公司董事彭震先生、高级管理人员刘军先生保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 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。 特别提示： 浪潮电子信息产业股份有限公司（以下简称"公司"）董事长彭震先生、副 总经理刘军先生合计持有公司股份 864,156 股（占本公司总股本比例 0.0588%）， 计划自本公告披露之日起十五个交易日后的三个月内以集中竞价方式减持本公 司股份不超过 30,000 股（占本公司总股本比例 0.0020%）。 证券代码：000977 证券简称：浪潮信息 公告编号：2026-001 浪潮电子信息产业股份有限公司 关于公司部分董事、高级管理人员减持股份的预披露公 告 近日，公司收到上述股东的《股份减持计划告知函》，现将具体情况公告如 下： 一、股东的基本情况 | 股东名称 | 任职情况 | 持股数量（股） | 占公司股份的比例 | | --- | --- | --- | --- | | 彭震 | 董事长 | 432,078 | 0.0294% | | 刘军 | 副总经理 | 432,078 | 0.0294% | | 合计 ...

浪潮信息公告称，董事长彭震、副总经理刘军合计持股864,156股，占公司总股本比例0.0588%。因自身 临时资金需求，二人计划自公告披露之日起十五个交易日后的三个月内，以集中竞价方式合计减持不超 30,000股，占公司总股本比例0.0020%，股份来源为股权激励计划行权所得。本次减持计划实施存在不 确定性，不会导致公司控制权变更，也不会对公司经营产生重大影响。 ...

证券之星消息，1月26日计算机设备板块较上一交易日下跌1.97%，浩瀚深度领跌。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。计算机设备板块个股涨跌见下表： 从资金流向上来看，当日计算机设备板块主力资金净流出28.73亿元，游资资金净流入13.23亿元，散户资 金净流入15.5亿元。计算机设备板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000977 浪潮信息 | | 3.22 Z | 6.73% | -1.30 Z | -2.71% | -1.92 Z | -4.02% | | 002415 海康威视 | | 2.69 Z | 8.56% | -5474.03万 | -1.74% | -2.14 Z | -6.81% | | 300249 | 依米康 | 4815.95万 | 10.96% | 1608.34万 | 3.66% | -6 ...

券商观点方面，中信证券预计，算力板块2025年业绩将在CSP大厂Capex持续兑现、Token需求不断释放、产品能力不断提升等背景下持续景气增长。展望 2026年，算力景气有望持续、AI应用迎拐点机遇。 今日（1.26），AI算力板块走势震荡，"易中天"再度飘红，云计算ETF汇添富（159273）放量微涨0.14%，盘中成交额3000万元，已超上周五全天！资金再 度涌入，近10日累计"吸金"超1.2亿元！ 从已有商业化落地情况来看，业务增长正支撑Capex投资加速。数据显示谷歌、微软、亚马逊云业务总营收自2024Q1连续七个季度保持20%以上同比增速， 数据中心的盈利能力稳步上升。广告业务方面，AI 提升用户粘性以及帮助广告主降本增效，使用 Meta AI 营销工具 Advantage Plus的广告主单条线索成本下 降14%；端到端AI驱动的广告工具ARR已突破600亿美元。在此背景下，2025Q3北美四大CSP大厂Capex总和（包含融资租赁）为1124.3亿美元，同比 +76.9%，环比+18.3%，持续高增势头不减；其中微软、Meta通过融资租赁以进一步扩大AI投资。 云计算ETF汇添富（159273 ...

内容概要：通讯服务器构配件作为服务器的基础配件，其产业的发展与信息产业技术的发展息息相关。 近年来，随着科学技术的不断进步，信息产业技术快速突破并逐步成为国民经济和社会发展的主导性战 略产业，市场对于信息服务相关的云计算、大数据、物联网、5G等信息技术需求不断扩大，繁荣的市 场为服务器产业带来了巨大的市场需求，也为通讯服务器构配件产业的发展创造了良好的发展机遇。数 据显示，2025年中国通讯服务器构配件市场规模达到141亿元，同比上涨13.3%。预计未来随着服务器 产业稳步增长，通讯服务器构配件将迎来广阔的市场空间。 相关上市企业：浪潮信息（000977）、中科曙光（603019）、中兴通讯（000063）、立讯精密 （002475）、工业富联（601138）、科森科技（603626）、祥鑫科技（002965）等。 通讯服务器是计算机的一种，相较普通计算机，具有更高速的运算能力、更长时间的运行负载、更强大 的数据吞吐能力以及更好的扩展性，主要在网络中为PC、智能手机、ATM终端等客户机提供计算或应 用服务。服务器作为电子设备，具有极其复杂的内部结构，其产品构成包括CPU、硬盘、内存，系统、 系统总线及相关配套 ...

Investment Rating - The report assigns an "Overweight" rating to the computer industry [5][13]. Core Insights - As of Q4 2025, institutional holdings in the computer sector have decreased to 2.1%, down 1.1 percentage points from Q3, marking a historical low. This level is only slightly above the 2.0% recorded in Q2 2022. There is significant potential for increase as the current holdings are far below the highs of over 6% seen in 2020 and 2023, and well below the 12% level in 2015 [3][5][7]. - The report highlights that institutions are increasing their positions in sub-sectors such as AI applications and commercial aerospace, while still heavily invested in large models, intelligent computing, and domestic innovation [5][7]. - The top ten companies by number of institutional holders in Q4 2025 include Kingsoft Office, Southern Power Digital, iFlytek, Inspur Information, and others. In terms of market value, Kingsoft Office leads with 139 billion, followed by iFlytek with 108 billion [7][8]. Summary by Sections - **Institutional Holdings Analysis**: The report details that institutional holdings in the computer industry have fluctuated significantly over the past five years, with a notable rise to 6.2% in late 2022, followed by a decline to 2.1% in Q4 2024. The report emphasizes the potential for recovery given the historical context [5][6][7]. - **Sector Performance**: The report indicates that the computer sector is currently underweight, with a significant gap from previous highs, suggesting a favorable environment for future investment [5][6]. - **Key Companies**: The report lists the top ten companies by institutional holdings, noting changes in the composition of these holdings compared to Q3 2025, with new entries and exits among the top firms [7][8].

Investment Rating - The report indicates a positive outlook for the computer industry, suggesting that it has fundamental support for investment and potential for future growth [1][2]. Core Insights - The computer sector is expected to experience a rebound in performance due to the recovery of the macro economy and advancements in AI technology, which are anticipated to enhance profitability [1][10]. - The report highlights a significant increase in demand for CPUs, driven by the rise of AI applications and the need for high-performance computing [16][19]. - The introduction of sandbox environments for AI agents is seen as a critical development, enhancing system security and performance in high-concurrency scenarios [22][29]. Summary by Sections Investment Allocation - In Q4 2025, the public fund allocation for the computer industry was 1.6%, a decrease of 0.8 percentage points from the previous quarter, ranking it 14th among 30 sectors [2][3]. - The top ten holdings in the computer sector included Inspur Information, Kingsoft Office, and Sangfor Technologies, with notable changes in the composition of these holdings [4][5]. Valuation Metrics - As of January 23, 2026, the PE (TTM) for the computer industry was 94.6x, placing it in the 94.80th percentile historically, while the PS (TTM) was 4.0x, in the 71.40th percentile [10][11]. - The report suggests that despite high PE levels, there is still room for growth in PS and PCF valuations as the market sentiment improves [10][11]. CPU Price Expectations - Intel and AMD are expected to raise server CPU prices by 10% to 15% in Q1 2026 due to supply constraints and increased demand from AI applications [16][21]. - The report emphasizes the growing importance of CPUs in AI workloads, particularly in managing complex tasks and ensuring system stability [19][40]. Key Investment Themes - The report identifies several key investment themes, including leadership in the digital economy, AIGC applications, and the importance of data elements and new industrialization [41][42]. - Specific companies recommended for investment include Inspur Information, Kingsoft Office, and various firms involved in AI and data solutions [41][42].

Investment Rating - The report maintains a positive outlook on the computer industry, indicating a "Buy" rating for the sector [2]. Core Insights - The computer sector is supported by strong fundamentals, with expectations of increased allocations to high-performing stocks. The sector's public fund allocation is currently at 1.6%, down 0.8 percentage points from the previous quarter, marking a low point since 2010 [2][3]. - Valuation metrics such as PE, PS, and PCF suggest that there is still room for growth in the computer sector, despite high current levels. The PE (TTM) is at 94.6x, in the 94.80% historical percentile, while PS (TTM) is at 4.0x and PCF (TTM) is at 51.6x, indicating a divergence that could be resolved as market sentiment improves [2][11]. - Anticipated price increases for server CPUs due to supply constraints and rising demand driven by AI applications are highlighted. Major players like Intel and AMD may raise CPU prices by 10% to 15% in Q1 2026 [2][18]. - The report emphasizes the importance of sandbox environments for agents, which enhance system performance and security by isolating tasks, thus improving user experience in high-concurrency scenarios [24][32]. Summary by Sections 1. Fund Holdings Analysis - The computer sector's public fund allocation decreased to 1.6% in Q4 2025, ranking 14th among 30 sectors, reflecting a decline in investor confidence [3][4]. - The top ten holdings in the computer sector include Inspur Information, Kingsoft Office, and Sangfor Technologies, with notable changes in positions among these stocks [5][6]. 2. Valuation Metrics - The report notes that the current PE (TTM) of 94.6x exceeds previous peaks in 2020 and 2023, indicating market optimism about future earnings potential [11][12]. - The divergence between PE and PS/PCF suggests that as the macroeconomic environment stabilizes, the sector's valuations may realign, leading to potential market cap growth [11][12]. 3. CPU Price Expectations - The report anticipates a supply-demand mismatch for CPUs, with significant price increases expected due to locked-in capacities and rising AI-driven demand [18][23]. - The role of CPUs is evolving, with increased responsibilities in managing complex workflows driven by AI agents, necessitating higher performance specifications [21][42]. 4. Sandbox Technology - The report discusses the growing importance of sandbox environments for AI agents, which enhance performance and security by isolating tasks and managing resources effectively [24][32]. - The sandbox model is seen as crucial for handling high concurrency and ensuring system stability, particularly in AI applications [32][40]. 5. Key Investment Themes - The report identifies several key investment themes, including digital economy leadership, AIGC applications, and new industrialization, with specific companies highlighted for each theme [45].

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院防火墙研究小组发布的《中国防火墙行业市场前瞻与投资战略规 划分析报告》。 行业主要公司：深信服(300454.SZ);天融信(002212.SZ);山石网科(688030.SH);迪普科技(300768.SZ);锐捷 网络(301165.SZ);启明星辰(002439.SZ);奇安信(688561.SH);绿盟科技(300369.SZ)等 本文核心数据：防火墙行业上市公司汇总;业务布局;业绩对比;业务规划。 1、防火墙行业上市公司汇总 防火墙是网络安全体系的核心基石，是政企及个人网络安全的"第一道防线"。目前，我国防火墙行业上 市公司主要分布在产业链上游。位于产业链上游的上市公司为龙芯中科(688047.SH)、中科曙光 (603019.SH)等;位于产业链中游防火墙产品的上市企业是深信服(300454.SZ)、天融信(002212.SZ)、山石 网科(688030.SH)、迪普科技(300768.SZ)、锐捷网络(301165.SZ)、启明星辰(002439.SZ)、奇安信 (688561.SH)、绿盟科技(300369.SZ)。 | 产业链环节 | ...

Core Insights - The 2025 annual performance of AI-themed funds has drawn market attention, with significant adjustments in their holdings during the reporting period [1] - There is a divergence among fund managers regarding investment opportunities in the AI sector for 2026, despite some funds experiencing substantial net value increases due to their investments in AI application stocks [9] Fund Adjustments - The top-performing active equity funds have made considerable adjustments to their AI asset holdings, with some funds increasing their positions in leading companies while others have reduced their stakes [1][4] - For instance, the fund Yongying Technology Select increased its holdings in Dongshan Precision, Jingwang Electronics, and others, while reducing its stake in Zhongji Xuchuang [1][4] - The fund Zhongou Digital Economy has also shifted its focus, increasing investments in domestic AI and AI infrastructure while reducing exposure to smart driving and edge AI [1][6] Sector Consensus and Divergence - There is a consensus among high-performing funds regarding the PCB sector, with several funds increasing their positions in companies like Dongshan Precision and Shengxin Technology [5][6] - However, there are notable divergences in the strategies of different funds regarding specific AI sub-sectors, such as the varying approaches to Zhongji Xuchuang [4][5] Future Outlook - Fund managers are considering how to capitalize on the expanding AI market, with a focus on the potential for significant breakthroughs in AI applications and the ongoing competition in the large model sector [10][11] - Some managers emphasize the importance of balancing growth potential with safety margins, while others highlight the need for diversified investments to mitigate risks associated with high valuations in the AI sector [12]