国联民生（601456）证券发布研报称，算力产业是科技之基，该行长期看好、深度跟踪。在当前市场对 远期增量仍有所担忧之际，该行建议积极寻找价值量扩张、资本开支增量倾斜的细分赛道，主线延 续"速率+功率"。同时重点关注国产算力、半导体设备、存储、AI终端的投资机遇。 2)功率：单卡和机柜功率密度持续提升，对电力架构提出了新的要求，也使得液冷成为数据中心的标 配。 国产算力方面：25年破局，26年有望高速成长 需求侧，国产大模型加速追赶，云厂商资本开支展望积极;供给侧、国产先进制程从单点突破走向多点 开花。行业供需两强之下，国产算力厂商迎破局元年。 该行认为，26年要重点观察CSP及大模型厂商的商业闭环节奏，从而把握整体行业β。同时，积极找寻 价值量扩张、资本开支增量倾斜的细分赛道，主线延续"速率+功率"。 从资本开支到ROI测算，解读算力核心变量。该行认为，算力需求主要看Tokens数+Capex。其中， Token数(包括日活等)主要反映实时的算力需求，而Capex则反映云厂商的未来算力预期。部分商业闭环 良好的云厂商，如谷歌等，已形成"开支→算力→Token→收入→再开支"正循环。该行主要测算了各大 云厂商 ...

Group 1 - The core viewpoint of the news highlights significant projected profit increases for various companies in 2025, driven by rising production and sales in precious metals and advancements in technology sectors [1][3]. Group 2 - Xiaocheng Technology anticipates a net profit increase of 93%-179% year-on-year in 2025, with growth in gold production, sales, and international gold prices [1]. - Hunan Silver expects a net profit increase of 67.88%-126.78% in 2025, supported by rising silver and gold production and sales [3]. - Industrial Fulian projects a 56%-63% year-on-year increase in net profit for Q4 2025, with AI server revenue growth exceeding 50% quarter-on-quarter and over 5.5 times year-on-year [3]. - Keda Xunfei forecasts a net profit increase of 40%-70% in 2025, benefiting from the scaling of artificial intelligence applications [3]. - Albitex anticipates a net profit increase of 100.96% in 2025, primarily due to its focus on aerospace and expansion into the civilian market [3]. - Companies like Hainan Mining and Meixin Sheng are also making strategic acquisitions and investments to enhance their market positions [3].

Core Insights - The report emphasizes the importance of "speed + power" as the core contradiction in the future development of the AI industry, highlighting significant market movements in both speed and power sectors over the past year [1][9] - For 2026, the focus should be on observing the commercial closure rhythms of CSPs and large model vendors to grasp the overall industry beta, while actively seeking value expansion and capital expenditure shifts in specific segments [1][10] - The report suggests that capital expenditure (Capex) and return on investment (ROI) are critical variables in understanding computing power demand, which is primarily driven by token counts and Capex [1][10] Investment Strategy - The computing power industry is viewed as the foundation of technology, with a long-term positive outlook. The report recommends actively seeking value expansion and capital expenditure shifts in specific segments, maintaining the focus on "speed + power" [3][12] - Key areas of investment include domestic computing power, semiconductor equipment, storage, and AI terminals [3][12] Capital Expenditure Analysis - Major cloud service providers (CSPs) have significantly increased their capital expenditures, with the top five CSPs' combined Capex reaching $308.1 billion in Q3 2025, a 75% year-on-year increase [24][27] - Google, Microsoft, Amazon, Meta, and Oracle are leading this trend, with Google and Microsoft showing particularly aggressive Capex growth to support AI infrastructure [27][28] - The report highlights that Google’s Capex for 2024 is projected to be $52.5 billion, a 63% increase year-on-year, while Microsoft’s Capex is expected to reach $75.6 billion, an 84% increase [27][28] AI Model and Chip Development - The report discusses the rapid iteration of Google's Gemini model family, which has introduced significant advancements in AI capabilities, including multi-modal understanding and enhanced reasoning abilities [36][41] - NVIDIA is identified as a key player in the computing power landscape, with its customer base including CSPs, large model vendors, and government clients, driving substantial revenue growth [24][30] - The report notes that the demand for AI chips is expected to grow, with companies like OpenAI forming strategic partnerships with major chip manufacturers to enhance their infrastructure [62][63] Domestic Computing Power Growth - The report anticipates a breakthrough year for domestic computing power in 2026, driven by the acceleration of domestic large models and positive capital expenditure outlook from cloud vendors [2][6] - The supply side is expected to transition from single-point breakthroughs to multi-point developments, indicating a robust growth trajectory for domestic computing power vendors [2][6] Semiconductor and Storage Opportunities - The semiconductor sector is highlighted as benefiting from an AI-driven storage supercycle, with equipment manufacturers poised to gain from original factory expansions [2][8] - The report emphasizes the importance of AI in driving growth in the storage industry, predicting rapid expansion in this sector [2][8]

报告期内，公司整体经营主要受行业环境变化、市场竞争加剧、人工成本上升、外部冲击及战略投入等 多重因素影响。全国通信及信息化行业正处于结构性调整的深化阶段，行业发展重心由传统基础建设逐 步转向算力、AI 大模型等新兴前沿方向，伴随行业转型，市场竞争持续加剧，整体盈利空间阶段性承 压。同时，人员成本也随着客户转型的需求刚性增长。公司以通信设计、工程服务为代表的传统业务受 到了一定影响。海外业务因项目单价下降、工作量增加、自然灾害、汇率波动及当地用工政策调整等多 重外部因素冲击造成亏损。此外，公司为推进业务转型持续投入研发，短期内影响整体利润，且根据会 计准则计提相应资产减值准备，综合致使本期利润同比减少。 格隆汇1月28日丨吉大通信(300597.SZ)公布，预计2025年归属于上市公司股东的净利润-8,920万元 ～-5,960万元，扣除非经常性损益后的净利润-9,220万元～-6,260万元。 ...

Core Viewpoint - The company, Zhaolong Interconnect (300913.SZ), expects a significant increase in net profit for 2025, driven by the growth in digitalization and artificial intelligence technology, as well as the rising demand for computing power [1] Financial Performance - The projected net profit attributable to shareholders for 2025 is between 215 million and 238 million yuan, representing a year-on-year growth of 40.51% to 55.54% [1] - The net profit after deducting non-recurring gains and losses is expected to be between 210 million and 233 million yuan, indicating a substantial increase of 90.93% to 111.84% compared to the previous year [1] Industry Trends - The company benefits from the rapid growth in demand for data transmission and connectivity, fueled by global digitalization and advancements in artificial intelligence [1] - The company is actively increasing its investment in technological innovation and product research and development to seize industry opportunities [1] Business Development - The sales revenue from 6A and above data cables, specialized cables, and connection products is expected to grow steadily in 2025, with continuous optimization of product structure enhancing overall profitability [1] - The company is focused on expanding its high-quality customer base both domestically and internationally, deepening strategic partnerships to achieve stable growth in its main business [1]

河北是农业大省，算力赋能也为乡村振兴注入了科技动能。河北省政协委员、中国农业大学涿州教学实 验场场长段刘伟说，依托算力资源，目前已开发奶牛方面的"孺子牛大模型"、数字渔业方面的"范蠡大 模型"，下一步将围绕智能育种，研发更丰富的模型。 河北省人大代表、中国移动通信集团河北有限公司董事长秦红军说，聚焦增强通信算力智能服务的全栈 供给，目前已构建覆盖数据、生产、生活、治理的智能服务体系。如参建的雄安新区低空经济运营平 台，涵盖了30多个城市治理的场景；参与开发的"肿瘤病理诊断大模型"，诊断准确率超过95%；参与开 发的河北省民政智能体，使民众办事平均时长缩短了40%；参建的食品安全监管平台，纳管了餐饮单位 超过6万家。 综合算力指数全国第一 河北用算力赋能千行百业 中新社石家庄1月28日电 (记者 陈林 艾广德)算力是数字经济发展的"底座"，河北的综合算力指数连续两 年位居全国第一。2026年河北两会，中新社记者专访多位代表、委员，了解该省如何用算力赋能千行百 业。 河北是中国第一钢铁大省，产能约占全国五分之一。河北省政协委员、河北东海特钢集团有限公司总工 程师杨晓江说，河北钢铁产能全国第一，综合算力指数也是全国 ...

每经AI快讯，1月28日，兆龙互连（300913）(300913.SZ)公告称，预计2025年归属于上市公司股东的净 利润为2.15亿元~2.38亿元，比上年同期增长40.51%~55.54%。受益于全球数字化、人工智能发展及算力 需求提升，公司紧抓机遇加大研发与客户拓展，6A及以上数据线缆、专用电缆及连接产品收入增长， 产品结构优化，盈利水平提升。 ...

Core Viewpoint - The company, Jida Communication, is forecasting a significant net loss for the year 2025, attributed to structural adjustments in the industry and concentrated strategic investments [1] Group 1: Financial Performance - The expected net profit attributable to shareholders for 2025 is projected to be between -89.2 million and -59.6 million [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between -92.2 million and -62.6 million [1] Group 2: Industry Challenges - The company's main business is impacted by structural adjustments in the industry, increased labor costs, intensified market competition, and external shocks [1] - The telecommunications and information industry is undergoing a deep structural adjustment, shifting focus from traditional infrastructure to emerging areas like computing power and AI models, which is compressing overall profit margins [1] Group 3: Strategic Investments - The company is actively pursuing a strategic upgrade of its business structure, focusing on energy digitalization services and "AI + livelihood" sectors, which are currently in the early stages of investment [1] - Significant resources are being allocated to business preparation, infrastructure, and operational support, resulting in short-term costs without substantial revenue generation [1] - These forward-looking investments are expected to lay a solid foundation for long-term competitive advantages and sustainable growth, aligning with the company's long-term strategic development path [1]

Core Insights - The AI industry is entering a period of comprehensive explosion driven by both computing power and application development [1][2] Group 1: Computing Power - According to Cignal AI, the revenue of the optical module market is expected to exceed $18 billion by 2025, driven by the construction of data centers and transmission networks fueled by AI [2][14] - The demand for AI computing power is anticipated to continuously drive the performance of optical modules [2][14] Group 2: AI Applications - Alibaba's flagship reasoning model Qwen3-Max-Thinking was officially launched on January 26, 2026, and its comprehensive performance is comparable to GPT-5.2 and Gemini3Pro, making it one of the closest domestic models to international top levels [2][14] - The trend of accelerating AI application deployment is expected to continue [2][14] Group 3: Investment Performance - The ChiNext AI Index has significantly outperformed its peers, with a cumulative increase of 322.31% since the beginning of 2023, compared to other AI indices which saw increases of 258.76%, 133.08%, 124.73%, and 121.87% [4][19][20] - The ChiNext AI Index's performance is indicative of strong market interest and investment in AI-related sectors [4][19] Group 4: Index Composition - The ChiNext AI Index allocates approximately 60% of its portfolio to computing power (including optical modules and IDC data centers) and 40% to AI applications, emphasizing both core computing power and significant AI application representation [8][19] - The index focuses on the upstream segment of the AI industry chain, particularly in advantageous areas such as CPO optical modules and IDC data centers, with over 44% allocation to CPO optical modules [8]

Group 1 - The core viewpoint emphasizes that computing power remains the most important theme for the year, with AI-driven applications penetrating the edge [1] - "Hard technology" is performing prominently under the influence of AI, with sectors such as domestic computing power, AI-PCB, AIDC supporting facilities, and AI edge SoC design/testing expected to show rapid growth in 2024 and maintain high growth in Q1-Q3 of 2025 [1] - The demand for AI is driving technological upgrades in optical modules and expanding market size, with the development of AI data centers accelerating the advancement and application of high-speed optical modules, making the upgrade from 800G to 1.6T a mainstream trend [1] Group 2 - The demand for liquid cooling solutions is rapidly increasing due to the continuous rise in power density, while the surge in data volume driven by AI is also boosting the demand for data centers [1] - The valuation system of the technology industry is expected to be restructured under the context of major power competition, with the valuation center of the technology sector, represented by the electronics industry, likely to rise further [1] Group 3 - The ChiNext AI ETF Guotai (159388) tracks the ChiNext AI Index (970070), which has a daily price fluctuation limit of 20% [2] - This index selects listed companies in the ChiNext market whose main business involves the AI field, reflecting the overall performance of AI-related listed company securities [2] - The index focuses on the development trends of the AI industry, covering subfields such as machine learning, smart hardware, and data processing, characterized by high growth and innovation [2]