通信行业周报（2 月 23 日- 2 月 28 日） 通信行业市场回顾 市场研究部 2026 年 3 月 2 日 2026 年 2 月 23 日至 2 月 28 日，通信（中信）板块上涨了 4.5%，而 沪深 300 指数上涨了 1.08%，通信板块跑赢沪深 300 指数 3.43 个百 分点。期间通信业区间涨幅位列中信一级行业第 9 位，在 30 个中信一 级行业中表现中上。2026 年全年，通信行业累计上涨 5.08%，在中信 一级行业中排第 17 位，表现居中。截至 2 月 27 日，中信通信行业 PE TTM 为 27.58 倍，处于 38.63%的分位数。 周度关注：算力互联互通节点建设 2026 年 2 月 6 日，工业和信息化部办公厅正式发布《关于组织开展国 家算力互联互通节点建设工作的通知》，该通知是落实《算力互联互通 行动计划》（2025 年 5 月）的具体举措，标志着我国算力基础设施建 设从"单点突破"迈向"全网协同"的关键阶段。 过去几年，我国在"东数西算"工程推动下，算力规模迅速扩张。通过 构建"1+M+N"的节点体系，打破算力孤岛，实现全国算力资源的标 准化互联与高效调度。其中"1" ...

算力是AI竞争的核心战场之一。工业和信息化部近日印发《关于组织开展国家算力互联互通节点建设 工作的通知》提出建立"1+M+N"国家算力互联互通节点体系。就算力互联互通的重大意义、对产业格 局的影响等问题，广州日报新花城采访了中国信息通信研究院云计算与数字化研究所副所长栗蔚。 广州日报新花城：工业和信息化部提出的"1+M+N"国家算力互联互通节点体系，特别是"统一标识、统 一标准、统一规则"，对我国算力提升有何意义？ 栗蔚："1+M+N"国家算力互联互通节点体系有望实现不同区域、不同主体、不同架构的算力资源标准 化互联和高效的应用和数据流动，形成"就近、普惠、创新"的算力服务形态，有效提高公共算力资源使 用效率和服务水平。 在算力提升方面，算力互联互通有望破解资源碎片化难题，通过统一标识为算力资源赋码确权、打造专 属"数字身份证"，实现全网算力可感知、可追溯，有效盘活跨区域、跨主体的闲置算力资源，显著提升 算力资源整体利用率。同时，打通异构算力协同壁垒，依托统一标准完成通算、智算、超算等各类算力 资源的接口标准化适配，推动在不同算力节点间应用和数据的高效流转与灵活调度。在此基础上，未 来，算力市场发展秩序有望更 ...

Core Insights - The article discusses the establishment of a national computing power interconnection node system in China, aimed at standardizing and optimizing the use of computing resources across different regions and sectors [1][2][3] Group 1: National Computing Power Interconnection Node System - The Ministry of Industry and Information Technology has issued a notification to build a "1+M+N" national computing power interconnection node system, which aims to create a standardized and efficient flow of computing resources [1][2] - The system is expected to transform computing resources from isolated islands into interconnected, tradable network resources, enhancing management and market activity [2][3] - The core elements of the new regulations include "unified identification, unified standards, and unified rules," which will facilitate the traceability and transaction of computing power [3] Group 2: Market Impact and Trends - The launch of the "National Supercomputing Internet Core Node," which is the largest domestic AI computing resource pool, is expected to support a significant number of AI computing tasks [2] - The computing power service market in China is projected to exceed 1.2 trillion yuan by 2025, with a year-on-year growth rate of over 23% [5] - The price trends in the computing power industry are expected to strengthen, with predictions of a "full-chain inflation" cycle by 2026 [3][4] Group 3: Regional Developments - Guangdong province has established itself as a leader in the computing power industry, with various initiatives aimed at enhancing AI capabilities and resource management [9][10] - The Guangdong Computing Power Collaborative Service Platform has been launched to standardize resource management and reduce costs for enterprises [9] Group 4: Future Opportunities - The article highlights the potential for new market opportunities in storage and transportation capabilities associated with computing power, driven by advancements in technology and policy support [11] - Quantum computing is anticipated to experience significant growth in the next 5 to 10 years, offering solutions for complex calculations that traditional computers struggle with [12]

Performance Overview - The company, Lianhua Holdings, has announced a profit forecast for 2025, expecting a net profit attributable to shareholders of between 290 million to 330 million yuan, representing a year-on-year growth of 43.15% to 62.90% [1] Contract Developments - Lianhua Zixing Intelligent Computing Technology Co., a subsidiary of the company, signed a procurement contract with EⅫ for accelerated cards worth 200 million yuan on December 16, 2025. Future attention is needed on the delivery, acceptance, and contribution of this contract to the company's computing service revenue [2] Industry Policies and Environment - The Ministry of Industry and Information Technology has issued a notice to develop a national computing interconnection node construction plan, which may provide external growth opportunities for the company's computing leasing business [3] - The company's main business in condiments is experiencing steady growth under a brand revival strategy, with online sales revenue increasing by 154.47% year-on-year in the first three quarters of 2025. However, attention is required on the sustainability of seasonal sales data following the peak season around the Spring Festival in early February 2026 [3]

当前，算力互联互通成为产业共识，各方已积极开展技术路径探索与工程实践。在此背景下，工业和信 息化部研究制定了《通知》。 近日，工业和信息化部印发《关于组织开展国家算力互联互通节点建设工作的通知》（以下简称《通 知》），部署推进国家算力互联互通节点体系建设。 国家算力互联互通节点是推进国家算力互联互通体系建设的核心抓手和关键承载，采用"1+M+N"架 构，由1个已建成发布的国家算力互联网服务节点（国家节点）、M个区域节点和N个行业节点共同构 成。 具体来看，区域节点面向算力需求旺盛地区提供标识注册、资源汇聚等综合性支撑服务，行业节点聚焦 重点行业提供市场化服务并接入区域节点，所有节点遵循"统一标识、统一标准、统一规则"运行，提升 公共算力资源使用效率和服务水平，助力算力产业高质量发展。 《建设方案》聚焦节点核心功能落地，明确建设六大核心系统，包括国家算力互联网（区域、行业）服 务中心、算力标识管理系统、算力资源汇聚系统、算力选择系统、算力运行安全监测系统、安全保障系 统。 《通知》提出建立"1+M+N"国家算力互联互通节点体系，通过构建"统一标识、统一标准、统一规 则"运行机制，实现不同区域、主体、架构的算力资 ...

Summary of Key Points from Conference Call Records Industry and Company Involvement - **Artificial Intelligence and Data Analysis**: The records highlight advancements in AI technologies, particularly focusing on ByteDance's Seedance 2.0 and OpenAI's ChatGPT, along with significant funding in the data analysis sector. - **Entertainment and Media**: The records discuss developments in the film and gaming industries, including new AI-driven content creation tools and upcoming film releases. - **Solar Energy and Semiconductor Industries**: There are mentions of Tesla's expansion in solar energy and projections for semiconductor sales growth. Core Insights and Arguments - **ByteDance's Seedance 2.0**: The model has reportedly overcome previous limitations and is now leading in AI video generation, moving towards industrial-grade applications [1][1][1] - **OpenAI's Growth**: ChatGPT's monthly growth rate has surpassed 10%, indicating strong user engagement and the upcoming release of an upgraded chat model [1][1][1] - **Databricks Funding**: The data analysis company has completed a $5 billion funding round, raising its valuation to $134 billion, reflecting investor confidence in AI and data analytics [1][1][1] - **Cost of Video Production**: The traditional cost structure for video production is shifting towards marginal costs associated with computational power, indicating a potential disruption in the industry [2][2][2] - **Content Inflation**: The content sector is expected to experience unprecedented inflation, leading to a complete restructuring of traditional organizational frameworks and production processes [3][3][3] - **Concerns Over Deepfakes**: The CEO of Game Science raised concerns about the proliferation of fake videos and the associated trust crisis, emphasizing the importance of responsible AI development [4][4][4] Other Important but Potentially Overlooked Content - **Seedance 2.0 Restrictions**: The model has temporarily disabled the upload of real human images and videos to mitigate issues related to deepfakes [4][4][4] - **Emerging AI Tools**: New AI models and tools are being developed across various companies, including Alibaba's AI video creation tool and Xiaohongshu's video editing AI product [1][1][1] - **Investment in Semiconductor Industry**: The Semiconductor Industry Association predicts global semiconductor sales will reach $1 trillion this year, with a projected growth of 25.6% by 2025 [7][7][7] - **Rising Prices in Dye Industry**: Recent reports indicate a significant increase in the prices of disperse dyes, with some prices rising by approximately 10% [7][7][7] - **Upcoming Film Releases**: Several domestic films have been scheduled for release during the 2026 Spring Festival, indicating a robust film market [9][9][9]

Group 1 - The core viewpoint of the articles highlights the significant rise in optical communication concept stocks in the U.S. market, driven by advancements in Co-Packaged Optics (CPO) technology and supportive government policies [1][2]. - Companies such as Credo Technology, Corning, Ciena Technologies, and Lumentum have shown notable stock price increases, indicating strong market interest in optical communication technologies [1]. - NVIDIA is advancing the scale deployment of CPO technology to address the growing power consumption and reliability challenges of AI supercomputers, integrating optical engines into the same package as switching chips [1]. Group 2 - In the A-share market, as of February 6, ten CPO concept stocks have received net financing purchases exceeding 100 million yuan, with Tianfu Communication and Zhongji Xuchuang leading at 2.542 billion yuan and 2.21 billion yuan respectively [2]. - Tianfu Communication has reported that its 1.6T optical engine products have entered normal delivery stages, and the company is coordinating supply chain resources to enhance production capacity [2]. - New Yisong expects to achieve a net profit attributable to shareholders of 9.4 billion to 9.9 billion yuan by 2025, representing a year-on-year growth of 231.24% to 248.86%, and has successfully mass-produced and delivered 1.6T optical module products [2].

Group 1: Service Consumption Policy - The Ministry of Commerce plans to establish a "1+N" policy system to foster new growth points in service consumption, focusing on over 10 specific areas including home services, automotive aftermarket, and inbound consumption [2] - A comprehensive action plan will be developed to enhance service quality and benefit the public, featuring over 60 specific measures aimed at improving service supply in cultural entertainment, tourism, and sports events [2] Group 2: Computing Power Infrastructure - The Ministry of Industry and Information Technology is initiating the construction of national computing power interconnection nodes to enhance overall computing power levels, targeting regions and industries with high demand [2] - The initiative includes the establishment of unified service platforms for regional nodes and market-oriented services for industry nodes, ensuring standardized interconnection and efficient application of computing resources [2] Group 3: Pre-prepared Food Standards - The National Health Commission released a draft standard for pre-prepared dishes, clarifying that these do not include staple foods, ready-to-eat foods, or dishes made in central kitchens [3] - The standard emphasizes minimizing the shelf life of pre-prepared dishes to a maximum of 12 months and prohibits the use of preservatives [3] Group 4: Artificial Intelligence Industry Growth - Guangdong Province anticipates that the core AI industry will reach a scale of 300 billion yuan by 2025, with integrated circuit production expected to increase by 152% compared to 2020 [4] - The province also projects a 39% year-on-year growth in civilian drone production, accounting for over 90% of the national output by 2025 [4] Group 5: Duty-Free Stores in Hainan - Hainan Province will open five duty-free stores for daily consumer goods in three cities, with operations starting on February 11 [5] Group 6: Strategic Partnerships in Autonomous Driving - Xiaoma Zhixing and Moer Thread have formed a strategic partnership to advance L4-level autonomous driving technology, focusing on training and validating models using Moer Thread's computing resources [6] - XPeng's upcoming SUV, the GX, will feature L4-level autonomous driving capabilities and is currently undergoing technical validation [7] Group 7: AI Investments by Major Companies - Amazon plans to invest $200 billion in AI infrastructure this year, raising concerns among investors about profit margins before returns materialize [12] - Nvidia is reportedly not launching any new gaming graphics cards this year due to prioritizing AI chip supply amid storage chip shortages [11] Group 8: New Product Launches - The upcoming iPhone 18 Pro Max is expected to feature a battery capacity exceeding 5000mAh, marking a significant increase from previous models [13] - The handheld gimbal camera "Pocket" by Ying Shi is set to launch in the first half of 2026, featuring a long-focus capability [10] Group 9: Corporate Developments - LG Energy has terminated its joint venture with Stellantis and will acquire the latter's 49% stake in NextStarEnergy [14] - Mu Yuan Co., Ltd. has been listed on the Hong Kong Stock Exchange, raising approximately 10.47 billion HKD [16]

Core Insights - The Ministry of Industry and Information Technology (MIIT) has announced the establishment of a national computing power interconnection node system to enhance the efficiency and service level of public computing resources, promoting high-quality development in the computing power industry [1][2] - The policy aims to optimize the layout of computing power, alleviate supply-demand imbalances across regions and industries, and stimulate demand along the industry chain, presenting tangible growth opportunities for related listed companies [1][2] Policy Framework - The national computing power interconnection node system consists of one national node and multiple regional and industry nodes, providing comprehensive support services for interconnection and monitoring [2] - The establishment of a "1+M+N" system is designed to break down barriers between different types of computing power, improving resource utilization efficiency and supporting high-quality industry development [2][3] Industry Trends - The computing power sector has seen a surge in policy initiatives aimed at accelerating high-quality development, with various local governments actively promoting interconnection efforts [3] - The demand for computing power is increasing due to rapid advancements in AI models and commercial aerospace, pushing companies to enhance their technological capabilities and service efficiency [3][4] Market Dynamics - As of December 2025, the consumer scale of computing power internet users in China is approaching 10 million, with the public intelligent computing service market exceeding 130 billion yuan [4] - The application of computing power is expected to penetrate multiple scenarios, including manufacturing and agriculture, fostering a multi-layered computing ecosystem that lowers innovation barriers for enterprises [4] Technological Innovations - Companies in the computing power industry are focusing on technological innovations in areas such as computing scheduling and large model training to seize development opportunities [5][6] - Significant breakthroughs have been achieved in domestic computing training efficiency, with improvements in training efficiency for various models, marking a substantial advancement in the domestic computing platform [5][6] Strategic Focus - Companies are encouraged to enhance quality and efficiency while collaborating within the ecosystem, focusing on high-demand areas such as liquid cooling and optical modules [6] - Leveraging the computing power interconnection nodes, companies aim to optimize resource scheduling and application scenarios, creating differentiated solutions to capture niche markets [6]

Economic News - Xi Jinping inspected technology innovation work in Beijing, focusing on information technology application innovation and the construction of an international technology innovation center [1] - The State Council, led by Premier Li Qiang, discussed measures to promote effective investment, emphasizing the need for innovative policies and major projects in key areas such as infrastructure and emerging industries [1] - The People's Bank of China and eight departments issued a notice to prevent and manage risks related to virtual currencies, declaring all related activities illegal within the country [1] - The China Securities Regulatory Commission (CSRC) released regulatory guidelines for the issuance of asset-backed securities tokens overseas, emphasizing strict compliance with laws and regulations [1] - The Ministry of Industry and Information Technology announced plans to establish a national computing power interconnection node system to enhance the efficiency and service level of public computing resources [4] Important Company Information - Jinghe Integrated plans to invest 2 billion yuan in Hefei Jingyi Integrated Circuit Co., acquiring 100% equity and gaining control [6] - Rongbai Technology received an administrative penalty notice from the CSRC for misleading statements regarding a major contract with CATL, facing a fine of 4.5 million yuan [6] - Yongtai Technology intends to acquire a 25% stake in Shaowu Yongtai High-tech from CATL through a share issuance [7] - Singshan Holdings signed a restructuring investment agreement that may lead to a change in control to Anhui State-owned Assets Supervision and Administration Commission [7] - Moore Threads announced a strategic partnership with Pony.ai to focus on L4 autonomous driving technology and explore the integration of AI algorithms and computing power [7] Daily Research Report - In the oil and petrochemical sector, domestic LNG ex-factory prices increased by 5.0% month-on-month, while U.S. natural gas futures rose by 19.0% [8] - China's natural gas production in January increased by 11.67% month-on-month, with European natural gas inventories declining by 22.75% [8] - European natural gas imports decreased by 24.82% month-on-month, with imports from Russia down by 26.10% [8]