证券研究报告|行业研究周报 [Table_Date] 2026 年 2 月 1 日 钠电池有望进入放量应用阶段 我们认为，钠电兼具成本和性能优势。根据 SMM 数据，1 月 30 日，国产电池级碳酸锂（99.5%）日均价为 16.05 万元，同比 （2025 年 1 月 27 日 7.78 万元）增长 106.3%。由于碳酸锂在锂 电池成本中的比重较高，假设 1GWh 锂电池需要 600 吨碳酸锂计 算，碳酸锂价格上涨 10 万元，将带来锂电池成本增加 0.06 元， 因此碳酸锂价格的明显上涨将带来锂电池成本的提升。而钠元 素凭借资源禀赋优势，相比之下性价比优势突显。根据 SMM 数 据，1 月 30 日，电池级碳酸钠（99.5%）平均价为 4150 元/吨。 此外，经过多年的发展，钠电池技术和工艺逐步成熟，在储 能、商用车、乘用车等领域，以及换电、低温等场景中的性能 优势明显，钠电池有望实现规模应用，布局钠电池以及相关材 料的企业有望受益。 [Table_Title] 看好电力设备出海成长性，容量电价政策落地 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 ...

证券研究报告|行业研究周报 [Table_Date] 2026 年 2 月 1 日 算力供给紧张，成为 2026 年主线 [Table_Title2] 计算机行业周报 [Table_Summary] 本周观点: 算力供给紧张，成为 2026 主线 全球 AI 基建需求依然强劲，26 年海外 AI 算力依然是主要配置方 向。TrendForce 预测 2025 年全球八大主要 CSPs 资本支出(CapEx) 总额约 4,300 亿美元(yoy+65%),预期 2026 年 CSPs 仍将维持积极 的投资，资本支出将进一步推升至 6,000 亿美元以上(yoy+40%), 展现出 AI 基础建设的长期成长潜能。 海外大厂创造 2026 算力新格局 根据财经宇宙，微软 CEO Satya Nadella 表示未来微软从 OpenAI 的"独家运营商"，转型为全球 AI 资源的总调度商，让企业客户 能根据成本与性能需求，在 GPT 5.2、Claude4.5 等多款大模型间 灵活选择。微软正通过这种饱和式的基建投入，试图在 AI 从技术 神话下沉为工业底座的过程中，完成从一家"软件服务商"向未来 "算力基础服务商" ...

The market keeps rewarding this business, as shares benefit from positive momentum.Meta Platforms (META 2.95%) is off to a fast start this year. Shares climbed 9% in January, building off two straight years of double-digit gains and a triple-digit return in 2023. The momentum continues.Nonetheless, investors have a lot to digest when thinking about the future of this business. Meta just reported its latest financial results, and it revealed its spending outlook for 2026. Capital expenditures (capex) are exp ...

市场在本周创下多项极端纪录，微软遭遇史上第二大单日市值损失，SAP暴跌16%，白银单日重挫30%…… 高盛交易部门负责人Mark Wilson表示，尽管市场近期出现剧烈波动，但投资者不应过度解读这场"持仓清洗"，因为 年初至今推动市场的核心驱动因素并未发 生实质性改变。 Wilson在周度报告中指出，评估此次调整的严重程度时， 应将其与1月以来的涨幅相提并论。 他强调，美元走势延续、AI投资热情不减、美国经济增长势头强 劲以及地缘政治重塑等关键变量均未改变。年初至今的市场表现依然反映这些核心趋势——稀土涨35%，核能股涨21%，欧洲防务涨20%。 这场调整的直接诱因是投资者持仓过度拥挤。 总敞口已处于99百分位数的极端水平，系统化量化策略的表现显示拥挤度成为突出问题。Wilson认为，此次快速 回调更多是技术性调整，而非基本面逻辑的转变。 市场本周的波动幅度令人瞠目。 微软单日下跌10%，遭遇史上第二大市值损失，但同时创下有史以来最高的名义成交额。SAP暴跌16%，同样伴随创纪录的交易量。涨幅方面同样惊人，Meta 上涨10%，Verizon飙升11%。 贵金属市场的波动更为极端。白银单日暴跌30%，SLV ...

需求恢复不及预期的风险；AIGC 进展不及预期的风险；外部制裁进一步升级的风险。 敬请参阅最后一页特别声明 1 继续看好 AI-PCB 及核心算力硬件、苹果产业链及自主可控受益产业链。Meta 2026 年全年资本开支指引超预 期，闪迪 2026 第三财季业绩指引超预期。我们继续看好覆铜板及存储芯片涨价趋势，具有较强的持续性，从产 业链公司陆续公布的营收及利润来看，业绩在持续兑现，继续看好核心受益公司。继续看好 AI-PCB 及核心算力 硬件、苹果产业链及自主可控受益产业链。 细分行业景气指标：消费电子（稳健向上）、PCB（加速向上）、半导体芯片（稳健向上）、半导体代工/设备/材料 /零部件（稳健向上）、显示（底部企稳）、被动元件（稳健向上）、封测（稳健向上）。 北美大厂 AI 开支超预期，存储业绩持续爆发。Meta 预计 2026 年全年资本支出在 1150 亿至 1350 亿美元之间， 主要用于数据中心、服务器和网络基础设施，较 25 年的约 700 亿美元 CAPEX 实现显著增长。我们看到 AI 对 meta 自身业务实现了积极帮助，AI 改进了推荐算法，直接导致用户在平台上的停留时间增加，新的序列学 ...

Core Viewpoint - The article discusses the potential for three AI stocks to perform exceptionally well in 2026, driven by ongoing demand for AI technologies and specific company advancements. Group 1: Nvidia - Nvidia is predicted to be the safest and potentially the biggest winner among AI stocks due to the rise of agentic AI adoption, which is expected to significantly boost demand for its products [3][4]. - The launch of the Rubin GPU platform, which could reduce inference costs by 10x and require four times fewer GPUs for training, is anticipated to create substantial demand [6][7]. - Nvidia's growth bottleneck is expected to ease as Taiwan Semiconductor Manufacturing Company ramps up its advanced packaging capacity, with Nvidia securing approximately 60% of this capacity [7]. Group 2: Broadcom - Broadcom is identified as the second-best positioned AI chipmaker, benefiting from the trend of hyperscalers seeking to build custom AI chips, holding an estimated 60% market share in the AI server ASIC market [8][10]. - The transition of data centers to million-GPU clusters is expected to drive significant sales growth for Broadcom's networking products, particularly the Tomahawk 6 switches [10]. - Broadcom has a substantial $73 billion AI-related backlog, which is projected to translate into strong revenue and earnings growth in 2026 [11]. Group 3: Meta Platforms - Meta Platforms has shown robust advertising revenue growth, with a 24% year-over-year increase in Q4, driven by improvements in ad ranking models [12][13]. - The company is focusing on the AI smart glasses market, where sales have more than tripled in 2025, positioning itself as a leader in this growing segment [15]. - Although the shift in investment focus towards AI glasses may not yield immediate bottom-line improvements in 2026, it is expected to provide a catalyst for stock performance in the future [16].

Investment Rating - The report suggests a positive outlook for the AI-driven sectors, particularly in servers and IDC, driven by domestic and international AI developments [4]. Core Insights - Major companies like Industrial Fulian, Meta, and Microsoft are showing strong growth in their earnings, driven by AI investments and demand for high-performance computing [1][53]. - The report highlights a significant increase in capital expenditures by tech giants, indicating a robust investment trend in AI infrastructure [1][61]. - The demand for optical modules and servers is expected to rise due to the ongoing expansion of AI capabilities and infrastructure [2][35]. Summary by Sections Industry Overview - The telecommunications sector is experiencing steady growth, with a reported revenue of 16,096 billion yuan, reflecting a 0.9% year-on-year increase [3][14]. - The optical module exports have seen a decline, with a 24% drop in November, attributed to domestic companies establishing overseas factories [3][35]. Company Performance - Industrial Fulian anticipates a net profit of 351-357 billion yuan for 2025, marking a 51%-54% increase year-on-year, driven by strong growth in cloud services and AI servers [1][53]. - Meta's revenue for Q4 reached $59.893 billion, a 24% increase year-on-year, supported by recovering advertising business and AI investments [1][53]. - NewEase is expected to achieve a net profit of 94-99 billion yuan in 2025, reflecting a growth of 231.24%-248.86% due to increasing demand for high-speed products [1][55]. Market Trends - The server index decreased by 5.70% this week but has increased by 1.20% for the month, indicating volatility in the market [2][6]. - The optical module index rose by 10.07% this week, reflecting strong demand for high-speed optical devices [2][6]. - The IDC index increased by 3.50% this week, with a notable 11.04% rise for the month, driven by advancements in AI models [2][9]. Future Projections - Companies are expected to continue investing heavily in AI infrastructure, with Alibaba planning to increase its investment in AI and cloud computing from 380 billion yuan to 480 billion yuan over the next three years [1][12]. - The report anticipates that the demand for AI-related services and products will continue to grow, leading to further investment opportunities in the sector [4][35].

Market Performance - S&P 500 increased by 0.3% while Nasdaq decreased by 0.2% this week[1] - Small-cap stocks led the decline with Russell 2000 value down by 1.0% and Russell 2000 growth down by 3.1%[1] - Key sectors showing gains include telecommunications (+9.0%) and technology hardware (+4.6%) while software and services fell by 6.9%[1] Fund Flows - Estimated fund flow for S&P 500 components was -$84.1 million this week, a significant drop from +$5.6 million last week[2] - Major inflows were seen in technology hardware (+$40.3 million) and media and entertainment (+$39.5 million) while software and services experienced outflows of -$106.0 million[2] Earnings Forecast - S&P 500's forward 12-month EPS expectation increased by 0.8% this week, up from 0.2% last week[3] - Notable upward revisions were in technology hardware (+5.6%) and automotive (+3.2%) sectors, while energy saw a downward revision of -2.7%[3] Risk Factors - Economic fundamentals, international political uncertainties, U.S. fiscal policy, and Federal Reserve monetary policy present significant risks[3]

Market Performance - S&P 500 increased by 0.3% while Nasdaq decreased by 0.2% this week[1] - Small-cap stocks led the decline with Russell 2000 value down by 1.0% and Russell 2000 growth down by 3.1%[1] - 13 sectors saw gains, while 10 sectors experienced losses, with telecommunications leading at +9.0%[1] Fund Flows - Estimated fund flow for S&P 500 components was -$84.1 million this week, down from +$5.6 million last week[2] - Major inflows were seen in technology hardware (+$40.3 million) and media & entertainment (+$39.5 million)[2] - Significant outflows occurred in software & services (-$106.0 million) and healthcare equipment & services (-$57.7 million)[2] Earnings Forecast - S&P 500's forward 12-month EPS expectation increased by 0.8% this week, up from 0.2% last week[3] - 21 sectors had upward revisions, with technology hardware & equipment seeing the largest increase at +5.6%[3] - Energy sector saw a downward revision of -2.7%[3] Risks - Economic fundamentals, international political situations, U.S. fiscal policies, and Federal Reserve monetary policies present uncertainties[3]

IT之家 2 月 1 日消息，据科技媒体 The Verge 本周（1 月 29 日）报道，Meta CEO 马克 · 扎克伯格在周三的财报电话会议上表示，人工智能（AI）是社交媒 体的未来。 扎克伯格补充道，目前的社媒大多使用推荐内容的算法，但这种情况将发生改变，未来 Meta 的应用将以 AI 迎接客户，这些 AI 将能够"理解"用户并提供他 们喜欢的内容，还能够生成出色的个性化内容。 值得注意的是，扎克伯格曾在去年提出过 AI 社媒的雏形，他认为 AI 可以让内容和创作重新混合，推荐算法将成为"规模极其庞大的内容库"。不过这家公司 已经在一定程度上落实了这一计划，例如其 AI 应用已有全新的"Vibes"信息流，让用户可以浏览 AI 生成的短视频内容。 他认为，未来社交媒体的互动形式将更加新颖：用户可以通过一句提示词（Prompt）创建一个世界或游戏，并与朋友分享，并且视频未来也将成为可互动 的。 据IT之家此前报道，Meta 在 2025 财年第四季度实现营收 598.9 亿美元（现汇率约合 4166 亿元人民币），同比大幅增长 24%; 每股收益 (EPS) 达到 8.88 美元 （IT之家注：现汇 ...