报告提到，春节期间出现一波模型发布潮，相关模型能力与全球领先AI实验室的差距进一步缩小。瑞 银则认为，持续的AI颠覆性叙事提振了模型提供商的投资情绪，但使投资者对垂直平台和应用公司保 持谨慎。除该行近期首予MiniMax(00100)投资评级外，在互联网巨头中，该行看好阿里和百度的全栈AI 能力，以及腾讯和快手(01024)在AI应用方面的潜力。 瑞银发布研报称，2026年人工智能体(AI agent)有望实现规模化应用，AI使用场景从对话转向行动。然 而，中美两国的应用场景出现分化，美国更注重企业端应用，而中国则加大对消费端服务的投入。在企 业AI变现方面，全球领先AI实验室(如Anthropic和OpenAI)在2026年更注重企业端发展和变现。值得注 意的是，中国AI模型(如MiniMax、Kimi和GLM)在新兴代理产品OpenClaw中的份额显著提升。瑞银看 好中国AI模型凭借其不断提升的智能水平和成本效益优势，在全球企业API市场的长期份额增长。 报告指出，中国主要互联网公司在春节期间推出红包活动以带动AI产品流量，包括腾讯(00700)的元宝 (10亿元人民币)、阿里(09988)的通义千问(3 ...

报告提到，春节期间出现一波模型发布潮，相关模型能力与全球领先AI实验室的差距进一步缩小。瑞 银则认为，持续的AI颠覆性叙事提振了模型提供商的投资情绪，但使投资者对垂直平台和应用公司保 持谨慎。除该行近期首予MiniMax(00100)投资评级外，在互联网巨头中，该行看好阿里和百度的全栈AI 能力，以及腾讯和快手(01024)在AI应用方面的潜力。 智通财经APP获悉，瑞银发布研报称，2026年人工智能体(AI agent)有望实现规模化应用，AI使用场景 从对话转向行动。然而，中美两国的应用场景出现分化，美国更注重企业端应用，而中国则加大对消费 端服务的投入。在企业AI变现方面，全球领先AI实验室(如Anthropic和OpenAI)在2026年更注重企业端 发展和变现。值得注意的是，中国AI模型(如MiniMax、Kimi和GLM)在新兴代理产品OpenClaw中的份 额显著提升。瑞银看好中国AI模型凭借其不断提升的智能水平和成本效益优势，在全球企业API市场的 长期份额增长。 报告指出，中国主要互联网公司在春节期间推出红包活动以带动AI产品流量，包括腾讯(00700)的元宝 (10亿元人民币)、阿里(09 ...

报告提到，春节期间出现一波模型发布潮，相关模型能力与全球领先AI实验室的差距进一步缩小。瑞 银则认为，持续的AI颠覆性叙事提振了模型提供商的投资情绪，但使投资者对垂直平台和应用公司保 持谨慎。除该行近期首予MiniMax(00100)投资评级外，在互联网巨头中，该行看好阿里和百度的全栈AI 能力，以及腾讯和快手(01024)在AI应用方面的潜力。 瑞银发布研报称，2026年人工智能体(AI agent)有望实现规模化应用，AI使用场景从对话转向行动。然 而，中美两国的应用场景出现分化，美国更注重企业端应用，而中国则加大对消费端服务的投入。在企 业AI变现方面，全球领先AI实验室(如Anthropic和OpenAI)在2026年更注重企业端发展和变现。值得注 意的是，中国AI模型(如MiniMax、Kimi和GLM)在新兴代理产品OpenClaw中的份额显著提升。瑞银看 好中国AI模型凭借其不断提升的智能水平和成本效益优势，在全球企业API市场的长期份额增长。 报告指出，中国主要互联网公司在春节期间推出红包活动以带动AI产品流量，包括腾讯(00700)的元宝 (10亿元人民币)、阿里(09988)的通义千问(3 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company reported a revenue of $10.27 billion for Q4 2025, representing a year-on-year increase of 34%, with a GAAP net profit of $1.511 billion, up 213% year-on-year [2]. - The data center business remains robust, with Q4 2025 revenue reaching $5.38 billion, a 39% increase year-on-year. The company anticipates continued growth in this segment, projecting a revenue growth rate exceeding 60% over the next 3-5 years [3]. - The company expects Q1 2026 revenue to be around $9.8 billion, reflecting a 32% year-on-year increase but a 5% decrease quarter-on-quarter, primarily due to seasonal factors in consumer electronics [3]. Summary by Relevant Sections Performance Review - For Q4 2025, the company achieved a GAAP gross margin of 54% and a Non-GAAP gross margin of 57%. The Non-GAAP net profit for the same quarter was $2.519 billion, a 42% increase year-on-year [2]. Business Analysis - The company forecasts that both data center GPU and CPU revenues will grow quarter-on-quarter in Q1 2026, driven by strong demand for data center CPUs. The company is optimistic about the CPU market, expecting high double-digit growth in 2026 [3]. - The company anticipates significant revenue from the MI400 series products in the second half of 2026, with the MI500 series expected to launch in 2027 [3]. Profit Forecast and Valuation - The company is projected to achieve GAAP net profits of $7.715 billion in 2026, $10.970 billion in 2027, and $14.377 billion in 2028, reflecting substantial growth rates [4][9].

证券研究报告——晨会聚焦 2026 年 2 月 2 日 中银晨会聚焦-20260202 ■重点关注 【策略研究】有色调整点评—产业趋势不改，短期调整带来中长期布局时点*王君 郭 晓希 有色板块有望持续受益于金融属性与产业趋势的共振驱动，短期回调或成为中长期 布局时点。 【策略研究】策略周报—低位板块轮动，但大级别切换未至*王君 徐沛东 郭晓希 徐 亚 高天然 A 股内部剧烈分化，春躁过后或进入节奏调整期，行业轮动加速但尚未到达大级别 切换节点。 【固定收益】高频数据扫描—美债风险因素逐步明朗*肖成哲 张鹏 我们认为美国降息周期尚未结束，待当前风险因素集中释放后，美债市场可能重回 收益率下行趋势。 【宏观研究】1 月 PMI 数据点评—制造业供、需指数均有回落*朱启兵 陈琦 制造业景气度回落至收缩区间。"扩内需"、"反内卷"政策共同收效。1 月建筑业景气 度回落至收缩区间。服务业景气度环比小幅下降。 【量化】中银量化大类资产跟踪—权益高点震荡，贵金属外盘现领跌行情*郭策 宋坤 笛 股票市场概览 本周 A 股市场整体下跌，港股市场整体上涨，美股市场走势分化，其他海外权益市 场走势分化。 【宏观研究】2025 年 ...

Core Insights - The report indicates that the A-share market is experiencing significant internal differentiation, with a shift towards sector rotation but not yet reaching a major transition point [1][3] - The report highlights that the recent volatility in the overseas markets has led to a tightening of liquidity expectations, prompting a reassessment of asset prices globally [3][11] - The long-term revaluation logic for the non-ferrous metals sector remains intact despite short-term fluctuations, driven by ongoing demand from AI data centers and energy transitions [12][22] Sector Rotation and Market Dynamics - The report notes that the current market resembles the conditions of July 2014 rather than November 2014, suggesting that while low-weight stocks are beginning to yield absolute returns, the influx of new capital is not as robust as in previous cycles [11][24][26] - The report emphasizes that the recent acceleration in sector rotation is not indicative of a major style switch, as the underlying conditions differ significantly from those seen during previous market peaks [24][26] - The communication sector has seen significant capital inflows, while sectors like power equipment and electronics have experienced notable outflows, indicating a shift in investor preferences [34][35] Investment Opportunities in AI and Technology - The report discusses the emergence of the AI assistant Moltbot, which is gaining traction in the market and is expected to catalyze investment opportunities across the AI agent industry chain, including cloud services and computing power [28][30] - The integration of Moltbot with major AI models suggests a shift in value from the models themselves to the frameworks and applications that utilize them, indicating a potential growth area for investors [29][30] - The report highlights the regulatory changes aimed at institutionalizing long-term capital in the A-share market, which could enhance corporate governance and attract strategic investors [39]

Core Viewpoint - The company expects a net profit attributable to shareholders of 92.03 million to 120 million yuan for 2025, representing a year-on-year growth of 21.1% to 57.32% [1] Group 1: Business Strategy - The company is actively promoting a strategy focused on enhancing productivity through technology improvements [1] - The use of AI agents is aimed at increasing operational efficiency and expanding business types in collaboration with platforms like Alibaba [1] - The company continues to implement a light asset operation strategy to further optimize its business structure [1] Group 2: Financial Performance - Online brand management services have seen year-on-year growth, contributing to improved profitability [1] - Cost control measures in online marketing and content e-commerce have enhanced profit levels, supporting overall performance growth [1]

Core Insights - Moltbot has high commercial potential and is expected to catalyze investment opportunities in the AI agent industry chain [1][4] - The core design of Moltbot transforms personal AI assistants from passive tools into proactive, convenient, and privatized "digital partners" [2][3] - Major model vendors like Tencent and Alibaba are accelerating their integration with Moltbot, indicating its significant ecological value [4] Investment Opportunities - Moltbot is anticipated to drive growth in the AI agent industry chain, focusing on key segments such as AI agents, cloud services, computing power, storage, and major model vendors [5] - The use of Moltbot will lead to increased API calls to large models, generating revenue growth for model vendors [5] - Cloud service providers will benefit from the demand for infrastructure support required for the increased usage of large model APIs [5] Market Performance - The report includes a stock pool focusing on AI agents, cloud services, and storage, highlighting companies with significant price changes and P/E ratios [6][7] - Specific companies such as 彩讯股份 (23.90% increase), 浙文互联 (76.21% increase), and 值得买 (64.74% increase) are noted for their performance since 2026 [6]

Group 1 - The core viewpoint of the articles highlights the increasing demand for AI-driven cloud computing services, leading to a tightening supply-demand dynamic in the computing power sector, which is reflected in rising prices from major cloud providers [8][11]. - The "算力ETF" (Computing Power ETF) has seen significant inflows, with over 1.4 billion yuan accumulated in the last ten days, indicating strong investor interest in the sector [1]. - Major tech companies like Microsoft, Meta, and others have reported impressive cloud revenue, with Microsoft achieving $50 billion in cloud revenue for the second fiscal quarter, surpassing analyst expectations [4]. Group 2 - Clawdbot, an open-source AI assistant, has gained significant attention, with deployment support from Tencent Cloud and Alibaba Cloud, indicating a shift towards more personalized AI applications [3][6]. - The pricing strategies of leading cloud providers, such as Google and AWS, have been adjusted upwards, reflecting the increased costs associated with AI training and inference demands [8][9]. - The computing power supply chain is experiencing inflation, with projections indicating significant price increases for DRAM and NAND storage, as well as CPU products, driven by AI demand [9][10]. Group 3 - The rapid growth in token usage for AI models, particularly from OpenAI and Google, suggests a burgeoning market for AI applications across various sectors, with daily token calls reaching unprecedented levels [10]. - The anticipated rise in AI model applications is expected to further drive demand for computing resources, benefiting companies involved in hardware, cloud services, and AI development [11]. - The computing power ETF, 汇添富 (159273), is positioned to capture the growth opportunities in the AI-driven cloud computing market, covering a wide range of sectors including hardware, IT services, and data center operations [12].

证券研究报告——晨会聚焦 2026 年 1 月 29 日 | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 4151.24 | 0.27 | | 深证成指 | 14342.89 | 0.09 | | 沪深 300 | 4717.99 | 0.26 | | 中小 100 | 8742.72 | 0.19 | | 创业板指 | 3463.33 | (0.37) | 中银晨会聚焦-20260129 ■重点关注 【策略研究】策略点评—Clawdbot 重塑个人 AI 助理新范式*王君 高天然 Clawdbot 以创新设计推动 AI 向主动执行进化，凸显 AI agent 投资潜力。 【基础化工】化工行业 2026 年度策略—行业周期拐点已近，新材料蓄势腾 飞*余嫄嫄 徐中良 范琦岩 赵泰 2025 年化工行业景气度处于低位。展望 2026 年，本轮行业扩产已近尾声，"反 内卷"等措施有望催化行业盈利底部修复，同时新材料受益于下游需求的快 速发展，有望开启新一轮高成长。当前行业估值处于低位。维持行业强于大 市评级，推荐三条投资主线。 中银国际证 ...