（编辑 姚尧） 证券日报网讯 1月29日，中兴通讯在互动平台回答投资者提问时表示，公司作为全球领先的综合信息与 通信技术解决方案提供商，在地面路由器和光通信领域有长期积累，相关技术可复用至低轨星载路由与 星间激光通信领域。公司目前正在进行相关产品的研发，未来将联合国内客户推进验证和商用落地。 ...

Group 1 - The core viewpoint of the news highlights the performance of the AI-themed index and ETF, with notable gains in specific stocks like iFlytek and Kunlun Wanwei, while the AI ETF shows significant trading volume and growth in assets [1][2] - As of January 28, the AI-themed ETF has a total asset size of 34.06 billion yuan, with a recent increase of 2.24 million shares over the past six months, indicating strong investor interest [1][2] - The AI-themed index consists of 50 companies involved in providing resources, technology, and application support for artificial intelligence, with the top ten stocks accounting for 58.08% of the index [2] Group 2 - The storage chip supply tightness and price increases driven by the AI infrastructure boom are expected to persist until 2027, potentially leading to a systematic upcycle in the chip industry [2] - Domestic chip manufacturers are expected to raise prices, reflecting enhanced pricing power and accelerated localization, which may improve gross margins and cash flow, supporting R&D and expansion [2] - The AI ETF closely tracks the performance of the AI-themed index, which is designed to reflect the overall performance of listed companies in the AI sector [2]

据36氪，字节已于2025年底开启豆包手机助手正式版项目，新机预计将于2026年Q2中晚期发布。有供 应链人士称，字节对新机的预期不低，比第一代的测试版大大提升。在模式方面，豆包二代手机依旧合 作中兴努比亚，由中兴负责硬件，豆包负责AI。对此，字节方面暂无回复。 （文章来源：第一财经） ...

Core Insights - ByteDance has officially launched the Doubao mobile assistant project at the end of 2025, with the new device expected to be released in late Q2 2026 [1] - Supply chain sources indicate that ByteDance has high expectations for the new device, which is significantly improved compared to the first-generation test version [1] - The second-generation Doubao phone will continue its collaboration with ZTE Nubia, with ZTE responsible for hardware and Doubao focusing on AI [1]

南方财经 21世纪经济报道记者胡慧茵 马来西亚槟城、雪兰莪州报道 中企也在协助马来西亚打造面向未来的数字基础设施。中兴通讯在马来西亚的策略，核心是围绕当地发 展需求，以"技术+生态"模式助力其经济锻造"新动能"，为当地带来先进的技术与解决方案。与此同 时，马来西亚的市场需求也为中国通信技术的迭代与产业升级提供了关键场景，共同推动了区域通信行 业向更高效、更普惠的方向发展。这不仅是基础设施的建设，更是一种可复制的数字化发展模式的输 出，是共建"一带一路"倡议下互利共赢的实践。 为探寻马来西亚从"制造"到"创造"的经济转型路径，2025年底，21世纪经济报道记者赴马来西亚进行实 地调研，走访了槟城招商局、槟城芯片制造厂、位于雪兰莪州的第二个集成电路设计园区、中国-东盟 人工智能实验室以及中兴通讯等关键机构与企业。 聚焦产业革新计划，马来西亚槟城与雪兰莪州谱写发展的新篇章。槟城依托"东方硅谷"的产业基础，向 半导体价值链前端升级；雪兰莪则借力国家打造"半导体产业第二极"的规划，落地首个芯片设计中心， 推动产业从"马来西亚制造"向"马来西亚创造"发展。 伴随马来西亚向高价值产业转型，在马中企的角色也从"投资者"向"共 ...

Core Insights - Shenzhen's Nanshan District is projected to surpass a GDP of 1 trillion yuan by 2025, becoming the first district in China to achieve this milestone, positioning itself on the global stage for technology and economic competition [1] Group 1: Economic Drivers - The core driver behind Nanshan's trillion-yuan achievement is the combination of technology and finance, which acts as a catalyst for economic growth [3] - Nanshan is home to major tech companies like Huawei, Tencent, and ZTE, establishing a strong foundation for technology and research [3] - The financial sector in Shenzhen plays a crucial role in facilitating the rapid monetization of technological achievements, creating an efficient innovation loop [3] Group 2: Innovation Ecosystem - Nanshan's innovation model is characterized by a business-led research and development ecosystem, with over 90% of R&D funding coming from enterprises [4] - This contrasts with other cities that rely heavily on academic institutions, allowing Nanshan to maintain a leading position in R&D investment and capabilities [4] - The close integration of R&D and manufacturing in Nanshan ensures that innovation is driven by market demand, preventing disconnection between research and industry [4] Group 3: Market Characteristics - The success of Nanshan's economy is attributed to the integration of market-oriented innovation, openness, and property rights protection [5] - Nanshan's high technology conversion rate is driven by demand-oriented innovation logic, supported by its geographical proximity to Hong Kong [5] - The combination of these factors creates a robust foundation for the district's economic growth [5] Group 4: Challenges and Future Directions - Despite its achievements, Nanshan faces challenges in original innovation, relying heavily on technology transfer rather than foundational research [6] - There is a need to enhance core technology capabilities, particularly in AI, to compete with global leaders [6] - Moving forward, Nanshan must focus on resource integration, AI penetration, and high-level innovation to create a mutually beneficial development ecosystem [6][7] Group 5: Global Positioning - Nanshan is positioned to compete on an international level, with its technology conversion capabilities already leading globally [8] - Compared to Silicon Valley, Nanshan benefits from a combination of dense R&D resources and high-end manufacturing, which is a unique advantage [8] - While there are gaps in R&D investment compared to international giants, Nanshan demonstrates superior efficiency in converting R&D into tangible outputs [8]

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Insights - The report emphasizes the transition to the "SuperNode" era in computing infrastructure, driven by the increasing computational demands of AI models, which are evolving from pre-training to multi-faceted scaling [14][17] - The SuperNode architecture relies on enhanced interconnectivity, integrating multiple computing chips into a logical "super GPU/ASIC" to overcome the limitations of traditional single-server setups [39] - The report identifies three main investment themes: "Network End + AIDC + Computing End" and four key sectors: "Optical + Liquid Cooling + Power Supply + Chips" [7] Summary by Sections 1. Transition to SuperNode Era - The evolution of AI models necessitates a shift in computational infrastructure, with demands for higher performance and efficiency [14] - The report highlights the rapid growth in model parameters and training data, indicating a need for advanced computational clusters [14] 2. SuperNode Architecture - SuperNode clusters are defined as large-scale GPU/ASIC systems that expand from thousands to millions of computational units, utilizing both Scale Up and Scale Out strategies [17] - The architecture includes components such as computing nodes, switch trays, and power supply units, which are essential for the operation of SuperNode systems [80] 3. Upgrades in Key Components - The report notes that the increasing penetration of SuperNode servers will drive demand for high-power supplies, liquid cooling systems, and optical communication technologies [5][80] - Specific companies are highlighted as beneficiaries in the sectors of optical modules, liquid cooling, server power supplies, and exchange chips [7] 4. Domestic SuperNode Development - The report discusses the progress of domestic SuperNode solutions, particularly Huawei's Atlas 900 A3 and Atlas 960, which are designed to enhance the performance of domestic AI clusters [6][112] - The performance of domestic chips is shown to improve significantly when deployed in SuperNode configurations, effectively compensating for individual chip limitations [112]

Core Insights - Shenzhen's Nanshan District is set to become the first district in China to surpass a GDP of 1 trillion yuan by 2025, marking a significant milestone in the country's urban economic landscape [1][3] - The economic density of Nanshan has reached an impressive 54 billion yuan per square kilometer, with a per capita GDP exceeding 540,000 yuan, showcasing its economic output comparable to that of a nation [3][4] Economic Growth - Nanshan's GDP has grown from 652.7 billion yuan at the end of the 13th Five-Year Plan to over 1 trillion yuan in just five years, achieving an average annual growth rate of over 5.8% [3][4] - The district has successfully crossed multiple GDP thresholds (700 billion, 800 billion, 900 billion, and 1 trillion yuan) during this period, demonstrating resilience and vitality in its economic structure [3][4] Innovation and Industry - Nanshan has transformed from low-end manufacturing to high-end intelligent manufacturing, becoming a key center for technological innovation and industrial manufacturing in the Guangdong-Hong Kong-Macau Greater Bay Area [4] - The district is home to 218 publicly listed companies and over 5,500 national high-tech enterprises, with significant contributions from industry leaders like Huawei, Tencent, DJI, and others [4] Innovation Ecosystem - By 2025, Nanshan is expected to have over 860 invention patents per 10,000 people, approximately 22.9 times the national average, indicating a robust innovation output [4] - The district has established a comprehensive innovation ecosystem that includes basic research, technological breakthroughs, industrialization of results, financial support for technology, and talent development [4] Strategic Importance - Nanshan benefits from its strategic location adjacent to Hong Kong, the policy advantages of being in a special economic zone, and a long-standing industrial foundation, making it a unique case in regional economic development [5] - The district's development model emphasizes innovation-driven growth, industrial upgrading, reform and opening-up, and an optimized business environment, which can serve as a reference for other regions [5]

Core Viewpoint - Tencent's CEO Ma Huateng expressed concerns about the security and responsibility of user data handling in AI applications, particularly criticizing the practices of ByteDance and ZTE's Doubao phone, while acknowledging Alibaba's AI ecosystem model [1][7]. Group 1: AI Applications and Market Competition - The competition for AI assistants and system-level intelligent agents is intensifying among major companies, with a focus on transforming user interaction from app-based to direct demand [5][9]. - ByteDance's collaboration with ZTE aims to integrate AI directly into smartphones, allowing for cross-application tasks without waiting for app interfaces to open [5][9]. - Alibaba's AI application "Qianwen" emphasizes a controlled API approach, integrating its services within its ecosystem, which has led to a noticeable increase in user inquiries [6][9]. Group 2: Privacy and Security Concerns - Ma Huateng's strong stance against cloud-based screen recording practices highlights the inherent risks associated with such technologies, emphasizing the need for secure data handling [7][8]. - Doubao phone assistant claims to operate under strict user authorization and compliance, ensuring no data storage or training occurs during cloud processing [3][7]. - The response from various platforms, including WeChat and payment apps, indicates a growing concern over security and privacy, leading to restrictions on Doubao's functionalities [8][9]. Group 3: Industry Trends and Regulatory Needs - The divergence in AI application strategies reflects a broader trend in the industry, with two main routes emerging: the "screen reading + simulated clicking" approach and the "API interface calling" method [9][10]. - The need for standardized regulations regarding personal information protection and data security in cross-app operations is becoming increasingly critical as the industry evolves [10]. - The competition among Doubao, Alibaba's Qianwen, and Tencent's Yuanbao signifies a new phase in the AI entry battle, characterized by product acceleration and the need for regulatory frameworks [10][11].

Group 1 - UBS Group increased its stake in ZTE Corporation's H-shares from 8.88% to 9.38% as of January 21 [1]