证券研究报告 把握AI主线，重视新科技 ——计算机行业2026春季投资策略 行业投资评级：强于大市|维持 孙业亮/刘聪颖 中邮证券研究所 计算机团队 中邮证券 1 1 发布时间：2026-02-25 投资要点 AI大模型：2025年，中国AI大模型产品形态进入成熟期，成为市场爆发的直接推动力，低成本、高性能 的技术基础形成了从底层支撑市场高速增长的关键条件，为MaaS和企业大模型的广泛应用创造了可持续 的商业化环境；多模态模型的快速迭代将AI应用从单一文本生成扩展至图像、视频、语音等复合场景，提 升了模型的可用性与商业化潜力；同时，各大厂商通过推出通用基座模型、行业专属模型及低门槛API服 务，构建了完整的产品矩阵，极大降低了企业和开发者的接入成本；企业对AI价值的认知日益成熟，数字 化和智能化转型需求持续增长，推动客户需求从概念验证阶段进入规模化生产阶段，企业对于大模型的调 用频次和覆盖场景不断增加，从而带动MaaS平台和AI大模型解决方案市场进入了"结构性放量"周期。 AI应用：toB端，AI Agent是大模型重要的商业落地形式，已在客服、代码开发、营销、数据分析、金 融服务等多行业、多场景实现服务落地 ...

根据《行动方案》，海南将构建独具自身特色的"双核驱动"推进路径，即聚焦商业航天等4大海南特色 产业，以及防灾减灾等N个重点行业领域，形成"人工智能+"解决方案，加速形成具有海南特色的人工 智能产业生态。 在路线图外，该方案亦明确了时间表：到2026年底，力争形成4到5个人工智能行业应用示范，建设一批 高质量行业数据集，形成2到3个先进可用的大模型并实现产业化应用，人工智能产业竞争力显著增强； 到2027年底，人工智能在重点行业深度融合取得实质性进展，形成一批具有影响力的典型应用案例，产 业生态初步完善；到2028年底，算力满足人工智能产业需求，数据潜能充分释放，建成若干高能级人工 智能创新平台，培育形成一批具有核心竞争力的行业企业，人工智能核心产业规模大幅提升。 当前，在新一轮科技革命和产业变革纵深演进的背景下，人工智能发展迅猛，催生了新产品、新业态。 中新网记者注意到，2026年海南省政府工作报告部署今年工作时，两次提及"人工智能+"，明确要求启 动实施"人工智能+"行动。 当席卷全球的人工智能，与全岛封关后的海南自贸港相遇，可以碰撞出哪些新业态、新场景和新动能？ 海南省人民政府办公厅新近对外公布的《海南省 ...

Core Viewpoint - The "Hello, AI" forum in Haidian District aims to showcase the integration of AI technology with traditional culture, providing a platform for technology exchange and public engagement with AI innovations [1][3][18] Group 1: Event Overview - The forum will take place from February 28 to March 2, 2026, at the Zhongguancun Software Park International Conference Center [1][18] - It is organized as part of the 2026 Haidian District Economic and Social High-Quality Development Conference, featuring a "conference + exhibition + service" model [3][18] - The event will include four major exhibition areas, nearly ten themed activities, and participation from nearly a hundred exhibiting companies [3][18] Group 2: AI Technology Showcase - The forum will guide attendees through the evolution of AI technology, from foundational technologies to practical applications in daily life [4][5] - Key exhibition areas will focus on AI chips, algorithm frameworks, and core models, featuring leading companies like Baidu and Higo [4] - The "Insight into the Future" outdoor exhibition will display cutting-edge technologies such as the Xiaomi SUV YU7 and Baidu's "Luo Bo Kua Pao" [5] Group 3: Interactive Experiences - Attendees will have hands-on experiences with AI products, including robots making coffee and ice cream, and interactive AI installations [7][9] - The event will feature a variety of AI-integrated activities, such as AI calligraphy and 3D printing demonstrations, allowing participants to engage directly with technology [12][14] Group 4: Networking and Collaboration - The forum will host specialized sessions for industry professionals to discuss AI innovations and applications, fostering collaboration between enterprises and investors [16][17] - A government-enterprise service station will be established to address local business needs and enhance support for local enterprises [11][17]

数据显示，截至2026年1月30日，中证人工智能主题指数(930713)前十大权重股分别为中际旭创、新易 盛、寒武纪、澜起科技、科大讯飞、中科曙光、海康威视、豪威集团、芯原股份、金山办公，前十大权 重股合计占比57.27%。 AI人工智能ETF(512930)，场外联接(平安中证人工智能主题ETF发起式联接A：023384；平安中证人工 智能主题ETF发起式联接C：023385；平安中证人工智能主题ETF发起式联接E：024610)。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基金的 风险收益特征和产品特性，并根据自 ...

Group 1 - The core viewpoint of the articles highlights significant advancements in humanoid robots showcased during the 2026 Spring Festival Gala, indicating a transition from initial development to large-scale production in the industry starting from 2026 [1][2] - Four major domestic humanoid robot manufacturers participated in the gala, demonstrating their capabilities in various scenarios, which reflects the progress made by Chinese humanoid robot companies in 2025 [1] - Unitree Technology launched its fourth quadruped robot, Unitree As2, which boasts performance metrics such as a peak torque of 90 N·m, a maximum speed of 5 m/s, and a range of over 13 km with a 15 kg load, indicating substantial improvements in robotic technology [1] Group 2 - The robotics sector, particularly humanoid robots, has gained strong market attention and order growth following the Spring Festival Gala, suggesting a shift towards mainstream consumer recognition [2] - The Tianhong CSI Robotics ETF Fund has shown impressive historical returns, with A-class shares yielding 28.92% and C-class shares yielding 28.67% in 2025, indicating strong performance in the robotics investment space [3] - The top ten stocks in the CSI Robotics Index are heavily weighted towards humanoid robot-related companies, with a concentration of approximately 40%-45% among key players, highlighting the industry's focus on this segment [3]

在行业分布上，中证人工智能主题指数(930713)覆盖AI全产业链，从底层算力、中层技术到上层应用， 完整覆盖人工智能三大核心环节。 指数前十大重仓股，按AI细分赛道分类来看，光模块/通信占比21.14%（中际旭创、新易盛），AI芯片/ 处理器占比14.51%（寒武纪、澜起科技、豪威集团），AI服务器/算力占比4.70%（中科曙光），算法/ 大模型/NLP占比4.36%（科大讯飞），计算机视觉占比4.11%（海康威视），AI应用/IP平台占比5.22% （金山办公、芯原股份）。 规模与流动性方面优势显著，截止2025年12月31日，天弘中证人工智能主题指数基金产品规模达33.94 亿元，A类：7.80亿，C类：26.14亿（数据来源产品2025年四季报）。 基金业绩方面，2025年历史收益亮眼：天弘中证人工智能主题指数基金A类：64.98%，C类：64.66% （数据来源产品2025年四季报）。 国内方面，2026年春节前后国产大模型迎来集体发布潮，智谱发布GLM-5大模型，参数达744B，编程 能力对标Claude Opus 4.5，且完成与多款国产算力平台的适配；MiniMax推出M2.5模型，在编程、工 ...

人工智能AIETF（515070）跟踪CS人工智能主题指数（930713），成分股选取为人工智能提供技术、 基础资源以及应用端个股，聚集人工智能产业链上中游，俗称"机器人"大脑"缔造者"，万物互联"地 基"。前十大权重股包括中际旭创、新易盛、寒武纪-U、中科曙光、科大讯飞、豪威集团、海康威视、 澜起科技、金山办公、紫光股份等国内科技龙头。 随着周四凌晨英伟达财报发布，AI硬件震荡走强，光模块等纷纷回暖，人工智能AIETF（515070）持仓 股新易盛涨超3%，合合信息、北京君正、星宸科技等个股上涨明显，人工智能AIETF盘中震荡，成交 额突破1.2亿元。 （文章来源：每日经济新闻） 消息方面，Anthropic发布了Claude Sonnet 4.6模型，新模型在编程、Agent规划和计算机使用等办公场景 性能显著提升，拥有100万token的上下文窗口，能以一次调用重构整个代码库。模型能力正从"通 用"向"专业场景深度优化"演进。该模型通过超大上下文窗口，能一次性处理极长代码库或文档，专为 程序员、数据分析师等知识工作者设计，旨在成为终极生产力工具。 中信建投认为：春节后至两会前是传统的"春季行情"高胜率区 ...

数据显示，截至2026年1月30日，中证人工智能主题指数(930713)前十大权重股分别为中际旭创、新易 盛、寒武纪、澜起科技、科大讯飞、中科曙光、海康威视、豪威集团、芯原股份、金山办公，前十大权 重股合计占比57.27%。 截至2026年2月25日 13:01，中证人工智能主题指数(930713)上涨0.18%，成分股新易盛上涨4.25%，寒武 纪上涨3.03%，中际旭创上涨2.66%，和而泰上涨2.56%，星宸科技上涨2.37%。AI人工智能ETF(512930) 上涨0.18%，最新价报2.28元。 半导体产业链震荡走强，消息面上，日本半导体材料厂Resonac宣布自3月1日起调涨铜箔基板 （CCL）、黏合胶片等印刷电路板（PCB）材料售价、涨幅达30%以上。此外，2月11日，北京大学联 合电子学院团队成功构建全球首个基于集成光量子芯片的大规模量子密钥分发网络，实现量子通信芯片 级全功能集成与网络化部署。 国金证券指出，半导体设备行业呈现出三大核心逻辑：行业规模超预期增长：2025年全球半导体销售额 达到7917亿美元，同比增长25.6%，远超WSTS早前11%的预测，主要由AI算力需求的爆发驱动。预计 ...

Group 1 - The core viewpoint of the articles highlights the rapid evolution and application of AI technologies, particularly in the context of large models and their integration into various sectors, driven by both policy and technological advancements [1][2] - The domestic large model landscape is seeing significant iterations with the release of models like GLM-5 and MiniMax M2.5, focusing on enhancing Agent and multimodal capabilities [1] - The National Development and Reform Commission has issued guidelines to accelerate the application of AI in the bidding and tendering sector, aiming for nationwide implementation by the end of 2027 [1] Group 2 - Three major trends in the evolution of large models are identified: a shift from "brute force expansion" to "deep reasoning," a transition from Chatbots to Agents, and a consolidation of the industry landscape towards leading players and domestic open-source breakthroughs [2] - User habits are evolving from "active questioning" to "automated execution," indicating a significant shift in how AI technologies are utilized [2] - The top ten weighted stocks in the CSI Software Service Index account for 60.27% of the index, with companies like iFLYTEK and Kingsoft leading the way [2]

Core Viewpoint - The stock price of iFlytek has shown fluctuations, with a recent decline of 2.06% and a year-to-date increase of 11.31%, indicating volatility in market performance [1]. Financial Performance - For the period from January to September 2025, iFlytek achieved a revenue of 16.989 billion yuan, representing a year-on-year growth of 14.41% [3]. - The net profit attributable to shareholders was -66.675 million yuan, showing a significant year-on-year increase of 80.60% [3]. Stock Market Activity - As of February 25, iFlytek's stock was priced at 55.98 yuan per share, with a total market capitalization of 129.417 billion yuan [1]. - The trading volume was 1.178 billion yuan, with a turnover rate of 0.95% [1]. - There was a net outflow of 158 million yuan in principal funds, with large orders showing a buy of 251 million yuan and a sell of 309 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 356,000, with an average of 6,149 circulating shares per person, a decrease of 3.31% [3]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 70.597 million shares, an increase of 7.934 million shares [4]. Business Overview - iFlytek, established on December 30, 1999, and listed on May 12, 2008, operates in sectors such as voice support software, industry application products, and information engineering [2]. - The company's revenue composition includes smart education (32.36%), open platform and consumer business (24.97%), and various other segments [2].