行 业 297 机械设备 2026 年 02 月 08 日 研 究 中央政治局集体学习聚焦脑机接口等未来产业技术，解 码脑机接口产业发展内核 投资要点： 认清产业本质，脑机接口是超复杂系统工程 行 业 定 期 报 告 中央政治局第二十四次集体学习将脑机接口列为未来产业重点方 向，在脑机接口明确为未来产业重点方向之后，一个更值得深入讨论 的问题是：脑机接口究竟是一类什么样的产业形态——其并非单一技 术领域，而是兼具技术高度耦合、产业链与跨学科跨度大的超复杂系 统工程，由神经科学研究、硬件制造、算法研发等多子系统构成，各 环节动态闭环且相互制约。我国当前发展该产业存在明显短板，核心 软硬件存在外部依赖形成的 "软硬分离" 问题，同时脑数据标准不 统一、算力调度分散等基础设施薄弱问题，也制约了技术迭代与产业 发展。 聚焦系统构建，多维度夯实产业发展底座 我国脑机接口产业已进入底座构建期，发展的关键并非单点技术 突破，而是完成系统整合的跃迁。需先明确国家级技术路线图并建设 脑数据国家库等共享基础设施，再建立科研、产业、区域多层级协同 机制，同时完善覆盖全生命周期的监管体系并参与国际标准制定，更 要通过高校交叉学科布局 ...

证券研究报告 | 行业定期报告 2026 年 02 月 08 日 AI 军备竞赛持续升级，关注高壁垒软件及云服务 计算机周观察 20260208 TMT 及中小盘/计算机 海外互联网大厂发布季报，资本开支持续超预期。过去一周，微软、META、 亚马逊、谷歌等海外科技大厂先后发布季度财报，四家公司明确表示将持续扩 大 AI 领域的相关投资。SaaS 商业模式遭受质疑，关注高壁垒软件及云服务。 ❑ 亚马逊 AWS 超预期大增，资本开支持续扩大影响自由现金流。亚马逊 25 财 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 285 | 5.5 | | 总市值（十亿元） | | 3.8 | | 流通市值（十亿元） | | 3.8 | 行业指数 % 1m 6m 12m 绝对表现 2.2 8.8 26.8 相对表现 5.3 -4.1 6.0 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 30 40 Feb/25 May/25 Sep/25 Jan/26 (%) 计算机 沪深300 相关报告 1、《板块配置进一步下降，服务器、 智驾获机 ...

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [9] Core Insights - The computer sector experienced a significant pullback, with an overall decline of 4.31%, ranking 28th among primary industries in the Yangtze River region, and accounting for 7.03% of total market turnover. AI infrastructure-related stocks were notably active [2][6][17] - The report highlights the inflation of computing infrastructure, the emergence of space computing, and advancements in brain-computer interface technology as key trends [7][22] - The launch of the AI Agent social platform, MoltBook, marks a significant development in the 2C entry and high-value scenarios, indicating a potential acceleration in the commercialization of AI agents [8][50] Summary by Sections Market Performance - The computer sector saw a substantial decline of 4.31% last week, with the Shanghai Composite Index also experiencing a slight pullback of 0.44% [6][17] - AI infrastructure-related stocks showed notable activity, with specific companies like Wangsu Technology and Hongjing Technology seeing significant gains [19][20] Key Trends - The report identifies three main trends: inflation in computing infrastructure, the development of space computing, and advancements in brain-computer interface technology [7][22][31] - The "Star Computing·Intelligent Connection" seminar held in Beijing emphasizes collaborative efforts to advance space computing technology [31][34] Investment Opportunities - The report suggests focusing on high-value scenarios in both 2C and 2B sectors, including healthcare, taxation, legal services, coding, office applications, advertising, and e-commerce [8][30] - The introduction of personal assistants like Clawdbot is expected to drive localized deployment demand in households [8][30] Brain-Computer Interface Developments - The National Medical Products Administration approved two projects for revising standards related to brain-computer interface medical devices, indicating a favorable policy environment for the industry [38][41] - The rapid approval of these standards reflects the urgent need for regulatory frameworks to support the high-quality development of brain-computer interface technologies [41][42] AI Agent Commercialization - The report anticipates 2026 to be a pivotal year for AI agents, with significant advancements in their capabilities and potential applications across various sectors [50][54] - The emergence of platforms like MoltBook demonstrates the evolving role of AI agents from mere tools to autonomous entities capable of social interaction and collaboration [50][54]

宏景科技股份有限公司（以下简称"公司"）对外提供担保总额超过公司最近 一期经审计净资产的100%，前述担保均为公司对合并报表范围内单位提供的担 保，处于公司可控范围内，敬请广大投资者充分关注并注意投资风险。 证券代码：301396 证券简称：宏景科技 公告编号：2026-008 宏景科技股份有限公司 关于对外担保的进展公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 一、担保情况概述 公司于2025年7月24日召开第四届董事会第八次会议、第四届监事会第八次 会议、2025年8月13日召开2025年第二次临时股东大会，审议通过了《关于增加 2025年度担保额度及担保对象的议案》，同意公司为控股子公司深圳宏景纵横科 技有限公司（以下简称"宏景纵横"）提供不超过人民币500,000万元的担保额 度，用于宏景纵横向银行及其他金融机构申请综合授信及日常经营（包括但不限 于相关业务合同的担保）。具体内容详见公司于2025年7月29日刊登在巨潮资讯 网（http://www.cninfo.com.cn）上的《关于增加2025年度担保额度及担保对象的 公告》（公告编 ...

Market Overview - The market experienced a low open followed by a rebound, but overall profitability remained poor [3] - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closed down by 0.25%, 0.33%, and 0.73% respectively, with total trading volume shrinking to 2.1 trillion [4] Sector Performance - The Traditional Chinese Medicine sector opened high but showed a trend of high open and low close [3] - The PCB sector saw a strong morning performance with stocks like Shenzhen South Circuit hitting the daily limit, but retreated in the afternoon [3] - Solid-state and sodium-ion battery stocks showed localized strength, with several stocks hitting the daily limit [3] - The space photovoltaic sector rebounded in the afternoon, with stocks like GCL-Poly Energy achieving three consecutive daily limits [3] AI Applications - AI application stocks faced significant declines, following a downturn in the Nasdaq index, marking the worst three-day drop since April 2025 [9] - Notable declines included FaceSet dropping over 7% and Thomson Reuters falling over 5% [9] - The release of a new AI model by Anthropic raised concerns about potential disruptions to traditional software business models, leading to market panic [9] Precious Metals - Precious metals like silver and gold experienced violent declines in overseas markets, leading to a significant drop in A-share prices [13] - Despite initial low openings, the sector saw a collective rebound, with stocks like Hunan Gold hitting the daily limit [13] - Overall, most precious metal stocks ended the day either slightly up or down, with gold rising by 0.76% and silver down by only 1% [13] Company-Specific Events - Alibaba's Qianwen launched a promotional event offering free milk tea, which generated significant online buzz and led to a surge in related concept stocks [7] - The event caused a temporary disruption to the Qianwen platform due to high traffic, but also positively impacted stocks in the "milk tea" sector [7]

从资金流向上来看，当日医疗信息化板块主力资金净流出22.84亿元，游资资金净流入6.63亿元，散户资 金净流入16.21亿元。医疗信息化板块个股资金流向见下表： 证券之星消息，2月4日医疗信息化板块较上一交易日下跌0.44%，宏景科技领跌。当日上证指数报收于 4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。医疗信息化板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

证券之星消息，2月4日IT服务板块较上一交易日下跌2.51%，宏景科技领跌。当日上证指数报收于 4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。IT服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920305 | *ST云创 | 10.00 | 24.07% | 18.05万 | 1.76亿 | | 300277 | 海联讯 | 18.63 | 12.16% | 42.13万 | 7.59亿 | | 688229 | 博客数据 | 74.00 | 7.90% | 4.76万 | 3.55亿 | | 300044 | ST赛为 | 6.48 | 6.23% | 63.85万 | 4.05亿 | | 300096 | ST易联众 | 8.29 | 3.11% | 9.10万 | 7425.10万 | | 300448 | 浩云科技 | 9.49 | 2.15% | 35.87万 | 3.38亿 | | 300264 | 佳创视讯 | 6.73 ...

Market Overview - A-shares experienced fluctuations on February 4, with the Shanghai Composite Index closing flat at 4067.67 points and a trading volume of 683.1 billion yuan [1] - The Shenzhen Component Index fell by 0.92% to 13997.72 points, with a trading volume of 932.6 billion yuan [1] - The ChiNext Index dropped by 1.74% to 3266.99 points, with a trading volume of 444.4 billion yuan [1] Sector Performance - The coal sector saw significant gains, with companies like Yanzhou Coal Mining and China Coal Energy hitting the daily limit [1] - The airport and shipping sectors strengthened, with China Eastern Airlines and Huaxia Airlines also reaching the daily limit [1] - The real estate sector was active, with Rong'an Real Estate and Caixin Development hitting the daily limit [1] - Conversely, AI application stocks declined, with companies like Zhidema and Yinsai Group dropping over 10% [1] - Computing power concept stocks fell, with Dawi Technology hitting the limit down and Hongjing Technology dropping nearly 15% [1] Institutional Insights - CITIC Securities noted that the electronic components industry has been experiencing a price increase since Q4 2025, with recent price hikes in areas like low-voltage MOSFETs and LED drivers [3] - The firm recommends focusing on sectors benefiting from this price trend, including storage, CCL, BT substrates, and wafer foundries [3] - Galaxy Securities highlighted a high demand for travel during the 2026 Spring Festival, benefiting OTA platforms and the duty-free industry due to increased tourism [4] Policy Developments - Zhejiang Province plans to strategically develop future industries such as humanoid robots, biomanufacturing, and commercial aviation as part of its high-quality development plan [5]

算力租赁概念盘中持续调整，宏景科技、网宿科技、开普云跌超10%，此前大位科技跌停，卓易信息、 利通电子、奥飞数据、世纪恒通、优刻得等跌幅靠前。 ...

AI应用概念股盘初多数走低， 开普云跌超10%， 宏景科技、 因赛集团跌超8%， 引力传媒、 世纪恒通 纷纷下挫。 ...