证券日报网讯2月2日，沃尔核材（002130）在互动平台回答投资者提问时表示，公司的高速通信线是裸 线产品，可广泛应用于AEC(有源铜缆)、DAC(无源铜缆)。公司高速通信线产品已进入多家重点客户的 核心供应商体系，订单需求意向明确，主要直接客户包括安费诺、豪利士、莫仕、泰科等国际企业，以 及立讯、庆虹、华丰等国内企业，直接客户进一步加工后再最终供应给包括英伟达、谷歌、亚马逊、 Meta等在内的国际各大服务器厂商终端使用。 ...

为什么Genie这次"炸"了？ 上周五，海豚君覆盖的三家与游戏行业息息相关的公司Unity、Applovin以及Roblox，股价均惨遭暴跌血洗，主要说法是当天谷歌新发布的世界模型Genie 对游戏行业的颠覆性影响导致。 海豚君认为，我们不否认Genie在未来通过一轮一轮的升级给游戏行业带来的变化，但放在当下，无论是从"可玩性"和"经济性"而言，都离颠覆还早。而 当天的Unity和Applovin，之所以有20%左右的暴跌，其实还有别的帮 凶 。 那么现在的问题是，这三家公司被错杀了吗？在即将到来的财报日上，它们是否具备强硬的基本面抵御"AI叙事"的负面压力？海豚君来详细聊一聊。 以下是详细分析 01 当下的Genie是一种颠覆性的互补 先说结论，Genie世界模型毫无疑问是一种颠覆性技术，长期来看将对多个行业产生深远影响。但从实操性和经济性两个角度而言，短期下Genie更适合结 合传统引擎叠加来进行开发，这样可以在保持原有产品精细度和稳定性的情况下，减少部分成本较高的人力支出： 世界模型可以激发更多的非专业人士参与到游戏创作中来，Genie完成门槛级的部分工作（如概念原型的预研、基础非重要场景的渲染、物理模 ...

记者｜雷晨 编辑｜巫燕玲 近期，多家光模块龙头企业发布了2025年的业绩预告。数据显示，相关公司的净利润出现了大幅增长。其中，中际旭创和新易盛的表现尤为突 出。 这背后，是800G等高速光模块订单的持续释放。同时，下一代1.6T技术也已开始商用部署，推动行业技术迭代不断加快。 行业分析认为，光模块行业的高景气与全球AI发展的宏大叙事紧密相连。海内外云厂商的高额资本开支、中国市场的需求回归、技术升级带来 的"量价齐升"，以及AI需求从训练侧向推理侧的延伸，共同构成了行业持续增长的坚实基础。 高增下的分化 光模块是数据传输的关键部件，它像连接数据中心各个服务器的"高速公路"。随着AI大模型训练、自动驾驶、云计算等应用对算力需求的爆炸 式增长，光模块企业成了直接受益者。 中际旭创的业绩预告显示，公司2025年预计实现归属于上市公司股东的净利润98亿元至118亿元，增长率高达89.50%至128.17%。扣除股权激 励费用前，公司光模块业务实现合并净利润约108亿元至131亿元，同比增长90.81%至131.44%。 2月2日，中际旭创收盘报591元/股，市值 6567亿。 新易盛的表现则更胜一筹。其预计2025年实 ...

Economic News - The Ministry of Commerce announced a special plan for the 2026 Spring Festival, promoting various measures to facilitate inbound consumption, including multilingual maps and increased flight capacity on international routes [2] - The Ministry of Industry and Information Technology reported that the added value of China's electronic information manufacturing industry is expected to grow by 10.6% year-on-year in 2025, outpacing the growth rates of the overall industrial and high-tech manufacturing sectors [2] - China's shipbuilding industry maintained its global leadership for the 16th consecutive year, with a completion volume of 53.69 million deadweight tons in 2025, representing a year-on-year increase of 11.4% [2] - The People's Bank of China conducted a 750 billion yuan reverse repurchase operation on February 2 [2] Industry Insights - The pig farming industry is experiencing a short-term price recovery, with the average price of live pigs rising to 12.90 yuan/kg by January 20, 2026, despite a decline in December [6][7] - The supply side shows a decrease in the breeding sow population, with a total of 39.61 million sows reported at the end of December 2025, down 1.10% from October [7] - The industry is expected to see accelerated capacity reduction due to policy adjustments and ongoing low prices, with a potential price upturn anticipated in the second half of 2026 [8] - Major companies in the sector, such as Muyuan Foods and Wens Foodstuff Group, reported varying sales prices and volumes in December, with average sales prices showing a slight decline [9] Company News - Qingdao Bank reported a significant improvement in its financial performance for 2025, with operating income of 14.57 billion yuan and a net profit of 5.19 billion yuan, reflecting year-on-year growth of 8% and 21.7% respectively [11][12] - The bank's non-performing loan ratio decreased to 0.97%, and the provision coverage ratio increased to 292.3%, indicating improved asset quality [13] - The bank's loan and total asset growth rates were 16.5% and 18.1% year-on-year, respectively, supported by strong credit demand in the Qingdao region [12]

格隆汇2月2日丨沃尔核材(002130.SZ)在投资者互动平台表示，公司的高速通信线是裸线产品，可广泛 应用于AEC(有源铜缆)、DAC(无源铜缆)。公司高速通信线产品已进入多家重点客户的核心供应商体 系，订单需求意向明确，主要直接客户包括安费诺、豪利士、莫仕、泰科等国际企业，以及立讯、庆 虹、华丰等国内企业，直接客户进一步加工后再最终供应给包括英伟达、谷歌、亚马逊、Meta等在内 的国际各大服务器厂商终端使用。 ...

Core Viewpoint - The company Zhongji Xuchuang forecasts a significant increase in net profit for 2025, projecting between 9.8 billion to 11.8 billion yuan, representing a year-on-year growth of 89.50% to 128.17% compared to 5.171 billion yuan in the previous year [1][4]. Financial Performance - The expected net profit for 2025 is between 9.8 billion to 11.8 billion yuan, with a year-on-year increase of 89.50% to 128.17% from 5.171 billion yuan [1][4]. - The forecasted non-recurring net profit is between 9.7 billion to 11.7 billion yuan, reflecting a growth of 91.38% to 130.84% from 5.068 billion yuan in the previous year [1][4]. - The company anticipates a quarterly net profit of approximately 4.668 billion yuan at the upper forecast or 2.668 billion yuan at the lower forecast for Q4 2025, indicating potential for a new quarterly high [4]. Growth Drivers - The company attributes its performance to strong demand for computing infrastructure from end customers, leading to rapid growth in product shipments, particularly in high-speed optical modules [5]. - Investment income and changes in fair value contributed approximately 296 million yuan to the net profit attributable to shareholders [5]. Challenges - The company faced challenges including a foreign exchange loss of approximately 270 million yuan due to a decline in the US dollar exchange rate [5]. - Provisions for inventory impairment and credit losses on accounts receivable reduced net profit by approximately 113 million yuan [5]. - Share-based payment expenses related to incentive plans decreased net profit by about 223 million yuan [5]. Industry Outlook - The global AI market is experiencing increased capital expenditure from leading internet companies, with significant investments expected to continue through 2026 [7]. - The demand for computing power is projected to rise, driven by AI applications, with a forecasted revenue of over 18 billion USD for the optical module market by 2025 [8]. - The market for optical modules is expected to remain robust, with companies like Zhongji Xuchuang and Xinyi Sheng likely to continue delivering strong performance in the coming years [9].

这项合作一度被视为双赢：英伟达能向 OpenAI 出售大量顶级 AI 芯片，进一步扩大数据中心业务版图；OpenAI 则能获得扩张 AI 基础设施所需的资金支 持。 最新情况显示，合作正在遇到阻力。上周五，《华尔街日报》报道称，英伟达内部有人开始质疑交易，两家公司的谈判并未走出初期阶段。报道称，双方正 在重新评估合作前景，最新讨论可能涉及在 OpenAI 当前融资轮中进行规模达数百亿美元的股权投资。 报道还提到，黄仁勋曾批评 OpenAI 的商业策略"缺乏纪律"，并对 OpenAI 在与谷歌、Anthropic 竞争中的处境表示担忧。 IT之家 2 月 2 日消息，当地时间 2 月 1 日，据彭博社报道，英伟达 CEO 黄仁勋明确表态，公司并没有必须投资 OpenAI 的责任，而是更愿意"走一步看一 步"，逐步投入。 此前，OpenAI 曾暗示英伟达可能最高投资 1000 亿美元（IT之家注：现汇率约合 6965.73 亿元人民币），黄仁勋对此表态称，这个数字从来不是正式承诺， 更不意味着英伟达会一次性砸下 1000 亿美元。"OpenAI 确实邀请我们最多可以投到 1000 亿美元，我们很高兴也很荣幸，但投 ...

1月30日，中科寒武纪科技股份有限公司(寒武纪；688256.SH)发布《2025年年度业绩预告》，宣告公司 实现历史性财务拐点：全年营业收入预计超过60亿元，同比增长逾410%；归属于母公司所有者的净利 润预计达18.5亿元至21.5亿元，成功实现扭亏为盈。 这一转折标志着公司正式告别多年亏损，迈入商业化收获期。作为中国AI芯片领域的代表性企业，寒 武纪的盈利兑现不仅验证了其技术路线的市场可行性，更折射出在算力自主战略驱动下，国产高端芯片 正从"可用"走向"好用"与"规模商用"。在全球人工智能基础设施加速重构的背景下，这一突破具有行业 标杆意义。 根据《2025年年度业绩预告》，公司预计2025年年度实现营业收入60亿元至70亿元，较2024年的11.74 亿元增长410.87%至496.02%；归属于母公司所有者的净利润预计为18.5亿元至21.5亿元，扣除非经常性 损益后的净利润为16亿元至19亿元。相比2024年亏损4.52亿元，公司实现历史性扭亏为盈。 寒武纪业绩实现根本性扭转与数倍增长的背后，是人工智能应用加速落地与国产算力替代的双重驱动。 第一上海证券在报告中指出，2025年初以来，全球大厂均在 ...

国家统计局：2026年1月份中国制造业采购经理指数为49.3% 比上月下降0.8个百分点 国家统计局、中国物流与采购联合会31日发布2026年1月份中国采购经理指数。数据显示，1 月我国制造业市场需求有所收紧，但企业生产保持扩张态势，产业结构继续优化；服务业运行 态势相对稳定，企业预期持续向好。2026年1月份中国制造业采购经理指数为49.3%，比上月 下降0.8个百分点。1月份装备制造业采购经理指数为50.1%，高技术制造业采购经理指数为 52%，装备制造业和高技术制造业稳中向好发展，制造业产业结构持续优化。 北京经济技术开发区：推进数模混合、存算一体等芯片架构研发创新 延伸场景定义芯片、行 业专用芯片、使能软件等产业链条 北京经济技术开发区管理委员会印发《关于进一步加快建设全域人工智能之城的实施方案 （2026—2027年）》。其中提到，夯实智能原生基础能力。发挥集成电路制造能力优势，推 动"设计-制造-封测-算力"一体化协同发展，牵引算力基础设施与高性能智算产业持续迭代。推 进数模混合、存算一体等芯片架构研发创新，延伸场景定义芯片、行业专用芯片、使能软件等 产业链条。推动通用与垂类模型协同发展，加快认知 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the sector, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, among others [11]. Core Insights - The transition to the "Agent" era is accelerating, with AI agents like Clawdbot and Claude Excel evolving from simple conversational tools to essential productivity tools, significantly increasing demand for cloud computing resources [1][20]. - The AI application landscape is fundamentally shifting from simple interactions to deep integration into work processes, marking a new paradigm where AI becomes a core executor in workflows [2][21]. - The emergence of AI agents is driving a qualitative change in underlying computing power demand, as these agents transition from auxiliary tools to autonomous entities [3][22]. - The competition for computing power is intensifying, with rising cloud service prices and continuous growth in capital expenditures (capex) from cloud providers, highlighting the increasing importance of scarce computing resources [4][23]. Summary by Sections Investment Strategy - The report suggests focusing on the computing power sector, particularly in optical communications, with recommended companies including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [14]. - It also highlights the importance of liquid cooling and edge computing platforms, recommending companies like Yingweike and Meige Intelligent [14]. Market Review - The communication sector has seen an increase, with optical communications performing particularly well, as evidenced by significant stock price increases for companies like Tianfu Communication and Zhongji Xuchuang [16][17]. Computing Power Demand - The report emphasizes that the new operational modes of AI agents lead to a dramatic increase in token consumption, necessitating high concurrency and continuous online capabilities from computing services [5][25]. - Major cloud providers like Google Cloud and Amazon AWS have announced price increases for their services, indicating a shift from a long-term trend of decreasing prices [10][23]. Key Companies and Performance - Zhongji Xuchuang and Xinyi Sheng have shown strong growth, with Zhongji Xuchuang maintaining its leading position in the industry [25]. - The report recommends monitoring the performance of companies involved in the computing power supply chain, including those in optical modules and liquid cooling sectors [25].