格隆汇1月13日丨华光新材(688379.SH)在投资者互动平台表示，公司目前未有产品直接应用于CPO，公 司投资的企业苏州联结科技研发生产的陶瓷基板应用于光模块、半导体激光器等环节，公司投资比例为 5%左右。 （原标题：华光新材(688379.SH)：目前未有产品直接应用于CPO） ...

1月12日早盘，AI应用做多情绪全面扩散，创业板人工智能再创新高！其中，易点天下斩获两个20CM涨停，昆仑万维冲击两连板，蓝色光标、中文在线、 航宇微、汉得信息、万兴科技、拓尔思等多股大涨超10%。热门ETF方面，流动性突出的创业板人工智能ETF（159363）场内上涨3%再创新高，实时成交 额超2亿元。 消息面上，马斯克在X平台发布推文，预告xAI下月升级Grok Code，将支持一次性完成很多复杂的编程任务。此外，智通财经报道显示，2025年AI应用在消 费层的渗透快速推进。根据QuestMobile上月统计数据，原生AI市场中豆包1.55亿周活稳居榜首，DeepSeek8000万+、元宝2000万+位列二三席；年底发布的 阿里"千问"迅速追至第二梯队，周活已逼近千万。 招商证券1月6日研报《AI应用爆发在即，自主可控广泛铺开》中表示，AI应用爆发在即。近一年来LLM的推理能力、多模态能力快速提升，训练成本降 低，国内外AI应用商业化进展加速。北美公司在技术端和二级市场都对全球AI产业仍有引领作用。我们期待2026年在AI赋能下国内外的AI应用能逐步实现 更好的收入兑现。 光模块等算力硬件方面，开源证券1 ...

Core Viewpoint - The AI application sector is experiencing a significant surge, with the ChiNext AI index reaching new highs and many constituent stocks seeing substantial gains [1][7]. Group 1: Stock Performance - Yidian Tianxia saw a 20% increase, reaching a price of 52.69, with a trading volume of 61.374 billion [2][8]. - Kunlun Wanwei also increased by nearly 20%, closing at 54.02 with a trading volume of 102.89 billion [2][8]. - Other notable performers include Runze Technology (+15.7%), BlueFocus (+14.08%), and Aofei Data (+10.33%), all with trading volumes exceeding 35 billion [2][8]. Group 2: ETF Performance - The ChiNext AI ETF (159363) rose by 2.75%, achieving a new high with a trading volume of 700 million [2][8]. - Over the past week, the ETF has recorded a seven-day consecutive increase, with the underlying index gaining 29.32% during the period from November 28, 2025, to January 9, 2026 [2][8]. Group 3: Market Trends and Predictions - Analysts suggest that the recent surge in AI applications is driven by advancements in AI infrastructure tools and data governance, predicting that AI will penetrate various industry sectors by 2026 [4][10]. - The report from招商证券 indicates that the commercialization of AI applications is accelerating, with expectations for improved revenue realization in 2026 [5][11]. - The report also highlights that 2026 may mark the year of significant growth for 1.6T optical modules, with silicon photonics technology expected to become mainstream [5][11].

Group 1 - In 2025, 930 out of 969 comparable ordinary equity funds achieved positive performance, representing 96% of the total, while only 39 funds experienced declines [1] - The top-performing fund, Rongtong Industry Trend Stock, achieved a remarkable return of 114.61%, managed by Li Jin, who has been with Rongtong since 2017 and became a fund manager in 2023 [1] - The fund's top ten holdings in Q3 2025 included stocks from sectors such as optical modules, high-end manufacturing, and biomedicine, with a notable concentration in semiconductor-related stocks in the second half of the year [1] Group 2 - E Fund's Strategic Emerging Industry Stock A and C funds recorded returns of 107.60% and 106.74%, respectively, with top holdings including stocks from Tencent, Alibaba, and Zhongji Xuchuang [2] - The E Fund's Information Industry Selected Stock A and C funds also performed well, with returns of 104.31% and 103.26%, benefiting from the semiconductor sector [2] - Other funds that doubled their performance included Red Soil Innovation New Technology Stock A and Caitong Integrated Circuit Industry Stock A, with returns of 104.91% and 101.46% [2] Group 3 - A total of 14 ordinary equity funds saw returns exceeding 90%, including Huashang High-end Equipment Manufacturing Stock A and Longxin Innovation Driven Stock [3] - Conversely, the biomedicine and consumer sectors lagged significantly, leading to declines of 17.81% and 17.29% for Shenwan Lixin Medical Pioneer Stock A and C [3] - The top holdings of the underperforming funds included various biopharmaceutical companies, indicating a sector-specific weakness [3][4] Group 4 - The underperforming funds, such as Taikang Medical Health Stock A and C, were heavily invested in pharmaceutical stocks, which contributed to their declines of 13.45% and 13.02% [4] - Longxin Consumer Selected Quantitative Stock A and C also faced declines of 12.76% and 12.41%, with a focus on liquor stocks in their top holdings [4]

每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 科创综指ETF国泰（589630）跟踪的是科创综指（000680），单日涨跌幅限制达20%，该指数由上 交所科创板上市证券组成，覆盖广泛市值范围的公司，包括大、中、小盘。指数行业分布均衡，以信息 技术、工业和医药卫生为主，侧重硬科技领域，反映科创板上市公司证券的整体表现。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 1月6日，科创综指ETF国泰（589630）涨超1.6%，技术面改善或支撑后市表现。 中泰证券指出，202 ...

【中泰研究丨晨会聚焦】策略徐驰：年初市场科技主线能否延续？ ——信用业务周报 证券研究报告/晨会聚焦 2026 年 01 月 05 日 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 欢迎关注中泰研究所订阅号 晨报内容回顾 1、《【中泰研究丨晨会聚焦】固收 吕品：2025 年债市启示录：框架的贫 穷》2026-01-05 2、《【中泰研究丨晨会聚焦】宏观 张德礼：大国博弈，科技领航》 2025-12-30 3、《【中泰研究丨晨会聚焦】银行 戴志锋：本轮财富管理特点与金融机 构：分化、分层与匹配与上轮财富管 理发展期的比较分析》2025-12-29 今日预览 今日重点>> 【策略】徐驰：年初市场科技主线能否延续？——信用业务周报 20260105 请务必阅读正文之后的重要声明部分 今日重点 【策略】徐驰：年初市场科技主线能否延续？——信用业务周报 20260105 一、如何判断当前市场科技主线的延续性？ 上周 A 股市场整体呈现震荡偏弱格局，成交放量但赚钱效应明显回落，显示资金在年末窗口期进 入主动结构调整阶段。上周是 2025 年最后一个交易周，从主要 ...

格隆汇1月5日丨鹏鼎控股(002938.SZ)在投资者互动平台表示，公司1.6T光模块相关产品已经出货，3.2T 产品目前与客户开发中。 ...

Core Viewpoint - The A-share market concluded 2025 with a structural bull market, with the Shanghai Composite Index rising by 18.41%, leading to significant performance improvements in active equity funds, where over 95% achieved positive returns, and 76 funds doubled their returns, marking a strong comeback of "double funds" after 17 years [3][4][7]. Group 1: Market Performance - The Shanghai Composite Index ended the year at 3968.84 points, recovering from fluctuations and achieving an 18.41% annual increase [4]. - Among 31 sectors, 29 experienced gains, with non-ferrous metals and communications leading at 94.73% and 84.75% respectively, while food and beverage and coal sectors saw declines exceeding 5% [4]. - The active equity fund performance saw over 95% of 4711 comparable funds achieving positive returns, a significant increase from 65% the previous year, marking the best performance in five years [4][9]. Group 2: Top Performing Funds - The top-performing fund, Yongying Technology Smart A, achieved a remarkable return of 233.29%, surpassing the second-place fund by over 64 percentage points and breaking the previous record set in 2007 [5][7]. - The second and third positions were held by Zhonghang Opportunity Navigation A with a return of 168.92% and Hongtu Innovation Emerging Industry A with 148.64%, respectively, showcasing intense competition among the top funds [8]. - A total of 76 active equity funds achieved returns exceeding 100%, the highest number in the last five years, with 39 fund companies represented [8]. Group 3: Investment Trends and Future Outlook - The leading funds predominantly invested in the artificial intelligence (AI) sector, indicating a high "science and technology content" as a key to success [3][11]. - Looking ahead, the AI industry is expected to see further valuation increases, transitioning from valuation-driven to a dual-driven model of fundamentals and structural reforms [11][12]. - Investment strategies for 2026 are anticipated to focus on AI, overseas expansion, and commodities, with a cautious outlook on potential market corrections [12][13].

超250个百分点业绩鸿沟！2025年基金业有人狂欢有人愁 2025年，A股市场以快速轮动与结构性牛市收官，上证指数全年上涨18.41%，催生了近五年最亮眼的主动权益类基金业绩，超95%产品实现正收 益，76只"翻倍基"横空出世。其中，永赢科技智选A以惊人的233.29%回报率登顶，不仅以超过60个百分点领跑，更刷新了公募主动权益基金年 度收益纪录，标志着"两倍基"时隔17年的强势回归。 整体而言，业绩领先的基金普遍高配人工智能产业链，凸显"含科量"成为制胜关键。站在新一年的起点，金鹰基金权益研究部宏观策略研究员 金达莱对第一财经记者表示，春季行情徐徐展开，年初或仍有配置窗口。 "跨年行情下，交投活跃度较高、但资金情绪偏谨慎，A股市场整体波动收窄。"金达莱认为，业绩兑现重要性提升，配置上将围绕核心科技+制 造主线。进入1月，预计上市公司的业绩景气度或将再度成为市场的核心关注点。 "冠军基"业绩刷新历史纪录 回顾2025年，A股市场全年延续快速轮动格局，科技、创新药、有色金属等板块轮番活跃，上证指数4000点失而复得又得而复失。截至12月31日 收盘，上证指数以"十一连阳"收官，最终定格在3968.84点，全年上 ...

Core Viewpoint - The liquid cooling industry, while part of the computing ecosystem alongside optical modules and PCBs, has a less robust business model and profitability. However, it has significant potential for penetration, particularly in high-density AI clusters, where current overall penetration is low, projected to reach about 20%-25% by 2025 [1]. Group 1: Industry Overview - Optical modules and PCBs are essential components of server and switch infrastructure, with nearly 100% penetration rates, while liquid cooling is only a necessity in high-density AI clusters [1]. - The revenue recognition for optical modules and PCBs is quick and has a short cycle, whereas liquid cooling projects typically have a lag of over six months due to the need for infrastructure setup [1]. - The standardization and mass production of optical modules and PCBs lead to stable and high gross margins, while liquid cooling faces challenges due to customization and project-based sales, resulting in lower gross margins [2]. Group 2: Key Companies - **Inspur**: A leading domestic liquid cooling company with a comprehensive solution covering cold plates, CDU, and system integration, benefiting from partnerships with major players like NVIDIA and Intel. It is positioned to gain from the AI high-density computing cooling market, although its valuation may be stretched with a PB exceeding 30x [2]. - **Tongfei Co., Ltd.**: A specialized enterprise transitioning to data center liquid cooling, with a dual-path approach in cold plate and immersion cooling, aiming for significant growth in AI computing infrastructure and energy storage [3]. - **Yidong Electronics**: Entering the AI server liquid cooling market in 2024, it aims to integrate connectors and liquid cooling solutions, achieving significant revenue milestones in 2025 [4]. - **Dingtong Technology**: Focused on integrated connector and liquid cooling modules, it is set to ramp up production and gross margin potential in the coming years [5]. - **Siquan New Materials**: Specializing in high thermal conductivity materials for AI server cooling, it is expected to enter a critical phase of mass delivery and certification by 2025 [6]. - **Zhongshi Technology**: Engaged in thermal management materials and AI server cooling solutions, it is expanding its production capacity and is expected to see significant order and margin growth [7]. - **Feirongda**: With a focus on electromagnetic shielding and thermal management, it is positioned for significant delivery and expansion in the AI server cooling market [8]. - **Dongyangguang**: Following a comprehensive approach in liquid cooling, it is set to enter a critical phase of delivery and overseas expansion [9]. - **Juhua Co., Ltd.**: Leveraging its fluorochemical expertise, it is positioned as a key player in the liquid cooling market, focusing on domestic replacement and overseas expansion [10]. - **Qiangrui Technology**: Engaged in integrated solutions for testing equipment, it is expected to achieve significant breakthroughs in delivery and ecosystem integration by 2025 [11].