开年以来，春季躁动持续演绎，科技与资源品双主线同步强势。尽管近期市场回调蓄力，以AI为代表 的科技成长方向，由于长期产业逻辑坚实，仍是市场不可忽视的热点。恰逢长城基金旗下产品2025年四 季度报告悉数披露，一同围观下长城"科技+"领域基金经理们的最新研判~ 陈良栋：关注基础化工、电子设备 2025年四季度中国宏观经济总体平稳，出口保持超强韧性，成为中国转型升级过程中的重要支撑点，但 是宏观经济修复力度环比走弱，PPI和CPI同比数据代表企业盈利仍有压力，预计政府会持续推出政策来 稳住宏观经济大盘，通过时间换空间，结构升级来带动整体优化发展。另外中美关系持续缓和，市场流 动性偏宽松，市场对中国发展信心增强，风险偏好持续提升。在前三季度市场明显的分化行情之后，四 季度市场预期比较稳定，因此市场结构分化程度有所缩小，市场在均衡过程中等新的基本面和预期变 化。期间，本基金重点关注基础化工和电力设备行业等方向。（长城产业臻选2025年四季报） 储雯玉：AI硬件产业链前景可期 报告期内，本基金紧跟产业链趋势，围绕AI主线进行布局，尽管2025年四季度科技板块整体表现不 佳，我们仍通过板块间的轮动努力控制回撤。往后展望，随 ...

Market Overview - On January 27, the Shanghai Composite Index rose by 0.18%, the Shenzhen Component Index increased by 0.09%, and the ChiNext Index gained 0.71%. The total market turnover was 2.92 trillion yuan, a decrease of 359.2 billion yuan compared to the previous trading day, with over 3,400 stocks declining [1] - Key sectors that performed well included precious metals, cultivated diamonds, photovoltaic equipment, insurance, and CPO [1] Individual Stocks Performance - In the precious metals sector, silver stocks saw significant gains with multiple stocks hitting consecutive trading limits, including Baiyin Youse with six consecutive limits, Sichuan Gold with five limits in nine days, and Zhao Jin Gold with four limits in seven days [3] - The top three net buying stocks on the Dragon and Tiger list were Pingtan Development, Dongxin Co., and Huatiankeji, with net purchases of 9.31 billion yuan, 7.82 billion yuan, and 6.14 billion yuan respectively [4] - The top three net selling stocks were China Uranium Industry, Dongfang Risen, and Hongbaoli, with net sales of 4.38 billion yuan, 3.94 billion yuan, and 2.52 billion yuan respectively [5] Company Highlights - **Pingtan Development**: The company is located in the Pingtan Comprehensive Experimental Zone, which has been elevated to a national strategic development platform. It has established a "forest board integration" industrial chain with an annual production capacity exceeding 500,000 cubic meters [6] - **Dongxin Co.**: The company expects a revenue of approximately 921 million yuan in 2025, a year-on-year increase of 43.75%. The storage segment has become profitable due to the recovery of prices for AI-driven small-capacity storage chips [7] - **Huatiankeji**: The company is in the process of acquiring 100% of Huayi Microelectronics, which is a leading power device company in Shaanxi Province. The acquisition aims to expand its power device packaging and testing business [9] - **Hongjing Technology**: The company plans to raise 1.29 billion yuan for the construction and operation of an intelligent computing cluster project, which will add approximately 3,000P of computing power [10] Trading Dynamics - **Hongjing Technology**: Closed at 98.1 yuan with a 20% increase, showing a significant trading volume of 27.87 billion yuan and a net institutional purchase of 2.31 billion yuan [11] - **Xiaocheng Technology**: Closed at 58.83 yuan with an 11.21% increase, with a trading volume of 44.63 billion yuan and a net institutional purchase of 1.42 billion yuan [11] - **Zhaojin Gold**: Closed at 23.57 yuan with a 9.99% increase, with a trading volume of 30.25 billion yuan and a net institutional purchase of 1.23 billion yuan [11] Institutional Activity - The Dragon and Tiger list showed that Dongxin Co. had the highest net buying amount among stocks involved with the Shanghai Stock Connect, totaling 4.62 billion yuan [15] - For the Shenzhen Stock Connect, Sidik had the highest net buying amount at 1.76 billion yuan [16] - Various trading strategies were observed, with significant net buying in stocks like Huatiankeji and Pingtan Development by different trading groups [17]

华见早安之声 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 科技巨头财报前标普500五连阳、收创最高纪录，道指回落。医保巨头UnitedHealth跌近20%、领跌道指成分股。财报公布前，微软涨超2%、特斯拉跌1%； 增加240亿美元NAND制造投资的美光收涨超5%；和Meta签下光缆大单的康宁涨超15%。 美元创四年新低，跌超1%、创去年4月特朗普宣布关税以来最大四日跌幅。日元三日累计涨4%，欧元和英镑创2021年来新高，离岸人民币近三年来首次盘 中涨破6.94。比特币盘中涨超2%，重新站上8.9万美元。 美消费者信心逊色，美债收益率刷新日低。 原油反弹，受中东局势影响，尾盘一度涨超3%。黄金连续六日收创历史新高，现货黄金一度涨超3%。白银震荡。 亚洲时段，A股午后拉升，三大股指集体收涨，算力产业链爆发，恒指涨超1%，紫金黄金涨超11%，沪银逆势涨7%。 要闻 中国12月规模以上工业企业利润同比增长 5.3%，全年同比增长0.6%，实现四年来首次增长。 美国将在中东举行空军战备演习，油价盘中涨3%，现货黄金涨超2%。特朗普：若遭暗杀，将把伊朗"从地球上抹去"！ 美元跌至四年低谷，特朗普 ...

金融市场犹如变幻莫测的海洋，时刻涌动着投资与经济政策的波澜，深刻影响着全球经济的走向。在 此，喜娜AI为您呈上昨夜今晨的财经热点新闻，全方位覆盖股市动态、经济数据、企业财务状况以及 政策更新等关键领域，助您精准洞察金融世界的风云变幻，把握市场脉搏。 紫金矿业拟280亿收购海外金矿，半导体、算力等科技股强劲反弹 1月27日，A股市场探底回升，三大指数集体翻红。紫金矿业旗下控股上市公司紫金黄金国际拟280亿收 购加拿大联合黄金全部股权，若完成，其矿产金产量将大增。半导体、算力等科技股是当日亮点，存储 芯片、CPO等概念强势反弹，东芯股份等多股涨停或创新高。消息面上，阿里、天数智芯等厂商产品迭 代、涨价等事件催化板块上涨。详情>> 黄金白银刷新历史新高后巨震，投资策略需调整 近期，黄金和白银价格刷新历史高点后大幅回调。1月26日，现货白银一度涨超14%，后跳水；现货黄 金一度涨2.5%，后回落。大有期货称，贵金属市场受多因素驱动，但短期需警惕回调风险，长期与全 球宏观政策及去美元化趋势相关。有分析师认为黄金已从"避险资产"转型为"全球资产配置核心工具"， 中长期配置价值仍存。投资者需调整投资策略，警惕波动风险。详情 ...

Group 1 - The article highlights the importance of weekly announcements related to the stock market, including key events such as suspensions, investments, acquisitions, and performance reports, which are marked in red for easy identification [1] - The company is collaborating with Blue Arrow Aerospace to develop laser welding technology for large-diameter rocket engine interlayer nozzles, indicating a focus on aerospace innovation [1] - The company possesses mass production capabilities for core chips of 800G/1.6T optical modules, showcasing advancements in chip technology and commercial aerospace applications [1] - In the storage sector, the company has entered mass production of BT-type substrates for IC packaging, reflecting growth in the storage chip market [1]

Core Viewpoint - The focus of the Chengdu Municipal Political Consultative Conference is on the development of the digital economy, particularly in the areas of large models and computing power, highlighting the need for a more centralized and robust digital industry in Chengdu [1][7]. Group 1: Digital Economy and AI Applications - The construction of vertical model intelligent agents is seen as a key direction for industry development, particularly in the architectural design sector, where AI can significantly reduce costs and improve efficiency [3][4]. - The current cost of training a senior architectural designer is approximately 500,000 yuan per year, and AI systems can generate multiple design options in the same timeframe, leading to substantial cost savings [3]. - Vertical model intelligent agents require extensive training data and powerful computing resources, as they need to be deeply optimized for specific industries like architecture [4][5]. Group 2: Computing Power and Infrastructure - There is an urgent need for computing power to support the training of intelligent agents, especially as demand in vertical fields like industrial internet increases [5]. - The National Supercomputing Center in Chengdu has established a computing power system that supports over 30 fields, including AI and architectural design, since its operation began in September 2020 [5][9]. - The newly launched "Rongshu·AI Service Platform" by Chengdu Data Group is designed to provide essential computing power for training vertical model intelligent agents [5]. Group 3: Industry Structure and Talent Attraction - Chengdu's digital industry is characterized by a lack of leading enterprises, particularly those valued at over 100 billion yuan, resulting in a fragmented industry structure [7]. - To attract and retain high-quality talent, there is a call for increased investment in cultural and sports facilities in emerging areas like the Tianfu New Area, which are essential for enhancing the quality of life for residents [8]. - The development of public cultural and sports facilities is crucial for meeting the growing demand from the increasing population of young professionals in the region [8].

Core Insights - The evolution of artificial intelligence (AI) is increasingly reliant on computational power, which transcends its traditional role as a mere tool, becoming essential for the realization and development of intelligent forms [1][9] - The emergence of intelligent paradigms is fundamentally rooted in the specific "computational space-time" provided by computational power, which shapes the boundaries of intelligent possibilities [1][9] Group 1: Computational Power as the "Possibility Space" for Intelligence - The emergence of intelligence can be viewed as a complex optimization activity within a high-dimensional parameter space, where computational power defines the radius of AI's cognitive capabilities [2][10] - As parameter scales increase from millions to billions, there is not only a quantitative accumulation but also a qualitative leap in the complexity of intelligence [2][10] - Models with trillions of parameters can accommodate richer knowledge graphs and establish more complex connections between knowledge, enabling AI to exhibit remarkable creativity in reasoning processes [2][11] Group 2: The Transition of AI Learning Paradigms Driven by Computational Power - AI learning has evolved from supervised learning to self-supervised learning and then to generative learning, revealing that qualitative changes in computational supply drive transformations in learning paradigms [4][13] - The limitations of supervised learning, which requires extensive manual labeling, can hinder the speed and breadth of intelligent development, while self-supervised learning allows systems to autonomously discover patterns in vast amounts of unlabeled data [4][13] - Breakthroughs in generative AI, such as diffusion models and generative adversarial networks, rely on modeling high-dimensional data distributions, necessitating substantial computational resources for iterative generation and discrimination [4][13] Group 3: The "Co-evolution" of Computational Power and Algorithms - The history of intelligent development is characterized by the mutual adaptation and co-evolution of algorithms and computational power, continuously driving technological advancement [7][16] - Innovations in computational architecture influence algorithm design, as seen with the rise of the Transformer architecture due to the effective utilization of GPU parallel computing [7][16] - The demand for algorithms also propels innovations in computational architecture, leading to the development of AI acceleration chips and high-bandwidth memory technologies [7][16] Group 4: Future "Ecological Evolution" - The deep coupling of intelligent technologies and computational resources is leading to an exponential increase in computational demand and the formation of an intelligent ecosystem [8][17] - This ecosystem exhibits multi-layered characteristics, with new computing architectures like quantum and optical computing exploring breakthroughs beyond traditional limits [8][17] - Future competition will not be about individual technologies but rather about entire ecosystems, where entities with complete technology stacks capable of end-to-end optimization will hold advantageous positions in the intelligent era [8][17]

龙虎榜机构热股 今日龙虎榜显示，3家机构净买入2.31亿。 据2025年10月22日公告，公司拟募资12.90亿元投向"智能算力集群建设及运营项目"，新增约3,000P算力，面向头部云厂商等客户提供高效算力资源。 此外，公司和华为，腾讯都是深度战略合作伙伴，和公司三大业务板块都有项目合作。 龙虎榜知名游资 一、太空光伏 赛伍技术 个股龙虎榜 今天机构龙虎榜上榜43只个股，净买入20只，净卖出23只。当日机构买入最多的个股前三位是：动力新科（3日2.81亿）、宏景科技（2.31亿）、协鑫集成 （2.18亿）。 | 上榜热股 | 实时涨跌幅 | 买/卖家数 | 村 | | --- | --- | --- | --- | | 动力新科 600841.SS | +7.89% | 2/0 | | | 3日 | | | | | 宏景科技 301396.SZ | +20.00% | 2/1 | | | H 金 佳 C | . / 0/0/ | 010 | | 宏景科技 *风险提示：股市有风险，入市需谨慎 金辰股份 个股龙虎榜 二、半导体 东芯股份 个股龙虎榜 圣晖集成 个股龙虎榜 *免责声明：文章内容仅供参考，不构成投资建 ...

1月27日，三大指数探底回升，截至收盘，上证指数涨0.18%，深证成指涨0.09%，创业板指涨0.71%，科创50涨1.51%。两市超过1800只股票飘红，两市成交 额约2.89万亿元。 CPO、算力概念表现不俗，源杰科技（688498.SH）涨超11%创历史新高，新易盛（300502.SZ）、剑桥科技（603083.SH）、中际旭创（300308.SZ）、光迅 科技（002281.SZ）上涨。 中信证券研报指出，AI算力需求爆发推动光通信产业升级，海外云厂商及台积电资本开支持续扩张，印证AI基础设施需求强劲，带来旺盛的高速率光模块 需求。尽管高速光芯片等物料短期供给存在缺口，但上游厂商积极扩产，叠加硅光方案渗透率提升，供应链瓶颈有望缓解。 跌幅榜上，煤炭、医药商业、白酒板块走弱，山西焦化（600740.SH）、华人健康（301408.SZ）、五粮液（000858.SZ）、洋河股份（002304.SZ）下挫。锂 电、有色板块亦走弱，天赐材料（002709.SZ）跌超4%，中国稀土（000831.SZ）跌3.97%。 作者：飞鱼 半导体、存储芯片板块走强，东芯股份（688110.SH）涨20%，恒烁股份（688 ...

Core Insights - Alibaba has launched its flagship inference model Qwen3-Max-Thinking, enhancing AI capabilities with the integration of the Qianwen AI assistant on PC and web platforms, which is expected to positively impact AI development in China [1] - Overseas cloud vendors are maintaining optimistic capital expenditure and guidance in the AI sector, leading to an upward revision in optical module expectations [1] - The communication ETF (515880) has seen a significant inflow of nearly 1.5 billion yuan over the past 10 days, reflecting strong investor interest in the sector [1] Market Performance - The communication ETF (515880) has experienced a broad rally among its constituent stocks, with notable gains from companies like Tianfu Communication and Industrial Fulian [2] - The AI-driven demand is propelling the communication hardware sector, which is characterized by capital expenditure expansion and technological upgrades [2] Key Drivers - Major overseas cloud giants such as Oracle, Google, and Microsoft are increasing their AI-related capital expenditures, which is driving demand for computing hardware, particularly optical modules [3] - Oracle has significantly raised its capital expenditure guidance for FY26 to $50 billion, indicating strong commitment to AI infrastructure [3] Beneficiary Segments - Optical modules are at the forefront of growth, experiencing a generational upgrade from 800G to 1.6T, with market size expected to double by 2026 [4] - The demand for optical modules is driven by the need for higher-speed interconnects in AI servers, with projections for substantial increases in shipment volumes [5] Technological Advancements - New optical interconnect technologies such as NPO and CPO are expected to drive long-term growth, addressing challenges related to power consumption and bandwidth [6][7] - The industry is witnessing a shift in value from optical modules to upstream optical chips and packaging, raising technical barriers and enhancing product value [8] Domestic Market Dynamics - The acceleration of domestic computing power construction is creating new market opportunities for local communication hardware manufacturers, driven by geopolitical factors [9] - The dual market strategy of serving both overseas high-end demand and domestic self-sufficiency is enhancing the stability and growth potential of domestic supply chain companies [9] ETF Overview - The communication ETF (515880) has over 140 billion yuan in assets, with more than 66% of its holdings in optical modules and servers, positioning it well to benefit from the AI wave [10] - The ETF's high liquidity and concentrated exposure to key hardware segments make it an effective tool for investors looking to capitalize on the AI infrastructure sector [10] Investment Strategy - In the context of a long-term bullish outlook for AI, a strategy of "buying on dips" is recommended for investors, as short-term volatility may present attractive entry points [11] Conclusion - The AI computing investment phase is entering a hardware expansion stage driven by real capital expenditures, with the optical module sector poised to benefit from increased overseas cloud spending, technological upgrades, and domestic market growth [12]