持股过节，关注成长 ——2026年2月五维行业比较观点 策略组 张宇生 SAC编号：S0930521030001 策略组 王国兴 SAC编号：S0930524070013 请务必参阅正文之后的重要声明 核心观点 2026年2月8日 证券研究报告 1 国海富兰克林基金 请务必参阅正文之后的重要声明 五维行业比较框架介绍。股价表现受多重因素影响，单一指标难以有效指导行业比较。想要做好行业比较，需要对各种可能 影响股价的因素均进行分析并做出综合判断，并且对于未来可能的市场主导因素，应该赋予更高的权重。基于此，我们综合 市场风格、基本面、资金面、交易面、估值五个维度，构建了"五维行业比较框架" ，在非财报季时期，我们对于五个维 度进行等权打分，而在财报季，则给予基本面维度更高权重，并降低市场风格及估值维度的权重。 历史回测来看，五维行业比较框架表现优异，得分越高的行业表现往往更好。通过复盘2016年至2025年2月期间五维行业比 较框架的历史表现，可以发现该框架下得分越高的行业股价表现往往更好，按得分高低将行业依次分为第1组、第2组 、第3 组、第4组、第5组，各组的年化收益率分别为11.8%、1.3%、-1.4%、 ...

（记者 曾健辉） 每经AI快讯，中际旭创（300308.SZ）2月8日在投资者互动平台表示，（1）由于可插拔光模块拥有成熟 的技术、大规模量产与交付能力、网络部署的灵活性以及较低的维护成本等优势，预计仍有较长的生命 周期，能够满足大客户在scale-out和scale-across网络的大规模和低成本部署需求；而在scale-up网络，可 插拔光模块也是客户可选的技术方案之一；（2）公司在NPO、CPO等领域已有技术布局，并将协助重 点客户定制化开发相关产品。综上，公司紧跟行业与客户迭代趋势，通过加大研发投入和加快技术升 级，能够应对数据中心更高带宽密度和更低功耗的需求，有信心继续保持和巩固在行业的优势与地位。 ...

2月首周，A股市场风格显著切换，科技板块遭遇深度调整。当周，电子、通信行业领跌两市，其中电 子行业总市值跌去约8900亿元。龙头股更是放量杀跌，重创板块情绪，中际旭创（300308.SZ）、新易 盛（300502.SZ）周跌幅均超13%，寒武纪（688256.SH）单周重挫17.63%，股价创2025年8月末以来新 低。 与之形成鲜明对比的是，白酒、地产等防御性板块逆势走强，贵州茅台（600519.SH）周内涨8.14%， 保利发展（600048.SH）创下年内股价新高。 市场人士分析，临近春节长假，资金避险情绪升温，叠加科技股前期涨幅透支估值，投资者正从高波动 赛道转向业绩确定性更强的领域，反映出市场对估值合理性的审慎重估与对稳健收益的追求。 科技赛道全线降温，资金放量出逃 本周A股科技板块全面回调，且成交量显著放大，呈现典型的"放量下跌"格局。Wind数据显示，本周， 电子行业成交额达3139亿元，创下今年以来新高，该行业指数周内跌5.22%，通信板块周内跌6.94%。 作为科技板块的代表性指数，科创50指数单周跌幅达5.76%，创2025年11月以来最大周跌幅，近两周累 计下跌8.45%，市场对科技股的 ...

Investment Rating - The report maintains an "Overweight" rating for the communication industry, indicating a positive outlook for the sector over the next six months [1][8]. Core Insights - The demand for optical modules is expected to increase significantly, driven by major cloud service providers (CSPs) like Amazon, Google, Microsoft, and Meta, which are projected to spend a total of $660 billion on capital expenditures in 2026, a 60% year-on-year increase, primarily focused on AI computing infrastructure [5]. - The CPO (Co-Packaged Optics) industry is accelerating its progress, with Lumentum announcing substantial orders for high-power lasers, and Nvidia's partners set to deploy CPO systems in 2026, indicating a robust market expansion [5]. - NPO (Near-Package Optics) technology is gaining traction due to its cost-effectiveness and flexibility, making it a preferred choice among CSP clients, which could enhance the long-term growth potential of related companies [5]. - The report emphasizes that multiple optical interconnection solutions will coexist in the long term, suggesting that investors should focus on different investment priorities based on market cycles and technological advancements [5]. Summary by Sections Optical Modules - The future demand for optical modules is expected to remain strong, with a competitive edge due to the ongoing evolution of products like 800G, 1.6T, and 3.2T modules, leading to quarterly revenue growth for related companies [5]. CPO Industry - The CPO sector is witnessing accelerated industrialization, with significant orders expected to materialize in 2026 and 2027, indicating a clear commercial value and expanding market space [5]. NPO Technology - NPO technology is recognized for its unique advantages, including cost and power efficiency, and is anticipated to become a long-term technical choice for CSPs, suggesting a strong growth trajectory for companies involved in this space [5]. Investment Focus - The report recommends focusing on three core investment themes: 1. Large-scale optical modules benefiting from high-speed interconnect demand, with key recommendations for companies like Zhongji Xuchuang and attention to new opportunities in the second-tier market [5]. 2. Smaller optical modules with increased customer demand, highlighting potential breakthroughs for companies like LianTe Technology and HuiLv Ecology [5]. 3. New optical technologies that are emerging, with a focus on companies like Tianfu Communication and potential opportunities in the technology upgrade cycle [5].

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

周五（2月6日），A股缩量盘整，创业板人工智能午后翻绿收跌，算力、AI应用双双走低。成份股大面 积飘绿，AI应用龙头昆仑万维领跌超7%，光模块龙头新易盛下跌5%，中际旭创下跌4%；IDC算力租赁 方向相对活跃，铜牛信息、奥飞数据盘中均拉升超5%。 AI应用上，商业模式正从向规模化落地演进。长江证券表示，2026年随着AI产业生态的逐渐完善， Agent商业化有望全面加速，目前Agent还处于早期阶段，供给主要集中在头部大模型厂商叠加AI高昂的 使用成本，2C入口与2B侧规则化明确的高价值场景有望率先迎来规模化落地。* 当AI发展正从算力建设转向应用落地，一键布局"算力+AI应用"的创业板人工智能ETF（159363）及场 外联接（A类023407、C类023408），更直接受益于AI技术商业化爆发的增长红利。从赛道看，创业板 人工智能约六成仓位布局算力（光模块龙头+IDC龙头），约四成仓位布局AI应用，不止是"算力"核 心，也是真正的"AI应用"代表。 数据来源：沪深交易所等。 热门ETF方面，双线布局"算力+AI应用"的创业板人工智能ETF（159363）场内收跌1.95%，日线三连 跌，单日缩量成交5.6 ...

行业资金流向方面，今日有11个行业主力资金净流入，电力设备行业主力资金净流入规模居首，该行业 今日上涨1.27%，全天净流入资金53.86亿元，其次是基础化工行业，日涨幅为2.05%，净流入资金为 46.00亿元。 个股方面，全天资金净流入的个股共有2002只，净流入在1000万元以上的有697只，其中，净流入资金 超亿元的有129只，净流入资金最多的是五洲新春，今日上涨10.01%，全天资金净流入12.85亿元，其次 是数据港、天际股份等，净流入资金分别为11.28亿、11.09亿。资金净流出超亿元的有115只，净流出资 金规模居前的个股为新易盛、中际旭创、航天发展，分别净流出资金28.47亿、15.21亿、12.72亿。（数 据宝） 主力资金净流出的行业有20个，传媒行业主力资金净流出规模居首，今日下跌0.84%，全天净流出资金 43.46亿元，其次是国防军工行业，今日跌幅为1.66%，净流出资金为39.50亿元，净流出资金较多的还 有计算机、通信、食品饮料等行业。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 资金面上，今日主力资金全天净流出112.49亿元，已连续3个交易日资金呈净流出 ...

2月6日，A股三大指数截至收盘，沪指下跌0.25%报4065.58点，深成指下跌0.33%报13906.73点，创业板指下跌0.73%报 3236.46点。从板块行情上来看，今日表现较好的是化工原料、氟化工和机器人执行器，而AI语料、白酒和字节概念等板块 下跌。 近一个月（1月7日-2月6日），博时基金参与公司调研的数量最多，共调研64家上市公司，此外调研较为活跃的还有华夏基 金、富国基金和嘉实基金，分别调研56家、51家、47家上市公司；从调研行业上来看，基金公司对通用设备行业的上市公 司调研次数最多，共有218次，其次是化学制品行业，基金公司调研了193次。 | 近一个月基金公司调研股票个数排行 | | 近一个月基金公司调研行业排行 | | | --- | --- | --- | --- | | 基金公司名称 | 调研股票家数 | 基金公司调研行业名称 | ■ 基金公司调研总量 | | 博时喜笑晨琦卓版公司 | 64 | 通用设备 | 218 | | 华夏章令复琦有限公司 | 56 | 化学制品 | 193 | | 营国意关量铺有限公司 | 51 | 专用设备 | 188 | | 嘉实意全营理有限公司 | ...

据交易所数据显示，截至2月6日收盘，主力资金流出前20的股票分别为： 新易盛（-28.83亿元）、 中际旭创（-15.50亿元）、 航天发展（-13.04亿元）、 平 潭发展（-10.35亿元）、 东方财富（-8.19亿元）、 中国卫星（-7.29亿元）、 浙文互联（-6.98亿元）、 乾照光电（-6.49亿元）、 昆仑万维（-5.97亿元）、 阳光电源（-5.46亿元）、 贵州茅台（-5.44亿元）、 兴业银锡（-5.33亿元）、 利欧股份（-5.01亿元）、 同花顺（-4.66亿元）、 山东黄金（-4.65亿元）、 蓝 色光标（-4.55亿元）、五 粮 液（-4.52亿元）、 海峡创新（-4.36亿元）、 三安光电（-4.11亿元）、 芯原股份（-4.04亿元）。 | 股票名称 | 涨跌幅 (%) | 主力资金流向 | 所属行) | | --- | --- | --- | --- | | 新易盛 | -4.95 | -28.83亿元 | 通信设备 | | 中际旭创 | -3.91 | -15.50亿元 | 通信设备 | | 航天发展 | -5.16 | -13.04亿元 | 通信设备 | | 平潭发展 | ...

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the communication industry, indicating an expected outperformance of over 10% compared to the benchmark index [1][36]. Core Insights - The emergence of Moltbot as a significant application in Silicon Valley represents a major leap in AI capabilities, enabling seamless workflow automation from thought to execution. This application has rapidly gained popularity, surpassing 100,000 stars on GitHub, making it one of the fastest-growing open-source projects globally [4][12]. - The report highlights the potential for unlimited cloud computing power driven by applications like Moltbot, which could lead to increased capital expenditures in cloud service providers (CSPs) due to rising demand for computational resources [4][12]. - The demand for cloud hosts and various types of home servers is expected to grow rapidly, benefiting public cloud vendors as they offer more secure and stable solutions compared to local PCs [5][13]. - AIOT (Artificial Intelligence of Things) applications on the edge are anticipated to have significant potential, as Moltbot combines cloud capabilities with local execution, creating a closed-loop system for industrial intelligence [5][13]. - SpaceX's plan to establish a satellite computing cluster consisting of up to 1 million satellites represents a substantial development in space computing capabilities, which could integrate with existing satellite networks and enhance data processing capabilities [6][14]. Summary by Sections Industry Trends - Moltbot's capabilities include automating tasks such as email management, scheduling, and even automated trading, showcasing its versatility and potential for widespread adoption [4][12]. - The report suggests that the rapid spread of Moltbot and similar applications will lead to increased demand for cloud computing resources, potentially causing a "computing power crunch" [4][12]. Market Overview - The communication index rose by 5.83% during the week of January 26 to January 30, 2026, while the broader market indices showed mixed results, with the Shanghai Composite Index declining by 0.44% [7][15]. - The top-performing sectors included optical cables and marine cables, with significant weekly gains [7][15]. Recommended Companies - The report recommends focusing on companies in various segments, including: - Cloud Computing: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Industrial Fulian, Woer, Zhishang Technology, Guangku Technology [6][15]. - CPU/CXL: Haiguang Information, Lanke Technology, ZTE, Wantong Development [6][15]. - Edge Computing: Ruixin Micro, Zhaoyi Innovation, Yinghantong, Guanghetong, Yiyuan Communication, Meige Intelligent [6][15]. - Inter-satellite Laser Communication: Fenghuo Communication, Guangxun Technology, Guangku Technology, Aerospace Electronics, Zhongrun Optics, Tengjing Technology [6][15].