2026年2月9日，A股市场出现了一道奇观。 CPO概念板块午盘涨幅直接冲到了9.6%，接近涨停。 这可不是一两只股票在涨，而是整个板块都在狂飙。 天孚 通信的股价一度逼近20厘米的涨停板，最后收盘时创下了公司上市以来的历史最高价。 新易盛大涨超过7%，中际旭创涨了近5%。 光库科技、蘅东光这些 股票，涨幅全都在10%以上。 整个板块红得发紫，持有这些股票的超过一百万散户投资者，情绪彻底被点燃了。 市场突然这么火爆，直接原因是前一天晚上，CPO产业链上的主要公司，扎堆发布了2025年的全年业绩预告。 这些预告里的数字，一个比一个吓人，彻底坐实了市场对于AI算力需求的猜想。 新易盛预计2025年能赚94亿到99亿元，相比去年增长了231%到248%。 也就是说，它的利润在一年之内，翻了接近两倍半。 这种增长速度，在体量已经不小的上市公司里，极其罕见。 另一家龙头中际旭创，预告的净利润规模更大，在98亿到118亿元之间，同比增长89%到128%。 接近百亿的利润规模，让它成为了行业里绝对的巨无霸。 更关键的是，如果扣除掉给员工股权激励的费用，它光模块核心业务的净利润实际在108亿到131亿，增速更快。 这说明它的 ...

南财智讯1月29日电，铭普光磁在投资者关系活动中表示，公司磁性元器件业务将持续筑牢通信领域的 核心竞争优势，依托成熟的技术与客户基础稳固基本盘。同时紧抓行业发展机遇，积极开拓光伏、储 能、新能源及AI算力等高景气新兴市场，持续丰富产品应用场景、完善业务布局。通过多赛道发展打 造新的业绩增长点，不断提升业务营收贡献度，推动公司磁性元器件业务实现规模与效益的双重增长。 ...

Group 1 - Baidu Intelligent Cloud has set an ambitious AI-related revenue growth target of 200% by 2026, up from the previous target of 100%, aiming to lead the AI cloud market [1] - According to IDC, the global AI cloud market is expected to exceed $400 billion by 2030, indicating significant growth potential [2] - In 2025, major Chinese cloud vendors are projected to secure a total of 341 contracts related to large models, amounting to approximately 2.7 billion yuan [2] Group 2 - Baidu Intelligent Cloud has secured 109 projects with a total bid amount of about 900 million yuan, maintaining the top position in both project count and bid amount for two consecutive years [2] - Citic Securities reports that the demand for AI computing power is expanding, with the optical module industry experiencing continued upward momentum [2] - Citic Securities also notes that Amazon's recent 15% price increase for its AI computing service EC2 marks a break from the long-standing trend of decreasing cloud service prices, reflecting tight supply conditions [2] Group 3 - Citic Securities suggests monitoring cloud service providers that may follow suit with price increases, while continuing to recommend the AI computing power sector and AI applications [3] - The AI computing power sector is currently experiencing a period of adjustment, which is viewed as an opportunity by Citic Securities [4] - Relevant Hong Kong stocks in the AI computing power sector include Changfei Optical Fiber and Cable, Cambridge Technology, Hong Teng Precision, and Huiju Technology [5]

Market Overview - The A-share market is experiencing typical index fluctuations and structural differentiation, with the Shanghai Composite Index up 0.27% and the Shenzhen Component Index up 0.24%, while the ChiNext Index slightly decreased by 0.17% [1] - The market's flat index performance contrasts sharply with the significant volatility in industry sectors, indicating a shift towards niche opportunities and a multi-faceted market dynamic [1] Fund Flow Dynamics - The trading volume in both markets increased to 1.91 trillion yuan, showing strong willingness for new capital inflow, characterized by a "buy low, sell high" behavior [1] - Funds are flowing out of sectors with short-term gains, such as telecommunications (-1.79%) and electronics, and rapidly entering new hotspots like defense and military (+2.77%) and power equipment (+2.56%) [1] Key Focus Areas - The high-end manufacturing sectors, particularly defense and photovoltaic industries, are the main focus of the market, driven by multiple converging factors [1] - The strength of the military industry is underpinned by long-term expectations for accelerated development in high-end equipment and aerospace during the 14th Five-Year Plan, with commercial space initiatives providing tangible catalysts [2] Technological Narratives - The expansion of technological narratives is creating new valuation spaces, particularly in the photovoltaic sector, where concepts like "space photovoltaics" are capturing market imagination [2] - Discussions around advanced photovoltaic technologies required for space environments are effectively outlining potential new growth curves for the industry [2] Global Macro Trends - The rise in the non-ferrous metals sector reflects a long-term demand logic driven by new energy vehicles and storage, alongside a bet on global inflation resilience and rising resource prices [3] - The recent highs in lithium carbonate futures and strengthening international gold prices provide short-term price support for this sector [3] Future Market Outlook - The keyword "structural" will be crucial for understanding market trends in the near future, with a macro backdrop of adequate monetary policy and ample market liquidity suggesting limited systemic risk [3] - However, the increasing speed of sector rotation may complicate investment strategies, making it essential to focus on core sectors with strong industrial trends while being aware of potential short-term adjustments in leading technology growth sectors [4] Investment Strategy - Investors are advised to adopt a strategy of "focusing on main lines while maintaining balanced allocations," keeping a close watch on sectors like defense, AI chip localization, and new energy technology innovations [4] - In periods of volatility in growth sectors, low-valuation and high-dividend sectors such as banking and coal may present defensive value [4]

Core Insights - Qingdao is prioritizing technological innovation to enhance new quality productivity, focusing on embodied intelligent robots and an innovative industrial system [1][2][5] Group 1: Technological Innovation - The core element of developing new quality productivity is technological innovation, with embodied intelligent robots being a key strategy for Qingdao to seize future industrial opportunities [2] - Qingdao has established a robust ecosystem with nearly 100 robot and component companies and over 500 AI firms, ranking sixth among China's advanced manufacturing cities [2] Group 2: Industry Development - Qingdao's "10+1" innovative industrial system includes two leading industries, five emerging industries, and three advantageous industries, aiming to enhance productivity across 40 niche sectors [6] - The city is focusing on the integration of traditional industries with digital transformation, exemplified by the development of high-tech products like the world's first 8K laser television and high-speed magnetic levitation transportation systems [7] Group 3: AI and Digital Economy - Qingdao is building a comprehensive digital economy framework, emphasizing the importance of computing power as a "digital engine" for industrial innovation [8] - The city aims to become a provincial hub for computing power, with plans to enhance infrastructure and promote the integration of traditional and digital economies [8][9] Group 4: Achievements and Future Goals - Qingdao's innovation ecosystem has seen significant growth, with the number of technology-based SMEs increasing by 85% and high-tech enterprises by 98% since 2020 [7] - By 2026, Qingdao plans to achieve substantial advancements in AI and new generation information technology, targeting a scale of 200 billion yuan for the AI industry [6][10]

Core Insights - The semiconductor industry is experiencing significant advancements, particularly in materials and technologies that enhance performance and reduce costs [1][2][3]. Group 1: Technological Breakthroughs - The team led by Academician Hao Yue from Xi'an University of Electronic Science and Technology has developed a novel "ion implantation-induced nucleation" technique, which has reduced the interface thermal resistance of aluminum nitride to one-third of its original value, addressing a long-standing issue in the industry [1]. - The new technology has increased the output power density of gallium nitride microwave power devices by 300%, leading to a 50% increase in detection range for chips of the same size and a 25% reduction in energy consumption for communication base stations [1]. Group 2: Industry Upgrades - Chongqing's semiconductor research has developed a nano-copper paste that replaces silver, resulting in a 70% reduction in packaging material costs, with applications in BYD and NIO's 800V high-voltage platforms, extending chip lifespan by 30% [2]. - Shanghai has established the first national demonstration line for two-dimensional semiconductors, with molybdenum disulfide-based processors matching the performance of silicon-based 90nm processes, laying the groundwork for key technologies below 1nm [2]. - Henan is building a complete industrial chain for "materials-equipment-process," with diamond semiconductor material production accounting for 60% of the national output, and a humidity sensor developed by Zhengzhou University showing a hundredfold increase in sensitivity [2]. Group 3: Application Explosions - New cooling technologies have reduced the power consumption of 5G base stations by 40%, increasing coverage in remote areas to 98% [3]. - Silicon carbide power modules have enabled electric vehicles to achieve over 1000 km of range with a charging time of just 15 minutes [3]. - Two-dimensional semiconductor chips have improved AI server energy efficiency by five times, with training costs for large models dropping by 60% [3]. - Diamond sensors have achieved single-molecule-level disease marker detection, with a 99.7% accuracy rate for early cancer diagnosis [3]. Group 4: Challenges Ahead - The defect density of two-dimensional semiconductor wafers remains three orders of magnitude higher than silicon-based materials, necessitating the development of atomic-level repair technologies [4]. - 75% of high-end etching machines and electron beam lithography machines are still reliant on imports, hindering the speed of process iteration [4]. - 90% of global EDA tools are controlled by foreign companies, posing challenges for domestic alternatives to overcome algorithmic barriers [4]. Group 5: Future Roadmap - According to Academician Wang Xi from the Chinese Academy of Sciences, the development of semiconductor materials in China requires a three-pronged approach: achieving full autonomy in 14nm processes by 2027 to support automotive electronics and industrial control needs, focusing on breakthroughs in third-generation semiconductor materials for 5G base stations and fast charging markets, and accelerating research on wide bandgap materials like diamond and gallium oxide for next-generation optoelectronic devices [5].

Core Insights - The company, as a neutral cloud service provider, is one of the core computing power suppliers for Zhipu AI, establishing a comprehensive strategic partnership starting September 6, 2024 [1] Group 1 - The company has built high-performance GPU intelligent computing clusters in multiple regions including Qingyang, Suqian, and Tianjin [1] - These clusters provide stable training and inference computing power support for the Zhipu GLM series models [1]

Core Viewpoint - The A-share computing power sector underwent a significant value reshaping in 2025, transitioning from policy-driven expectations to performance verification, with the Wind computing power theme index rising by 80% year-to-date as of December 25, 2025 [1] Performance Highlights - The Wind computing power theme index closed at 7108 points, with 22 stocks in the sector doubling in value, and four stocks, including Shijia Photon, Xinyi Sheng, Yongding Co., and Zhongji Xuchuang, seeing increases over 400% [1][2] - Major companies like Haiguang Information reported a revenue of 9.49 billion yuan, up 54.65% year-on-year, and a net profit of 1.961 billion yuan, up 28.56% [7] - Cambrian Technology achieved a staggering revenue growth of 2386.38% year-on-year, reaching 4.607 billion yuan, with a net profit of 1.605 billion yuan [8] Structural Differentiation - The computing power sector displayed a "ice-fire duality" with a structural differentiation, reflecting a reassessment of value creation capabilities across the computing power industry chain [6][7] - The market focus shifted from "concept" to "performance," favoring companies with clear technological paths and real profit growth [7] Domestic Substitution Progress - The domestic substitution process in the computing power sector transitioned from "policy-driven" to "market-driven," with a comprehensive ecosystem emerging that includes chips, servers, and foundational software [11] - Leading companies like Huawei have established vertical integration capabilities, enhancing the domestic computing power ecosystem [12] Technological Iteration and Breakthroughs - The year 2025 saw significant technological breakthroughs characterized by hardware upgrades and software ecosystem improvements, particularly in liquid cooling technology and AI chip performance [14][15] - Liquid cooling technology has become a key solution for meeting energy efficiency standards, with companies like Yingwei achieving substantial revenue growth due to their innovative solutions [9] Future Outlook - The value reshaping of the A-share computing power sector is expected to continue into 2026, with a focus on high-performance AI chips and the broader application of liquid cooling technology [16] - The competition will shift towards ecosystem collaboration, with companies that can provide comprehensive solutions across hardware, software, and services gaining a competitive edge [16]

Group 1 - The optical communication sector is experiencing strong performance, with companies like Huiju Technology (01729) up by 13.44% to HKD 18.29, Changfei Optical Fiber (06869) up by 11.01% to HKD 57.45, Cambridge Technology (06166) up by 4.99% to HKD 85.2, and Huahong Semiconductor (01347) up by 3.54% to HKD 70.15 [1] - Researchers from Shanghai Jiao Tong University have made a breakthrough in the next-generation optical computing chip field, achieving the first all-optical computing chip, LightGen, which supports large-scale semantic media generation models. The chip demonstrates a two-order-of-magnitude improvement in computing power and energy efficiency compared to top digital chips, even with less advanced input devices [1] - According to Zhongyuan Securities, China's optical communication industry chain and value chain are gradually transitioning from low-end to high-end, indicating long-term prosperity. The research and expansion cycle for optical chips is lengthy with high barriers, leading domestic and foreign manufacturers to accelerate capacity expansion and process upgrades [1] - Guotou Securities reports that the demand for AI computing power continues to expand, sustaining the upward trend in the optical module industry, which presents opportunities for all segments of the industry chain [1]

Core Insights - The first batch of floating fee rate funds has shown significant performance differentiation, highlighting the varying capabilities of fund managers in terms of positioning, sector allocation, and market judgment [1][9] Performance Overview - As of December 16, 2025, out of 26 funds, 19 achieved positive returns while 7 reported negative returns. The top performer, Huashang Zhiyuan Return A, delivered a remarkable return of 58.90%, followed by Xin'ao Advantage Industry A at 36.86% and E Fund Growth Progress A at 34.98% [2][10] - Other notable performers include Jiashi Growth Win A and Invesco Great Wall Growth, both exceeding 23% returns. Conversely, funds like Guangfa Value Steady A and Yinhua Growth Smart A reported negative returns of -8.32% and -3.35%, respectively [2][10] - The overall distribution of fund returns is characterized by a "middle large, both ends small" pattern, with most funds yielding between -0.1% and 7% [2][10] Fund Size and Performance Relationship - Notably, high-performing funds are not exclusively large. Huashang Zhiyuan Return A, with a size of 2.838 billion yuan, is the largest, while Jiashi Growth Win A, with a size of 406 million yuan, achieved a return of 32.88%, demonstrating the agility of smaller funds in volatile markets [2][10] Investment Strategies - Top-performing funds tend to focus on high-growth sectors. For instance, Huashang Zhiyuan Return A has concentrated holdings in AI computing-related stocks, with significant contributions from stocks like Zhongji Xuchuang and Shijia Photon, which saw increases of 45.39% and 40.17% over the past three months [3][11] - Xin'ao Advantage Industry A has a high concentration in semiconductor storage, with key stocks like Demingli and Jiangbolong rising by 55.43% and 119.02%, respectively. However, this strategy also led to volatility, as some holdings experienced declines of 13% to 21% [5][13] - E Fund Growth Progress A adopts a more balanced approach, diversifying across sectors such as optical communication and consumer electronics, successfully capturing gains from leading stocks [6][15] Underperforming Funds - Underperforming funds often remain focused on traditional industries or deviate from market trends. Guangfa Value Steady A has a significant allocation to liquor stocks, which have generally declined over 10% in the past three months, contrasting sharply with the strong performance of technology sectors [7][16] - Yinhua Growth Smart A is heavily invested in the real estate sector and certain pharmaceutical stocks, with some holdings experiencing declines as steep as 44.58%, indicating a lack of timely adjustments to market shifts [8][17] Conclusion - The short-term performance of the first batch of floating fee rate funds reflects a collision of different investment strategies and market styles in 2025. Funds aligned with the technology growth narrative performed strongly, while those focused on traditional value or balanced strategies lagged behind [9][17]