一位学音乐、零技术基础的Meta产品经理，在一次旅行中偶然被Claude唤醒了「超能力」！他利用AI重构工作流，2天竟能干完一个团队几周 的活。 不会用AI的人，终将被那些善用AI的人取代！ 在AI浪潮下，这句话曾像警钟一样敲打着无数人的神经。 但如今，这句话却演绎出了一个全新的版本： 当他看到演示视频中，有人仅用自然语言就构建出完整的应用程序时，一种电流般的战栗感瞬间击穿了他。 「嗨，你现在拥有超能力了。」 他甚至没来得及解开行李箱，就冲向了电脑。 那一刻他意识到：那堵横亘在他与创造力之间的高墙，被推倒了。 Zevi的故事绝非孤例。 AI正在把构建未来的权力，交还给每一个有想法的普通人。 主持人Lenny（左）与Meta产品经理Zevi Arnovitz（右） 在最新的《Lenny's Podcast》中，Zevi分享了自己的这段有趣经历。 借助Cursor和Claude，他不仅治愈了对代码的恐惧，更重新定义了产品经理的边界。 AI不会替代你，而会为你推倒那道挡在你与梦想之间的技术高墙。 Meta产品经理Zevi Arnovitz就是一个很好的例子。 高中搞音乐，大学读心理，Zevi的履历上写满了「非技术」 ...

Virtually every company is touting artificial intelligence (AI) today. Here’s the thing: there’s a major difference between “AI-powered” marketing speak and actual revenue hitting the bottom line.With Big Tech collectively pouring hundreds of billions into AI infrastructure, investors need a framework to separate the substance from the spin.In essence, the question is not whether AI is headed for a boom or bust. The real question we should be asking is whether the AI revenue generated supports the generous ...

Investment Rating - The report assigns an "Overweight" rating for the optical fiber industry, indicating a projected increase of over 15% relative to the CSI 300 index [4][33]. Core Insights - The optical interconnection sector shows strong performance expectations, with a focus on the transition opportunities from CPO/OIO technology. The optical fiber industry is experiencing a clear price increase trend, driven by demand from telecom operators and pre-holiday inventory needs [2][9]. - LightCounting forecasts that CPO technology shipments will begin scaling from 800G and 1.6T ports between 2026 and 2027, primarily for large cloud service providers. By 2029, the penetration rates for 800G, 1.6T, and 3.2T CPOs are expected to be 2.9%, 9.5%, and 50.6% respectively [8][9]. - Recent price increases in fiber optics are anticipated to continue due to heightened demand from telecom operators and upcoming procurement activities [9]. Summary by Sections Industry Overview - The optical interconnection sector is expected to maintain strong performance, with individual company differences but overall manageable conditions projected for 2026 [7]. - The appreciation of the RMB is impacting the optical interconnection sector, particularly for companies focused on overseas exports, with potential profit impacts estimated at under 5% for most, while some may see impacts nearing half of their profits [7]. Investment Highlights - The industry has seen an increase in holding ratios, with valuations at historically elevated levels, reflecting positive expectations driven by the AI industry chain [23]. - AI is driving network upgrades, with strong overseas demand benefiting domestic core enterprises amid a global infrastructure wave [24]. - A new generation of computing infrastructure is emerging in China, with a fully domestic supply chain entering a new cycle [25]. - New connectivity solutions are expected to emerge in 2026, presenting additional investment opportunities [26]. - AI-driven network upgrades are enhancing communication capacity demands, with rapid advancements in network innovation and technology applications [27]. Key Industry News - Corning has signed a long-term supply agreement worth $6 billion with Meta to support its data center expansion in the U.S. [10]. - NVIDIA has invested $2 billion in CoreWeave to enhance AI computing capabilities [12]. - Microsoft has launched its second-generation AI chip, Maia 200, aimed at optimizing AI inference costs [14][15]. - The personal AI assistant ClawdBot has gained significant traction globally, showcasing advanced capabilities [16][17]. - Microsoft and Meta reported substantial increases in capital expenditures, reflecting their commitment to infrastructure growth [18][19].

会议助理: 丁老师好，请问本场您有 PPT 需要共享吗？ 分析师 1: 我没有的，我这边涉及的情况比较少，所以我就大概三五分钟就讲完了。 会议助理: 分析师 1: 陈老师先讲吧。 会议助理: 好的，收到。那本场发言顺序就是郭总，然后到旭东老师，最后是丁老师，您看。然后丁 老师发言完之后，我这边就直接结束会议了。辛苦各位老师做好发言准备，大概还有 3 分 钟，谢谢。 分析师 1: 郭老师，你这边大概多久呀？我们那个配合你一下处理。 郭雅丽 华泰证券计算机分析师: 我这边我觉得我想一下，半，20 分钟，半个小时，最多。 分析师 1: 好嘞。 郭雅丽 华泰证券计算机分析师: 我也不一定，我其实我也不知道我能讲多久。 会议助理: 好的，然后您看一下，您跟旭东老师是谁先发言？ 郭总，我们现在准备正式对客直播了。下面首先有请主讲老师开始发言，谢谢。 郭雅丽 华泰证券计算机分析师: 好的。欢迎欢迎各位投资者参加我们今天的这个 Cloud，应该说现在叫 Open Cloud 这么 一个会议。我是这个华泰计算机的这个研究员郭亚丽。接下来就是由我和我的同事这个海 外科技和这个互联网的同事一起为大家解读一下这个最近一直在持续的龙虾 ...

AI 应用进入新临界点，现象级应用如 Cloudy Code、Cloud Boat 和剪 映频繁出现，得益于模型迭代加速，CPV7 机型和 Black Clear 机型落 地，强化学习等后训练方法成熟。 GPT-3 Pro 关键指标达到临界值，各类评价指标准确率提升 15%以上， 如屏幕理解指标提升至 72.7%，推动更多爆款应用出现，增强用户体验。 AI 超级入口载体逐渐成形，阿里、腾讯通过发红包争取流量，豆包手机 等新载体具备颠覆性，有望成为重要数据接口和操作平台。 Meta 预计 2026 年资本开支达 1,150 至 1,350 亿美元，用于数据中心、 服务器及网络基础设施建设，较 2025 年显著增长，AI 对 Meta 业务实 现积极带动。 闪迪公司二季度营收同比增长 61%，下季度营收指引同比增长 171%， 毛利率预计达到 65%至 67%，业绩表现强劲。 赛莱斯卡大幅上修资本开支至 10 亿美元，扩建泰国和美国产能，与谷 歌达成 10 年合作，成为谷歌 TPU 系统首选合作伙伴。 强 CALL 算力的逻辑是什么？20260202 摘要 应流股份已突破西门子能源重型燃气轮机市场，与 GEV、安 ...

计算机 | 证券研究报告 — 行业周报 2026 年 2 月 3 日 强于大市 太空算力或是商业航天的 核心商业模式 计算机行业"一周解码" 马斯克计划推动 SpaceX 与 xAI 合并，旨在整合太空与 AI 业务；Meta 计划在 2026 年 大幅增加资本支出至 1150-1350 亿美元，全力投入 AI 基础设施，以驱动核心业务增 长；英伟达、亚马逊、微软正在洽谈向 OpenAI 投资，总额可能高达 600 亿美元，软 银亦考虑向 OpenAI 追加 300 亿美元投资。 支撑评级的要点 投资建议 ◼ 我们认为 SpaceX 与 xAI 合并有望进一步推动太空算力行业发展，建议关注太空 算力相关企业，包括佳缘科技、上海瀚讯、星图测控、中科星图、航天宏图、超 图软件、盛邦安全、开普云等。 评级面临的主要风险 ◼ 技术创新不及预期；政策推行不到位；下游需求景气度不稳定的风险。 相关研究报告 《持续把握商业航天机会》20260125 《AI 商业化加速落地，核心科技自主可控 需求再燃》20260119 《中美正面太空竞速，智能制造迎重磅政 策加码》20260111 中银国际证券股份有限公司 具备证券投资咨询 ...

Core Viewpoint - The article highlights a significant rebound in the U.S. stock market, particularly in the semiconductor sector, driven by optimistic forecasts for DRAM prices by Goldman Sachs, which predicts a substantial increase in prices for 2026 [1][3][4]. Semiconductor Sector - The U.S. stock market saw a strong performance with major indices rising, particularly the Dow Jones, which increased by over 1%, and the S&P 500 approaching historical highs [1][3]. - Semiconductor stocks experienced a collective surge, with the Philadelphia Semiconductor Index rising by 1.7%. Notable performers included SanDisk, which surged over 15%, and Western Digital, which rose nearly 8% [3][4]. - Analysts suggest that capital moving out of precious metals and cryptocurrencies is seeking new investment opportunities, with the storage chip sector poised to attract this influx of funds due to strong fundamentals [3][4]. DRAM Price Forecast - Goldman Sachs has significantly raised its price forecasts for DRAM, predicting a 90%-95% quarter-over-quarter increase in Q1 2026, following a 45%-50% increase in Q4 2025. This outlook exceeds previous market expectations [4]. - In the PC DRAM segment, TrendForce has adjusted its price forecast for Q1 2026 to a 105%-110% increase, surpassing Goldman Sachs' earlier estimate of 80%-90%, indicating potential for further price increases [4]. Economic Indicators - The ISM reported a surprising rise in the U.S. manufacturing PMI for January, jumping from 47.9 to 52.6, indicating expansion and the fastest growth rate since 2022, driven by robust new orders and production [6]. - The new orders index reached 57.1, a significant increase from the previous 47.7, while the production index also showed strong growth, suggesting a rebound in factory activity after a prolonged period of contraction [6]. - Employment index recorded 48.1, indicating a slowdown in job losses within the manufacturing sector, although it remains below the expansion threshold [6].

Group 1 - Trump and Modi reached a trade agreement to reduce tariffs on Indian goods from 25% to 18% and cancel an additional 25% tariff on Indian purchases of Russian oil. India committed to purchasing over $500 billion worth of U.S. goods in sectors including energy, technology, agriculture, and coal [2] - SpaceX announced the completion of its acquisition of xAI, with SpaceX valued at approximately $1 trillion and xAI at around $250 billion, resulting in a combined valuation of $1.25 trillion [2] Group 2 - The U.S. Labor Statistics Bureau will not release the January non-farm employment report due to a partial government shutdown, and the December job openings report will also be postponed [4] - U.S. stock markets saw all three major indices rise, with the Dow Jones up 1.05%, S&P 500 up 0.54%, and Nasdaq up 0.56%. Notable tech stocks like Intel rose nearly 5%, while Nvidia fell over 2% [5][6] - The Nasdaq Golden Dragon China Index fell 0.65%, with significant declines in Chinese stocks such as XPeng down 8.2% and BYD down 6.7% [5] Group 3 - The U.S. dollar index increased by 0.64%, while the offshore and onshore RMB showed slight fluctuations [8] - Gold and silver experienced significant volatility, with spot gold dropping over 4% and silver declining nearly 7%. WTI crude oil futures fell by approximately 4.71% [6][8] Group 4 - The Chinese manufacturing PMI for January rose to 50.3, indicating continued expansion, driven by improvements in employment and new orders [22] - Citigroup raised its GDP forecast for Hong Kong to 3.2% for the year, reflecting a more stable recovery in major industries [24]

Group 1 - The market is expected to enter a medium to long-term consolidation phase after a short-term momentum decline [10] - The Shanghai government has initiated a program to purchase second-hand housing for affordable rental housing projects, targeting new citizens, young people, and graduates [5] - The Ministry of Industry and Information Technology has approved a new national standard for automotive door handles, set to be implemented in 2027, addressing safety and usability issues [5] Group 2 - The National Development and Reform Commission and other departments have released guidelines for the construction of a low-altitude economy standard system, aiming for over 300 standards by 2030 [3] - The Ministry of Finance has introduced a temporary method for long-term asset input tax deduction, allowing full deduction for mixed-use assets upon purchase [4] - The stock of Guokai Military Industry has experienced significant price fluctuations, with a recent announcement clarifying that its commercial aerospace projects are still in the R&D phase and have minimal impact on revenue [7]

Market Overview - On February 2, US stock indices closed higher, with the Dow Jones up 1.05%, S&P 500 up 0.54%, and Nasdaq up 0.56% [1] - Major technology stocks showed mixed results, with Apple rising over 4% and Nvidia falling nearly 3% [2] Technology Sector - The Philadelphia Semiconductor Index increased by 1.7%, with Micron Technology up over 5% and Intel up nearly 5% [2] - SanDisk's stock surged over 15% due to better-than-expected earnings, while Western Digital and Seagate also saw gains [3] - NAND flash memory prices are expected to rise by over 30% according to reports from SK Hynix and SanDisk [3] Energy Sector - The energy sector experienced declines, with ExxonMobil down over 2% and Chevron down more than 1% [3] - WTI crude oil futures fell by 4.71%, closing at $62.14 per barrel, while Brent crude oil futures dropped by 4.36% to $66.30 per barrel [4] Cryptocurrency Market - Bitcoin prices rose above $78,000 after previously dipping to around $74,560, with significant market volatility leading to over 170,000 liquidations [4] - Bitcoin ETF saw a net outflow of $1.61 billion in January 2026, indicating liquidity issues in the market [4] International Relations and Trade - A trade agreement between the US and India was announced, reducing tariffs on Indian goods from 25% to 18%, effective immediately [5] - India is expected to increase its procurement of US products, including energy and agricultural goods, valued at over $500 billion [5] - The Indian stock index Nifty 50 saw a rise in futures, and the Indian Rupee strengthened against the US dollar following the trade announcement [6]