Group 1 - The core viewpoint of the news indicates that cloud computing concept stocks have declined, with companies such as Zhongji Xuchuang, Xinyi Sheng, and Runze Technology dropping over 6% [1] - Cloud computing-related ETFs have also been affected, experiencing a decline of over 3% due to the drop in heavy-weight stocks [1] Group 2 - Specific cloud computing ETFs reported the following price changes: - E Fund Cloud Computing ETF (code: 516510) at 1.828, down by 0.069 or -3.64% - Penghua Cloud Computing ETF (code: 159739) at 1.734, down by 0.061 or -3.40% - Other ETFs also showed similar declines, with the average drop around -3.32% to -3.44% [2] - Analysts believe that cloud computing, as the infrastructure of the AI era, is expected to benefit from the acceleration of AI applications and the commercialization of AI agents. The increasing usage of AI applications is anticipated to enhance cloud resource consumption and the scale effects of cloud vendors, leading to a symbiotic growth pattern between "AI models and cloud computing" [2] - Internet cloud vendors are expected to maintain competitive advantages in three key areas: computing power, models, and applications, with the internet cloud market share likely stabilizing and recovering [2]

Group 1 - The core viewpoint of the news highlights a significant sell-off in AI software stocks in the US market, which has impacted the A-share market, particularly affecting AI-related ETFs and stocks [1] - The A-share market is experiencing increased volatility with a notable divergence among sectors, but the long-term upward trend remains intact, supported by ongoing policies for the domestic AI industry [2] - The recent sell-off in US tech stocks, especially software companies, has raised concerns about the potential threat of AI technology replacing core business functions [1] Group 2 - The AI sector is currently in a rapid development phase, with expectations for increased capital expenditure in the global computing power sector as domestic support policies continue to be implemented [2] - The Spring market rally is expected to be followed by a consolidation phase, where the focus will be on clarifying industry trends and digesting valuations [2] - The long-term outlook remains positive for sectors such as overseas computing power chains, AI applications, energy storage, robotics, and commercial aerospace [2] Group 3 - The Huaxia AI ETF (159381) tracks an index with nearly 50% weight in CPO, covering domestic software and AI application companies, and has a low fee rate of 0.20% [3] - The Huaxia Communication ETF (515050) has a scale exceeding 8 billion yuan, covering key areas such as optical modules and computing power infrastructure, with a combined weight of over 76% in CPO and CPB concept stocks [3] - The Huaxia Cloud Computing ETF (516630) focuses on domestic AI software and hardware computing power, with a combined weight of 83.7% in computer software, cloud services, and computer equipment, also featuring a low fee rate of 0.20% [3]

天眼查显示，近日，讯湃智能科技（上海）有限公司成立，法定代表人为林栋，注册资本3000万人民 币，由讯湃新能科技（杭州）有限公司全资持股。 序号股东名称持股比例1讯湃新能科技（杭州）有限公司100% 经营范围含技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；软件开发；货物进出 口；技术进出口；集成电路设计；集成电路芯片设计及服务；电子专用材料研发；新材料技术研发；集 成电路销售；汽车零部件研发；集成电路芯片及产品销售；电子专用材料销售；电子产品销售；电子元 器件批发；采购代理服务；人工智能硬件销售；机械电气设备销售；电子专用设备销售；机械零件、零 部件销售；微特电机及组件销售；电机及其控制系统研发；电力电子元器件销售；电子元器件与机电组 件设备销售；伺服控制机构销售；物联网技术研发；机械设备研发；工业机器人销售；智能机器人的研 发；互联网安全服务；云计算装备技术服务；供应链管理服务；信息咨询服务（不含许可类信息咨询服 务）；软件销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 企业名称讯湃智能科技（上海）有限公司法定代表人林栋注册资本3000万人民币国标行业制造业>计算 机、通信和 ...

科技云报到原创。 当AI将创新周期从年压缩至月，一场静默却剧烈的重构正席卷全球云计算市场：AI推理的算力支出在2025年底首次超越通用计算，这不仅宣告着"租用智 能"的时代正式到来，更彻底改变了云的商业模式。 2026年初，多家头部云厂商接连宣布上调部分服务价格，打破了持续二十余年的"降价惯性"。 这背后，是AI浪潮对算力需求的结构性重塑——传统的、可预测的标准化需求，正在被AI驱动的、爆发式且极度昂贵的高性能计算需求所取代。 云计算的底层逻辑，正从"成本中心的资源优化"转向"价值引擎的智能调度"。 在这场由AI驱动的深刻变革中，一个比单纯的"算力通胀"更为核心的矛盾日益凸显：无论是全球布局的"中国智造"，还是寻求在华深度经营的跨国巨头， 都共同面临全球运营效率统一性与本地市场合规适应性之间的"一致性悖论"。 近期，弗若斯特沙利文（Frost & Sullivan）联合头豹研究院发布了《2025年在华外商企业云计算服务采用研究报告》，研究清晰地揭示了这一点：超过 80%的在华外商企业采用多云策略。 这并非出于技术偏好，而是对"一致性与本地化无法兼得"现状的无奈妥协。 企业像管理一个跨国交响乐团，渴望所有乐手（ ...

在全球加速建设人工智能（AI）基础设施的竞赛中，印度抛出重磅政策：若外国云服务商将面向海外 市场销售的云服务工作负载部署在印度数据中心运行，其相关收入可享受零税率优惠直至2047年。 这一举措旨在吸引全球AI算力投资，不过电力短缺和水资源压力正对印度的数据中心扩张构成现实威 胁。 AI基础设施总投资约900亿 2月伊始，印度财政部长尼尔玛拉·西塔拉曼就在年度联邦预算中宣布了这一提案。 根据安排，凡是在印度数据中心运行，但向印度境外销售的云服务，其收入将享受"税收假期"——实际 上等同于免税。她在议会表示，面向印度国内客户的云服务销售，必须通过在印度注册成立的本地经销 商进行，并在印度境内依法纳税。预算同时提出，对为关联海外实体提供服务的印度数据中心运营商， 适用15%的"成本加成安全港"税收规则。 与美国和中国相比，印度缺乏强大的本土基础模型、芯片制造能力和大型数据中心容量，因此，印度在 全球人工智能竞赛中的作用迄今为止还很有限。拟议的税收优惠极其可能带来投资：这一政策出台，正 值包括亚马逊、谷歌和微软在内的美国云计算巨头在全球范围内加速扩建数据中心，以应对人工智能工 作负载激增之际。 印度正逐步成为新的投资 ...

Core Insights - The global AIDC demand continues to grow rapidly, with positive signals from cloud vendors regarding capital expenditure, business promotion, and pricing strategies. The price increase and expansion of AI spending are reshaping the AIDC industry logic, enhancing the return expectations of computing assets and elevating the industry's scale ceiling, transitioning AIDC from a heavy asset industry to a core infrastructure sector with high barriers and certainty [1][5]. Group 1: Market Trends - The global cloud computing market is expected to grow from approximately $1.29 trillion in 2025 to about $2.28 trillion by 2030, with a CAGR of around 12%. However, supply-side constraints are evident, as the prices of storage chips and CPUs are rising, leading to increased cloud service costs [1][2]. - NAND flash prices are predicted to rise by 33% to 38% in Q4 2025, with similar increases expected in Q1 of the same year. Additionally, Intel and AMD plan to raise server CPU prices by 10-15%. Energy costs are also rising, with U.S. electricity costs increasing by 6.7% year-on-year in December last year, cumulatively up by about 38% since 2020 [2]. Group 2: Competitive Landscape - The domestic AI model competition is accelerating the deployment of computing infrastructure, with companies like DeepSeek, Kimi, and Alibaba launching model upgrades that highlight the significant demand for training and inference computing power. The focus of competition has shifted from individual model performance to the overall capability of computing supply and system engineering efficiency [3]. - In the application layer, competition is intensifying, with Tencent's Yuanbao rapidly increasing its user base by integrating the DeepSeekR1 model and leveraging extensive marketing resources. This growth is expected to translate into high-frequency demand for backend intelligent computing centers and high-speed networks, further accelerating the deployment and upgrade of related technologies [4]. Group 3: Industry Outlook - The AIDC industry is likely entering a structurally expanding cycle with high barriers. Innovations such as liquid cooling and high-density power supply solutions are penetrating the market, addressing the technical challenges posed by the increase in power consumption per rack from traditional 5-15 kW to 200 kW. The domestic chip ecosystem is maturing, with Alibaba's "Zhenwu 810E" performance matching international mainstream products, facilitating the optimization of the domestic computing system [5]. - The AIDC market is expected to expand at a compound annual growth rate of 31.5%, with the core barriers of the industry shifting from capital investment to technology integration and operational efficiency. The price increases from cloud vendors and the expansion of AI spending are jointly reshaping the AIDC industry logic, benefiting leading companies with technological iteration capabilities and resource integration efficiency [5]. Group 4: Investment Recommendations - Suggested investment targets include: 1. Cloud Computing: Alibaba-W (09988), Cloudflare (NET.US), Shenxinfu (300454.SZ), Kingsoft Cloud (03896), New Intent Group (01688), and UCloud (688158.SH) [6]. 2. AIDC: Runze Technology (300442.SZ), Baoxin Software (600845.SH), Data Port (603881.SH), Guanghuan New Network (300383.SZ), Aofei Data (300738.SZ), and Yunsai Zhili (600602.SH) [6]. 3. Computing Power Services: Xiechuang Data (300857.SZ), Hongjing Technology (301396.SZ), Dawi Technology (600589.SH), Youfang Technology (688159.SH), Litong Electronics (603629.SH), Zhiwei Intelligent (001339.SZ), and Coreweave (CRWV.US) [6]. 4. CDN: Wangsu Technology (300017.SZ) [7]. 5. Chips: Haiguang Information (688041.SH), Cambrian-U (688256.SH), Muxi Shares-U (688802.SH), Tianshu Zhixin (09903), Moer Thread-U (688795.SH), and Longxin Zhongke (688047.SH) [7]. 6. Large Models: Minimax-WP (00100), Zhipu (02513), and iFlytek (002230.SZ) [7].

作者 | 第一财经 李隽 2月3日上午，受加税传闻等影响，腾讯控股（00700.HK）一度大跌超过6%，最低一度跌至561港元， 中午收盘跌幅收窄至3.09%，报收580港元。 腾讯控股已连续超过4个月下跌，近日元宝红包活动也未能拉升股价。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 截至发稿，尚未有相关方面对加税传闻作出回应。有业内人士认为，税收增加传闻真实性概率比较低， 此传言属于典型的市场噪音，在情绪脆弱时被放大；另一方面，从元宝红包活动的情况来看，腾讯确实 无法完全规避行业内卷格局，短期内股价缺乏进攻催化剂，需要人工智能等新业务发展可以进一步满足 市场预期。 奶酪基金投资经理潘俊向第一财经表示，腾讯跌破600港元关口，一方面源于高额人工智能资本开支与 短期变现不确定性之间的错配，元宝红包活动虽引发市场关注，但被市场解读为新一轮烧钱内卷的信 号，叠加1月部分数据不及预期，导致避险情绪升温。另一方面，腾讯确实无法完全规避行业内卷，虽 然当前估值处于历史低位并且具备防御性，但股价短期缺乏进攻催化剂。 博大资本国际行政总裁温天纳向第一财经记者表示，腾讯近期跌至近半年低点，元宝红包 ...

红蚁资本投资总监李泽铭表示，2月3日上午科网股下跌明显受税收传言影响，因不只腾讯下跌，目前各 方面评论均认为该传闻可信度极低，应不会有增值税项方面的修改，但因未有官方说法，市场又可见此 前中国移动（600941.SH）等电信企业因增值税调升，股价经历了下跌，对科网股市场当前倾向于先行 避险，除非收盘后或当日有官方明确辟谣，方可重振市场信心，否则该问题短期仍会困扰整个互联网板 块。 港股100研究中心顾问余丰慧表示，对于腾讯这类大型企业，关键在于如何通过战略调整和业务创新来 恢复投资者信心并实现长期增长，随着互联网行业成熟和技术发展，腾讯需在人工智能、云计算、大数 据等新兴领域持续投入资源以保持技术领先地位。 腾讯控股已连续超过4个月下跌，近日元宝红包活动也未能拉升股价。 截至发稿，尚未有相关方面对加税传闻作出回应。有业内人士认为，税收增加传闻真实性概率比较低， 此传言属于典型的市场噪音，在情绪脆弱时被放大；另一方面，从元宝红包活动的情况来看，腾讯确实 无法完全规避行业内卷格局，短期内股价缺乏进攻催化剂，需要人工智能等新业务发展可以进一步满足 市场预期。 奶酪基金投资经理潘俊向第一财经表示，腾讯跌破600港元关 ...

博大资本国际行政总裁温天纳向第一财经记者表示，腾讯近期跌至近半年低点，元宝红包活动虽引爆下 载和热议，却没有拉升股价，核心逻辑在于市场已经在警惕"烧钱换增长"的内卷模式。红包带来短期流 量，但投资者关注点在于用户留存与人工智能黏性，而非瞬时日活用户。中国互联网巨头人工智能竞争 激烈（腾讯元宝、百度文心、阿里千问等），也加剧了利润率压力，导致资金短期避险。 红蚁资本投资总监李泽铭表示，2月3日上午科网股下跌明显受税收传言影响，因不只腾讯下跌，目前各 方面评论均认为该传闻可信度极低，应不会有增值税项方面的修改，但因未有官方说法，市场又可见此 前中国移动（600941.SH）等电信企业因增值税调升，股价经历了下跌，对科网股市场当前倾向于先行 避险，除非收盘后或当日有官方明确辟谣，方可重振市场信心，否则该问题短期仍会困扰整个互联网板 块。 港股100研究中心顾问余丰慧表示，对于腾讯这类大型企业，关键在于如何通过战略调整和业务创新来 恢复投资者信心并实现长期增长，随着互联网行业成熟和技术发展，腾讯需在人工智能、云计算、大数 据等新兴领域持续投入资源以保持技术领先地位。 "特别是在人工智能领域，这不仅能够帮助腾讯开发新产 ...

| 云计算ETF易方达(NO21 | | | 516 | | --- | --- | --- | --- | | | 跟踪中证云计算与大数据主题指数。 | | | | | | | ·· | | 该指数由50只业务涉及提 | 截至午间收盘 | 该指数 | 该指数自20 | | 供云计算服务、大数据服务 | 该指数涨跌 | 滚动市销率 | 发布以来估值 | | 以及上述服务相关硬件设备 | | | | | 的公司股票组成,覆盖云计 | 1.1% | 5.2倍 | 99.29 | | 算产业链。 | | | | | 芯片ETF易方达 | | | 516 | | 跟踪中证芯片产业指数 | | | | | | | | ·· | | 该指数由50只业务涉及芯 | | | | | 片设计、制造、封装与测 | 截至午间收盘 | 该指数 | 该指数自20 | | 试以及半导体材料、半导 | 该指数涨跌 | 市净率 | 以来估值分 | | 体生产设备等公司股票组 | | | | | 成,聚焦未来计算的核心 硬件环节。 | -0.1% | 7.6倍 | 90.19 | 截至午间收盘，中证半导体材料设备主题指数上涨2.1%，中证云计 ...