截至2026年2月25日 09:32，中证人工智能主题指数(930713)下跌0.30%。成分股方面涨跌互现，星宸科 技领涨4.17%，协创数据上涨1.23%，拓维信息上涨1.21%；芯原股份领跌4.09%，昆仑万维（维权）下 跌2.75%，北京君正下跌2.47%。AI人工智能ETF(512930)下跌0.40%，最新报价2.27元。 资金流入方面，AI人工智能ETF最新资金净流入3194.73万元。拉长时间看，近4个交易日内有3日资金 净流入，合计"吸金"1.25亿元，日均净流入达3118.97万元。（数据来源：Wind） 上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> 消息面上，全球最大AI开源社区Hugging Face公布新一期开源大模型榜单，阿里最新开源的原生多模态 模型千问3.5登顶全球榜首。在最新一期Hugging Face模型榜单前十中，有8款来自中国团队，涵盖阿里 巴巴、智谱、MiniMax、月之暗面等多家机构。 中信证券研报指出，2026春节期间，国产大模型token调用量井喷，截至2月22日此前一周的全球大模型 token用量中，前三甲均为国产大模型。token的 ...

Group 1 - The Integrated Circuit ETF (159546) opened with a gain of 0.29%, priced at 2.063 yuan [1] - Major holdings in the ETF include: Cambrian (up 0.79%), SMIC (up 1.02%), Haiguang Information (up 0.75%), and others with varying performance [1] - The ETF's performance benchmark is the CSI All-Share Integrated Circuit Index return, managed by Guotai Fund Management Co., Ltd., with a return of 105.49% since its establishment on October 11, 2023, and a one-month return of -4.74% [1]

来源：新浪基金∞工作室 半导体ETF（159813）业绩比较基准为国证半导体芯片指数收益率，管理人为鹏华基金管理有限公司， 基金经理为罗英宇，成立（2020-04-17）以来回报为86.69%，近一个月回报为-4.87%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月25日，半导体ETF（159813）开盘涨0.16%，报1.246元。半导体ETF（159813）重仓股方面，中芯国 际开盘涨1.02%，海光信息涨0.75%，寒武纪涨0.79%，北方华创涨0.23%，兆易创新跌2.18%，中微公司 跌0.20%，澜起科技涨0.01%，豪威集团涨0.01%，拓荆科技涨0.82%，长电科技涨1.52%。 ...

内容概要：AI加速芯片是面向人工智能算法优化的专用集成电路，通过专用计算单元与并行架构设 计，高效处理AI核心计算任务，适配云、边、端全场景算力需求，是驱动智能时代发展的核心算力引 擎。我国出台多项相关政策，从顶层规划、技术攻关、生态建设等多维度提供支持，加速行业国产替代 与高质量发展。全球范围内，大模型迭代推动AI产业高速发展，带动AI加速卡市场快速扩容，云端市 场占据主导地位，推理端需求爆发式增长成为新增长引擎。中国作为全球重要市场，AI加速卡需求呈 爆发式增长，依托丰富产业生态与模型优势，训练用与推理用加速卡需求双升，推理端增速尤为显著。 未来，中国AI加速芯片行业将聚焦高端技术突破与架构创新，深化自主生态建设，向场景定制化转 型，通过差异化竞争与产业链协同，推动国产替代深化，逐步构建全球算力"第二极"。 上市企业：寒武纪（688256.SH）、海光信息（688041.SH）、摩尔线程（688795.SH）、沐曦股份 （688802.SH）、壁仞科技（06082.HK）、天数智芯（09903.HK） 相关企业：深圳市海思半导体有限公司、昆仑芯（北京）科技股份有限公司、平头哥（上海）半导体技 术有限公司、 ...

Core Insights - The AI industry is experiencing significant upgrades in major models both domestically and internationally around the Spring Festival period in 2026, indicating a transformative phase in the sector [2][3]. Domestic AI Model Updates - Several domestic AI models have been updated recently: - January 27: Moonlight released the K2.5 model - February 12: Zhipu released the GLM-5 model - February 13: MiniMax released the MiniMax M2.5 model - February 14: ByteDance released the Doubao 2.0 model - February 16: Alibaba released the Qianwen 3.5 model [3]. International AI Model Updates - Internationally, major AI companies have also completed significant model updates: - OpenAI released the GPT-5.3-Codex model designed for real-time programming, capable of generating over 1000 tokens per second - Anthropic launched the Claude Opus4.6/Claude Sonnet4.6 models, supporting 1 million tokens context for better execution of intelligent planning tasks - Google introduced the Gemini3.1Pro model, which has doubled its inference performance [3]. Advancements in AI Applications - The capabilities of AI models are evolving, with the emergence of intelligent agents and multimodal applications: - The OpenClaw open-source intelligent agent tool has gained attention for its ability to assist with specific office tasks, moving beyond simple chat functionalities - ByteDance's SeeDance2.0 has improved video generation efficiency, increasing the usable rate of 15-second videos from 20% to 90%, potentially driving the anime and drama industries towards large-scale development [4]. Pricing Trends in Computing Power - A price increase in computing power has been observed, indicating a supply bottleneck in the computing power industry: - Zhipu's GLM Coding Plan has seen a price adjustment, including a 30% or more increase in package prices, reflecting rising market demand and user engagement [5]. Investment Recommendations - The computing supply chain is expected to experience sustained growth, with investment opportunities identified in: - Computing and storage: Cambrian, Haiguang Information, Moore Threads, Muxi, Zhaoyi Innovation, Baiwei Storage, Jucheng - Advanced manufacturing: SMIC, Huahong, Jinghe Integration, China Resources Micro, Chipone, Changdian Technology, Tongfu Microelectronics - Optical communication: Zhongji Xuchuang, Tianfu Communication, Xinyi Sheng, Changfei Optical Fiber, Zhongtian Technology, Hengtong Optic-Electric, Huaxin Electronics, Jiepte, Dazhu Laser [6][7].

新华财经北京2月25日电截至最新数据，根据申万行业分类，A股电子行业上市公司共计495家，其中298家公司已公布2025年年度业绩预告。 整体来看，298家发布业绩预告的公司中有166家实现盈利，工业富联、立讯精密、TCL科技净利润居前；受益于行业复苏、算力需求攀升等多重因素，较上 年相比，近六成电子行业上市公司实现利润同比增长。 超五成公司预告盈利工业富联、立讯精密、TCL科技盈利规模居前 整体来看，已公布2025年年报业绩预告的298家电子上市公司中，业绩偏正面（包括预增、略增、续盈、扭亏）的企业合计为129家。 | 面问14 | | | | --- | --- | --- | | 电子行业2025年年度业绩预告类型 | | | | 企业家数 (家) 预告方向 | 业绩类型 | | | 正面 | 预增 | 81 | | 15 | 略増 | | | 绩盈 | | 1 | | 担同市场 | | 32 | | 负面 | 预减 | 30 | | 略減 | | 7 | | 首亏 | | 41 | | 续亏 | | 90 | | 中性 | 不确定 | 1 | | 数据来源: 新华财经、面包财经、公司公告 | | | ...

Summary of CloudWalk Technology Conference Call Company Overview - **Company**: CloudWalk Technology - **Industry**: AI and Intelligent Solutions Core Points and Arguments - **Strategic Transformation**: CloudWalk is transitioning from a tool-based company to a comprehensive solution provider, focusing on AI infrastructure and AI agents to drive customer growth [2][3] - **Dual-Driven Strategy**: The company implements a "dual-driven" strategy combining AI infrastructure and AI agents, alongside a "dual-line" development approach targeting serious industries and emerging markets [2][3] - **Technological Advancements**: Emphasis on multi-modal technology, particularly in visual models, to meet industry demands for real-time data and real-world applications [2][3] - **Intelligent Platforms**: Development of specialized platforms like Aging and Coding, structured into three layers: technology platform, business product platform, and growth/commercialization platform [2][6] - **Revenue Model Shift**: Transitioning from project-based to customized services with long-term operational contracts, enhancing revenue diversification and profitability [2][9] - **Cash Flow Stability**: Focus on reducing TOP and TOG business scales and large-scale integration projects to ensure stable cash flow [2][10] - **Customer Retention**: Over 50% repurchase rate from single clients in banking, public security, and government sectors, with long-term service contracts enhancing customer loyalty [3][18] Future Plans - **Infrastructure Development**: Plans to enhance infrastructure with national models and training grounds, aiming for broader commercialization in verticals like finance and governance from 2026 to 2028 [4][11] - **Market Expansion**: Intent to increase international market presence through high-margin, replicable delivery models, expecting significant revenue growth starting in late 2026 [12][16] - **Focus on Software Industry**: Anticipation of a software explosion period due to clearer commercialization paths and improved technical readiness [5][16] Challenges and Responses - **To B Sector Challenges**: High investment and customization demands, along with long delivery cycles, are addressed by standardizing and reusing project components to reduce costs and improve efficiency [10][13] - **Competitive Advantages**: CloudWalk holds a leading position in visual technology and has unique strengths in data understanding and real-time processing, enhancing its competitive edge [14][15] Market Outlook - **AI Industry Potential**: The software industry is expected to see significant growth, with CloudWalk positioned to leverage its technological advancements and market strategies for future success [5][12] - **Valuation Trends**: High valuations of native AI companies in the Hong Kong market reflect strong investor interest, indicating potential for CloudWalk to achieve higher valuations as it continues to innovate [18] Conclusion - **Growth Expectations**: CloudWalk anticipates double-digit revenue growth in 2026, with a projected growth rate between 20% and 40%, aiming for profitability in the near future [15][19]

电子行业开年观点汇报 20260223 摘要 国产算力正从硬件驱动转向模型和应用驱动，字节跳动等头部互联网公 司加大自研芯片投入，计划量产 AI 推理芯片，有望占据市场份额，信源 股份等公司受益于豆包大模型需求超预期。 海外 AI 热点集中在 OpenAI 项目，其数字员工模式深度嵌入工作流，推 动推理算力需求数量级跃升，利好 Minimax、智谱 GLM 等国产模型企 业级 API 调用量增长，对 AI 芯片及基础设施是重大利好。 各大互联网公司、服务器厂商及 GPU 公司发力研发国产超级计算机方案， Switch 芯片环节受益，建议关注盛科通信等独立第三方以太网 switch 芯片厂商，以及光模块、液冷散热、PCB 等细分赛道。 2026 年一、二季度，高密度光纤连接器和高功率连续激光芯片的新需 求将成为 A 股细分赛道价值重估的核心变量，英伟达新一代 AI 芯片的曝 光也将为 GPU 的发展指引新的增长方向。 英伟达最新旗舰产品 120.4T 交换机将推动高端 PCB、CCL 材料及上游 核心元件供应商发展，相关厂商如胜宏、生益、菲利华等有望受益， HVLP 铜箔和树脂供应商可能面临供不应求。 Q&A ...

存储供需错配仍将延续，产业链公司持续受益 ——存储巨 头与台股 2025 年 2026 年 1 月经营总结 20260223 摘要 存储产品价格自 2025 年以来显著上涨，DRAM 价格涨幅达三倍。尽管 涨势趋稳，但市场寡头垄断格局预示未来价格将维持高位，难以回落至 历史低点，对模组厂成本控制构成挑战。 存储巨头扩产面临物理性能瓶颈，HBM 后端验证周期长达一年半，洁净 室空间不足亦构成制约。从建厂到量产需两到三年，限制了短期内高端 产品供给的爆发性增长。 预计 2026 年 DRAM 和 NAND 供需缺口将达峰值，分别为负 4.9%和负 4.2%，主要受 AI 需求和 CSP 厂商资本支出驱动。2027 年底，中国厂 商扩产有望缓解供需紧张，2028 年供给状况或将改善。 台企受益于 AI 需求和存储市场结构调整，业绩显著增长。南亚科收入连 续五个月增长，同比增幅达 608%；华邦电营收创新高并计划扩产 NAND Flash；威刚 1 月营收同比增长 200%。 2025 年存储行业整体营收同比增长 8.09%，达 145.76 亿新台币。三 大巨头削减产能，供应链呈现多点开花局面。QLC 在服务器中应 ...

Market Overview - The stock market saw significant activity with deep South Circuit's strong performance, closing at the daily limit with institutional purchases totaling 96.32 million and a deep stock connection buying 413 million [1][12] - Oil and gas stocks led the market, with Tongyuan Petroleum hitting the daily limit and attracting a total of 154 million from three major institutional investors [1][13] Trading Volume - The total trading volume for the Shanghai Stock Connect was 145.275 billion, while the Shenzhen Stock Connect reached 171.886 billion [2] Top Stocks by Trading Volume - In the Shanghai Stock Connect, the top traded stocks included Zijin Mining at 2.045 billion, followed by Zhaoyi Innovation at 2.035 billion and Kweichow Moutai at 1.766 billion [3] - In the Shenzhen Stock Connect, the leading stocks were CATL at 4.838 billion, followed by Zhongji Xuchuang at 4.631 billion and Tianfu Communication at 3.209 billion [3] Sector Performance - The oil and gas, precious metals, cultivated diamonds, and chemical sectors showed the highest gains, while the film and television, AI applications, and other sectors experienced declines [4] Fund Flow Analysis - The non-ferrous metals sector saw the highest net inflow of funds, while the computer sector experienced the largest net outflow, totaling -12.407 billion [6] - The top stocks with net inflows included Zhongji Xuchuang at 2.218 billion and Huagong Technology at 1.33 billion [7] - Conversely, the stocks with the highest net outflows included Huasheng Tiancai at -1.638 billion and Dazhi Technology at -1.532 billion [8] ETF Trading - The top ETFs by trading volume included A500 ETF Fund at 8.3719 billion, Gold ETF at 8.2416 billion, and A500 ETF Huatai at 7.9285 billion [9] - The ETFs with the highest growth in trading volume compared to the previous trading day included S&P Oil and Gas ETF at 1.5465 billion, showing a 367.86% increase [10] Futures Market - In the futures market, the main contracts for IH, IF, and IC saw both long and short positions decrease, while the IM contract saw an increase in short positions [11]