[CITIC Securities: The top level of advanced manufacturing sets the tone and the computing power construction boom accelerates] On September 22, CITIC Securities research report believes that this week’s policies will be intensively implemented around improving the quality of advanced manufacturing, expanding investment in emerging industries, and expanding people’s livelihood consumption. The National Advanced Manufacturing Conference takes the new generation of intelligent manufacturing as its main focus, and the "artificial intelligence + manufacturing" special action is expected to drive key links such as high-end chips, industrial software and intelligent equipment to speed up shortcomings. The "15th Five-Year Plan" for electronic information, medicine, and cultural tourism was simultaneously released, clarifying medium and long-term growth space for semiconductors, A computing power, innovative drugs, cultural tourism consumption and other fields. The policy also further improves the investment environment for private enterprises and releases consumer demand for services by opening up application scenarios, solving difficulties in repayment for small and medium-sized enterprises, and expanding the supply of elderly care, rehabilitation and sports events. Research shows that the Ulanqab-Zhangjiakou computing power construction boom is still accelerating. Zoomlion Data has a long-term plan of 7GW, and Alibaba Inner Mongolia’s computing power scale is expected to reach 2GW in 2027. Power supply, energy assessment and land are gradually replacing demand as the main constraints for project implementation.