"Hetzner本质上是一家云基础设施供应商，他们购买硬件进行管理，并出租其容量。对于这次涨价我并 不意外，"Omdia企业基础设施高级研究总监Vlad Galabov表示。他认为，其他云供应商也将陆续涨 价。"对于依赖低成本云托管的公司来说，今年的基础设施成本绝对会大幅跳升。" 在此之前，全球云计算市场已进入密集涨价周期。 从芯片、云到大模型，AI及算力产业链涨价潮正在逐步扩散。 日前，欧洲最大的数据中心运营商及云服务商之一Hetzner宣布，由于"IT多个领域成本大幅上涨"，公 司将于2026年4月1日起调高全线产品及服务报价，包括云服务、专用服务器、存储及负载均衡器等，多 款产品涨幅相当显著。此次调价将影响该公司位于欧洲、美国和新加坡数据中心的新订单及现有订阅用 户。 所有业务中，按欧元报价涨幅较为显著的是云服务报价，例如德国及芬兰的云服务价格根据配置等级的 不同，涨幅在30%到38%之间；美国地区的CCX专用vCPU云服务器价格普遍涨幅在30%水平。 这已是Hetzner本月第二次宣布提价。此前在2月2日，该公司曾宣布调高专用服务器的一次性设置费用/ 初装费，涨价原因主要在于"硬件组件采购价格异常高昂 ...

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研究早观点 2026 年 2 月 27 日 星期五 市场走势 【今日要点】 【行业评论】通信：周跟踪（20260209-20260215）-国产大模型春节档 密集推新，NPO 和柜内光 3 月重点关注 资料来源：常闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 4,146.63 | -0.01 | | 深证成指 | | 14,503.79 | 0.19 | | 沪深 | 300 | 4,726.87 | -0.19 | | 中小板指 | | 8,841.13 | 0.61 | | 创业板指 | | 3,344.98 | -0.29 | | 科创 | 50 | 1,485.86 | 0.85 | 资料来源：常闻 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 【今日要点】 【行业评论】通信：周跟踪（20260209-20260215）-国产大模型春节档密集推新，NPO ...

通信 周跟踪（20260209-20260215） 领先大市-A(维持) ——国产大模型春节档密集推新，NPO 和柜内光 3 月重点关注 2026 年 2 月 26 日 行业研究/行业周报 通信行业近一年市场表现 行业动向： 资料来源：常闻 相关报告： 【山证通信】北美资本开支增长并 未见顶，Scaleup 是光通信重要增量-周跟 【山证通信】——moltbot 爆火背后 1）国产大模型春节档密集更新，算力告急下国产 GPU Day0 适配市场巨大。 春节档豆包、元宝、千问"红包大战"与春节主题密集投流体现出国内大模型 C 端争抢流量入口进入白热化阶段，我们认为智能体 APP 渗透率的快速提升叠加智 能体能力的开放有望带来 Token 的非线性增长维持资本开支的刚性。大模型推新 方面，厂商密集发布与市场的热烈反馈表明我国在大模型算法创新和训练方面与 全球一线梯队接近。其中，字节豆包大模型 2.0 系列除夕上线，重点强化多模态 交互、AGENT 自主任务能力和代码生成效率，seedance2.0 更是支持 60 秒生成电 影级多镜头视频并为春晚部分视觉内容提供创作支持；阿里除夕同步上线千问 Qwen3.5 pl ...

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]

Summary of Conference Call Records Industry Overview - The conference call discusses the technology sector, particularly focusing on overseas computing power (CPO), domestic computing power, and storage chips during the Chinese New Year holiday period. [1][2] Key Points Overseas Computing Power - **CPO Performance**: - Lumentum increased by 18.66% and Coherent by 14.25%, benefiting from better-than-expected CPO and OCS orders announced in FY26Q2, indicating growing market recognition of the CPO industry. [1] - **Cloud Services**: - Google saw a 4.29% increase, launching the Gemini 3.1 Pro flagship model on February 19, significantly enhancing inference and coding capabilities. [1] Domestic Computing Power - **Domestic Model Performance**: - Notable increases in domestic models: Zhiyu up by 49.5% and Minimax by 42.7%. [2] - **New Model Launches**: - Several flagship models were launched during the holiday, including Zhiyu GLM-5, MiniMax M2.5, Qwen 3.5-Plus, and Doubao 2.0 + Seedance 2.0. [2] - **Technological and Commercialization Shift**: - The domestic large model sector is experiencing a dual inflection point, transitioning from parameter competition to efficiency and agent revolution, with commercialization moving from investment to profitability. [2] - **Globalization Trend**: - There is an accelerating trend of reverse globalization in the domestic computing power sector. [2] - **Focus on Full-stack Autonomy**: - Emphasis on domestic chips, self-developed frameworks, and deep model adaptation. [2] - **Aliyun's Progress**: - Achieved a key milestone with the global launch of the 3.2TNPO module, applied in the new generation of domestic four-chip switches. [2] Storage Chips - **Market Performance**: - In the US market, SanDisk rose by 3.74% and Micron by 4.01%. In the Hong Kong market, Zhaoyi Innovation increased by 8.92% and Lanke Technology by 14.59%. [2] - **Micron's Expansion**: - Micron is investing $50 billion to double the size of its Boise campus and is constructing two new wafer fabs, expected to start production of DRAM in 2027, with full production by the end of 2028. [3] Investment Insights - **CPO Technology Innovation**: - Continued focus on CPO technology and the Google chain, with key companies including 富联, 天孚, 致尚, 炬光, and 罗博. [3] - **Domestic Large Models and Chips**: - Emphasis on domestic computing power with companies like 中芯, 华虹, 芯原, 盛科, and 华懋. [3] - **Storage Recommendations**: - Continued recommendations for Zhaoyi Innovation and Lanke Technology, alongside a focus on US stocks like SNDK and MU. [3]

Market Overview - A-shares opened significantly higher with the Shanghai Composite Index up 1.17%, Shenzhen Component Index up 1.82%, and ChiNext Index up 1.76% as of midday close [1] - The strong opening is attributed to multiple favorable factors, including a stable and positive external market during the Spring Festival, with Hong Kong stocks and FTSE China A50 Index showing steady gains [1] - Domestic liquidity remains reasonably ample, with effective reverse repurchase operations before the holiday stabilizing the market's funding situation, and increased capital inflow post-holiday providing support for market upward movement [1] - Macroeconomic recovery and ongoing industrial policy implementation have further boosted market risk appetite, leading to optimistic investor expectations for the capital market in the Year of the Rabbit [1] Sector Performance - The non-ferrous metals, oil and gas, and computing power sectors saw the largest index gains, with precious metals leading the charge [2] - Precious metals surged, with Xiaocheng Technology rising nearly 13% and Hunan Silver approaching the daily limit, alongside other gold-related stocks [4] - The oil and gas sector was active, with Tongyuan Petroleum hitting the daily limit and other companies like Intercontinental Oil and Huibo Petroleum also seeing significant gains [5] - Fiber optic stocks continued to perform well, with Hangdian Co. hitting the daily limit and other companies in the sector experiencing substantial increases [7] - The chemical sector showed strength, particularly in phosphate and pesticide areas, with several companies reaching the daily limit [8] Future Outlook - Industrial securities predict that A-shares are entering a high-probability window, with expectations for a new upward trend post-holiday [10] - Dongwu Securities suggests that historical "Spring Festival effect" indicates a potential recovery in trading volume and price, supported by favorable global market conditions [11] - Huaxi Securities expresses optimism for a "red envelope market" post-holiday, driven by external uncertainties and strong performance in technology sectors during the holiday [12] - Guotou Securities highlights the likelihood of a resurgence in technology stocks post-holiday, supported by stable global equity markets and significant domestic catalysts in robotics and AI [13]

Summary of Conference Call Notes Industry Overview - The focus is on the domestic AI model development in China, particularly the advancements in large models and their global competitiveness. The industry is witnessing a significant reduction in the gap between domestic and international models, with notable products like Seedance 2.0 and GLM5 leading the charge [2][3]. Key Points 1. **Advancements in AI Models**: - The domestic model Seedance 2.0 has achieved global SOTA (state-of-the-art) level, indicating a significant leap in capabilities [2][3]. - The introduction of GLM5 during the Spring Festival further emphasizes the narrowing gap between domestic and international AI models [2][3]. 2. **Investment in Learning and Data**: - A strategic increase in reinforcement learning investment from 0% to 30% in the second half of 2025 is expected to enhance model performance [2][3]. - High-quality data input is also a critical factor contributing to the improved performance of these models [2][3]. 3. **Efficiency Gains**: - Both Seedance 2.0 and GLM5 have demonstrated several times efficiency improvements in their respective applications, with long-range agent tasks now feasible [2][3]. - The multi-modal video generation is highlighted as a unique AI application in China, with a potential market explosion worth hundreds of billions [3]. 4. **Investment Recommendations**: - Companies to focus on include: - **Zhaochi**: Collaborating with Seedance 2.0 [3]. - **Deepin Technology**: First to integrate GLM5 into their Coding products [3]. - **Key players in multi-modal applications**: Zhaochi (home appliances), Kunlun Wanwei (media), and Fubo Group [3]. - Emphasis on the importance of tools and distribution layers as B-end entry points, suggesting that success will depend on creators [3]. 5. **Market Demand and Infrastructure**: - The demand for domestic computing power is expected to accelerate, reinforcing the positions of leading companies in the IDC sector such as Dongyangguang, Runze, and Dongfang Guoxin [4]. Additional Insights - The conference notes suggest a strong push for domestic AI applications and a comprehensive strategy to capitalize on the advancements in AI technology, indicating a robust growth trajectory for the industry [2][3][4].

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].

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