【CT电子】继续看好国产算力 国产模型进入密集发布期： 临近春节，国产模型进入发布窗口期，近段时间，DeepSeek开源OCR2，Kimi发布并开源K2.5，阿里Qwen3-Max- Thinking，百度文心5.0等重量级模型接连发布。 此外字节计划在2月推出三款全新的 AI 模型，分别为豆包 2.0（新一代旗舰大语言模型）、Seedream5.0（图像生 成模型）以及 SeedDance 2.0（ 【CT电子】继续看好国产算力 国产模型进入密集发布期： 大量模型侧更新将加速驱动模型整体商用进度。 国内云厂商AI资本开支持续保持高位： 根据金融时报2025年12月23日报道，字节已初步规划2026年资本开支1600亿元，高于2025年约1500亿元。 此外阿里在2025年云栖大会表示，正在积极推进3年3800亿元的AI基础设施建设计划。 云厂商capex持续投入奠定国产算力需求基础。 模型端迭代加速，推理侧需求有望快速增长： 国产模型快速迭代抢占用户AI交互入口，交互方式也正在被塑造，对应推理侧算力需求有望迎来加速提升。 同时2026年也是推理侧国产超节点上量元年，目前已有大量国产厂商发布新一代超节点方案， ...

Core Viewpoint - The Hong Kong internet sector is experiencing fluctuations, with the CSI Hong Kong Internet Index down by 0.7% as of 14:40. However, the Hong Kong Internet ETF (513040) has seen a continuous net inflow of funds for 37 trading days, totaling over 3.3 billion yuan, reaching a historical high in scale [1] Group 1: AI Developments - OpenAI has released Sora2, which significantly enhances audio-video synchronization, physical consistency, and controllability, leading to increased expectations for AI applications [1] - Domestic models are rapidly iterating, with Tencent's "Hunyuan Image 3.0" topping the LMArena text-to-image leaderboard, and Zhiyuan releasing and open-sourcing GLM-4.6, while Alibaba's Tongyi Qianwen has open-sourced Qwen3-VL-30B-A3B and launched an FP8 version, indicating a strengthening of domestic open-source and localization efforts [1] - According to a report by China Galaxy Securities, the continuous iteration of underlying large model capabilities has laid a preliminary foundation for AI applications, which are increasingly being tested across various industries, suggesting transformative impacts on most sectors [1] Group 2: Market Insights - The CSI Hong Kong Internet Index focuses on AI applications and consists of 30 stocks related to internet businesses within the Hong Kong Stock Connect scope, with the top four constituent stocks being Tencent Holdings, Alibaba, Xiaomi Group, and Meituan, collectively accounting for over 50% of the index [1] - The current rolling price-to-earnings ratio of the index is 26.7 times, positioned at the 34.1% percentile since its release in 2021, indicating noteworthy allocation value [1] - Investors can conveniently position themselves to capitalize on the development opportunities in AI applications through the Hong Kong Internet ETF (513040) [1]