证券研究报告 把握AI主线，重视新科技 ——计算机行业2026春季投资策略 行业投资评级：强于大市|维持 孙业亮/刘聪颖 中邮证券研究所 计算机团队 中邮证券 1 1 发布时间：2026-02-25 投资要点 AI大模型：2025年，中国AI大模型产品形态进入成熟期，成为市场爆发的直接推动力，低成本、高性能 的技术基础形成了从底层支撑市场高速增长的关键条件，为MaaS和企业大模型的广泛应用创造了可持续 的商业化环境；多模态模型的快速迭代将AI应用从单一文本生成扩展至图像、视频、语音等复合场景，提 升了模型的可用性与商业化潜力；同时，各大厂商通过推出通用基座模型、行业专属模型及低门槛API服 务，构建了完整的产品矩阵，极大降低了企业和开发者的接入成本；企业对AI价值的认知日益成熟，数字 化和智能化转型需求持续增长，推动客户需求从概念验证阶段进入规模化生产阶段，企业对于大模型的调 用频次和覆盖场景不断增加，从而带动MaaS平台和AI大模型解决方案市场进入了"结构性放量"周期。 AI应用：toB端，AI Agent是大模型重要的商业落地形式，已在客服、代码开发、营销、数据分析、金 融服务等多行业、多场景实现服务落地 ...

会议助理: 大家好，欢迎大家参加 AI 加通胀系列 MLCC 专家交，线上会议。目前所有参会人员均处 于经营状态，下面有请主讲老师开始发言，谢谢。 王心怡 华泰证券电子分析师: 那各位线上投资人，大家晚上好。欢迎大家来参加我们这个 AI 加通胀系列的 MACC 专场 的专家交流。我是华泰电子研究员王欣怡。那在会议开始前，其实我们也再重申一下对于 整个 MLC C 最新看到的一些变化吧。就确实是在春节期间，观测到包含村田和三星电机 在内的一些日韩大厂对于涨价的这个事情的口风，确实是发生了一些扭转然后另外就是渠 道现货价也在春节期间迎来了一些继续的上涨。那这个从海外的这些催化来看的话，其实 是进一步加深了大家对于台系，包括大陆的公司后续跟涨的一个预期的。 然后另外一个层面就是从这个 AI 相关，包含 AI 在内的吧，这些高端需求来看，确实是今 年全年还是非常的旺盛。那这个对于非 AI 的高容，以及说一些中低端产能的挤占，可能 也是短期大家比较关心的事情。所以我们今天也是特别邀请到了台系的被动元件大厂的资 深专家，然后来给我们做这样一个专场分享。专家您好，请问能听到吗？ 台系被动元件大厂资深专家: 能听到，很清楚。 ...

Core Viewpoint - The stock price of Inspur Information has experienced a decline of 6.73% year-to-date, with a recent trading volume indicating significant net outflows of capital, suggesting potential investor concerns about the company's performance and market position [1][2]. Financial Performance - For the period from January to September 2025, Inspur Information reported a revenue of 120.67 billion yuan, representing a year-on-year growth of 45.16%. The net profit attributable to shareholders was 1.48 billion yuan, reflecting a year-on-year increase of 14.51% [2]. - Cumulatively, since its A-share listing, Inspur Information has distributed a total of 1.49 billion yuan in dividends, with 646 million yuan distributed over the past three years [3]. Shareholder Structure - As of January 31, 2025, the number of shareholders for Inspur Information reached 310,000, an increase of 6.90% from the previous period. The average number of circulating shares per shareholder decreased by 6.45% to 4,731 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 30.35 million shares, a decrease of 16.47 million shares from the previous period [3].

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 ...

1）豆包：除夕AI互动19亿次，Seedance2．0为春晚提供技术支持；2）豆包App暂停视频通话功能；3）反超千 问、蚂蚁阿福，豆包App Store排名第一；4）2月12日凌晨，智谱发布新一代旗舰模型 GLM-5。 5）Meta加码英伟达，未来数年部署数百万颗芯片，首次采用Grace CPU。 < 国产算力（6）：算力紧缺+主流大模型适配国产芯片印证算力需求旺盛【东北计算机】 1）豆包：除夕AI互动19亿次，Seedance2．0为春晚提供技术支持；2）豆包App暂停视频通话功能；3）反超千 问、蚂蚁阿福，豆包App Store排名第一；4）2月12日凌晨，智谱发布新一代旗舰模型 GLM-5。 国产算力（6）：算力紧缺+主流大模型适配国产芯片印证算力需求旺盛【东北计算机】 5）Meta加码英伟达，未来数年部署数百万颗芯片，首次采用Grace CPU。 #春节流量峰值验证算力瓶颈，国产算力迎来规模化商用拐点。 2026 年春节期间 AI 应用场景的集中爆发，直接凸显出算力资源的供给缺口，国内 AI 产业对算力的刚性需求进一 步释放。 1）字节跳动旗下豆包 App 因新春用户流量大幅攀升出现算力承压，于 2 ...

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the domestic AI computing power industry, highlighting advancements in AI video generation and the increasing demand for computing resources during peak traffic events like the Spring Festival [1][2]. Core Insights and Arguments - The AI video generation model Seedance 2.0, developed by ByteDance, has evolved into a "director-level" tool, capable of producing multi-scene, movie-quality videos with original audio in just 60 seconds. This advancement transforms AI video into a significant productivity tool [1][2]. - During the Spring Festival, ByteDance leveraged high visibility from the New Year's Gala to achieve peak concurrent usage, emphasizing the growing demand for computing power [1][2]. - The "Doubao" AI cloud partnership with CCTV for the Spring Festival resulted in a total of 1.9 billion AI interactions, with peak activity reaching 633 billion tokens per minute. This indicates a substantial increase in consumer engagement and computing requests [3]. - Major companies like Tencent and Alibaba are competing for consumer entry points, with Tencent distributing 1 billion yuan in red envelopes and Alibaba launching a 3 billion yuan free order campaign, which enhances the consumption ecosystem and drives up computing demand [3]. - The domestic AI landscape is characterized by a strong demand-side pull, with the native adaptation of the Zhiyuan GLM-5 model to domestic GPU ecosystems, optimizing compatibility with seven major domestic chip platforms [3]. Important but Overlooked Content - Key companies to watch in the server segment include Inspur Information, ZTE, and Unisplendour. In the networking switch sector, focus on Huaqin Technology, Shengke Communication, Ruijie Networks, and StarNet Ruijie. For liquid cooling and power solutions, companies like Invec, Shenling Environment, and Kexin Innovation Source are noteworthy [4]. - A risk factor mentioned is the potential for industry progress to fall short of expectations, which could impact the overall growth and development of the AI computing power sector [5].

Summary of Key Points from the Conference Call Industry and Company Involved - The conference call focuses on the domestic AI video generation industry, specifically highlighting ByteDance's AI video generation model Seedance 2.0 and its impact on the market [1][2]. Core Insights and Arguments - **Advancement of Domestic Video Generation Models**: ByteDance's Seedance 2.0 has evolved into a "director-level" tool, capable of generating multi-shot, movie-quality videos with original audio in just 60 seconds. This represents a significant breakthrough in AI video production, transforming it into a productive asset [1][2]. - **Increased Demand for Computing Power During Spring Festival**: The competition for traffic during the Spring Festival has amplified the demand for computing power. ByteDance leveraged the high visibility of the Spring Festival Gala to achieve peak concurrent usage [2]. - **AI Interaction Metrics**: On New Year's Eve, as the exclusive AI cloud partner for the Spring Festival Gala, the AI interaction volume reached 1.9 billion, with a peak of 63.3 billion tokens per minute. This indicates a substantial increase in user engagement and computing resource consumption [2]. - **Competitive Strategies of Major Companies**: Tencent distributed 1 billion yuan in red envelopes to stimulate social engagement, while Alibaba's 3 billion yuan promotional campaign integrated its ecosystem, creating a consumable closed loop. These strategies highlight the fierce competition among major players for consumer entry points, driving up concurrent requests and token consumption [2]. - **Acceleration of the Domestic Large Model and Computing Power Cycle**: The Zhipu GLM-5 model is natively adapted to the domestic GPU ecosystem, having undergone deep optimization from the core to the inference framework, ensuring compatibility with seven major domestic chip platforms. This reflects the robust demand-side traction in the domestic AI sector and the gradual improvement of the ecosystem between domestic large models and computing power [2]. Other Important but Potentially Overlooked Content - **Key Companies to Watch**: The call emphasizes several companies in the server, networking, liquid cooling/power, and connector sectors, including Inspur Information, ZTE, Unisplendour, Huaqin Technology, and others, indicating a broad interest in the supporting infrastructure of the AI industry [3]. - **Risk Warning**: There is a cautionary note regarding the potential risks associated with the industry, particularly the possibility of slower-than-expected progress in technological advancements [4].

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the domestic AI computing power industry, highlighting advancements in AI video generation and the increasing demand for computing resources during peak traffic events like the Spring Festival [1][2]. Core Insights and Arguments - The AI video generation model Seedance 2.0, developed by ByteDance, has evolved into a "director-level" tool, capable of producing multi-scene, movie-quality videos with original audio in just 60 seconds. This advancement transforms AI video into a significant productivity tool [1][2]. - During the Spring Festival, ByteDance leveraged high visibility from the New Year's Gala to achieve peak concurrent usage, emphasizing the growing demand for computing power [1][2]. - The "Doubao" AI cloud partnership with CCTV for the Spring Festival resulted in a total of 1.9 billion AI interactions on New Year's Eve, with peak activity reaching 633 billion tokens per minute. This indicates a substantial increase in consumer engagement and computing requests [3]. - Major companies like Tencent and Alibaba are competing for consumer entry points, with Tencent distributing 1 billion yuan in red envelopes and Alibaba launching a 3 billion yuan free order campaign, which enhances the consumption ecosystem and drives up computing demand [3]. - The domestic AI landscape is characterized by a strong demand-side pull, with the native adaptation of the Zhiyuan GLM-5 model to domestic GPU ecosystems, optimizing compatibility with seven major domestic chip platforms [3]. Important but Overlooked Content - Key companies to watch in the server sector include Inspur Information, ZTE, and Unisplendour; in the networking sector, focus on Huaqin Technology, Shengke Communication, Ruijie Networks, and StarNet Ruijie; for liquid cooling and power solutions, consider Invec, Shenling Environment, and Kexin Innovation Source [4]. - A risk factor mentioned is the potential for industry progress to fall short of expectations, which could impact the overall growth and investment potential in the sector [5].

Core Viewpoint - The AI ETF (515070) opened with a gain of 1.28%, priced at 2.055 yuan, indicating positive market sentiment towards artificial intelligence investments [1] Group 1: ETF Performance - The AI ETF (515070) has a performance benchmark based on the CSI Artificial Intelligence Theme Index return [1] - Since its establishment on December 9, 2019, the fund has achieved a return of 102.02% [1] - The fund's return over the past month has been -3.29%, suggesting recent volatility [1] Group 2: Major Holdings - Key stocks within the AI ETF include: - Zhongji Xuchuang, which opened up by 2.07% [1] - Xinyi Sheng, which increased by 0.52% [1] - Cambrian, which rose by 1.39% [1] - Lanke Technology, which gained 3.27% [1] - Zhongke Shuguang, which saw a rise of 1.96% [1] - Keda Xunfei, which increased by 2.24% [1] - Hikvision, which went up by 0.62% [1] - OmniVision, which rose by 1.02% [1] - Kingsoft Office, which increased by 0.23% [1] - Inspur Information, which gained 0.87% [1]

Core Viewpoint - The "intelligent transformation and digital upgrade" wave in manufacturing, driven by national strategies for a "strong manufacturing country" and "self-controllable industrial software," is creating significant market growth for Computer-Aided Manufacturing (CAM) software, with a projected market size of approximately 7.524 billion yuan in 2024, reflecting a year-on-year growth of 10.29% [1][9]. Industry Overview - CAM software is a specialized tool that utilizes computer technology to convert Computer-Aided Design (CAD) models into executable instructions for automated equipment, significantly enhancing production efficiency, processing accuracy, and material utilization [2][5]. Industry Development History - The CAM software industry in China has evolved through several phases: - 1978-1985: Initial exposure to digital technology during the early reform era. - 1986-1999: Policy foundations established with the inclusion of CAD/CAM in the national 863 program. - 2000-2005: Increased adoption post-WTO accession, with domestic companies beginning to enter international markets. - 2006-2015: Introduction of advanced technologies and products by leading firms. - 2016-present: Focus on cloud architecture and integration of CAD/CAM functionalities, enhancing competitiveness in the global market [3][4]. Market Size - The CAM software market in China is expected to reach approximately 7.524 billion yuan in 2024, with a growth rate of 10.29% year-on-year, driven by demand in high-end manufacturing sectors such as aerospace, new energy vehicles, and precision molds [9][10]. Key Companies' Performance - The competitive landscape of the CAM software industry is characterized by a dynamic "multi-polar competition" system, with local leaders like Zhongwang Software and Huatiansoft adopting integrated platform strategies to compete against international giants [10][11]. - Zhongwang Software reported a revenue of 538 million yuan in the first three quarters of 2025, a year-on-year increase of 4.99%, but faced a net profit decline of 479.34% [11][12]. Industry Development Trends 1. **Integration of Artificial Intelligence**: Future CAM software will evolve to integrate AI, transforming from automated tools to intelligent production partners capable of decision-making, thus reshaping manufacturing processes [13]. 2. **Shift to Cloud and Platform Services**: The industry is transitioning from traditional local deployments to cloud-based, subscription services, enhancing collaboration and reducing initial investment barriers for manufacturers [14]. 3. **Intensified Market Competition**: The domestic CAM software market is entering a critical phase of "core attack" and "value enhancement," with a focus on overcoming challenges in high-end market segments and developing specialized solutions for strategic industries [15][16].