Market Overview - The A-share market exhibited a mixed and volatile pattern, with major indices showing varied performance. The Shanghai Composite Index closed at 4146.63 points, down 0.01%, while the Shenzhen Component Index rose 0.19% to 14503.79 points. The ChiNext Index fell 0.29% to 3344.98 points, and the Sci-Tech Innovation Index increased by 1.29% to 1843.20 points. The total market turnover reached 25.566 billion yuan, an increase of 0.757 billion yuan compared to the previous trading day [1]. AI Hardware Sector - The AI hardware sector experienced a collective surge, driven by Nvidia's better-than-expected earnings report, which activated market sentiment. The CPO sector saw significant gains, with stocks like Jieput and Jufei Optoelectronics hitting the daily limit of 20%. Leading stock Tianfu Communication reached a historical high, closing at 362.02 yuan, up 6.01%, indicating high sector vitality [2]. - In addition to the CPO sector, related segments such as copper cable high-speed connections, liquid-cooled servers, and PCBs also performed well. Stocks like Chuanrun and Jialitu hit the daily limit, while leading companies Shenghong Technology and Dongshan Precision rose by 7.75% and 8.01%, respectively, showcasing a strong collaborative upward trend across the sector [2]. - The ongoing AI trend positively impacted computing chip stocks, with leading stock Cambricon rising by 7.96% and achieving a total trading volume of 16 billion yuan. Other computing chip-related stocks, including Muxi and Chipone, also saw varying degrees of increase [2]. Power Grid Equipment Sector - The power grid equipment sector also showed strong activity, benefiting from the AI wave. Stocks like Beijing Keri, Shima Power, and Xinlian Electronics hit the daily limit. The global demand for power grid equipment is robust, with AI data centers expected to significantly increase electricity demand. According to IEA data, global power grid investment is projected to reach 390 billion USD in 2024 and exceed 400 billion USD in 2025 [3]. - The energy infrastructure in the U.S. is largely below standard, and the increasing electricity demand from AI is likely to initiate a mandatory upgrade cycle for U.S. power grid equipment. The electricity consumption of global data centers is expected to rise from approximately 415 TWh in 2024 to 945 TWh by 2030, with an annual growth rate of about 15% [3]. - Longcheng Securities' research indicates that the significant growth in electricity demand from AI data centers is likely to directly drive the demand for transformers and high-voltage cables, benefiting domestic export enterprises. Customs data shows that the total export value of transformers in 2025 is expected to reach 9.036 billion USD, setting a historical high [3]. Opportunities in Interconnect Density - In the context of sustained high demand in the computing sector, institutions are highly focused on investment opportunities in domestic computing capabilities. CITIC Securities reports that during the Spring Festival, Alibaba and Tencent launched significant NPO achievements, including Alibaba Cloud's all-optical Scale-up network architecture UPN512, which connects xPU and switches directly, significantly reducing wiring complexity, heat load, power requirements, and operational costs, with power consumption reduced by 50% and costs down by 30% [4]. - Domestic computing capabilities, leveraging cost and ecosystem advantages, are expected to evolve from serving only domestic large enterprises to potentially serving global users through domestic AI models, thus expanding the demand ceiling for domestic computing [4]. - CITIC Securities emphasizes that the super-node architecture is essential for domestic computing development to catch up, with cloud vendors and equipment manufacturers accelerating the adaptation of open protocols. There is a recommendation to focus on the value re-evaluation opportunities brought by increased interconnect density, including optical communication, high-speed line modules, switching chips, and data centers [4].

Group 1 - The core viewpoint of the article highlights the active performance of the domestic computing power sector, with significant increases in relevant indices, indicating a strong market trend [1] - Since the Spring Festival, three major changes have occurred in domestic large models: ByteDance's Seedance 2.0 product exceeded expectations, domestic multimodal models entered the global top tier, and there was notable overseas penetration [1] - The models Doubao, Yuanbao, and Qianwen performed exceptionally well during the holiday, with Doubao becoming ByteDance's product with the lowest promotion cost to achieve over 100 million daily active users (DAU) [1] - The commercial value of Zhipu and MiniMax has been reassessed, with sustained strong demand for computing power [1] Group 2 - OpenRouter's latest weekly data shows that over 60% of the total token volume from the top ten models on the platform is from Chinese models, with the top three being domestic large models [1] - CITIC Securities points out that the explosive growth in tokens reflects an exponential expansion in AI inference demand, with domestic computing power expected to gradually dominate the infrastructure layer due to cost advantages and an improving ecosystem [1] - The CSI Semiconductor Materials and Equipment Theme Index focuses on the semiconductor materials and equipment sector, with 63% in semiconductor equipment and 23% in semiconductor materials [1] - The Shanghai Stock Exchange Science and Technology Innovation Board Chip Design Theme Index focuses on chip design, with digital chip design and analog chip design accounting for 77% and 18%, respectively [1] - Investors can consider the semiconductor equipment ETF E Fund (159558) and the Science and Technology Chip Design ETF E Fund (589030) to invest in core domestic computing power targets [1]

刘泽龙 长江证券通信分析师: 各位投资人大家晚上好，我是长江通信的分析师刘德龙，给大家汇报一下我们对整个 26 年升腾行业的一个观点和展望。首先我们在整个 26 年是非常看好整个升腾及产业链后续 的这个发展和上涨的。那首先的话，我们看好它主要基于这个，一方面我们非常看好今年 国产算力整体的贝塔。在春节期间大家也看到了一个非常明确的产业变化，叫 ToG 出海。 其实这个出海，背后代表了两件事情。一个是我们目前，其实就两个事，一个是性能够， 一个是中国的模型出海的话，单位 Tokens 的价格比较便宜。 性能够的话，我们更多会觉得，这体现在这个当你模型的性能迭代有了一定放缓之后，中 国的性能差距相当于海外没有那么大，中国厂商觉得是能够海外客户是觉得是能够满足需 求，同时的话，那我们会看到中国的 token 的单位价格是便宜的。可能大 家会有疑惑， 说我们国产算力为什么你如果按理说单位的算力下的价格，其实不如海外的英伟达呀，然 后包括这些厂商有那么便宜的价格但是我们会有更多的运营成本的优势。包括一些配套的 零部件，包括一些供电，包括一些人员维护，我们觉得把这些成本综合起来看的话，其实 在一定程度上可以抹平国产算力和 ...

2月25日，港股主要指数高开，贝壳-W涨超6%，小鹏汽车-W、金山云涨超2%，比亚迪股份、美团-W、 中芯国际、阿里巴巴-W等涨超1%。 场内相关ETF方面，港股通科技ETF招商（159125）涨超1%，港股科技50ETF（159750）涨0.52%。 资金层面看，港股科技类ETF近期获资金"逆势布局"趋势明显，港股科技50ETF（159750）连续4日获资 金净流入1.94亿元，港股通科技ETF招商（159125）连续2日获资金净流入近2700万元。 风险提示：基金有风险，投资需谨慎。 中信证券认为，国产算力配套凭借着成本、生态等优势，有望从仅服务国内大厂，演进为通过国产AI 模型从而服务全球用户，打开国产算力的需求上限。 从估值来看，截至2月24日，恒生科技指数估值21.6倍PE（TTM），港股通科技指数估值24.3倍PE （TTM），相比纳斯达克100指数（34.8x）、创业板指（42.5x）性价比优势凸显。 消息面上，近期阿里及腾讯均推出NPO（光互连网络）重大成果，其中阿里云全光Scale-up网络架构 UPN512通过光互连直接连接xPU与交换机，采用单层CLOS拓扑实现512颗xPU的全互联，该 ...

电子行业开年观点汇报 20260223 摘要 国产算力正从硬件驱动转向模型和应用驱动，字节跳动等头部互联网公 司加大自研芯片投入，计划量产 AI 推理芯片，有望占据市场份额，信源 股份等公司受益于豆包大模型需求超预期。 海外 AI 热点集中在 OpenAI 项目，其数字员工模式深度嵌入工作流，推 动推理算力需求数量级跃升，利好 Minimax、智谱 GLM 等国产模型企 业级 API 调用量增长，对 AI 芯片及基础设施是重大利好。 各大互联网公司、服务器厂商及 GPU 公司发力研发国产超级计算机方案， Switch 芯片环节受益，建议关注盛科通信等独立第三方以太网 switch 芯片厂商，以及光模块、液冷散热、PCB 等细分赛道。 2026 年一、二季度，高密度光纤连接器和高功率连续激光芯片的新需 求将成为 A 股细分赛道价值重估的核心变量，英伟达新一代 AI 芯片的曝 光也将为 GPU 的发展指引新的增长方向。 英伟达最新旗舰产品 120.4T 交换机将推动高端 PCB、CCL 材料及上游 核心元件供应商发展，相关厂商如胜宏、生益、菲利华等有望受益， HVLP 铜箔和树脂供应商可能面临供不应求。 Q&A ...

扣非净利高增30%印证主业韧性 2025年，中科曙光实现营业总收入149.70亿元，同比增长13.86%，较上年同期净增18.22亿元。这一增速印证了公司在服务器、高性能计算及云计算基 础设施领域的市场竞争优势持续巩固。 受益于国内AI大模型训练与推理需求快速扩张，叠加政企数字化转型提速，高性能服务器及算力基础设施采购需求持续旺盛。公司凭借国产化赛道的 先发优势，有效把握本轮行业景气周期。 中科曙光2月24日披露2025年度业绩快报。报告期内，公司营收同比增长13.86%；扣非净利润增速显著高于整体净利润，公司主营业务的内生增长动能 正持续增强。 业绩快报看点如下： 公司方面将业绩增长归因于三大驱动因素：持续优化产品结构、提供多样化高质量解决方案，以及运营效率的不断提升。在国产算力需求持续爆发的背 景下，中科曙光作为国内高性能计算与服务器领域的龙头企业，正加速承接市场红利。 从资产负债表来看，公司总资产较年初增长12.47%至411.83亿元，归母所有者权益增至221.61亿元，每股净资产提升至15.15元，财务基础进一步夯实， 整体经营态势稳健向好。 报告期内，公司基本每股收益由上年同期1.31元提升至1. ...

1）豆包：除夕AI互动19亿次，Seedance2．0为春晚提供技术支持；2）豆包App暂停视频通话功能；3）反超千 问、蚂蚁阿福，豆包App Store排名第一；4）2月12日凌晨，智谱发布新一代旗舰模型 GLM-5。 5）Meta加码英伟达，未来数年部署数百万颗芯片，首次采用Grace CPU。 < 国产算力（6）：算力紧缺+主流大模型适配国产芯片印证算力需求旺盛【东北计算机】 1）豆包：除夕AI互动19亿次，Seedance2．0为春晚提供技术支持；2）豆包App暂停视频通话功能；3）反超千 问、蚂蚁阿福，豆包App Store排名第一；4）2月12日凌晨，智谱发布新一代旗舰模型 GLM-5。 国产算力（6）：算力紧缺+主流大模型适配国产芯片印证算力需求旺盛【东北计算机】 5）Meta加码英伟达，未来数年部署数百万颗芯片，首次采用Grace CPU。 #春节流量峰值验证算力瓶颈，国产算力迎来规模化商用拐点。 2026 年春节期间 AI 应用场景的集中爆发，直接凸显出算力资源的供给缺口，国内 AI 产业对算力的刚性需求进一 步释放。 1）字节跳动旗下豆包 App 因新春用户流量大幅攀升出现算力承压，于 2 ...

另外公司25.6T产品在国产CSP客户已经斩获订单，目标1500e以上市值，翻倍空间！ 2、【芯碁微装】坚定看450e 以上市值，预计一季度单月交付2e金额设备，后续业绩确定高增长！先进封装设备出货预计每年翻倍。 公司港股上市已经拿到备案，预计4月初上市，另外板块方面盛合晶微上市在即，β强催化。 3、【英诺赛科】26年黑马标的，重点关注RubinUltra方案进展，我们认为GaN将是AI机柜最优解决方案，解决 了"超高功率 + 极致效率 + 极高密度"这三个AI数据中心最核心的矛盾，NVL576机柜如果全面采用GaN，单柜价值 量达到20万美金，增量巨大！ 4、【菲利华】英伟达、谷歌前沿AI芯片产品推动Q布需求爆发式增长，全球产能供 不应求，菲利华依托数十年航空航天石英纤维技术沉淀，有望成为全球Q布龙头，目标千亿市值。 5、【佰维存储】 26年全年业绩高增，Q1业绩环比翻倍不止。 【DW电子】领导好，开工大吉！汇报一下我们电子开年组合 1、【盛科通信】26年国产算力重磅增量标的，今年国产算力超节点全面铺开，盛科51.2T重磅产品目前进展顺 利，全面助力国产超节点放量。 另外公司25.6T产品在国产CSP客户已 ...

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the domestic AI computing power industry, highlighting advancements in AI video generation and the increasing demand for computing resources during peak traffic events like the Spring Festival [1][2]. Core Insights and Arguments - The AI video generation model Seedance 2.0, developed by ByteDance, has evolved into a "director-level" tool, capable of producing multi-scene, movie-quality videos with original audio in just 60 seconds. This advancement transforms AI video into a significant productivity tool [1][2]. - During the Spring Festival, ByteDance leveraged high visibility from the New Year's Gala to achieve peak concurrent usage, emphasizing the growing demand for computing power [1][2]. - The "Doubao" AI cloud partnership with CCTV for the Spring Festival resulted in a total of 1.9 billion AI interactions, with peak activity reaching 633 billion tokens per minute. This indicates a substantial increase in consumer engagement and computing requests [3]. - Major companies like Tencent and Alibaba are competing for consumer entry points, with Tencent distributing 1 billion yuan in red envelopes and Alibaba launching a 3 billion yuan free order campaign, which enhances the consumption ecosystem and drives up computing demand [3]. - The domestic AI landscape is characterized by a strong demand-side pull, with the native adaptation of the Zhiyuan GLM-5 model to domestic GPU ecosystems, optimizing compatibility with seven major domestic chip platforms [3]. Important but Overlooked Content - Key companies to watch in the server segment include Inspur Information, ZTE, and Unisplendour. In the networking switch sector, focus on Huaqin Technology, Shengke Communication, Ruijie Networks, and StarNet Ruijie. For liquid cooling and power solutions, companies like Invec, Shenling Environment, and Kexin Innovation Source are noteworthy [4]. - A risk factor mentioned is the potential for industry progress to fall short of expectations, which could impact the overall growth and development of the AI computing power sector [5].

Summary of Key Points from the Conference Call Industry and Company Involved - The conference call focuses on the domestic AI video generation industry, specifically highlighting ByteDance's AI video generation model Seedance 2.0 and its impact on the market [1][2]. Core Insights and Arguments - **Advancement of Domestic Video Generation Models**: ByteDance's Seedance 2.0 has evolved into a "director-level" tool, capable of generating multi-shot, movie-quality videos with original audio in just 60 seconds. This represents a significant breakthrough in AI video production, transforming it into a productive asset [1][2]. - **Increased Demand for Computing Power During Spring Festival**: The competition for traffic during the Spring Festival has amplified the demand for computing power. ByteDance leveraged the high visibility of the Spring Festival Gala to achieve peak concurrent usage [2]. - **AI Interaction Metrics**: On New Year's Eve, as the exclusive AI cloud partner for the Spring Festival Gala, the AI interaction volume reached 1.9 billion, with a peak of 63.3 billion tokens per minute. This indicates a substantial increase in user engagement and computing resource consumption [2]. - **Competitive Strategies of Major Companies**: Tencent distributed 1 billion yuan in red envelopes to stimulate social engagement, while Alibaba's 3 billion yuan promotional campaign integrated its ecosystem, creating a consumable closed loop. These strategies highlight the fierce competition among major players for consumer entry points, driving up concurrent requests and token consumption [2]. - **Acceleration of the Domestic Large Model and Computing Power Cycle**: The Zhipu GLM-5 model is natively adapted to the domestic GPU ecosystem, having undergone deep optimization from the core to the inference framework, ensuring compatibility with seven major domestic chip platforms. This reflects the robust demand-side traction in the domestic AI sector and the gradual improvement of the ecosystem between domestic large models and computing power [2]. Other Important but Potentially Overlooked Content - **Key Companies to Watch**: The call emphasizes several companies in the server, networking, liquid cooling/power, and connector sectors, including Inspur Information, ZTE, Unisplendour, Huaqin Technology, and others, indicating a broad interest in the supporting infrastructure of the AI industry [3]. - **Risk Warning**: There is a cautionary note regarding the potential risks associated with the industry, particularly the possibility of slower-than-expected progress in technological advancements [4].