证券日报网12月9日讯迈信林在12月8日回答调研者提问时表示，应收账款7.17亿元并非主要来自军工板 块，主要来源是算力业务的板块，军工板块的应收每年会有一定的涨幅，但符合预期。目前公司的战略 重心是聚焦军工和算力两大核心板块，母公司不会大规模拓展民品客户，主要原因是，部分小型民品客 户存在付款周期不确定、账款拖欠风险较高的情况，未来若规划拓展民品业务，会优先选择付款条件规 范、信用资质优良的优质客户。虽然公司暂未大规模拓展民品业务，但目前仍有部分稳定合作的优质民 品客户，主要包括半导体及西门子等知名企业。这些民品客户均具备良好的信用资质和规范的付款流 程，合作以来未出现账款拖欠情况，与公司的合作模式也相对成熟。 ...

证券日报网讯12月9日，华丰股份（605100）在互动平台回答投资者提问时表示，公司将积极把握行业 趋势和市场机遇，积极拓展国内外算力中心电源市场。 ...

Core Insights - The article discusses the transformative impact of AI on various industries, emphasizing the shift towards a new paradigm characterized by "large models + large computing power + large data" as the foundation for AI 2.0 development [1][9] - It highlights the rapid growth of China's AI server market, which is expected to more than double by mid-2025 compared to the same period in 2024, driven by increasing demand [3][9] - The article outlines the evolution of large models, focusing on their deepening, broadening, and lengthening capabilities, which are essential for advancing AI technology [11][12] Industry Trends - The AI infrastructure development is entering a three-phase cycle: short-term acceleration, medium-term expansion, and long-term structural upgrades, necessitating a shift from merely stacking hardware to providing systematic services [10][12] - The penetration rate of AI in core products has increased from 5% in 2018 to an estimated 60% by next year, indicating a significant market evolution [12] - The global AI competition landscape is changing, with companies needing to balance between international and domestic GPU resources amid geopolitical tensions [5][12] Company Developments - Lenovo has introduced the "AI Factory" solution, aiming to streamline AI application development and deployment processes, transforming complex tasks into a standardized, efficient production line [15][16] - The Lenovo Wanquan Heterogeneous Intelligent Computing Platform 4.0 has been upgraded to support various computing scenarios, achieving a throughput of over 12,000 Tokens/s for local model deployment [16] - Lenovo's approach emphasizes the importance of a robust foundational support system to facilitate the transition from traditional computing centers to AI factories, helping businesses reduce initial barriers and operational costs [16]

Group 1 - The technology sector showed strong performance on December 9, with multiple thematic ETFs in communication, artificial intelligence, cloud computing, and electronics experiencing significant gains. In contrast, ETFs related to non-ferrous metals and gold showed weakness, with some products declining over 3% [1][2][3] - The communication ETF (515880) led the market with a gain of over 3%, while several artificial intelligence-themed ETFs also saw increases of more than 2.5%. The A-share market is expected to remain in an upward trend, with AI being a core theme supported by policy [2][12] - Fund managers noted that while the non-ferrous metals sector has long-term investment value, short-term market volatility risks should be monitored, influenced by factors such as USD trends and global economic uncertainties [4][14] Group 2 - Recent data indicates that broad-based ETFs have become a significant direction for capital inflow, with net inflows exceeding 15 billion yuan over two trading days for products like the Southern CSI A500 ETF and Huatai-PB CSI 300 ETF [6][11][16] - The Southern CSI A500 ETF recorded the highest net inflow of 10 billion yuan on December 8, while the Huatai-PB CSI 500 ETF saw a net inflow of 19.18 billion yuan on December 5 [6][17] - The demand for optical modules is expected to benefit from high growth in computing power needs, with projections indicating that the optical module industry will grow faster than AI capital expenditure growth from 2026 to 2027 [8][18]

A股今日（12月9日）震荡盘整，三大指数涨跌不一。截至收盘，上证指数跌0.37%，深证成指跌 0.39%，创业板指涨0.61%。沪深两市成交额1.9万亿元，较昨日缩量超1300亿元。 盘面上，光模块CPO等算力硬件继续爆发，创业板人工智能逆市新高！重仓算力且光模块含量超56%的 创业板人工智能ETF华宝（159363）场内逆市上扬，收涨2.72%；印制电路板（PCB）方向显著上涨， 荟聚电子板块核心龙头的电子ETF（515260）逆市活跃，场内价格一度涨超1.8%。此外，国内首只科技 龙头先锋——科技ETF（515000）、百分百布局新质生产力的硬科技宽基——双创龙头ETF（588330） 场内价格亦双双收涨超1%。 港股方面，或受英伟达事件影响，A+H芯片携手回调。全市场首只聚焦"港股芯片"产业链的港股信息技 术ETF（159131）全天震荡走弱，缩量收跌2.1%，单日成交额4082万元，日线止步三连阳。 近期市场持续震荡，中金公司研报指出，2024年9月以来A股震荡上行已超一年，防范市场波动是未来 需要考虑的问题。根据其构造的"顶部"信号打分体系来看，当前市场相对健康，估值合理且上行的底层 逻辑并未发生动 ...

周二（12月9日），光模块CPO等算力硬件继续爆发，创业板人工智能逆市新高！其中，光模块三剑客 暴力逼空，中际旭创涨超6%，新易盛涨超3%，天孚通信涨超1%皆创新高！其余热门个股方面，恒信东 方斩获20CM涨停，致尚科技大涨超10%，锐捷网络、太辰光等涨超5%。 热门ETF方面，重仓算力且光模块含量超56%的创业板人工智能ETF华宝（159363）场内逆市上扬，收 涨2.72%迭创新高，日线四连阳，全天成交超10亿元！ 年内复盘看，受益于AI算力需求高景气，光模块CPO等算力硬件迎业绩+估值双击，因光模块CPO含量 超56%，创业板人工智能ETF华宝（159363）标的指数频刷新高，年内涨幅高达104.85%，已翻倍增长 有余，大幅领跑人工智能、CS人工智、科创AI等同类AI主题类指数！ | 序号 | 证券代码 | 证券简称 | 区间涨跌幅 | 年化波动率 | | | --- | --- | --- | --- | --- | --- | | | | | [×间首日] 2025-1-1 [区间尾日] 2025-12-9 [单位] %↓ | [起始交易日期] 2025-1-1 [截止交易日期] 2025-12- ...

Market Overview - The three major A-share indices showed mixed results, with the Shanghai Composite Index down 0.37% at 3909.52 points, and the Shenzhen Component Index down 0.39% at 13277.36 points, while the ChiNext Index rose 0.61% to 3209.60 points [2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.904 trillion yuan, a decrease of 132.7 billion yuan from the previous day [2] - Most industry sectors experienced declines, with commercial retail, communication services, and photovoltaic equipment sectors leading the gains, while non-ferrous metals, pharmaceutical commerce, precious metals, steel, energy metals, fertilizer, and coal sectors saw significant declines [2] CPO Concept Stocks - The CPO concept stocks experienced a significant surge, with a trading volume exceeding 270 billion yuan, and notable stocks like Shenghong Technology rising nearly 11% and Dekeli hitting a 20% limit up [4] [6] AI Chip Sales to China - The U.S. government has allowed Nvidia to sell its H200 AI chips to China, imposing a 25% fee per chip, which is expected to boost domestic capital expenditure in the technology sector [6] - Analysts suggest that advancements in technology will continue to drive capital spending, particularly in server chains, AIDC chains, and computing service chains, indicating a positive outlook for the industry [6] Precious Metals and Non-Ferrous Metals - The precious metals and non-ferrous metals sectors faced significant pullbacks due to external market influences, with gold stocks and industrial metals showing notable declines [7][10] - Gold prices have been volatile, with recent trends indicating a potential bubble risk as retail investors have driven prices up, deviating from traditional safe-haven behavior [12] Baijiu Industry Dynamics - The high-end liquor brand Wuliangye is set to adjust its pricing strategy, reducing the invoice price from 1019 yuan to 900 yuan per bottle, which is seen as a significant marketing decision [16][17] - The company reported a revenue decline of 10.26% year-on-year for the first three quarters, marking its first revenue drop since 2015, raising concerns about the overall performance of the baijiu sector [17]

Core Insights - The importance of both large and small AI models is emphasized, with a warning that without small models, the implementation of artificial intelligence becomes challenging [2][3] - Knowledge engineering is identified as a core technology for achieving artificial intelligence, alongside models, computing power, and algorithms [4] Group 1 - The need to focus on large models while not neglecting small models is highlighted, indicating a balanced approach is necessary for AI development [2][3] - Knowledge is categorized into qualitative and quantitative types, with models representing quantitative knowledge [4] - Large models require significant computing power for training on diverse data, underscoring the necessity of substantial computational resources behind big data and models [4]

Group 1 - The strongest branch of computing power has formed a VCP structure with optical connections and PCBs, and optical connections have made breakthroughs [1] - If the market index continues to rise, the leading sectors will likely be computing power equipment followed by power equipment, with power equipment experiencing a later and less sufficient pullback [3] - The average stock price index has recently confirmed a situation where the lower limit of the pullback space has been identified, but it is uncertain if the adjustment structure has ended, with the possibility of the box continuing to expand to the right [5] Group 2 - The trading volume has recently broken through the 21-day average volume, initially satisfying the conditions for a momentum reversal, but the price box may not break through immediately [5] - The reliance on small-cap junk stocks for market rallies is unlikely, and attention should be on hard technology, innovative pharmaceuticals, as well as the support levels of insurance and banking sectors [5] - The performance of brokerage firms has been weak, indicating that they may struggle to achieve significant results, despite being favored by retail investors, as institutions show little interest [5]

12月9日，A股三大指数涨跌不一，算力板块爆发，光模块等概念表现强势，电网设备盘中冲高回落。 截至11:16，全市场唯一的电网设备ETF（159326）跌幅0.14%，成交额达1.71亿元，持仓股积成电子涨 停，科林电气、宝胜股份、通达股份、远东股份、泽宇智能等股跟涨。 （文章来源：每日经济新闻） 算力爆发引发全球数据中心缺电，此前，微软声称AI行业的发展瓶颈是缺电，AI技术革命引发的"全球 电力供给危机"，让电网设备从"传统基建"变成了"数字经济核心资产"。高盛近期报告也明确指出，电 力供应已成为AI发展的重大阻碍，到2030年，全球数据中心的用电需求预计将暴涨160%。而欧美国家 电网老化严重，亟待升级。 天风证券表示，IEA数据显示，2025~2026年全球电力需求年均增速仍处高位，主要受工业、空调、数 据中心及电气化进程驱动。海外电网建设需求旺盛，尤其是美国、欧洲等地区，变压器供需错配推动价 格持续上涨。2025年1~8月，我国变压器出口金额同比增长51.42%，显示海外市场需求强劲。此外，跨 国电网互联趋势增强，为中国电力设备企业拓展国际市场提供新机遇。 电网设备ETF（159326）已连续8日净流 ...