光模块CPO方面则可以关注业绩催化。国盛证券认为，算力产业链高景气周期背景下，光模块头部厂商 在大陆和泰国加速扩产，预计光模块行业2026年一季度将迎来产能集中释放，驱动业绩进入新一轮爬坡 期。该机构表示，继续看好算力板块，坚定推荐算力产业链相关企业，如光模块行业龙头。* 当前AI发展从算力建设走向应用落地，一键布局"算力+AI应用"的创业板人工智能ETF（159363）及场 外联接（A类023407、C类023408），更直接受益于AI技术商业化爆发的增长红利。从赛道看，创业板 人工智能约六成仓位布局算力（光模块+IDC），约四成仓位布局AI应用，不仅是"算力"核心，更是真 正的"AI应用"代表。 周三（1月14日），乘风AI应用爆发，创业板人工智能放量大涨。其中，易点天下大涨超16%再创新 高，今年以来股价已上涨100%实现翻倍，拓尔思大涨超15%，润和软件、长亮科技、东方国信等多股 涨超5%。此外，IDC（数据中心）这一低位算力板块午后显著启动，概念股润泽科技大涨超12%，易华 录涨超11%！ 热门ETF方面，不惧市场宽幅震荡，双线布局"AI应用+算力"的创业板人工智能ETF（159363）场内收 涨3 ...

| 代码 | 名称 | 价格 | 涨跌 | 涨幅量 | 换手% 几天几板[2 ... | 成交额 | | 成交量 涨停分析 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 300427 | 红相股份 | 15.76 | +2.63 | +20.03% | 46.41% 自板张停 | 34.97 乙 | 233.4万 | 商业航天+三考 | | 300773 | 拉卡拉 | 32.08 | +5.35 | +20.01% | 27.64% 自板张停 | 62.65 7 | 203.0万 | 支付宝合作+波 | | 300758 | 七彩化学 | 16.85 | +2.81 | +20.01% | 14.31% 首板涨停 | 8.32 乙 | 52.41万 | 人版幻量科技 | | 688292 | 浩觀深度 | 37.24 | +6.21 | +20.01% | 24.26% 自板涨停 | 8.53 7 | 24.47 / | AID H +Z WAI | | 301321 | 翰博高新 | 23.03 | +3.84 | +20.01% ...

Market Overview - The Shanghai Composite Index experienced a strong rise in the morning, approaching 4200 points, but fell back into the red in the afternoon, closing down 0.31% at 4126.09 points [1] - The Shenzhen Component Index rose by 0.56%, and the ChiNext Index increased by 0.82%, while the STAR Market 50 Index gained 2.13% [1] - The total trading volume of the A-share market reached approximately 3.99 trillion yuan, an increase of about 288 billion yuan compared to the previous day [1] Sector Performance - The financial sector, including insurance and banking, saw a significant decline in the afternoon, with China Life Insurance dropping nearly 3% and major banks like China Merchants Bank and Industrial Bank falling over 2% [3][4] - The brokerage sector also retreated in the afternoon, with firms like Guosen Securities and Haitong Securities declining nearly 2% [3] - In contrast, the semiconductor sector showed strong performance, with stocks like Zhaoxin Technology rising nearly 15% and Jingfeng Mingyuan increasing over 13% [8] - AI application concepts remained active, with stocks such as Zhidema hitting the daily limit and achieving a cumulative increase of over 80% in four trading days [12] Regulatory Changes - The China Securities Regulatory Commission approved an adjustment to the financing margin ratio, increasing the minimum margin requirement for investors from 80% to 100% when buying securities on margin [6] AI and Semiconductor Trends - The semiconductor sector is expected to see continued demand improvement, driven by growth in PCs, smartphones, and AI servers, with a focus on domestic production as U.S. policies remain stringent [10] - AI applications are gaining traction, with companies exploring new marketing paradigms and enhancing user interaction through generative AI technologies [14]

1月14日，沪指早盘强势上扬，一度涨超1%逼近4200点，午后回落翻绿；深证成指、创业板指等涨幅均 有所收窄，全A成交额逼近4万亿元大关，再创历史新高。 截至收盘，沪指跌0.31%报4126.09点，深证成指涨0.56%，创业板指涨0.82%，科创50指数涨2.13%，沪 深北三市成交约3.99万亿元。 来源：证券时报网 作者：吴永芳 盘面上看，保险、银行、地产、酿酒、券商等板块走低，传媒、半导体、石油等板块上扬，AI应用、 云计算、算力概念等活跃。 东莞证券表示，年初以来，股市整体走势强劲，沪指连续放量突破4000点和4100点关口，形成向上突破 态势。市场交投活跃，不过在短期快速上涨、成交量显著放大后，市场也需警惕潜在的调整。但阶段性 的震荡整理或更有利于基本面的不断改善以消化指数估值，吸引增量资金持续流入，推动A股延续震荡 上行格局。在配置上，可关注石油石化、建筑装饰、有色金属、TMT及煤炭等板块。 ...

Investment Rating - The report gives a "Buy" rating for the company, Far East Holdings (600869.SH) [5] Core Views - Far East Holdings has established itself as a global service provider in smart energy and smart city solutions, focusing on three main industries: smart cables, smart batteries, and smart airports [2][15] - The company is expected to achieve steady revenue growth driven by its core business in smart cables and the expansion into emerging markets [10][11] Summary by Relevant Sections Company Overview - Far East Holdings is a subsidiary of Far East Holding Group, focusing on smart cables, smart batteries, and smart airports, and has become a leader in the global smart energy and smart city service market [2][15] Smart Airport Business - The global airport infrastructure market is projected to grow from USD 77.85 billion in 2022 to USD 139.14 billion by 2030, with a CAGR of 7.5% [3] - The smart airport segment achieved revenue of CNY 1.267 billion in the first three quarters of 2025, a year-on-year increase of 15.75%, with net profit rising by 47.88% to CNY 111 million [3][68] Smart Cable Business - The smart cable segment generated revenue of CNY 17.826 billion in the first three quarters of 2025, reflecting a year-on-year growth of 9.59%, with net profit increasing by 8.69% to CNY 315 million [9][31] - The company has secured contracts worth CNY 177.64 billion, marking a 13.95% increase year-on-year [31] Smart Battery Business - The smart battery segment reported revenue of CNY 1.039 billion in the first three quarters of 2025, a significant year-on-year growth of 30.92%, although it still recorded a net loss of CNY 256 million [57] - The company has established a complete supply chain from cell technology to energy storage system integration, focusing on high-end industries and accelerating overseas expansion [57][60] Financial Forecasts - Revenue projections for 2025-2027 are CNY 296.49 billion, CNY 344.28 billion, and CNY 400.12 billion, with year-on-year growth rates of 13.6%, 16.1%, and 16.2% respectively [4][76] - The net profit for the same period is expected to be CNY 2.34 billion, CNY 6.57 billion, and CNY 10.72 billion, with growth rates of 173.6%, 180.7%, and 63.2% respectively [4][76] Valuation Analysis - The report indicates that the company's future PE ratios for 2025-2027 are 101x, 36x, and 22x, which are below the industry average, suggesting investment potential [4][78]

消息面上，今天智谱联合华为开源新一代图像生成模型GLM-Image，模型基于昇腾Atlas 800T A2设备和 昇思MindSpore AI框架完成从数据到训练的全流程，是首个在国产芯片上完成全程训练的SOTA多模态 模型。据介绍，GLM-Image实现了图像生成与语言模型的联合，API调用模式下，生成一张图片仅需0.1 元，速度优化版本即将更新。 渤海证券指出，国家八部门联合印发《"人工智能+制造"专项行动实施意见》，从政策维度推动人工智 能与制造业的深度融合，该政策落地有望催化AI应用在B端市场加速渗透。同时，国内各大互联网企业 加速布局C端应用。互联网龙头企业凭借庞大的C端用户基数与成熟的AI大模型技术储备，有望将智能 体深度嵌入现有产品及业务体系，推动AI商业闭环的全面构建。建议关注应用端具备AI技术落地实力 与场景适配优势的头部企业。 1月14日，科技板块午后涨幅收窄。截止14：10，聚焦AI软硬件的云计算ETF华夏（516630）涨幅缩小 至3.01%，持仓股数据港、石基信息涨停。创业板人工智能ETF华夏（159381）上涨1.85%，成交额达 5.19亿，交投活跃；通信ETF华夏（515050 ...

Core Viewpoint - The A-share market is experiencing increased volatility, with AI-related sectors leading the gains [1] Group 1: ETF Performance - As of the report, various ETFs such as Big Data ETF, Financial Technology ETF, and Cloud Computing ETFs have risen over 4% [2] - The Cloud Computing ETF from Huaxia focuses on domestic AI software and hardware capabilities, with a combined weight of computer software, cloud services, and computer equipment reaching 83.7%, and deep learning applications exceeding 40% [2] - The Big Data ETF tracks the CSI Big Data Industry Index, heavily investing in sectors like data centers and cloud computing, with major holdings in leading companies such as Inspur, iFlytek, and China Software [2] Group 2: Industry Catalysts - The industry is witnessing a series of catalysts, including DeepSeek's recent paper on conditional memory modules for large models, which is expected to be a core modeling primitive for the next generation of sparse large models [3] - Speculation arises regarding DeepSeek's next-generation model V4, anticipated to be released around the Spring Festival, based on recent research developments [4] Group 3: Company Developments - On January 8, Zhipu AI became the first global large model company to list on the Hong Kong Stock Exchange, followed by MiniMax on January 9, marking a competitive rush in the sector [5] - Alibaba's total capital expenditure for FY2026 Q2 reached 31.501 billion yuan, a year-on-year increase of 80.10%, with Alibaba Cloud planning to further invest in AI cloud computing infrastructure [6] Group 4: Market Dynamics - The demand for computing power is expected to grow significantly due to the AI wave, with domestic AI development striving to catch up [6] - The domestic AIDC (Artificial Intelligence Data Center) is rapidly developing, with the total number of operational computing center racks reaching 10.85 million and intelligent computing capacity at 788 EFLOPS (FP16) by June 2025 [6] - Supply-side constraints are evident, with high-end chip shortages persisting due to geopolitical factors, leading to a mismatch between supply and demand [7] Group 5: Trends and Future Outlook - The AI development is driving an increase in chip power consumption, with supernode deployment becoming a significant trend, and the demand for computing power leasing is surging amid US-China tensions [8] - The leasing market for computing power is thriving, with significant orders being secured by related companies, and the resale value of high-performance servers remains robust [8]

Core Viewpoint - The Huabao Big Data ETF (516700) is focusing on computing power and AI applications, showing strong market performance with significant inflows and stock price increases, indicating investor optimism in the AIDC (AI Data Center) sector [1][6]. Group 1: ETF Performance - The Huabao ETF experienced a price increase of 6.45% during intraday trading, with a current rise of 4.01% [1]. - Over the past two days, the ETF has seen a net inflow of 11.1 million yuan, reflecting positive market sentiment towards AIDC [1]. Group 2: Component Stocks - Key stocks such as Yonyou Network, Tax Friend, Data Port, and Shiji Information reached their daily limit up, while Zhongke Xingtong surged over 15% and Yidian Tianxia increased by more than 14% [2][3]. - The performance of component stocks indicates strong investor interest in the underlying sectors of the ETF [3]. Group 3: Industry Growth Potential - The GEO market in China is projected to grow by 215% year-on-year by Q2 2025, with a significant shift in traffic from traditional search engines to AI chatbots [4][5]. - Companies are enhancing marketing efficiency, with AI recommendations improving conversion rates by 2.8 times compared to traditional search methods [5]. Group 4: Strategic Focus Areas - The Huabao ETF is heavily invested in domestic computing power (IDC, servers) and AI applications, tracking the CSI Big Data Industry Index [7]. - The ETF's major holdings include leading companies in data centers, cloud computing, and big data processing, indicating a focus on technology self-reliance [7][8]. Group 5: Future Outlook - The demand for data centers is expected to grow due to the high demand for computing power, particularly in North America and China, with a rebound anticipated after recent constraints [5][6]. - The ongoing push for technological independence and the acceleration of domestic alternatives are expected to create favorable conditions for investment in the sector [8].

Core Viewpoint - The Huabao Big Data ETF (516700) is focusing on computing power and AI applications, showing strong market performance with a recent increase in trading volume and price, reflecting investor optimism in the AIDC (AI Data Center) sector [1]. Group 1: ETF Performance - The Huabao ETF hit a historical high after a strong performance, with a peak intraday increase of 6.45% and a current rise of 4.01% [1]. - The ETF has seen a net inflow of 11.1 million yuan over the past two days, indicating positive market sentiment towards AIDC [1]. Group 2: Market Trends and Predictions - The GEO market in China is expected to grow significantly, with a projected year-on-year increase of 215% by Q2 2025, as traditional search engine traffic is anticipated to decline by 25% by 2026 [2][3]. - The implementation of GEO is expected to enhance marketing efficiency, with AI recommendations improving customer conversion rates by 2.8 times and reducing decision-making time by 40% [3]. Group 3: Company Developments - Companies like Liou Co. have made substantial advancements in AI technology, developing solutions such as "intelligent response optimization" and participating in industry standard formulation [3]. - The data center sector is identified as a core infrastructure for AI, with a growing demand for computing power driving significant growth in the IDC industry [3]. Group 4: ETF Composition and Focus - The Huabao ETF's index composition shows that computing power concepts account for 40.91% and AI application concepts account for 37.43% of the index [5]. - The ETF is heavily invested in sectors such as data centers, cloud computing, and big data processing, focusing on leading companies in these areas [6].

1月14日，截至发稿，上证指数涨近1%，报4177点；创业板指涨逾2%。AI应用、金融科技、算力题材活跃，市场逾4500股上涨。 20年金融数据沉淀，分析能力媲美行业专家 手机和电脑实时联动，确保随时随地高效响应 为用户提供智能化的工作新体验 中原证券最新研报表示，在量能有效放大、政策预期积极、产业催化不断的背景下，建议投资者密切关注宏观经济数据、海外流动性变化以及政策动向。 财信证券表示，A股目前资金活跃程度仍较高，不过当前高位板块和个股分歧有所加大。 桥水官方渠道近日发布"中国政策AI研究助理"的岗位招聘，要求协助深化桥水对中国政策环境的理解，并分析其对资产与经济的影响。桥水近日建议，减 配美国市场，增配其他市场——尤其是亚洲。 今年年初至1月12日，多只在美国上市的中国股票ETF均获资金净流入。 Wind用户在金融终端输入 ACHA T(Ali ce chat) 千亿级参数智能模型， 能理解复杂金融概念 | 000 1.42 | 007/11/0 | 207/0) OU | | --- | --- | --- | | +108.82 +1.61% | +69.81 +2.10% | +30.02 +1. ...