Group 1 - The domestic large model field has seen significant updates, igniting market expectations for a new round of innovation in the AI industry chain [2] - DeepSeek has launched an update that supports a maximum context length of 1 million tokens, enabling the model to process long texts such as entire novels and complex documents, facilitating AI applications in high-value scenarios like financial analysis and legal review [3] - Zhiyu AI has released its flagship model GLM-5, achieving state-of-the-art capabilities in coding and agent functions, bringing its performance close to international leaders, indicating that domestic models are now competitive in execution capabilities [4] Group 2 - The release of new models is part of a concentrated launch window, with several companies including DeepSeek, Kimi, Alibaba, and Baidu unveiling new models, reflecting a shift in the internet value chain towards execution capabilities and new business models [5] - The increasing demand for computing power is supported by significant capital expenditures planned by major companies, with ByteDance planning 160 billion yuan for 2026 and Alibaba investing 380 billion yuan in AI infrastructure over three years [5] - The AI ETF tracking the entrepreneurial board AI index covers the entire AI industry chain, including hardware, software, and applications, with major holdings benefiting from the expansion of cloud vendor capital expenditures [6]

科创人工智能ETF华宝（589520）及其联接基金（024560）重点布局国产AI产业链，成份股囊括国产 GPU龙头（如寒武纪），国产ASIC龙头（如芯原股份）、AI应用龙头（如金山办公），半导体行业权 重占比近一半，具备较强进攻性；软件行业权重占比超三成，有望受益于AI应用补涨行情。同时，该 ETF是融资融券标的，是一键布局国产算力的高效工具。 （文章来源：每日经济新闻） 国联民生证券表示，持续看好AI投资机会，从四维度验证行业高景气：①科技巨头资本开支增长； ②AI助手Clawdbot验证AI从对话工具向执行者转型，边缘AI产品前景广阔；③算力基础设施供需紧张 持续，推动上游通胀，云厂涨价、H100租赁价格上行，存储板块或延续涨价态势；④AI已进入应用落 地、需求加速与产业链景气共振阶段，全面看多AI产业趋势。 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 ...

Group 1 - The core viewpoint highlights the strong performance of AI-related ETFs, particularly the创业板人工智能ETF华宝 (159363) and科创人工智能ETF华宝 (589520), which are benefiting from the commercialization of AI technology [1][2] - The创业板人工智能ETF has approximately 60% of its portfolio allocated to computing power and 40% to AI applications, indicating a balanced approach to both sectors [2] - The科创人工智能ETF focuses on the domestic AI industry chain, with significant holdings in domestic GPU and ASIC leaders, as well as AI application leaders, showcasing its aggressive investment strategy [2] Group 2 - Citic Securities notes structural highlights in AI applications, particularly in AI fintech, AI healthcare, and AI data sectors, with overall profitability expected to improve significantly [1] - Guotai Junan Securities expresses optimism about AI investment opportunities, supported by four dimensions: increased capital expenditure by tech giants, the transition of AI assistants to executors, ongoing supply-demand tension in computing infrastructure, and the acceleration of AI application demand [1] - The AI sector is entering a phase of application landing and demand acceleration, indicating a positive outlook for the overall AI industry trend [1]

国产大模型竞争加速，消息面上，智谱推出GLM-5，定位为最新一代旗舰级对话、编程与智能体模 型，主攻复杂系统工程与长程Agent任务。内部评估显示，GLM-5在编程开发场景中平均性能较上一代 提升超20%，真实编程体验逼近Claude Opus 4.5水平。在BrowseComp、MCP-Atlas和τ2-Bench等三项 Agent评测中均取得开源领域最优表现。 截至2026年2月12日 09:40，中证人工智能主题指数(930713)上涨0.87%，成分股晶晨股份上涨12.95%， 协创数据上涨7.61%，光环新网上涨4.55%，深信服上涨3.80%，复旦微电上涨3.21%。AI人工智能 ETF(512930)上涨0.80%，最新价报2.26元。 AI人工智能ETF紧密跟踪中证人工智能主题指数，中证人工智能主题指数选取50只业务涉及为人工智能 提供基础资源、技术以及应用支持的上市公司证券作为指数样本，以反映人工智能主题上市公司证券的 整体表现。 数据显示，截至2026年1月30日，中证人工智能主题指数(930713)前十大权重股分别为中际旭创、新易 盛、寒武纪、澜起科技、科大讯飞、中科曙光、海康威视、豪威 ...

Market Overview - The A-share market saw most major indices rise last week (February 4 to February 10), with the Shanghai 50 index experiencing the largest increase of 1.74%. The Shanghai Composite Index rose by 1.49%, while the Shenzhen Component increased by 0.59%. The ChiNext index fell by 0.13%, and the CSI 300 rose by 1.38% [3]. - As of February 10, the margin trading balance in the Shanghai and Shenzhen markets was 26,517.83 billion yuan, a decrease of 459.93 billion yuan from the previous week. The financing balance was 26,350.49 billion yuan, down by 460.03 billion yuan, while the securities lending balance increased slightly to 167.34 billion yuan [3]. Industry Insights - The media, comprehensive, and environmental protection industries saw significant net buying in financing, while the non-ferrous metals, telecommunications, and non-bank financial sectors experienced lower net buying. The industries with higher financing buy-in ratios relative to transaction volumes included non-bank financials, telecommunications, and electronics, whereas textiles, light manufacturing, and construction materials had lower ratios [4]. - In terms of securities lending, the media, coal, and machinery equipment sectors had higher net selling amounts, while non-ferrous metals, food and beverage, and defense industries had lower net selling amounts [4]. ETF and Stock Performance - As of February 10, the financing balance for ETFs was 1,124.56 billion yuan, a decrease of 26.48 billion yuan from February 3, while the securities lending balance increased by 0.60 billion yuan to 75.45 billion yuan. The top five ETFs by net buying were E Fund CSI Overseas China Internet 50 (QDII-ETF), Southern CSI 1000 ETF, Hang Seng Technology, GF CSI Hong Kong Innovative Medicine (QDII-ETF), and Huabao CSI Medical ETF [4]. - The top five stocks by net buying in financing last week were Zhongwen Online (300364), Cambricon (688256), Kingsoft Office (688111), Kunlun Wanwei (300418), and Hengtong Optic-Electric (600487). The top five stocks by net selling in securities lending were Yanzhou Coal (600188), Jiangbolong (301308), Hengyi Petrochemical (000703), Changchuan Technology (300604), and Yinlun Machinery (002126) [4].

Core Viewpoint - The article provides a forecast for Kingsoft Software's Q4 2025 performance, indicating a revenue decline in gaming but growth in office software, highlighting a structural differentiation in business performance [4]. Group 1: Gaming Business - The gaming revenue is expected to decline by 29% year-on-year in Q4 2025, primarily due to the high base effect of the core product "Jian Wang 3" and the underwhelming performance of the new game "Jie Xian Ji" [5]. - For the full year of 2025, gaming revenue is projected to decrease by 27% to 3.8 billion yuan [5]. - The new game "E-Duck Kill," set to launch in 2026, shows strong social attributes and potential, with 5 million new users on the first day of public testing and over 10 million within six days [5]. Group 2: Office Business - The office business is anticipated to grow by 15% year-on-year in Q4 2025, driven by three main business lines [6]. - The personal business segment, with WPS Office achieving 669 million monthly active devices, shows a significant increase in user engagement, particularly on PC [6]. - WPS365 is expected to continue high double-digit revenue growth due to its integrated "collaboration + AI" advantages [7].

Group 1 - The core issue is the rising anti-American sentiment among the Danish public due to the U.S. stance on Greenland, leading to a search for alternatives to American products [1] - A youth-developed app named "UdenUSA" (meaning "Without America") has gained over 100,000 downloads, allowing users to scan product barcodes to identify their origin [1] - Denmark's largest supermarket chain has started labeling EU alternative products, indicating a shift towards reducing reliance on American goods [1] Group 2 - Chinese software has become a popular choice among Danes, with WPS 365 being used for office tasks, enhancing efficiency by automatically displaying time zones for international meetings [2] - Danes are increasingly engaging with Chinese social media platforms like Weibo and Bilibili, seeking products with "100% Chinese content" [2] - AI tools such as DeepSeek are being adopted as alternatives to ChatGPT, reflecting a broader trend of favoring Chinese technology [2]

Content: --------- <doc id='2'>金 融 工 程 研 究 证 券 研 究 报 告 融 资 融 券 周 报</doc> <doc id='9'>1. 市场数据概览 上周（2 月 4 日-2 月 10 日）A 股市场主要指数多数上涨，其中上证 50 涨幅最大， 上涨了 1.74%；创业板指跌幅最大，下跌了 0.13%。此外，上证综指上涨 1.49%， 深证成指上涨 0.59%，科创 50 上涨 0.03%，沪深 300 上涨 1.38%，中证 500 上 涨 0.24%。</doc> <doc id='10'>表 1：A 股市场主要指数上周表现 | 指数名称 | 2 月 3 日收盘价 | 2 月 10 日收盘价 | 周涨跌幅(%) | | --- | --- | --- | --- | | 上证综指 | 4067.74 | 4128.37 | 1.49 | | 深证成指 | 14127.11 | 14210.63 | 0.59 | | 创业板指 | 3324.89 | 3320.54 | -0.13 | | 科创 50 | 1471.07 | 1471.50 | 0.03 | | 沪深 300 | 4660.11 | 4724.30 | 1.38 | | 上证 50 | 3034.58 | 3087.41 | 1.74 | | 中证 500 | 8286.70 | 8306.44 | 0.24 | 资料来源：同花顺，渤海证券研究所 图 1：近一年沪深 300 收盘价与融资买入额占成交额比例</doc> <doc id='12'>资料来源：同花顺，渤海证券研究所 2 月 10 日，沪深两市两融余额为 26,517.83 亿元，较上周减少 459.93 亿元。其 中融资余额为 26,350.49 亿元，较上周减少 460.03 亿元；融券余额为 167.34 亿 元，较上周增加 0.10 亿元。</doc> <doc id='13'>表 2：三市融资融券余额 | 日期 | 沪深京三市余额 | 沪深两市余额 | 沪市余额 | 深市余额 | 京市余额 | 融资余额 | 融券余额 | | --- | --- | --- | --- | --- | --- | --- | --- | | | （亿元） | （亿元） | （亿元） | （亿元） | （亿元） | （亿元） | （亿元） | | 2026-02-04 | 26,928.72 | 26,841.25 | 13,598.65 | 13,242.60 | 87.47 | 26,671.51 | 169.74 | | 2026-02-05 | 26,808.60 | 26,721.87 | 13,547.70 | 13,174.17 | 86.73 | 26,553.94 | 167.93 |</doc> <doc id='15'>| 2026-02-06 | 26,636.60 | 26,549.98 | 13,470.36 | 13,079.62 | 86.62 | 26,383.84 | 166.14 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-02-09 | 26,644.00 | 26,556.13 | 13,475.12 | 13,081.01 | 87.87 | 26,387.82 | 168.31 | | 2026-02-10 | 26,604.75 | 26,517.83 | 13,459.14 | 13,058.69 | 86.92 | 26,350.49 | 167.34 | 资料来源：同花顺，渤海证券研究所 图 2：近期融资业务情况（亿元） 图 3：近期融券业务情况（亿元）</doc> <doc id='24'>2 月 10 日，融资融券个人投资者数量为 798.23 万名，较上周增长 0.24%；融资 融券机构投资者数量为 51,114 家，较上周增长 0.11%。有融资融券负债的投资者 数量为 1,901,935 名，较上周下降 0.97%。户均融资融券余额为 1,398,825 元， 较上周减少 10,417 元。有融资融券负债的投资者数量占全体融资融券投资者数 量的占比为 23.68%，较上周减少 0.29 个百分点。2 月 4 日-2 月 10 日每日平均 参与融资融券交易的投资者数量为 432,017 名，较前一周下降 17.79%。</doc> <doc id='28'>2. 行业融资融券特征 从申万一级行业来看，煤炭、综合和轻工制造等行业涨幅较大，有色金属、通信 和国防军工等行业跌幅较大。</doc> <doc id='29'>资料来源：同花顺，渤海证券研究所 融资方面，传媒、综合和环保行业融资净买入额较多，有色金属、通信和非银金 融行业融资净买入额较少。</doc> <doc id='32'>资料来源：同花顺，渤海证券研究所 融券方面，上周传媒、煤炭和机械设备行业融券净卖出额较多，有色金属、食品 饮料和国防军工行业融券净卖出额较少。</doc> <doc id='35'>上周融资买入额占成交额比例较高的行业为非银金融、通信和电子，较低的行业 为纺织服饰、轻工制造和建筑材料；融资余额占流通市值比例较高的行业为计算 机、通信和国防军工，较低的行业为石油石化、银行和煤炭。</doc> <doc id='37'>行业名称 融资买入额占成交额(%) 较上周变化(pct.) 融资余额占流通市值(%) 较上周变化(pct.) 非银金融 11.13 0.10 3.04 -0.11 通信 10.57 -0.46 3.42 -0.13 电子 9.17 -0.14 3.13 -0.03 国防军工 8.73 -0.02 3.28 -0.03 计算机 8.63 -0.05 4.09 -0.02 电力设备 8.50 0.06 2.95 -0.07 有色金属 8.40 -1.14 2.76 -0.05 钢铁 8.13 -0.47 1.71 -0.08 银行 7.94 -1.01 0.82 -0.05 传媒 7.89 0.14 3.07 -0.04 煤炭 7.78 -0.79 0.88 -0.10 公用事业 7.74 -0.30 1.73 -0.02 美容护理 7.72 1.11 2.56 -0.12 汽车 7.72 0.01 2.97 -0.08 家用电器 7.67 0.32 2.01 -0.12 医药生物 7.61 -0.37 2.74 -0.11 机械设备 7.38 0.03 2.51 -0.07 建筑装饰 7.35 -0.83 2.37 -0.03 房地产 7.27 -0.45 3.05 -0.17 基础化工 7.25 -0.36 2.31 -0.09 综合 7.17 0.20 2.84 -0.14 农林牧渔 6.84 -0.46 2.73 -0.08 表 3：上周标的券所属行业融资情况</doc> <doc id='39'>| 交通运输 | 6.64 | -1.07 | 1.38 | -0.09 | | --- | --- | --- | --- | --- | | 食品饮料 | 6.62 | -0.13 | 1.16 | -0.05 | | 石油石化 | 6.40 | -0.70 | 0.66 | -0.03 | | 环保 | 6.32 |

2026开年，世界迎来了"Seedance时刻"。 近日，字节AI视频生成模型Seedance 2.0刷爆海内外，也成为这轮AI应用行情的引爆点。Seedance 2.0可 同时生成视频和音频，实现音画同步，意味着时下最火的短剧制作成本将大幅下探，也标志AI视频正 加速迈向工业化生产核心环节。 游戏科学CEO冯骥直言，庆幸Seedance是中国的AI，它是一个"杀死比赛"的存在。他指出，这是"当前 地表最强的视频生成模型"，并称其标志着"AIGC的童年时代结束"。 值得关注的是，字节跳动正在研发AI芯片，并与三星就芯片制造事宜进行谈判。字节跳动计划今年生 产10万至30万片AI芯片。数据显示，科创人工智能ETF（589520）标的指数成份股与字节跳动展开深度 合作，截至2026年1月底，字节跳动产业链权重占比29.42%。 业内人士指出，从去年横空出世的DeepSeek到今年的Seedance，AI Agent应用爆发前夜，中国AI大模型 正在加速赶超。 国联民生证券表示，持续看好AI投资机会，从四维度验证行业高景气：①科技巨头资本开支增长； ②AI助手Clawdbot验证AI从对话工具向执行者转型，边缘AI ...

AI人工智能ETF(512930)，场外联接(平安中证人工智能主题ETF发起式联接A：023384；平安中证人工 智能主题ETF发起式联接C：023385；平安中证人工智能主题ETF发起式联接E：024610)。 截至2026年2月11日 13:16，中证人工智能主题指数(930713)成分股方面涨跌互现，深信服领涨3.48%， 科沃斯上涨1.03%，星宸科技上涨0.95%；新易盛领跌。AI人工智能ETF(512930)最新报价2.24元。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基金的 风险收益特征和产品特性，并 ...