业 研 究 证 券 研 究 报 告 云计算提价印证高景气，AI 应用迎来多点催化 分析师： 连天龙 SAC NO： S1150525070002 2026 年 02 月 05 日 计算机 证券分析师 连天龙 liantl@bhzq.com 022-23861563 重点品种推荐 虹软科技 增持 近半年行业指数走势图 相关研究报告 海外 AI 助手 Clawdbot 出圈， AI 应用催化密集———计算 机行业周报 2026.01.29 政策赋能算力升级，AI 应用生 态持续深化———计算机行 业周报 投资要点： 行业数据 公司公告 行情回顾 本月策略 DeepSeek V4 蓄势待发，AI 算机行业周报 行业要闻 （1）SpaceX 正式收购 xAI，计划在太空建造数据中心； （2）谷歌推出 Project Genie AI 模型测试版本，能生成可玩游戏世界； （3）谷歌、亚马逊宣布云服务涨价。 2025 年 12 月计算机工业生产者出厂价格指数（PPI）环比下降 0.2%，同比 下降 0.7%。2025 年，我国软件业业务收入 154831.00 亿元，同比增长 13.2%； 软件业利润总额 18848.0 ...

Summary of Key Points from Conference Call Records Industry and Company Involved - The focus is on the **commercial aerospace industry** and **AI technology sector**, specifically highlighting **SpaceX** and its initiatives [1][2]. Core Insights and Arguments - **SpaceX's Progress**: SpaceX is actively advancing its IPO process and plans to integrate xAI into its business model. It has submitted an application to the FCC for a million AI satellites, aiming to create a satellite constellation for space computing power [1]. - **Collaboration with Apple**: SpaceX is collaborating with Apple to promote direct satellite connectivity for mobile phones, which is expected to expand the downstream applications in the commercial aerospace sector [1]. - **AI and AGI Development**: Major companies like Ant Group and Google are releasing world models, which are crucial for the advancement of Artificial General Intelligence (AGI). The integration of Large Language Models (LLM) and world models is anticipated to enhance AI's ability to understand and interact with the physical world [1]. Additional Important Content - **AI Traffic Competition**: Major companies are competing for AI traffic during the Spring Festival, with total investments exceeding 1.5 billion. The success of DeepSeek and subsequent promotions is setting a precedent for AI product marketing during the festival [2]. - **Future AI Product Promotion**: In 2026, various companies are expected to launch promotional subsidies, which may accelerate the adoption of Bot-type AI products and lay the groundwork for the commercialization of AI applications [2]. - **Investment Recommendations**: Continued optimism is expressed for the synergy between aerospace and AI. Key companies to watch include: - **AI Sector**: Haitai Ruisheng, Deepin Technology, Dingjie Zhizhi, Hehe Information, Guoneng Rixin, Zhongkong Technology, and Wanxing Technology [2]. - **Commercial Aerospace**: Focus on three main areas: - Rocket manufacturing materials and structural components (e.g., Guoji Jinggong) - Core components and testing services for satellites (e.g., Electric Science Digital, Suochen Technology) - Terminal and service-related companies in space computing and communication operations [2].

本周投资组合：#深信服、海光信息、鼎捷数智、同花顺、虹软科技、合合信息、电科数字、海天瑞声、国能日新 # 商业航天SpaceX链催化持续。 SpaceX积极推进上市进程，拟吸收xAI整合业务。 SpaceX向FCC提交百万颗AI卫星申请，目标打造太空算力卫星星座。 苹果与SpaceX拟联合推动手机直连卫星服务 # 继续看多AI与商业航天 【建投计算机】 # 继续看多AI与商业航天 【建投计算机】 SpaceX向FCC提交百万颗AI卫星申请，目标打造太空算力卫星星座。 苹果与SpaceX拟联合推动手机直连卫星服务，商业航天下游应用领域有望拓展。 #全球世界模型赛道大厂云集，#蚂蚁和谷歌连续发布世界模型，#AGI进展有望加速。 如果LLM是AGI的大脑，世界模型就是AGI感知物理世界的抓手，两者结合将推动AI从处理文本信息进阶到理解并 操作物理世界，加速实现AGI之路。 #大厂争夺春节AI流量，#总投入超15亿。 2025年春节DeepSeek及后续元宝推广爆火，已为大厂打样春节AI产品推广流量时机。 本周投资组合：#深信服、海光信息、鼎捷数智、同花顺、虹软科技、合合信息、电科数字、海天瑞声、国能日新 # 商业航 ...

2月2日，虹软科技跌4.39%，成交额3.90亿元。两融数据显示，当日虹软科技获融资买入额5525.72万 元，融资偿还3317.23万元，融资净买入2208.49万元。截至2月2日，虹软科技融资融券余额合计6.76亿 元。 融资方面，虹软科技当日融资买入5525.72万元。当前融资余额6.74亿元，占流通市值的3.44%，融资余 额超过近一年60%分位水平，处于较高位。 截至9月30日，虹软科技股东户数2.29万，较上期增加13.85%；人均流通股17513股，较上期减少 12.16%。2025年1月-9月，虹软科技实现营业收入6.28亿元，同比增长9.39%；归母净利润1.42亿元，同 比增长60.51%。 融券方面，虹软科技2月2日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量3.23万股，融券余额157.66万元，低于近一年10%分位水平，处于低位。 资料显示，虹软科技股份有限公司位于浙江省杭州市滨江区长河街道滨兴路392号(虹软大厦)，成立日 期2003年2月25日，上市日期2019年7月22日，公司主营业务涉及视觉人工智能技术的研发和应用,为智 能手机、智 ...

Investment Rating - The report maintains a "Neutral" rating for the computer industry and an "Accumulate" rating for Hongsoft Technology (688088) [2] Core Insights - The report highlights significant advancements in AI applications, including Tencent's new AI social feature "Yuanbao" and the global first deployment of a large model in space by Guoxing Aerospace [12][13] - The domestic cloud computing sector is expected to see a rebound in capital expenditure due to easing chip supply constraints, while AI applications are anticipated to reach a commercialization inflection point earlier than expected [25][26] - The report emphasizes the importance of focusing on leading companies with strong AI technology implementation capabilities and scene adaptation advantages [26] Industry News - Tencent's AI assistant "Yuanbao" has launched a new version that includes various social features, aiming to create a multi-user social space [12] - The first successful deployment of a large model in space was achieved by Guoxing Aerospace, marking a significant milestone in AI technology [13] - Domestic GPU company Suiruan Technology has received approval for its IPO on the Sci-Tech Innovation Board, aiming to raise 6 billion yuan [14] Company Announcements - Dahua Technology reported a total revenue of 32.743 billion yuan for 2025, with a year-on-year growth of 1.75% [15] - Yimikang expects a net profit of 0.25 to 0.37 billion yuan for 2025, representing a growth of 128.69% to 142.46% [17] - Glodon anticipates a net profit of 3.76 to 4.26 billion yuan for 2025, with a growth rate of 50.15% to 70.11% [18] Market Review - From January 22 to January 28, the CSI 300 index fell by 0.11%, while the Shenwan Computer Industry index decreased by 0.35% [19] - The report notes mixed performance among the Shenwan Computer sub-industries, with horizontal software leading at 2.39% [19] Weekly Strategy - The report suggests that the domestic computing power industry is likely to accelerate due to policy support and technological advancements in AI [25] - The anticipated launch of DeepSeek V4 during the Lunar New Year is expected to drive a new round of technological iteration in domestic large models [25] - The report encourages attention to companies that demonstrate strong capabilities in AI technology implementation and scene adaptation [26]

证券日报网讯1月28日，虹软科技在互动平台回答投资者提问时表示，公司在视觉人工智能行业发展数 十年，积累了大量视觉人工智能的底层算法，这些底层算法具有通用性、延展性，除了可以广泛运用于 智能手机、智能汽车外，还能用于智能保险、智能零售、智能家居、医疗健康等多个领域。在医疗健康 方面，公司拥有心率检测、活体检测、体温检测等计算机视觉相关的技术。 ...

从资金流向上来看，当日动物保健板块主力资金净流入1802.32万元，游资资金净流出2735.26万元，散户 资金净流入932.94万元。动物保健板块个股资金流向见下表： 证券之星消息，1月28日动物保健板块较上一交易日下跌0.2%，永顺生物领跌。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。动物保健板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600201 | 生物股份 | 18.78 | 1.51% | 71.49万 | | 13.16亿 | | 002688 | 金河生物 | 6.80 | 1.49% | 37.94万 | | 2.55 Z | | 920970 | 大禹生物 | 8.35 | 1.46% | 4.01万 | | 3369.19万 | | 002868 | *ST绿康 | 35.41 | 0.03% | 2.68万 | | 9485.97万 | | 600195 | 中牧股份 | 8. ...

Investment Rating - The report rates the computer industry as "Overweight," indicating that the industry is expected to outperform the overall market [9]. Core Insights - Clawdbot signifies a transition in AI product forms from "scene-level assistants" to "system-level Agent platforms," emphasizing comprehensive execution capabilities across tools and systems [3]. - The evolution of Agents is marked by a clear path from Skills to Claude Excel and Clawdbot, shifting market focus from model parameters to the ability to execute complex tasks and integrate external tools [3]. - Clawdbot's revolutionary aspect lies in its ability to understand high-level user intentions and autonomously break them down into ordered steps, enhancing automation in complex workflows [3]. - The deployment of system-level Agents faces challenges such as high complexity in enterprise deployment, data security concerns, and the need for improved stability and traceability across systems [3]. - The acceleration of Agent deployment does not imply the replacement of traditional software but rather positions Agents as intelligent interaction and automation hubs, enhancing overall efficiency [3]. Summary by Sections AI Application Key Companies Valuation - The report includes a valuation table for key AI application companies, detailing their market capitalization and projected net profits for 2024 to 2027, with notable companies such as Kingsoft Office, Yonyou Network, and Zhongkong Technology [4].

1月26日，虹软科技跌5%，截至发稿，报52.96元/股，成交5.57亿元，换手率2.57%，总市值212.46亿 元。 资料显示，虹软科技股份有限公司位于浙江省杭州市滨江区长河街道滨兴路392号(虹软大厦)，成立日 期2003年2月25日，上市日期2019年7月22日，公司主营业务涉及视觉人工智能技术的研发和应用,为智 能手机、智能汽车、物联网(IoT)等智能设备提供一站式视觉人工智能解决方案。主营业务收入构成 为：移动智能终端视觉解决方案82.69%，智能汽车及其他AIoT智能设备视觉解决方案15.76%，其他 1.55%。 责任编辑：小浪快报 上银未来生活灵活配置混合A（007393）成立日期2019年7月15日，最新规模2922.82万。今年以来收益 9.46%，同类排名2412/9003；近一年收益51.2%，同类排名2147/8185；成立以来收益84.71%。 上银未来生活灵活配置混合A（007393）基金经理为陈博。 截至发稿，陈博累计任职时间5年360天，现任基金资产总规模8.41亿元，任职期间最佳基金回报 100.49%， 任职期间最差基金回报-8.38%。 声明：市场有风险，投资需谨慎。 ...

截至发稿，吴海健累计任职时间3年273天，现任基金资产总规模5.12亿元，任职期间最佳基金回报 77.85%， 任职期间最差基金回报10.38%。 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。 数据显示，西部利得基金旗下1只基金重仓虹软科技。西部利得科技创新混合A（020064）四季度增持 6.95万股，持有股数10.42万股，占基金净值比例为9.44%，位居第三大重仓股。根据测算，今日浮亏损 失约29.06万元。 西部利得科技创新混合A（020064）成立日期2023年12月19日，最新规模551.2万。今年以来收益 32.35%，同类排名10/9003；近一年收益85.25%，同类排名378/8185；成立以来收益106.76%。 西部利得科技创新混合 ...