截至发稿，黄稚累计任职时间7年189天，现任基金资产总规模44.18亿元，任职期间最佳基金回报 159.22%， 任职期间最差基金回报-25.09%。 刘裴累计任职时间12天，现任基金资产总规模4.97亿元，任职期间最佳基金回报-0.53%， 任职期间最差 基金回报-1.46%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 资料显示，曙光信息产业股份有限公司位于北京市海淀区东北旺西路8号院36号楼，成立日期2006年3月 7日，上市日期2014年11月6日，公司主营业务涉及研究、开发、生产制造高性能计算机、通用服务器及 存储产品,并围绕高端计算机提供软件开发、系统集成与技术服务。主营业务收入构成为：IT设备 88.79%，软件开发、系统集成及技术服务11 ...

单一项目回报超1200亿元，成都创造地方国资风投新纪录 最牛政府风投，如今花落成都——10年前，成都政府挺身而出，组织国资8.125亿元溢价增资 海光信息 ，推动其与AMD合资的处理器项目落地成都高新 区。 10年后的海光信息，蝶变为7000亿元市值的国产CPU巨头，而一路陪跑的成都国资，不仅收获项目落地带来的GDP、税收、就业，更擒获超1200亿元账面 回报，成为继合肥之后，政府风投的又一标杆。 更进一步，作为海光股东的成都产投、成都高新投资，身为发债平台，也正受益于该笔投资重塑的资产表和利润表，为融资带来便利。股权财政，代替土 地财政，路径已初现苗头。 千亿回报的巨大激励，推动成都国资持续加码战略新兴行业，在A股的硬科技热潮里，有望开启"投资—升值—融资—投资"正循环。成都样本，或值得更 多地方政府所借鉴。 10年前，你所在的地方政府，主要把钱投向了哪儿？这很大程度上，决定了一个城市今天的产业图谱。 01 2026年1月22日，海光信息(688041)股价创下308元/股的新高，市值迈过7000亿元大关。 在其前十大股东中占据三席的成都国资，亦成功跻身最强政府风投——该项目单笔回报超过1200亿元。 目前 ...

包括说这个，就是海外的这个 AMD，包括英特尔，然后这一块其实都会有一个这个就是 比较大的这个需求的一个拉动。然后同时第二个方面，就是我们认为可能也是有比较大弹 性的，就是由于这个包括 GPU，包括 GPU 的这个涨价，包括 CPU 和存储的一个涨价， 带动的云的一个涨价。也就是说整个，就包括说像这个阿里云、腾讯云，甚至包括说像小 云。优刻得这些所带来的这个，就是利润率，包括说利润的一个修复，包括说就是对前置 投资的这样一个，就是回报。 然后第三块我们就是觉得这个 CPU 的相关供应链，尤其是比如说它的这个就是载板，然 后由于这个扩产需要一定的这个周期，那么整体上这一块的一个涨价幅度有可能也会有一 个超预期的一个状态。最后包括说这个下游通用服务器这一块相关的这个服务器制造厂商 像浪潮信息，然后包括华勤，也会有相应的一个弹性。接下来就是整个汇报，就会有会先 由可夫来汇报一下这个，就是 agent 包括说就是整个可能说产业变化的一个情况。然后最 后我再来讲一下，就是相关，就比如说整个 agent 是怎么去把 CPU 的这个配比给提升上 去，然后到底是说提升的是 CPU 的数量，还是这个数量具体体现在。 包括说这个 ...

内容概要：通讯服务器构配件作为服务器的基础配件，其产业的发展与信息产业技术的发展息息相关。 近年来，随着科学技术的不断进步，信息产业技术快速突破并逐步成为国民经济和社会发展的主导性战 略产业，市场对于信息服务相关的云计算、大数据、物联网、5G等信息技术需求不断扩大，繁荣的市 场为服务器产业带来了巨大的市场需求，也为通讯服务器构配件产业的发展创造了良好的发展机遇。数 据显示，2025年中国通讯服务器构配件市场规模达到141亿元，同比上涨13.3%。预计未来随着服务器 产业稳步增长，通讯服务器构配件将迎来广阔的市场空间。 相关上市企业：浪潮信息（000977）、中科曙光（603019）、中兴通讯（000063）、立讯精密 （002475）、工业富联（601138）、科森科技（603626）、祥鑫科技（002965）等。 通讯服务器是计算机的一种，相较普通计算机，具有更高速的运算能力、更长时间的运行负载、更强大 的数据吞吐能力以及更好的扩展性，主要在网络中为PC、智能手机、ATM终端等客户机提供计算或应 用服务。服务器作为电子设备，具有极其复杂的内部结构，其产品构成包括CPU、硬盘、内存，系统、 系统总线及相关配套 ...

本周观点 投资建议 相关标的： CPU：海光信息、中科曙光、禾盛新材、中国长城、龙芯中科、兴森科技、深南电路、宏和科技。 国内算力：海光信息、寒武纪、东阳光、协创数据、华丰科技、星环科技、神州数码、百度集团、大位科技、润 建股份、中芯国际、华虹半导体、中科曙光、禾盛新材、润泽科技、浪潮信息、东山精密、亿田智能、奥飞数据、 云赛智联、瑞晟智能、科华数据、潍柴重机、金山云、欧陆通、杰创智能。 海外算力/存储：中际旭创、新易盛、兆易创新、大普微、中微公司、天孚通信、源杰科技、胜宏科技、景旺电子、 英维克等；闪迪、铠侠、美光、SK 海力士、中微公司、北方华创、拓荆科技、长川科技。 风险提示 行业竞争加剧的风险；技术研发进度不及预期的风险；特定行业下游资本开支周期性波动的风险。 敬请参阅最后一页特别声明 1 Agent 驱动的强化学习(RL)时代，CPU 可能比 GPU 更早成为瓶颈。与传统单任务 RL 不同，现代 Agent 系统需 要同时运行成百上千个独立环境实例，"环境并行化"让 CPU 成为事实上的第一块短板。主要源于三大核心逻辑： 1）Multi-Agent 带来 OS 调度压力， Agent 的"推理-执行 ...

Investment Rating - The report assigns an "Overweight" rating to the computer industry [5][13]. Core Insights - As of Q4 2025, institutional holdings in the computer sector have decreased to 2.1%, down 1.1 percentage points from Q3, marking a historical low. This level is only slightly above the 2.0% recorded in Q2 2022. There is significant potential for increase as the current holdings are far below the highs of over 6% seen in 2020 and 2023, and well below the 12% level in 2015 [3][5][7]. - The report highlights that institutions are increasing their positions in sub-sectors such as AI applications and commercial aerospace, while still heavily invested in large models, intelligent computing, and domestic innovation [5][7]. - The top ten companies by number of institutional holders in Q4 2025 include Kingsoft Office, Southern Power Digital, iFlytek, Inspur Information, and others. In terms of market value, Kingsoft Office leads with 139 billion, followed by iFlytek with 108 billion [7][8]. Summary by Sections - **Institutional Holdings Analysis**: The report details that institutional holdings in the computer industry have fluctuated significantly over the past five years, with a notable rise to 6.2% in late 2022, followed by a decline to 2.1% in Q4 2024. The report emphasizes the potential for recovery given the historical context [5][6][7]. - **Sector Performance**: The report indicates that the computer sector is currently underweight, with a significant gap from previous highs, suggesting a favorable environment for future investment [5][6]. - **Key Companies**: The report lists the top ten companies by institutional holdings, noting changes in the composition of these holdings compared to Q3 2025, with new entries and exits among the top firms [7][8].

Investment Rating - The report indicates a positive outlook for the computer industry, suggesting that it has fundamental support for investment and potential for future growth [1][2]. Core Insights - The computer sector is expected to experience a rebound in performance due to the recovery of the macro economy and advancements in AI technology, which are anticipated to enhance profitability [1][10]. - The report highlights a significant increase in demand for CPUs, driven by the rise of AI applications and the need for high-performance computing [16][19]. - The introduction of sandbox environments for AI agents is seen as a critical development, enhancing system security and performance in high-concurrency scenarios [22][29]. Summary by Sections Investment Allocation - In Q4 2025, the public fund allocation for the computer industry was 1.6%, a decrease of 0.8 percentage points from the previous quarter, ranking it 14th among 30 sectors [2][3]. - The top ten holdings in the computer sector included Inspur Information, Kingsoft Office, and Sangfor Technologies, with notable changes in the composition of these holdings [4][5]. Valuation Metrics - As of January 23, 2026, the PE (TTM) for the computer industry was 94.6x, placing it in the 94.80th percentile historically, while the PS (TTM) was 4.0x, in the 71.40th percentile [10][11]. - The report suggests that despite high PE levels, there is still room for growth in PS and PCF valuations as the market sentiment improves [10][11]. CPU Price Expectations - Intel and AMD are expected to raise server CPU prices by 10% to 15% in Q1 2026 due to supply constraints and increased demand from AI applications [16][21]. - The report emphasizes the growing importance of CPUs in AI workloads, particularly in managing complex tasks and ensuring system stability [19][40]. Key Investment Themes - The report identifies several key investment themes, including leadership in the digital economy, AIGC applications, and the importance of data elements and new industrialization [41][42]. - Specific companies recommended for investment include Inspur Information, Kingsoft Office, and various firms involved in AI and data solutions [41][42].

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院防火墙研究小组发布的《中国防火墙行业市场前瞻与投资战略规 划分析报告》。 行业主要公司：深信服(300454.SZ);天融信(002212.SZ);山石网科(688030.SH);迪普科技(300768.SZ);锐捷 网络(301165.SZ);启明星辰(002439.SZ);奇安信(688561.SH);绿盟科技(300369.SZ)等 本文核心数据：防火墙行业上市公司汇总;业务布局;业绩对比;业务规划。 1、防火墙行业上市公司汇总 防火墙是网络安全体系的核心基石，是政企及个人网络安全的"第一道防线"。目前，我国防火墙行业上 市公司主要分布在产业链上游。位于产业链上游的上市公司为龙芯中科(688047.SH)、中科曙光 (603019.SH)等;位于产业链中游防火墙产品的上市企业是深信服(300454.SZ)、天融信(002212.SZ)、山石 网科(688030.SH)、迪普科技(300768.SZ)、锐捷网络(301165.SZ)、启明星辰(002439.SZ)、奇安信 (688561.SH)、绿盟科技(300369.SZ)。 | 产业链环节 | ...

Group 1: AI Computing Sector Performance - The AI computing sector has rebounded for the second consecutive day, with the cloud computing ETF Huatai (159273) rising by 1.18% and achieving a trading volume exceeding 240 million yuan [1] - Continuous capital inflow has been observed for five days, accumulating over 120 million yuan [1] Group 2: Market Reactions to Greenland Crisis - The U.S. government announced a framework agreement regarding the Greenland issue, which is expected to benefit the U.S. and all NATO member countries [3] - Following this announcement, U.S. stock markets surged, with all three major indices rising by over 1% [3] Group 3: Cloud Computing ETF Performance - The majority of the weighted stocks in the Huatai cloud computing ETF showed positive performance, with notable gains from companies such as Zhongji Xuchuang (up nearly 7%) and Runze Technology (up over 4%) [4] - The trading volume for Zhongji Xuchuang reached 24.275 billion yuan, while Alibaba-W had a trading volume of 9.837 billion yuan [5] Group 4: Supply and Demand Dynamics in Domestic Computing Power - Domestic computing power is experiencing steep growth due to high supply and demand, driven by increased AI application in mobile devices and policy support for energy-efficient computing hardware [6] - The scaling law for large models continues to enhance training demand, while domestic GPU performance is improving, facilitating the adaptation of local CSP manufacturers [6] Group 5: Future Projections for Domestic Computing Power - The intelligent computing capacity in China is projected to maintain a compound annual growth rate of 57% from 2020 to 2028 [7] - Domestic general-purpose GPUs are advancing from "usable" to "highly usable," significantly narrowing the performance gap with international competitors [7] Group 6: Light Module Demand Forecast - Nomura Oriental predicts that the demand for optical modules will remain strong due to increased investment in AI infrastructure and supply chain constraints, with significant growth expected through 2026 and beyond [8] - The upgrade of 1.6T optical modules and silicon photonics technology is identified as a key growth driver for the industry [8]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable amounts withdrawn from companies across different industries, suggesting a potential shift in investor sentiment and market dynamics [1][2][3] Group 1: Major Stocks with Capital Outflows - Sanhua Intelligent Control experienced a capital outflow of 1.402 billion, with a decline of 2.73% in stock price [2] - Tongfu Microelectronics saw a capital outflow of 1.309 billion, with a decrease of 1.55% [2] - Contemporary Amperex Technology reported a capital outflow of 1.143 billion, with a drop of 2.8% [2] - Zhaoyi Innovation also faced a capital outflow of 1.143 billion, with a decline of 1.93% [2] - Changdian Technology had a significant outflow of 861 million, with a sharp decrease of 6.25% [2] Group 2: Other Notable Stocks - Hunan Silver experienced a capital outflow of 836 million, but its stock price increased by 6.67% [2] - Huada Technology saw an outflow of 825 million, with a decline of 3.1% [2] - Yango Technology faced a capital outflow of 723 million, with a significant drop of 6.37% [2] - Sungrow Power Supply had an outflow of 720 million, with a decrease of 1.16% [2] - TBEA reported a capital outflow of 653 million, with a decline of 2.5% [2] Group 3: Additional Stocks with Capital Outflows - Baiwei Storage experienced a capital outflow of 588 million, with a slight decrease of 0.79% [2] - Nanda Optoelectronics saw an outflow of 577 million, with a decline of 4.25% [3] - Lens Technology faced a capital outflow of 565 million, with a decrease of 2.09% [3] - Zijin Mining reported an outflow of 556 million, with a decline of 2.31% [3] - EVE Energy experienced a capital outflow of 555 million, with a drop of 2.99% [3]