通信行业周报 AI 算力投资与变革加速，智谱 GLM-5 适配主流国产芯片 2026 年 02 月 24 日 【投资要点】 【市场回顾】 1）通信行业整体下跌：通信（申万）指数节前两周（2026.2.2- 2026.2.13）下跌 4.3%，涨幅排名第 30；2）板块估值水平偏高：申 万通信板块 2026 年 2 月 13 日整体动态市盈率约为 24.07 倍 PE；3） 细分领域涨跌幅：海光缆、信息安全、工业互联网板块节前两周涨幅 分别为 20.0%、4.3%、4.2%，军工通信、北美 AI 板块分别下跌 7.3%、 7.1%；4）个股表现：申万通信板块成分股 78 家上涨、49 家下跌，特 发信息、长飞光纤、天孚通信、国盾量子、通鼎互联节前两周涨幅分 别为 47.5%、43.1%、25.4%、20.7%、18.0%。 【配置建议】 算力中长期旺盛需求持续验证，应用端落地进一步加速需求增长，当 前时点，建议关注算力产业链核心环节新技术渗透及国产链景气度提 升：光模块（中际旭创、新易盛、天孚通信、华工科技、光迅科技、仕 佳光子、光库科技、嘉元科技、优迅股份等）、铜互连（瑞可达、兆龙 互连等）、交换机（锐捷网络 ...

Group 1 - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) closed up 3.17% on February 24, with a trading volume of 248 million yuan [1] - The fund was established on June 26, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of February 13, 2025, the fund's latest share count was 5.775 billion shares, with a total size of 6.032 billion yuan, reflecting a 1.65% increase in shares and a 6.18% increase in size year-to-date [1] Group 2 - The current fund managers are Gong Lili and Wang Yang, with returns of 24.16% and 9.85% respectively during their management periods [2] - The fund's top holdings include China National Offshore Oil Corporation, China Shenhua Energy, China Petroleum & Chemical Corporation, and China Mobile, with respective holding percentages [2][3] - The top holdings by percentage are as follows: CNOOC (10.04%), China Shenhua (9.99%), China Petroleum (9.82%), and China Mobile (9.65%) [3]

Group 1 - The Spring Festival holiday saw a significant influx of citizens and tourists visiting museums, with various cultural activities continuing until the Lantern Festival [2] - Museums are creating festive atmospheres by incorporating their unique collections, such as the Beijing Grand Canal Museum hosting two special Lantern Festival events focused on traditional crafts [2] - The China Geological Museum is engaging visitors with an interactive riddle activity, allowing them to collect stamps for a chance to win commemorative prizes [2] Group 2 - The theme of the horse remains prominent in museum activities, with many institutions showcasing horse-related artifacts and inviting visitors to seek blessings associated with the horse [3] - The China Agricultural Museum is featuring a traditional New Year painting exhibition with a horse theme, allowing visitors to experience woodblock printing [3] - The Beijing Ancient Architecture Museum is offering themed activities that include interactive experiences related to Chinese fortune culture and ancient printing techniques [3]

Core Viewpoint - The global demand for energy storage devices is surging due to the rapid expansion of new energy infrastructure and the high electricity consumption of AI data centers, leading to significant order growth for companies in Shenzhen's energy storage supply chain [1][6]. Group 1: Company Performance - Shenzhen-based energy storage laser equipment supplier Haimeixing has seen its production staff nearly double due to a surge in orders, with expected shipment volume in the second half of 2025 increasing by approximately 80% year-on-year, and new orders in January 2026 projected to exceed 1 billion yuan [1][3]. - Songsheng Co., a supplier of energy storage inverters, reported a rapid increase in its energy storage business starting from the fourth quarter of 2025, with revenues expected to reach approximately 75-85 million yuan for the year and around 40-50 million yuan in the first quarter of the following year [3][4]. - Daotong Technology is preparing for increased energy storage procurement from North American data center clients, with expected government subsidies for power grid upgrades and charging infrastructure amounting to approximately 400-500 million USD annually [4][5]. Group 2: Market Trends - The demand for energy storage is expected to explode post-2025, driven by the increasing electricity consumption of AI data centers, which is projected to account for 6.7%-12% of total U.S. electricity consumption by 2028, compared to just 2% before 2020 [6][9]. - The cost of energy storage is decreasing, with estimates indicating that by the second half of 2025, the cost per kilowatt-hour for independent energy storage stations in China will drop to between 0.35-0.60 yuan, making some projects profitable [6][9]. - The Australian government has released significant energy storage orders through its Capacity Investment Scheme, with a total scale of 4.13 GW / 15.37 GWh awarded in September 2025, indicating a strong global push for energy storage solutions [9][10]. Group 3: Industry Expansion - Major battery manufacturers are rapidly expanding production capacity to meet surging demand, with CATL confirming that its production capacity is nearing saturation and is accelerating expansion plans [10][11]. - In December 2025, EVE Energy and Loxie Energy established a three-year cooperation plan for 20 GWh, while CATL announced additional investments in Guizhou for a new 30 GWh production base [11][12]. - The energy storage supply chain is receiving a substantial influx of orders as projects related to computing power and new energy infrastructure are intensifying [12].

2026年2月24日早盘，光通信模块概念涨幅居前，截至11:18，国证通信指数强势上涨4.32%，成分股天 孚通信上涨14.21%，德科立上涨14.08%，通鼎互联上涨10.04%，长江通信，长飞光纤等个股跟涨。 数据显示，截至2026年1月30日，国证通信指数前十大权重股分别为中际旭创、新易盛、中兴通讯、天 孚通信、中国移动、中国电信、中国联通、信维通信、亨通光电、中天科技，前十大权重股合计占比 54.9%。 通信ETF嘉实(159695)紧密跟踪国证通信指数，一键布局光通信产业链。 上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> 2026年2月，英伟达宣布将于年内规模部署CPO（共封装光学）技术，标志着CPO正式进入从0到1的规 模化落地元年。国盛证券强调，CPO并非替代可插拔光模块，而是与其互补并行，重点打开光通信在柜 内互联的新增量空间；其技术实现高度依赖硅光芯片能力，而光模块龙头厂商在硅光设计（PIC）领域 已具备领先储备与先发优势，技术壁垒进一步强化头部集中趋势。 中信建投证券指出，AI大模型正加速迈入商业变现深水区，从"低价/免费圈地"阶段转向"为高质量付 费"阶段，带动 ...

万兆网络织就。当前，我国5G-A的网络布局建设已全面铺开。根据工信部及地方政府相关统计，2025 年全国已有超过300个城市迈入5G-A时代，用户规模突破1000万。在这场网络升级浪潮中，三大运营商 协同发力、各展其长。中国移动部署三载波聚合基站超5万站、RedCap基站超60万站，实现330多个城 市的5G-A覆盖；中国联通2025年启动5G-A推进计划，率先在39个重点城市主城区实现连续覆盖，并逐 当2026年央视春晚以气势磅礴的马蹄声揭开序幕，一张由5G-A技术织就的隐形网络，正在其背后悄然 发力。巨屏上流动的光影马群，每一帧跃动都经由5G-A超高速率实时渲染；五大会场间无缝转换，是 5G-A低时延特性消融空间阻隔……从超高清直播，到跨域联动、虚实融合，5G-A以其独有的优势，为 亿万观众带来兼具艺术质感与科技温度的流畅享受。 聚光灯下，三大硬核技术令春晚帧帧丝滑 作为5G迈向6G的关键过渡技术，5G-A带来了速率与时延的全方位升级，为马年春晚提供了坚实的网络 通信保障。通过上行超宽带、宽带实时交互、通感一体等技术，5G-A确保了直播盛宴的流畅度与高可 靠性，让春晚无延时、零卡顿流畅呈现。 上行超宽带为 ...

以港交所行业分类进行统计，南向资金持股比例超20%的个股主要集中在医疗保健业、工业、金融业等 行业，分别有58只、40只、35只个股。（数据宝） 南向资金持有比例较高的港股 | | | | 占已发行 | | | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | 持股量 | 股份比例 | 收盘价 | 日涨跌幅 | 行业 | | | | （万股） | | （港元） | （%） | | | | | | （%） | | | | | 00728 | 中国电信 | 989103.56 | 71.26 | 4.890 | -0.20 | 电讯业 | | 01341 | 昊天国际建投 | 785498.40 | 70.78 | 0.072 | -2.70 | 工业 | | 01330 | 绿色动力环保 | 27815.40 | 68.78 | 5.390 | -0.92 | 工业 | | 03033 | 南方恒生科技 | 1017387.04 | 68.23 | 5.240 | -1.04 | | | 01065 | 天津创业环保股份 | 22773.81 | ...

智通财经APP获悉，根据2026年2月23日披露数据，昊天国际建投（01341）、中国电信（00728）、南 方恆生科技（03033）位居港股通持股比例前3位，分别为71.99%、71.35%、69.35%。此外，盈富基金 （02800）、腾讯控股（00700）、阿里巴巴－W（09988）在最近有统计数据的5个交易日内，持股额增 幅最大，分别为+37.39亿元、+37.28亿元、+22.38亿元;紫金矿业（02899）、泡泡玛特（09992）、中国 太保（02601）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-5.89亿元、-4.06亿 元、-3.54亿元。 备注：以上数据由智通机器人根据港交所数据，经过人工智能运算后自动生成，并不保证数据100%准 确；持股额变动=变动持股数*昨日收盘价。 2、港股通最近5个交易日增持榜（前10名） | 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 盈富基金(02800) | +37.39亿元 | +13694.25万股 | | 腾讯控股(00700) | +37.28亿元 | +693.03万股 | | 阿里巴巴－W ...

分析师：张刚 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -15% -8% -2% 5% 12% 18% 25% 31% 2025.02 2025.06 2025.10 2026.02 上证指数 深证成指 登记编码：S0730511010001 证券研究报告-晨会聚焦 发布日期：2026 年 02 月 24 日 【财经要闻】 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 4,082.07 | -1.26 | | 深证成指 | | 14,100.19 | -1.28 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,660.41 | -1.25 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,556.33 | -1.38 | ...

Investment Rating - Industry rating: Recommended [5] Core Insights - The recent surge in China's AI models during the "Spring Festival" has shifted the focus from general chat tools to vertical productivity tools and real agent implementations, particularly in industrial video generation and engineering-level programming [1][13] - Major players like ByteDance, Alibaba, and Zhipu AI are leading the market, with competition now centered on efficiency, cost control, and scene adaptation rather than just parameter scale [1][13] - The demand for computing power is expected to boost hardware and computing rental markets, benefiting companies involved in computing leasing and third-party data centers [2][14] Summary by Sections Section 1: AI Model Developments - Multiple flagship models were released during the Spring Festival, enhancing capabilities in video and programming applications, with significant improvements in quality and efficiency [7][13] - ByteDance's Seedance 2.0 model supports multi-modal input and has shown substantial advancements in generating complex interactions and maintaining physical accuracy [8][9] - Alibaba's Qwen3.5-Plus model has achieved breakthroughs in multi-modal capabilities and cost efficiency, making it competitive with leading models globally [10][11] Section 2: Market Outlook - The current market is experiencing liquidity concerns and changing capital expenditure expectations from overseas players like OpenAI, leading to a cautious outlook for the AI sector [3][15] - The AI development phase is seen as a critical acceleration period, with increasing demand for token usage and ongoing expansion of foundational computing infrastructure [3][15] Section 3: Recommended Investment Targets - Key investment opportunities include companies in computing and communication infrastructure, such as China Mobile, China Telecom, and third-party data center firms like Huohuan New Network and Data Port [15][17] - The report highlights the potential of low-orbit satellite components and chip suppliers in the commercial aerospace sector [3][15] - Recommendations also extend to edge computing firms and those involved in satellite internet and low-altitude economy sectors [17][19]