亚商投顾曾宪瑞老师提醒大家：股市有风险，投资需要多加小心，避免不必要的风险。 一、大盘 1.盘面 上证指数早盘小幅低开，随后震荡调整，午后跌幅扩大，截止收盘，指数下跌2.48%，收出大阴线，全天成交额1.16万亿，相比上交易日的1.27万亿，减少 了1100亿。 深证成指早盘小幅低开，随后震荡下跌，午后调整加速，截止收盘，指数下跌2.69%，收出大阴线，全天成交额1.42万亿，相比上交易日的1.57万亿，减少 了1500亿。 2.技术分析 图片来源：东方财富 上证指数今日低开低走，大幅下跌，个股跌停数量也是近百只，市场情绪明显转冷，恐慌盘集中释放。从技术面来看，MACD绿柱加速伸长，空方动能明显 增强；KDJ指标中三线死叉后迅速下穿50中轴，短期空头占优格局进一步确；且短期均线亦黏合死叉，多空博弈加剧，指数上行阻力明显增大。因此在量价 配合转弱、热点持续性差，市场进入典型的"空方主导+多空拉锯"阶段下，操作上更要强化纪律——不追高、不抢反弹、不满仓，宁可错过、不可做错；建 议将仓位进一步压缩，耐心等待风险充分释放后，逢低低吸或更为稳妥。 深证成指今日低开后震荡走弱，盘中一度跌破30日均线支撑，截止收盘跌幅超2 ...

A股三大指数今日集体下跌，沪指、深成指、创业板指分别下跌2.48%、2.69%、2.46%。三市成交额26066亿元，较上日缩量2558亿元，超4600只 个股下跌。 贵金属、油气开采及服务、化工、煤炭、钢铁、半导体等板块集体大跌，白酒、电网设备板块表现坚挺。 湖南白银、白银有色等资源周期股跌停，兆易创新等半导体板块跌停。电网设备、白酒、影视院线等板块表现强势。 2 月 2 日， A 股市场整体呈现资金净流出态势。 三大指数同步下跌， 上证指数 跌 2.48% ，报 4015.75 点； 深证成指 跌 2.69% ，报 13824.35 点； 创业板指 跌 2.46% ，报 3264.11 点。 | 代码 | 证券简称 | 涨跌幅(%) | 主力净流入额(亿元) | | --- | --- | --- | --- | | 801730.SI | 电力设备(申万) | -0.8 | 41.90 | | 801120.SI | 食品饮料(申万) | 1.11 | 25.67 | | 801780.SI | 银行(申万) | 0.17 | 15.50 | | 801210.SI | 社会服务(申万) | -1.59 ...

Core Viewpoint - Microsoft has officially launched its second-generation AI chip, Maia 200, which aims to disrupt NVIDIA's dominance in the AI hardware market by reducing reliance on its CUDA software and offering a more cost-effective solution for AI computations [1][21][24]. Group 1: Product Launch and Features - Maia 200 is built on TSMC's 3nm process and is accompanied by the software Triton, which significantly reduces the code required for developers, making it easier to transition from CUDA [2][6]. - The chip features 272MB of on-chip SRAM, enhancing performance and reducing costs for token generation by 30% compared to existing hardware [10][12]. - The performance of Maia 200 is reported to be comparable to or even surpassing CUDA by 5-37% in certain scenarios, with a 75-90% reduction in code volume for developers [6][22]. Group 2: Competitive Landscape - The launch of Maia 200 signifies a shift in the AI computing landscape, where cost efficiency will become a key competitive factor, moving away from the previous focus on model size [21][24]. - Other companies like Google and Meta are also developing alternatives to CUDA, indicating a broader industry trend towards diversifying AI computing solutions [7][23]. - The relationship between Microsoft and OpenAI has become strained, as OpenAI has placed a significant order with Cerebras instead of Microsoft, highlighting the competitive dynamics in the AI space [15][16]. Group 3: Financial Implications - The success of Maia 200 is crucial for Microsoft CEO Satya Nadella, as it directly impacts his potential earnings from a $96.5 million performance-based compensation agreement [17]. - Microsoft is projected to spend over $80 billion on AI infrastructure by 2025, making cost reduction through Maia 200 essential for maintaining profit margins [19]. - The shift towards Maia 200 represents a strategic move for Microsoft to reclaim control over its AI infrastructure and reduce dependency on NVIDIA, which could lead to significant valuation increases for the company [20][24].

| 上榜热股 | 实时涨跌幅♀ 买/卖家数ុ | | | --- | --- | --- | | 长飞光纤 | | 2/0 | | 601869.SS | +6.62% | | | 3日 | | | | 通源石油 | -14.21% | 5/3 | | 300164.SZ | | | | 通光线缆 | | 4/2 | | AAA/F AF | +20.00% | | 长飞光纤 龙虎榜显示，今日2家机构净买入3.15亿。 公司是全球光纤光缆行业领军企业，唯一自主掌握PCVD、OVD、VAD三种主流光纤预制棒制备技术，并实现产业化。 龙虎榜知名游资 一、智能电网 龙虎榜机构热股 今天机构龙虎榜上榜40只个股，净买入20只，净卖出20只。当日机构买入最多的个股前三位是：长飞光纤（3.15亿）、通源石油（2.16亿）、通光线缆 （1.15亿）。 个股龙虎榜 公司已完成数据中心智能小母线及一体化电力模块研发，750V直流方案已在园区、楼宇、地铁落地，并储备800VHVDC技术，服务中国联通、佛山开普勒 等算力中心 据央视财经1月31日报道，当前全球AI算力建设进入爆发期，高功率、高稳定供电成为算力集群"生命线"，电力设 ...

尽管净利继续亏损，但芯原股份的在手订单连续九个季度保持高位。2025年全年，芯原股份新签订单金 额59.60亿元，同比增长103.41%，其中AI算力相关订单占比超73%，数据处理领域订单占比超50%。截 至2025年末，公司在手订单金额达到50.75亿元，较三季度末的32.86亿元大幅提升54.45%，且已连续九 个季度保持高位。2025年末在手订单中，预计一年内转化的比例超80%，且近60%为数据处理应用领域 订单。 （文章来源：每日经济新闻） 2026年1月26日，芯原股份股价创下历史新高，盘中最高涨至237.79元。不过，仅一周过后，芯原股份 便发布了股东减持股份计划公告。而此前公司第二大股东国家集成电路基金就公布了减持计划。与此同 时，公司有超过2486万股的限售股于2025年12月30日起上市流通。与股价持续走牛不同的是，芯原股份 的业绩已经连续三年亏损。 参与芯原股份定增计划的机构目前浮盈约为1.86倍。同花顺显示，参与芯原股份定增计划的机构合计投 入金额约为18.07亿元（发行数量为2486.0441万股），而按照当前股价来计算，这部分股权的市场价值 约为51.67亿元。 ...

Core Viewpoint - The surge in ultra-high voltage (UHV) concept stocks is attributed to a significant increase in transformer orders, with many factories operating at full capacity and some orders extending to 2027 [1][3]. Group 1: Market Performance - On February 2, UHV concept stocks experienced a strong rally, with stocks like Jicheng Electronics and Baobian Electric hitting the daily limit [1]. - The Wind UHV index saw a peak increase of over 5%, while it closed with a nearly 4% rise [3]. - Multiple stocks within the UHV sector, including Jicheng Electronics and Baobian Electric, reached their daily limit, indicating robust market interest [3]. Group 2: Industry Insights - The transformer industry in China consists of approximately 3,000 companies, with an expected export value of 64.6 billion yuan by 2025, marking a nearly 36% increase from 2024 [5]. - China has become the world's largest transformer producer, accounting for about 60% of global production capacity [5]. - The demand for transformers is driven by the rapid growth in AI computing power, which requires stable and high-capacity power supply [4]. Group 3: Recent Developments - Recent reports indicate that the UHV industry has received multiple favorable developments, including plans for new UHV transmission projects in Inner Mongolia, which are expected to significantly increase electricity delivery capacity [7]. - The completion of the Gansu-Zhejiang ±800 kV UHV DC transmission project marks a significant milestone in UHV technology, with a total investment of approximately 35.3 billion yuan [8]. - The State Grid plans to accelerate the construction of UHV projects to support the high-quality development of renewable energy and the establishment of a unified national electricity market [9].

Q：新易盛的核心产品在目前的市场竞争中处于什么地位？ 新易盛作为光通信行业的龙头企业，其核心产品光模块正处于全球AI算力需求驱动的变革中心。随着 数据中心向400G、800G甚至1.6T高速互连升级，新易盛凭借在CPO（光电共封装技术）等先进领域的 布局，已成功跻身公募基金重仓股的前列。截至2025年三季度末，新易盛已跃升至公募基金第四大重仓 股，持股市值超千亿元。其竞争壁垒在于能够快速响应海外厂商追加订单的需求，并将在2026年光通信 产业链进入"保交付"时代后，凭借供应链掌控力进一步巩固其领先市场份额。 ...

再看半导体板块，兆易创新跌停，江波龙跌超10%，其实是前期AI炒作热度退潮，加上部分公司业绩预 期没跟上，资金暂时撤离。但帮主得说句实在的，半导体的产业趋势没坏，只是短期波动，就像2023年 那波调整，跌下去之后很快又反弹回来，关键看核心公司的订单和技术突破。 而电网设备为啥能逆势狂飙？这里藏着真需求！AI算力需求爆炸，变压器成了"算力心脏"，北美电荒让 中国电网设备成了香饽饽，加上国内4万亿的电网投资规划，订单都排到后年了，这种有政策+需求双 重支撑的板块，自然能扛住市场下跌。白酒股表现坚挺也不意外，春节消费旺季要来了，加上资金避险 需求，这类刚需品种总能稳住阵脚，这和2019年春节前的行情如出一辙。 今天盘面属实让人揪心，三大指数全跌超2%，4600多只个股绿油油一片，资源股跌停板上堆着几百亿 封单，手里持仓的朋友是不是越看越慌，甚至想割肉离场？ 但别急着emo，盘面里藏着大反差——电网设备10多股涨停，白酒股也扛住了下跌，这到底是为啥？咱 们先把下跌的账算明白。核心就是大宗商品被集体抛售，美联储鹰派预期越来越强，美元走强让贵金 属、油气这些品种失了吸引力，加上前期资源股涨得太猛，获利盘扎堆兑现，湖南白银 ...

二、当日热点 1.智能电网 一、行情回顾 市场全天震荡调整，三大指数均跌超2%。电网设备板块逆势走强，通光线缆、双杰电气等多股涨停。白酒股延续涨势，皇台酒业3连板，金徽酒3天2板。下 跌方面，资源股集体调整，贵金属、油气方向领跌，中金黄金、四川黄金、准油股份等多股跌停；半导体芯片股下挫，兆易创新、闻泰科技等跌停，华虹公 司、北京君正等跌超10%。个股呈现普跌态势，沪深京三市近4700股飘绿，超百股跌停，今日成交2.61万亿。 | 股票名称 | | 最新价 = | 涨跌幅 = | 涨停时间 = | 换手率 = | 流通市值 ◆ | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 1、公司已完成数据 750V直流方案已在 | | 白云电器 | | | | | | | 术, 服务中国联通、 | | 603861.SS | 2天2板 | 18.28 | +9.99% | 09:30:01 | 2.03% | 96.63亿 | 字化、智能化需求, | | | | | | | | | 投入，为智能电网 | | | | | | | | ...

Core Insights - Morgan Stanley's latest report highlights a positive trend in the data center sector driven by demand scale, resource availability, and the "East Data West Computing" policy, which encourages large-scale cloud service providers to shift data center deployments to remote areas, benefiting local data center builders [1] Group 1: Market Demand and Investment - The capital expenditure of mainland China's large-scale cloud service providers is projected to reach 440 billion RMB by 2026, with an estimated 32% (approximately 141 billion RMB) allocated for domestic computing power [1] - The report estimates that the total new orders for third-party data centers (excluding self-built data centers by cloud service providers) will increase by 66% to 3.4 gigawatts by 2026 [1] Group 2: Impact of AI Chips and Policy Changes - If the import of H200 chips by ByteDance, Alibaba, Tencent, and DeepSeek is fully approved, the forecast for new orders in China's third-party data centers could be revised upwards to approximately 4.5 gigawatts by 2026, representing a year-on-year increase of 120% [1] - In a baseline scenario, remote data centers are expected to contribute 2.4 gigawatts of new orders by 2026, increasing to 3.3 gigawatts by 2027, accounting for about 70% of new orders [1] Group 3: Regional Development and Infrastructure - The "East Data West Computing" initiative effectively consolidates supply into ten major clusters, primarily focused on four remote cities, with Inner Mongolia's Ulanqab and Ningxia's Zhongwei identified as key beneficiaries in the AI era [1] - Zhongwei is emerging as a new data center hub, aiming for a total capacity of 750 megawatts by the end of 2025, with a long-term goal of achieving 2 gigawatts by the end of 2027 [1] - Alibaba is a key player in the Zhongwei cluster, having established infrastructure connecting the hub with data transmission capabilities [1] Group 4: Historical Context and Future Prospects - Since 2016, Zhongwei has welcomed its first batch of data center projects, with clients including AWS China, Qihoo 360, and Meituan, indicating a mature local network infrastructure and talent pool [1] - Several internet and cloud companies, including Tencent, Alibaba, and Baidu, are interested in establishing parks in Zhongwei, along with AI firms like Zhipu [1]