Group 1 - The company is focusing on cutting-edge technologies in the industry and is conducting thorough evaluations and planning based on its actual business needs [1]

中国长城2月4日在互动平台表示，公司未涉及转融通业务。 ...

Market Performance - The computer equipment sector increased by 2.01% on February 3, with Kaiwang Technology leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Top Performers - Kaiwang Technology (301182) closed at 47.63, up 20.01% with a trading volume of 120,900 shares and a transaction value of 530 million [1] - Weihong Co., Ltd. (300508) closed at 44.99, up 13.90% with a trading volume of 86,300 shares [1] - Chuangzhong Technology (603516) closed at 172.70, up 7.27% with a trading volume of 88,200 shares [1] Fund Flow Analysis - The computer equipment sector saw a net inflow of 166 million from institutional investors, while retail investors experienced a net outflow of 2.1388 million [2] - Major stocks like China Greatwall (000066) had a net inflow of 293 million from institutional investors, indicating strong institutional interest [3] - Retail investors showed a significant outflow from stocks like Yuyin Co., Ltd. (002177), with a net outflow of 79.68 million [3]

2月3日，中国长城大宗交易成交20万股，成交额281.8万元，占当日总成交额的0.12%，成交价14.09 元，较市场收盘价16.36元折价13.88%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2026-02-03 | 000066 | 中国长城 | 14.09 | 20.00 | 281.80 德邦证券股份有限 | 德邦证券股份有限 | | | | | | | 公司上海志丹路证 | 公司上海志丹路证 | | | | | | | 券营业部 | 券营业部 | ...

华夏中证大数据产业ETF（516000）基金经理为司帆。 截至发稿，司帆累计任职时间4年214天，现任基金资产总规模73.41亿元，任职期间最佳基金回报 84.4%， 任职期间最差基金回报-30.98%。 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。 2月3日，中国长城涨5.11%，截至发稿，报16.45元/股，成交18.26亿元，换手率3.52%，总市值530.64亿 元。 责任编辑：小浪快报 资料显示，中国长城科技集团股份有限公司位于广东省深圳市南山区科技园中电长城大厦，成立日期 1997年6月19日，上市日期1997年6月26日，公司主营业务涉及网络安全与信息化、高新电子、电源、园 区与物业服务及其他业务。主营业务收入构成为：计算产业80.86%，系统装备13.52%，其他(补 充)5.62%。 从基金十大重仓股角度 数据显示，华夏基金旗下1只基金重仓中国长城。华夏中证大数据产业ETF（516000）四季度减持1400 股， ...

Market Overview - The computer equipment sector experienced a decline of 1.4% on January 30, with Haohan Deep leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Notable gainers in the computer equipment sector included: - Chunzong Technology (603516) with a closing price of 165.70, up 6.94% and a trading volume of 164,300 shares, totaling 2.653 billion yuan [1] - Lang Technology (300042) closed at 37.07, up 5.01% with a trading volume of 359,800 shares, totaling 1.335 billion yuan [1] - Tongyou Technology (300302) closed at 22.70, up 4.18% with a trading volume of 511,400 shares, totaling 1.143 billion yuan [1] Decliners - Major decliners included: - Haohan Deep (688292) with a closing price of 30.00, down 5.42% and a trading volume of 113,000 shares, totaling 3.42 billion yuan [2] - Dahua Intelligent (002512) closed at 5.83, down 5.36% with a trading volume of 734,700 shares, totaling 431 million yuan [2] - Aerospace Intelligent Equipment (300455) closed at 27.45, down 4.82% with a trading volume of 324,900 shares, totaling 894 million yuan [2] Capital Flow - The computer equipment sector saw a net outflow of 2.172 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.956 billion yuan [2] - The detailed capital flow for selected stocks showed: - Tongyou Technology (300302) had a net inflow of 86.67 million yuan from institutional investors, while retail investors had a net outflow of 77.96 million yuan [3] - ST Yingfeituo (002528) experienced a net inflow of 32.07 million yuan from institutional investors, with retail investors seeing a net outflow of 17.88 million yuan [3] - Zhimi Intelligent (001339) had a net inflow of 20.87 million yuan from institutional investors, while retail investors had a net outflow of 38.88 million yuan [3]

证 券 研 究 报 告 计算机行业重大事项点评 CPU：供需格局优化，国产龙头或迎价值重估机遇 事项： 行业研究 计算机 2026 年 01 月 29 日 推荐（维持） 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 近期 KeyBanc 数据显示，受超大规模云服务商集中采购影响，英特尔与 AMD2026 年服务器 CPU 产能已基本售罄。为应对供需失衡，两家公司计划将 服务器 CPU 价格上调 10%-15%。 行业基本数据 评论： | | | 占比% | | --- | --- | --- | | 股票家数(只) | 337 | 0.04 | | 总市值(亿元) | 64,097.52 | 4.97 | | 流通市值(亿元) | 57,930.71 | 5.58 | 计算机行业重大事项点评 计算机组团队介绍 首席分析师、组长：吴鸣远 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 10.8% | 20.3% | 41.3% | | 相对表现 | 9.5 ...

1月27日，中国长城跌0.87%，截至发稿，报17.08元/股，成交44.67亿元，换手率8.15%，总市值550.97 亿元。中国长城股价已经连续3天下跌，区间累计跌幅12.41%。 资料显示，中国长城科技集团股份有限公司位于广东省深圳市南山区科技园中电长城大厦，成立日期 1997年6月19日，上市日期1997年6月26日，公司主营业务涉及网络安全与信息化、高新电子、电源、园 区与物业服务及其他业务。主营业务收入构成为：计算产业80.86%，系统装备13.52%，其他(补 充)5.62%。 从基金十大重仓股角度 数据显示，易方达基金旗下1只基金重仓中国长城。易方达中证信息安全主题ETF（562920）四季度增 持2.48万股，持有股数15.41万股，占基金净值比例为3.12%，位居第十大重仓股。根据测算，今日浮亏 损失约2.31万元。连续3天下跌期间浮亏损失37.29万元。 易方达中证信息安全主题ETF（562920）成立日期2023年5月31日，最新规模7123.49万。今年以来收益 9.21%，同类排名1705/5548；近一年收益27.09%，同类排名2800/4285；成立以来收益12.64%。 易 ...

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, particularly in the aerospace and consumer electronics sectors, reflecting a bearish sentiment among investors. Group 1: Stock Performance and Fund Flow - Aerospace stocks, such as Aerospace Electronics and China Satellite, experienced the largest fund outflows, with -38.16 billion and -25.95 billion respectively, and declines of -9.98% and -10% in their stock prices [1][2] - Other notable stocks with significant outflows include Xinwei Communication (-18.59 billion, -10.05%), Sanhua Intelligent Control (-17.72 billion, -3.89%), and Goldwind Technology (-17.69 billion, -3.99%) [1][2] - The outflow from Longi Green Energy was -15.87 billion with a stock price decrease of -1.34%, indicating a relatively smaller decline compared to others in the same sector [1][2] Group 2: Sector Analysis - The consumer electronics sector saw major outflows, particularly from companies like Xinwei Communication and Lens Technology, with outflows of -18.59 billion and -12.82 billion respectively [1][2] - The wind power equipment sector, represented by Goldwind Technology, also faced significant outflows, reflecting potential challenges in the renewable energy market [1][2] - The communication equipment sector, including companies like Haige Communication and China Satellite, showed substantial fund outflows, indicating investor caution in this area [1][3]

Investment Rating - The report suggests a positive investment outlook for the industry, indicating a potential increase in value over the next 3-6 months, with expectations of growth exceeding the market by more than 15% [40]. Core Insights - The report highlights three core logic points driving the rigid demand for CPU in the Agent era, emphasizing the shift in computational load from GPU to CPU due to the complexity of tasks performed by Agents [11][16]. - The global Agent ecosystem is predicted to experience exponential growth, with active Agents expected to rise from approximately 28.6 million in 2025 to 2.216 billion by 2030, alongside a significant increase in task execution and token consumption [16][21]. - A supply-demand imbalance is emerging, with Intel shifting production capacity to server CPUs, leading to delivery issues in consumer electronics, while NVIDIA plans to enhance CPU core counts in response to bottlenecks [33][37]. Summary by Sections Section 1: Three Core Logics Revealing the Rigid Demand for CPU - The shift in computational load towards CPU is driven by the Multi-Agent architecture, which increases OS scheduling pressure due to the complex workflow of Agents [11]. - The challenge of long context scenarios necessitates KV Cache offloading to CPU, which increases CPU load due to the need for task scheduling and data transfer [11][12]. - High concurrency in tool usage by Agents leads to significant CPU consumption, as non-model inference tasks are primarily handled by CPUs [15]. Section 2: Expansion of the Agent Ecosystem Igniting CPU Performance Bottlenecks - The number of active Agents is projected to grow significantly, with task execution expected to increase from 44 billion in 2025 to 415 trillion by 2030, indicating a shift towards deeper reliance on Agents in business processes [16][17]. - Token consumption is anticipated to surge from 0.0005 PetaTokens in 2025 to 152,667 PetaTokens by 2030, reflecting the increasing complexity of tasks handled by Agents [17]. Section 3: Supply-Demand Imbalance and New Shortboards in Computing Power - Intel's urgent shift in production to server CPUs has resulted in a decline in consumer electronics delivery rates, while NVIDIA's new architecture aims to address CPU bottlenecks [33]. - Market data indicates a growth in global client CPU shipments, with a 7.9% quarter-on-quarter increase and a 13% year-on-year increase in the second quarter of 2025 [33][34]. Section 4: Related Companies - Key companies in the CPU sector include Haiguang Information, Zhongke Shuguang, He Sheng New Materials, China Great Wall, Longxin Zhongke, and others [4][38]. - Domestic computing power companies include Haiguang Information, Cambricon, Dongyangguang, and others, while overseas companies include Zhongji Xuchuang, New Yisheng, and others [4][38].