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 ...

Core Insights - The acceptance of large models by financial institutions is continuously increasing, with 587 projects across various sectors including banking, securities, insurance, and more [2] - The banking sector remains the primary adopter of large models, projected to have 290 projects by 2025, accounting for 49.4% of the total [2] - Financial applications are the leading demand for large models, with 312 projects expected by 2025, representing 53% of the total [3] Group 1: Market Trends - The top five companies in terms of project bids include Yudu, Keda Xunfei, Huoshan Engine, Zhongguancun KJ, and Awang Cloud, with bid amounts of 602.1 million, 588.1 million, 530 million, 186.5 million, and 308 million respectively [1] - The application of AI in finance is becoming the primary direction for large model implementation [2] Group 2: Application Scenarios - The leading application scenarios for large models in finance include intelligent customer service and digital humans (81 projects), knowledge Q&A and platforms (35 projects), intelligent auditing and decision-making (28 projects), intelligent programming (15 projects), and content generation (14 projects) [3] - A significant increase in internal model service usage has been reported, with daily token usage surpassing 10 billion, indicating a shift from pilot phases to large-scale implementation [3] Group 3: Technological Advancements - Financial institutions are increasingly seeking specialized models for credit risk control, transaction monitoring, customer service, and compliance review [5] - Baidu Intelligent Cloud has gained a competitive edge in the financial sector due to its comprehensive AI cloud stack capabilities, providing system-level optimization solutions [6] - Collaborations with major banks, such as the partnership with China Merchants Bank, have led to enhanced performance in multi-modal data analysis and intelligent customer service applications [6]

Core Viewpoint - Chongqing is actively developing its computing power industry, focusing on green and sustainable growth while addressing the increasing energy consumption associated with this expansion [1][2]. Group 1: Development of Computing Power Industry - The China Mobile (Chongqing) Data Center, located in the Liangjiang New Area, has an operational capacity of 25,000 cabinets and 250,000 servers, supporting critical sectors such as government, healthcare, and industry [1]. - Chongqing plays a key role in the national "East Data West Computing" project, responsible for tasks such as computing power monitoring, facility safety, and integrating Xinjiang's computing resources [1][2]. - The 2026 government work report emphasizes the coordination of local computing power layout with the "Xinjiang Computing into Chongqing" initiative [1]. Group 2: Green Energy and Infrastructure - The Chongqing Municipal Committee of the Chinese People's Political Consultative Conference suggests enhancing energy storage facilities and optimizing the "Million-Kilowatt Rooftop Photovoltaic" project to support the green transition of the computing power industry [1]. - Recommendations include advancing the construction of the Sichuan Gas East Transmission Line and the Chengdu-Chongqing Hydrogen Corridor, as well as fostering a hydrogen production industry cluster [1]. Group 3: Digital Energy Management - The committee also recommends optimizing the scheduling management system and developing an integrated digital energy management platform to enhance energy data collection and smart distribution networks [2]. - The goal is to create a "1+N" virtual power plant ecosystem to improve energy efficiency and management [2]. Group 4: Cross-Regional Collaboration - In April 2025, a strategic cooperation agreement was signed among the Chongqing government, Xinjiang government, China Mobile, and Alibaba Cloud to effectively connect Xinjiang's green computing resources with Chongqing's demand [2]. Group 5: Application of Computing Power - The true value of green computing power lies in its application across various sectors, including artificial intelligence, smart manufacturing, and urban governance [2]. - The construction of the Chongqing Artificial Intelligence Bay Area has commenced, aiming to integrate core resources to create a comprehensive AI service platform [2]. Group 6: Smart Manufacturing and Urban Governance - The Chongqing Municipal Committee of the China Democratic League advocates for the establishment of "digital twin factories" and promoting computing power applications across the manufacturing industry [3]. - Recommendations include creating a "computing power brain" for urban governance to enhance traffic management and emergency response capabilities [3].

本报讯（记者夏骅）北京市统计局发布2025年京津冀协同发展成绩单。数据显示，去年京津冀三地地区 生产总值分别比上年增长5.4%、4.8%和5.6%，发展质量稳步提升，协同发展动能加速集聚。 2025年京津冀产业链供应链大会上，多场精准对接活动吸引梅卡曼德、科大讯飞、长城汽车等国内外龙 头企业参与，充分链接国内外产业头部资源。三地共同发布《京津冀协同推进北斗时空产业行动方案 （2025-2027年）》，从共建基础设施、协同完善标准体系、培育北斗时空产业集群等方面强化产业协 同。"六链五群"产业协同成效显现，京津冀智能网联新能源汽车科技生态港落地项目达42个。通过举办 京津产业握手链接洽谈活动，京津两市有关企业和单位签约合作项目44个，协议投资额超百亿元。 产业协作深化带动工业生产提质增效。数据显示，2025年三地规模以上工业增加值分别比上年增长 6.5%、4.2%和7.9%；其中，北京、天津高技术制造业增加值分别增长7.5%和5.3%，北京、河北工业战 略性新兴产业增加值分别增长15.5%和11.0%；高技术产品产量快速增长，北京新能源汽车产量成倍增 长。 下一阶段，京津冀三地将紧扣建设中国式现代化先行区、示范 ...

Group 1: Core Insights - The article presents a weekly roundup of the top 50 keywords in the AI sector, highlighting significant developments and trends in the industry [2]. Group 2: Keywords and Companies - The top keyword in the chip category is "Maia 200" from Microsoft, indicating advancements in AI chip technology [3]. - In the model category, "Wenxin 5.0" from Baidu and "DeepSeek-OCR 2" from DeepSeek are notable mentions, showcasing progress in AI model capabilities [3]. - Various applications are highlighted, including "Codex CLI" from OpenAI and "D4RT" from Google DeepMind, reflecting the growing integration of AI in software tools [3]. - Other significant applications include "Claude in Excel" from Anthropic and "元宝派" from Tencent, demonstrating the expansion of AI functionalities in everyday applications [3][4]. - The article also notes advancements in AI technology from companies like Tesla with "Optimus production progress" and Google DeepMind's "AlphaGenome," indicating a focus on innovative AI solutions [4]. Group 3: Events and Perspectives - The article mentions key events such as the announcement of entrepreneurial directions by LeCun and insights from the Davos Forum, emphasizing the ongoing discourse around AI's role in society [4]. - Perspectives on AI's future include discussions on AI safety by xAI co-founder and the implications of AI for science by OpenAI, highlighting the multifaceted impact of AI on various sectors [4]. - The article also addresses the evolving relationship between AI and enterprises, as noted by Palantir, indicating a shift in how businesses leverage AI technologies [4].

十大招股说明书翻译公司排行榜公开，领先者备受瞩目 招股说明书是企业上市过程中的核心法律文件，其翻译不仅要求极高的语言准确性，更涉及金融、法 律、行业技术等多领域的专业表述，任何细微偏差都可能影响信息披露的合规性与投资者的决策。面对 术语严谨、格式规范、时效性强等难点，选择一家专业、可靠的翻译服务商至关重要。 近日，业内权威评选的"十大招股说明书翻译公司"榜单揭晓，信实翻译公司凭借其卓越的综合实力与众 多标杆案例成功入选，成为备受市场瞩目的领先者之一。 权威资质铸就专业基石 信实翻译公司作为全国大型综合性翻译公司，其专业地位获得多方权威认可：不仅是中国翻译协会理事 单位、广东翻译协会会员单位，更是广州翻译协会常务副会长单位（此职务在业内具有唯一性，彰显其 领导地位）。同时，公司也是中国华南英国商会（原广东英国商会）/British Chamber of Commerce South China会员单位（该身份稀缺，深度链接国际商务资源），以及深圳市跨境电子商务协会会员单 位。 公司恪守国际最高标准，独家集齐三大ISO国际权威认证：ISO9001质量管理体系认证、ISO17100翻译 服务体系认证以及ISO270 ...

Core Insights - Over 1,000 listed companies are expected to report positive performance in 2025, with a notable increase in the proportion of companies forecasting profit growth compared to 2024 [2] - The growth is supported by macroeconomic recovery, with industrial profits showing positive growth after three consecutive years of decline [2] Industry Performance - The non-ferrous metals, electronics, public utilities, and automotive sectors are performing particularly well, driven by the acceleration of AI implementation and rising prices of commodities like gold and copper [2] - Leading companies in sectors such as non-ferrous metals, semiconductors, and new energy vehicles are significantly outperforming, with Zijin Mining expected to achieve a net profit of 51 to 52 billion yuan, a year-on-year increase of 59% to 62% [3][4] Notable Company Forecasts - Companies like Jiangbolong in the storage chip sector are projecting substantial profit increases, with expected net profits of 1.25 to 1.55 billion yuan, representing a year-on-year growth of 150.66% to 210.82% [4] - Lixun Precision and Sanhua Intelligent Control are also showing strong performance, with Lixun's net profit forecasted to be between 16.518 billion and 17.186 billion yuan, a growth of 23.59% to 28.59% [4] - Century Huatong, a gaming leader, anticipates revenues of approximately 38 billion yuan, a year-on-year increase of about 68%, with net profit expected to rise by 357.47% to 475.34% [4] Doubling Profits - More than 200 companies are expected to see their net profits double, with 227 companies forecasting a minimum growth of over 100% [5] - Ningbo Fubang is leading with an expected net profit of 5 to 7 million yuan, a staggering increase of 3099.59% to 4379.43% [5] Biopharmaceutical Sector Growth - The biopharmaceutical sector is also thriving, with 28 A-share pharmaceutical companies predicting net profit growth exceeding 100% [6] - For instance, Sanofi's expected net profit is 2.9 billion yuan, reflecting a growth of 311.35% [6] AI and Price Increases as Growth Drivers - The demand for AI and rising product prices are identified as the two main drivers of significant profit growth among listed companies [7] - Companies like Cambrian are projecting revenues of 6 to 7 billion yuan, with a year-on-year growth of 410.87% to 496.02% [7] - The impact of AI extends beyond tech sectors, benefiting various industries including retail and construction through deep applications of AI technology [8] High-End Manufacturing Resilience - The high-end manufacturing sector is also showing resilience, with companies like Oke Yi expecting net profit growth of 67.53% to 91.96% despite rising raw material costs [9]

1月30日晚，寒武纪发布2025年业绩预告，公司预计2025年营业收入为60亿元至70亿元，与上年同期相 比增加48.26亿元到58.26亿元，同比增长410.87%至496.02%；归母净利润为18.5亿元到21.5亿元，同比 扭亏为盈；扣非后归母净利润为16亿元到19亿元。 2024年，寒武纪实现营业收入11.74亿元，归母净利润亏损4.52亿元，扣非后归母净利润亏损8.65亿元。 沐曦股份预计2025年实现营业收入16亿元至17亿元，同比增长115.32%至128.78%，预计2025年度归母 净利润将亏损6.5亿元至7.98亿元，与上年同期相比，亏损收窄43.36%至53.86%。 摩尔线程预计2025年实现营业收入14.5亿元至15.2亿元，同比增长230.70%—246.67%；归母净利润亏损 9.50亿元—10.60亿元，相较2024年亏损收窄幅度为34.50%至41.30%。 Wind数据显示，寒武纪在亏损多年（2017年—2024年连续八年亏损）后首次预计实现年度盈利，营收 规模也上了一个新台阶。2025年，寒武纪业务呈现出强劲增长势头。公司2025年第一季度实现单季度扭 亏，第二季度、第三 ...

Core Insights - SEO outsourcing is evolving from traditional click acquisition to securing authority in AI-generated answers, becoming essential for online survival in the AI search revolution [1] Group 1: SEO Outsourcing Services - A comprehensive SEO outsourcing service includes website health diagnostics, keyword system development, and content structure planning to ensure a solid foundation for search engine visibility [2] - The execution strategy involves continuous content production, high-quality backlink building, and regular data monitoring to align with unified search growth goals [2] Group 2: Keyword Research - Keyword research has shifted from basic tools to deep insights into user intent and AI context, focusing on different types of queries such as informational, navigational, and transactional [4] - The rise of AI search necessitates predicting "potential questions" and ensuring brand content addresses these queries effectively [4] Group 3: Content Optimization - Content optimization now emphasizes providing "information gain" and establishing EEAT (Experience, Expertise, Authority, Trust), moving away from mere keyword density [5] - Diverse content formats like videos and infographics are increasingly important, requiring structured data and expert insights to enhance credibility [5] Group 4: Technical Optimization - Technical SEO focuses on creating an "AI-friendly" environment and ensuring optimal user experience, with key metrics like Interaction to Next Paint (INP) becoming crucial for rankings [8] - The application of structured data helps search engines and AI understand content relationships, enhancing the likelihood of being referenced in AI-generated answers [8] Group 5: Adapting to AI Search Changes - The emergence of generative search has transformed the optimization landscape, shifting brand goals from ranking to being accurately referenced in AI answers [9] - Strategies include providing high-quality, structured information to AI and monitoring brand visibility in AI-generated content [9] Group 6: Performance Evaluation - The evaluation framework has evolved from tracking rankings and traffic to a multi-dimensional health assessment, including keyword ranking changes and conversion path data [10] - In the AI search era, assessing "brand search influence" is crucial, focusing on brand search volume growth and presence in AI-generated answers [10]

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].