AI 全面进攻与 CES20260106 摘要 算力需求激增：算力集群规模持续扩大，从万卡向千万卡演进，谷歌预 计未来几年算力需求将每半年翻一番，预示着算力产业链的巨大增长潜 力。 AI 投入中期展望：全球 AI 技术投入预计到 2030 年将达 4 万亿美元，北 美地区将持续高速增长，下游产业链受益明显，未来 3 至 5 年内 AI 产业 将保持高增长态势。 算力供需失衡与估值洼地：全球算力供不应求，存储、光模块等产业链 价格上涨。旭川医生、森宏科技、工业富联等公司估值较低，对应未来 业绩展望乐观。 AI 定制化芯片趋势：AI 定制化芯片需求增加，推动网络架构升级和连接 需求增长。英伟达 NVL 系列规模扩大，光通信和 PCB 板块量价齐升， 光模块市场预计 2026 年迎来爆发式增长。 国产算力崛起：中芯国际先进制程产能提升，英伟达卡片进口有望增加， 国产算力产业链迎来发展机遇。华为、寒武纪、海光等国产芯片厂商收 入增长，国产替代需求推动华丰科技、万鹏发展等公司发展。 Q&A 2026 年 AI 技术的发展趋势和市场动态如何？ 2026 年，AI 技术的发展将继续保持高速增长的态势。首先，从长期逻辑来看， ...

1月7日，美国超微半导体公司(AMD)董事会主席兼行政总裁苏姿丰在国际消费电子展(CES)开幕前围绕 AI进行了主题演讲，并发布了多款AI芯片，其中包括AI芯片MI450及Helios机枱。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 她强调，AI浪潮将持续发展，但相对于可能实现的目标，目前的算力远远不足。"过去几年AI创新的速 率与节奏令人惊叹，而我们才刚开始而已"。苏姿丰直言，AI正快速从工具进化为基础建设，全球算力 需求未来5年将从目前的Zetta等级，推升100倍，至10 YottaFLOPS，运算规模较2022年暴增一万倍，这 样的跨世代跳跃，背后仰赖的不只是系统架构创新，更取决于制程技术的极限突破。 她预告，MI500系列处理器将于2027年问世，效能将可达到2023年首次推出的MI300系列的1000倍。 ...

Core Insights - The year 2025 marks the end of the "14th Five-Year Plan" and the beginning of the "15th Five-Year Plan," focusing on industrial and corporate development in China, with an emphasis on emerging fields such as artificial intelligence, low-altitude economy, quantum technology, humanoid robots, and industrial mother machines [1] Artificial Intelligence - The fourth technological revolution is driven by artificial intelligence, with 29 provinces prioritizing "artificial intelligence" in their 2025 work plans, aiming for deep integration with traditional industries [2] Low-altitude Economy - The low-altitude economy is becoming a competitive arena globally, with 30 provinces including it in their 2025 government work reports, exploring differentiated development paths based on regional characteristics [3] Quantum Technology - Quantum technology is a key focus in the "15th Five-Year Plan," seen as essential for fostering new productive forces and high-quality development, with cities like Hefei, Beijing, and Shanghai leading the way [4] Humanoid Robots - Humanoid robots are recognized as one of the "Top Ten Engineering Achievements of 2025," representing a fusion of artificial intelligence and advanced manufacturing, with significant development in regions like Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta [5] Industrial Mother Machines - Industrial mother machines are crucial for manufacturing competitiveness, with the "15th Five-Year Plan" advocating for breakthroughs in key technologies, showing regional clustering in areas like the Yangtze River Delta and Pearl River Delta [6] AI Large Models - 2025 is a pivotal year for AI large models, with 611 generative AI services registered as of November 1, showcasing a pyramid distribution across provinces [7] Embodied Intelligence - Embodied intelligence is highlighted in the government work report for the first time, with various policies being introduced to accelerate its development, attracting global tech companies [8] Additive Manufacturing - Additive manufacturing is rapidly integrating into China's economy, with significant clustering in regions like Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta, alongside emerging hubs in central and western regions [9][10] Computing Power - Computing power is deemed essential in the digital economy, with regions actively developing resources to transform potential into high-quality growth, supported by the "East Data West Computing" initiative [11] High-end Medical Devices - The high-end medical device sector is experiencing rapid technological advancements and industrial upgrades, driven by geopolitical tensions and tariff escalations, with a focus on innovation and domestic substitution [12] Financial Services in Technology - The company has established technology finance service platforms in multiple provinces, supporting technology-based enterprises with significant loan disbursements, exemplified by nearly 80 billion yuan in loans in Hubei [14]

MiniMax、智谱AI、壁仞科技港股IPO均获千倍超额认购，反映AI赛道火爆。 AI及算力新股正刷新港股热度纪录。2025年12月至今，壁仞科技、智谱AI和MiniMax接连上演认购盛 宴。 壁仞科技作为专注于GPU芯片及智能计算解决方案的企业，其招股活动自2025年12月22日启动后便热度 爆棚，最终超额认购倍数高达2347.53倍。智谱AI招股收官时，累计孖展额近1978亿港元，超额认购倍 数达1164倍。MiniMax则再次延续了这一狂热态势。 1月6日，MiniMax（0100.HK）港股IPO申购正式收官。富途证券披露的数据显示，此次IPO孖展（保证 金）金额最终录得超2533亿港元，公开发售部分超额认购倍数高达1209倍。 而就在此前一周，另一家头部AI企业智谱AI（2513.HK）同样录得1164倍超额认购，孖展金额近1978亿 港元；2025年底完成招股的"港股GPU第一股"壁仞科技（6082.HK），更是创下1583.5倍超额认购、 3843.79亿港元孖展的惊人纪录。短短一个月内，三只AI及算力相关新股相继交出千倍级超购成绩单， 标志着港股市场对AI赛道的热捧。 MiniMax千倍认购狂 ...

Core Viewpoint - The AI sector in the ChiNext market is experiencing volatility, with significant fluctuations in stock prices, particularly in the optical module CPO concept stocks, while storage chips and AI applications show active performance [1][8]. Group 1: Market Performance - On January 6, the ChiNext AI index saw a decline, with notable drops in optical module CPO stocks like New Yi Sheng and Zhong Ji Xu Chuang, both falling over 3% [1][8]. - Conversely, stocks in the storage chip and AI application sectors performed well, with Beijing Junzheng leading with an increase of over 8%, followed by Tonghuashun with over 7%, and several others rising more than 3% [1][8]. - The ChiNext AI ETF (159363) experienced a morning drop of over 2%, which later narrowed to a decline of 0.49%, with a trading volume exceeding 700 million CNY and net subscriptions surpassing 10 million units [1][8]. Group 2: Investment Opportunities - A report from Dongwu Securities highlights that by 2026, the overseas computing power chain is expected to maintain upward momentum, benefiting from both overseas and domestic demand for optical interconnects [3][10]. - The high-end optical module market is projected to grow annually, with increasing visibility of demand extending further into the future, which will drive rapid growth in the performance of supply chain companies [3][10]. - The report emphasizes three key investment directions: 1. High-certainty leading stocks that are integrated into the domestic and overseas computing power supply chain, expected to benefit from the rapid growth of the optical interconnect industry [3][10]. 2. Critical material positioning in the supply chain, where the demand for high-speed optical modules will lead to significant growth in upstream optical chips and components [3][10]. 3. Potential new players in the supply chain, as increased demand for speed and products will allow more suppliers to enter the core supply chains of major North American CSPs [3][10]. Group 3: Index Performance - The ChiNext AI index achieved a remarkable annual growth rate of 106.35% in 2025, significantly outperforming other AI-related indices [4][11]. - The index's performance over the years from 2021 to 2025 shows fluctuations, with annual returns of 17.57%, -34.52%, 47.83%, 38.44%, and 106.35% respectively [12][11]. - The ChiNext AI ETF is designed to track this index, focusing over 70% of its portfolio on computing power and over 20% on AI applications, effectively capturing the AI theme market [12][6].

Group 1 - The three major indices showed mixed performance, with the Shanghai Composite Index rising by 0.92% and the Shenzhen Component Index increasing by 0.86%, while the ChiNext Index fell by 0.06% [1] - The overseas optical module industry is expected to see a quarter-on-quarter growth rate of approximately 15-20% in Q4, with significant growth observed in Cohr and Lumentum optical modules [1] - The demand for data transmission is significantly increasing due to rapid upgrades in GPU and ASIC technologies, leading to a preference for higher bandwidth network hardware in AI data centers [1] Group 2 - The 800G optical module is experiencing high growth, reflecting the urgent demand for bandwidth driven by AI applications, with expectations for continued high growth in demand for 800G modules by 2026 [1] - The ChiNext 50 ETF (159681.SZ) closely tracks the ChiNext 50 Index (399673.SZ), which consists of 50 stocks with high liquidity and market capitalization in the ChiNext market [2] - The ChiNext 50 ETF has a current circulation of 1.434 billion shares and a total circulation scale of 2.201 billion yuan, with a trading volume of 99 million yuan reported [1][2]

Core Viewpoint - The confirmation of the Rubin platform's full-scale production by Huang Renxun at CES 2026 is expected to inject growth momentum into the overseas computing power sector, with deliveries scheduled for the second half of 2026 [1] Group 1: Product Launch and Features - The Rubin platform integrates Vera CPU, Rubin GPU, NVLink 6, ConnectX-9 SuperNIC, BlueField-4 DPU, and Spectrum-6, and has entered mass production [1] - The platform's multi-chip heterogeneous collaboration aims to optimize performance, increasing the performance and quantity requirements for high-end PCBs and optical modules [1] Group 2: Market Impact - The delivery of the Rubin platform in the second half of 2026 is anticipated to enhance the average selling price (ASP) and shipment volume in the upstream supply chain, potentially activating a favorable cycle in the overseas computing power sector [1] Group 3: Related Investment Products - The E Fund (159140) focuses on AI-related stocks in the innovation and entrepreneurship sector, with significant exposure to both domestic and overseas computing power [1] - The formation of a MACD golden cross signal indicates positive momentum for these stocks [1]

公募2025年成绩单近日揭晓：A股结构性行情加持下，重仓大科技的主动权益基金脱颖而出。 数据显示，永赢科技智选全年收益率达233.29%，登顶主动权益榜，并刷新公募年度收益纪录。2025年 涌现了75只净值翻倍的基金（仅统计初始基金，下同），备受市场关注。 在科创板块引领的结构性行情中，翻倍基金的重仓股含"科"量普遍较高，而重仓传统板块的基金业绩相 对平淡，部分产品全年陷亏损。主动权益基金业绩分化显著，全年首尾差距超过250个百分点。 业内人士指出，2026年市场风格有望趋于均衡，企业盈利修复将成为核心变量，权益投资的分化或进一 步加剧。 新业绩纪录诞生 抱团重仓，仍是2025年公募主动权益"大丰收"的底色，主要集中在AI产业链上。人工智能、算力、半导 体、机器人等科技主线轮番上涨，基金经理一旦选对细分领域，其管理的基金业绩便能获得惊人的上涨 幅度。 比如，2025年度收益冠军基金——永赢科技智选成立于2024年10月30日，该基金成立之初就选择重仓科 技赛道；2025年二季度末调仓，集中押注算力板块，覆盖众多细分领域龙头，持股高度集中，全年收益 率233.29%，大幅领跑全市场基金。 首尾业绩差超250% ...

Core Insights - Computing power has become the core engine driving the digital economy and intelligent transformation, with global computing power scaling exponentially and countries elevating it to a national strategy [12][18][22] - AI large models are evolving into the "operating system" of the intelligent world, accelerating penetration across various industries and driving explosive growth in computing power demand [12][34] - The computing power supply system is being upgraded to meet the complex task processing requirements of intelligent agents, leading to a significant market expansion [12][16] Group 1: Trends in Computing Power - Global computing power is experiencing rapid growth, becoming a strategic high ground in global technology competition [15][18] - AI is accelerating its entry into various industries, with large models becoming the foundational platform for the intelligent world [15][34] - The transition from traditional CPU-centric computing architecture to diverse and collaborative architectures is underway [15][17] Group 2: Infrastructure and Ecosystem - Supernodes are emerging as the new foundation for computing power, marking the entry into the supernode era for intelligent computing centers [15][17] - The integration of computing power and networks is progressing, enabling "on-demand" computing power access [15][17] - An open-source ecosystem is becoming the core of the computing power landscape, facilitating innovation and collaboration across the industry [15][16] Group 3: Energy and Sustainability - Intelligent computing centers are evolving towards high-density, liquid-cooled, and clustered configurations, addressing energy consumption challenges [15][17] - The direct supply of green electricity is becoming a key factor in solving energy consumption issues [15][17] Group 4: Quantum Computing - Quantum computing is entering a critical engineering phase, with the next 1-2 years expected to be a key window for technological breakthroughs and commercialization [15][17]

Core Insights - The strategic value of optical modules has reached unprecedented heights as they serve as the "highway" for data flow in the context of exponential growth in computing power demand driven by AI [8] - The Chinese optical module industry has transitioned from being a participant in the global market to a key player in technological evolution and market restructuring [8] Industry Overview - The current explosion in the optical module market is driven by the needs of hyperscale data centers, moving beyond traditional telecom network construction [3][8] - AI model training and inference have significantly increased the demand for data transmission bandwidth within and between data centers, necessitating thousands of high-speed optical modules for single AI server clusters [3][8] Market Trends - The shipment volume of 800G optical modules is expected to double in 2025, with a transition from 800G to 1.6T modules underway [9] - The technology is evolving along three main lines: increasing speed, reducing power consumption, and enhancing integration, leading to a diversified and layered competitive landscape [9] Competitive Landscape - Chinese optical module companies are shifting from midstream manufacturing advantages to upstream core component autonomy and global supply chain development [4][9] - The industry is focusing on cutting-edge areas such as CPO, LPO, and silicon photonics, aiming to build a fully autonomous ecosystem from materials to systems [10] Future Outlook - 2025 is identified as a pivotal year for the Chinese optical module industry, marking a transition from quantity explosion to quality leadership [10] - As computing power becomes essential in the new era, Chinese optical module companies are leveraging their technological expertise and market responsiveness to establish a robust data transmission infrastructure for the intelligent world [10]