Core Insights - Shanghai Pudong Development Bank (SPDB) has officially announced the procurement results for the second batch of Kunpeng chip server projects, with a total bid amount of 158 million yuan, awarded to Shanghai Hengchi Information System Co., Ltd. [1] - The core product of this project is the series of servers from Shenzhou Kuntai, a brand under Shenzhou Digital, which will provide high-performance Kunpeng chip server equipment to support SPDB's digital transformation and innovation strategy [1][2]. Company Summary - The procurement of Kunpeng chip servers is a key initiative for SPDB's 2025 financial cloud infrastructure expansion, aimed at solidifying a self-controlled computing foundation to meet the stable operation needs of core financial services [2]. - The Shenzhou Kuntai servers, equipped with Kunpeng processors, are designed for high performance, reliability, and energy efficiency, meeting the 24/7 operational requirements of SPDB's financial cloud platform [2]. - SPDB and Shenzhou Kuntai have a strong collaborative history, with previous involvement in the bank's financial cloud platform SDDC construction, enhancing resource management and data security capabilities [2]. Industry Summary - Shenzhou Kuntai has developed a comprehensive "Kunpeng + Ascend" AI computing product system, covering a range of products from general-purpose computing to customized private solutions, supporting the digital transformation of the financial industry [3]. - The domestic computing infrastructure industry in China is entering a phase of comprehensive promotion, with the financial sector leading the push for domestic IT infrastructure replacement [3]. - SPDB's procurement project is a significant step in implementing national financial technology innovation and enhancing its core technological competitiveness, further driving the upgrade of its financial cloud infrastructure [3].

Group 1 - The article discusses the psychological battle investors face as the Spring Festival approaches, particularly the dilemma of whether to hold stocks or go into cash during the holiday period [2][3][4] - It highlights the differing strategies among investors, with some opting to liquidate their positions to avoid uncertainty, while others choose to remain fully invested [3][4] Group 2 - The current policy environment is supportive, with expectations of strong backing from the government, as indicated by recent measures such as interest rate cuts and market stabilization policies [5] - Economic indicators show signs of stabilization, but the recovery momentum needs improvement, particularly in consumer spending [6] - Market activity has increased significantly, with average daily trading volumes exceeding 2 trillion yuan for two consecutive months, indicating heightened market engagement [6] - The Shanghai Composite Index has maintained a level above 4000 points since February, suggesting a positive upward trend in the A-share market [6] Group 3 - Investors are advised to manage their positions based on their risk tolerance, with recommendations for moderate positions and diversified portfolios to mitigate risks [6][7][9] - Conservative investors are suggested to maintain a lower position (30-50%) in defensive sectors like coal, banking, and utilities, which provide stable cash flows and dividends [7] - Balanced investors are encouraged to hold a moderate position (50-70%) in blue-chip stocks while also considering growth stocks for potential rebounds [7] - Aggressive investors should avoid full positions and ensure their holdings are well-researched with clear stop-loss strategies, steering clear of speculative stocks without earnings support [9]

Group 1 - The core viewpoint is that the AI application market is experiencing significant growth, particularly during the Spring Festival period, which is seen as a pivotal moment for competition in this space [2] - The performance of the 信创 ETF (562570) indicates strong market interest, with a recent increase in scale to 5.22 billion yuan, marking a three-month high and leading among its peers [1] - The ETF has seen continuous net inflows over the past six days, totaling 95.35 million yuan, with a peak single-day inflow of 35.75 million yuan [1] Group 2 - The introduction of ByteDance's Seedream 5.0 model in various applications highlights the rapid advancement and accessibility of AI technologies, with free trial experiences available [1] - 华西证券 emphasizes that high subsidies are an effective strategy for rapidly educating the market and cultivating user habits in AI applications [2] - The 信创 ETF closely tracks the 中证信创指数, focusing on domestic full-stack replacements across critical sectors such as storage, CPU, and AIPC, while integrating with the DeepSeek ecosystem and AI applications [2]

资金流入方面，信创ETF近6天获得连续资金净流入，最高单日获得3575.27万元净流入，合计"吸 金"9534.65万元，日均净流入达1589.11万元。 消息面上，豆包宣布"豆包过年"新春活动正式开启，活动期间将为用户发放新春红包。此外，除夕夜的 中央广播电视总台2026年春晚期间，豆包还将为全国观众送出超过10万份接入豆包大模型的科技好礼， 以及现金红包。 华西证券认为，春节档已成为AI应用争夺下一代流量入口的"奇点时刻"，高额补贴是快速教育市场、培 养用户习惯的最高效手段。惊人的订单增长数据不仅验证了AI应用通过高频消费场景触达海量用户的 可行性，也预示着其正从技术工具加速迈向连接线上智能与线下消费的核心入口。 截至2026年2月10日 14:20，中证信息技术应用创新产业指数上涨0.89%，成分股东方国信上涨6.96%， 绿盟科技上涨6.34%，博睿数据上涨6.26%，云天励飞上涨5.95%，海光信息上涨3.74%。信创ETF （562570）上涨0.46%，最新价报1.52元。 流动性方面，信创ETF盘中换手5.2%，成交2737.16万元。 规模方面，信创ETF最新规模达5.22亿元，创近3月新高 ...

Group 1 - The article discusses the psychological battle investors face during the upcoming Spring Festival, emphasizing the importance of the "early knowledge" concept in investment decisions [3][4][5] - Investors have differing risk preferences and strategies, with some choosing to liquidate their positions before the holiday to avoid uncertainty, while others opt to remain fully invested [4][5] - The current policy environment is supportive, with measures from the central government aimed at stabilizing expectations and market confidence, which serves as a strong support for the A-share market [6] Group 2 - Economic indicators show signs of stabilization and improvement, but the recovery momentum still needs to strengthen, particularly in consumer-driven sectors [7] - Market activity has increased significantly, with average daily trading volumes exceeding 2 trillion yuan for two consecutive months, indicating heightened market engagement [7] - The Shanghai Composite Index has maintained a level above 4000 points since February, suggesting an upward trend in the A-share market [7] Group 3 - Investors are advised to manage their positions according to their risk tolerance, with a moderate approach being more prudent than extreme strategies of full investment or complete liquidation [7][8] - Conservative investors are recommended to maintain a lower position (30-50%) in defensive sectors such as coal, banking, and utilities, which provide stable cash flows and dividends [8] - Balanced investors should consider a core position in blue-chip stocks while allocating a portion to growth stocks in sectors like semiconductors and AI for potential rebounds [8] Group 4 - Aggressive investors are cautioned against holding full positions during uncertain times and should ensure their holdings are well-researched with clear stop-loss strategies [8] - The article concludes that investment is an art of probability and risk management, especially during periods of high uncertainty, where the focus should be on avoiding losses before seeking gains [9]

1号去了国家信创园 近期，草根调研下来，xc 核心业绩去年还行，某信利润都破亿了 关注： 软： 硬： 弹性 AI Infra： 时间窗口：从节前到两会，确定性极强，赔率很高 中期：27年很关键，10 年新周期 转 1号去了国家信创园 近期，草根调研下来，xc 核心业绩去年还行，某信利润都破亿了 关注： 软： 硬： 弹性 AI Infra： 时间窗口：从节前到两会，确定性极强，赔率很高 转 ...

1号去了国家信创园 1号去了国家信创园 近期，草根调研下来，xc 核心业绩去年还行，某信利润都破亿了 关注： 软： 硬： 近期，草根调研下来，xc 核心业绩去年还行，某信利润都破亿了 关注： 软： 硬： 弹性 AI Infra： 时间窗口：从节前到两会，确定性极强，赔率很高 中期：27年很关键，10 年新周期 弹性 AI Infra： 时间窗口：从节前到两会，确定性极强，赔率很高 ...

Core Viewpoint - The article emphasizes the importance of the "Xinchuang" (information technology application innovation) initiative in enhancing China's technological self-reliance and security in the face of global competition and geopolitical risks [3][4]. Group 1: Importance of Xinchuang - Xinchuang aims to establish a self-controlled, secure, and reliable domestic technology system in critical information infrastructure [3]. - The initiative addresses the risks associated with relying on foreign technology, particularly in the context of geopolitical tensions that can lead to supply chain disruptions [3][4]. Group 2: Current State and Progress - Significant advancements have been made in the Xinchuang sector, particularly in chip development, with the performance gap between domestic and international products narrowing considerably [5]. - The domestic operating systems, such as the Galaxy Kirin and Harmony systems, have shown strong market competitiveness, with Harmony OS installed on nearly 1.2 billion devices [5]. Group 3: Government and Market Collaboration - The effective collaboration between government and market has fostered a conducive environment for the development of the Xinchuang industry, showcasing the advantages of China's new type of national system [5]. - Various initiatives, including the establishment of national innovation parks and industry alliances, have been implemented to support the growth of the Xinchuang sector [5]. Group 4: Future Directions - The Xinchuang industry is transitioning from merely existing to improving quality, focusing on integrating emerging technologies with information technology applications [6]. - This evolution aims to build a secure and controllable digital foundation for China's future industrial development [6].

Core Insights - The National Innovation Center in Beijing has gathered over 700 enterprises, covering key sectors such as CPU, operating systems, databases, complete machines, network security, and application software [5][21]. Group 1: Key Enterprises - Loongson Technology (龙芯中科, 688047) is a leader in domestic CPU with its LoongArch instruction set and has a strong market share in government and terminal markets [6][22]. - Phytium Technology (飞腾信息, 000066) leads in the integration of servers and terminals with its FT series CPUs and has a well-adapted ecosystem [6][22]. - Haiguang Information (海光信息, 688041) focuses on general-purpose CPUs and DCU chips, being a major player in high-performance computing and data center chips [7][22]. - Tongxin Software is a core manufacturer of domestic desktop and server operating systems with a rich adaptation ecosystem [8][23]. - Kylin Software (麒麟软件, 600536) is a key supplier for critical industries such as government and finance with its Galaxy Kylin OS [9][24]. - DM Database (达梦数据库) is recognized as a benchmark for domestic databases with leading transaction processing performance [10][25]. - Renmin University of China Database (人大金仓) has a high penetration rate in government and central enterprise markets with its KingbaseES database [11][26]. - Sugon (中科曙光, 603019) is a leader in server and supercomputing infrastructure with advanced liquid cooling technology [12][27]. - China Great Wall Technology (中国长城, 000066) is a core enterprise in the domestic closed-loop for innovation with its Feiteng platform and terminals [13][28]. - Aisino (亚信安全, 688225) leads in security solutions for innovation environments with strong adaptation capabilities [14][29]. - Sangfor Technologies (深信服, 300454) is a leader in enterprise security and cloud computing solutions [15][29]. - Kingsoft Office (金山办公, 688111) is a leading domestic office software provider with extensive adaptation in innovation [15][29]. - Yonyou Network (用友网络, 600588) is a core manufacturer for enterprise management software transformation in innovation [16][30]. - SMIC (中芯国际) supports domestic chip manufacturing with its advanced 12-inch wafer fabrication capabilities [16][30]. - Unisoc (紫光汉图) provides adaptation and solutions for innovation [16][30].

www.ccxi.com.cn 2026 年 2 月 目录 | 核心观点 | 1 | | --- | --- | | 行业基本面分析 | 2 | | 行业内企业信用表现 | 9 | | 结论 | 15 | | 附表 | 16 | 中诚信国际行业展望 中诚信国际 行业展望 中国电子设备行业 中国电子设备行业展望 预计 2026 年在政策托底、AI 算力赋能等积极因素与国际贸易政策 高频调整与核心材料涨价的挑战并存下，行业信用水平将保持稳 定。 中国电子设备行业的展望为稳定，中诚信国际认为未来 12~18 个月该行业总体信用质量不会发生重大变化。 | 行业 | 未来 个月展望 12~18 | | --- | --- | | 电子设备行业 | 稳定 | | 其中：家电 | 稳定 | | 计算机 | 稳定 | | 通讯设备 | 稳定提升 | | 智能消费设备 | 稳定弱化 | 核心观点 结论 14 联络人 作者 企业评级部 杨 锐 027-87339288-288 ryang@ccxi.com.cn 贾晓奇 027-87339288-276 xqjia@ccxi.com.cn 毛楚杰 027-87339288-211 ...