中信证券研报指出，近期，海外推理和训练 算力需求旺盛，亚马逊云和谷歌云双双涨价。推理侧， MoltBot、Claude Code等Agent产品加速落地，对于 云计算资源的需求显著增加，2026年年初以来Token 调用量已经连续2-3周高速增长。训练侧，Grok-5、Veo4等模型仍然在持续迭代，工业界持续探索 Scaling上限，从而支撑训练算力需求。尽管当前 AI应用大规模商业化落地能见度仍然不足，但展望未 来3-6个月，随着推理端AI应用落地的密集催化叠加训练端模型的持续迭代，中信证券预判算力需求仍 有望进一步上行，一旦美股财报季算力需求得到确认，前期压制算力板块情绪与估值的"算力泡沫论"担 忧有望得到阶段性缓解，算力产业链或迎来新一轮上涨。 ...

1月30日，市场呈现分化调整态势，主要指数走势分歧明显，资金"弃高就低"。沪指守住4100点关口， 实现月线两连阳。 当日收盘，上证指数报4117.95点，下跌0.96%；深证成指报14205.89点，下跌0.66%；创业板指上涨 1.27%，报3346.36点。沪深北三市合计成交额达28624亿元，较前一个交易日缩量3970亿元。 从月度表现看，开年行情成色十足，上证指数1月累计涨幅3.76%，深证成指累计涨幅5.03%，创业板指 累计涨4.47%。 算力产业链表现活跃 盘面上，资金从高位炒作板块撤离，重点布局有基本面支撑的赛道，算力产业链、农业等板块获资金净 流入，结构性行情特征延续。 CPO板块逆势崛起，强势领跑算力赛道，成为震荡行情中的核心亮点。个股方面，杰普特以20%幅度涨 停，天孚通信、炬光科技等个股涨幅均超10%，中际旭创、新易盛涨超5%。其中，天孚通信盘中股价 创历史新高。 光模块概念板块日K线图 郭晨凯 制图 沪指月线两连阳 资金弃高就低择赛道 ◎记者 徐蔚 中信证券研报认为，尽管当前AI应用大规模商业化落地能见度仍然不足，但展望未来3到6个月，随着 推理端AI应用落地的密集催化叠加训练端模 ...

Core Viewpoint - The optical module industry is experiencing a revival driven by the explosive demand for AI inference and better-than-expected financial results from Nvidia [1][8] Group 1: Market Dynamics - The optical module industry narrative has faced scrutiny due to the "computing power bubble" theory and external risk factors, leading to mixed market sentiment [1] - The stock price of industry leader Zhongji Xuchuang (300308.SZ) has shown volatility, rebounding from a low of 66.93 CNY per share in April to a peak of 146.78 CNY in July, with a market capitalization of 154.9 billion CNY [1][6] - The industry is witnessing unprecedented growth as companies increase R&D investments and expand production capacity both domestically and internationally [2] Group 2: Investment Sentiment - Despite initial optimism, skepticism regarding the "computing power bubble" has emerged, particularly after the launch of China's AI model DeepSeek, which challenges traditional investment logic [3][4] - Institutional investors have been reducing their holdings in Zhongji Xuchuang, with shares dropping from a peak of 185.83 CNY to around 66.93 CNY [4][6] Group 3: Demand and Growth Projections - Nvidia's recent financial report indicated a significant increase in revenue and profit, driven by rising demand for AI, which is expected to boost the optical module market [8] - The global technology sector is anticipated to increase investments in AI, further driving demand for optical modules [9] - The domestic market for Zhongji Xuchuang has shown substantial growth, with revenue reaching 3.15 billion CNY in 2024, a year-on-year increase of 91.3% [10] Group 4: Future Outlook - The Chinese optical module market is projected to reach 6.5 billion USD by 2029, with explosive growth expected in 2025 due to the deployment of AI applications [10] - Institutional sentiment remains optimistic, with 30 firms providing ratings for Zhongji Xuchuang, including 23 buy ratings and 7 hold ratings [10][11] - The company is diversifying its production capacity globally, with a new factory in Mexico expected to be operational by the end of 2025, which will help mitigate geopolitical risks [10]