China Galaxy Securities: Computing Power Network Accelerates Unified Scheduling of Trillion Dollar Investments to Promote Full Chain Collaboration

The Zhitong Finance App learned that China Galaxy Securities released a research report saying that intelligent computing power is integrated into the national monitoring and scheduling platform, resources are concentrated in key regions, monitoring coverage is expanded, and unified scheduling and collaborative operation capabilities across regions continue to improve. The computing power network is not a single government project; it is an infrastructure construction process with the participation of multiple actors and continuous investment over a long period of time under policy guidance. Overall, the expansion of computing power clusters and network upgrades have brought about equipment and supporting requirements, and resource interconnection, scheduling and operation, and mechanism improvement are the keys to the next stage. It is recommended to follow the four main lines of “operation scheduling - optical interconnection - switching and networking - carrying support”.

The main views of China Galaxy Securities are as follows:

Policy deployment continues to be deepened, and computing power network construction evolves from hub layout to resource collaboration

The central idea of the computing power network is to connect multiple sources of heterogeneous computing power through the Internet to achieve “unified discovery, unified scheduling, and on-demand use” throughout the country. In terms of policy, the computing power network has been integrated into the “six networks”. The spatial layout has been further expanded from eight major hubs and ten clusters to an “8+10+3” pattern, and the construction of a “hub-region-edge” multi-level computing power facility system and a “1+M+N” interconnection node system has been promoted; the construction focus has also been extended from hub and cluster construction to “hard investment” and “soft construction”, such as telecommunication collaboration, resource monitoring and scheduling, and market-based operation. In response to strong demand in the eastern market and differences in supply and demand space with good energy and carrying conditions in the central and western regions, the policy emphasizes coordinating collaboration between East, Central, and West, and promoting the integration of computing power and green electricity. By the end of July 2026, eight major hubs and three computing collaboration regions had been built, accounting for more than 85% of the country's intelligent computing scale. About 60% of intelligent computing power had been incorporated into national monitoring and scheduling platforms. Resources were concentrated in key regions, monitoring coverage was expanded, and unified scheduling and collaborative operation capabilities across regions continued to improve.

Trillion-dollar investment scale, multiple actors participate in construction

Computing power network investment is mainly enterprise investment, leaving room for private investment. Operators' capital expenditure is skewed towards computing power, and cloud vendors, third-party IDCs, and energy companies participate together.” The construction of computing power grids is expected to increase direct investment of 4 trillion yuan during the “15th Five-Year Plan” period. The scale of construction is similar to major infrastructure such as new power grids and urban underground pipe networks, and clearly focuses on enterprise investment, leaving room for private investment. Although the overall capital expenditure of operators has shrunk, the scale and share of computing power-related investments continued to rise. For example, China Telecom's computing power network investment increased 97% year-on-year in the first half of 2026, and its share increased to 48%; Tencent, World Data, etc. are also increasing investment in data centers and computing power centers. Seen from this perspective, the computing power network is not a single government project, but rather an infrastructure construction process with the participation of multiple actors and continuous investment over a long period of time under policy guidance.

Hard investment consolidates the foundation of the computing network, and soft construction improves scheduling and operation

The main line of the industrial chain is the collaborative construction of computing power, transportation power, electricity, and scheduling, and the differential release of incremental demand in various links. In terms of capacity, a 5ms and 20ms low-latency network between hubs has basically been formed, but there is still room for improvement in high-quality calculation and high-speed transmission in urban areas. For example, the average coverage rate of 100GOTN is only 15.34%, and all-optical crossover and 400G and above transmission are subsequent upgrade directions; in terms of computing power, 10,000 card clusters, and domestic heterogeneous adaptation continue to advance. By 2025, 420,000 card intelligent computing clusters have been built. The “Shuguang 8000 (Dengfeng)”, a nationwide 100,000 card cluster, will be completed in 2026; Direct connection to green electricity and liquid-cooled heat dissipation speed up application, In 2030, the PUE of newly built large-scale and super-large computing power facilities fell below 1.2; in terms of scheduling, a national monitoring platform and a “1+M+N” system were initially established. 1.45 million PFLOPS of intelligent computing power have already been included in the monitoring, and more than 20 dispatchers have settled in, but unified measurement and billing, cross-domain normalized scheduling, and market-based transaction mechanisms have yet to be improved. Overall, the expansion of computing power clusters and network upgrades have brought about equipment and supporting requirements, and resource interconnection, scheduling and operation, and mechanism improvement are the keys to the next stage.

Investment advice

It is recommended to follow the four main lines of “operation scheduling - optical interconnection - switching and networking - carrying support”. It is recommended to focus on operator-related targets: China Mobile, China Unicom, China Telecom; optical internet-related targets: Zhongji Xuchuang, Xinyisheng, etc.; those related to exchange networking: Ruijie Network, etc.; those carrying supporting related targets: Runze Technology, Runjian Co., Ltd., Yakang Co., Ltd.

Risk warning: the risk that investment in computing power networks falls short of expectations; the risk that breakthroughs in key technologies such as domestic chips fall short of expectations, etc.