沐曦股份-U（688802.SH）深度报告 沐浴晨曦，算力领军 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 743 | 1,665 | 3,431 | 5,844 | | 增长率（%） | 1301.5 | 124.1 | 106.1 | 70.3 | | 归属母公司股东净利润（百万元） | -1,409 | -697 | 41 | 917 | | 增长率（%） | -61.7 | 50.5 | 105.8 | 2159.6 | | 每股收益（元） | -3.52 | -1.74 | 0.10 | 2.29 | | PS | 266 | 119 | 58 | 34 | | PB | 167.7 | 15.2 | 15.1 | 14.1 | 资料来源：iFinD，国联民生证券研究所预测；（注：股价为 2026 年 2 月 6 日收盘价） 2026 年 02 月 08 日 | 推荐 | 首次评级 | | ...

本文字数：2511，阅读时长大约4分钟 作者 | 第一财经 魏中原 2026.02. 08 2月首周，A股市场风格显著切换，科技板块遭遇深度调整。当周，电子、通信行业领跌两市，其中 电 子 行 业 总 市 值 跌 去 约 8900 亿 元 。 龙 头 股 更 是 放 量 杀 跌 ， 重 创 板 块 情 绪 ， 中 际 旭 创 （ 300308.SZ ） 、 新 易 盛 （ 300502.SZ ） 周 跌 幅 均 超 13% ， 寒 武 纪 （ 688256.SH ） 单 周 重 挫 17.63%，股价创2025年8月末以来新低。 与之形成鲜明对比的是，白酒、地产等防御性板块逆势走强，贵州茅台（600519.SH）周内涨 8.14%，保利发展（600048.SH）创下年内股价新高。 市场人士分析，临近春节长假，资金避险情绪升温，叠加科技股前期涨幅透支估值，投资者正从高波 动赛道转向业绩确定性更强的领域，反映出市场对估值合理性的审慎重估与对稳健收益的追求。 科技赛道全线降温，资金放量出逃 多重因素共振导致科技回调 本轮科技股的深度回调并非偶然，而是多重因素共同作用的结果。从时间节点、外部环境到内在估 值，科技板块 ...

Core Viewpoint - The A-share market experienced a significant style switch in the first week of February, with the technology sector undergoing a deep adjustment while defensive sectors like liquor and real estate showed resilience [1][4]. Group 1: Technology Sector Performance - The technology sector faced a comprehensive pullback, with the electronic industry market capitalization dropping by approximately 890 billion yuan, and leading stocks like Zhongji Xuchuang and Xinyi Sheng seeing weekly declines exceeding 13% [1][2]. - The electronic industry recorded a trading volume of 313.9 billion yuan, marking a new high for the year, while the industry index fell by 5.22% and the communication sector by 6.94% [2][3]. - The ChiNext 50 index, representing the technology sector, experienced its largest weekly decline since November 2025, with a drop of 5.76% [2]. Group 2: Market Dynamics and Investor Behavior - The market's risk appetite for technology stocks has notably decreased, with many stocks retreating 20% to 30% from their recent highs, indicating a significant sell-off [3][4]. - The upcoming Spring Festival led to increased risk aversion among investors, prompting them to shift from high-volatility sectors to those with stronger earnings certainty [1][4]. - High valuations in the technology sector, with the electronic industry's price-to-earnings ratio at 69.76, have created substantial internal adjustment pressure [4][5]. Group 3: Factors Influencing the Adjustment - Multiple factors contributed to the technology sector's deep pullback, including seasonal trading patterns, high valuations prompting profit-taking, and increased market volatility due to external macroeconomic conditions [4][5]. - The anticipation of rising interest rates in the U.S. has negatively impacted technology stock valuations, as indicated by market reactions to Federal Reserve signals [5][6]. - The shift of funds from technology stocks to defensive sectors like liquor and real estate suggests a phase of market style transition, with investors seeking stability amid uncertainty [6].

来源：雪球 01 第一类生意 其中最好的一类是 拥有极致定价权且无需追加资本的生意 ， 芒格认为这是商业世界的圣杯 。 ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 勤勤的财商教室 若能找到这样的公司 ， 并在合理价格买入 ， 基本上就无需再做什么 ， 只需坐视其如神奇果树般 ， 不仅每年结出更多果实 ， 且无需浇水施肥 。 为何 ？ 芒格认为这是最好的生意 ， 因为在这个时代 ， 最大的敌人是通货膨胀 ， 它是一种无形的税收 。 对大多数公司而言 ， 通胀是致命的 ， 原材料 、 工人工资 、 房租等成本上涨 。 比如某些拥有独家配方的医药公司 ， 比如某些必需的金融服务软件 ， 这些公司是通胀的克星 。 当其他公司因成本上涨而抱怨时 ， 他们只需轻 松提价 ， 就能将成本转嫁给消费者 ， 甚至获利更多 。 这是第一类 ， 也是最完美的生意 。 但这类公司非常稀缺 ， 且通常价格昂贵 。 在咱们A股 ， 您能找出哪些公司 ， 拥有极致的定价权 ， 茅台 ？ 格力 ？ 长江电力 ？ 宁德时代 ？ 寒武纪 ？ 若是一家普通制造 ...

Fund Size Statistics - The top three equity ETF types by fund size change are: Scale Index ETF (¥15.406 billion), Cross-border Industry Index ETF (¥6.624 billion), and Strategy Index ETF (¥5.384 billion) [9] - The bottom three equity ETF types by fund size change are: Theme Index ETF (-¥26.004 billion), Cross-border Scale Index ETF (-¥1.807 billion), and Cross-border Theme Index ETF (¥0.203 billion) [9] - The top three equity ETF products by fund size change are: CSI 500 ETF (¥2.832 billion), Chemical ETF (¥2.386 billion), and HuShen 300 ETF (¥2.229 billion) [9] - The bottom three equity ETF products by fund size change are: Communication ETF (-¥30.885 billion), Non-ferrous Metals ETF (-¥3.932 billion), and Gold Stock ETF (-¥2.963 billion) [13] Market Outlook - The macro timing model for February 2026 has a score of 0, indicating a historical 78.57% probability of the full A index rising in the following month, with an average increase of 3.37% [23] - A-shares are expected to experience a short-term volatile market, influenced by liquidity from overseas markets and the recent AI bubble discussions affecting tech growth stocks [23] - The recommendation is to adopt a balanced ETF allocation strategy due to the anticipated short-term fluctuations in the market [60]

微信屏蔽元宝、千问红包链接 2月4日上午，记者在微信群中点入好友发出的元宝红包，显示"网页包含诱导分享、关注等诱导行为"， 提醒用户可以通过浏览器访问。随后，元宝红包在微信的分享改为口令的形式。微信安全中心公众号发 文称，微信对以春节为主题集中爆发的过度营销、诱导分享等违规行为进行打击。2月6日，千问在春节 活动的第一天，微信链接也被屏蔽了，部分用户在千问APP点击分享活动至微信好友时，已自动改为复 制口令形式。 【点评】:这场争夺AI入口的春节"撒币"大战，正变得前所未有地复杂与激烈。各厂商抢夺AI入口，但 可能都没有预料到，最激烈的竞争出现在国内最大的社交平台微信上。目前看来，或许微信社交裂变的 方式无法成为任何一家AI应用厂商扩大用户池的杀手锏。或许各大厂商接下来要靠产品实力说话了。 SpaceX收购xAI，马斯克打造AI太空帝国 当地时间2月2日，马斯克旗下的太空探索技术公司SpaceX宣布收购人工智能初创公司xAI。在公告中， 马斯克强调，将xAI并入SpaceX，旨在打造一个"垂直整合的创新引擎"，覆盖从地面到太空的完整技术 链条。该公告发布于xAI官网，并由马斯克本人署名。据外媒援引知情人士消息 ...

Core Insights - The article emphasizes the transition of enterprise-level AI applications from a technology exploration phase to a large-scale application phase, driven by advancements in large language models and the need for systematic implementation capabilities [1][14][27] - Key challenges include the integration of AI into business processes, the establishment of a robust data foundation, and the necessity for organizational changes to support AI transformation [1][23][60] Application Layer - AI Agents are identified as the core vehicle for enterprise-level AI applications, facilitating deep integration with business processes through task decomposition and various operational methods [1][29] - The focus is on creating a systematic approach to AI application delivery, emphasizing the importance of engineering capabilities alongside AI technology [10][31] Supporting Layer - A data-centric model selection process is crucial, with a focus on building a Data+AI foundation and ensuring data security for AI applications [1][41] - High-quality data sets are essential for AI development, enabling effective model training and application [41][42] Infrastructure Layer - The evolution of AI computing infrastructure is highlighted, with a shift towards heterogeneous systems and the importance of optimizing hardware and software collaboration [1][50][53] - The dominance of GPU technology in AI applications is noted, with domestic manufacturers focusing on specific optimizations to compete with international players [50][51] Organizational Layer - The article discusses the need for top-level design and role upgrades for employees to drive AI transformation within organizations [1][60] - Leadership commitment is critical for the successful implementation of AI strategies, with a focus on integrating AI into core business processes [56] Industry Landscape - The enterprise-level AI application market is characterized by a dynamic competition among vendors, including application software, technical services, cloud services, and AI model providers [2][65] - Investment trends indicate a shift towards application-level financing, particularly in sectors like healthcare, where AI applications are gaining traction [12][66] Development Trends - Future trends include the evolution of large models from single architectures to multi-architecture systems, the deep integration of AI into business processes, and the emergence of AI-native applications [2][8] - The article anticipates a significant transformation in human-machine collaboration and the expansion of AI's role in various industries [2][8] Challenges in Implementation - Key bottlenecks for scaling AI applications include weak data foundations, the lack of quantifiable business value, and a shortage of skilled talent capable of bridging technology and business insights [23][27] - The need for a structured approach to AI project ROI evaluation is emphasized, moving away from traditional financial models to more dynamic frameworks [63]

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]

Company Overview - Suirian Technology, officially known as Shanghai Suirian Technology Co., Ltd., is an AI chip company that has recently submitted its IPO application to the Sci-Tech Innovation Board under the sponsorship of CITIC Securities [1] - The company has developed four generations of architecture and five cloud AI chips, creating a comprehensive product system that includes AI chips, AI accelerator cards, intelligent computing systems, and AI computing software platforms [1][7] Management and Ownership - The company was founded in 2018 by Zhaolidong and Zhang Yalin, who collectively control approximately 28.14% of the shares prior to the IPO [4] - Tencent's subsidiary holds about 20.26% of the shares, with other notable shareholders including Wuyuefeng Phase II and Dalian Yuntai [4] Financial Highlights - Suirian Technology aims to raise 6 billion yuan (approximately $60 million) through the IPO, which will be used for the development and industrialization of its fifth and sixth-generation AI chip series, as well as advanced AI hardware and software projects [5] - The company's revenue has shown significant growth, with figures of approximately 0.9 million yuan in 2022, 3 million yuan in 2023, 7.22 million yuan in 2024, and 5.4 million yuan in the first nine months of 2025 [15] - Despite revenue growth, the company has incurred substantial losses, totaling over 5.1 billion yuan across three years, with net losses of approximately 11.16 million yuan in 2022 and 16.65 million yuan in 2023 [15] Product and Technology - The core technology system of Suirian Technology includes three main categories: chip and hardware, software and programming platforms, and computing cluster solutions [7] - The company has developed a proprietary AI computing and programming software platform called "Yusuan TopsRider," which integrates its hardware with AI applications [7] - The revenue breakdown for the first nine months of 2025 shows that AI accelerator cards and modules accounted for 76.73% of total revenue, while intelligent computing systems and clusters contributed 23.03% [9] Market Context - The global AI accelerator card market is projected to grow from approximately $119 billion in 2024 to $525.77 billion by 2028, with China's market expected to reach 2.16 trillion yuan by 2024 [13] - Suirian Technology operates in a competitive landscape dominated by international players like NVIDIA, which holds over 70% of the Chinese AI accelerator card market [17] - The company faces challenges such as high customer concentration, with over 90% of revenue coming from its top five clients, including Tencent Technology [11][17]

1、 李强主持召开国常会 研究促进有效投资政策措施 重要程度：★★★★★ 以下为晚报正文： 国务院总理李强2月6日主持召开国务院常务会议，听取2025年国务院部门办理全国人大代表建议和全国政协提案工作情况汇报，研究促进有效投资政策措 施，部署修订《环境空气质量标准》，讨论《中华人民共和国招标投标法(修订草案)》。 会议指出，促进有效投资对于稳定经济增长、增强发展后劲具有重要作用。要创新完善政策措施，加力提效用好中央预算内投资、超长期特别国债、地方政 府专项债券等资金和新型政策性金融工具。要结合制定实施"十五五"规划，着眼于长远发展需要和构筑未来竞争优势，在基础设施、城市更新、公共服务、 新兴产业和未来产业等重点领域，深入谋划推动一批重大项目、重大工程。 此外，李强主持召开国务院第十次全体会议，讨论拟提请十四届全国人大四次会议审议的政府工作报告稿和"十五五"规划纲要草案稿。 李强指出，宏观政策要靠前发力，财政资金尽可能提前安排，加强资金下达和项目建设的协同配合，使政策尽快落地见效。各项重点工作要抓紧推进，条件 成熟的及早组织实施。坚持政策支持和改革创新并举，更好激发市场活力，挖掘内需新增长点。要密切跟踪形势变化 ...