AI Agent 推动 CPU 重定价，关注 Infra 与应用层变化 20260126 摘要 互联网大厂广告代理商链条（如省广、蓝标等）有望受益于大模型产品 广告份额增长，成为关注焦点。同时，AI 应用泛化领域如博纳影业、昆 仑万维等也值得关注。 恒生科技板块中，消费互联网（阿里巴巴、京东健康、贝壳）、算力 （中芯国际、华虹半导体）、软件应用（快手、金蝶、哔哩哔哩）、智 能驾驶（小马智行、文远知行、小鹏汽车）及游戏（三七互娱、腾讯、 心动公司）等子板块均存在投资机会。 存储行业正经历技术升级周期，NAND 和 DRAM 合约价格均超预期上涨， 一季度涨幅分别达到 100%以上和 70%。存储需求显著增加，而供给侧 相对刚性，预计未来 NAND 价格仍有超预期上涨可能。 存储行业投资机会集中在下游存储涨价、上游成本相对稳定的设计公司 （如军政、兆易创新），含存量高的设备公司（如中微公司、拓荆科 技），以及受益于存储涨价周期的模组公司。 Q&A 目前对 A 股传媒板块的看法是什么？ 目前我们认为 A 股传媒板块的 AI 应用行情并未结束，产业趋势强劲支撑这一结 果。尽管近期有所调整，但整体行情的确定性依然较强。 ...

Group 1 - Beijing is witnessing high-quality development with a regional GDP exceeding 5.2 trillion, marking the beginning of the "15th Five-Year Plan" [1] - The city aims to establish itself as the "Artificial Intelligence Capital" by leveraging its talent density, full-stack ecosystem, and industrial clusters [3][4] - The goal is to achieve a core AI industry scale exceeding 1 trillion within two years, with a focus on source innovation and full-chain implementation [3][12] Group 2 - The "AI Origin Community" in Haidian is one of the first four AI innovation districts, highlighting the concentration of educational and research resources [4][5] - Beijing has 15,000 AI scholars, accounting for 30% of the national total, with 148 recognized as the most influential globally [5] - The city ranks second globally in AI innovation, supported by two national AI laboratories and numerous AI-focused educational institutions [7] Group 3 - The FlagOS system software stack connects domestic AI chips with large models, facilitating collaboration among various AI enterprises [6][9] - The RoboBrain 2.5 project demonstrated the capabilities of domestic GPUs in training advanced AI models, marking a significant milestone for local technology [9][11] - High-quality data is essential for AI development, with companies like Guanglun Intelligent utilizing simulated data for extensive training [10] Group 4 - The Beijing AI industry is projected to double from approximately 450 billion in 2025 to over 1 trillion by 2027, driven by efficiency improvements and market demand [13][14] - The consumer sector is emerging as a new growth driver, with companies like Kuaishou's Keling AI achieving significant revenue growth and user engagement [14] - The focus on practical applications and technological refinement is shaping a systematic innovation landscape in Beijing's AI sector [14]

Fixed Income - The secondary market for credit bonds has seen significant activity due to structural interest rate cuts and excess MLF renewals, leading to a notable increase in trading volume [2][9] - The average issuance rate for AA city investment bonds, AA+ industrial bonds, and financial bonds has increased significantly, while the issuance rates for other credit bonds have fluctuated within 10 basis points [10] - The yield on credit bonds has continued to decline, with various types of credit bonds experiencing a reduction in spreads, making coupon-bearing assets increasingly scarce [12] Construction and Building Materials - Infrastructure investment has turned negative for the first time since 2004, with narrow and broad infrastructure completing 18.08 trillion yuan and 24.50 trillion yuan respectively in 2025, showing declines of -2.20% and -1.48% year-on-year [14][15] - New orders in the construction sector are characterized by stability among central enterprises, regional differentiation, and strong overseas demand, with major state-owned enterprises maintaining high order volumes [15][16] - The outlook for infrastructure investment is expected to stabilize and recover gradually, supported by major strategic projects and policy measures [14] Aerospace Industry - SpaceX plans to launch its second-generation Starlink satellite communication system in 2027, which will significantly enhance capacity and data throughput compared to the first generation [21][22] - The global rocket launch service market is projected to exceed $50 billion by 2032, with a compound annual growth rate of 13% from 2023 to 2032 [21] - Six companies in the North Exchange's rocket industry chain have been identified, indicating a growing interest in this sector [21] Pharmaceutical Industry - The introduction of service price guidelines for surgical robots is expected to accelerate the development of the surgical robot industry in China [27][28] - The pharmaceutical market has shown mixed performance, with a focus on innovative drugs and medical technologies such as AI and brain-computer interfaces [25][29] - Key companies to watch include China Biologic Products, Shanghai Yizhong, and Fuyuan Pharmaceutical, among others, as they are expected to benefit from industry trends [30] Media and Internet - Kuaishou's AI video generation model has surpassed 12 million monthly active users, highlighting the growing importance of AI in the media sector [32][37] - The AI sector remains a critical narrative in the global industry, with significant investments in AI marketing, content generation, and e-commerce applications [32] - Companies such as Tencent, Alibaba, and ByteDance are expected to lead in AI product development and commercialization [32]

证券研究报告 | 浙商早知道 报告日期：2026 年 01 月 27 日 ：wanghe@stocke.com.cn 市场总览 资金：1 月 26 日全 A 总成交额为 32806 亿元，南下资金净流出 8.26 亿港元。 重要观点 【浙商大制造中观策略 邱世梁/王华君/张菁】机械设备 年度行业策略报告：2026 年度策略：油轮散货订单接力， 产业共迎盈利释放——20260126 重要点评 浙商早知道 2026 年 01 月 27 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 【浙商传媒互联网 冯翠婷】传媒 行业深度：重仓股配置比例下降，前期涨幅高的收益确认，AI 应用标的配置提 升——20260126 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：1 月 26 日上证指数下跌 0.09%，沪深 300 上涨 0.1%，科创 50 下跌 1.35%，中证 1000 下跌 1.24%，创业板 指下跌 0.91%，恒生指数上涨 0.06%。 行业：1 月 26 日表现最好的行业分别是有色金属（+4.57%)、石油石化（+3. ...

成交额前三的个股中，阿里巴巴跌1.96%，成交超112亿港元；腾讯控股涨0.76%，成交超104亿港元； 紫金矿业涨4.35%，成交超57亿港元。 整体来看，多数板块下跌，黄金、有色金属、光通讯、石油与天然气、高铁基建等股多为上涨，科网、 银行、券商、房地产、电信等股有涨有跌，百货业、风电、生物医药、新能源车企、芯片、新消费、商 业航天等股多有下跌。 个股方面，小米集团跌2.81%，泡泡玛特跌0.91%，中芯国际跌3.27%，中国海洋石油涨4.01%，美团跌 0.46%，老铺黄金涨7.80%，快手跌3.26%，长飞光纤光缆涨17.82%，国泰君安国际涨3.33%，智谱涨 13.02%，建设银行涨0.66%，小鹏汽车跌4.17%，长和涨3.50%，中国石油股份涨3.68%。 新华财经香港1月26日电（记者林迎楠）26日，港股主要指数高开后震荡整理，截至收盘，恒生指数上 涨0.06%至26765.52点，恒生科技指数下跌1.24%至5725.99点，国企指数下跌0.15%至9147.21点。 当日恒指高开94.53点，开报26844.04点，指数早盘期间宽幅震荡，午后窄幅整理，最终恒指涨16.01 点，主板成交超 ...

Core Insights - The "Guangdong Goods Go Global" spring action consumer electronics promotion event successfully took place in Shenzhen, attracting over 150,000 visitors and generating sales exceeding 2.5 million yuan in just four hours [3][4]. Group 1: Event Overview - The event showcased over 400 types of consumer electronics, including smart wearables and AI glasses, from 50 participating companies [5]. - Major platforms such as Alibaba, Douyin, Kuaishou, and Tencent provided promotional support, leading to a significant increase in online sales and viewership during live broadcasts [7]. Group 2: Sales Performance - The total viewership for live broadcasts exceeded 250,000, with sales from these sessions surpassing 2 million yuan, reflecting a more than 60% increase in average sales and viewership compared to regular days [7]. - Specific companies reported remarkable growth, with Ying Shi Innovation's live broadcast viewership increasing by 500%, and Shenzhen Mata Chuangxiang Technology's online sales rising by 300% [7]. Group 3: International Participation - The event attracted over 800 foreign buyers from regions including Europe, the Middle East, and others, indicating strong international interest in Guangdong's electronic products [8]. Group 4: Community Engagement - The event included promotional activities in three local communities, showcasing over 20 new products and highlighting the evolution of Guangdong's electronic industry from OEM to independent innovation [9]. - An international volunteer team provided multilingual translation and procurement guidance for foreign buyers, enhancing the overall experience [9].

Market Overview - The Hang Seng Index closed up 0.06% at 26,765.52 points with a trading volume of 261.7 billion [2] - The Hang Seng Tech Index fell by 1.24% to 5,725.99 points, with a trading volume of 57.2 billion [2] - The Hang Seng China Enterprises Index decreased by 0.15% to 9,147.21 points, with a trading volume of 85.4 billion [2] - The overall market saw a mixed performance with tech stocks experiencing a notable decline [2] Technology Sector Performance - Major tech stocks experienced significant declines, with XPeng Motors down over 4% and other companies like SMIC, Kuaishou, Baidu, and NIO dropping over 3% [2][3] - Specific stock performances include: - XPeng Motors: -4.17% to 73.60 [3] - NIO: -3.79% to 36.02 [3] - SMIC: -3.27% to 75.55 [3] - Kuaishou: -3.26% to 78.60 [3] - Baidu: -3.12% to 155.50 [3] Precious Metals Sector Performance - The precious metals sector showed strong gains, with China Silver Group surging over 19% and China Gold International rising over 8% [4] - Notable stock performances in the precious metals sector include: - China Silver Group: +19.12% to 0.81 [4] - China Gold International: +8.08% to 235.40 [4] - Laopuqin Gold: +7.80% to 849.50 [4] - Chifeng Jilong Gold: +7.44% to 42.76 [4] - Shandong Gold: +4.51% to 48.22 [4]

Market Overview - The Hang Seng Index (HSI) is currently at 26,765.52, with a slight increase of 16.01 points or 0.06%, and a trading volume of 261.7 billion [1] - The Hang Seng Technology Index (HSTECH) has decreased by 72.02 points or 1.24%, with a trading volume of 57.2 billion [1] - The Hang Seng Biotech Index (HSBIO) is at 15,631.84, down by 305.23 points or 1.92%, with a trading volume of 10 billion [1] - The Hang Seng China Enterprises Index (HSCEI) is at 9,147.21, down by 13.60 points or 0.15%, with a trading volume of 85.4 billion [1] - The Hang Seng Composite Index (HSCI) is at 4,121.71, down by 0.87 points or 0.02%, with a trading volume of 178.4 billion [1] Technology Sector Performance - Most tech stocks have experienced a pullback, with Xiaopeng Motors falling over 4% and companies like SMIC, Kuaishou, Baidu, Leap Motor, and NIO dropping over 3% [1] - Other notable declines include Xiaomi Group, Bilibili, and Alibaba, all of which have also seen decreases [1] Precious Metals Sector Performance - China Silver Group has seen a significant increase of 19.12%, currently priced at 0.810, with a rise of 0.130 [3] - China Gold International has increased by 8.08%, now at 235.400, with a rise of 17.600 [3] - Laopu Gold has risen by 7.80%, currently at 849.500, with an increase of 61.500 [3] - Other companies in the precious metals sector, such as Chifeng Gold and Shandong Gold, have also reported positive changes, with increases ranging from 4.51% to 7.44% [3]

Group 1 - The core viewpoint is that Kuaishou's Keling AI has achieved significant growth in user scale and revenue, indicating the advancement of domestic AI video models to a global forefront level [1][4] - In January 2026, Kuaishou's Keling AI monthly active users (MAU) surpassed 12 million, with a 350% month-on-month increase in paid users and a 30% month-on-month increase in daily revenue [1][2] - The rapid growth of Keling AI MAU is attributed to two main factors: the release of advanced video models and the introduction of action control features, which have enhanced user engagement and content generation capabilities [2][4] Group 2 - The 2026 animated drama market is expected to reach a scale of 22 billion yuan, contributing 50% of the growth in the short drama industry, with a compound growth rate of 12% in user scale and 24% in playback volume from June to December 2025 [3] - AI applications in the creative, content production, and editing operations of animated dramas have shown significant efficiency improvements, with cost reductions of over 70% and productivity increases of over 80% [3][4] - The high playback volumes of 2D animations and AI-generated dramas indicate that AI-generated content has gained audience recognition, paving the way for large-scale production in the future [4]

1月26日，港股股指今日高开低走冲高回落，午后保持低位窄幅震荡走势，截止收盘，恒生指数涨 0.06%报26765.52点，恒生科技指数跌1.24%报5725.99点，国企指数跌0.15%报9147.21点，红筹指数涨 1.33%报4273.19点。 盘面上，大型科技股走势分化，阿里巴巴跌1.96%，腾讯控股涨0.76%，京东集团涨1.05%，小米集团跌 2.81%，网易涨0.68%，美团跌0.46%，快手跌3.26%，哔哩哔哩跌2.44%；黄金及贵金属板块全日强势， 中国白银集团涨19.12%，山东黄金、珠峰黄金、灵宝黄金涨超4%；石油股走强，中石油涨超3%；半导 体概念走低，中芯国际跌超3%，兆易创新跌超2%；商业航天股持续下挫，亚太卫星跌超11%；应用软 件走弱，九方智投跌超26%。 光大证券(06178.HK)：2025年营业收入实现108.63亿元，同比增长13.18%；净利润37.29亿元，同比增长 21.92%。 中铝国际(02068.HK)：控股子公司沈阳院与上海宝冶、十二冶等组成的联合体与山西兆丰签署《建设项 目工程总承包合同(联合体)》，签约合同价约30.3亿元。 招商银行(03968.HK ...