值得关注的是，随着多模态大模型与深度推理模型的相继问世，模型训练与推理对算力的消耗呈指数级 增长。这直接催生了网络带宽的快速升级——800G及1.6T更高速率的光模块已进入规模化量产阶段。 权威机构LightCounting预测，2026年用于AI集群的光模块市场规模将增长至260亿美元，实现约60%的 同比增长。高盛也在最新研报中将2026/2027年全球光模块市场规模预测分别上调43%和46%，预计 800G/1.6T光模块出货量将达3800万只和1400万只。这种供需紧平衡状态，使得上游硬件端作为"卖水 人"的业绩兑现进度，已率先跑赢下游应用端。 数据来 图：全球AI集群光模块市场规模及增长预测 源：LightCounting，2026年1月 图片趋势描述：LightCounting数据显示，2026年全球AI集群光模块市场规模预计达260亿美元，较2025 年的165亿美元增长近60%，连续两年高速增长，印证算力硬件需求持续爆发。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （来源：智通财经） 2026年以来，全球人工智能领域的竞争主线已从单纯的"模型参数竞赛"全面转向" ...

Group 1 - The core viewpoint emphasizes the integration of data and AI development, with a focus on building high-quality datasets and a unified data market by 2026 [1] - The Hainan provincial government aims to establish 4-5 AI industry application demonstrations and develop 2-3 advanced large models by the end of 2026, enhancing the competitiveness of the AI industry [1] - By 2028, the AI industry is expected to have a significantly increased scale, with several high-level innovation platforms and core competitive enterprises being cultivated [1] Group 2 - Tesla's Full Self-Driving (FSD) system has been upgraded to recognize human hand signals, showcasing its advanced judgment capabilities [2] - According to Zhongjin Company, AI capabilities are expected to experience exponential growth, with 64% of organizations shifting AI investments to core business functions by 2026 [2] - The Tianhong CSI Artificial Intelligence Theme Index Fund has a total scale of 3.394 billion yuan as of December 31, 2025, with A and C classes at 780 million and 2.614 billion yuan respectively [3] Group 3 - The Tianhong CSI Artificial Intelligence Theme Index Fund reported impressive historical returns of 64.98% for A class and 64.66% for C class in 2025 [4] - The fund's management fee and custody fee are set at 0.6%, with a sales service fee of 0.25% for C class, making it suitable for short-term holding [4] - The fund's tracking error for A class was 1.34% and for C class was 1.02%, indicating strong performance relative to peers [4] Group 4 - The core theme of the AI market in 2025 is focused on computing power, while in 2026, the emphasis will shift to applications, marking a critical transition from concept speculation to value realization [5] - The AI industry is forming a positive cycle driven by applications, computing power expansion, and data ecosystem development, supported by favorable policies [5] - Investing in off-market AI index funds is highlighted as a convenient option for individuals, allowing access through various financial platforms without needing a stock account [5]

盘面上，港股市场低开低走，港股红利板块下跌。相关ETF方面，港股通央企红利ETF天弘（159281） 标的指数盘中跌0.33%，净申购达2000万份，为深市同类基金第一；成交额达6789.57万元；换手率达 18.95%，为同类基金第一。 港股通央企红利ETF天弘（159281）最近十个交易日累计获资金净流入998.72万元。截至2026年02月13 日，该基金最新规模为3.52亿元。 兴业证券指出，红利指数创新高反映市场对央企板块信心的增强，未来得益于政策支持和稳健基本面， 港股通央企有望持续吸引长期资金流入。 （文章来源：每日经济新闻） 主打"低估值+高股息"投资逻辑，港股通央企红利ETF天弘（159281）重点覆盖金融、能源、公用事 业、交运等现金流稳健板块，在利率下行周期中配置吸引力突出，具备强防御性特征。该ETF还配备了 2只场外联接基金（A类：024371；C类：024372）。 消息面上，据招商证券及中国证券报消息，国资委近期明确央企高质量发展年度目标，①鼓励央企善用 资本市场并推进市值管理考核。同时，②中国神华千亿级重组项目快速获批，反映央企资本运作效率提 升。此外，据兴业证券统计，恒生港股通 ...

盘面上，两市高开后震荡，化工概念板块上涨。相关ETF方面，化工ETF天弘（159133）标的指数盘中 涨3.57%，净申购达1250万份，为深市同类基金第一；成交额达2780.06万元；换手率达1.02%。成分股 中，和邦生物、川发龙蟒涨停，云天化、扬农化工、兴发集团、宏达股份、桐昆股份涨超5%，东方盛 虹、鲁西化工、彤程新材等多股跟涨。 值得关注的是，Wind显示，化工ETF天弘（159133）近33个交易日（2025年12月29日—2026年02月13 日）实现连续"吸金"，最近30个交易日累计获资金净流入19.50亿元。截至2026年02月13日，该基金最 新规模为26.58亿元。 化工ETF天弘（159133）跟踪的是中证细分化工产业主题指数，该指数从市场中选取涉及化学制品、化 学纤维、化肥与农药等细分领域的上市公司证券作为指数样本，以反映化工行业各细分市场的整体表 现。该指数具有较高的行业集中度和代表性，为关注化工行业发展动态的投资者提供了有效的参考工 具。该ETF还配备了2只场外联接基金（A类：015896；C类：015897）。 消息面上，据东方证券报告显示，染料龙头自2月8日起上调分散染料价格 ...

Group 1 - The core viewpoint of the news highlights a strong performance in the power grid equipment sector, with significant investments announced by major state-owned enterprises, indicating a bullish outlook for the industry [1][2] - The State Grid plans to invest 4 trillion yuan during the "14th Five-Year Plan" period, representing a 40% increase compared to the "13th Five-Year Plan" and a 66% increase over the previous period [1] - The Southern Power Grid has announced an investment scale of 180 billion yuan for 2026, marking a record high for five consecutive years, focusing on ultra-high voltage transmission, distribution network upgrades, and digital transformation [1] Group 2 - In 2025, the cumulative export value of transformers reached 9.036 billion USD, with a growth rate of 34.83%, setting a historical record [2] - Key power equipment exports in December 2025 showed significant year-on-year growth across various categories, including transformers and cables, indicating a robust export trend [2] - The global investment in power grids is expected to exceed 400 billion USD in 2025, driven by increasing demand for AI and infrastructure upgrades in the U.S. [2] Group 3 - The Tianhong CSI Power Grid Equipment Theme Index closely tracks the performance of 80 listed companies involved in ultra-high voltage and smart grid construction [3] - The fund manager emphasizes the growing market interest in the sector due to strong performance from leading companies, suggesting a favorable long-term investment outlook for the power grid equipment sector [3] - The Tianhong CSI Power Grid Equipment Index Fund is positioned as a convenient investment option for individuals looking to capitalize on the growth in AI power infrastructure [3]

消息面上，春节假期内中东局势出现新的变局，成为影响市场的短期不确定因素。假期伊始，美伊 地缘冲突发酵引发黄金、白银价格深度调整，而后半周避险情绪卷土重来，国际金价强势反弹。2月23 日，黄金、白银开盘直线拉升。现货黄金向上突破5170美元，日内涨超1%。现货白银涨超3%，升破87 美元。 中信证券，展望2026年全年，维持对贵金属和有色金属价格的乐观预期。 （责任编辑：王治强 HF013） A股迎来马年首个交易日，三大指数集体高开。 盘面上，有色金属领涨，白银有色涨超9%，兴业银锡、铜陵有色涨超6%，带动带动有色金属ETF 天弘(159157)标的指数大涨3.15%。 有色金属ETF天弘(159157)持续获得资金净流入，近10日资金净流入10.52亿元；其标的指数全面覆 盖铜、铝、黄金、稀土等行业，涵盖贵金属（避险）、战略金属（成长）、工业金属（复苏）等不同景 气周期，全品类覆盖能够更好把握整个板块的贝塔行情。该ETF场外联接基金（A类：017192；C类： 017193）。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供 ...

Core Insights - The Shanghai Gold ETF (159830) has seen a turnover of 5.94% and a transaction volume of 221 million yuan as of February 13, 2026, with a net inflow of 9.92 million yuan [1] - International gold prices have risen nearly 4% during the holiday period, surpassing the 5200 USD mark, driven by increased market risk aversion due to new tariff policies and economic data from the U.S. [2] - UBS maintains a positive outlook on gold, projecting a target price of 6200 USD per ounce in the coming months, citing geopolitical risks and continued central bank purchases as key drivers [2] Product Highlights - The Shanghai Gold ETF (159830) has a total management and custody fee of 0.30%, which is lower than the average fee of 0.60% for most gold ETFs [1] - The ETF has reached a new high in shares since its inception, indicating strong investor interest and confidence [1] Related Products - The Shanghai Gold ETF (159830) is linked to off-market funds, including Connect Fund A (014661) and Connect Fund C (014662) [1] - Other ETFs mentioned include various sector-focused funds such as the Technology ETF, Biopharmaceutical ETF, and Aerospace ETF, indicating a diverse range of investment opportunities in the market [3][4]

Group 1 - A-shares are expected to have a positive start after the Spring Festival, with major indices likely to see an increase in winning rates due to favorable market conditions [1][5][6] - The technology growth sector and cyclical resource products are favored by institutions, with specific attention on areas such as AI assets, commercial aerospace, brain-computer interfaces, copper, aluminum, gold, and engineering machinery [1][5][6][10] - The Hong Kong stock market experienced a broad rally, with the Hang Seng Index rising by 2.53% to surpass 27,000 points, indicating positive market sentiment [2] Group 2 - The National Energy Administration projects that by 2025, the newly installed capacity for photovoltaic power will reach 317 million kilowatts, a 14% year-on-year increase, reflecting rapid growth in the solar energy sector [4] - Investment strategies suggest focusing on four main lines: copper, aluminum, tin, crude oil, and rare earths; electrical grid equipment, energy storage, engineering machinery; aviation, duty-free, hotels, and food and beverage; and non-bank financials [7][8] - Five major investment directions are highlighted: food and beverage, robotics, chips driven by AI demand, energy sectors including electric grid upgrades and new energy vehicles, and commercial aerospace, which is expected to enter a period of rapid growth in the next two years [10]

从"尝鲜"到"常态"，基金公司集体布局播客，抢占投资者"耳朵阵地"。 2025年以来，多家基金公司相继布局播客——富国基金、大成基金、银华基金、景顺长城基金、嘉实基金、汇添富基金、财通基金等公募密集推出播客栏 目；与此同时，更早入局的华夏基金、中欧基金、天弘基金等机构则保持着常态化更新，华夏基金《大方谈钱》在春节期间仍推出特别节目。从新玩家的 密集入场，到老玩家的稳定运营，播客正在从基金公司的"试水之作"沉淀为投资者服务的常规配置。 春节期间持续"上新" 从更新频率看，部分头部账号已形成稳定运营节奏。华夏基金《大方谈钱》自2024年9月开播以来保持高频更新，春节期间仍推出《新春疗愈：爱自己才 是一切的答案》特别节目。 与此同时，行业分化同样明显，部分早期入局账号已出现断更或仅做内容同步，播客运营的持续性考验基金公司的内容生产能力。 国泰基金旗下《泰客Talk》推出后，收获了大批高认知年轻听众，评论区互动积极。"音频形式能让嘉宾更真实、立体地展现自己，与听众产生真实的情 感交互。"国泰基金认为，这种"去距离感"的呈现，让投资者感受到基金经理作为"人"的真实一面，包括其思考逻辑、市场态度和行业判断。 大成基金20 ...

Core Insights - The podcasting trend among fund companies is shifting from experimentation to a regular service offering for investors, with multiple firms launching and maintaining podcast programs to engage with their audience [1][3]. Group 1: Industry Trends - Since 2025, several fund companies, including 富国基金, 大成基金, and 银华基金, have launched podcast programs, indicating a collective move towards this medium [1]. - The Chinese podcast market is experiencing rapid growth, with an estimated audience of over 150 million listeners by 2025, and the 小宇宙 platform adding 64,000 new podcast programs and nearly 700,000 episodes [2]. Group 2: Content and Engagement - The unique nature of financial content drives demand, as it directly relates to personal finances, and the need for investor engagement is heightened by external market volatility [3]. - Podcasts provide a more relatable and immersive experience compared to traditional educational methods, allowing for deeper discussions on financial topics and fostering a sense of companionship for listeners [3][4]. Group 3: Operational Challenges - Despite the increasing popularity of fund podcasts, challenges persist in maintaining high-quality content, requiring significant investment in production and ongoing engagement strategies [5]. - The operational demands of podcasting are comparable to running a small content organization, necessitating expertise in both information delivery and emotional resonance with the audience [5]. Group 4: Future Outlook - Many public funds believe that podcasts will play a crucial role in transitioning from a sales-oriented approach to a customer-centric model, emphasizing the importance of new media in the competitive landscape of fund management [5].