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 ...

证券日报网讯 2月24日，吉大正元在互动平台回答投资者提问时表示，截至2026年1月30日，公司合并 普通账户和融资融券信用账户股东总户数为32844户。 （文章来源：证券日报） ...

Group 1 - The core viewpoint of the article emphasizes the importance of compliance in information dissemination during the AI era [1] - The article highlights that over 13,000 accounts have been disposed of and more than 543,000 pieces of information have been cleaned up, indicating a strong regulatory approach [5] - There is a call for creators to proactively add AI identification to foster a clean and positive online environment [5] Group 2 - The article outlines several key areas related to AI content review, including digital watermarking and AI anti-fraud measures [6] - It mentions various companies involved in the digital watermarking technology and network security, such as Hanbang Gaoke, Xinhua Net, and Keda Xunfei [6] - The content also references the application of digital watermarking in extending its use cases, indicating a growing trend in the industry [6]

Group 1 - The cybersecurity index experienced an intraday increase of over 3% on February 13 [1] - Among the constituent stocks, Green Alliance Technology reached a 20% limit up, while Guotou Intelligent also hit the limit up [1] - Other notable performers included New World Science and Technology and Qi Anxin-U, both rising over 6%, and Jida Zhengyuan, which increased by over 4% [1]

2月13日，A股三大指数集体低开，上证指数低开0.44%，深证成指低开0.66%，创业板指低开0.56%。 盘面上，AI审核概念表现活跃，人民网封涨停，浩瀚深度涨超10%，国投智能涨超8%，三未信安、吉大正元、中新赛克跟涨。 点评：消息面上，近期，部分网络账号发布AI生成合成信息时，存在利用虚假不实内容欺骗误导公众的问题，破坏网络生态。网信部 门督促网站平台深入排查整治，依法依约处置账号13421个，清理违法违规信息54.3万余条。 早盘太空光伏概念震荡下挫，双良节能跌停，亚玛顿、聚和材料、赛伍技术、金晶科技等跟跌。 另外，有色金属、光模块、影视传媒板块领跌。 展望后市，光大证券认为部分资金获利了结或者持币过节的倾向下，市场偏好和热点持续性都会较为平淡。节前沪深指数也难有大的 变化，预计延续窄幅震荡。 热门板块 1、AI审核概念表现活跃 AI审核概念表现活跃，人民网封涨停，浩瀚深度涨超10%，国投智能涨超8%，三未信安、吉大正元、中新赛克跟涨。 2、太空光伏概念震荡下挫 | | AI应用(02GN2343) | | (+) 板块 | | --- | --- | --- | --- | | | 1618.36 ...

Market Overview - The three major indices opened lower, with the Shanghai Composite Index down 0.44%, the Shenzhen Component down 0.66%, and the ChiNext Index down 0.56% [1] - The FTSE China A50 Index futures fell sharply, dropping over 1.5% during the session [1] Sector Performance - The precious metals, oil and gas, and optical communication sectors experienced the largest declines [3] - The oil and gas extraction and services sector fell by 2.10%, while energy metals dropped by 1.90% [3] - In contrast, sectors related to digital watermarking, intellectual property protection, and data rights saw positive performance, with digital watermarking up by 1.79% [4] Hong Kong Market - The Hong Kong stock market opened lower, with the Hang Seng Index down 1.45% and the Hang Seng Technology Index down 1.59% [5] - Notable declines were observed in tech stocks, with Tencent Music falling over 6% and Baidu Group down over 3% [5] - The newly listed company, Haizhi Technology Group, saw its stock price increase by over 200%, with more than 5000 times subscription during the public offering phase [6]

相关行业： AI多模态审核技术：作为AI审核的核心技术底座，多模态融合技术能够打破单一内容形式的审核局 限，同步完成文本、图像、音频、视频等多元内容的合规校验，精准识别隐藏的违规信息。随着监管趋 严与平台合规需求激增，掌握成熟多模态审核技术的企业将直接承接海量订单，迎来业绩快速增长期。 网络内容服务：各类资讯、直播、短视频等内容平台需要通过AI审核技术替代传统人工审核，大幅降 低审核成本，提升内容治理效率，满足监管合规要求。布局AI审核能力的内容服务商不仅能优化自身 运营质量，还可对外输出审核技术服务，拓展盈利边界。 网络安全审核：AI审核技术可应用于网络诈骗、虚假宣传、低俗内容等违法违规行为的实时监测，为 政企客户提供全场景的安全防护解决方案。随着政企客户对网络安全重视程度提升，具备AI安全审核 技术储备的企业将获得更多项目合作机会。 产业链公司： 早盘，AI审核概念表现活跃，人民网封涨停，浩瀚深度涨超10%，国投智能涨超8%，博汇科技、三未 信安、吉大正元、中新赛克跟涨。 消息面上，近期部分网络账号发布AI生成合成虚假信息误导公众，破坏网络生态，网信部门督促网站 平台深入排查整治，依法依约处置账号1342 ...

Group 1 - The core viewpoint of the article highlights the active performance of AI review concepts in the market, with several companies experiencing significant stock price increases [1] - Companies such as People's Daily reached the daily limit increase, while Haohan Deep Technology rose over 10%, and Guotou Intelligent increased by over 8% [1] - Other companies that followed suit include Bohui Keji, Sanwei Xinan, Jida Zhengyuan, and Zhongxin Saike, indicating a broader trend in the sector [1] Group 2 - The news mentions that some online accounts have been disseminating AI-generated synthetic information that misleads the public, damaging the online ecosystem [1] - Regulatory authorities have urged website platforms to conduct thorough investigations and rectify these issues, resulting in the disposal of 13,421 accounts and the removal of over 543,000 pieces of illegal information [1]

Group 1 - The AI review concept stocks showed active performance at the beginning of trading on February 13, with notable gains in several companies [1] - People's Daily reached the daily limit increase, indicating strong market interest [1] - Haohan Deep gained over 10%, while Guotou Intelligent (300188) rose by more than 8% [1] Group 2 - Other companies such as Bohui Kexin, Sanwei Xinan, Jida Zhengyuan (003029), and Zhongxin Saike (002912) also experienced upward movement [1]

以上内容基于公开资料整理，不构成投资建议。 股票近期走势 近7日(2026年02月05日至12日)，吉大正元股价区间涨幅3.85%，振幅13.63%，其中02月10日单日大涨 5.25%，但02月11日回调2.98%。截至02月12日最新价25.60元，5日涨跌幅3.73%，换手率活跃，资金面 呈主力净流出状态。 经济观察网晨星投研分析显示，吉大正元（003029）正处于转型期，重点布局抗量子密码和数据安全等 前沿领域。2025年前三季度营收同比下滑17.51%，归母净利润为负，但抗量子密码业务营收占比已提 升至25%，毛利率较高。机构预测2025年净利润同比大幅增长，但短期业绩仍承压，需关注新业务订单 落地进展。 近期事件 2026年02月11日，吉大正元在互动平台表示，截至2026年1月30日，公司股东总户数为32844户。此外， 网络安全行业近期受AI视频模型等热点推动，公司作为密码技术企业，被列入相关产业库关注名单。 ...