Market Overview - The market experienced high-level consolidation last week, with the Shanghai Composite Index down 1.73%, Shenzhen Component Index down 3.57%, ChiNext Index down 2.80%, and the STAR Market 50 Index down 5.69% [1] Top Performing Stocks - The top ten performing stocks of the week include C Hengyun Chang, C Zhenshi, Tongyuan Petroleum, Hunan Gold, Sidik, China Gold, Xiaocheng Technology, Tiandi Online, *ST Lifang, and Wangsu Technology [1][2] C Hengyun Chang - C Hengyun Chang, a leading supplier of core components for semiconductor equipment and RF power, saw its stock price surge by 352.75% due to technological breakthroughs and the dual push of its listing process [2][3] C Zhenshi - C Zhenshi, a global leader in wind turbine blade materials, experienced a stock price increase of 93.92%, benefiting from the recovery of the wind power industry and its status as the highest fundraising new stock this year [2][3] Tongyuan Petroleum - Tongyuan Petroleum's stock rose by 63.04%, driven by external geopolitical conflicts and the International Energy Agency's upward revision of demand forecasts, enhancing the overall attractiveness of the oil and gas service sector [2][3] Hunan Gold - Hunan Gold's stock increased by 61.08%, supported by significant asset restructuring progress and performance forecasts, attracting investor interest due to its improved fundamentals [2][3] Sidik - Sidik's stock price rose by 60.03%, attributed to breakthroughs in functional coating composite materials and business expansion, including partnerships with Huawei in the magnetic storage field [2][4] China Gold - China Gold's stock increased by 59.22%, influenced by heightened market attention on international gold prices and the company's metal production planning, resonating with market sentiment [2][3] Xiaocheng Technology - Xiaocheng Technology's stock rose by 53.13%, closely linked to the surge in international gold prices and its business structure, with over 86% of its revenue from gold-related activities [2][3] Tiandi Online - Tiandi Online's stock increased by 51.23%, primarily driven by its acquisition of Jiato Group and its focus on AI marketing and virtual digital human sectors [2][4] *ST Lifang - *ST Lifang's stock rose by 47.33%, influenced by expectations of debt restructuring and speculative trading, as the company faces delisting risks due to previous debt issues [2][5] Wangsu Technology - Wangsu Technology's stock increased by 44.25%, benefiting from the surge in AI computing demand and anticipated price increases in cloud services, transitioning from traditional CDN to emerging businesses [2][5]

Core Viewpoint - The CDN industry is experiencing a significant price increase driven by major players like Google Cloud and Amazon Cloud, leading to a potential revaluation of the sector, with companies like Wangsu Technology seeing substantial stock price gains [2][3]. Group 1: Company Performance - Wangsu Technology's stock price surged from 11.66 CNY to 16.56 CNY, marking a weekly increase of 42.25%, with a market capitalization reaching 40.728 billion CNY [1]. - The strong performance of Wangsu Technology is attributed to the announcement by Google Cloud regarding a price hike for CDN and data transmission services, which is the first increase in two decades [2]. - The company has also launched a service that allows users to deploy AI Agent Moltbot without needing to purchase hardware, enhancing its market position [3]. Group 2: Industry Dynamics - The CDN industry is undergoing a transformation due to rising costs in the AI supply chain, with significant price increases reported by major cloud service providers [2]. - The historical context of the CDN market shows that it has faced severe price wars since 2015, which led to a decline in revenues for many companies, including Wangsu Technology [4]. - Currently, local cloud providers like Alibaba Cloud, Tencent Cloud, and Huawei Cloud dominate over 90% of the Chinese CDN market, while Wangsu Technology is effectively expanding into emerging markets [5]. Group 3: Market Trends - The recent surge in AI applications is expected to increase data transmission demands, positively impacting the CDN sector [3]. - The overall TMT index showed resilience with a slight increase, indicating a favorable environment for technology companies amid ongoing support for semiconductor and optical communication sectors [6]. - Despite the positive trends, analysts caution that the competitive landscape in the CDN industry remains unstable, and any return to low-price strategies could impact profit margins [5].

[Table_Page] 跟踪研究|IT 服务Ⅱ 证券研究报告 [Table_Title] 网宿科技（300017.SZ） 公司有望受益于 CDN 等云服务涨价趋势 [Table_Summary] 核心观点： 1 / 6 972918116公共联系人2026-01-30 01:08:14 | 盈利预测： | | | | | | | --- | --- | --- | --- | --- | --- | | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入 | 4,705 | 4,932 | 5,176 | 5,403 | 5,629 | | 增长率（ % ） | -7.4% | 4.8% | 5.0% | 4.4% | 4.2% | | EBITDA | 759 | 687 | 799 | 865 | 922 | | 归母净利润 | 613 | 675 | 826 | 758 | 821 | | 增长率（ % ） | 221.7% | 10.0% | 22.5% | -8.2% | 8.2% | | EPS ...

Group 1 - The core viewpoint of the articles highlights the increasing demand for AI-driven cloud computing services, leading to a tightening supply-demand dynamic in the computing power sector, which is reflected in rising prices from major cloud providers [8][11]. - The "算力ETF" (Computing Power ETF) has seen significant inflows, with over 1.4 billion yuan accumulated in the last ten days, indicating strong investor interest in the sector [1]. - Major tech companies like Microsoft, Meta, and others have reported impressive cloud revenue, with Microsoft achieving $50 billion in cloud revenue for the second fiscal quarter, surpassing analyst expectations [4]. Group 2 - Clawdbot, an open-source AI assistant, has gained significant attention, with deployment support from Tencent Cloud and Alibaba Cloud, indicating a shift towards more personalized AI applications [3][6]. - The pricing strategies of leading cloud providers, such as Google and AWS, have been adjusted upwards, reflecting the increased costs associated with AI training and inference demands [8][9]. - The computing power supply chain is experiencing inflation, with projections indicating significant price increases for DRAM and NAND storage, as well as CPU products, driven by AI demand [9][10]. Group 3 - The rapid growth in token usage for AI models, particularly from OpenAI and Google, suggests a burgeoning market for AI applications across various sectors, with daily token calls reaching unprecedented levels [10]. - The anticipated rise in AI model applications is expected to further drive demand for computing resources, benefiting companies involved in hardware, cloud services, and AI development [11]. - The computing power ETF, 汇添富 (159273), is positioned to capture the growth opportunities in the AI-driven cloud computing market, covering a wide range of sectors including hardware, IT services, and data center operations [12].

Group 1 - The total margin balance of A-shares reached 27,426.43 billion yuan on January 28, an increase of 192.52 billion yuan from the previous trading day, accounting for 2.63% of the A-share circulating market value [1] - The trading volume of margin financing on the same day was 2,963.24 billion yuan, which is an increase of 168.28 billion yuan from the previous trading day, representing 9.90% of the total A-share trading volume [1] Group 2 - Among the 31 primary industries in Shenwan, 27 industries experienced net financing inflows, with the non-ferrous metals industry leading with a net inflow of 5.968 billion yuan [3] - Other industries with significant net financing inflows include telecommunications, computers, construction decoration, non-bank financials, and pharmaceuticals [3] Group 3 - A total of 64 stocks had net financing inflows exceeding 100 million yuan, with Zijin Mining leading at 1.471 billion yuan [3] - Other notable stocks with high net financing inflows include Tianfu Communication, China Ping An, Wangsu Science and Technology, Hengyun Chang, Changjiang Electric Power, Kweichow Moutai, Jiangxi Copper, Cambricon, and Northern Rare Earth [3] Group 4 - The top stocks by net financing inflow on January 28 are as follows: 1. Zijin Mining: 1,470.57 million yuan 2. Tianfu Communication: 825.18 million yuan 3. China Ping An: 792.95 million yuan 4. Wangsu Science and Technology: 747.54 million yuan 5. Hengyun Chang: 656.63 million yuan 6. Changjiang Electric Power: 429.54 million yuan 7. Kweichow Moutai: 397.22 million yuan 8. Jiangxi Copper: 375.39 million yuan 9. Cambricon: 363.92 million yuan 10. Northern Rare Earth: 340.54 million yuan [4]

证券代码：300017 证券简称：网宿科技 公告编号：2026-003 网宿科技股份有限公司 关于股票交易异常波动的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、股票交易异常波动的具体情况 网宿科技股份有限公司（以下简称"公司"）股票交易价格于 2026 年 1 月 26 日、2026 年 1 月 27 日、2026 年 1 月 28 日连续三个交易日收盘价格涨幅偏离值 累计超过 30%，根据《深圳证券交易所交易规则（2023 年修订）》的有关规定， 属于股票交易异常波动的情形。 二、公司关注并核实情况说明 针对公司股票异常波动情况，公司董事会通过通讯及现场询问等方式，对公 司第一大股东、公司董事及高级管理人员就相关问题进行了核实，现就相关情况 说明如下： 1、公司前期披露的信息不存在需要更正、补充之处。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 3、公司目前经营情况正常，内外部经营环境未发生重大变化。 4、公司、公司第一大股东不存在关于公司应披露而未披露的重大事项，或 处于筹划阶段的重大事项。 5、公 ...

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index up by 0.27% and the Shenzhen Component Index up by 0.09%, while the ChiNext Index fell by 0.57% [1] - Over 3600 stocks in the three markets closed lower, with significant gains in sectors like non-ferrous metals, oil and gas, and coal, while solar equipment and biopharmaceuticals faced declines [1] Sector Performance - The weakening US dollar and geopolitical risks led to significant gains in precious metals and oil and gas sectors, while semiconductor and real estate sectors also performed well [2] - Resource sectors attracted substantial capital inflows, with non-ferrous metals leading the way, while previously popular sectors like electric equipment and defense faced capital outflows [3][4] Capital Flow Analysis - The top five sectors for capital inflow included non-ferrous metals (net inflow of 343.73 billion), basic chemicals, building materials, coal, and oil and petrochemicals, indicating a strong preference for resource and cyclical industries [4] - Conversely, the sectors experiencing the most capital outflow were electric equipment, defense, pharmaceuticals, food and beverage, and automotive [4] Stock Performance - The top five stocks for capital inflow were dominated by non-ferrous metals and technology, with China Aluminum and Tongling Nonferrous Metals seeing significant gains [5] - Major outflows were observed in consumer and financial stocks, with Kweichow Moutai experiencing a net outflow exceeding 31 billion [5] Market Dynamics - On January 28, 85 stocks hit the daily limit up, with non-ferrous metals accounting for 41% of these, indicating a strong sector concentration driven by resource and policy factors [6][7] - The market showed a high level of event-driven trading, with significant interest in non-ferrous metals due to global supply chain restructuring and domestic policy support [6][7] Precious Metals Insights - International gold prices surged, reaching a historical high of 5300 USD/oz, with the precious metals index rising by 6.76% [9] - The increase in gold prices was attributed to a significant decline in the US dollar index, which fell to 95.77, the lowest since February 2022, making gold more attractive as a non-dollar asset [10][11] Geopolitical and Economic Factors - Geopolitical tensions and concerns over the US dollar's credibility have driven investors towards gold as a safe-haven asset, reflecting heightened global risk aversion [11] - Central banks' continued purchases of gold and expectations of interest rate cuts by the Federal Reserve have further boosted demand for gold ETFs and institutional allocations [12] Domestic Market Trends - Domestic gold prices also rose, with mainstream gold jewelry brands exceeding 1600 CNY/g, driven by strong market demand [13] - The oil sector's rise was primarily due to geopolitical supply disruptions, reflecting a systemic response to both geopolitical risks and a weakening dollar [13]

Group 1: Market Overview - The total trading amount for Shanghai Stock Connect today was 185.69 billion, while Shenzhen Stock Connect reached 190.08 billion [2] - The top traded stocks in Shanghai included Zijin Mining at 42.38 billion, followed by Zhaoyi Innovation at 22.70 billion and Lanke Technology at 20.47 billion [3] - In Shenzhen, the leading stock was CATL with a trading amount of 58.28 billion, followed by Sunshine Power at 34.92 billion and Zhongji Xuchuang at 32.50 billion [3] Group 2: Sector Performance - The sectors with the highest gains included non-ferrous metals, oil and gas, and coal, while the sectors with the largest declines were pharmaceuticals and photovoltaics [4] - Non-ferrous metals led the net inflow of funds with 97.43 billion, followed by industrial metals at 56.64 billion and communications at 43.86 billion [5] - The sectors experiencing the most significant net outflows included the new energy sector at -148.23 billion, pharmaceuticals at -80.02 billion, and electronics at -69.15 billion [6] Group 3: Stock-Specific Activity - The stocks with the highest net inflow of funds included N Hengyun at 19.23 billion, China Aluminum at 19.06 billion, and Wangsu Technology at 18.07 billion [7] - Conversely, the stocks with the largest net outflow included BlueFocus at -24.54 billion, Sunshine Power at -16.64 billion, and Kweichow Moutai at -12.71 billion [8] Group 4: ETF Trading - The top ETFs by trading amount included the CSI 300 ETF from Huatai-PB at 40.10 billion, with a 96.09% increase from the previous trading day [9] - The ETF with the highest growth in trading amount compared to the previous day was the CSI 500 ETF from Huatai-PB, which saw an increase of 1,188.46% [10] Group 5: Futures Market - In the futures market, both long and short positions increased for the IH and IF contracts, while both sides reduced positions for the IC and IM contracts, indicating a cautious overall sentiment [11] Group 6: Institutional Activity - Institutional activity showed a decrease, with notable purchases in stocks like Hongjing Technology at 1.45 billion and Jushi Technology at 1.22 billion [12] - The AI application stock Sanwei Communication faced significant selling pressure, with two institutions selling 1.18 billion and the Shenzhen Stock Connect selling 1.19 billion [13] Group 7: Retail Investor Activity - Retail investors were active, with notable transactions in Wangsu Technology, which saw a buy of 3.37 billion from one retail investor and a sell of 2.31 billion from another [15] - Sanwei Communication also experienced significant selling from retail investors, with a sell of 1.01 billion [15]

Summary of Key Points Core Viewpoint - The trading volume of the Shanghai and Shenzhen Stock Connect reached a total of 375.77 billion, with Zijin Mining and CATL leading in individual stock trading volume. The non-ferrous metals sector saw the highest net inflow of funds, while the CSI 500 ETF experienced a significant increase in trading volume, up 1188% compared to the previous trading day [1][2][5][9]. Group 1: Trading Volume and Stock Performance - The total trading amount for the Shanghai Stock Connect was 185.69 billion, while the Shenzhen Stock Connect totaled 190.08 billion [2]. - Zijin Mining topped the Shanghai Stock Connect with a trading volume of 42.38 billion, followed by兆易创新 (22.70 billion) and 澜起科技 (20.47 billion) [3]. - CATL led the Shenzhen Stock Connect with a trading volume of 58.28 billion, followed by 阳光电源 (34.92 billion) and 中际旭创 (32.50 billion) [3]. Group 2: Sector Performance - The non-ferrous metals, oil and gas, and coal sectors showed the highest gains, while the pharmaceutical and photovoltaic sectors experienced the largest declines [5]. - The non-ferrous metals sector had the highest net inflow of funds, while the electric power sector saw the largest net outflow [5]. Group 3: ETF Trading - The top ETF by trading volume was the CSI 300 ETF from Huatai-PB, with a trading amount of 401.00 billion, reflecting a 96.09% increase [8]. - The CSI 500 ETF from Huaxia saw a remarkable trading volume increase of 1188% compared to the previous trading day, reaching 40.44 billion [9]. Group 4: Institutional and Retail Trading - Institutional trading activity decreased, with notable purchases in stocks like 宏景科技 (1.45 billion) and 巨力索具 (1.22 billion) [12][13]. - Retail trading was active, with significant transactions in 网宿科技, which saw a buy of 3.37 billion and a sell of 2.31 billion from different trading desks [14][15].

Core Viewpoint - The article provides an overview of the trading activities in the Shanghai and Shenzhen stock markets, highlighting significant stock transactions, sector performances, and ETF trading volumes, indicating potential investment opportunities and market trends. Group 1: Trading Volume and Key Stocks - The total trading volume for the Shanghai and Shenzhen Stock Connect today reached 375.766 billion, with Zijin Mining and CATL leading in trading volume for Shanghai and Shenzhen respectively [1] - The top ten stocks by trading volume in the Shanghai Stock Connect include Zijin Mining at 4.238 billion, followed by Zhaoyi Innovation and Lanke Technology [3] - In the Shenzhen Stock Connect, CATL topped the list with 5.828 billion, followed by Sunshine Power and Zhongji Xuchuang [4] Group 2: Sector Performance - The non-ferrous metals sector saw the highest net inflow of funds, amounting to 9.743 billion, with a net inflow rate of 2.92% [6] - Other sectors with significant net inflows include industrials and communications, while sectors like electric power and pharmaceuticals experienced notable outflows [5][7] Group 3: ETF Trading - The top ETF by trading volume was the CSI 300 ETF from Huatai-PB, with a transaction amount of 40.1002 billion, reflecting a 96.09% increase from the previous trading day [12] - The CSI 500 ETF from Huaxia saw a remarkable increase of 1188% in trading volume, indicating strong investor interest [13] Group 4: Stock Market Dynamics - Net inflows were observed in stocks such as N Guanyun and China Aluminum, while stocks like BlueFocus and Sunshine Power faced significant outflows [8][9] - The article notes that the trading activity of institutional investors has decreased, with notable purchases in stocks like Hongjing Technology and Jieli Sockets [15][16]