Investment Rating - The report indicates a positive investment outlook for the technology sector, particularly in AI and cloud computing, with significant capital expenditures from major players like Meta, Microsoft, and Alibaba [6][31]. Core Insights - Major tech companies are increasing capital expenditures to enhance AI capabilities, with Meta's projected spending reaching between $115 billion and $135 billion for the year [5][31]. - AI demand remains strong, with companies like OpenAI and Anthropic accelerating their growth and preparing for IPOs, indicating a robust market for AI applications [4][11]. - The report highlights a shift in pricing strategies among cloud service providers, with Google Cloud and Amazon AWS raising prices for data transmission and machine learning services, marking a departure from the long-standing trend of price reductions [20][21]. Industry Frontiers - OpenAI has raised over $100 billion in funding, with a valuation of $830 billion, and is preparing for an IPO in Q4 2026 [4][11]. - Anthropic has revised its revenue projections, expecting a threefold increase in sales this year, potentially reaching $18 billion, and over $55 billion next year [11][12]. - ByteDance is set to release a new AI model in mid-February, aiming to capture a larger share of the AI market in China [12][27]. Capital Trends - Google Cloud announced a price increase for global data transmission services effective May 2026, with Amazon AWS also raising prices for its machine learning services by approximately 15% [5][20]. - Meta has secured a $6 billion long-term supply agreement with Corning for fiber optic cables, emphasizing the importance of infrastructure in AI development [21]. - Alibaba is considering increasing its investment in AI infrastructure and cloud computing from 380 billion to 480 billion yuan over the next three years [25][26]. Weekly Perspectives - The report notes that AI investments are yielding positive results for companies like Meta, with improved user engagement and advertising performance [31][32]. - The demand for AI infrastructure is expected to surge, driven by the increasing need for advanced computing capabilities [32]. - The report anticipates a significant growth in the number of ASIC chips required for AI applications, projecting a boom in demand from 2026 to 2027 [32]. Industry Chain Data Updates - In December, China's smartphone market saw a significant decline in sales, with Huawei maintaining the largest market share [34]. - The PC market experienced a mixed performance, with desktop sales increasing while laptop sales declined [35].

Core Insights - The dinner hosted by NVIDIA CEO Jensen Huang in Taipei included key executives from major companies in the AI supply chain, highlighting the importance of collaboration in the industry [2][3] - Huang emphasized the challenges in the production of NVIDIA's next-generation AI chip, Blackwell, and indicated that the supply chain will be "extremely tight" in 2026 [3][12] - The event showcased the significant market value of the participating companies, collectively exceeding $5 trillion [2] Supply Chain Dynamics - TSMC's chairman, Wei Zhejia, confirmed that TSMC needs to work hard to meet NVIDIA's demand for wafers and CoWoS packaging capacity, with NVIDIA accounting for over 60% of TSMC's CoWoS demand in 2025 [3][4] - Major Taiwanese manufacturers like Hon Hai Precision, Quanta Computer, and Wistron are responsible for assembling NVIDIA's AI supercomputing systems, indicating a clear division of labor within the supply chain [5] - The introduction of liquid cooling solutions by companies like Qihong Technology reflects the increasing power demands of new chips, necessitating advanced thermal management [5][6] Financial Performance - Victory Technology, a PCB manufacturer, anticipates a significant increase in net profit for 2025, projecting a rise of 260.35% to 295.00% year-on-year, driven by high-value product orders related to AI computing [6][7] - Industrial Fulian, a subsidiary of Hon Hai, expects a net profit increase of 51% to 54% for 2025, with a notable growth in cloud service server revenue [7][8] - Companies in the optical module sector, such as Zhongji Xuchuang and Xinyi Sheng, are also experiencing substantial growth, with projected net profits increasing by up to 128.17% [8][9] Emerging Competitors - Domestic chip companies like Cambrian are achieving significant revenue growth, with projections indicating a 410.87% to 496.02% increase in 2025, marking their first annual profit [10][11] - The rise of domestic GPU manufacturers, such as Moer Technology and Tianxu Zhixin, reflects a shift towards local alternatives in the computing power market, driven by capital market support [11][12] - Huang's comments on the increasing demand for high-bandwidth memory and advanced packaging solutions suggest ongoing opportunities in the semiconductor sector [12]

涨了几年的CPO，还能继续吗？ 随着新易盛（300502）公布了远超机构预期的业绩预告，光模块的前景再次成为市场关注的焦点。 花旗近日发布发布新易盛专项研究快报，解读公司2025年及第四季度净利润指引的核心亮点。 报告称，新易盛给出的2025年净利润指引远超市场及花旗预期，短期业绩不确定性彻底释放，叠加光模 块行业800G/1.6T升级周期的持续红利，重申"买入"投资评级，给予472元目标价，公司中长期成长空间 值得期待。 01 超预期背后的两大关键支撑 新易盛本次披露的2025年净利润指引，成为市场情绪修复的核心催化剂——公司预计全年净利润为94亿 元至99亿元，同比增幅达231%-249%，指引中值（96.5亿元）较市场共识高4%，显著超出市场此前的 谨慎预期。 更为关键的是，2025年公司非经常性损益仅为3300万元，几乎不影响核心盈利表现，意味着这份亮眼的 业绩指引完全由主营业务增长驱动，盈利质量极具韧性。 从单季度表现来看，结合全年指引测算，2025年第四季度净利润中值约为33.23亿元，同比激增179%、 环比增长39%；该数值较花旗预期低17%、较市场共识高14%，单季度盈利增速进一步提速，印证 ...

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（023407），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。 每日经济新闻 2月3日，CPO光模块大反攻，致尚科技一度20CM涨停，天孚通信猛涨超11%再创历史新高，中际 旭创、新易盛涨超3%。热门ETF品种——创业板人工智能ETF（159363）早盘一度大涨4.5%，无限逼近 历史新高，近两日该ETF强势吸金1.5亿元。 消息面上，光模块龙头"易中天"已悉数披露2025年年报业绩预告。受益于全球算力基础设施投入加 大、高速光模块与光器件需求旺盛，叠加企业自身降本增效措施，三家公司均展现出强劲的增长势头： 中际旭创预计2025年归母净利润98亿–118亿元，同比增长89.5%–128.2%。新易盛预计2025年归母净利 润94亿–99亿元，同比增长231.2%–248.9%。天孚通信预计2025年归母净利润18.81亿–21.50亿元，同比 增长40.0% ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3][6]. Core Views - The company is expected to experience significant revenue and profit growth due to the increasing demand for high-speed optical modules driven by AI computing and data communication markets [5][6]. - The company has a strong technological foundation and competitive product offerings, particularly in low-power technologies, which create a high-margin moat [5][6]. - The company's overseas production capacity is expected to support order fulfillment and mitigate risks associated with geopolitical tensions and tariff fluctuations [5][6]. Financial Summary - The company forecasts a net profit of 9.4 to 9.9 billion yuan for 2025, representing a year-on-year increase of 231.24% to 248.86% [1]. - For Q4 2025, the net profit is projected to be between 3.073 to 3.573 billion yuan, with a quarter-on-quarter growth of 28.85% to 49.82% [1]. - Revenue projections for 2025, 2026, and 2027 are 26.255 billion, 44.707 billion, and 58.102 billion yuan, respectively, with corresponding net profits of 9.667 billion, 16.622 billion, and 21.674 billion yuan [6][7].

新易盛（300502）动态点评 Q4 业绩增长重回快车道，1.6T 光模块 放量在即 2026 年 02 月 03 日 【事项】 2026 年 1 月 30 日，新易盛发布 2025 年度业绩预告，本年度公司归 属 于 上 市 公 司 股 东 的 净 利 润 为 94.0~99.0 亿 元 ， 同 比 +231.24%~248.86%；预计本年度非经常性损益对公司净利润的影响 约为 3300 万元，扣除非经常性损益后的净利润为 93.67~98.67 亿元， 同比+231.02%~248.69%。单季度来看，公司 2025Q4 归属于上市公 司股东的净利润为 30.73~35.73 亿元，环比+28.85%~49.82%，相比 于 Q3 0.63%的环比增速，Q4 业绩增速实现显著提升；扣除非经常性 损益后的净利润为 30.66~35.66 亿元，环比+29.49%~50.61%。 【评论】 挖掘价值 投资成长 增持（首次） 东方财富证券研究所 注：数据更新日期截止 2026 年 02 月 02 日 证书编号：S1160524120005 联系人：陈力涵 相对指数表现 基本数据 总市值（百万元） 436,37 ...

作者 |一财阿驴 2月3日，A股三大指数震荡上行，截至收盘，沪指涨1.29%，深成指涨2.19%，创业板指涨1.86%。科创 综指涨2.44%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | more | 4067.74c | 51.99 | 1.29% | | 399001 | 深证成指 | mi | 14127.11c | 302.75 | 2.19% | | 399006 | 创业板指 | will | 3324.89c | 60.78 | 1.86% | | 000680 | 科创综指 | mill | 1803.14c | 42.92 | 2.44% | 盘面上，光伏产业链爆发，太空光伏方向领涨；算力硬件概念股活跃，CPO方向涨幅靠前；商业航天、 深海科技、特高压、AI应用题材表现强势。 具体来看，光伏设备概念集体爆发，帝科股份、海优新材等多股涨停。 2026.02.03 本文字数：697，阅读时长大约1分钟 主力资金全天净流入通信、光伏设备、国防军工等板块，净流出有 ...

据交易所数据显示，截至2月3日收盘，主力资金流出前20的股票分别为： 中际旭创（-19.09亿元）、 蓝色光标（-11.28亿元）、 新易盛（-11.00亿元）、 工 业富联（-10.44亿元）、 西部材料（-7.27亿元）、铜陵有色（-6.49亿元）、 山东黄金（-6.35亿元）、 海光信息（-6.33亿元）、 中国黄金（-5.75亿元）、 胜宏科技（-5.62亿元）、 兴业银锡（-5.56亿元）、 豫光金铅（-4.92亿元）、 中芯国际（-4.62亿元）、 湖南黄金（-4.48亿元）、 中兴通讯（-4.24亿元）、 赤峰黄金（-3.90亿元）、 小商品城（-3.88亿元）、 华泰证券（-3.84亿元）、 比亚迪（-3.79亿元）、 中金黄金（-3.76亿元）。 | 豫光金铅 | -10.01 | -4.92亿元 | 有色金属 | | --- | --- | --- | --- | | 中芯国际 | -0.88 | -4.62亿元 | 未营体 | | 湖南黄金 | 10 | -4.48亿元 | 贵金属 | | 中兴通讯 | 0.49 | -4.24亿元 | 通信设管 | | 赤峰黄金 | 2.31 | -3 ...

群益证券(香港)研报指出，2025年新易盛预计实现归母净利润94-99亿元，同比增长231%-249%；其中 Q4预计归母净利润31-36亿元，同比增长160%-202%。业绩略超预期，给予"买进"建议。海外800G产品 市场份额预计快速提升，带动公司2025年业绩快速增长。泰国产能持续释放，北美客户交付受关税影响 较小，公司二季度业绩增长超预期也有部分原因在于关税影响下，下游需求端提前备货高速光模块，公 司泰国工厂借助暂时关税豁免的情况下提前出货北美市场。后续1.6T、AEC电缆模块等技术储备丰富， 公司已布局高速AEC电缆模块、高速LPO光模块以及CPO产品等领域，后续在市场演化和各类算力连接 方案竞争中有望持续维持行业龙头地位。 ...

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable amounts leaving the communication equipment and precious metals sectors [1][2][3] Group 1: Stock Performance and Capital Outflow - Zhongji Xuchuang experienced a capital outflow of 1.647 billion, with a slight increase in stock price of 0.37% [2] - Xinyi Sheng saw a capital outflow of 1.169 billion, with a decline in stock price of 1.7% [2] - BlueFocus Media had a capital outflow of 1.067 billion, with a stock price increase of 2.48% [2] - Industrial Fulian faced a capital outflow of 1.022 billion, with a decrease in stock price of 0.32% [2] - Zijin Mining reported a capital outflow of 0.844 billion, with a stock price increase of 3.88% [2] - Western Materials had a capital outflow of 0.747 billion, with a notable stock price increase of 7.73% [2] Group 2: Sector Analysis - The communication equipment sector is facing significant capital outflows, with Zhongji Xuchuang and Xinyi Sheng leading the outflows [1][2] - The precious metals sector, including companies like Shandong Gold and Zijin Mining, is also experiencing notable capital outflows [1][3] - The automotive sector, represented by BYD, has a capital outflow of 0.396 billion, with a slight decrease in stock price of 0.25% [3]