通信和数据中心业务提供电源产品,直接参与算力基础设施供应链</td>
</tr>
<tr>
<td class="font-medium">星环科技</td>
<td>智能计算产品合作</td>
<td>存储深度适配</td>
<td>-</td>
<td>-</td>
<td>华为鲲鹏、昇腾AI计算</td>
<td>-</td>
<td>与华为在智能计算产品展开合作,存储产品与华为技术深度适配</td>
</tr>
</tbody>
</table>
</div>
</div>
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