证券研究报告 行业研究 / 行业点评 2026 年 02 月 09 日 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《数据中心供配电设备行业跟踪：甲骨文资本 开支环比高增，DRAM 价格小幅回落》 2026-02-03 《锂电行业跟踪：碳酸锂价格下跌，储能电芯 均价持续上涨》2026-02-03 《光储行业跟踪：电网侧独立新型储能容量电 价机制建立，光伏组件价格持续上涨》 2026-02-03 《电新行业 2025Q4 公募基金持仓分析》 2026-01-28 《数据中心供配电设备行业跟踪：韩国半导体 出口同比大幅增长，DRAM 价格持续上涨》 2026-01-27 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com 行业及产业 海外主要云厂商资本开支持续增长， DRAM 价格小幅回落 ——数据中心供配电设备行业跟踪 强于大市 投资要点： 数据中心已成为电力设备行业核心增量应用场景，其发展趋 ...

Core Viewpoint - A top Meta researcher has warned that there could be as many as 500,000 cases of online sexual exploitation per day on Facebook and Instagram, highlighting significant safety concerns regarding the platforms' impact on children and teenagers [1][3]. Group 1: Legal Proceedings and Allegations - New Mexico Attorney General Raul Torrez has initiated a case against Meta, accusing the company of exposing children to sexual exploitation and mental health risks through inappropriate messages and human trafficking [2]. - The lawsuit claims that the consequences of Meta's actions have contributed to a teen social media crisis, resulting in increased anxiety, depression, self-harm, and suicides among young users [2]. - Internal communications from Meta indicate that the company was aware of the scale of the problem, with one researcher estimating that around 500,000 victims were targeted daily in English-speaking markets [3][4]. Group 2: Internal Insights and Concerns - Malia Andrus, a former Meta employee focused on child safety, expressed concerns in an internal email about the effectiveness of age-verification tools, stating they were easily circumvented [11][14]. - Andrus also highlighted the unprecedented scale at which predators could target children on Meta's platforms, emphasizing the potential ramifications of such interactions [4]. - The lawsuit has revealed disturbing details, including test accounts being bombarded with explicit content and solicitations from alleged predators [10]. Group 3: Meta's Response and Ongoing Challenges - Meta has publicly defended its efforts to protect children, claiming that the internal discussions cited in the lawsuit were part of an ongoing commitment to child safety [12][20]. - The company faces multiple legal challenges this year, including a trial in California regarding social media addiction among young users and an antitrust lawsuit from the FTC [5]. - Meta's CEO Mark Zuckerberg has been criticized for allowing minors to use AI chatbots despite warnings from safety staff about potential misuse [19].

The data center gold rush continues to be mind-boggling. Last week, my colleague Sharon Goldman learned that Meta has bought about 1,400 acres—an area almost twice the size of Central Park—next to its already massive 2,250-acre Hyperion AI data center site in Louisiana. It’s a reminder that the data center story is a real estate story: Sharon points out that the total site is now more than twice the size of the nearest international airport in New Orleans. It’s a serious bet on Meta’s part, as Sharon w ...

以下文章来源于硬AI ，作者专注科技产研的 硬AI . AI时代，快人一步~ 来源 | 硬AI 随着AI基础设施建设的军备竞赛进入"深水区"，一个令投资者不安的转折点已然浮现：为了支撑AI算力需求，亚马逊、谷歌和Meta正 面临自由现金流被耗尽甚至透支的风险。 根据摩根大通2026年2月5日发布的研究报告，美国四大云巨头——亚马逊、谷歌、Meta和微软，2026年总资本支出预计将达到6450 亿美元，同比激增56%，新增支出将达到惊人的2300亿美元。 对于投资者而言，2026年，或将是紧盯科技巨头资产负债表的一年。 谷歌97%的增速与亚马逊的"现金赤字" 在这场基建狂潮中，谷歌的投入非常激进。 2026年，谷歌的资本支出指引已上调至1750亿至1850亿美元，同比增速高达97%，其资金正疯狂涌向服务器和技术基础设施。 如果说谷歌还只是在"疯狂花钱"，那么亚马逊则堪称"透支未来"。 2026年，亚马逊的资本支出指引约为2000亿美元（同比增长52%）。但问题的核心在于，亚马逊赚回来的现金已经盖不住支出了—— 据标普全球市场分析师预测，亚马逊2026年的运营现金流（OCF）约为1780亿美元。 这意味着，亚马逊 ...

整理 | 美股研究社 在这个快速 变 化的 时代， 人工 智能技术正以前所未有的速度发展，带来了广泛的机会 。 《AI日 报 》致力于挖掘和分析最新的AI概念股公司和市场趋势，为您提供深度的行 业 洞察和 价 值 分析。 A I 快 报 【阿里新一代模型Qwen3.5曝光】 2月9日，在全球最大AI开源社区HuggingFace的开源项目页面中，最新出现Qwen3.5并入 Transformers的新PR（提交代码合并申请）。业内猜测阿里千问新一代基座模型Qwen3.5发 布在即，引起全球AI开源社区热议，有评论称中国大模型引领的"疯狂2月"即将开启。相关信 息透露，千问3.5采用了全新的混合注意力机制，并且极有可能是原生可实现视觉理解的VLM 类模型，有开发者进一步挖掘出，Qwen3.5或将开源至少2B的密集模型和35B-A3B的MoE模 型。 这一最新动态印证了美媒The Information此前爆料Qwen3.5将在春节期间开源的消息，而在 2月初，智谱首席科学家唐杰也曾发微博称，近期将有包括DeepSeek v4、Qwen3.5、GLM- 5等众多新模型登场。 【本田与Mythic宣布联合研发能效提 ...

行业周报 | 电力设备 证券研究报告 相关研究 【兴证电新】储能容量电价政策正式落 地，产业链需求端有望再度发力- 2026.01.31 【兴证电新】智驭电能，AIDC 赋能固态 断路器成长蓝图-2026.01.26 【兴证电新】从太空算力看太空光伏宏 伟蓝图-2026.01.25 分析师：王帅 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2026 年 02 月 09 日 | S0190521110001 wangshuai21@xyzq.com.cn 分析师：李峰 S0190524030001 lifengyjy@xyzq.com.cn 看好太空算力带动太空光伏需求，关注 SpaceX 合并 xAI 推荐标的 ⚫ AIDC 电气设备：资本开支持续高增，关注海外需求高景气。本周 Alphabet 和亚马逊 发布了 2026 年资本开支指引，持续加码 AI 基础设施建设，建议关注算力需求扩张、 云厂商军备竞赛与技术迭代为中国厂商带来的机遇。 ⚫ 机器人：全尺寸机器人 Bolt 发布，优必选开源自研具身智能大模型 Thinker。浙江大 学杭州国际科创中心联合镜识科技、凯尔达 ...

Core Viewpoint - The article discusses the regulatory landscape for technology companies in Europe, particularly focusing on antitrust concerns and the implications for market competition and consumer choice. Group 1: Regulatory Environment - The need to defend and enforce market rules to ensure a competitive environment is emphasized, highlighting that abuse of dominant positions is detrimental to both Europe and the United States [2] - Concerns are raised about potential restrictions on access to services like WhatsApp, which could limit consumer options and competition [3] - The article mentions that the European Union is not focused on the origin of companies but rather on ensuring fair competition through interim measures [6] Group 2: AI and Technology Firms - The article raises questions about the future of AI regulation and whether more cases similar to those against Meta will emerge, indicating a growing concern over concentration and antitrust issues in the AI sector [5] - The potential acquisition of Warner Brothers by Netflix is noted as a deal that may attract scrutiny due to concentration risks, although the specifics of the deal are still unclear [8][9] Group 3: Google and Advertising Technology - Google's significant role in both the US and EU markets is acknowledged, with a focus on ensuring fairness in advertising negotiations and preventing bias in technological platforms [11][14] - The article discusses ongoing efforts by Google to address concerns related to advertising technology and the importance of maintaining a level playing field for competitors [12][14] Group 4: International Trade and Competition - The article highlights investigations into illegal subsidies from China that could undermine European competitiveness, particularly in the wind energy sector [16][18] - The importance of transparency and fair pricing for companies entering the European market is stressed, with a commitment to preventing price dumping [19]

作为欧盟反垄断监管机构，欧盟委员会表示，已就违反欧盟相关法规一事，向其发出异议声明暨指控 书。 欧盟委员会在一份声明中称："因此，委员会拟采取临时措施，防止该项政策调整对市场造成严重且不 可挽回的损害，相关举措的实施将考虑的回应及抗辩权利。" 欧盟委员会针对该临时措施的最终决定，将取决于的回应情况以及其依法行使的抗辩权利。 欧盟竞争监管机构于周一指控Meta平台公司通过在其即时通讯服务 WhatsApp 上排挤人工智能竞争对手 的行为违反反垄断法规，并威胁将对这家美国科技巨头采取临时监管措施。 欧盟委员会此番采取行动，源于Meta在 1 月 15 日出台新规，仅允许自家人工智能助手Meta人工智能在 WhatsApp 平台上运行。 欧盟委员会此番采取行动，源于Meta在 1 月 15 日出台新规，仅允许自家人工智能助手Meta人工智能在 WhatsApp 平台上运行。 作为欧盟反垄断监管机构，欧盟委员会表示，已就违反欧盟相关法规一事，向其发出异议声明暨指控 书。 欧盟委员会在一份声明中称："因此，委员会拟采取临时措施，防止该项政策调整对市场造成严重且不 可挽回的损害，相关举措的实施将考虑的回应及抗辩权利。" ...

Meta周一批评了欧盟监管机构，因为他们指控这家美国科技巨头违反了反垄断规则，并威胁要停止在 其消息服务WhatsApp上封杀人工智能竞争对手。 "事实是，欧盟没有理由干预WhatsApp Business API。有很多人工智能选项，人们可以从应用商店、操 作系统、设备、网站和行业合作中使用它们，"Meta发言人在一封电子邮件中说。 "欧盟委员会的逻辑错误地假定WhatsApp Business API是这些聊天机器人的主要分销渠道。" 责任编辑：刘明亮 Meta周一批评了欧盟监管机构，因为他们指控这家美国科技巨头违反了反垄断规则，并威胁要停止在 其消息服务WhatsApp上封杀人工智能竞争对手。 "事实是，欧盟没有理由干预WhatsApp Business API。有很多人工智能选项，人们可以从应用商店、操 作系统、设备、网站和行业合作中使用它们，"Meta发言人在一封电子邮件中说。 "欧盟委员会的逻辑错误地假定WhatsApp Business API是这些聊天机器人的主要分销渠道。" 责任编辑：刘明亮 ...

Core Viewpoint - The European Commission is considering imposing interim measures on Meta to prevent the exclusion of third-party AI assistants from WhatsApp, indicating a preliminary view that Meta has breached EU antitrust rules [1][2]. Group 1: Regulatory Actions - The European Commission has informed Meta of its intention to impose "interim measures" to ensure that third-party AI assistants can continue to access WhatsApp during an ongoing investigation [1][2]. - Commissioner Teresa Ribera emphasized the need for swift action to protect effective competition in rapidly developing AI markets, stating that the interim measures aim to prevent Meta from harming competition irreparably in Europe [2]. Group 2: Policy Changes by Meta - In October, Meta updated its WhatsApp Business Solution Terms, effectively banning third-party general-purpose AI assistants from the application, with the new policy taking effect in January [3]. - The Commission's interim measures would require Meta to maintain access for third-party AI assistants under the previous terms while the investigation is ongoing [3]. Group 3: Meta's Response - A Meta spokesperson argued that there is no justification for EU intervention in the WhatsApp Business API, claiming that various AI options are available through app stores and other platforms [4]. - The spokesperson contended that the Commission's logic incorrectly assumes that the WhatsApp Business API is a key distribution channel for chatbots [4].