来源：新浪基金∞工作室 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，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 科创芯片ETF南方（588890）业绩比较基准为上证科创板芯片指数收益率，管理人为南方基金管理股份 有限公司，基金经理为李佳亮，成立（2024-04-15）以来回报为192.73%，近一个月回报为11.24%。 2月5日，科创芯片ETF南方（588890）开盘跌1.13%，报2.892元。科创芯片ETF南方（588890）重仓股 方面，中芯国际开盘跌1.61%，海光信息跌2.11%，寒武纪跌1.68%，澜起科技跌5.28%，中微公司跌 2.64%，拓荆科技跌3.47%，芯原股份跌4.04%，华虹公司跌2.18%，沪硅产业跌1.28%，东芯股份跌 1.99%。 ...

Summary of Conference Call Records Company and Industry Involved - The discussion primarily revolves around the domestic AI model development and cloud computing industry in China, with a focus on companies like ByteDance, Alibaba, and Huawei [1][2][3]. Core Points and Arguments - **Intensive Release of Domestic AI Models**: The domestic AI model sector is entering a dense release period, with significant models such as DeepSeek's OCR2, Kimi's K2.5, Alibaba's Qwen3-Max-Thinking, and Baidu's Wenxin 5.0 being launched. ByteDance plans to release three new AI models in February, including Doubao 2.0, Seedream 5.0, and SeedDance 2.0, with Alibaba also set to launch Qwen 3.5 during the Spring Festival [1]. - **High Capital Expenditure by Cloud Providers**: According to a report, ByteDance has planned a capital expenditure of 160 billion yuan for 2026, up from approximately 150 billion yuan in 2025. Alibaba is also advancing a three-year plan for AI infrastructure construction with a budget of 380 billion yuan [2]. - **Accelerated Demand for Inference Power**: The rapid iteration of domestic models is expected to enhance user interaction with AI, leading to a significant increase in demand for inference computing power. 2026 is anticipated to be a pivotal year for the deployment of domestic supernodes, with several companies, including Huawei and Alibaba, launching new supernode solutions [2]. - **Supply and Demand Dynamics**: The industry is poised for a significant growth phase, with both supply and demand sides actively engaging. The financial team has been recommending Chip Origin as a top pick in the domestic computing sector since December, emphasizing its importance [3]. Other Important but Possibly Overlooked Content - The release of multiple AI models is expected to accelerate the commercialization of these technologies, indicating a robust growth trajectory for the domestic AI industry [1]. - The ongoing investments in AI infrastructure by major cloud providers are crucial for establishing a solid foundation for domestic computing power demand [2].

【DW电子】每日复盘每日新-电子2.3 -CPO：AYZ更新RubinUltra CPO Scale up方案，罗博特科+20%，炬光科技+18.06%，致尚科技+15.56%，天孚通信 +13.21%。 -国产算力：GPU标的寒武纪25Q4利润略不及预期、海光信息未发布业绩预告，ASIC标的芯原股份当前ASIC叙事 逐渐看到落地项目，业绩趋势也有望逐渐改善，继续看多！ -芯碁微装持续重点推荐，坚定看450e以上市值，预计一季度单月交付2e金额设备，后续业绩确定高增长！先进封 装出货预计每年翻倍！ -佰维存储：26年全年业绩高增，26Q1业绩环比翻倍不止。 先进封测样品送测GPU上市客户。 PCB：威尔高传接到谷歌一次电源订单，二次电源对接中，GB300/Rubin进展顺利，今日+18.23%。 -CPO：AYZ更新RubinUltra CPO Scale up方案，罗博特科+20%，炬光科技+18.06%，致尚科技+15.56%，天孚通信 +13.21%。 PCB：威尔高传接到谷歌一次电源订单，二次电源对接中，GB300/Rubin进展顺利，今日+18.23%。 -国产算力：GPU与ASIC行情分化明显，交 ...

Summary of Key Points Core Viewpoint - The A-share market experienced significant block trading activity on February 3, with a total transaction value of 2.236 billion yuan, highlighting notable trading in specific stocks such as Shanghai Airport, Zijin Mining, and Longjing Environmental Protection [1]. Group 1: Block Trading Activity - A total of 80 stocks underwent block trading, with Shanghai Airport leading at 349 million yuan, followed by Zijin Mining at 274 million yuan and Longjing Environmental Protection at 161 million yuan [1]. - Among the stocks traded, 7 were sold at par value, 2 at a premium, and 71 at a discount, indicating a predominance of discounted trades [1]. Group 2: Premium and Discount Rates - The stocks with the highest premium rates were DeMa Technology at 5.67% and Shen High-Speed at 2.01% [1]. - The stocks with the highest discount rates included Kai Fa Technology at 29.94%, New Wave Shares at 23.56%, and Ai Meike at 23.43% [1]. Group 3: Institutional Buying and Selling - The top institutional buying positions included Shanghai Airport at 349 million yuan, Longxin Zhongke at 116 million yuan, and Xinyuan Shares at 60.575 million yuan [2]. - The leading institutional selling positions were Nanxin Technology at 8.4 million yuan and Guobo Electronics at 4.1784 million yuan [2].

证券之星消息，2月3日半导体板块较上一交易日上涨1.45%，炬光科技领涨。当日上证指数报收于4067.74，上涨1.29%。深证成指报收于 14127.1，上涨2.19%。半导体板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交重(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688167 | 炬光科技 | 301.20 | 18.06% | 9.53万 | | 27.42亿 | | 688530 | 欧莱新材 | 24.40 | 14.82% | 16.08万 | | 3.76亿 | | 6088889 | 强一股份 | 353.17 | 14.05% | 6.20万 | | 21.37亿 | | 688593 | 新相微 | 26.42 | 9.49% | 15.87万 | | 4.07亿 | | 688521 | 芯原股份 | 226.78 | 9.11% | 20.78万 | | 45.72亿 | | 688766 | 普申股份 | 288.11 | 8.24% | 8.95万 | | 25.09亿 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The domestic model release period is intensifying, with significant models such as DeepSeek's open-source OCR2, Kimi's K2.5, Alibaba's Qwen3-Max-Thinking, and Baidu's Wenxin 5.0 being launched recently. ByteDance plans to release three new AI models in February, indicating a rapid acceleration in model commercialization [5] - Domestic cloud vendors are maintaining high capital expenditures, with ByteDance planning 160 billion yuan for 2026, up from approximately 150 billion yuan in 2025. Alibaba is also advancing a 3-year plan for 380 billion yuan in AI infrastructure [5] - The rapid iteration of domestic models is expected to significantly increase demand for inference-side computing power, with 2026 being a pivotal year for the deployment of domestic supernodes. Major companies like Huawei and Alibaba are launching new supernode solutions [5] - Investment suggestions highlight that the acceleration of domestic model iterations and improvements in inference-side performance will benefit the domestic computing power industry chain, with a focus on companies like Chipone Technology, Huafeng Technology, and Weicai Technology [5] Summary by Sections Recent Market Performance - The report notes a recent market performance with fluctuations, including a -13% change in one segment and a 67% increase in another [2] Key Company Ratings - Chipone Technology: Market cap of 109.3 billion yuan, with a rating of "Increase" [4] - Huafeng Technology: Market cap of 42.1 billion yuan, with a rating of "Increase" [4] - Weicai Technology: Market cap of 17.9 billion yuan, with no specific rating provided [4]

Core Insights - The report emphasizes the historical positioning of silver indicators, noting that 93% of historical dates are below 200%, while the current level exceeds 1800%, indicating potential price adjustments during the decline phase of silver [11] - It highlights the macroeconomic narratives, including geopolitical tensions and the impact of the new Federal Reserve chair, suggesting that the current market is less influenced by overseas factors [3][12] - The investment strategy focuses on three main areas: core growth assets, global competitive advantages, and emerging growth sectors, with specific recommendations for companies in these categories [14] Company Summaries TCL Electronics (01070) - TCL Electronics is forming a joint venture with Sony, where TCL will hold 51% and Sony 49%, aiming to leverage cost and technology advantages in the large-size and mini LED sectors [15] - The joint venture is expected to enhance TCL's high-end product series capabilities [15] Mao Geping (01318) - The brand is expanding its global presence with a new store in Hong Kong and a focus on integrating Eastern aesthetics with modern art, enhancing its international brand narrative [16] Anjuke Food (603345) - The company is shifting from a reliance on large B2B clients to a selective supermarket customization strategy, collaborating with major retailers to launch tailored products, resulting in a 28.1% year-on-year revenue increase in the supermarket channel [17] Chengda Pharmaceutical (301201) - Chengda is transitioning towards biocell therapy, developing innovative drug pipelines and forming strategic partnerships, including a significant collaboration with Chiron Pharma, which has led to clinical advancements [19] Xinquan Co., Ltd. (603179) - The company has established strong partnerships with major domestic truck manufacturers and is focused on expanding its automotive component offerings, leveraging over 20 years of industry experience [20] Jianghuai Automobile (600418) - Jianghuai is developing a new generation of high-end intelligent electric vehicles, integrating advanced technologies from partnerships with high-tech companies like Huawei [21] Chip Origin (688521) - The company reported significant growth in its chip design and mass production businesses, with a 290.82% quarter-on-quarter increase in design revenue and a 132.77% increase in mass production revenue [22] Tencent Holdings (00700) - Tencent's performance exceeded expectations with a 15.4% year-on-year revenue growth, driven by strong sales and R&D efficiency, leading to a notable increase in net profit [23] China Resources Land (01109) - The company is transitioning its real estate service platform to offer comprehensive lifecycle services, enhancing customer engagement through a new digital platform [24] China Merchants Energy Shipping (601872) - The company is benefiting from rising oil shipping rates, with Q4 2025 VLCC average rates reaching $94,000 per day, marking a significant increase in operational profits [26]

商业航天午后持续活跃，消息面上，东方空间自研的引力二号为中大型液体可回收运载火箭，定位于中 大型卫星大规模组网及商业高轨发射需求，核心具备极致性价比、芯级回收的技术特点，该火箭预计 2026年年中完成首飞。 国金证券指出，随着下游火箭需求的爆发增长，上游材料值得重视。中游设备端未来边际变化较大的两 个方向是发动机、3D打印方向，具备稀缺性+通胀的长期逻辑。下游上市公司进展加速，中美共振，解 决运力卡点。商业公司和"国家队"共振，看好2026年国内进入可回收火箭元年。 截至2026年2月3日 14:36，中证卫星产业指数(931594)强势上涨4.28%，成分股海兰信上涨15.91%，信维 通信上涨11.58%，芯原股份上涨10.07%，派克新材，光库科技等个股跟涨。卫星ETF鹏华(563790)上涨 3.61%，最新价报1.23元。 卫星ETF鹏华紧密跟踪中证卫星产业指数，中证卫星产业指数选取50只业务涉及卫星制造、卫星发射、 卫星通信、卫星导航、卫星遥感等领域的上市公司证券作为指数样本，反映卫星产业上市公司证券的整 体表现。 数据显示，截至2026年1月30日，中证卫星产业指数(931594)前十大权重股分 ...

Group 1 - The core viewpoint of the article highlights the performance of the Kexin Chip ETF Boshi (588990), which opened with a gain of 0.81% at 2.749 yuan [1] - The top holdings of the Kexin Chip ETF include companies such as SMIC, Haiguang Information, and Cambrian, with respective opening gains of 1.39%, 1.94%, and 1.05% [1] - The fund's performance benchmark is the Shanghai Stock Exchange Science and Technology Innovation Board Chip Index, managed by Boshi Fund Management Co., Ltd., with a return of 172.45% since its inception on August 8, 2024, and a monthly return of 12.11% [1]

尽管净利继续亏损，但芯原股份的在手订单连续九个季度保持高位。2025年全年，芯原股份新签订单金 额59.60亿元，同比增长103.41%，其中AI算力相关订单占比超73%，数据处理领域订单占比超50%。截 至2025年末，公司在手订单金额达到50.75亿元，较三季度末的32.86亿元大幅提升54.45%，且已连续九 个季度保持高位。2025年末在手订单中，预计一年内转化的比例超80%，且近60%为数据处理应用领域 订单。 （文章来源：每日经济新闻） 2026年1月26日，芯原股份股价创下历史新高，盘中最高涨至237.79元。不过，仅一周过后，芯原股份 便发布了股东减持股份计划公告。而此前公司第二大股东国家集成电路基金就公布了减持计划。与此同 时，公司有超过2486万股的限售股于2025年12月30日起上市流通。与股价持续走牛不同的是，芯原股份 的业绩已经连续三年亏损。 参与芯原股份定增计划的机构目前浮盈约为1.86倍。同花顺显示，参与芯原股份定增计划的机构合计投 入金额约为18.07亿元（发行数量为2486.0441万股），而按照当前股价来计算，这部分股权的市场价值 约为51.67亿元。 ...