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]

Market Overview - A-shares continued to decline in early trading, with the ChiNext Index and Shenzhen Component Index dropping over 1% at one point before a collective rebound occurred around 10:02 AM, leading to the ChiNext Index and Shanghai Composite Index turning positive [2] - Notable stocks driving the market include New Yi Sheng, Zhongji Xuchuang, and Tianfu Communication, with Tianfu Communication rising over 11% and entering the top five in trading volume [2] North American Computing Chain - The North American computing chain saw a strong performance, with Yuanjie Technology rising over 10% and reaching a historical high of 815.54 yuan, making it the third highest-priced stock in A-shares with a market capitalization of 70.094 billion yuan [2] - Other stocks in this sector, such as Robotech and Shijia Photon, also experienced significant gains [5] Semiconductor Industry - The semiconductor industry was a key driver of the index's rise, with storage chips and semiconductor equipment sectors leading the gains. Notable stocks included Dongxin Co., which hit the daily limit, and Puran Co., which surged 16% [6][8] - Several companies in the storage chip sector reported substantial profit growth forecasts for 2025, with expected increases ranging from 81.77% to 167.31% year-on-year [8] - The semiconductor equipment market is expected to continue growing, driven by AI computing demand and advancements in packaging technology [9] Institutional Investment Trends - Zhongji Xuchuang has gained significant attention, becoming the largest holding for public funds by the end of Q4 2025, with a market value of 78.421 billion yuan. It has been the most increased stock for public funds for three consecutive quarters [5] - The acceleration of the technology cycle, particularly in AI and data centers, is expected to benefit leading suppliers in the sector [5]

同时，康乐指出，在贝塔收益比较显著的当下，阿尔法的获取越发依赖超前的认知、深入的研究和严格 的投资纪律，景顺长城始终坚信从基本面出发的主动管理，依然是公募基金行业不可撼动的核心竞争 力，在A股市场的投资实践中，通过自上而下的资产配置、自下而上的公司挖掘以及严谨的风险管理， 仍然能够为客户创造长期稳健的超额回报。 这一理念的践行，离不开对宏观经济和产业的深刻洞悉、以及市场脉动的敏锐把握。回看市场，今年以 来，上证指数时隔10年再次站上4100点大关，点燃了市场热情，全A日均成交额已经突破3万亿元。站 在当前时点，随着"十五五规划"正式启动，新一轮科技革命重塑全球经济与产业格局，宏观环境的节奏 如何把握？科技变革的机遇在哪里？如何在复杂多变的市场环境中精准布局、挖掘超额收益？针对这些 问题，景顺长城资产配置、权益、固收以及混合资产管理团队的投研骨干在策略会上，进行了深入拆 解，并带来他们的最新研究和思考。同时，本次策略会还请来了外方股东景顺集团的投资专家，分享全 球视野下的资产配置策略，干货满满。 宏观环境：国内政策环境有利，美元走弱利好新兴市场 对于2026年的宏观环境，景顺长城首席资产配置官王勇持相对乐观的态 ...

Core Viewpoint - Suiryan Technology has officially initiated its IPO process on the Sci-Tech Innovation Board, aiming to raise 6 billion yuan for the development and industrialization of fifth and sixth-generation AI chips, as well as advanced AI hardware and software projects [1][5]. Company Overview - Founded nearly eight years ago, Suiryan Technology has completed iterations of four architectures and five cloud AI chips, capturing approximately 1.4% of the domestic AI accelerator card market and entering the core computing power supply system of major internet companies [1][9]. - The company has a strong focus on R&D, with a high proportion of its workforce dedicated to research and development, and has accumulated 262 domestic invention patents [10][18]. Financial Performance - Despite rapid revenue growth, Suiryan Technology has not yet achieved profitability, reporting cumulative revenues of approximately 1.654 billion yuan and cumulative net losses of about 5.179 billion yuan from 2022 to the first three quarters of 2025 [10]. - The company’s revenue figures for the years 2022, 2023, 2024, and the first three quarters of 2025 are 90 million yuan, 301 million yuan, 722 million yuan, and 540 million yuan, respectively [10]. Funding and Shareholder Structure - The IPO aims to secure 6 billion yuan, which is crucial for supporting the R&D and mass production of future products [5]. - Tencent is the largest shareholder, holding approximately 20.26% of the company, contributing over 70% of its revenue [4][7]. Market Position and Competition - Suiryan Technology is positioned as a potential alternative to NVIDIA in the AI chip market, although it currently faces challenges due to its non-compatibility with NVIDIA's CUDA ecosystem, which may lead to higher migration costs for customers [3][12]. - The company’s market share in the AI accelerator card segment is currently 1.4%, while NVIDIA dominates with approximately 70% of the domestic market [14]. R&D and Product Development - The company has a high R&D expenditure, with a research expense ratio of 181.66% in 2024 and 164.77% in the first three quarters of 2025, indicating a significant investment in technology development [17]. - Suiryan Technology plans to launch its fifth-generation AI chip in 2027 and the sixth generation in 2028, focusing on enhancing its product offerings [17]. Strategic Partnerships - Since 2019, Suiryan Technology has developed a stable partnership with Tencent, transitioning from small-scale validation to large-scale applications and deep strategic cooperation [7].

来源：长江商报 长江商报消息 ●长江商报记者 沈右荣 突破百元，A股上市不到两年的广合科技（001389.SZ）股价创了新高。 1月26日，广合科技盘中股价突破106.55元/股，创下了历史新高，最终收报102.31元/股，较发行价17.43元/股上涨 近5倍。 股价创新高的广合科技，2025年预计盈利10亿元左右，也创了历史新高，同比增长50%左右。 广合科技解释，业绩增长主要是因为受益于算力供应链需求旺盛，公司以全球化产能为支点，在算力浪潮中稳健 前行。 广合科技是一家PCB企业，致力于以高速、高频为主的高端PCB制造。 主攻高端市场，公司研发投入持续增长。2025年前三季度，公司研发投入1.94亿元，已经超过了2024年全年。 广合科技深耕全球市场。2025年上半年，公司来自于境外市场的收入占比为66.29%。 为了深化全球化战略布局，广合科技寻求港股上市，通过募资补充全球布局的"弹药"。1月23日晚，公司公告，其 拟发行不超5439.35万股H股已获得中国证监会备案。 业绩股价双创新高 广合科技取得了创新高的经营业绩。 根据广合科技近期发布的年度业绩预告，2025年度，公司预计实现归母净利润9.80亿 ...

新一代天基信息服务竞争开启 "天数天算"加速： ▲ ▲ 随着AI技术的不断发展，行业对算力的需求持续飙升，将计算能力部署于太空，已逐渐从幻想变成产 业加速落地的现实考量。 A05·公司纵横 ...

韶关：投建620 亿元智算之城， 激活750亿元生 态富矿丨2026广 东两会_南方+_ 南方plus 1月26日， 广东省十四届人大五次会议韶关代表团举行全体会议并开放媒体提问。会上，韶关市委书记、市人大常 委会主任陈少荣，市委副书记、市长吴庆华围绕韶关在大数据与人工智能时代的战略布局，以及如何将 高质量发展成果切实转化为群众可感可及的美好生活，向媒体作出详细阐述，全面展现了韶关在新赛道 上的举措与成效。 广东省十四届人大五次会议韶关代表团召开全体会议。 谭家富摄 聚焦国家战略 打造湾区"智算 之城" "算力就是生产 力。"陈少荣一 语点明韶关转型 发展的核心抓 展望下一步，韶 关将把集群建设 视为高质量发展 的"胜负手"，从 三方面持续发 力：一是持续壮 大算力供给规 模，力争今年年 底形成30万标准 机架的承载能 力，上架算力达 250MW，更好 服务大湾区人工 智能等产业发 手。作为国家布 局的十大数据中 心集群之一，韶 关正凭借地质安 全、成本低廉、 网络时延低、人 才加速集聚等综 合优势，快速崛 起为服务粤港澳 大湾区乃至全国 的算力高地。尤 其是至广州、深 圳的优越低时 延，使其成为支 撑大湾区 ...

1月26日，多家上市公司通过互动平台、披露投资者关系活动记录表等渠道披露公司在算力等方面最新 情况： 【算力】 甘咨询：公司无算力方面的业务 (本文来自第一财经) 首都在线：将持续把握封关机遇，深化跨境算力服务能力 【半导体】 雷电微力：自研芯片已应用于北斗导航卫星 太力科技：公司依托核心材料技术优势深度布局航天应用赛道 飞凯材料：正合作开发与调试相关材料，共同提升HBF制程工艺 【航天】 【其他】 思进智能：多工位智能精密温热镦成形装备已进入实质性研制阶段 ...

证券日报网讯1月26日，利通电子（603629）发布公告称，公司预计2025年年度实现归属于上市公司股 东的净利润为2.70亿元到3.30亿元，同比增加996.83%到1240.57%。业绩预增的原因主要是算力业务端 盈利增加、制造端业务亏损收窄、对外投资公允价值正向变动确认所致。 ...

Core Viewpoint - The company, Yimikang, is expected to achieve a net profit of 25 million to 37 million yuan for the fiscal year 2025, marking a turnaround from losses in the previous year, primarily driven by significant growth in its precision cooling product business [1] Group 1: Financial Performance - The projected net profit for 2025 is between 25 million and 37 million yuan, with a non-GAAP net profit expected to be between 24 million and 36 million yuan, indicating a return to profitability year-on-year [1] - The main reason for the performance improvement is the substantial increase in revenue from precision cooling products [1] Group 2: Business Strategy - The company is focusing on the information data sector, integrating smart engineering, software platforms, and intelligent operations to enhance its precision cooling capabilities [1] - Yimikang has adopted a strategy of targeting major clients, aligning with the growing demand for precision cooling products in the domestic market, leading to a continuous increase in orders [1] - The company is also expanding its overseas orders significantly, contributing to the growth of its precision cooling product line [1] Group 3: Market Development - In 2025, the company will extend its smart engineering business to the construction of intelligent computing centers, supporting high-performance computing needs in various sectors, including AI model training and energy simulations [2] - The company has established a dual-market strategy, expanding its domestic client base with major companies like Alibaba and ByteDance, while also entering international markets in Southeast Asia and the Middle East [2] Group 4: Investment and Growth - In Q4 2025, a strategic investment from Chuanfa Securities Fund has been made, optimizing the company's equity structure and strengthening its foundation in the computing power sector [2] - Yimikang plans to raise funds through a private placement to enhance its research and development capabilities for cooling products, aiming to meet the fast-evolving demands of AI chips and GPU interconnections [2]