Investment Rating - The investment rating for the AI computing industry is maintained as "Buy" for specific companies such as沃尔核材, 天孚通信, and 长飞光纤, while 立讯精密 is rated as "Add" [7]. Core Insights - Meta has signed a long-term supply agreement with Corning for fiber optic cables worth up to $6 billion to accelerate AI data center construction, highlighting the strong demand for fiber optics in computing infrastructure [3]. - Nvidia is hosting a webinar focused on co-packaged silicon photonics (CPO) switches, emphasizing their strategic value in scaling AI computing capabilities [4]. - The report suggests focusing on companies like 天孚通信, 立讯精密, 长飞光纤, and 沃尔核材 for potential investment opportunities [5]. Weekly Market Analysis - From January 26 to January 30, the communication industry saw a significant increase of 5.83%, ranking second among all sectors, while the electronics sector experienced a decline of 2.51% [12][19]. - The AI computing-related sub-sectors mostly showed an upward trend, with the communication network equipment and devices sector leading with an increase of 8.56% [19]. Company Announcements - Lotus Holdings announced progress in its transition to computing power business, including various contracts for GPU servers and cloud services [49]. - Tongfu Microelectronics reported a reduction in shareholding by its major shareholder, which will not affect the company's governance or operations [51]. - Tianfu Communication completed a share reduction plan by a board member, which was executed in accordance with regulations and did not impact company control [52].

Investment Rating - The report maintains a "Buy" rating for companies such as沃尔核材 (Worley), 天孚通信 (Tianfu Communication), and 长飞光纤 (Changfei Fiber) while recommending "Accumulate" for 立讯精密 (Luxshare Precision) [7] Core Insights - Meta has signed a long-term supply agreement with Corning for fiber optic cables worth up to $6 billion to accelerate AI data center construction, highlighting the strong demand for fiber optics in the AI infrastructure [3] - Nvidia is hosting a webinar focused on co-packaged silicon photonics (CPO) switches, emphasizing their strategic value in scaling AI computing power [4] - The report suggests focusing on companies like 天孚通信, 立讯精密, 长飞光纤, and 沃尔核材 due to their potential in the AI computing sector [5] Weekly Market Analysis - From January 26 to January 30, the communication sector saw a significant increase of 5.83%, ranking second among all sectors, while the electronics sector decreased by 2.51% [12][19] - The AI computing-related sub-sectors mostly showed an upward trend, with the communication network equipment and devices sector leading with an increase of 8.56% [19] - The report indicates a divergence in capital flow, with the communication sector experiencing a net inflow of 11.53 billion yuan, while the electronics sector faced a net outflow of 55.83 billion yuan [23][25] Company Announcements - Lotus Holdings announced progress in its transition to computing power business, including various contracts for GPU servers and cloud services [49] - Tongfu Microelectronics reported a reduction in shareholding by its major shareholder, which will not affect the company's governance structure [51] - Tianfu Communication completed a share reduction plan by a board member, which was executed in accordance with regulations and did not impact company control [52]

2026 年 02 月 04 日 AI 算力驱动太空光伏浪潮，超薄硅片切割设备 迎放量机遇 买入(维持) 事件 | 分析师：何鹏程 | S1050525070002 | | --- | --- | | hepc@cfsc.com.cn | | | 分析师：庄宇 | S1050525120003 | | zhuangyu@cfsc.com.cn | | | 分析师：尤少炜 | S1050525030002 | | yousw@cfsc.com.cn | | | 联系人：石俊烨 | S1050125060011 | | shijy@cfsc.com.cn | | | 基本数据 | 2026-02-03 | | --- | --- | | 当前股价（元） | 81.11 | | 总市值（亿元） | 167 | | 总股本（百万股） | 205 | | 流通股本（百万股） | 146 | | 52 周价格范围（元） | 18.63-81.11 | | 日均成交额（百万元） | 258.1 | 市场表现 -100 0 100 200 300 400 (%) 宇晶股份 沪深300 资料来源：Wind，华鑫证券研究 相关研 ...

双融日报 --鑫融讯 2026 年 02 月 04 日 市场情绪：71 分（较热） 2、银行主题：银行股具有高股息特性，如中证银行指数的股 息率高达 6.02%，显著高于 10 年期国债收益率。在经济增 速放缓和市场波动加大时，银行股凭借稳定的分红能力，成 为险资、社保等长期资金的重要配置标的。相关标的：农业 银行（601288）、宁波银行（002142） 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 30 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 71 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：电网设备、银行、消费 1、电网设备主题：全球 AI 数据中心（AIDC）耗电量巨大， 催生了对高功率、高稳定性变压器等核心电力设备的刚性需 求。目前全球供需严重失衡，美国市场交货周期已长达 127 周。与此同时，国内"十五五"期间，国家电网 4 万亿元的 巨 ...

1. Report's Industry Investment Rating - Not specified in the provided content 2. Core Viewpoints of the Report - In the short term, there is a high certainty that the liability growth rate of the real - sector will rise in February, and the financial sector (funding situation) is okay. Overall, the macro - liquidity is improving, with a positive view on equities, and the value and growth styles are tending to balance. Convertible bonds still have the advantage of asymmetric gains and losses in a volatile environment, and the demand for convertible bonds, especially convertible bond ETFs, may remain rigid. The valuation of the convertible bond market is expected to stay at a high level [23]. 3. Summary According to Relevant Catalogs Market Performance - Last week, due to the confirmation of the new candidate for the Fed Chairman, market risk appetite declined, and various assets fluctuated. Convertible bond prices followed the decline of the underlying stocks, but the valuation of convertible bonds remained at a historical high, and supported by the valuation, convertible bonds performed better than the underlying stocks. The average daily trading volume of the entire convertible bond market was 77.3 billion yuan, with basically no change compared to the previous week. The 100 - yuan premium rate remained at 34%, and the implied volatility fluctuated around the historical extreme point of 45%. The trading sentiment of convertible bonds continued to cool down slightly, and the trading popularity of traditional speculative bonds returned to a historical low. The trends of each sector were consistent with the underlying stocks, and the valuations changed passively. High - price, large - cap, low - rated, and newly - listed bonds had relatively large adjustment ranges [11]. - In a high - valuation environment, most industries are dominated by equity - like convertible bonds and high - price - high - premium convertible bonds. Industries with high - price - high - premium convertible bonds accounting for over 50% include the automotive and computer industries, where the valuation of convertible bonds deviates significantly. Industries with equity - like convertible bonds accounting for over 50% include the military, non - ferrous metals, non - bank finance, machinery, and chemical industries, where convertible bonds have high elasticity and strong offensiveness [11]. Funding Sentiment - Comparing the share fluctuations of various broad - based indices, bond - type, and major commodity (gold) ETFs, last week, the shares of the Shanghai Stock Exchange 50 and CSI 1000 continued to decline significantly, the CSI 500 was newly added as a major reduction target, and the capital inflow trend of the CSI 2000 stopped. The share of gold ETFs continued to increase significantly, with a growth rate of 12%, the same as the previous week. Convertible bond ETFs have maintained a stable net inflow recently, with the fund shares increasing significantly for four consecutive weeks, and the shares continued to grow by 3.5% last week. The share of interest - rate bonds continued to shrink [21]. Investment Strategy - Short - term investment strategy: Be optimistic about equities, with value and growth styles tending to balance. The valuation of the convertible bond market is expected to stay high, but be aware of the call risk and the risk of double - kill of the underlying stocks and valuation during the earnings disclosure period [23]. - Bond - selection suggestions: Emphasize the performance support of the underlying stocks. Pay attention to Jintian Convertible Bond and Guoli Convertible Bond in the UHV sector; Liugong Convertible Bond 2 and Yunji Convertible Bond in the pro - cyclical and engineering overseas sectors; Lixun Convertible Bond in AI applications; Ruichuang Convertible Bond in the military industry. For newly - listed bonds, recommend paying attention to Weidao Convertible Bond, Yongxi Convertible Bond, Weice Convertible Bond, and Dinglong Convertible Bond in the field of domestic substitution of semiconductors; Ruike Convertible Bond in the field of AI server connectors; Jin 05 Convertible Bond (Jinpan Technology) in power grid equipment; Yingliu Convertible Bond for gas turbines; and Jin 25 Convertible Bond (Jinchangxin) [23].

Investment Rating - The report maintains a "Recommended" investment rating for the industry, indicating an expected performance exceeding 10% relative to the market index [12]. Core Insights - Microsoft reported Q2 FY2026 revenue of $81.273 billion, a year-on-year increase of 16.7% and a quarter-on-quarter increase of 4.6%. The operating profit was $38.275 billion, up 20.9% year-on-year, with an operating margin of 47.1% [5][6]. - The growth was primarily driven by the Intelligent Cloud segment, which generated $32.907 billion in revenue, reflecting a 28.9% year-on-year increase. However, growth in this segment showed signs of slowing, with guidance for the next quarter reduced to 37%-38% [6][9]. - The Productivity and Business Processes segment also contributed, with revenue of $34.116 billion, a 15.9% year-on-year increase, indicating strong user engagement in Microsoft 365 products [6]. Revenue and Profit Performance - The revenue growth was supported by an increase in global paid users and higher unit pricing, particularly in the Intelligent Cloud business [5]. - Net profit reached $38.458 billion, marking a significant year-on-year increase of 59.5%, with diluted earnings per share at $5.16, up 59.8% [5]. Business Segment Analysis - The report highlights a shift in Microsoft's business structure towards cloud and AI services, with the More Personal Computing segment experiencing relative growth pressure [6][7]. - The company is focusing on enhancing its competitive edge through increased R&D spending, which reached $8.504 billion, a 7.4% year-on-year increase, primarily directed towards AI and cloud infrastructure [7]. Cash Flow and Capital Expenditure - Despite a strong operating cash flow of $35.758 billion, free cash flow decreased to $5.88 billion, down 77.1% quarter-on-quarter, indicating pressure from high capital expenditures related to AI and cloud infrastructure [8]. - The report notes that Microsoft is in a capital-intensive phase, investing heavily in data centers and server capacity, which may impact short-term cash flow but is aimed at securing long-term growth [8]. Investment Recommendations - The report suggests that while Microsoft maintains robust revenue and profit growth driven by its core segments, the current high investment phase in AI infrastructure may pressure short-term profitability and cash flow [9]. - Investors are advised to monitor the return on AI capital expenditures and the effectiveness of collaborations with OpenAI [10].

2026 年 02 月 03 日 Meta（META.O）：AI 赋能驱动营收新高，战略聚 焦拓展增长新空间 推荐(维持) 事件 分析师：任春阳 S1050521110006 rency@cfsc.com.cn 分析师：谢孟津 S1050525120001 xiemj@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机(申万) | 4.1 | -2.6 | 25.8 | | 沪深 300 | -0.5 | -1.0 | 20.7 | 市场表现 -20 -10 0 10 20 30 40 (%) 计算机 沪深300 资料来源：Wind，华鑫证券研究 相关研究 Meta 于 2026 年 1 月 28 日发布第四季度财报。公司当季实现营收 598.93 亿美元，同比增长 23.8%，环比增长 16.9%。营业利润为 247.45 亿美元， 同比增长 6.0%，运营利润率同比下降 7 个百分点至 41%。 投资要点 ▌营收与盈利表现：广告业务核心驱动，季度营收 再创新高 营收端：第四季度实现营收 598.93 亿美元，同 ...

市场表现 2026 年 02 月 03 日 Meta（META.O）：AI 赋能驱动营收新高，战略聚 焦拓展增长新空间 推荐(维持) 事件 分析师：任春阳 S1050521110006 rency@cfsc.com.cn 分析师：谢孟津 S1050525120001 xiemj@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机(申万) | 4.1 | -2.6 | 25.8 | | 沪深 300 | -0.5 | -1.0 | 20.7 | -20 -10 0 10 20 30 40 (%) 计算机 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《Tesla（TSLA.O）：短期业绩 承压不改长期转型本色，能源与 AI 业务构筑第二增长曲线》2026-01- 31 Meta 于 2026 年 1 月 28 日发布第四季度财报。公司当季实现营收 598.93 亿美元，同比增长 23.8%，环比增长 16.9%。营业利润为 247.45 亿美元， 同比增长 6.0%，运营利润率同比下降 7 个百分点至 ...

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, including Weike Technology (301196.SZ), Nengke Technology (603859.SH), Hehe Information (688615.SH), and Maixinlin (688685.SH) [9][59]. Core Insights - The AI agent platform Moltbook has sparked significant industry interest, attracting over 1.5 million AI agents within days of its launch, indicating a strong growth potential for agent networks and associated infrastructure needs [3][23]. - DeepSeek-OCR2 has introduced a groundbreaking "causal flow" reasoning mechanism, significantly enhancing visual language understanding and achieving state-of-the-art results in benchmark tests [33][41]. - Poetiq has successfully completed a $45.8 million seed round, aiming to optimize LLM capabilities and cost efficiency, showcasing a shift towards more efficient AI solutions [45][46]. Summary by Sections Computing Power Dynamics - The rental prices for computing power remain stable, with notable configurations such as Tencent Cloud's A100-40G priced at 28.64 CNY/hour and Alibaba Cloud's A100-40G at 31.58 CNY/hour [21][22]. - The launch of Moltbook has led to a surge in agent network discussions, with over 52,000 posts and 230,000 comments generated by AI agents discussing various technical topics [23][30]. AI Application Dynamics - Kimi's weekly traffic increased by 40.89%, indicating strong user engagement in the AI application space [31][32]. - DeepSeek-OCR2's innovative architecture allows for improved document understanding, achieving a score of 91.09% in benchmark tests, which is a 3.73% improvement over its predecessor [41][43]. AI Financing Trends - Poetiq's seed funding will be utilized to advance its core technology, which has already demonstrated superior performance in benchmark tests compared to major competitors [45][46]. - The company’s unique approach allows for efficient problem-solving with minimal training data, marking a significant advancement in AI technology [46][47]. Investment Recommendations - The report emphasizes the high certainty of the AI sector, particularly in hardware and application segments, and suggests focusing on companies like Weike Technology, Nengke Technology, Hehe Information, and Maixinlin for potential investment opportunities [57][58].

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, Juhua, Yangnong Chemical, CNOOC, Tongkun, Daotong Technology, and others [10]. Core Views - The report highlights significant price increases in products such as p-nitrochlorobenzene (up 27.91%) and LLDPE (up 24.72%), while products like natural gas and LDPE saw substantial declines [6][18]. - It suggests focusing on investment opportunities in areas such as import substitution, domestic demand, and high dividend stocks, particularly in light of fluctuating international oil prices [6][19]. - The report anticipates that international oil prices will stabilize around $65 per barrel in 2026, influenced by geopolitical uncertainties and expectations of price declines [19]. Summary by Sections Product Price Movements - Notable price increases this week include p-nitrochlorobenzene (27.91%), LLDPE (24.72%), and liquid chlorine (20.90) [18]. - Conversely, significant declines were observed in natural gas (-22.34%) and LDPE (-18.02%) [5][21]. Industry Performance - The chemical industry remains in a weak position overall, with mixed performance across sub-sectors due to past capacity expansions and weak demand [21]. - Specific sectors like the glyphosate industry are showing signs of potential recovery, with decreasing inventories and rising prices, suggesting a possible entry into a favorable cycle [21]. Investment Recommendations - The report recommends focusing on companies with strong competitive positions and growth potential, such as Ruifeng New Materials and Baofeng Energy [21]. - It emphasizes the importance of domestic chemical fertilizer and pesticide sectors, which are expected to maintain stable demand due to self-sufficiency [21]. - The report also highlights the benefits for major oil companies like Sinopec, which are expected to gain from lower raw material costs due to declining oil prices [21].