The Zhitong Finance app learned that Dongwu Securities released a research report saying that computing power scheduling is to balance the demand and supply of computing power within a certain range through scheduling of computing power. After the completion of the computing power scheduling network, the power of clusters can be used to make up for the weak capacity of domestic single-chip chips; improve the utilization rate of computing power in different regions; and meet the diverse needs of customers for heterogeneous computing power. The bank believes that computing power scheduling is an inevitable trend in the new era of computing power construction. The bank estimates that the potential market size of computing power scheduling in 2025 is over 40 billion yuan, and all links in the computing power scheduling industry chain are expected to fully benefit.

The main views of Dongwu Securities are as follows:

Computing power scheduling is similar to power scheduling.Computing power centers can be compared to power plants. Users of computing power are large models, application manufacturers, etc., and computing power scheduling balances the demand and supply of computing power within a certain range through scheduling of computing power. After the completion of the computing power scheduling network, the power of clusters can be used to make up for the weak capacity of domestic single-chip chips; improve the utilization rate of computing power in different regions; and meet the diverse needs of customers for heterogeneous computing power.

The operation of computing power scheduling is the best part of the computing power scheduling business model:Computing power scheduling is divided into infrastructure construction, computing power scheduling platform construction, service operation, and computing power application layers. Computing power scheduling operations are the link with the best business model and the most space. Computing power scheduling operations can seize platform traffic and help customers solve idle computing power, which is expected to achieve a “sampling” business model. Judging from the scope of computing power scheduling, it can be divided into national computing power scheduling, regional computing power scheduling, and enterprise-level computing power scheduling.

Central state-owned enterprises are expected to make a big difference in computing power scheduling.The operation and scheduling of computing power networks is like operating a national power grid and oil transportation networks. Central state-owned enterprises are expected to take on the heavy responsibility of operating and scheduling computing power networks.

Currently, China's computing power scheduling market is in its early stages. The market pattern is scattered, and there are many participants.Depending on the leading party, there are currently four main types of computing power scheduling platforms: operator-led, government-led, enterprise-led, and industry-led.

Business model outlook for computing power scheduling:1) One-off project construction such as infrastructure and computing power platforms and subsequent operation and maintenance. Currently, China's computing power network construction is still in its early stages. It requires the construction of basic software and hardware such as computing power networks and computing power scheduling platforms. 2) Computing power scheduling platform operation fee. Computing power scheduling operators connect with both supply and demand and utilize computing power, which is expected to be extracted from it. 3) Other ecological costs of computing power scheduling. The computing power scheduling platform not only provides computing power operations, but is expected to further develop into an app store in the future. Customers can not only buy computing power, but also buy related tools and applications, and derive ecological expenses similar to the “AppStore”.

In 2025, the bank estimates that under pessimistic, neutral, and optimistic conditions, the corresponding computing power scheduling market size will be 444,71,887 billion yuan.The bank estimates that the total dispatchable computing power cloud market in 2025 will be about 887.4 billion yuan. The commission rate for e-commerce platforms such as Taobao and Jingdong is generally about 2% or more, but computing power scheduling is more difficult and requires the provision of value-added services such as computing power packaging, so the ratio is expected to be higher. The bank assumes a pessimistic, neutral, and optimistic ratio of 5%, 8%, and 10%, respectively. The bank estimates that the potential market size of China's corresponding computing power scheduling in 2025 is 444,71.887 billion yuan.

Relevant targets:Construction and operation of computing power scheduling platforms. National platforms: Zhongke Shuguang (603019.SH), three major operators, etc. Regional platforms: Yunsai Zhilian (600602.SH), Shenzhou Digital (000034.SZ), Zhuolang Technology (600225.SH), Radio and Television Communications (002152.SZ), etc. The rest focuses on the computing power scheduling industry chain builders: infrastructure layer construction: Shenzhen Sunda A (000032.SZ), Yi Hualu (300212.SZ), and the three major operators. Computing power scheduling platform construction: Stritch (300608.SZ), Oriental Materials (603110.SH), Qingyun Technology (688316.SH), etc.

Risk warning:Policy support falls short of expectations; technology development falls short of expectations.