【中信科技产业】海外AI叙事或重回乐观情形，重视海外算力链新一轮上涨机遇！ 核心判断 近期海外推理与训练算力需求同步走强，亚马逊云、谷歌云相继涨价，台积电上修Capex。 尽管当前AI应用大规模商业化能见度仍有限，但在模型与应用密集催化下，未来3–6个月海外算力需求有望进一步 上行，算力"泡沫论"担忧或阶段性缓解，产业链有望迎来新一轮修复。 推理侧：Agent落地 【中信科技产业】海外AI叙事或重回乐观情形，重视海外算力链新一轮上涨机遇！ 核心判断 近期海外推理与训练算力需求同步走强，亚马逊云、谷歌云相继涨价，台积电上修Capex。 尽管当前AI应用大规模商业化能见度仍有限，但在模型与应用密集催化下，未来3–6个月海外算力需求有望进一步 上行，算力"泡沫论"担忧或阶段性缓解，产业链有望迎来新一轮修复。 推理侧：Agent落地抬升推理算力消耗 MoltBot等新一代Agent显著提升对电脑操作与复杂任务的处理能力，带来更高推理算力消耗。 Anthropic持续推出Claude Code、Agent Skills等产品，拓展Agent应用场景。 OpenRouter数据显示，2026年1月初以来Token调用量持 ...

新易盛盘前业绩预告显示，公司预计2025年归母净利润94亿元至99亿元，同比增长231.24%至 248.86%。 报告期内，公司受益于算力投资持续增长，高速率产品需求快速提升，预计销售收入和净利润较上年同 期大幅增加。公司预计报告期非经常性损益对公司净利润的影响约为3300万元。 2月2日早盘，CPO等算力硬件股多数高开，新易盛（300502）（300502）高开9%。 ...

Core Viewpoint - The three major telecom operators in China are adjusting their business strategies in response to changes in tax regulations, focusing on innovation and the development of computing power services to drive high-quality growth [1][2]. Group 1: Tax Regulation Impact - The Ministry of Finance and the State Taxation Administration announced that starting January 1, 2026, the tax category for certain telecom services will change from value-added telecom services to basic telecom services, with the VAT rate increasing from 6% to 9% [2]. Group 2: Strategic Focus and Performance - China Telecom is implementing a comprehensive strategy to enhance its cloud and AI services, aiming to create an integrated intelligent cloud service platform [3]. - China Mobile is focusing on strengthening its communication services and expanding its capabilities in computing and intelligent services [3]. - China Unicom is concentrating on core areas such as connectivity, computing, services, and security to build differentiated advantages [3]. - The three operators are transitioning to a strategic "gear-shifting" phase, placing artificial intelligence at the core of their strategies, with significant achievements already noted [3]. Group 3: Financial Performance - China Unicom reported a revenue of 293 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.0%, with a net profit of 8.8 billion yuan, up 5.2% [4]. - China Telecom's IDC revenue reached 27.5 billion yuan, a 9.1% increase year-on-year, contributing to a total revenue of 394.3 billion yuan, up 0.6% [4]. - China Mobile achieved a revenue of 794.7 billion yuan, a 0.4% increase, with a net profit of 115.4 billion yuan, up 4.0% [4].

【臻选回顾】 1月25日提示《机器人概念+存储芯片+算力+专精特新！公司控股子公司签订13.11亿元半导体测试 设备销售合同》，精智达26日、27日、28日分别上涨1.34%、10.39%、2.65%，3个交易日累计涨 幅接近15%；1月25日提示《存储芯片+数据中心+阿里巴巴概念！公司已取得SK海力士、MTK的代 理权以及AMD的经销商资质，2025年净利同比预增82%-135%》，香农芯创26日、27日、28日分 别上涨3.14%、2.36%、5.00%，3个交易日累计涨幅10.85%；1月26日提示《黄金+铜+有色金属 +小金属+央国企改革！国际金价续创新高，公司拟280亿元巨资拿下国际金矿资源》紫金矿业27 日、28日、29日分别上涨2.81%、4.16%、2.72%，3个交易日累计上涨10%。 面对每晚海量的公告无从下手？《公告臻选》助你高效决策！专业筛选每晚最重要的关键公告，提供通 俗易懂的深度解读，揭示复杂术语背后的投资机会。助你10分钟掌握市场全貌，决胜开盘之前。 前言 ②存储芯片+算力+卫星导航+阿里巴巴概念+专精特新！公司拟定增募资不超9.7亿元，用于集成电路 测试等项目； ③液冷服务器+ ...

Investment Rating - The report maintains a "Buy" rating for key companies in the sector, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, among others [11]. Core Insights - The transition to the "Agent" era is accelerating, with AI agents like Clawdbot and Claude Excel evolving from simple conversational tools to essential productivity tools, significantly increasing demand for cloud computing resources [1][20]. - The AI application landscape is fundamentally shifting from simple interactions to deep integration into work processes, marking a new paradigm where AI becomes a core executor in workflows [2][21]. - The emergence of AI agents is driving a qualitative change in underlying computing power demand, as these agents transition from auxiliary tools to autonomous entities [3][22]. - The competition for computing power is intensifying, with rising cloud service prices and continuous growth in capital expenditures (capex) from cloud providers, highlighting the increasing importance of scarce computing resources [4][23]. Summary by Sections Investment Strategy - The report suggests focusing on the computing power sector, particularly in optical communications, with recommended companies including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [14]. - It also highlights the importance of liquid cooling and edge computing platforms, recommending companies like Yingweike and Meige Intelligent [14]. Market Review - The communication sector has seen an increase, with optical communications performing particularly well, as evidenced by significant stock price increases for companies like Tianfu Communication and Zhongji Xuchuang [16][17]. Computing Power Demand - The report emphasizes that the new operational modes of AI agents lead to a dramatic increase in token consumption, necessitating high concurrency and continuous online capabilities from computing services [5][25]. - Major cloud providers like Google Cloud and Amazon AWS have announced price increases for their services, indicating a shift from a long-term trend of decreasing prices [10][23]. Key Companies and Performance - Zhongji Xuchuang and Xinyi Sheng have shown strong growth, with Zhongji Xuchuang maintaining its leading position in the industry [25]. - The report recommends monitoring the performance of companies involved in the computing power supply chain, including those in optical modules and liquid cooling sectors [25].

中际旭创在此前接受调研时表示，从产品角度来看，2025年一季度起800G订单需求持续释放，三季度 重点客户开始部署1.6T并持续增加订单，预计2026年-2027年其他重点客户也将大规模部署1.6T。随着 算力和AI数据中心硬件需求的增长，行业需求呈现高景气度，2026年大客户需求指引明确，公司将全 力准备、把握产业机会，推动营收与利润规模再上台阶。 同时，中际旭创在报告期内确认投资收益及公允价值变动损益，带来归母净利润增加约2.96亿元，其中 约4800万元投资收益计入非经常性损益事项。 中证报中证网讯(记者孟培嘉)中际旭创（300308）1月30日晚披露的2025年度业绩预告显示，公司2025 年预计实现归母净利润98亿元至118亿元，同比增长89.50%至128.17%；扣非净利润预计为97亿元至117 亿元，同比增长91.38%至130.84%；扣除股权激励费用前，光模块业务实现合并净利润约108亿元至131 亿元，同比增长90.81%至131.44%。 对于业绩变动原因，中际旭创表示，报告期内，受益于终端客户对算力基础设施的强劲投入，公司产品 出货较快增长，其中高速光模块占比持续提高，且随着产品方案 ...

Core Viewpoint - The collaboration between Nvidia and OpenAI, initially announced as a $100 billion partnership, is now stalled, revealing significant differences in risk assessment and business strategy between the two companies [4][5][7]. Group 1: Partnership Background - Nvidia and OpenAI announced a partnership in September last year, with Nvidia committing up to $100 billion to support OpenAI in building a data center with at least 10 gigawatts of computing power [5][9]. - The initial announcement led to a surge in Nvidia's stock price, with its market value approaching $4.5 trillion [9]. - However, negotiations have not progressed, and internal doubts at Nvidia regarding the scale and risks of the investment have emerged [10][12]. Group 2: Reasons for Nvidia's Hesitation - OpenAI has been aggressively seeking computing power for its next-generation models and a potential IPO by the end of 2026, but the stalled agreement poses a direct setback to these efforts [14]. - Increased competition from Google's Gemini and Anthropic's Claude series has raised concerns about OpenAI's market position, prompting Nvidia to reconsider its investment strategy [14][15]. - Nvidia's shift from a $100 billion commitment to a potential equity investment reflects a desire to maintain influence while managing risk [15]. Group 3: Industry Implications - The stagnation of this deal indicates a shift in the AI industry from rapid expansion to a more cautious and calculated approach [17][24]. - There is growing skepticism about the effectiveness of massive investments in computing power, with questions about the actual returns and commercial viability of such commitments [18][22]. - The trend of diversifying investments and risk management is accelerating, as companies like Nvidia invest in multiple AI players while OpenAI seeks funding from various sources [21][23].

最近中国发布的2025年用电量规模，引起许多外媒关注。中国全年突破10万亿千瓦时的用电量，已经达 到了美国的两倍多，更比欧盟、俄罗斯、印度、日本全年用电量的总和还要多。 美国彭博社注意到，中国截至2025年底达到了38.9亿千瓦的全国累计发电装机容量，而2025年一年新增 的发电装机容量达5.43亿千瓦。 什么概念？中国一年新增的5.43亿千瓦装机容量，不仅比印度截至2024年底全国累计的装机容量还要 多，而且也远超德国、日本等经济体截至同期的累计装机容量。 彭博社还把中国2022年到2025年这4年新增的发电装机容量，也作为一个指标列了出来——这4年中国新 增装机容量高达15.15亿千瓦，超过了美国截至2024年底的全国累计装机容量。而且，近些年中国新增 的装机容量中，光伏太阳能和风能等绿色能源占了绝对大头。 有人说"人工智能的尽头是算力，算力的尽头是电力"，从中国电力的迅猛发展中，我们看到了中国坚实 向前的底气与动力。 01:18 这还没完，国家能源局1月28日公布的中国2025年新增发电装机容量，以及全国累计发电装机容量，又 再一次让美国媒体发出了惊叹。 ...

Core Viewpoint - The report from CITIC Securities highlights a strong demand for inference and training computing power overseas, leading to price increases from both Amazon Cloud and Google Cloud [1] Group 1: Inference Demand - The launch of Agent products like MoltBot and Claude Code has significantly increased the demand for cloud computing resources [1] - Token call volume has been experiencing rapid growth for 2-3 consecutive weeks since early 2026 [1] Group 2: Training Demand - Models such as Grok-5 and Veo4 are continuously iterating, with the industry exploring scaling limits to support training computing power demand [1] Group 3: Future Outlook - Although large-scale commercialization of AI applications remains uncertain, the next 3-6 months are expected to see intensified AI application deployment on the inference side, coupled with ongoing model iterations on the training side [1] - CITIC Securities predicts that computing power demand is likely to rise further, and confirmation of this demand during the U.S. earnings season could alleviate previous concerns about a "computing power bubble" affecting sentiment and valuations in the sector [1] - The computing power industry chain may enter a new phase of growth [1]

【文/观察者网专栏作者 心智观察所】 在瑞士达沃斯的世界经济论坛上，特朗普抛出了一个看似简单却颇具嘲讽意味的问题：中国制造了几乎 所有的风力发电机，可他在中国却找不到任何风力发电场。他还不忘补上一句，称"中国非常聪明，他 们生产风力发电机，然后以高价出售。他们把这些发电机卖给那些愚蠢的买家，但他们自己却不用"。 这番言论在社交媒体上引发了不小的波澜，但如果我们只把它当作又一次政治口水战的素材，那就真正 错失了这场争论背后更深层的故事——一个关于能源、基建、算力，以及大国竞争的故事。 事实上，特朗普的这番"找不到风电场"的说辞，要么是故意的误导，要么是对中国能源转型的严重信息 滞后。截至2025年11月底，中国的风电装机容量已经超过6亿千瓦，相当于600吉瓦。这个数字意味着什 么？它意味着中国的风电装机规模已经连续15年稳居世界第一，相当于大约600座核电机组的发电能 力。 从内蒙古苏尼特石旗那片一望无际的草原上竖立的千兆瓦级风储项目，到江苏盐城海域那些随波起伏的 850兆瓦海上风电阵列，再到广东阳江沙扒那座国内首个百万千瓦级海上风电场——这些巨型工程正在 改写着中国的能源版图。说中国没有风电场，就像说美国没有 ...