早 报 精 选 1、李强：全面推进人工智能科技创新、产业发展和赋能应用，培育壮大新质生产力。 2、国务院：到2035年全面建成全国统一电力市场体系。 3、国务院国资委：央企要积极扩大算力有效投资。 4、DeepSeek更新，上下文达百万级token。 5、巨力索具公告，未签署过4.58亿的海南项目。 宏 观 新 闻 1、2月11日，国务院以深化拓展"人工智能+"、全方位赋能千行百业为主题，进行第十八次专题学习。国务院总理李强在主持学习时 强调，要深入学习贯彻习近平总书记关于人工智能发展的重要指示精神和党中央有关决策部署，全面推进人工智能科技创新、产业发 展和赋能应用，培育壮大新质生产力，推动高质量发展。 2、国务院办公厅日前印发《关于完善全国统一电力市场体系的实施意见》。《意见》指出，推动电力资源在全国范围内优化配置， 优化全国统一电力市场体系实现路径，完善跨省跨区电力交易制度。《意见》还提出，到2035年，全面建成全国统一电力市场体 系，市场功能进一步成熟完善，市场化交易电量占比稳中有升。 3、国务院国资委日前提出，中央企业要强化投资牵引，积极扩大算力有效投资，推进"算力+电力"协同发展，提升全链条数据治理 ...

Core Viewpoint - The CPO sector in the A-share market experienced a significant surge, with the entire sector rising by 9.6% and individual stocks reaching historical highs, driven by impressive earnings forecasts from major companies in the CPO industry for 2025 [1][3]. Group 1: Company Performance - New Yisheng expects a net profit of 9.4 to 9.9 billion yuan for 2025, representing a growth of 231% to 248% compared to the previous year [3][4]. - Zhongji Xuchuang forecasts a net profit between 9.8 to 11.8 billion yuan, with a year-on-year growth of 89% to 128%, solidifying its position as a market leader [4]. - Tianfu Communication anticipates a profit of 1.88 to 2.15 billion yuan, with a growth rate of 40% to 60%, indicating robust growth across the supply chain [4][5]. Group 2: Industry Trends - The entire CPO sector is thriving, with companies like Guangku Technology and Shijia Photon projecting net profit increases of 152% to 172% and 425%, respectively [5]. - The demand for AI computing power is driving the growth, with major global cloud service providers like Microsoft, Google, and Amazon investing heavily in data centers and high-performance servers [6][7]. - The market for optical modules is expected to exceed $23 billion in 2025, with a projected annual growth rate of 22% over the next five years [13]. Group 3: Market Dynamics - The CPO index in the A-share market has risen over 150% since its low point in April 2025, with significant stock price increases among key players in the sector [15]. - Investment strategies are suggested to focus on three categories: "Big Light" for leading companies, "Small Light" for emerging players, and "New Light" for those involved in cutting-edge technologies [15]. - The strong demand for AI computing power is reflected in the financial performance of Chinese optical module companies, which are gaining a larger share of the global market [16].

Core Insights - The article provides an overview of the latest net asset values of various funds, highlighting the top-performing and bottom-performing funds in terms of net value growth [1][4]. Fund Performance Summary Top 10 Funds by Net Value Growth - The top-performing funds include: 1. Guotai Jinlong Industry Mixed Fund: Latest net value 0.4589, growth of 4.53% 2. Huaxia Core Growth Mixed A: Latest net value 0.8218, growth of 4.21% 3. Huaxia Core Growth Mixed C: Latest net value 0.7980, growth of 4.20% 4. Hui'an Quantitative Pioneer Mixed C: Latest net value 1.7332, growth of 4.16% 5. Hui'an Quantitative Pioneer Mixed A: Latest net value 1.7887, growth of 4.16% 6. GF Quality Preferred Mixed A: Latest net value 1.9460, growth of 4.14% 7. GF Quality Preferred Mixed C: Latest net value 1.9306, growth of 4.14% 8. Zhongyou Cycle Selected Mixed A: Latest net value 1.0857, growth of 4.00% 9. Zhongyou Cycle Selected Mixed C: Latest net value 1.0849, growth of 4.00% 10. Taixin Development Theme Mixed: Latest net value 1.9970, growth of 3.96% [2][4]. Bottom 10 Funds by Net Value Growth - The underperforming funds include: 1. E Fund Vision Growth Mixed A: Latest net value 2.2459, decline of 3.29% 2. E Fund Vision Growth Mixed C: Latest net value 2.2020, decline of 3.29% 3. E Fund Pioneer Growth Mixed C: Latest net value 2.4436, decline of 3.24% 4. E Fund Pioneer Growth Mixed A: Latest net value 2.4871, decline of 3.24% 5. Qianhai Kaiyuan Shanghai-Hong Kong Deep Strong Domestic Industry Mixed: Latest net value 1.7599, decline of 2.63% 6. Fortune Emerging Industry Stock C: Latest net value 3.7914, decline of 2.58% 7. Fortune Emerging Industry Stock A: Latest net value 3.8720, decline of 2.58% 8. GF Emerging Growth Mixed A: Latest net value 1.7701, decline of 2.58% 9. GF Emerging Growth Mixed C: Latest net value 1.7378, decline of 2.57% 10. Zhongjia Technology Innovation Mixed C: Latest net value 2.2426, decline of 2.57% [3][4]. Market Analysis - The Shanghai Composite Index showed slight fluctuations, closing with a minor increase, while the ChiNext Index opened lower and subsequently declined. The total trading volume reached 2 trillion yuan, with a ratio of advancing to declining stocks at 2050:3241 [6]. - Leading sectors included building materials, chemical fibers, and non-ferrous metals, each with gains exceeding 2%. Conversely, the media and entertainment sector experienced a decline of over 3% [6]. Fund Holdings Overview Guotai Jinlong Industry Mixed Fund - The fund's top holdings include: - Haiguang Information: 6.56% of the portfolio, with a daily increase of 5.47% - Yahua Group: 6.25% of the portfolio, with a daily increase of 5.47% - Xiyang Co.: 6.01% of the portfolio, with a daily increase of 2.26% - The fund's holdings are concentrated in resource sectors, with a total holding concentration of 52.83% [7][8]. E Fund Vision Growth Mixed A - The fund's top holdings include: - Zhongji Xuchuang: 9.66% of the portfolio, with a daily decline of 4.28% - Xinyi Sheng: 9.37% of the portfolio, with a daily decline of 5.46% - Yingweike: 8.63% of the portfolio, with a daily decline of 4.13% - The fund's holdings are concentrated in the artificial intelligence sector, with a total holding concentration of 60.86% [8].

1、李强：全面推进人工智能科技创新、产业发展和赋能应用 重要程度：★★★★★ 2月11日，国务院以深化拓展"人工智能+"、全方位赋能千行百业为主题，进行第十八次专题学习。国务院总 理李强在主持学习时强调，要深入学习贯彻习近平总书记关于人工智能发展的重要指示精神和党中央有关决 策部署，全面推进人工智能科技创新、产业发展和赋能应用，培育壮大新质生产力，推动高质量发展。 李强指出，要深刻认识和把握人工智能发展态势，推动人工智能全链条突破、全场景落地，更大释放发展潜 能。要持续夯实技术底座，推进算法创新，加大高质量数据供给，提升大模型性能，前瞻布局新技术新路 径。要大力推进规模化商业化应用，促进人工智能终端和服务消费，建设人工智能应用中试基地，发展壮大 智能体产业，拓展更多高价值应用场景。 2、国办最新印发！完善全国统一电力市场体系，绩优潜力"黑马"曝光 重要程度：★★★★ 2月11日，国务院办公厅印发《关于完善全国统一电力市场体系的实施意见》。《意见》指出，到2030年， 基本建成全国统一电力市场体系，各类型电源和除保障性用户外的电力用户全部直接参与电力市场，市场化 交易电量占全社会用电量的70%左右。到2035年 ...

2月11日，针对市场传闻的"CSP客户跳过中际旭创等中间层下单"，中际旭创在互动平台回应称，光模 块产品由光模块厂商按照CSP客户对数据中心网络的需求进行定制化开发和设计，需要光模块厂商拥有 高效的研发技术能力和成熟的制造工艺、充足的产能和大规模制造与交付能力，且经过CSP客户严格的 产品送测、资格认证和审厂后才能成为CSP客户供应链上的合格供应商。因此，CSP客户会直接下订单 给公司，由公司制造后直接交付给CSP客户，这个商业模式并没有改变。不存在所谓的CSP客户下订单 给上游光芯片厂，跳过公司等中间层再转单给光芯片指定的模组/组装厂生产的情形。 来源：央视财经 截至2月11日收盘，中际旭创报收531.91元/股，总市值5910亿元。 ...

Core Viewpoint - The A-share market continues to experience a shrinking volume and differentiated fluctuations, with a trading volume dropping to 2 trillion yuan, reflecting a cautious sentiment among investors ahead of the holiday [4][12][13]. Market Performance - On February 11, the Shanghai Composite Index rose by 0.09% to 4131.99 points, while the ChiNext Index fell by 1.08% to 3284.74 points, indicating mixed performance across indices [4][5]. - A total of 2050 stocks rose, with the building materials sector leading the gains, while resource stocks such as non-ferrous metals, coal, and chemicals performed well [4][5][9]. Trading Volume and Investor Sentiment - The trading volume across the three markets decreased by 123.7 billion yuan compared to the previous trading day, reaching 2 trillion yuan, as investor trading willingness declined [4][12]. - Margin financing balances in the Shanghai and Shenzhen markets fell to 2.66 trillion yuan, indicating a decrease in leveraged trading activity [4]. Sector Performance - The building materials sector saw a rise of 3.29%, with six stocks hitting the daily limit, while the non-ferrous metals sector increased by 2.39% [9][10]. - The communication sector experienced a decline of 2.08%, reflecting a broader trend of sectoral differentiation [7][8]. Investment Strategy - Analysts recommend maintaining a position of around 70% in stocks during the holiday, focusing on a "high-dividend blue-chip + technology growth" barbell strategy [4][18]. - Suggested sectors for investment include traditional consumption, traditional manufacturing, and high-dividend stocks, which are expected to provide stability during potential market fluctuations [18][19].

| | 531.91 -23.80 -4.28% | 76.60(USD) | | | | | 中际旭创 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 300308 | | SZSE CNY 15:30:36 闭市 | | | | | | | 通 融 △ ● + | | 委比 | 21.01% 委差 | | 25 | Wind ESG评级 A | | | 详情 | | 委主 | 531.96 | | 26 | रुक्ट | -12.80% 120日 | | 123.67% | | 卖四 | 531.95 | | 2 | 5日 | -5.02% 250日 | | 396.00% | | 际三 | 531.94 | | 1 | 20日 | -10.30% 52周高 | | 658.80 | | 炭二 | 531.92 | | 1 | 60日 | 10.08% 52周低 | | 66.86 | | | 531.91 | | 17 | | 2023 | 2024 | 2025Q3 | | 杀一 | 531.90 | | 19 ...

Group 1 - The successful flight test of the Long March 10 rocket and the Dream Boat crewed spacecraft marks a significant milestone in China's manned lunar exploration program [1][9] - The Long March 10 rocket's first stage safely splashed down in the designated sea area as per the planned procedure [3][11] Group 2 - Ant Group has released the Ming-Flash-Omni 2.0, the industry's first unified audio generation model capable of generating voice, environmental sounds, and music simultaneously on the same audio track [5][11] - The model allows users to control various audio parameters such as tone, speed, pitch, volume, emotion, and dialect using natural language commands [5][11] Group 3 - The A-share market showed mixed results, with the Shanghai Composite Index up by 0.09% and the ChiNext Index down by 1.08% [14] - Small metals, oil and gas extraction, and chemical sectors saw active performance due to price increases, while sectors like film and tourism experienced declines [14] Group 4 - Tianji Co. received a notice from the China Securities Regulatory Commission regarding an investigation into suspected violations of information disclosure laws [15]

Core Viewpoint - The article discusses recent developments in various sectors, highlighting significant technological advancements in space exploration, financial incentives in the tech industry, and market trends in materials and inflation data. Group 1: Space Exploration - The successful sea landing test of the Long March 10A rocket marks a significant breakthrough in technology, crucial for the recovery of low-orbit satellites and future landing operations [1] - The successful maximum dynamic pressure escape flight test of the Dream Chaser manned spacecraft indicates a major milestone in China's lunar exploration program [2] Group 2: Financial Incentives and Market Trends - Ant Group's promotional campaign offering new users a 16.8 yuan red envelope reflects a competitive landscape in the tech sector, with various platforms engaging users through incentives [4] - The glass fiber sector saw a notable increase in stock prices, driven by supply reductions from major producers due to rising demand [4] Group 3: Economic Indicators - January's CPI growth was 0.2% year-on-year, below expectations, while the core CPI reached its highest level in six months at 0.3% [9][15] - PPI data showed a slight improvement at -1.4%, with certain sectors like non-ferrous metals and AI-related industries experiencing price increases [15] Group 4: Stock Market Performance - On February 11, the A-share market showed mixed results, with the Shanghai Composite Index up by 0.09% and the Shenzhen Component down by 0.35% [17] - The glass fiber concept stocks surged, with several companies hitting the daily limit up, indicating strong market interest [17] Group 5: Industry Dynamics - The electric power sector is undergoing significant reforms, aiming to establish a unified national electricity market by 2030, which will enhance market participation and efficiency [20] - The AI sector is being prioritized for commercial applications, with government initiatives to foster growth and innovation in various industries [23]

紧急回应。 2月11日，社交媒体网络上广泛流传一张截图，称光模块公司订单路径发生改变，CSP绕过公司（如中际旭创），通过下单给上 游的激光设备公司Lumentum，再经Lumentum指定模组/组装厂的方式，跳过中间层下单，从而压缩中国模组厂的毛利。 对此，中际旭创在互动平台表示，光模块产品由光模块厂商按照CSP客户对数据中心网络的需求进行定制化开发和设计，需要光 模块厂商拥有高效的研发技术能力和成熟的制造工艺、充足的产能和大规模制造与交付能力，且经过CSP客户严格的产品送测、 资格认证和审厂后才能成为CSP客户供应链上的合格供应商。因此，CSP客户会直接下订单给公司，由公司制造后直接交付给 CSP客户，这个商业模式并没有改变。不存在所谓的CSP客户下订单给上游光芯片厂，跳过公司等中间层再转单给光芯片指定的 模组/组装厂生产的情形。 截至2月11日收盘，中际旭创下跌4.28%，报收531.91元/股。 综合自：中际旭创等 责编：李丹 校对：姚远 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID： ...