云服务商 AI 资本支出超预期，台积电营收增长提速 行业与大盘一年趋势图 资料来源： FactSet 2/25 6/25 10/25 2/26 -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 行业表现 恒生指数 王大卫, PhD, CFA Dawei.wang@bocomgroup.com (852) 3766 1867 童钰枫 交银国际研究 行业更新 2026 年 2 月 12 日 科技行业月报 Carrie.Tong@bocomgroup.com (852) 3766 1804 此报告最后部分的分析师披露、商业关系披露和免责声明为报告的一部分，必须阅读。 下载本公司之研究报告，可从彭博搜寻 NH BCM 或 登录研究部网站 https://research.bocomgroup.com 行业评级 领先 近一个月美股和港股科技股跑输大盘，A 股科技股跑赢大盘。统计 2026 年 1 月 10 日-2 月 9 日市场表现，MSCI 信息科技指数微跌 0.2%，跑输 MSCI 全球指数（+1.8%）。受 AI 替代 SaaS 服务软件可能性上升影响，软件类股 ...

2月12日，芯片股再度走强，晶晨股份领涨16%，源杰科技、盛科通信-U、仕佳光子涨超5%，佰维存 储、海光信息、芯原股份等涨幅居前。全"芯"科创芯片ETF华宝（589190）高开高走，场内价格现涨 1.37%。 | | | · 600 $51 65 61 日$ FBS | | | | | | F9 盘前盘后 叠加 九转 面线 工具 (2 > | | | 科创芯片ETF华宝 O | 589190 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 589190[科创芯片ETF华画] 09:55 价 0.964 深跌 0.013(1.37%) 均价 0.961 成交量 | | | | | 0.964 | | +0.013 +1.37% | | | NY | | | | | | | | | | #18:4 2055-6 AND 355 | | | 1 | | | | | | | | | | 净值击势 | | 1. 10. 86 华宝上证科创板芯片ETF | | 0.958 | | ...

当地时间2月10日，美股三大股指表现分化，道指续创历史新高，盘中最高触及50512.79点，收盘涨幅收窄；纳指、标普500指数由涨转跌。 | < 日 | 纳斯达克中国金龙指数(HXC) | | | O | | --- | --- | --- | --- | --- | | | 7885.55 67.91 0.87% | | | | | 资料 | 成分 | 资讯 | 相关基金 | 月度收益 | | 名称 | | | 现价 | 涨跌幅 一 | | 博美 | | | 1.330 | 23.15% | | BGM.O | | | | | | MICROALGO | | | 4.610 | 12.17% | | MLGO.O | | | | | | 亿咖通科技 | | | 1.860 | 10.71% | | ECX.O | | | | | | 新氧 | | | 3.710 | 8.80% | | SY.O | | | | | | SOS | | | 1.400 | 8.53% | | SOS.N | | | | | | 盛大科技 | | | 2.050 | 7.33% | | SDA.O | | | | | | 叮咚 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 当地时间2月10日，美股三大股指表现分化，道指续创历史新高，盘中最高触及50512.79点，收盘涨幅 收窄；纳指、标普500指数由涨转跌。 美股大型科技股跌多涨少，而中概股表现相对活跃，纳斯达克中国金龙指数连续4个交易日收涨。 国际油价小幅下跌 道指续创历史新高 当地时间2月10日，美股三大股指盘初集体高开，随后震荡下行，纳指、标普500指数翻绿。Wind数据 显示，截至收盘，道指涨0.1%，盘中创历史新高；纳指、标普500指数分别下跌0.59%、0.33%。 国际贵金属方面，国际金价、银价均维持弱势震荡态势，前者在5000美元/盎司附近波动，后者在80美 元/盎司附近波动。有业内机构认为，在金价维持高位运行的前提下，白银仍具备相对收益空间，但需 要警惕高波动环境下的阶段性回撤风险。 从板块表现看，美股大型科技股跌多涨少。特斯拉涨近2%；微软、苹果、英伟达、亚马逊、META集 体下跌，谷歌跌1.78%。 | / ヘ ノ停美国科技工具头有致IMAGS | | | | | | --- | --- | --- | --- | --- | | ...

探底回升但整体依然偏弱，截至收盘三大指数涨跌互现，其中道指上涨0.53%，纳指下跌1.51%，标指 下跌0.51%。盘面上，银行股、科技股双双分化，中概股创近期新低，黄金十字星。 银行股延续强势，但出现了分化，其中第一公民银行大涨3.43%，齐昂银行上涨2.33%，美国银行、联 合银行等股涨幅均在1%上方；高盛逆势大跌2.74%，摩根士丹利下跌1.55%。 科技股弱势分化，其中超威公司大跌17.31%，特斯拉下跌3.78%，英伟达下跌3.41%， META下跌 3.28%，亚马逊下跌2.27%；苹果逆势上涨2.6%，高通上涨1.16%。 中概股低开低走延续弱势，创出近期新低，截至收盘下跌1.95%，其中哔哩哔哩大跌6.56%，网易下跌 5.41%，腾讯控股下跌4.12%，百度下跌4.77%，小鹏汽车、阿里巴巴、蔚来、腾讯音乐等股跌幅均在 2%上方；理想汽车、贝壳逆势收涨。 COMEX黄金冲高回落后再度拉升，截至收盘小涨0.32%报4986.4%，盘中最低报4867.7美元/盎司，最高 报5113.9美元/盎司。 理财就是一场修行，有人修有人度，结果就是看谁踩准了点，把握住了机会。 ...

银行股普涨，其中美国合众银行上涨2.32%，齐昂银行上涨2.25%，美国大通上涨2.18%，联合银行上涨 2.11%，阿莱恩斯西部银行、花旗集团等股涨幅均在1%上方；摩根士丹利、高盛等股逆势收跌。 科技股延续分化弱势，其中高通大跌3.56%，奈飞下跌3.41%，英伟达下跌2.84%，微软下跌2.87%， META下跌2.08%，谷歌、亚马逊等股跌幅均在1%上方；特斯拉、英伟达等股逆势小涨。 中概股低开低走延续弱势，盘中一度大跌2.4%，截至收盘下跌0.94%，其中哔哩哔哩大跌4.21%，腾讯 控股下跌3.33%，百度下跌2.5%，阿里巴巴下跌2.81%，贝壳下跌2.17%；小鹏汽车逆势大涨4.06%，理 想汽车下跌2.9%。 小幅高开后一路回撤，截至收盘三大指数集体收跌，其中道指下跌0.345%，纳指下跌1.43%，标指下跌 0.84%。盘面上，银行股普涨，科技股延续弱势，中概股低开低走，黄金强势反转。 COMEX黄金高开高走强势反转，截至收盘大涨6.19%报4970.5%，盘中最低报4690.2美元/盎司，最高报 5018.1美元/盎司。 理财就是一场修行，有人修有人度，结果就是看谁踩准了点，把握住了机会。 ...

Core Insights - The AIGC (Artificial Intelligence Generated Content) industry is experiencing explosive growth in China, with revenue expected to rise from approximately 440 million yuan in 2020 to 544.55 billion yuan by 2032, positioning China as a potential global leader in this market [1][10]. Group 1: AIGC Industry Overview - AIGC is defined as a new content production method utilizing AI technology to automatically generate content, categorized as a type of content from the producer's perspective [2]. - The core infrastructure of the AI industry consists of computing power, algorithms, and data, which are essential for the innovation and development of the AIGC sector [2]. Group 2: AIGC Industry Advantages - AIGC significantly reduces costs and increases efficiency by automating repetitive content production tasks, thus shortening the overall content creation cycle and lowering labor and time costs [3][4]. - The technology enables multi-modal creation, allowing for cross-media conversion of different content forms, enhancing creativity and broadening the scope of content presentation [3][4]. - AIGC offers high customization accuracy, deeply analyzing user inputs to generate tailored content that meets diverse user needs [4]. Group 3: AIGC Industry Policies - Since 2023, China has been establishing a multi-layered policy framework for AIGC, progressing from basic regulations to comprehensive empowerment and safety governance [5]. - Policies encourage innovation in AIGC technology across various fields, aiming to create a robust application ecosystem [5]. Group 4: AIGC Industry Chain - The upstream of the AIGC industry includes data collection, cleaning, and labeling, which provide high-quality data support for AI model training [7]. - The downstream involves various applications that utilize AI models to solve specific problems, including the development and operation of applications that automatically generate images, text, and music [7]. Group 5: AIGC Industry Development Status - Since 2023, advancements in large model capabilities and decreasing operational costs have accelerated the development of AIGC, with commercial products like ChatGPT and Midjourney emerging [8][9]. - The global AIGC market is projected to grow from approximately $2.3 billion in 2020 to about $19.5 billion by 2024, with a compound annual growth rate of 70.6% [9]. Group 6: AIGC User Growth - The user base for AIGC in China is expected to reach 515 million by June 2025, driven by the expansion of application scenarios and increased product usability [11][12]. - The demographic profile shows that young and middle-aged groups constitute the majority of users, reflecting the adoption patterns of emerging internet technologies [12]. Group 7: AIGC Competitive Landscape - Major international players in the AIGC space include OpenAI, Microsoft, Google, and Meta, while Chinese companies like Baidu, Alibaba, and Tencent are also significant competitors [13][14]. - The competition is shifting from technical parameter comparisons to the ability to implement and commercialize solutions across various scenarios [14]. Group 8: AIGC Industry Development Trends - AIGC technology is evolving towards systematic upgrades, with multi-modal integration breaking down barriers between different types of data [17]. - The industry is moving towards deeper penetration into vertical sectors, creating tailored solutions that meet specific needs [17].

【天风通信】光纤光缆大涨：AI光互联驱动需求增长，产业复苏加速坚定看好 今天光纤光缆再度大涨，截止中午收盘长飞光纤A股+10%，H股+9%，亨通光电+8.6%，中天科技+5.2%。 天风通信团队持续坚定推荐。 目前看，光纤光缆需求火热，652D&657持续强势涨价，散纤市场基本一天一个价表现火热。 此次META和康宁签订重大合约，我们认为①对于数据中心带动光纤需求高增长更加明确，重要趋势；②本身康宁 产能就非常紧张，CSP大厂锁定后，国内厂商有很大的机会做出海市场；③海外657A1价格有望持续向上，涨价带 动利润弹性。 AI带动光纤光缆需求持续提升，产能向AI/特种光纤倾斜。 由于AI的需求提升，如多模、超低损光纤放量，以及如空芯光纤新的高价值量产品的逐步应用，带来产能向AI的 倾斜，零售端652价格已先行反应。 同时，结构性上看G657光纤需求增长高，北美需求旺盛，或涨价动能更强，657价格不断上涨，且北美市场价格已 经显著更高。 数据中心需求有望成为未来数年拉动整体光纤需求高速增长的细分场景，657 【天风通信】光纤光缆大涨：AI光互联驱动需求增长，产业复苏加速坚定看好 今天光纤光缆再度大涨，截止中午收盘 ...

Core Viewpoint - The article emphasizes the importance of conducting personal in-depth research and due diligence before making investment decisions, highlighting the inherent risks involved in trading [3]. Group 1 - The analyst expresses a beneficial long position in shares of META, GOOG, and AMZN, indicating confidence in these companies' future performance [2]. - The analysis aims to provide contrasting views on the analyst's portfolio, suggesting a unique perspective on stock investments [1]. Group 2 - The article clarifies that the analysis is for informational purposes only and should not be considered professional investment advice [3]. - It notes that past performance is not indicative of future results, reinforcing the need for careful consideration before investing [4].

Core Viewpoint - The article discusses the significant decline in gold and silver prices, marking historical drops due to various market factors, including the nomination of Kevin Warsh as the new Federal Reserve Chairman, which has led to increased volatility in the financial markets [2][4][5]. Price Declines - On January 31, silver prices fell by 36%, the largest intraday drop in history, while gold prices dropped over 12%, reaching a low of $4682 per ounce, the largest single-day decline in 40 years. By the end of trading, gold was down 9.25% at $4880 per ounce, and silver closed down 26.42% at $85.259 per ounce [2][4]. Market Reactions - The U.S. stock market saw all three major indices close lower, with the Dow Jones down 0.36%, S&P 500 down 0.43%, and Nasdaq down 0.94%. This decline was attributed to uncertainties surrounding Federal Reserve policies, inflation pressures, and geopolitical risks [5][6]. Sector Performance - The gold sector experienced significant losses, with major companies like Newmont down 11.52%, Barrick Gold down 12.09%, and AngloGold down 13.28%. The technology sector also faced declines, with notable drops in stocks like Meta and TSMC [6][7]. Federal Reserve Nomination Impact - The nomination of Kevin Warsh as the next Federal Reserve Chairman has raised concerns about potential long-term economic risks. Warsh's previous support for higher interest rates and recent shift towards advocating for lower rates has led to worries about the independence of the central bank [7].