证券研究报告|行业点评报告 [Table_Date] 2026 年 03 月 01 日 [Table_Title] 国产算力逻辑春节后全面夯实 [Table_Title2] 通信 [Table_Summary] 1、国产算力逻辑春节后全面夯实：Token 调用量首超 美国 + 芯片拐点验证 + 政策基建双轮驱动 春节后，国产算力逻辑进一步夯实，由 Token 数量暴增、国产芯 片业绩拐点使得算力全链条确定性提升。当前时点， 短期地缘冲 突（美以-伊朗升级）可能放大 risk-off 情绪，需警惕海外不确 定性对全球 AI 投资节奏的扰动，但在国内市场需求相对具有韧 性，国产模型的成本/生态提供较强对冲，国产算力全链条有望 在政策+成本双轮驱动下持续稳健提升。在视频、编程等核心领 域有望加速催化应用落地，同时国内相关算力需求有望拉动硬件 设备和算力租赁相关市场景气度，对于边缘端算力分发也有受 益。相关受益标的包括算力租赁和第三方数据中心厂商：光环新 网、数据港、润泽科技、协创数据、东阳光、大卫科技等；国产 芯片和昇腾生态相关厂商：寒武纪、海光信息、华胜天成等；海 外共振+国产推理放量受益的光联接相关：天孚通信、 ...

（编辑 丛可心） 证券日报网讯 2月27日，移远通信在互动平台回答投资者提问时表示，公司为支撑长远发展战略性投 入，叠加上游原材料成本持续上涨的影响，2025年度公司业绩情况未达到业绩预告披露标准，具体财务 数据请以后续披露的定期报告为准。公司募投项目建设按计划推进，根据会计准则，截至目前，不存在 导致相关固定资产需大额计提减值的迹象。后续公司也将严格按照企业会计准则及相关法律法规的规定 进行会计核算、编制财务报告并履行信息披露义务。 ...

证券日报网讯 2月27日，移远通信在互动平台回答投资者提问时表示，面对上游原材料价格上涨，公司 已制定相应的价格调整策略并正有序向下游传导，由于公司下游客户遍布全球、数量众多，且产品型号 种类繁多，价格传导节奏存在客观差异，因此难以对涨价情况给出精准的分类统计数据。公司一直严格 遵循法律法规及时履行信息披露义务并持续通过投资者调研、业绩说明会、E互动、投资者关系邮箱、 投资者热线等渠道保持与资本市场的沟通与交流。未来，公司将进一步提升与资本市场的沟通效率，积 极通过多种渠道加强与投资者的互动交流。关于2025年度的经营情况，根据信息披露相关规则，公司 2025年业绩未触及披露业绩预告或业绩快报的情形。目前公司正有序推进年度报告的编制工作，具体业 绩情况请关注公司后续披露的年度报告。 （文章来源：证券日报） ...

证券日报网讯 2月27日，移远通信在互动平台回答投资者提问时表示，公司已于2026年2月7日披露了 《关于累计诉讼及仲裁的公告》，对相关情况进行了如实披露。本次诉讼尚未开庭审理，最终结果需以 法院生效判决为准。目前公司已组建专业法律团队积极应诉，全力维护公司和股东的合法权益。公司将 密切关注案件进展，并严格按照法律法规的要求及时履行信息披露义务。 （编辑 王雪儿） ...

中证1000增强ETF招商（159680）业绩比较基准为中证1000指数收益率，管理人为招商基金管理有限公 司，基金经理为蔡振、文雨，成立（2022-11-18）以来回报为75.35%，近一个月回报为2.20%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 来源：新浪基金∞工作室 2月27日，截止午间收盘，中证1000增强ETF招商（159680）涨0.00%，报1.755元，成交额3565.67万 元。中证1000增强ETF招商（159680）重仓股方面，欧菲光截止午盘涨0.20%，移远通信跌0.18%，震裕 科技跌3.21%，聚辰股份跌1.86%，天奈科技跌1.65%，荣昌生物跌0.72%，南芯科技跌0.79%，爱柯迪跌 0.65%，华阳集团跌0.57%，迈威生物涨0.23%。 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The communication sector saw a 2.35% increase in the 6th-7th week of 2026, ranking 6th among primary industries in the Yangtze River region; since the beginning of 2026, it has risen by 0.44%, ranking 27th [2][6] - Tower's silicon photonics revenue doubled, with a high demand for 1.6T, and capacity expansion plans have been adjusted with prepayments secured; silicon photonics modules continue to penetrate the market [2][10] - Vertiv's orders and backlog reached new highs, with a shipment-to-order ratio rising to 2.9 times [2][10] - ByteDance's Seedance 2.0 has industry-leading generation availability, while Google's Gemini 3.1 Pro tops the charts, and Anthropic's annual revenue is growing rapidly at $14 billion [2][10] - OpenAI's cumulative computing expenditure is expected to exceed $600 billion by 2030, with an upward revision of revenue forecasts [2][10] Summary by Sections Market Performance - In the 6th-7th week of 2026, the communication sector increased by 2.35%, ranking 6th among primary industries; since the start of 2026, it has risen by 0.44%, ranking 27th [2][6] - Among companies with a market capitalization above 8 billion, the top three gainers this week were Dawei Technology (+39.4%), Shengke Communication (+31.7%), and Shenling Environment (+29.6%); the top three decliners were Tongyu Communication (-11.7%), Dingtong Technology (-9.7%), and Xinke Mobile (-9.3%) [6] Company Highlights - **Tower**: In Q4 2025, revenue reached $440 million, a year-on-year increase of 13.7%, with GAAP net profit of $80 million, up 45.3%. The company expects silicon photonics revenue to reach $228 million in 2025, doubling from 2024, and has raised its capacity target from 3 times to over 5 times the Q4 2025 shipment [7] - **Vertiv**: In Q4 2025, revenue was $2.88 billion, a year-on-year increase of 22.7%, with GAAP net profit of $450 million, up 203.1%. The company reported a significant increase in organic orders, with a year-on-year growth of 252% [7] AI Model Developments - On February 12, ByteDance launched Seedance 2.0, achieving industry-leading performance in complex scenarios with a high generation availability rate [8] - Anthropic completed a $30 billion Series G financing round with a post-money valuation of $380 billion, reporting an annual revenue of approximately $14 billion [8] - On February 19, Google released Gemini 3.1 Pro, which ranked first in AI analysis, showing significant improvements in reasoning capabilities [8] Future Projections - OpenAI updated its financial outlook, projecting cumulative computing-related expenditures to exceed $600 billion by 2030, with training costs expected to rise significantly in 2025 and 2026 [9]

什么叫增强？就是指数涨的时候你比它多涨一点，指数震荡的时候你还能磨出正超额，指数跌的时候你比它少跌一点。 | 阶段涨幅 | 季度涨幅 | 年度涨幅 | 基金评级 | | --- | --- | --- | --- | | 周期 | 涨跌幅 | 1业绩基准 ▼ | 同类排行(1) | | 近1周 | 1.40% | 2.70% | 2842 /4898 | | | | | 一般 | | 近1月 | 0.69% | -0.52% | 1607/4848 | | | | | 良好 | | 近3月 | 20.01% | 16.23% | 705/4682 | | | | | 优秀 | | 近6月 | 16.14% | 12.69% | 1429/4285 | | | | | 良好 | | 近1年 | 41.96% | 30.94% | 991/3520 | | | | | 良好 | | 近2年 | 94.57% | 61.25% | 398/2562 | | | | | 优秀 | | 近3年 | 62.33% | 21.33% | 230/2006 | | | | | 优秀 | | 近5年 | | | -- /112 ...

中证1000增强ETF招商（159680）业绩比较基准为中证1000指数收益率，管理人为招商基金管理有限公 司，基金经理为蔡振、文雨，成立（2022-11-18）以来回报为72.63%，近一个月回报为-0.19%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 来源：新浪基金∞工作室 2月25日，截止午间收盘，中证1000增强ETF招商（159680）涨0.64%，报1.740元，成交额1813.30万 元。中证1000增强ETF招商（159680）重仓股方面，欧菲光截止午盘涨0.81%，移远通信涨0.11%，震裕 科技跌0.55%，聚辰股份跌2.29%，天奈科技涨3.02%，荣昌生物涨1.58%，南芯科技涨0.47%，爱柯迪涨 0.92%，华阳集团涨1.48%，迈威生物跌0.71%。 ...

Core Viewpoint - The company emphasizes its commitment to accurate financial reporting and long-term strategic investments despite challenges from rising raw material costs and potential shortfalls in performance forecasts for 2025 [2] Financial Reporting - The company adheres strictly to accounting standards and relevant laws to ensure that its financial reports accurately reflect its operational status [2] - Future financial details will be disclosed in periodic reports, indicating a commitment to transparency [2] Strategic Investments - The company is focused on long-term development strategies, which involve significant investments despite current economic challenges [2] Market Conditions - The company's stock price is influenced by various factors, including macroeconomic conditions, industry policies, market sentiment, and funding preferences, which may lead to short-term volatility [2]

证券日报网讯 2月13日，移远通信在互动平台回答投资者提问时表示，公司自成立以来，始终保持着稳 定且高效的治理架构。董事长作为公司的核心领导者，长期以来勤勉尽责、恪尽职守、认真履职。未来 公司也将继续专注主业经营，不断提升治理水平和综合竞争力，以更好的经营成果回报广大投资者。 （文章来源：证券日报） ...