格隆汇1月26日｜A股市场部分腾讯云概念股走强，其中，锐捷网络涨超12%，世纪恒通涨近7%，宏景 科技涨近6%，科华数据、深信服涨超3%。消息面上，在今日正在召开的腾讯年会上，腾讯董事会主席 马化腾提及AI应用元宝即将展开的春节分10亿元现金活动，表示希望重现当年微信红包的盛况。 MACD金叉信号形成，这些股涨势不错！ | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 301165 | 锐捷网络 | + | 12.41 | 684亿 | -3.18 | | 301428 | 世纪恒通 | 1 | 6.97 | 38.92亿 | 17.62 | | 301396 | 宏景科技 | | 5.82 | 128亿 | 25.64 | | 002335 | 科学数据 | 演 | 3.30 | 331亿 | 15.63 | | 300454 | 深信服 | + | 3.10 | 725亿 | 49.73 | | 002065 | 东华软件 | 1 | 1.99 | 329亿 | 12.24 | | 600602 | ...

Investment Rating - The report indicates a positive investment outlook for the industry, highlighting a "golden window period" for the short drama sector, with expectations for significant growth in the coming years [2][11]. Core Insights - The short drama industry has reached a scale of nearly 1 trillion yuan, surpassing both the film and long video sectors, with a projected compound annual growth rate (CAGR) of over 50% from 2023 to 2026 [11]. - The market for animated dramas is expected to exceed 22 billion yuan by 2026, contributing 50% of the incremental growth in the short drama industry [11]. - ByteDance is positioned as the absolute leader in the animated drama sector, leveraging its "traffic + IP + AI" integrated strategy to dominate the market [2][17]. - The application of AI technology is transforming the production paradigm of animated dramas, reducing production cycles from over 50 days to under 30 days and significantly lowering costs [3][21]. Summary by Sections Section 1: The Golden Window for Short Dramas - The short drama market has surpassed 1 trillion yuan, with user engagement increasing, and the average daily viewing time expected to exceed 100 minutes by 2025 [11]. - The market has entered a phase of rapid growth and commercialization, with significant increases in both supply and demand for animated dramas [11][12]. Section 2: AI Reshaping Production Paradigms - AI technologies are enabling a shift from manual production to industrialized generation, with production costs dropping to the thousand-yuan level [3][21]. - The integration of AI in production processes is expected to streamline workflows, reducing the number of steps from 11 to 5 and cutting costs by 60% [3][24]. Section 3: Trends in AI Applications - The report anticipates a significant uptick in AI applications by 2026, driven by the need for software to leverage substantial computational investments [4][31]. - Companies are increasingly integrating AI into their business models, with some reporting that AI-related revenues account for over 10% of total income [4][31]. Section 4: Related Investment Targets - Key investment targets include companies such as DeCai Co., Zhaochi Co., and Wanxing Technology, among others, which are positioned to benefit from the growth in the animated drama and AI sectors [5][40].

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 "Recommended" rating for the industry [4] Core Insights - The demand for Tokens is driving inflation across the AI industry chain, with price increases being observed from storage to CPUs and now extending to cloud services, marking a significant shift in the pricing dynamics of the cloud computing sector [14][30] - AWS has initiated a price increase for its EC2 machine learning capacity blocks by approximately 15%, breaking a long-standing trend of declining prices in the cloud services industry, which may lead to a revaluation of cloud computing and related service providers [14] - The report highlights potential investment opportunities in cloud computing, CPUs, and databases, suggesting companies such as Alibaba, Kingsoft Cloud, and Inspur for cloud computing; Haiguang Information and Longxin for CPUs; and companies like StarRing Technology and DM Database for databases [30] Summary by Sections 1. Cloud Computing Price Trends - The report indicates that the AI industry chain is experiencing a price transmission trend, with cloud computing being the next area to see price increases following storage and CPU price hikes [14] - AWS's price adjustment reflects anticipated supply-demand dynamics, suggesting that successful price increases could lead to further adjustments in the future [14] 2. CPU Market Dynamics - The report notes a persistent supply-demand imbalance in the CPU market, particularly with Intel facing production limitations that may lead to continued shortages into 2026 [16] - The importance of CPUs is expected to rise significantly due to the increasing demand from AI applications, with the report emphasizing the need for optimization across both CPU and GPU resources [24][25] 3. Database Sector Growth - The report anticipates a rapid increase in the number of database PCU nodes driven by the demand for AI agents, which could lead to significant revenue growth for database providers [26] - The emergence of AI-native databases is highlighted as a key trend, with companies like Alibaba's PolarDB gaining traction in the market [29] 4. Investment Recommendations - The report suggests focusing on companies in the cloud computing sector such as Alibaba, Kingsoft Cloud, and UCloud, as well as CPU manufacturers like Haiguang Information and Longxin, and database firms like StarRing Technology and DM Database [30]

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 | ...

高位股方面，实控人变更的锋龙股份17连板、嘉美包装25天17板、江化微4连板，商业航天概念股银河电子14天8板、巨力索具11天6板、九鼎新材（维权）7 天4板。 | 市场 | न्दिस्ते | 名称 | 录日涨幅 | 当日价格 | 换手率 | 全额 | 净买人 。 | | --- | --- | --- | --- | --- | --- | --- | --- | | A | 603256 | 宏和科技 图 | +9.99% | 47.43 | 5.27% | 21.29亿 | 4.10亿 | | 点 | 600759 | 洲际油气 8日 | +10.10% | 4.25 | 10.67% | 18.45 Z | 3.28 Z | | 深 | 002938 | 鵬鼎控股 | +10.00% | 59.95 | 2.39% | 31.72亿 | 3.25亿 | | 深 | 002639 | 雪人集团 | +9.99% | 22.79 | 22.33% | 31.83亿 | 3.16 Z | | 乐 | 601212 | 白银有色 | +10.04% | 9.43 | 8.33% | 55.551Z | 2 ...

融资融券数据显示，该股最新（1月21日）两融余额为8.57亿元，其中，融资余额为8.39亿元，融券余额 为1786.06万元。近5日融资余额合计减少3.61亿元，降幅为30.08%，融券余额合计减少307.99万元，降 幅14.71%。（数据宝） 深信服1月22日交易公开信息 深信服今日涨停，全天换手率8.89%，成交额38.28亿元，振幅18.43%。龙虎榜数据显示，机构净买入 2693.13万元，深股通净卖出1.46亿元，营业部席位合计净买入2.04亿元。 深交所公开信息显示，当日该股因日收盘价涨幅达20.00%上榜，机构专用席位净买入2693.13万元，深 股通净卖出1.46亿元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交16.81亿元，其中，买入成交额为8.83亿 元，卖出成交额为7.98亿元，合计净买入8442.26万元。 具体来看，今日上榜的营业部中，共有4家机构专用席位现身，即买三、卖三、卖四、卖五，合计买入 金额2.23亿元，卖出金额1.97亿元，合计净买入2693.13万元，深股通为第一大买入营业部及第一大卖出 营业部，买入金额为3.63亿元，卖出金额为5.09亿元，合计净卖 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300454 | 深信服 | 167.05 | 20.00% | 24.62万 | | 38.28亿 | | 300344 | *ST立方 | 1.15 | 19.79% | 85.25万 | | 9682.72万 | | 002279 | 久其软件 | 10.48 | 9.97% | 255.42万 | | 25.24亿 | | 300935 | 雷建科 | 38.66 | 7.60% | 4.40万 | | 1.68亿 | | 000004 | *ST国华 | 11.99 | 4.99% | 4.32万 | | 5132.62万 | | 002253 | *ST智胜 | 11.41 | 4.87% | 6.82万 | | 7705.21万 | | 688561 | 奇安信 | 39.30 | 4.58% | 12.88万 | | 5.02亿 | | 688168 | 安博通 | 81.20 | 4.46% | 2.50万 | | ...