Investment Rating - The report maintains a "Positive" investment rating for the communication equipment sector [10]. Core Insights - The communication sector experienced a decline of 6.91% in the fifth week of 2026, ranking 31st among major industries in the Yangtze River region. Year-to-date, the sector is down 1.86%, ranking 29th [2][5]. - Major cloud players, Google Cloud and AWS, reported significant growth in capital expenditures (Capex) for 2026, with Google Cloud's profit margin reaching a historic high of 30% and AWS revenue growth at 23.6%, the highest in nearly three years. This indicates strong investment in AI computing infrastructure [2][8]. - Lumentum and Coherent, leading companies in optical communication, reported impressive earnings growth, driven by strong demand for InP optical chips, which are currently in short supply, leading to long-term agreements (LTA) to secure supply [2][8]. Summary by Sections Market Performance - In the fifth week of 2026, the communication sector fell by 6.91%, with a year-to-date decline of 1.86%. The top three gainers among companies with a market cap over 8 billion yuan were Tongding Interconnection (+18.6%), Changfei Fiber (+17.2%), and Jiangsu Communication (+11.3%). The largest decliners were Zhongji Xuchuang (-16.8%), Lian Te Technology (-14.7%), and Shijia Photon (-14.4%) [2][5]. Cloud Computing Insights - Google reported Q4 2025 revenue of $113.83 billion, a year-on-year increase of 18.0%, with cloud revenue at $17.66 billion, up 47.8%. The operating profit margin for the cloud business reached 30.1%, a 12.6 percentage point increase year-on-year. For 2026, Google has guided Capex between $175 billion and $185 billion, nearly doubling from the previous year [6]. - Amazon's Q4 2025 revenue was $211.49 billion, a 12.6% year-on-year increase, with AWS revenue at $35.58 billion, growing 23.6%, the highest growth rate in 13 quarters. Amazon's Capex for 2026 is projected to be around $200 billion, a 52% increase year-on-year, primarily directed towards AWS [6]. Optical Communication Developments - Lumentum reported FY26Q2 revenue of $670 million, a 65.5% year-on-year increase, with a net profit of $80 million, marking a return to profitability. The company is experiencing a supply-demand gap of 25%-30% for InP chips and has initiated long-term agreements to secure supply [7]. - Coherent's FY26Q2 revenue was $1.69 billion, up 17.5% year-on-year, with a net profit of $150 million, a 41.9% increase. The company is ramping up production capacity for its unique 6-inch InP wafer line, expecting to double capacity by FY26Q4 [7]. Investment Recommendations - The report recommends several companies across different segments: - Telecom operators: China Mobile, China Telecom, China Unicom - Optical modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid cooling: Yingweike - Air-core fiber: Fenghuo Communication, Hengtong Optic-Electric - Domestic computing: Runze Technology, Guanghuan New Network - AI applications: Boshi Jie, Heertai - Satellite applications: Huace Navigation, Haige Communication [8].

Market Overview - The market experienced narrow fluctuations today, with all three major indices closing higher, led by the ChiNext Index. The total market turnover reached 2.1 trillion, an increase of over 100 billion compared to the previous trading day, although most individual stocks declined [1] - Focused on AI, sectors such as computing power, AI applications, and liquid cooling showed varied performances. Notable gains were seen in hardware stocks related to optical modules and chips, with companies like Tianfu Communication and Taicheng Light reaching new highs [1] Key Developments - The State-owned Assets Supervision and Administration Commission held a meeting to deepen the "AI+" initiative, emphasizing the need to enhance effective investment in computing power and improve data governance capabilities [1] - AI application stocks rebounded in the afternoon, with leading company Liou Co. hitting the daily limit, while other stocks like Capital Online also saw significant gains [1] Sector Performance - Small metal concept stocks remained active, with companies like Zhangyuan Tungsten and Xianglu Tungsten hitting the daily limit, while consumer sectors such as retail and food & beverage faced declines, with Hai Xin Food hitting the daily limit down [1] - Banking stocks underperformed, with Chongqing Bank and Xiamen Bank experiencing notable declines [2] Stock Movements - In terms of stock performance, 2,108 stocks rose while 3,280 fell, with 70 stocks hitting the daily limit up and 23 hitting the limit down. The Shanghai Composite Index rose by 0.05% to 4,134.02 points, while the Shenzhen Component Index increased by 0.86% to 14,283.00 points [2] Fund Flow - Major funds focused on sectors such as electric grid equipment, semiconductors, and general equipment, with net inflows seen in stocks like Yingweike and Liou Co. [3] Industry Insights - The China Passenger Car Association reported that in January, the export of new energy passenger vehicles reached 286,000 units, a year-on-year increase of 103.6%, accounting for 49.6% of total passenger car exports [4] - The State Administration for Market Regulation released guidelines to regulate pricing behaviors in the automotive industry, aiming to address issues like false promotions and ensure fair pricing practices [5] - The National Energy Administration emphasized the acceleration of AI integration into traditional industries and the proactive development of future energy sectors like hydrogen and nuclear fusion [6] - By 2025, China's new wind and solar power installations are expected to exceed 430 million kilowatts, marking a 22% year-on-year growth and surpassing thermal power for the first time [7] Market Outlook - According to Caixin Securities, as the Spring Festival approaches, market activity is expected to decline, leading to a potential short-term reduction in new capital inflows. However, structural opportunities may arise from concentrated positive events in certain sectors [8] - Dongguan Securities noted that with the upcoming holiday, investor sentiment is becoming more cautious, suggesting that the A-share market may enter a phase of reduced trading volume [9] - CITIC Securities projected that commodities will remain a preferred investment direction in 2026, driven by factors such as risk aversion and fundamental improvements [10]

2026年2月12日星期四 ➢ 美就业大增；中国促央企算力投资。A股 偏强震荡。上证指数收涨0.09%报4131.98 点，深证成指跌0.35%，创业板指跌1.08%。 有色板块多行业大涨。恒指冲高回落， 香港恒生指数收涨0.31%报27266.38点， 恒生科技指数涨0.9%，恒生中国企业指数 上涨0.28%。贵金属、锂金属强劲上涨。 大市成交额2172.175亿港元。外盘方面， 欧洲三大股指收盘涨跌不一，美国三大 股指小幅收跌，道指跌0.13%报50121.4点， 标普500指数持平报6941.47点，纳指跌 0.16%。美国非农就业创逾一年最大增长， 失业率意外下降，交易员料美联储7月才 会降息。中国国资委呼吁央企积极扩大 算力有效投资。 资料来源：彭博 | 27266.38 | 0.31 | 6.38 | | --- | --- | --- | | 9268.18 | 0.28 | 3.98 | | 5499.99 | 0.90 | -0.29 | | 118.11 | -0.12 | -4.33 | | 4131.99 | 0.09 | 4.11 | | 14160.93 | -0.35 | 4.7 ...

经济观察网优刻得-W(688158)于2月12日以20.01%的涨幅涨停，收盘价报45.05元，成交额45.18亿元， 换手率25.59%。该股已连续4日上涨，区间累计涨幅达31.42%。 股价异动原因 公司于2月11日发布公告，宣布因全球供应链波动导致基础设施成本显著上涨，自2026年3月1日起对全 线云产品与服务实施价格上浮调整。这一消息直接刺激市场对盈利改善的预期。当日液冷服务器、算力 租赁等概念板块走强，优刻得作为算力概念股受到资金追捧。2月11日主力资金净流入2.27亿元，显示 机构资金短期积极参与。 公司基本面 以上内容基于公开资料整理，不构成投资建议。 根据1月19日发布的业绩预告，公司2025年预计净利润亏损收窄至7200万-8700万元，主要因智算产品收 入增长及毛利率提升。但当前市盈率为-129.14倍，扣非净利润仍为负值，基本面尚未完全扭转。股价 近期快速上涨后，市净率达8.54倍，显著高于行业平均水平；且2月12日换手率超25%，筹码松动风险 需关注。云计算行业竞争激烈，公司虽提价转移成本，但长期需观察客户接受度及供应链稳定性。 行业板块情况 短期市场情绪受节前资金面影响，2月12日为 ...

Group 1 - The core focus is on the growth of domestic computing power and AI applications, with the Huabao Big Data ETF (516700) experiencing a price increase of 1.71%, marking a six-day consecutive rise [1] - The State Council emphasizes the need to deepen the integration of "Artificial Intelligence +" across various industries, highlighting the importance of algorithm innovation and high-quality data supply [2][3] - Major companies in the AI infrastructure sector, such as Meta, are significantly increasing their investments, with Meta spending over $10 billion on a new 1 GW data center, indicating a global trend towards enhanced AI capabilities [3] Group 2 - By the end of 2025, the Huabao Big Data ETF's index will have a weight of 40.91% for computing power concepts and 37.43% for AI application concepts, reflecting a strong focus on these areas [4] - The ETF tracks the CSI Big Data Industry Index, heavily investing in sectors like data centers, cloud computing, and big data processing, with key holdings including companies like Inspur Information and China Software [5] - Recent stock performance shows significant gains for companies in the sector, with YKData reaching a 20% limit up, and others like Oriental Guoxin and Wangsu Technology also seeing substantial increases [7]

Group 1 - The A-share market saw a collective rise in CPO concept stocks, with Tianfu Communication increasing by over 10%, which in turn boosted various AI ETFs on the ChiNext board, each rising by over 2% [1] - The ChiNext AI ETFs focus on "computing power + AI applications," with major holdings including Xinyiseng (optical modules), Zhongji Xuchuang (optical modules), Tianfu Communication (optical devices), and Runze Technology (IDC/cloud computing) [2] Group 2 - Zhipu AI officially released the new generation base model GLM-5, marking a significant advancement into the era of agent engineering, with expectations to align closely with the Anthropic Opus series [3] - Zhipu announced a structural adjustment to its pricing plan due to increased market demand, with package prices rising by at least 30%, while maintaining prices for existing subscribers [3] Group 3 - ByteDance's Volcano Engine is set to release significant upgrades to its Doubao model on February 14, 2026, including enhancements to the Doubao model 2.0 and the Seedance and Seedream models [4] - The upgrades will improve the foundational model capabilities and enterprise-level agent abilities, with a focus on multi-modal input and high-quality output aligned with industry standards [4] Group 4 - Major US cloud service providers are significantly increasing capital expenditures, with Meta projecting $115 billion to $135 billion for 2026, a year-over-year increase of 73%, primarily for AI infrastructure [5] - Alphabet anticipates capital expenditures of $175 billion to $185 billion, a 97% year-over-year increase, while Amazon expects around $200 billion, a 52% increase [5] Group 5 - Zhongyin International predicts that capital expenditures in the computing power market will continue to drive technological iterations and demand growth, benefiting the computing materials market [6] - CITIC Securities remains optimistic about the future capital expenditure guidance from North American CSPs, indicating strong growth trends in the AI computing power industry chain [6]

经济观察网2026年2月5日，恒为科技（603496）发布2025年度业绩快报，显示归属净利润为3,493.80万 元，同比增长30.13%；营业收入为10.47亿元，同比减少6.31%。报告期内，网络可视化业务收入同比增 长18.40%，但智能系统平台业务收入同比下降19.04%。此外，国务院国资委于2月11日提出扩大算力有 效投资、推进"AI+"产业共同体建设，可能间接利好算力相关企业如恒为科技。 以上内容基于公开资料整理，不构成投资建议。 财报分析2025年度业绩快报显示，公司净利润回升主要得益于费用管控、应收账款管理优化及信用减值 损失减少。网络可视化业务因运营商订单确认收入增长，但毛利率有所下降；智能系统平台业务受智算 一体机订单减少拖累，而交换机硬件及网络安全平台收入增长明显。整体营收小幅下滑，但盈利指标改 善。 股票近期走势近7天(2026年2月6日至2月12日)，恒为科技股价区间涨跌幅为5.27%，振幅7.31%。2月12 日最新股价为29.54元，单日涨跌幅0.96%，5日涨跌幅5.27%；同期计算机设备板块涨跌幅为0.73%，上 证指数涨跌幅为0.04%。股价波动部分受市场算力、AI应用等 ...

一、行情 2月12日，算力产业链如CPO、液冷、云计算等多板块集体大涨。大元泵业、川润股份、博杰股份、优刻得（20CM）等集体涨停，申菱环境、朗进科技、 依米康、首都在线、天孚通信、青云科技、英维克等集体大涨。 | | 云计算数据中心 +1.60% | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 理 智谱上调GLM Coding Plan价格,整体涨幅30%起 | | | | | | | 股票名称 | | 最新价 = | 涨跌幅 ◆ | 涨停时间 ◆ | 换手率 = | 流通市值 ◆ | 解读 | | 大位科技 | 4天4板 | 13.86 | +10.00% | 09:25:00 | 1.32% | 204.92 乙 | 公司为国内AIDC（人工智能数据中心） 区域优质的数据中心资源,正投建张北 | | 600589.SS | | | | | | | 心,绑定互联网头部客户 | | 海量数据 | | | | | | | 国内领先的数据技术提供商;公司向量 | | 603138.SS | 5天3板 | 22.62 | ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期：2026/2/12 隔夜夜盘市场走势 1. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 1.53%报 5107.80 美元/盎司， COMEX 白银期货涨 4.60%报 84.08 美元/盎司。 2. 美油主力合约收涨 1.45%，报 64.89 美元/桶；布油主力合约涨 1.15%，报 6 ...

Group 1 - The A-share market saw a significant rise in computing hardware stocks, particularly in concepts like CPO, liquid-cooled servers, and optical fibers, with the AI ETF Huaxia (159381) increasing by over 2.5% [1] - Key holdings such as Taicheng Technology and Tianfu Communication surged by over 10%, while other companies like Guangku Technology, Zhishang Technology, and Changxin Bochuang also experienced notable gains [1] - The communication ETF Huaxia (515050) rose by more than 1% [1] Group 2 - Zhipu released its next-generation flagship model GLM-5, expanding its parameter scale from 355 billion (activated 32 billion) to 744 billion (activated 40 billion), and increasing pre-training data from 23 terabytes to 28.5 terabytes, significantly enhancing the model's general intelligence level [1] - The importance of computing power is increasingly emphasized in the AI era, with the State-owned Assets Supervision and Administration Commission (SASAC) urging central enterprises to strengthen investment traction, actively expand effective computing power investments, and promote the collaborative development of "computing power + electricity" [1] - The goal is to enhance data governance capabilities across the entire chain and continuously solidify the foundational base of the artificial intelligence industry [1]