每经AI快讯，有投资者在投资者互动平台提问：请问公司在算力领域是否有布局？公司以及子公司或 者是参股公司有没有涉及到远程办公相关的业务？公司在人工智能领域涉及到哪些方面？ （文章来源：每日经济新闻） 宜通世纪（300310.SZ）12月22日在投资者互动平台表示，1、公司密切关注算力领域发展机遇并择机布 局，2025年6月26日，公司的控股子公司宜通世纪数字科技（上海）有限公司成立，该子公司将主要开 展AI算力基础设施融合服务及AI算力运营服务。2、公司目前未涉及远程办公的业务。3、公司下属公 司在人工智能领域主要有二类应用：其一、AI+物联网，自研AIOT智能感知平台+基于AIOT的AI硬 件，打造端云协同数字化底座，该底座可广泛应用于工业制造数智化改造，亦可快速搭建基于物联的运 营场景，目前已经在能源、教育、农业、法务等行业有少量应用；其二、将AI应用于通信行业智能运 维，如用低空无人机智能巡检基站、铁塔等。请注意投资风险。 ...

Group 1 - The core viewpoint of the news highlights a significant rise in the optical module sector, with major companies like Zhongji Xuchuang and Xinyi Sheng experiencing substantial stock price increases of 5.3% and 4.5% respectively [1] - The recent listings of domestic high-performance GPU companies, such as Moer Thread and Muxi Co., have positively impacted the optical module market, as these GPUs are essential for AI training and inference, necessitating high bandwidth for data center interconnections [1] - Looking ahead to 2026, there is an expectation of a new phase in overseas computing power, with continued investment in computing infrastructure and a potential increase in growth rates for optical modules and related supply chains [1] Group 2 - The first entrepreneurial board AI ETF (159363) has a significant focus on leading optical module companies, with over 56% of its holdings in this sector, and more than 70% of its portfolio allocated to computing power [2] - The entrepreneurial board AI ETF (159363) has a current scale exceeding 3.6 billion, with an average daily trading volume of over 600 million in the past month, ranking first among seven ETFs tracking the entrepreneurial board AI index [2]

Group 1 - The U.S. Federal Trade Commission (FTC) has approved a $5 billion collaboration agreement between AI chip giants Nvidia and Intel [1][3] - Nvidia will purchase Intel shares at $23.28 per share to jointly develop AI and chip technologies for next-generation personal computing products and data centers [3] - This partnership aims to integrate Nvidia's GPU technology with Intel's CPU technology, enhancing their competitive position against rivals like TSMC and AMD [3] Group 2 - The communication ETF (515880) has seen significant inflows, with over 1.2 billion yuan net inflow in the past five days, and has risen over 120% year-to-date, making it the top-performing ETF in the market [1][10] - The ETF has a total scale exceeding 13 billion yuan, with nearly 50% of its holdings in optical modules, and over 20% in servers, indicating a strong focus on AI-related infrastructure [10][11] - The demand for AI applications is leading to cost savings of 9% to 11% across various industries, although it may also result in job reductions for certain workers [4]

Core Insights - The optical module industry is experiencing a "volume and price increase" development phase due to multiple factors on both supply and demand sides [3] - The leading companies in the optical module sector are actively expanding production to meet the growing demand driven by robust capital expenditure from global cloud providers [3] - The A-share optical module manufacturers are expected to benefit from the ongoing growth in computing power investments and technological advancements [3] Market Performance - On the morning of the 22nd, the optical module CPO remained active, with the ChiNext AI index rising over 2%, led by Changxin Bochuang with a gain of over 12% [1] - The largest and most liquid ChiNext AI ETF (159363) opened high and rose nearly 3%, approaching historical highs with real-time transaction volume exceeding 150 million yuan [1] Investment Opportunities - The first ChiNext AI ETF (159363) is recommended for investment, focusing on leading optical module companies, with over 56% of its holdings in optical modules [4] - The ETF has a significant allocation of over 70% in computing power and over 20% in AI applications, effectively capturing the AI thematic market [4] - As of December 18, the ChiNext AI ETF Huabao (159363) had a scale exceeding 3.7 billion yuan, ranking first among seven ETFs tracking the ChiNext AI index [4]

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！ 22日早盘，光模块CPO继续活跃，重仓光模块的创业板人工智能涨超2%。其中，长芯博创领涨超 12%，中际旭创涨超5%，新易盛涨超4%再创新高，太辰光、金信诺、锐捷网络、光库科技等多股跟涨 超2%。 热门ETF方面，同类规模最大、流动性最佳的创业板人工智能ETF（159363）高开高走，现场内价格涨 近3%，逼近历史高点，实时成交额超1.5亿元。 供需两端多重因素共振，光模块行业正迎来"量价齐增"发展局面。 国盛证券表示，需求侧，全球云厂 商资本开支持续上修，算力建设需求旺盛；供给侧，技术迭代加速，头部厂商积极扩产满足增长需求。 随着全球算力投资规模不断扩大、技术迭代持续加速，光通信产业链将维持高景气度。 高盛发布2026年全球股市展望称，当前科技板块的主导地位并非由AI单一因素驱动，而是始于金融危 机后，由持续的盈利增长支撑，且当前估值并未达到历史泡沫水平。 2026年，AI红利将进一步扩散， 受益范围从核心科技巨头延伸至更广泛的行业与企业，尤其是那些能利用AI及相关技术提升利润率和 生产力的企业。 展望2026年，算力依然是科技方向最 ...

资料来源：聚源，中原证券研究所 -11% -5% 1% 7% 13% 18% 24% 30% 2024.12 2025.04 2025.08 2025.12 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,890.45 | 0.36 | | 深证成指 | | 13,140.21 | 0.66 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,568.18 | 0.34 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,425.80 | 0.35 | | 中证 | 500 | 7,169.55 | 0.97 | | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | 2000 | 7,801.23 | 0.58 | | 资料来源：聚源，中原证券研 ...

Market Overview - Technology stocks supported the market, with major U.S. indices continuing to rise despite the "Triple Witching" day volatility, with the Nasdaq gaining over 1% in two days [2] - Oracle surged 6.6% following news of a TikTok agreement, boosting AI and semiconductor stocks, with the semiconductor index rising 3% [2] - European stocks hit record highs after the ECB raised economic forecasts, while global bond markets fell following the Bank of Japan's interest rate hike [2] - The dollar index rose for three consecutive days, while the offshore yuan retreated from a 14-month high [2] Company News - ByteDance's profit is reportedly expected to reach $50 billion this year, although insiders claim this data is inaccurate [26] - Wall Street is closely watching the competition for the Federal Reserve chair, with Waller performing well in interviews and gaining support from corporate executives [19] - Wall Street analysts are optimistic about the upcoming IPOs of AI companies, with Zhipu AI and MiniMax disclosing their prospectuses [27][34] - The GPU company Wallen Technology is set to go public in Hong Kong, with a maximum offer price of HKD 19.60 per share [27] Industry Developments - The new generation GPU architecture "Huagang" by Moore Threads is set to improve efficiency by 10 times, with mass production expected next year [26] - The global first commercial supercritical carbon dioxide power generation unit has been successfully put into operation, marking a significant technological breakthrough [43] - ByteDance is advancing partnerships with hardware manufacturers like Vivo and Lenovo to develop AI smartphones, aiming to gain user entry points [44] - The Shanghai Jiao Tong University has achieved a breakthrough in optical computing chips, which could significantly enhance AI computational capabilities [43]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The electronic industry index decreased by 3.02% during the week of December 15-19, 2025, with semiconductor and consumer electronics sectors experiencing declines of 3.26% and 4.12%, respectively [3] - The storage sector showed resilience, with significant gains in major companies such as Micron and SanDisk, indicating a strong performance amidst overall market fluctuations [3][4] - The report highlights the ongoing updates in AI models and the sustained high demand in the storage sector, suggesting a positive outlook for companies involved in AI computing and storage solutions [4][6] Market Review - The U.S. tech sector rebounded after a significant drop, while the A-share electronic sector faced a general decline [3] - Notable performances included Nvidia rising by 3.41%, Tesla by 4.85%, and Micron by 10.28%, while Apple and Google saw slight declines [3] Industry Updates - Multiple significant AI model updates were released, with companies like Xiaomi and Google launching advanced models that enhance performance and efficiency [4] - Apple is collaborating with Broadcom to develop an AI inference chip, expected to enter mass production in 2026 [5] Storage Sector Insights - Storage prices are continuing to rise, impacting downstream terminal pricing, with Dell planning to increase commercial PC prices by 10% to 30% [6] - Micron's FY26Q1 revenue reached $13.64 billion, a year-over-year increase of 57%, with guidance for FY26Q2 revenue also exceeding market expectations [6] Investment Recommendations - The report suggests focusing on high-growth sectors such as storage and AI computing, as well as the end-side AI sector, which is expected to maintain strong demand [7] - Beneficiary companies include North Huachuang, Tuojing Technology, and others involved in the AI and storage sectors [7]

Investment Rating - The report maintains a "Buy" rating for key companies in the liquid cooling industry, including Zhongji Xuchuang, Xinyi Sheng, and Yingweike, among others [10]. Core Insights - The liquid cooling industry is transitioning from a phase driven by expectations to one focused on performance realization, marked by the mass production of NVIDIA's GB300 and the upcoming Vera Rubin platform [1][19]. - The market is expected to see a significant shift as high-power cabinets (100kW+) become the norm, with major companies like AWS and Meta adopting liquid cooling solutions for their self-developed ASICs starting in 2026 [2][20]. - The competitive landscape is evolving from component-level competition to a focus on comprehensive system capabilities, emphasizing the importance of integrated thermal management systems [3][21]. Summary by Sections Investment Strategy - The report suggests focusing on the computing power sector, particularly in optical communication and liquid cooling, highlighting companies like Zhongji Xuchuang and Yingweike as key players [24][13]. Industry Trends - The liquid cooling industry is entering a second development phase characterized by confirmed orders and capacity realization, with a strong emphasis on system integration and operational capabilities [6][22]. - The competitive focus has shifted to complete thermal management systems, increasing customer reliance on solution providers [3][21]. Key Companies and Recommendations - Recommended companies include Zhongji Xuchuang, Xinyi Sheng, and Yingweike, which are positioned to benefit from the industry's growth and the shift towards liquid cooling solutions [10][24]. - The report also highlights the importance of upstream and downstream partnerships within the liquid cooling supply chain, indicating a trend towards comprehensive solutions rather than standalone components [23][24].

Core Insights - The article highlights the significant rise of China's computing power sector, marked by the recent IPOs of companies like Moore Threads and Muxi, which have collectively reached a market value exceeding 1.6 trillion yuan [1][3] - Lenovo Ventures has emerged as a key player in this sector, successfully investing in four major companies: Cambricon, Haiguang Information, Moore Threads, and Muxi, showcasing its strategic foresight in the computing power landscape [3][4] Investment Strategy - Lenovo Ventures began its investment journey in the computing power sector in 2017, focusing on AI computing as a critical component of future technological advancements, despite the sector being largely overlooked at the time [4][5] - The firm has a systematic approach to investment, conducting in-depth research annually to identify emerging trends and opportunities in the industry [7][8] Notable Investments - Cambricon, a pioneer in AI-specific chip design, has seen its market value soar to over 600 billion yuan, validating Lenovo Ventures' early investment decision [4][5] - Haiguang Information, recognized for its capabilities in high-end CPU and GPU development, has also experienced significant growth, with its stock price increasing over sevenfold since its IPO [5][6] - Moore Threads and Muxi were identified and invested in during their early stages, reflecting Lenovo Ventures' commitment to supporting domestic GPU development [5][7] Ecosystem Development - Lenovo Ventures has created a complementary ecosystem among its portfolio companies, enhancing their market validation and operational efficiency through collaboration with Lenovo Group [10][11] - The firm emphasizes the importance of synergy between its investments and Lenovo's core business, aiming to integrate innovative technologies into its product offerings [10][12] Future Outlook - Lenovo Ventures is focused on disruptive computing architectures, including technologies like quantum computing and RISC-V, positioning itself to capitalize on the next wave of technological advancements [11][12] - The firm aims to remain at the forefront of the computing revolution, recognizing the evolving nature of computing and its implications for various industries [11][13]