智通财经APP获悉，东吴证券发布研报称，Counterpoint Research预计，2026年Q1存储价格还将上涨 40%至50%，Q2继续上涨约20%。供需端视角上，供给侧硬件成本提升，需求侧AI Agent爆款不断推陈 出新，全球大厂纷纷下场，云作为AI的基础设施，海外大厂谷歌(GOOGL.US)和亚马逊(AMZN.US)已经 开始涨价，为多年来首次。随着春节临近，国内AI应用需求逐步提升，国内云厂也会提价，AI云产业 链有望引来投资机会。 东吴证券主要观点如下： 海外大厂云已经开始涨价 光纤涨价不断。在中国市场，G.652.D光纤价格相较于2025年11月大幅上涨约80%。2026年1月，该类型 单模光纤价格更是创下近七年新高，平均价格突破40元/芯公里，部分厂商报价甚至高达50元/芯公里， 仅一个月内涨幅就超过75%。 相关标的 算力租赁厂商：宏景科技(301396.SZ)、协创数据(300857.SZ)等。云厂商：网宿科技(300017.SZ)、优刻 得-W(688158.SH)、青云科技(688316.SH)、阿里巴巴-W(09988)等。CPU：澜起科技(688008.SH)、海光 信息(6 ...

Investment Rating - The report maintains an "Overweight" investment rating for the computer industry [1] Core Insights - Cloud service providers like Google Cloud and Amazon Web Services have announced price increases, marking a significant shift in the market [5][10] - The demand for AI Agents is accelerating, with notable growth in applications and user engagement [11][13] - Supply-side pressures are leading to rising hardware costs, including storage and CPU prices [16] - The report suggests that the upcoming Chinese New Year will boost domestic AI application demand, potentially leading to further price increases in cloud services [17] Summary by Sections Price Increases by Major Cloud Providers - Google Cloud announced price hikes effective May 1, 2026, with data transfer costs in North America increasing from $0.04/GB to $0.08/GB (100% increase), Europe from $0.05/GB to $0.08/GB (60% increase), and Asia from $0.06/GB to $0.085/GB (42% increase) [10] - Amazon Web Services raised prices for its EC2 machine learning capacity blocks by approximately 15% [10] Demand Side: Acceleration of AI Agent Adoption - The rapid growth of AI Agents is exemplified by the success of Moltclaw, which has seen exponential user growth [11] - Google has integrated its Gemini 3 into Chrome, transforming it into a comprehensive AGI platform for 3.8 billion users [13] Supply Side: Hardware Price Increases - Storage prices are expected to rise by 40% to 50% in Q1 2026 and by about 20% in Q2 2026 [16] - Intel and AMD plan to increase server CPU prices by 10-15% due to high demand and limited supply [16] - Prices for G.652.D optical fibers in China have surged by approximately 80% compared to November 2025, with some prices exceeding 50 yuan per core kilometer [16] Investment Recommendations - The report identifies potential investment opportunities in the AI cloud industry, particularly as hardware costs rise and demand for AI applications increases [17] - Recommended companies include cloud service providers like Wangsu Science and Technology, Yike Technology, and Alibaba, as well as CPU manufacturers like Lianqi Technology and Longxin Zhongke [18][19][20]

Investment Rating - The report maintains an "Overweight" investment rating for the computer industry [1] Core Insights - The report highlights that major cloud providers like Google and Amazon have begun to raise prices, indicating a shift in the market dynamics [5][10] - The demand for AI Agents is accelerating, with significant growth in user engagement and application development [11][13] - Supply-side pressures are leading to price increases in hardware components, including storage and CPUs, which are expected to continue into 2026 [16] Summary by Sections Price Increases by Major Cloud Providers - Google Cloud announced a price increase effective May 1, 2026, with data transmission costs in North America rising from $0.04/GB to $0.08/GB (100% increase), Europe from $0.05/GB to $0.08/GB (60% increase), and Asia from $0.06/GB to $0.085/GB (approximately 42% increase) [10] - Amazon Web Services (AWS) raised prices for its EC2 machine learning capacity blocks by about 15%, with specific instance costs increasing from $34.61 to $39.80 per hour [10] Demand Side: Acceleration of AI Agent Deployment - The report notes the rapid growth of AI Agents, particularly with the success of Moltclaw, which has seen exponential user growth [11] - Google's integration of Gemini 3 into Chrome browsers signifies a major advancement, potentially transforming 3.8 billion users' browsers into comprehensive AGI access points [13] Supply Side: Hardware Price Increases - Storage prices are projected to rise by 40% to 50% in Q1 2026 and by approximately 20% in Q2 2026, as per Counterpoint Research [16] - Intel and AMD are expected to increase server CPU prices by 10-15% due to high demand and limited supply [16] - Fiber optic prices in China have surged by approximately 80% compared to November 2025, with some prices exceeding 50 yuan per core kilometer [16] Investment Recommendations - The report suggests that rising hardware costs combined with increasing demand for AI applications present significant investment opportunities in the AI cloud industry [17] - Recommended investment targets include computing rental firms like Hongjing Technology and cloud service providers such as Wangsu Technology and Alibaba [18][19]

年产能2万台！SuperX日本工厂正式投产，AI基建龙头按下交付加速键 2026年1月30日，领先的AI数据中心基础设施解决方案提供商SuperX AI Technology Limited(纳斯达克股票代码：SUPX，简称"公司"或"SuperX")公告宣布， 公司位于日本三重县津市的首个全球供应中心正式投产运营，AI服务器年产能达2万台。该中心作为SuperX核心供应枢纽，将为全球算力客户供应高性能AI 服务器，标志着公司从工程筹备阶段正式迈入规模化商业生产的全新发展阶段。SuperX管理层与当地代表共同出席投产镜开仪式，见证这一重要里程碑时 刻。 SuperX管理层与当地代表共同举行镜开仪式，标志日本供应中心正式投产 如此规模的订单并非偶然。SuperX在过去一年中完成的产品布局，恰好击中了市场的痛点。公司推出的模块化AI工厂解决方案，该方案通过将算力、冷却 和电源系统在工厂进行预制化和深度集成，满足大规模快速部署需求。2025年10月，SuperX发布机架级AI超级算力平台SuperX GB300NVL72，在单机架内 实现1.8exaFLOPS的FP4算力；同期推出的XN9160-B300AI服务器 ...

Group 1: Financial Technology - In 2026, global liquidity is expected to remain reasonably ample, with the domestic monetary policy maintaining a moderately loose tone[14] - The digital RMB 2.0 will officially implement on January 1, 2026, transitioning from M0 to M1 currency attributes[18] - The CIPS network expansion will be a key focus starting February 1, 2026, as new rules for the RMB cross-border payment system come into effect[20] Group 2: AI Applications - The AI application landscape is shifting towards commercial monetization, with a focus on achieving breakeven after initial explosive growth[24] - C-end applications are dominated by major tech giants, making it difficult for smaller firms to survive in the market[40] - B-end applications are seeing some achieving unit economics (UE) breakeven, particularly in sectors with high product-market fit (PMF) like robotaxi[45] Group 3: AI Computing Power - Global demand for AI computing power is on the rise, with domestic internet companies being the largest consumers of intelligent computing servers[3] - Domestic chip manufacturers are making significant breakthroughs, with companies like Huawei and Cambricon showing strong growth potential[3] - The shift towards scale-up supernode architectures is expected to accelerate, enhancing overall system performance[3] Group 4: AI Energy - The AIDC power supply paradigm is evolving towards 800V HVDC systems, driven by the need for higher power density and efficiency[4] - Nuclear fusion is being explored as a long-term energy solution, with significant advancements expected within the next five years[7]

Market Overview - The other power equipment sector experienced a decline of 3.81% on January 29, with Haidao Sichuang leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Notable stock performances in the other power equipment sector included: - ST Huaxi: Closed at 2.40, up 2.13% with a trading volume of 327,100 shares and a transaction value of 77.17 million [1] - Zhongheng Electric: Closed at 32.72, up 0.99% with a trading volume of 478,100 shares and a transaction value of 154.9 million [1] - Haidao Sichuang: Closed at 218.63, down 9.06% with a trading volume of 65,200 shares and a transaction value of 1.467 billion [2] - Maigemi Te: Closed at 128.83, down 7.44% with a trading volume of 342,700 shares and a transaction value of 4.578 billion [2] Capital Flow - The other power equipment sector saw a net outflow of 2.163 billion from institutional investors, while retail investors had a net inflow of 1.638 billion [2] - The capital flow for specific stocks included: - Zhongheng Electric: Net inflow from institutional investors was 97.04 million, while retail investors had a net outflow of 29.09 million [3] - Tonghe Technology: Institutional net inflow was 2.40 million, with retail net inflow of 0.37 million [3] - Haidao Sichuang: Experienced a significant net outflow of 3.015 million from institutional investors [3]

Core Viewpoint - The data center sector is driving significant growth in the power equipment industry, with capital expenditures showing high growth trends, particularly in overseas markets, while domestic giants like Alibaba and Tencent are experiencing a slowdown in capital spending [1][3]. Demand Side - Overseas capital expenditures from major companies reached $99.617 billion in Q3 2025, reflecting an 80.39% year-on-year increase and a 9.54% quarter-on-quarter rise [3]. - Domestic capital expenditures for Alibaba amounted to 31.5 billion yuan in Q3 2025, a year-on-year increase of 80.10% but a quarter-on-quarter decrease of 18.55%. Alibaba reaffirmed its three-year investment framework of 380 billion yuan, indicating potential for further investment [3]. - Tencent's capital expenditures were 13 billion yuan in Q3 2025, showing a year-on-year decline of 24.05% and a quarter-on-quarter decline of 32.05%, with a downward revision of its annual guidance [3]. Supply Chain - NVIDIA reported total revenue of $57.006 billion in Q3 2025, with data center product revenue reaching $51.215 billion, marking a historical peak with a quarter-on-quarter growth of 24.62% and a year-on-year growth of 66.44%, accounting for over 89% of total revenue [4]. - TSMC's revenue for December 2025 was 335 billion new Taiwan dollars, a year-on-year increase of 20.4% but a quarter-on-quarter decline of 2.5%, achieving a record high for the same period [4]. - The CPU price index rose to 99.04 in November 2025, up from 98.20 in October, while DRAM spot prices surged from $27.14 on November 17, 2025, to $71.25 by January 23, 2026, reflecting a significant increase of over 178% within two months [4]. - South Korea's semiconductor exports reached $10.73 billion from January 1 to January 20, 2026, representing a substantial year-on-year growth of 70.2% and accounting for 29.5% of total exports, an increase of 9.6 percentage points compared to the previous year [4]. Application Side - The number of models in use is steadily increasing, with token usage from January 13 to January 19, 2026, reaching 7.50 trillion, a slight decrease of 1.96% [5]. - The release of new models such as Grok4Fast, GPT-5nano, and gpt-oss-20B in Q3 2025 led to a decline of over 50% in the price of tokens for models scoring above 40 on the Artificial Analysis intelligence index [5]. Investment Recommendations - The construction of data centers is expected to drive demand for HVDC and SST technologies, with an anticipated global increase of approximately 14 GW in data center installations in 2024. Major cloud providers are expected to maintain high capital expenditures, with TSMC's capital expenditures projected to reach $52-56 billion in 2026, a year-on-year increase of about 30% [6]. - The increasing power density of data center cabinets is likely to enhance the penetration of HVDC and SST technologies, with smart busbars expected to see widespread adoption [6]. - Recommended stocks include Zhongheng Electric (002364), Oulu Tong (300870), Weiteng Electric (688226), and Sunshine Power (300274), with additional attention suggested for Kehua Data (002335), Keda (002518), Kelu Electronics (002121), Magmi Tech (002851), Jinpan Technology (688676), and Sifang Co. (601126) [6].

证券日报网讯1月27日，中恒电气（002364）在互动平台回答投资者提问时表示，公司将严格按照相关 信息披露规则履行信息披露义务。 ...

Group 1 - The company, Zhongheng Electric (002364), is actively exploring market opportunities in various application scenarios [1] - The company continues to focus on key business areas such as green ICT infrastructure, new power systems, low-carbon transportation, and integrated energy services [1]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：1.公司的HVDC-巴拿马系统中的变压器、UPS是自有产 品还是对外采购？2.2025四季度以来国内新建算力中心使用HVDC供电方案的普遍吗？旧的数据中心改 造市场使用HVDC的渗透率怎样？3.国外尤其是北美市场拓展有何进展？4.公司的产品相比国内同行如 阳光电源，科士达等有何优势？ 中恒电气（002364.SZ）1月27日在投资者互动平台表示，目前公司的HVDC产品已广泛应用于大型数据 中心、智算中心等场景，且有用于数据中心改造的案例，具体业务情况可参考公司定期报告。 ...