股票研究 /[Table_Date] 2026.01.28 [Table_Industry] 计算机 制度闭环叠加 AI 催化，迎接数据要素 "价值释放年" [Table_Invest] 评级： 增持 数据要素"产业观察"系列 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 朱瑶(分析师) | 021-23187261 | zhuyao@gtht.com | S0880526010002 | | 张盛海(研究助理) | 021-23183956 | zhangshenghai@gtht.com | S0880125042247 | 本报告导读： 数据要素制度逐渐形成闭环，AI 大模型和应用激发数据价值飞轮，2026 年数据要素 价值释放和产业开花有望加速。 投资要点： [Table_Report] 相关报告 计算机《计算机周观点第 32 期:上海"十五五" 规划发展 AI，计算机 Q4 持仓历史低位 ...

Investment Rating - The report indicates a positive investment outlook for the industry, highlighting a "golden window period" for the short drama sector, with expectations for significant growth in the coming years [2][11]. Core Insights - The short drama industry has reached a scale of nearly 1 trillion yuan, surpassing both the film and long video sectors, with a projected compound annual growth rate (CAGR) of over 50% from 2023 to 2026 [11]. - The market for animated dramas is expected to exceed 22 billion yuan by 2026, contributing 50% of the incremental growth in the short drama industry [11]. - ByteDance is positioned as the absolute leader in the animated drama sector, leveraging its "traffic + IP + AI" integrated strategy to dominate the market [2][17]. - The application of AI technology is transforming the production paradigm of animated dramas, reducing production cycles from over 50 days to under 30 days and significantly lowering costs [3][21]. Summary by Sections Section 1: The Golden Window for Short Dramas - The short drama market has surpassed 1 trillion yuan, with user engagement increasing, and the average daily viewing time expected to exceed 100 minutes by 2025 [11]. - The market has entered a phase of rapid growth and commercialization, with significant increases in both supply and demand for animated dramas [11][12]. Section 2: AI Reshaping Production Paradigms - AI technologies are enabling a shift from manual production to industrialized generation, with production costs dropping to the thousand-yuan level [3][21]. - The integration of AI in production processes is expected to streamline workflows, reducing the number of steps from 11 to 5 and cutting costs by 60% [3][24]. Section 3: Trends in AI Applications - The report anticipates a significant uptick in AI applications by 2026, driven by the need for software to leverage substantial computational investments [4][31]. - Companies are increasingly integrating AI into their business models, with some reporting that AI-related revenues account for over 10% of total income [4][31]. Section 4: Related Investment Targets - Key investment targets include companies such as DeCai Co., Zhaochi Co., and Wanxing Technology, among others, which are positioned to benefit from the growth in the animated drama and AI sectors [5][40].

Group 1 - The core focus is on the domestic AI industry chain, particularly the performance of the Huabao AI ETF (589520), which has shown a price increase of 0.29% and has been trading at a premium, indicating strong buying interest [1][7] - NVIDIA's CEO Jensen Huang emphasized the need for massive infrastructure investment in AI, estimating that over $1 trillion will be invested in AI-native startups by 2025, highlighting AI applications as a critical layer in the AI ecosystem [2][9] - The Ministry of Industry and Information Technology of China projected that by 2025, the number of AI companies in China will exceed 6,000, with the core industry scale expected to surpass 1.2 trillion yuan, and intelligent computing power reaching 1590 EFLOPS [3][10] Group 2 - The Huabao AI ETF's index covers four major segments: application software, terminal applications, terminal chips, and cloud chips, reflecting a shift from reliance on foreign technology to self-sufficiency in the AI industry [5][11] - The ETF's top holdings include leading domestic companies in GPUs, ASICs, and AI applications, with nearly 70% of the top ten holdings concentrated in these sectors, indicating a strong offensive strategy [12][13] - The current dynamics in the AI industry are marked by significant developments, including the launch of new policies promoting "AI + manufacturing," which is expected to drive a new wave of AI application growth [3][10]

1月22日，南网科技跌2.76%，成交额3.82亿元。两融数据显示，当日南网科技获融资买入额3330.88万 元，融资偿还3450.71万元，融资净买入-119.83万元。截至1月22日，南网科技融资融券余额合计3.74亿 元。 责任编辑：小浪快报 截至9月30日，南网科技股东户数9626.00，较上期减少13.69%；人均流通股23727股，较上期增加 15.86%。2025年1月-9月，南网科技实现营业收入20.99亿元，同比减少0.51%；归母净利润2.87亿元，同 比增长2.52%。 分红方面，南网科技A股上市后累计派现4.43亿元。近三年，累计派现3.95亿元。 机构持仓方面，截止2025年9月30日，南网科技十大流通股东中，易方达国证机器人产业ETF （159530）位居第六大流通股东，持股561.86万股，为新进股东。华夏中证机器人ETF（562500）位居 第七大流通股东，持股466.48万股，相比上期增加87.20万股。南方中证500ETF（510500）位居第八大 流通股东，持股247.85万股，相比上期减少8.34万股。香港中央结算有限公司位居第十大流通股东，持 股197.11万股，为新 ...

Core Viewpoint - The commercial aerospace sector has rebounded strongly after recent volatility, with the Huabao General Aviation ETF (159231) showing significant gains and increased trading volume, indicating positive market sentiment [1][4]. Group 1: Market Performance - The Huabao General Aviation ETF opened strong, rising over 3% at one point and closing up 2.20%, recovering above the 10-day moving average and touching the 5-day moving average, with a trading volume of 18.97 million yuan, a noticeable increase from the previous trading day [1][4]. - Among the 50 constituent stocks, 30 saw gains, with notable performers including China Aviation Industry Corporation (10.02% increase), Aero Engine Corporation of China (10.01% increase), and others exceeding 8% gains [4][11]. Group 2: Industry Trends - The commercial aerospace sector is supported by strong government policies and an upward trend in the industry. The National Venture Capital Guidance Fund is set to launch by the end of 2025, with investments in various sectors including aerospace [3][10]. - The International Telecommunication Union (ITU) has reported that China submitted an application for frequency and orbital resources for 203,000 new satellites, marking the largest international frequency application in the country's history, which is expected to drive further industry orders [3][10]. Group 3: Profitability Outlook - The profitability growth rate of the top 10 stocks in the commercial aerospace index improved from -14.5% in Q2 2025 to 1.5% in Q3 2025, with projections indicating a 37.5% year-on-year growth in 2026 [3][10]. - The commercial aerospace sector's performance is expected to continue improving, similar to the trends seen in the renewable energy sector, influenced by valuation sentiment, policies, and sector rotation [3][10].

Core Viewpoint - The A-share market for smart grid stocks has shown significant strength, with multiple companies experiencing substantial gains following the announcement of a major investment plan by the State Grid Corporation of China [1] Group 1: Market Performance - Smart grid stocks collectively surged, with notable gains including: - Shuangjie Electric up over 17% - Electric Power Research Institute up over 15% - Hongxiang Co., Huasu Technology up over 10% - Several other companies including Hanlan Co., Dalian Electric Porcelain, and others hitting the daily limit up [1] - The overall market sentiment is positive, driven by strong investment forecasts and demand in the sector [1] Group 2: Investment Outlook - The State Grid Corporation has projected a fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, a 40% increase compared to the previous plan, with an average annual investment of 800 billion yuan, indicating a compound annual growth rate (CAGR) approaching double digits [1] - Investment will focus on the construction of a new power system, aiming to enhance cross-regional and cross-provincial transmission capacity by over 30% compared to the end of the previous plan [1] Group 3: Export Growth - The North American market is experiencing a surge in demand for power equipment driven by aging infrastructure and increased electricity needs from AI data centers, leading to a significant rise in delivery times for transformers and high-voltage cables [1] - From January to November 2025, China's exports of transformers, high-voltage switches, and wires and cables are expected to grow by 35.3%, 29.4%, and 22.9% year-on-year, respectively, indicating a strong international market presence [1]

Investment Rating - The report maintains an "Overweight" rating for the computer sector [4]. Core Insights - In January, Qianwen App achieved over 100 million monthly active users (MAU) and fully integrated with Alibaba's ecosystem to create a "Super Agent" [3][4]. - Alibaba Cloud is significantly increasing its investment in AI infrastructure, aiming to capture 80% of the incremental AI cloud market in China by 2026 [4]. - The brain-computer interface (BCI) industry is experiencing dual drives from policy and capital, with a focus on medical applications and ambitious targets set for 2027 and 2030 [4]. - AI4S is benefiting from policy support, with significant potential for applications in pharmaceuticals and new materials, as well as global innovation in AI applications [4]. Summary by Sections Qianwen App and AI Assistant - Qianwen App's MAU surpassed 100 million within two months of launch, integrating over 400 new features and becoming the first AI assistant to achieve a full-service chain from "search-decision-payment-fulfillment" [4]. Alibaba Cloud Investment - Alibaba Cloud plans to invest over 380 billion yuan in AI infrastructure over the next three years, with a goal to dominate the AI cloud market in China by 2026 [4]. Brain-Computer Interface Industry - The Shanghai government has issued a plan for BCI development, targeting high-quality "brain control" by 2027 and establishing a global innovation hub by 2030 [4]. - Zhejiang Qiang Brain Technology recently raised approximately 2 billion yuan for R&D and production, focusing on non-invasive technologies for rehabilitation [4]. AI4S Policy Support - The Chinese government has prioritized AI4S in its policy framework, with extensive support for its development across various sectors [4]. - Major tech companies like Apple and Google are collaborating to enhance their AI capabilities, indicating a robust market for AI innovations [4].

Core Viewpoint - The announcement details the results of a share transfer by a major shareholder of Southern Power Grid Electric Technology Co., Ltd., indicating a decrease in their shareholding percentage from 12.75% to 11.25% through the transfer of 8,470,500 shares at a price of 42.89 yuan per share [3][4][8]. Group 1: Transfer Details - The share transfer price is set at 42.89 yuan per share, with a total of 8,470,500 shares being transferred [3]. - The controlling shareholder, actual controller, directors, and senior management of the company are not participating in this share transfer [4]. - The transfer will not result in a change of control for the company [4][9]. Group 2: Shareholder Information - The transferring party, Southern Power Energy Creation Equity Investment Fund (Guangzhou) Partnership (Limited Partnership), is a shareholder holding more than 5% of the company but is not the controlling shareholder or a member of the management team [5]. - There are no concerted action relationships associated with the transferring party [6]. Group 3: Transfer Process - The transfer process involved sending subscription invitations to 459 institutional investors, including 80 fund companies, 53 securities companies, and 259 private equity funds [8]. - A total of 74 valid subscription bids were received during the specified time frame, with 20 investors ultimately allocated shares [9]. - The transfer process adhered to relevant legal and regulatory requirements, ensuring fairness and compliance [10].

南方电网电力科技股份有限公司 股东询价转让结果报告书 证券代码：688248 证券简称：南网科技 公告编号：2026-003 暨持股 5%以上股东权益变动触及 1%整数倍的提示性公告 股东南网能创股权投资基金（广州）合伙企业（有限合伙）（以下简称"转让方"）保 证向南方电网电力科技股份有限公司（以下简称"南网科技"、"上市公司"或"公司"）提供 的信息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和 完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示: 本次权益变动后，南网能创股权投资基金（广州）合伙企业（有限合伙）持股 比例由12.75%减少至11.25%，持有公司权益比例变动触及 1%的整数倍。 一、 转让方情况 (一) 转让方基本情况 截至 2026 年 1 月 9 日，转让方所持公司股份的数量、比例情况如下： 本次询价转让的转让方南网能创股权投资基金（广州）合伙企业（有限合伙）为南 网科技持股 5%以上的股东，非南网科技的控股股东、实际控制人、董事、高级管理人员 或核心技术人员。 (二) 转让方一致行动关系及具体情况说明 本 ...

关于南方电网电力科技股份有限公司 中信证券股份有限公司 股东向特定机构投资者询价转让股份的核查报告 上海证券交易所： 一、本次询价转让概况 （一）本次询价转让转让方 截至 2026 年 1 月 9 日，转让方所持公司首发前股份的数量及占公司总股本 比例情况如下： | 序号 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 1 | 南网能创股权投资基金（广州） | 72,000,000 | 12.75% | | | 合伙企业（有限合伙） | | | 中信证券股份有限公司（以下简称"中信证券"或"组织券商"）受委托担 任南网能创股权投资基金（广州）合伙企业（有限合伙）（以下简称"转让方"） 以向特定机构投资者询价转让（以下简称"询价转让"）方式减持所持有的南方 电网电力科技股份有限公司（以下简称"公司"或"南网科技"）首次公开发行 前已发行股份的组织券商。 经核查，中信证券就本次询价转让的股东、受让方是否符合《上海证券交易 所科创板上市公司自律监管指引第 4 号——询价转让和配售（2025 年 3 月修订）》 （以下简称"《询价转让和配售指引》"）要求，本 ...