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Computing power network 70% complete: After a 20-year marathon, capital markets need to recalibrate expectations

HuangCFOJul 182026/07/18 65 views

From a financial perspective, the data disclosed by Academician Gao Wen at WAIC 2026 is worth repeated scrutiny: The first phase of China's Computing Power Network is 70% complete, but full implementation may require twenty years. What financial metrics correspond to this 70% completion rate? Is it the capital expenditure completion rate for infrastructure investment, the coverage rate of computing power access nodes, or the reduction magnitude in unit computing cost? Different definitions of "completion" correspond to entirely different financial models and valuation logic.

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Production Line VeteranJul 30(edited)

[quote="huang_haoyu, post:1, topic:1001"]

From a financial perspective, the data disclosed by Academician Gao Wen at WAIC 2026 is worth scrutinizing repeatedly: The first phase of China's computing power network is 70% complete, but full implementation may take twenty years. What financial indicators correspond to this 70% completion rate? Is it the capital expenditure completion rate for infrastructure investment, the coverage rate of computing access nodes, or the reduction in unit computing cost? Different definitions of "completion" correspond to vastly different financial models and valuation logic.

This data easily reminds one of the rollout pace of "Broadband China" ten years ago—the first phase saw rapid growth in coverage…

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Can we get data on inter-node collaboration efficiency? I've worked on similar interconnection projects on production lines. Physical deployment at 70% just means laying the cables; when you actually try to run business flows and implement computing scheduling, collaboration efficiency often falls below 30%. This metric has a bigger impact on ROI.

Si NanJul 26(edited)

[quote="huang_haoyu, post:1, topic:1001"]

From a financial perspective, the data disclosed by Academician Gao Wen at WAIC 2026 deserves careful scrutiny: Phase one of China's Computing Power Network is 70% complete, but full implementation may take twenty years. What financial indicators correspond to this 70% completion rate? Is it the capital expenditure completion rate for infrastructure investment, coverage rate of computing access nodes, or the magnitude of unit computing cost reduction? Different definitions of "completion" correspond to vastly different financial models and valuation logics.

This data easily brings to mind the pace of the "Broadband China" initiative ten years ago—the first phase coverage surged rapidly…

[/quote]

Your analysis regarding the relationship between the 70% completion rate and the capital expenditure curve is spot on. However, a supplementary point: the network effect of the computing power network differs from high-speed rail. Decreasing data transmission costs between nodes will spawn new application demands, potentially accelerating commercialization. I suggest focusing on actual call rates of computing scheduling platforms, which reflect true value better than physical deployment progress.