行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 《计算机板块持仓分析！CPU、沙箱、 Agent 全面分析！ ——计算机行业周报 20260119-20260124》 2026/01/24 《台积电 CapEx 指引算力需求确定性！ 2025 业绩前瞻！——计算机行业周报 20260112-20260116》 2026/01/17 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuihang@swsresearch.com 曹峥 A0230525040002 caozheng@swsresearch.com 陈晴华 A0230525100001 chenqh@swsresearch.com 罗宇琦 A0230124070004 luoyq@swsresearch.com 联系人 王开元 A0230125030001 wangky ...

Group 1 - In January 2026, nearly 660 private equity firms participated in A-share company research activities, with a total of over 1700 research instances [1][2] - The computer, machinery, pharmaceutical biology, and electronics sectors were the most focused on by private equity firms, with notable fund managers like Feng Liu from Gao Yi Asset and Zhu Liang from Dan Yi Investment attending technology stock research [1][2] - Despite significant gains in the technology sector in 2025, industry trends and corporate profitability indicate that the sector has not yet reached a "bubble stage," particularly in semiconductors and AI applications [1] Group 2 - A total of 659 private equity firms covered 332 A-share companies across 28 primary industries in January 2026, with 48 companies receiving more than 10 research visits [2] - The computer industry had 30 companies receiving research with a total of 296 instances, while the machinery equipment sector had 44 companies with 228 instances [3][4] - The pharmaceutical biology and electronics sectors also saw significant research activity, each exceeding 190 instances, with the electronics sector having the highest number of companies at 48 [4] Group 3 - Notable private equity fund managers showed interest in technology, with Feng Liu attending a research event for Hikvision, focusing on AI application advancements and robotics [5] - Zhu Liang from Dan Yi Investment researched Tongfu Microelectronics, which is positioned to benefit from the rapid development of domestic AI computing chips [6] - The AI industry is viewed as a key investment theme for 2026, with a shift towards practical applications and a growing demand for general-purpose GPUs and basic semiconductor equipment [7][8]

本报讯 （记者冯思婕）1月30日，杭州海康威视数字技术股份有限公司（以下简称"海康威视"）公众号 发布消息称，公司新上岗了一位包装配件"AI质检员"——海康观澜工业大模型产线场景方案。依托海康 观澜工业大模型能力，该方案即使面对工厂配件包装体量大、规格多变的复杂场景，也能精准识别配件 错放、漏放问题，并实时拦截风险。 据介绍，海康观澜工业大模型产线场景方案不需要复杂调试，就能直接上产线，实现分钟级部署。同 时，只要产线调整，它也会自动切换检测模型，实现"零延迟"换产，高效适配柔性产线。 以海康威视智造工厂为例，这里生产节奏快，工人平均每10秒就要完成一组包装；但频繁切换的产线， 又让配件规格、组合处于持续变化中；即便是最熟练的工人，也很难在高强度重复作业与多变的订单需 求交织下，始终确保配件不错漏。 为了守住配件齐套这道质量防线，以往，海康威视工厂采用"元素管控"方式，工人事先按每种配件10个 为一组分装；包装时按组取用，一组用完若有剩余，再开箱倒查。但这种方式既耗人力、又费时间，错 漏问题难以快速追溯。 但传感器只以"取件次数"判定包装是否完成，无法识别取件品类、数量是否匹配单套产品要求，且计数 未达标时无 ...

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by over 10% in the next six months [2][33]. Core Insights - The report highlights a competitive landscape in AI applications among major internet companies, with significant cash giveaways during the Spring Festival to attract users and enhance engagement with AI products. This marks a new phase in AI application competition, aiming for widespread adoption and commercialization [2][28]. - The computer industry index has shown a decline of 5.32% over the past two weeks, underperforming the CSI 300 index by 5.37 percentage points, ranking last among 31 sectors. However, it has increased by 9.08% in January, outperforming the CSI 300 index by 6.40 percentage points [10][20]. - The current price-to-earnings (PE) ratio for the SW computer sector stands at 59.79 times, placing it in the 96.66 percentile for the past five years and 91.70 percentile for the past ten years, indicating high valuation levels [20][22]. Summary by Sections Industry Performance Review - The SW computer sector has experienced a two-week decline of 5.32%, ranking 31st among 31 sectors. In January, it rose by 9.08%, outperforming the CSI 300 index by 6.40 percentage points [10][13]. Valuation Situation - As of January 29, 2026, the SW computer sector's PE TTM is 59.79 times, indicating a high valuation compared to historical data [20][22]. Industry News - Major announcements include Tencent's cash giveaway of 1 billion RMB for the Spring Festival, the launch of new AI models by Alibaba and ByteDance, and price increases for server CPUs by Intel and AMD due to high demand [22][24][25]. Company Announcements - Notable company forecasts include iFlytek expecting a net profit of 785 million to 950 million RMB for 2025, and SuperMap Software projecting a profit turnaround from a previous loss [25][26][27]. Weekly Insights - The report emphasizes the strategic moves by leading internet companies to capture AI traffic during the Spring Festival, suggesting a focus on investment opportunities related to AI applications and partnerships with leading firms [28][29].

以下为2025年度新质100创新企业榜： 360集团 爱美客 百川智能 柏垠生物 达梦数据 海光信息 华硼中子 极智嘉科技 佳杰云星 金山办公 君实生物 科曼医疗 莱芒生物 老来健康 凌雄科技 Mirxes觅瑞 墨芯人工智能 欧冶半导体 擎朗智能 週届日日 安恒信息 百度慧播星 北京人形 丹诺医药 海康威视 华为终端 剂泰科技 箭元科技 京北方 康盈半导体 快看漫画 蓝箭航天 理工雷科 蚂蚁集团 壓尔线程 默达生物 普瑞基准 深睿医疗 爱连健康 奧比中光 百利天恒 长生医疗 国泰海通证券 寒武纪 火石创造 加速进化 会蝶集团 京东科技 科大讯飞 快手科技 浪潮海岳HOM 立康生命科技 Medidata 魔法原子 纳安生物 阡视科技 深之蓝 1月30日，由经济观察报社举办的2025年度创新峰会成功举办。此次峰会以 "新质领航 创启未来" 为主题，汇聚多名企业家、学者及行业领袖，围 绕人工智能、数字化转型、机器人、生物医药等热点领域，分享前沿动态与创新实践。 随着全球产业竞争进入 "创新竞速、集群突破" 的新阶段，中国正以 "新质生产力" 突破传统增长路径 —— 人工智能重构产业效率、半导体芯片 打破技术壁垒、空 ...

更重要的是，这套系统部署灵活，可以适配不同形态配件的识别需求： 如果配件形态简单，比如螺栓、支架，只需要 拍摄1-8张图片，无需额外训练，分钟级实现配件注册和算法部署。 即使是形态不规则的配件，比如塑料袋螺丝包，也 无需担忧——只需要拍摄少量样本照片启动大模型训练，系统就能自动捕捉配件特征，不管角度怎么变，都能精准识 别！03堆叠场景巧应对复杂工况稳拿捏真实的产线现场，情况往往更复杂。在海康威视网络工厂，网络摄像机的配件包 装并不是规整平铺，而是直接堆叠放进包装盒里。 面对这类配件堆叠的包装场景，大模型虽然不能"一眼看穿"，但会换个思路"解题"：通过内置的高精度预训练手部检测 大模型，精准识别工人的手部是否进入指定料盒区域，以及是否完成有效取件动作。一旦拿取次数不足或拿错料盒区 域，系统就会触发NG警报，督促工人复核。 凭借灵活的检测逻辑，这套检测系统让海康威视工厂配件包装实现100%全 检，质量效率得到双提升；更支持全流程可视化追溯，让质量问题有据可查。目前其已广泛覆盖汽车零部件、电子产品 组装、家电产品总装、医药用品分拣等场景。 财经频道更多独家策划、专家专栏，免费查阅>> 配件包装看似简单，但以柔性产线 ...

Core Viewpoint - The semiconductor industry chain experienced a rapid increase due to positive news regarding domestic chips, with significant gains in stocks such as 澜起科技, which rose over 11% [1]. Group 1: Market Performance - The AI ETF (515070) saw a recovery in the afternoon after an early decline of over 2%, ultimately rising more than 1.2% with a trading volume exceeding 2 billion yuan [1]. - Stocks in the semiconductor sector, including 新易盛 and 北京君正, also experienced notable increases, reflecting a broader market rally [1]. Group 2: AI Developments - Baidu's Wenxin APP launched the industry's first "multi-agent" group chat beta, allowing multiple specialized agents to collaborate, enhancing AI's role as a "smart collaborator" in decision-making processes [1]. - This advancement signifies a shift in AI interaction from "human-machine dialogue" to "human-machine group chat," indicating a more integrated approach to AI in collaborative environments [1]. Group 3: Market Outlook - Dongwu Securities noted that favorable factors driving market strength remain unchanged, suggesting a stable transition into the second phase of the spring market rally [1]. - The China Securities Regulatory Commission emphasized maintaining stability and supporting a gradual market recovery, which is expected to provide a solid foundation for a sustained bull market [1]. - As the annual performance forecasts begin to be disclosed in late January, market focus is anticipated to shift towards earnings reports [1]. Group 4: AI ETF Composition - The AI ETF (515070) tracks the CS AI theme index (930713), selecting stocks that provide technology, foundational resources, and applications within the AI industry, often referred to as the "brain" creators of robotics and the "infrastructure" of the Internet of Things [2]. - The top ten weighted stocks in the ETF include leading domestic technology firms such as 中际旭创, 新易盛, and 科大讯飞, among others [2].

Group 1 - The core viewpoint of the news highlights a strong performance in the AI sector, with the CSI Artificial Intelligence Theme Index rising by 1.19% and key stocks like Chipone Technology and NewEase rising by 8.88% and 6.93% respectively [1] - ByteDance and Alibaba are set to launch new AI models around the Spring Festival, with Alibaba increasing its investment in AI and cloud computing from 380 billion to 480 billion yuan over the next three years [1] - CITIC Securities suggests that the overseas computing power chain is expected to return to a relatively optimistic scenario in the next 3-6 months, recommending focus on three investment opportunities related to computing power demand [1] Group 2 - The CSI Artificial Intelligence Theme Index tracks 50 listed companies involved in providing resources, technology, and application support for AI, reflecting the overall performance of AI-related stocks [2] - As of December 31, 2025, the top ten weighted stocks in the CSI Artificial Intelligence Theme Index include companies like Zhongji Xuchuang and NewEase, accounting for 58.08% of the index [2] - The AI Artificial Intelligence ETF closely follows the CSI Artificial Intelligence Theme Index and includes various connection funds [2]

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2025年12月31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、中科曙光、科大讯飞、海康威视、豪威集团、金山办公、浪潮信息，前十大权 重股合计占比58.08%。 截至2026年1月30日 09:38，中证人工智能主题指数(930713)成分股方面涨跌互现，北京君正领涨 3.64%，协创数据上涨3.38%，润泽科技上涨3.26%；中科星图领跌。AI人工智能ETF(512930)最新报价 2.34元。 资金流入方面，AI人工智能ETF最新资金净流入4524.27万元。拉长时间看，近19个交易日内，合计"吸 金"5.37亿元。 消息面上，亚马逊正洽谈对OpenAI投资至多500亿美元，日本财团软银也计划向OpenAI追加高达300亿 美元的投资，OpenAI本轮融资估值或高达8300亿美元。此外，OpenAI计划在第四季度进行IPO，与银 行就潜在上市 ...

Group 1 - The core viewpoint of the report indicates that the Federal Reserve is unlikely to restart interest rate cuts in the first quarter of 2026, as the job market stabilizes and inflation has not yet shown a downward turning point [2] - The report highlights that New Oriental's FY26Q2 performance exceeded expectations, with net revenue of $1.191 billion, a year-on-year increase of 14.7%, and a net profit of $45.45 million, up 42.3% year-on-year [5] - The report projects an upward revision of New Oriental's net profit forecasts for FY26 to FY28, with estimates raised to $497 million, $585 million, and $680 million respectively, reflecting a 13%, 14%, and 17% increase [5] Group 2 - The A-share stock selection for February 2026 includes companies such as Zhongji Xuchuang, Hikvision, and China Life, indicating a focus on stable holdings during the holiday period [3] - The report notes that the bond market is increasingly influenced by non-bank financial sectors, emphasizing the need for macro-prudential mechanisms to address risks in the bond market [4]