Group 1 - The core viewpoint of the news highlights a rebound in the computing power sector, with the "Computing Power ETF" from Huatai-PineBridge (159273) rising nearly 2% and achieving a trading volume exceeding 270 million yuan [1] - Major internet giants are competing for AI traffic entry points as the 2026 Spring Festival approaches, with Tencent and Baidu announcing a combined cash red envelope distribution plan of 1.5 billion yuan [3] - The majority of the popular component stocks in the Huatai-PineBridge ETF showed positive performance, with notable increases in shares of companies like Huasheng Tiancheng and Zhongji Xuchuang [3] Group 2 - NVIDIA announced a strategic investment of 2 billion USD in AI cloud service provider CoreWeave, increasing its stake to 12% and aiming to build a 5 GW AI computing power cluster by 2030 [5] - Citic Securities noted that Amazon's recent 15% price increase for its AI computing service EC2 marks a break from the long-standing trend of decreasing cloud service prices, indicating tight supply in computing power [6] - The demand for AI computing power is driving upgrades in the optical communication industry, with significant capital investments from overseas cloud vendors and TSMC, reflecting strong demand for AI infrastructure [7] Group 3 - The Huatai-PineBridge ETF covers a wide range of sectors including hardware, cloud computing services, IT services, application software, and data center operations, with a hardware-software ratio of 6:4 and over 26% weight in Hong Kong stocks [8] - The report from the China Academy of Information and Communications Technology indicates that the data intelligence service industry is moving towards a stage of deep integration, driven by technological iteration and deepening industry demand [5]

Investment Rating - The report suggests a focus on companies in the advanced packaging industry and highlights potential investment opportunities in CPU manufacturers like AMD and Intel [3][4]. Core Insights - Intel's recent earnings report confirms a shortage of CPUs, with a revenue of $13.67 billion for Q4 2025, a year-on-year decline of 4.1% but a quarter-on-quarter increase of 3%. The client computing group (CCG) revenue was $8.19 billion, down 6.6% year-on-year, while the data center and AI (DCAI) segment saw a revenue increase of 8.9% to $4.74 billion [2]. - The report emphasizes the rising importance of CPU performance in the Agentic AI era, suggesting that CPU shortages could significantly enhance the profitability of related companies [3]. - The advanced packaging supply chain is experiencing increased demand due to AI investments, with companies like TSMC facing capacity constraints and price increases expected in the packaging sector [4]. - Domestic packaging companies are anticipated to benefit from strong overseas demand and a surge in local demand for advanced packaging processes in 2026 [4]. - The report highlights the emergence of domestic computing power solutions, with significant investments from major internet companies expected in 2026, indicating a growing market for domestic computing power [5][6]. Summary by Sections Intel's Financial Performance - Intel's Q4 2025 revenue was $13.67 billion, with a decline in CCG revenue and growth in DCAI revenue. The guidance for Q1 2026 is between $11.7 billion and $12.7 billion, lower than expected due to capacity constraints [2]. Advanced Packaging Industry - The advanced packaging sector is experiencing a boom, with companies like ASE and Amkor expected to raise prices by 5-20% due to high demand and limited supply [4]. Domestic Computing Power - The report identifies a strong opportunity for domestic computing power solutions, with significant investments from companies like ByteDance and Alibaba expected to drive demand in 2026 [6]. IC Substrate Supply Chain - The IC substrate supply chain is facing shortages due to limited supply of glass fiber, with domestic companies likely to benefit from price increases in the market [7]. Global Computing Power Demand - The report anticipates sustained high growth in computing power demand driven by AI applications, with companies like Google planning to double their computing power every six months [8]. Stock Recommendations - The report recommends several stocks, including domestic computing power companies like Cambricon and SMIC, as well as companies in the advanced packaging and IC substrate sectors [10].

Group 1 - The top 20 stocks with the highest main capital inflow as of January 27 include Industrial Fulian (20.56 billion), Zhongji Xuchuang (17.76 billion), and Tianfu Communication (11.03 billion) [1][2] - The sectors represented among the top inflow stocks include consumer electronics, communication equipment, semiconductors, agriculture, and banking [2][3] - Industrial Fulian leads with a capital inflow of 20.56 billion, followed by Zhongji Xuchuang with 17.76 billion, and Tianfu Communication with 11.03 billion [1][2] Group 2 - Other notable stocks include Huada Technology (10.95 billion), Pingtan Development (10.66 billion), and Xinyi Technology (10.02 billion) [1][2] - The banking sector is represented by China Ping An with 6.67 billion and China Merchants Bank with 6.59 billion [2][3] - The data indicates a significant interest in technology and communication sectors, with multiple companies in these fields receiving substantial capital inflows [1][2][3]

基金 2026 年 1 月 27 日 主动权益基金 2025 年四季报 股票仓位回落，重点增持有色金属和通信行业 相关研究报告 【平安证券】基金季度报告*主动权益基金 2024 年 四季报：股票仓位下降，增持电子、减持有色金属 *20250125 【平安证券】基金季度报告*主动权益基金 2025 年 一季报：港股仓位抬升，腾讯控股成为第一大重仓 股*20250425 【平安证券】基金季度报告*主动权益基金 2025 年 二季报：新发规模边际回暖，港股仓位继续抬升 *20250724 【平安证券】基金季度报告*主动权益基金 2025 年 三季报：股票仓位抬升，重点增持科技和新能源行 业*20251030 证券分析师 | 郭子睿 | 投资咨询资格编号 | S1060520070003 | | --- | --- | --- | | GUOZIRUI807@pingan.com.cn | 任书康 | 投资咨询资格编号 | | S1060525050001 | RENSHUKANG722@pingan.com.cn | | | 陈瑶 | 投资咨询资格编号 | S1060524120003 | | CHENYAO370 ...

中际旭创成交额达200亿元，现涨5.17%。 ...

Core Viewpoint - The CPO (Co-Packaged Optics) concept is experiencing a strong recovery driven by the explosive growth in global AI computing demand, leading to increased orders for high-speed optical modules and a revaluation of the sector based on performance drivers [1][3]. Group 1: Market Performance - On January 27, the A-share market saw a surge in the technology sector, particularly in the optical communication segment, with stocks like Kewen Technology and Zhongci Electronics hitting the daily limit [1]. - The CPO concept index rose by 2.64%, with a total transaction volume of 104.1 billion [2]. Group 2: Industry Insights - The CPO technology is transitioning from laboratory experiments to large-scale commercial applications, becoming a new focal point for capital investment as AI computing needs surge [3]. - Key players in the CPO market, such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, are positioned as core suppliers for global AI infrastructure due to their early advantages in the 800G/1.6T optical module sector [3]. Group 3: Technological Developments - The industry is rapidly evolving, with NPO (Near-Packaged Optics) emerging as a critical solution for transitioning from CPO to fully integrated optical interconnects, driven by efficiency improvements [4]. - Several listed companies have made significant breakthroughs in the CPO field, with advancements in silicon photonics and integrated optical interconnect solutions [4]. Group 4: Company-Specific Developments - Zhongci Electronics, a leader in high-end ceramic packaging, is benefiting from increased demand for optical chip packaging, maintaining high capacity utilization and planning to expand production to meet market needs [5]. - The company anticipates a continuous increase in relevant product output in 2026, with ongoing R&D for CPO ceramic substrates expected to reach mass production within three years [5]. Group 5: Employment and Policy Implications - The Chinese government is implementing measures to support employment in key industries, reflecting a commitment to a smooth transition during the technological revolution [6]. - The rise of AI is expected to create new high-skill jobs, such as optical module engineers and AI operations experts, emphasizing the need for alignment between education and industry demands [6].

Market Overview - A-shares continued to decline in early trading, with the ChiNext Index and Shenzhen Component Index dropping over 1% at one point before a collective rebound occurred around 10:02 AM, leading to the ChiNext Index and Shanghai Composite Index turning positive [2] - Notable stocks driving the market include New Yi Sheng, Zhongji Xuchuang, and Tianfu Communication, with Tianfu Communication rising over 11% and entering the top five in trading volume [2] North American Computing Chain - The North American computing chain saw a strong performance, with Yuanjie Technology rising over 10% and reaching a historical high of 815.54 yuan, making it the third highest-priced stock in A-shares with a market capitalization of 70.094 billion yuan [2] - Other stocks in this sector, such as Robotech and Shijia Photon, also experienced significant gains [5] Semiconductor Industry - The semiconductor industry was a key driver of the index's rise, with storage chips and semiconductor equipment sectors leading the gains. Notable stocks included Dongxin Co., which hit the daily limit, and Puran Co., which surged 16% [6][8] - Several companies in the storage chip sector reported substantial profit growth forecasts for 2025, with expected increases ranging from 81.77% to 167.31% year-on-year [8] - The semiconductor equipment market is expected to continue growing, driven by AI computing demand and advancements in packaging technology [9] Institutional Investment Trends - Zhongji Xuchuang has gained significant attention, becoming the largest holding for public funds by the end of Q4 2025, with a market value of 78.421 billion yuan. It has been the most increased stock for public funds for three consecutive quarters [5] - The acceleration of the technology cycle, particularly in AI and data centers, is expected to benefit leading suppliers in the sector [5]

Market Overview - A-shares continued to decline in early trading, with the ChiNext Index and Shenzhen Component Index dropping over 1% at one point before a collective rebound occurred around 10:02 AM [1] - The Shanghai Composite Index rose by 0.03%, while the Shenzhen Component Index fell by 0.37%, and the ChiNext Index increased by 0.44% by the end of the morning session [3] Key Stocks and Sectors - Notable stocks that surged included New Yi Sheng (300502), Zhongji Xuchuang (300308), and Tianfu Communication (300394), with Tianfu Communication rising over 11% [1] - The North American computing power chain saw significant gains, with Yuanjie Technology rising over 10% and reaching a record high price of 815.54 yuan, making it the third highest-priced stock in A-shares with a market capitalization of 700.94 billion yuan [1] - The semiconductor industry, particularly the storage chip and semiconductor equipment sectors, led the market rally, with stocks like Dongxin Co. hitting the daily limit and others like Purun Co. and Jingzhida rising significantly [8][10] Institutional Insights - Zhongji Xuchuang is gaining attention as it is projected to replace CATL (300750) as the largest holding in public funds by the end of Q4 2025, with a market value of 784.21 billion yuan [6] - The stock has been the most increased in public fund holdings for three consecutive quarters, indicating strong institutional interest [6] Price Trends and Forecasts - Amazon Web Services (AWS) recently raised its EC2 machine learning capacity block prices by approximately 15%, breaking a long-standing trend of declining cloud service prices, reflecting tight supply conditions in computing power [7] - The semiconductor equipment market is expected to grow significantly, driven by AI demand and advancements in packaging technology, with strong growth anticipated in 2026 [11]

Group 1 - The top 20 stocks with significant capital inflow as of January 27 include Zhongji Xuchuang (21.98 billion), Xinyi Sheng (14.06 billion), and Industrial Fulian (13.38 billion) [1] - Zhongji Xuchuang experienced a price increase of 5.61%, while Xinyi Sheng rose by 4.28% [2] - The highest capital inflow was observed in communication equipment sector stocks, with Zhongji Xuchuang and Xinyi Sheng leading [2][3] Group 2 - Other notable stocks with significant capital inflow include Tianfu Communication (10.69 billion, 8.86% increase) and Pingtan Development (9.34 billion, 9.99% increase) [1][2] - The banking sector saw a capital inflow of 4.90 billion into China Merchants Bank, with a modest price increase of 1.1% [3] - Emerging sectors such as new materials and software development also attracted capital, with stocks like Guomin Technology and Jiuqi Software showing notable inflows [3]

Market Overview - The market experienced a rebound after an initial drop, with the ChiNext Index turning positive after falling over 1%. By the end of trading, the Shanghai Composite Index rose by 0.03%, the Shenzhen Component Index fell by 0.37%, and the ChiNext Index increased by 0.44% [1]. Sector Performance - Precious metals continued to show strength, with China Gold achieving three consecutive trading days of gains and Hunan Gold achieving two consecutive days of gains [2]. - Semiconductor equipment stocks rebounded, with Chipone Technology rising nearly 14%, and both Aisheng Integration and Shenghui Integration hitting the daily limit [3]. - The CPO (Continuous Positive Airway Pressure) concept was active, with Yuanjie Technology rising over 10% to reach a historical high, and Huilv Ecology hitting the daily limit [4]. - The superhard materials sector strengthened, with Huanghe Whirlwind hitting the daily limit [5]. - Conversely, the battery supply chain saw a collective decline, with Tianji Co. hitting the daily limit down [6]. Trading Volume and Activity - The total trading volume in the Shanghai and Shenzhen markets for the half-day was 1.87 trillion yuan, a decrease of 367.4 billion yuan compared to the previous trading day [7]. - Notable individual stock trading volumes included Zijin Mining with over 21.1 billion yuan, followed by Zhongji Xuchuang, BlueFocus, and Xinye Sheng with significant trading volumes [7]. Top Gainers - The top gainers included: - Sanliang Nian with a rise of 4.68% and a trading volume of 21.17 billion yuan [8] - Zhongji Xuchuang with a rise of 5.61% and a trading volume of 17.95 billion yuan [8] - BlueFocus with a rise of 6.22% and a trading volume of 13.73 billion yuan [8] - Xinye Sheng with a rise of 4.28% and a trading volume of 12.42 billion yuan [8] - Tianfu Communication with a rise of 8.86% and a trading volume of 9.86 billion yuan [8]