再论 CPU：海光信息、龙芯中科、中国长城 20260122 摘要 CPU 迭代速度显著加快，从五年一迭代缩短至一年一迭代，主要受数据 量增长和对 CPU 的 IO 接口及内核数量更高要求的驱动。 CPU 涨价主要由供给端因素导致，上游代工厂因 AI 需求挤占产能而提 高价格，进而导致消费级和服务器级 CPU 均出现不同程度的涨价，预计 2026 年服务器 CPU 将补涨。 国产化进程加速，2023 年以来国产服务器和 PC CPU 出货量稳步上升， 预计 2025 年加速增长，主要受益于政策推动和产品迭代速度加快。 财政部 13 号文件等政策支持政府及下属单位采购国产产品，有效促进 了国产 CPU 在政府及企业中的应用，加速了国产化进程。 海光信息以服务器 CPU 为主，其 7,580 型号受到大规模采购部署，预 计 2025 年服务器 CPU 出货量约为 100-120 万颗，PC CPU 替代采购 量约为 30-40 万颗。 龙芯中科采用自主架构，桌面端 3A6,000、3B6,660 以及服务器端 3C6,000 均已成功落地，性价比优势明显，预计 2026 年市场份额有望 持续上升。 中国长城旗下飞 ...

1月23日，A股三大指数集体上涨，截至收盘，沪指涨0.33%报4136点，深证成指涨0.79%，创业板指涨 0.63%。 高位股方面 锋龙股份18连板，江化微5连板，金安国纪7天4板，白银有色4连板，汉商集团5天3板，巨力索具3连 板，山东赫达、浙文互联、康欣新材4天2板，沃格光电、中大矿业3天2板，宇晶股份、钧达股份、润贝 航科、西部材料2连板。 | 代码 | | 名称 | 溶脂 | 现价 | 换手 涨停分析 | 几天几板� | | --- | --- | --- | --- | --- | --- | --- | | 1 | 002931 | 锋龙股份 | +10.00% | 99.53 | 19.20% 优必选入主+机器人概念+... 18连板 | | | 2 | 603078 | 江化微 | +10.00% | 31.36 | 23.74% 上海国资入主+芯片材料+... 5连板 | | | 3 | 002636 | 金安国纪 | +10.00% | 25.63 | 11.20% 2025年报预增+覆铜板+PC ... 7天4板 | | | ঘ | 601212 | 白银有色 | +9.97% | 1 ...

Market Overview - The Shanghai Composite Index closed at 4136.16 points, up 0.33%, with a trading volume of 1.3369 trillion yuan. The Shenzhen Component Index rose 0.79% to 14439.66 points, with a trading volume of 1.7484 trillion yuan. The ChiNext Index increased by 0.63% to 3349.50 points, with a trading volume of 822.63 billion yuan. The STAR Market 50 Index closed at 1553.71 points, up 0.78%, with a trading volume of 110.8 billion yuan. The total trading volume of both markets was 3.0853 trillion yuan, an increase of 393.5 billion yuan compared to the previous trading day [1]. Sector Performance - The market saw more sectors gaining than losing, with notable increases in power equipment, non-ferrous metals, precious metals, defense and military, steel, media, computer, environmental protection, and textile and apparel sectors. Concepts such as perovskite batteries, commercial aerospace, satellite internet, sapphire, lithium mining, cultivated diamonds, small metals, gold, and interactive short dramas were particularly active. In contrast, sectors like communication, insurance, banking, coal, and home appliances experienced declines [1]. Individual Stock Performance - A total of 3707 stocks rose, while 1336 stocks fell, with 134 stocks remaining flat and 6 stocks suspended. Excluding newly listed stocks, there were 120 stocks hitting the daily limit up and 2 stocks hitting the limit down [2]. - Among the stocks that hit the daily limit up, 23 stocks had consecutive limit-up days of 2 or more, with Fenglong Co., Ltd. leading with 18 consecutive limit-ups [3]. Capital Flow - The net capital outflow from the two markets was 4.167 billion yuan, with the ChiNext seeing a net inflow of 1.515 billion yuan. The CSI 300 index experienced a net outflow of 1.005 billion yuan, while the STAR Market saw a net outflow of 3.171 billion yuan. Out of 31 sectors, 13 sectors had net capital inflows, with the power equipment sector leading with a net inflow of 8.977 billion yuan [4][6]. - The top sectors with net inflows included non-ferrous metals (4.552 billion yuan), media (2.173 billion yuan), and defense and military (2.157 billion yuan). Conversely, the communication sector had the highest net outflow of 7.992 billion yuan, followed by electronics (6.350 billion yuan) and machinery (5.077 billion yuan) [4][6]. Notable Stocks - 191 stocks had net capital inflows exceeding 1 billion yuan, with Jin Feng Technology receiving the highest net inflow of 1.861 billion yuan. Other notable stocks included Lens Technology (1.594 billion yuan), Qian Zhao Optoelectronics (1.267 billion yuan), and Xian Dao Intelligent (1.217 billion yuan) [7][8]. - Conversely, 116 stocks experienced net capital outflows exceeding 1 billion yuan, with Xin Yi Sheng leading with a net outflow of 3.471 billion yuan, followed by Zhong Ji Xu Chuang (3.103 billion yuan) and Li Ou Shares (2.604 billion yuan) [10][11]. Institutional Activity - Institutional investors had a net selling of approximately 1.02 billion yuan, with 22 stocks seeing net purchases and 14 stocks net sales. Jin Feng Technology was the most purchased stock by institutions, with a net purchase amount of approximately 266 million yuan [13][14].

| 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 深股通专用 | 20797.34 | 37317.50 | | 买二 | 东方财富证券股份有限公司拉萨团结路第一证券营业部 | 8942.78 | 4963.08 | | 买三 | 东方财富证券股份有限公司拉萨金融城南环路证券营业 部 | 8411.94 | 4208.60 | | 买四 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | 7981.76 | 4366.74 | | 买五 | 中信建投证券股份有限公司安徽分公司 | 6773.17 | 4082.82 | | 卖一 | 深股通专用 | 20797.34 | 37317.50 | | 卖二 | 爱建证券有限责任公司上海浦东新区前滩大道证券营业 | 6497.88 | 27964.71 | | 部 | | | | 中国长城今日下跌6.21%，全天换手率15.46%，成交额91.59亿元，振幅4.09%。龙虎榜数据显示，机构 净卖出9374.85万元，深股通净卖出1.65亿元 ...

Group 1 - The main stocks with significant capital outflows include Xinyi Technology (-2.456 billion), Liou Co. (-2.357 billion), and Zhongji Xuchuang (-2.056 billion) [1] - The sectors affected by the capital outflows include communication equipment, internet services, consumer electronics, and computer equipment [2][3] - Notable declines in stock prices were observed, with Xinyi Technology down by 6.71%, Zhongji Xuchuang down by 6.1%, and China Great Wall down by 6% [2][3] Group 2 - Other companies experiencing capital outflows include Sanhua Intelligent Control (-1.467 billion), Huadian Co. (-1.095 billion), and Lixun Precision (-1.062 billion) [1] - The data indicates a trend of capital leaving the communication equipment and electronic components sectors, with significant outflows from companies like Tianfu Communication and Shenghong Technology [3] - The overall market sentiment appears negative, as reflected in the stock price declines across multiple sectors [2][3]

1月22日融资客净买入金额排名 | 代码 | 简称 | 1月22日涨跌幅 | 融资净买入额 | 最新融资余额 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | （万元） | （万元） | （%） | 业 | | 000066 | 中国长 城 | 9.43 | 66193.61 | 255104.98 | 4.06 | 计算机 | | 601318 | 中国平 安 | -1.59 | 65792.89 | 3216586.35 | 4.66 | 非银金 融 | | 300308 | 中际旭 创 | 6.72 | 55874.15 | 2349980.09 | 3.42 | 通信 | | 300442 | 润泽科 技 | 4.33 | 41303.50 | 329502.28 | 2.59 | 通信 | | 600048 | 保利发 展 | 1.23 | 40270.23 | 381419.51 | 4.84 | 房地产 | | 002471 | 中超控 | 10.04 | 33301.10 | 61206.15 | ...

Wind统计显示，1月22日，申万31个一级行业中有18个行业获融资净买入，其中，电子行业获融资净买 入额居首，当日净买入17.49亿元；获融资净买入居前的行业还有通信、非银金融、国防军工、化工、 有色金属、建筑装饰等。 个股方面，1月22日，有1757股获融资净买入，净买入金额在5000万元以上的有127股。其中，21股获融 资净买入额超2亿元。中国长城获融资净买入额居首，净买入6.62亿元；融资净买入金额居前的还有中 国平安、中际旭创、润泽科技、保利发展、中超控股、龙芯中科、新易盛、贵州茅台等股。 ...

Market Overview - On January 22, A-shares saw all three major indices rise collectively, with significant gains in sectors such as aerospace, mining, shipbuilding, glass fiber, gas, oil, photovoltaic equipment, coal, and cement [1] - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 10.442 billion yuan, while 14 industries saw net inflows [1] Sector Performance - The telecommunications, defense, and non-bank financial sectors had the highest net inflows, amounting to 7.884 billion yuan, 2.916 billion yuan, and 1.371 billion yuan respectively [1] - In contrast, the electronics, power equipment, non-ferrous metals, and basic chemicals sectors faced the largest net outflows, totaling 7.979 billion yuan, 5.42 billion yuan, 2.773 billion yuan, and 2.077 billion yuan respectively [1] Individual Stock Highlights - A total of 51 stocks received net inflows exceeding 200 million yuan, with nine stocks seeing inflows over 600 million yuan [1] - The top three stocks attracting main fund inflows were New Yisheng, Zhongji Xuchuang, and Tianfu Communication, with net inflows of 2.193 billion yuan, 2.188 billion yuan, and 1.337 billion yuan respectively [1] Earnings Forecast - Tianfu Communication announced an earnings forecast for 2025, expecting a net profit attributable to shareholders of approximately 1.881 billion to 2.15 billion yuan, representing a year-on-year growth of 40% to 60% [2] Tail-End Fund Movements - In the tail-end trading session, the main funds saw a net inflow of 1.797 billion yuan, with the telecommunications sector leading with over 1 billion yuan in inflows [5] - Notable stocks with significant tail-end inflows included China Great Wall, New Yisheng, and Industrial Fulian, each exceeding 200 million yuan [5] Notable Outflows - The robot concept stock Sanhua Intelligent Control experienced a net outflow exceeding 400 million yuan, while other companies like Ningde Times and Tongfu Microelectronics also saw significant outflows [7]

沪指今日收盘上涨0.14%。资金面上看，沪深两市全天特大单净流出75.16亿元，共计2144股特大单净流 入，2799股特大单净流出。 从申万一级行业来看，今日有16个行业特大单资金净流入，通信特大单净流入规模居首，净流入资金 87.51亿元，该行业指数今日上涨2.83%，其次是国防军工，今日上涨3.23%，净流入资金为50.38亿元， 净流入资金居前的还有建筑材料、机械设备等行业。 两市全天特大单净流出75.16亿元，其中67股特大单净流入超2亿元，中际旭创特大单净流入27.95亿元， 特大单净流入资金居首。 特大单净流入资金排名 | 代码 | 简称 | 收盘价（元） | 涨跌幅（%） | 特大单净流入（亿元） | 行业 | | --- | --- | --- | --- | --- | --- | | 300308 | 中际旭创 | 621.00 | 6.72 | 27.95 | 通信 | | 300502 | 新易盛 | 409.70 | 3.77 | 24.89 | 通信 | | 000066 | 中国长城 | 19.50 | 9.43 | 19.28 | 计算机 | | 300394 | 天孚通信 ...

从资金流向上来看，当日计算机设备板块主力资金净流出4.99亿元，游资资金净流出1.59亿元，散户资金 净流入6.58亿元。计算机设备板块个股资金流向见下表： 证券之星消息，1月22日计算机设备板块较上一交易日上涨0.04%，力鼎光电领涨。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。计算机设备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) | | --- | --- | --- | --- | --- | --- | | 605118 | 力鼎光电 | 41.83 | 9.99% | 4.60万 | 1.86亿 | | 000066 | 中国长城 | 19.50 | 9.43% | 719.23万 | 137.44亿 | | 301042 | 安联锐视 | 84.94 | 5.07% | 3.24万 | 2.73亿 | | 300042 | 朗科科技 | 32.86 | 4.78% | 44.19万 | 14.88亿 | | 002512 | 达华智能 | 6.59 | 4.60% | 107.49万 | ...