行 行业月报 业 研 究 证 券 研 究 报 告 行 业 月 报 "人工智能+制造"政策发布，AI 应用迎发展良机 ——计算机行业 1 月投资策略展望 分析师： 连天龙 SAC NO： S1150525070002 2026 年 01 月 08 日 计算机 证券分析师 连天龙 liantl@bhzq.com 022-23861563 重点品种推荐 虹软科技 增持 近半年行业指数走势图 相关研究报告 智谱、MiniMax 冲刺港股，大 模型资本化进程提速——— 计算机行业周报 2025.12.25 小米发布开源大模型，AI 应用 布局有望深化———计算机 行业周报 2025.12.18 H200 获批对华出口，AI 算力 与应用产业链共振向上—— —计算机行业周报 2025.12.11 投资要点： 行业要闻 （1）八部门联合部署"人工智能+制造"专项行动； （2）算力领先企业超聚变启动上市辅导； （3）英伟达宣布 Rubin 芯片平台全面投产。 行业数据 2025 年 11 月计算机工业生产者出厂价格指数（PPI）环比下降 0.2%，同比 下降 0.5%。2025 年 1-11 月，我国软件业业务收入 1397 ...

如何看光模块未来几年增长空间？20260108 摘要 光模块行业受益于数据中心升级和 AI 大模型需求，800G 光模块增量主 要来自 AI 应用。SKU 层互联需求增加，高速光模块需求呈指数级增长， 预计 2025-2028 年行业保持高增长。 海外大厂如谷歌、英伟达采用 Skyop 设计，增加光连接需求。谷歌预计 2026 年展示机柜内光互联方案，英伟达或稍晚。高密度机柜内部及 Skill Up 层之间将大量使用高速光模块。 硅光集成方案、LPO 等技术路径市场份额将提升。2025 年硅光在单模 光模块中占比 20%-30%，预计 2026 年翻倍至 40%-50%，主要因 800G 硅光产品成熟及 100G EML 芯片紧缺。 LPO 适用于小应用推理场景，LRO 和 TRO 通过定制化设计降低整体链 路功耗，适用于特定连接场景。这些定制化互联解决方案将在未来批量 应用于特定连接场景。 英伟达和博通积极推动 CPO 方案，但共封装结构导致维修复杂且成本高 昂，限制大规模应用。NPU 通过集成光模块缩短电信号传输距离，头部 厂商已开始研发。 Q&A 2026 年和 2027 年光模块行业的增长趋势如何？ ...

证券研究报告·海外公司深度·汽车(HS) 博泰车联（02889.HK） 软硬云协同筑壁垒，AI 赋能打开成长空间 2026 年 01 月 08 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,496 | 2,557 | 3,458 | 5,452 | 7,839 | | 同比(%) | 22.83 | 70.94 | 35.24 | 57.66 | 43.78 | | 归母净利润（百万元） | (283.89) | (541.24) | (201.02) | 9.57 | 1,002.36 | | 同比(%) | 37.21 | (90.65) | 62.86 | 104.76 | 10,373.30 | | EPS-最新摊薄（元/股） | (1.89) | (3.61) | (1.34) | 0.06 | 6.68 | | P/E（现价&最新摊薄） | (109.37) | (57.37) | (154 ...

AI 眼镜进展与趋势 20251217 摘要 2025 年为 AI 眼镜起量年，但非爆发年，预计 2027 年硬件技术成熟后 市场全面爆发。Meta 虽在 AR 眼镜领域领先，但受限于技术问题，高端 型号出货受阻，市场份额或将面临谷歌等竞争对手的挑战。 AI 功能是 AI 眼镜的核心驱动力，Meta 雷朋系列因加入 LLaMA 功能销 量显著提升。用户更关注 AI 带来的体验升级，而非单纯的硬件设备，这 为传统眼镜厂商与 AI 技术结合提供了新思路。 AI 大模型构成 AI 眼镜的核心壁垒，谷歌臻米 3 对 Meta 构成威胁，预计 Meta 市场份额将从 2025 年的 75%降至 2027 年的 45%。软件和系统 层面的竞争将成为关键，拥有领先 AI 模型的厂商更具优势。 2026 年谷歌有望成为 AI 眼镜市场第二名，得益于其在 AI 模型方面的领 先地位。苹果虽有实力，但 AI 技术方案尚未明确。各厂商竞争激烈，市 场格局面临重塑。 AI 眼镜更适合作为 AI 的落地形式，而非手机。手机受限于物理条件，无 法充分发挥 AI 功能。未来发展方向是眼镜与小型超级计算机对接，提供 更强大的计算能力和节能效 ...

萤石网络 20251216 摘要 萤石网络通过推出 4G 电池便携可移动摄像头等新产品，实现了 6%-7% 的增速，若排除运营商影响，整体增长可达两位数，并在母婴、宠物看 护等场景以及欧洲、拉美和东南亚市场取得良好布局。 智能锁是萤石网络的第二大增长曲线，Y5,000 AI 视频锁巩固了其在线 上市场的地位，使其成为前四名之一，并在海外别墅门系统市场占据垄 断地位。 服务机器人是 AI、大模型及视觉技术的重要载体，公司将继续探索扫地 机器人及其他陪伴类机器人的商业化可能性，尽管目前营收占比小，但 战略意义重大。 萤石网络专注于垂直物联场景下的视频视觉，通过大量摄像头设备提供 丰富的物理空间信息，使得其 AI 大模型更具针对性、性价比更高，并能 在特定场景中实现更优算法和体验。 蓝海大模型专注于垂直物联场景，采用端云协同模式灵活部署资源，并 以 Mix of Experts (MoE)形式集成外部大模型，优化最终用户体验。 萤石网络的核心技术壁垒是视频视觉能力，公有云已成为全球第一朵视 频视觉公有云，截至去年年底，有超过 2.5 亿台设备接入。 萤石网络境外业务占比接近 40%，并有望继续提升至 50%以上，海 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1] Core Viewpoints - The industry has shown significant developments, including a major order for humanoid robots from a leading AI model company, valued at over 50 million RMB, highlighting the integration of AI and robotics [2] - The Central Economic Work Conference has set the agenda for 2026, focusing on energy independence and green transformation, which will drive the demand for renewable energy solutions [4] - The report emphasizes the importance of optimizing market pricing for centralized renewable energy generation, as outlined by the National Development and Reform Commission and the National Energy Administration [5] Summary by Relevant Sections Stock Recommendations - Recommended stocks include: - Aiyu Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqo New Energy (688303.SH) - Buy - B - Haibo Innovation (688411.SH) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Deye Technology (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A - Hengdian East Magnet (002056.SZ) - Buy - A [3][4][7] Price Tracking - The average price of polysilicon remains stable at 52.0 RMB/kg, while the average price of silicon wafers and battery cells has shown signs of stabilization after previous declines [6][8][9] Investment Suggestions - Key recommendations focus on various sectors: - BC new technology: Aiyu Co., Ltd., Longi Green Energy - Supply-side: Daqo New Energy, Fulete - Energy storage: Haibo Innovation, Sungrow Power Supply, Deye Technology - Market-oriented: Langxin Group - Domestic substitution: Quartz Co., Ltd. - Overseas expansion: Hengdian East Magnet, Bowei Alloy [10]

美图 20251212 摘要 美图公司专注于将通用或垂直行业大模型应用于影像处理工作流，认为 通用大模型无法完全满足细分领域的精细化需求，应被深耕具体场景的 应用公司吸收和落地。 美图采取自研（Miracle Vision 影像大模型）与外采（阿里通义千问等 多模态大模型）相结合的策略，动态调整模型来源，以确保高质量服务 并有效控制成本。 美图在影像赛道的竞争关键在于持续打造垂直应用，并通过优质用户体 验占领用户心智，利用 17 年多的美学数据和设计流程，提供卓越的影 像体验。 美图通过大模型基础上的精细化功能组合，精准洞察并满足用户在不同 场景下的深层和浅层需求，提供优质体验，而非仅依赖 AI 驱动。 美图设计室通过结合行业认知和编辑器交互功能，允许用户在每个环节 进行精细化操作，以实现最终产出的精确性，满足电商等行业用户的需 求。 Q&A 美图公司在 AI 产业链中的定位是什么？与当前的 AI 大模型厂商如 Nano Banana 和豆包千问之间的关系如何？ 用户并不关心某个功能是否由大模型或 AI 驱动，他们关注的是需求能否得到满 足以及效果是否理想。目前，美图 90%的功能都由 AI 驱动，但这并不是 ...

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating an expected performance exceeding the benchmark index by more than 10% [1]. Core Insights - Nvidia's Q3 2025 earnings report exceeded expectations, with revenue reaching $57 billion, a 22% quarter-over-quarter increase and a 62% year-over-year increase, driven by strong sales in data center computing and networking products [3][14]. - Google's recent launch of the AI image model Nano Banana Pro has generated significant market excitement, enhancing expectations for the Google chain and indicating a competitive landscape in AI model development [4][15]. - The domestic computing power market is experiencing multiple catalysts, with opportunities arising from potential changes in U.S. GPU export policies and advancements in domestic chip capabilities [5][16]. Summary by Sections Industry Investment Rating - The industry is rated as "Outperform" with expectations of significant growth in the domestic computing power market by 2026 [1]. Market Performance - The overall market saw declines during the week of November 17-21, 2025, with the Shenwan Communication Index dropping by 2.51% and the ChiNext Index falling by 6.15% [9][19]. Key Developments - Nvidia's strong financial performance and diverse customer demand counter the "AI bubble" narrative, with plans to deploy substantial AI infrastructure [3][14]. - Google's Nano Banana Pro model showcases advanced capabilities, leading to a surge in social media interest and raising concerns about the competitive landscape in AI [4][15]. - Domestic computing power is expected to benefit from potential U.S. policy changes regarding GPU exports, which could enhance capital expenditures in China [5][16]. Investment Recommendations - The report suggests focusing on companies within the Google chain, domestic supernodes, and commercial aerospace sectors, highlighting specific firms such as Guangke Technology and Cambrian [8][19].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the new consumption sector, highlighting companies like Pop Mart, Laopu Gold, and Mao Ge Ping that have successfully created demand through quality supply, emphasizing the importance of supply-side improvements for economic growth and national influence [1][2][3]. Core Insights and Arguments 1. **Supply-Side Emphasis**: The new consumption policy shifts focus from demand-side subsidies to enhancing supply-side capabilities to better match current consumer needs, reflecting the strong performance of the new consumption sector in 2025 [2][3]. 2. **Interest Consumption**: The policy encourages diverse emerging interest consumption, particularly in cultural creativity and the pet economy, benefiting companies like Pop Mart and Morning Glory [4]. 3. **Smart Products**: The advancement of AI models and decreasing costs are expected to promote the adoption of smart consumer goods, with companies like Connet Optical being highlighted [4]. 4. **Brand Apparel**: The document notes rapid growth in leisure and sports products, with domestic brands like Bosideng, Anta, and HLA having significant market share growth potential [4]. 5. **Manufacturing Upgrades**: Focus on developing new textile fibers and eco-friendly materials benefits companies like New Australia and Taihua New Materials [4]. 6. **Event Economy**: The policy supports the event economy and smart sports venue construction, positively impacting companies like Lisheng Sports and Zhujiang Co., which has expanded its sports venue operations [5][6]. 7. **Health Products**: The health supplement industry is projected to grow significantly due to aging demographics, with a market size of 200-300 billion yuan, and New Hope Health reporting a 20% year-on-year growth in its China business [5][6]. Additional Important Insights - **New Consumption Client Growth**: By the end of Q3 2025, the company reported that new consumption clients accounted for over 50% of its business, up from approximately 30% in Q4 2024, driven by internet e-commerce brands [7]. - **North America Business Outlook**: The North American segment is undergoing restructuring with the divestment of the personal care business, expected to be completed by the end of next year, which will aid in business consolidation [8]. - **European and Asia-Pacific Performance**: The European market is experiencing rapid growth due to new facilities in the UK and Germany, while the Asia-Pacific region remains stable [9]. - **Future Development Outlook**: The company is optimistic about future growth in the China region, particularly in new consumption, and anticipates a turning point in the North American market [10]. - **Infant Formula Market**: The infant formula market is expected to stabilize due to improved birth policies, with Yili leading the market share [11]. - **Home Appliance Sector**: The home appliance industry is expected to see a gradual improvement in fundamentals through 2026, with recommendations for leading companies like Midea, Haier, and Gree [12][14]. - **Pet Food Sector**: Despite short-term challenges, the pet food sector is entering a phase of high-quality development, with companies like Guai Bao and Zhongchong being recommended for their competitive advantages [16][17]. This summary encapsulates the key points discussed in the conference call, providing insights into various sectors and companies that are poised for growth and transformation.

Group 1: Macro and Strategy Insights - The report discusses the historical evolution of world currencies, emphasizing that trade volume is fundamental for a currency to become a global unit of account, as seen with the Spanish dollar and British pound [10][11][12] - It highlights the importance of financial innovation in currency transitions, such as the establishment of the Amsterdam Bank's clearing system that facilitated the rise of the Dutch florin [10][11] - The report identifies three core rules governing currency changes: trade as a foundation, financial innovation as a core driver, and the critical role of debt and military power in maintaining currency credibility [12] Group 2: Industry and Company Analysis - The pharmaceutical sector is experiencing a significant milestone with Grail's release of the Pathfinder 2 data for multi-cancer early detection, showing a positive predictive value of 61.6%, a substantial improvement from previous studies [20] - The media and internet sector is witnessing a surge in AI video generation technology, with notable successes such as the film "Escape from Duckkov" achieving over one million sales in its first week [21][22] - The public utility and environmental sectors report a 4.6% year-on-year increase in total electricity consumption, with significant growth in renewable energy sources [26][27] - The white wine industry is entering a potential investment phase, with current low valuations and positive supply-demand dynamics, drawing parallels to previous market cycles [28][29][30] - Ningbo Bank shows a steady improvement in asset quality, with a 16.6% year-on-year growth in total assets and a net profit increase of 8.4% in the first three quarters of 2025 [34][35]