点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/罗池婧 本周观点聚焦 1、本周 观 点 ： 精 选确定性阿尔法，算力景气延续 本文第二章， 对英伟达GTC 进行了重点跟踪。 风险提示 ： 板块业绩存在不达预期的风险；下游需求存在景气度不稳定的风险；科技创新可能带来短期业绩下降。 2、深 度跟 踪 ： 一文看懂 GTC 大会的核心亮点 周观点 精选确定性阿尔法，算力景气延续 挖掘阿尔法，关注底部绩优龙头。 近期受宏观因素影响，市场风险偏好承压，板块调整充分。当前阶段建议以时间换空间，重点挖掘底部阿尔法机会，关注基本面具备 强逻辑、估值性价比高的绩优公司。同时积极跟踪产业变化，对于高景气赛道逢低布局，静待贝塔修复。 GTC 大会召开，算力延续高景气。 本周 GTC 大会顺利召开，英伟达推出NemoClaw 及 AI 工厂，发布了性能强劲的 Vera Rubin GPU，并对订单预期做了上修。同 时，本周阿里云、百度智能云官宣对算力、存储等部分服务进行涨价，进一步反应了 AI 算力需求景气。Tokens 消耗的爆发式增长预计将持续拉动算力景气度，建议重 点布局算力投资机 ...

Group 1 - The core viewpoint emphasizes selecting high-performing stocks at the bottom of the market, with OpenClaw driving the prosperity of computing power [1][2] - The upcoming financial reports for 2025 and Q1 2026 are expected to provide insights into growth expectations, with a focus on companies showing significant improvement in forward indicators [1] - The current market adjustment is seen as sufficient, suggesting a strategic focus on companies with high growth expectations for Q1 [1] Group 2 - OpenClaw continues to gain traction, supported by government policies and major companies' rapid adoption, indicating a robust demand for computing power [2] - Cities like Shenzhen, Hangzhou, and Wuxi have introduced subsidy policies for OpenClaw, while major firms like ByteDance, Tencent, and Huawei are launching their own Claw products [2] - The characteristics of Claw-type products, such as system-level operations and full memory, are expected to significantly increase token consumption, thereby boosting the computing power market [2]

Group 1 - The core viewpoint emphasizes the importance of focusing on bottom opportunities, with OpenClaw igniting a wave of interest in AI applications [1][2] - The overall market is under pressure due to international circumstances, but domestic policies are supportive, particularly regarding AI and technology self-reliance, with the National Development and Reform Commission projecting that China's AI-related industry will exceed 10 trillion yuan during the 14th Five-Year Plan [1] - The recommendation is to prioritize investments in leading stocks that show marginal improvements in their business conditions, as the sector is currently at a bottom range [1] Group 2 - OpenClaw has created a significant phenomenon in the domestic market, with major tech companies like Alibaba, ByteDance, and Xiaomi launching similar products, enhancing the AI industry's overall vitality [2] - OpenClaw distinguishes itself from traditional chatbots by enabling local system-level operations and achieving task closure and self-memory, which is expected to drive demand for computing power and promote a positive cycle of AI accessibility [2] - The report suggests increasing investment in the AI sector due to the rising demand and the competitive advantage of domestic models [2]

Group 1 - The core viewpoint of the article emphasizes that the cost-performance ratio of the sector is improving, and the computing power industry remains in a state of prosperity [1] - The upcoming National People's Congress is expected to provide policy support, which could lead to increased investments in companies with strong competitive advantages [1] - Concerns about software being replaced by large models are present, but companies with high data barriers and deep scenario moats are expected to become more scarce [1] Group 2 - The domestic large model is gaining global traction, with the launch of the computing power partner program by Zhipu, leading to a rapid increase in the token call volume of domestic large models [1] - Nvidia's latest fiscal report indicates that its revenue is expected to exceed $200 billion by 2026, with a 75% year-on-year growth in data center business, reinforcing the high prosperity of the computing power industry [1] - The article suggests that investment opportunities in the computing power chain should be continuously seized [1]

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 周观点 新科技成春节主旋律，重视节后结构性行情 新科技成春节主旋律。 春节期间，外围市场整体稳定，以 MiniMax、智谱为代表的国产大模型公司股价持续大涨。国内新科技成为主旋律，在以春晚为代表的大型活动 中，AI、机器人在全国观众中高频深度亮相，不断出圈。商业航天、核聚变、量子科技等也进入大众视野。新科技正成为新年伊始核心方向。 重视节后结构性行情。 展望节后行情，政策层面，两会预期升温，科技政策加码可期。产业层面，海外英伟达、苹果等财报陆续发布，华为、英伟达等巨头产业大会陆 续召开。业绩层面，在去年 Q1低基数背景下，板块业绩预计企稳态势延续。建议继续把握核心赛道龙头的加仓机会，重视景气方向的结构性机会。 巨头 AI生态竞争全面开启。 今年春节前后，字节豆包、腾讯元宝、阿里千问先后开启 AI生态流量入口的抢夺。字节豆包除夕互动19亿次，腾讯元宝2月18日最新数据 月活用户1.14亿，阿里2月12日宣布"AI付"过去一周下单突破1.2亿笔。可以预期，2026年AI应用有望成为继AI算力后下一个巨头投入的重点方向。建议重点关注AI生态 的全面崛起，把握相关投资 ...

Core Viewpoint - ByteDance has launched Seedance 2.0, marking a significant advancement in domestic multimodal AI capabilities, enhancing content generation efficiency and cost-effectiveness [1][6]. Group 1: Seedance 2.0 Features - Seedance 2.0 integrates comprehensive multimodal content reference and editing capabilities, positioning itself as a "directable, movie-level full-process generation engine" [1]. - The model supports multimodal "all-in-one reference," allowing for input from images, videos, audio, and text, significantly improving reference generation capabilities [2]. - It demonstrates state-of-the-art (SOTA) performance in complex motion representation, adhering to physical laws and maintaining action consistency, particularly in multi-entity interactions [2]. - Enhanced generation control and instruction-following capabilities have been introduced, expanding its video editing functionalities to include cutting, camera movement, and storyboarding [2]. Group 2: Competitive Landscape - The competition in video generation models is intensifying, with domestic models like Seedance 2.0, Keling 3.0, Wan 2.6, and ViduQ 3.1 catching up to international counterparts such as Grok Imagine API, Sora 2, and Veo 3.1 [3]. - Domestic models currently lead in input control, reference generation, and intelligent storyboarding, while international models excel in generation quality and consistency [3]. - Domestic models offer a clear cost-performance advantage, making them more accessible for professional content creation [3]. Group 3: Investment Opportunities - The optimization of video generation capabilities in Seedance 2.0 is expected to enhance professional content creation efficiency and accelerate AI video penetration [3]. - Investment opportunities include companies within the ByteDance ecosystem such as Hand Information, Huicheng Co., Zhongke Chuangda, and others [3]. - Other AI application companies and computing power firms are also recommended for investment consideration, including Zhuoyi Information, Hehe Information, and Zhongke Shuguang [3].

Group 1 - DeepSeek aims to reshape the AI industry landscape by leading the open-source model ecosystem, breaking the monopoly of foreign models with its DeepSeek-R1 inference model launched on January 20, 2025, which features lower training costs and superior model capabilities [1][6] - The organization has a flat structure with a young team of fewer than 140 members, primarily composed of top talent from domestic universities [1] - DeepSeek adheres to a long-termism philosophy, avoiding short-term commercial interests, and is projected to reach a valuation of 1.05 trillion yuan by September 30, 2025 [1] Group 2 - DeepSeek is focused on optimizing model training and deployment costs, with the upcoming DeepSeek-V3 model set to launch in December 2024, featuring a training cost of only 5.57 million USD and performance comparable to GPT-4 [2] - The DeepSeek-R1 model, released in January 2025, offers leading inference capabilities and facilitates low-cost private deployment, significantly advancing AI applications in finance, healthcare, and government sectors [2] Group 3 - The anticipated release of the V4 model in February is expected to enhance code generation and processing capabilities, surpassing existing models like Claude and GPT [3] - The commercial potential of DeepSeek's ecosystem is seen as a core barrier to the commercialization of large models, with the company positioned to become a foundational infrastructure for AI applications across various industries [3] Group 4 - Investment opportunities are suggested in AI applications and computing power sectors, with specific companies listed for potential investment, including 卓易信息, 汉得信息, and 海光信息 among others [4]

把握节前红包行情。 本周受美股科技股下跌影响，市场风险偏好下行，板块整体调整较为充分。下周是春节前最后一周，伴随外围市场企稳，市场整体风险偏好有望修 复。叠加市场对春节期间 AI产业景气加速的预期，建议重点关注已经超跌的AI细分赛道，优选逻辑硬、边际变化大的龙头加仓布局，把握节前红包行情。 AI入口抢夺战打响 。 本周腾讯、阿里陆续围绕旗下大模型产品开启针对 AI流量的扩张。腾讯以"元宝"为核心，投入10亿元打造元宝社交场景，接入微信、QQ等内部生 态产品。阿里以"千问"为核心，开启30亿元"春节请客计划"，全面接入淘宝、飞猪等生态产品，大厂围绕AI流量的跑马圈地升级为生态级别的战略博弈，开启AI应用变现 的新篇章，建议持续关注大厂AI生态变化及其核心合作伙伴。 点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/桂杨/罗池婧 本周观点聚焦 1、本周 观 点 ： 把握节前红包行情， AI 入口抢夺战打响 2、深度跟 踪 ： Anthropic：B端Agent全球龙头，Cowork打造AI员工 周观点 把握节前红包行情， AI 入口抢夺战打响 本文第二章， 对全球 B端 ...

Group 1 - The article emphasizes the importance of seizing the investment opportunities in the technology sector during February, which historically shows a high success rate for investments [1] - February is highlighted as a favorable month due to the Lunar New Year, with expectations of increased traffic and activity from major domestic tech companies, particularly in AI product competition [1] - The release of earnings forecasts this week has alleviated some performance pressures in the sector, potentially improving risk appetite among investors [1] Group 2 - The AI industry is experiencing high growth, with significant price increases announced by major cloud service providers like Amazon and Google, indicating a robust demand for cloud and AI applications [2] - Amazon has raised prices for machine learning capacity blocks by approximately 15%, while Google plans to double prices for certain data transmission methods in North America starting May 2026 [2] - The launch of OpenClaw, a personal AI assistant, has gained global popularity, marking a significant advancement in the AI application landscape [2]

Core Viewpoint - The article highlights the recruitment efforts of Industrial Securities, emphasizing the need for skilled professionals in the research department, which has a strong track record in industry analysis and financial research [2]. Group 1: Company Overview - Industrial Securities was established in 1991 and listed on the main board in 2010, with its Economic and Financial Research Institute ranking 3rd in the New Fortune Best Research Team for both 2024 and 2025 [2]. - The Computer Research Team has been recognized as one of the best analysts in the New Fortune rankings for 11 consecutive years since 2015, achieving 2nd place for 2024 and 2025 [2]. Group 2: Job Opportunities - The company is seeking candidates with a master's degree or higher, at least 1 year of work experience, and knowledge in ICT, with positions available in Beijing, Shanghai, and Shenzhen [2]. - The company values candidates who possess a spirit of striving for ideals and have a sharing personality [3]. - For fresh graduates, the company is looking for master's degree students who can commit to at least 3 days of internship per week, with the potential for full-time offers based on performance [3].