南财智讯1月29日电，铭普光磁在投资者关系活动中表示，公司磁性元器件业务将持续筑牢通信领域的 核心竞争优势，依托成熟的技术与客户基础稳固基本盘。同时紧抓行业发展机遇，积极开拓光伏、储 能、新能源及AI算力等高景气新兴市场，持续丰富产品应用场景、完善业务布局。通过多赛道发展打 造新的业绩增长点，不断提升业务营收贡献度，推动公司磁性元器件业务实现规模与效益的双重增长。 ...

中信建投证券研报认为，亚马逊近期对其AI算力服务——EC2机器学习容量块的价格上调15%，标志着 多年来云服务价格"只降不升"的惯例被打破，反映出算力供给紧张的情况。 全球最大AI开源社区Hugging Face最新数据显示：阿里千问开源模型下载量破10亿次，是全球首个达成 的开源大模型。 在近期的内部战略会上，百度智能云高管定调，2026年AI相关收入目标增速从100%上调至200%，全员 力拼高增长，在AI云市场全力抢第一。 这并非空穴来风的口号。根据IDC最新报告，到2030年，全球AI云市场规模预计将突破4000亿美元。 根据智能超参数的统计，2025年全年，中国主流云厂商在大模型相关项目上的中标总数累计341个，中 标总金额约27亿元。 在这场真刀真枪的较量中，百度智能云拿下了109个项目，中标金额约9亿元，连续两年位居中标项目数 与金额的"双第一"。 智通财经APP获悉，国投证券研报表示，AI算力需求持续扩张，光模块产业景气度延续上行，并为产业 链各环节带来机遇。 中信建投建议一方面关注云计算服务商，可能跟进涨价，另一方面持续推荐AI算力板块和AI应用。近 期，算力板块走势纠结。中信建投认为一是市 ...

从资金动向看，两市半日成交额放大至1.91万亿元，增量资金入场意愿依然较强，但行为模式显露出显 著的"高抛低吸"特征。资金从短期涨幅较大的通信（-1.79%）、电子等板块流出，迅速涌入国防军工 （+2.77%）、电力设备（+2.56%）等新涌现的热点方向。这种快速的轮动，是市场在缺乏全面牛市基 础下，围绕有限共识进行集中突击的体现。 今日市场的核心焦点，无疑是以国防军工和光伏为首的高端制造板块。它们的崛起并非偶然，而是由多 重驱动逻辑层层递进、共同作用的结果。 首先，是顶层规划预期与产业事件催化形成了"虚实结合"的推力。军工板块的走强，根基在于市场 对"十五五"期间我国高端装备与航空航天产业加速发展的长远预期。而"商业航天"概念的爆发，则提供 了一个完美的现实切入点。从SpaceX二代星链计划的时间表，到我国提交超20万颗卫星星座申请的市 场分析，这些具体事件让遥远的规划变得可触摸、可测算，直接刺激了产业链相关公司的股价。 其次，是技术叙事边界的拓展打开了全新的估值空间。这一点在光伏板块表现得尤为精彩。当光伏产业 的地面竞争趋于白热化时，"太空光伏"这一概念将市场的想象力引向了星辰大海。围绕太空环境所需的 高 ...

Core Insights - Qingdao is prioritizing technological innovation to enhance new quality productivity, focusing on embodied intelligent robots and an innovative industrial system [1][2][5] Group 1: Technological Innovation - The core element of developing new quality productivity is technological innovation, with embodied intelligent robots being a key strategy for Qingdao to seize future industrial opportunities [2] - Qingdao has established a robust ecosystem with nearly 100 robot and component companies and over 500 AI firms, ranking sixth among China's advanced manufacturing cities [2] Group 2: Industry Development - Qingdao's "10+1" innovative industrial system includes two leading industries, five emerging industries, and three advantageous industries, aiming to enhance productivity across 40 niche sectors [6] - The city is focusing on the integration of traditional industries with digital transformation, exemplified by the development of high-tech products like the world's first 8K laser television and high-speed magnetic levitation transportation systems [7] Group 3: AI and Digital Economy - Qingdao is building a comprehensive digital economy framework, emphasizing the importance of computing power as a "digital engine" for industrial innovation [8] - The city aims to become a provincial hub for computing power, with plans to enhance infrastructure and promote the integration of traditional and digital economies [8][9] Group 4: Achievements and Future Goals - Qingdao's innovation ecosystem has seen significant growth, with the number of technology-based SMEs increasing by 85% and high-tech enterprises by 98% since 2020 [7] - By 2026, Qingdao plans to achieve substantial advancements in AI and new generation information technology, targeting a scale of 200 billion yuan for the AI industry [6][10]

Core Insights - The semiconductor industry is experiencing significant advancements, particularly in materials and technologies that enhance performance and reduce costs [1][2][3]. Group 1: Technological Breakthroughs - The team led by Academician Hao Yue from Xi'an University of Electronic Science and Technology has developed a novel "ion implantation-induced nucleation" technique, which has reduced the interface thermal resistance of aluminum nitride to one-third of its original value, addressing a long-standing issue in the industry [1]. - The new technology has increased the output power density of gallium nitride microwave power devices by 300%, leading to a 50% increase in detection range for chips of the same size and a 25% reduction in energy consumption for communication base stations [1]. Group 2: Industry Upgrades - Chongqing's semiconductor research has developed a nano-copper paste that replaces silver, resulting in a 70% reduction in packaging material costs, with applications in BYD and NIO's 800V high-voltage platforms, extending chip lifespan by 30% [2]. - Shanghai has established the first national demonstration line for two-dimensional semiconductors, with molybdenum disulfide-based processors matching the performance of silicon-based 90nm processes, laying the groundwork for key technologies below 1nm [2]. - Henan is building a complete industrial chain for "materials-equipment-process," with diamond semiconductor material production accounting for 60% of the national output, and a humidity sensor developed by Zhengzhou University showing a hundredfold increase in sensitivity [2]. Group 3: Application Explosions - New cooling technologies have reduced the power consumption of 5G base stations by 40%, increasing coverage in remote areas to 98% [3]. - Silicon carbide power modules have enabled electric vehicles to achieve over 1000 km of range with a charging time of just 15 minutes [3]. - Two-dimensional semiconductor chips have improved AI server energy efficiency by five times, with training costs for large models dropping by 60% [3]. - Diamond sensors have achieved single-molecule-level disease marker detection, with a 99.7% accuracy rate for early cancer diagnosis [3]. Group 4: Challenges Ahead - The defect density of two-dimensional semiconductor wafers remains three orders of magnitude higher than silicon-based materials, necessitating the development of atomic-level repair technologies [4]. - 75% of high-end etching machines and electron beam lithography machines are still reliant on imports, hindering the speed of process iteration [4]. - 90% of global EDA tools are controlled by foreign companies, posing challenges for domestic alternatives to overcome algorithmic barriers [4]. Group 5: Future Roadmap - According to Academician Wang Xi from the Chinese Academy of Sciences, the development of semiconductor materials in China requires a three-pronged approach: achieving full autonomy in 14nm processes by 2027 to support automotive electronics and industrial control needs, focusing on breakthroughs in third-generation semiconductor materials for 5G base stations and fast charging markets, and accelerating research on wide bandgap materials like diamond and gallium oxide for next-generation optoelectronic devices [5].

Core Insights - The company, as a neutral cloud service provider, is one of the core computing power suppliers for Zhipu AI, establishing a comprehensive strategic partnership starting September 6, 2024 [1] Group 1 - The company has built high-performance GPU intelligent computing clusters in multiple regions including Qingyang, Suqian, and Tianjin [1] - These clusters provide stable training and inference computing power support for the Zhipu GLM series models [1]

Core Viewpoint - The A-share computing power sector underwent a significant value reshaping in 2025, transitioning from policy-driven expectations to performance verification, with the Wind computing power theme index rising by 80% year-to-date as of December 25, 2025 [1] Performance Highlights - The Wind computing power theme index closed at 7108 points, with 22 stocks in the sector doubling in value, and four stocks, including Shijia Photon, Xinyi Sheng, Yongding Co., and Zhongji Xuchuang, seeing increases over 400% [1][2] - Major companies like Haiguang Information reported a revenue of 9.49 billion yuan, up 54.65% year-on-year, and a net profit of 1.961 billion yuan, up 28.56% [7] - Cambrian Technology achieved a staggering revenue growth of 2386.38% year-on-year, reaching 4.607 billion yuan, with a net profit of 1.605 billion yuan [8] Structural Differentiation - The computing power sector displayed a "ice-fire duality" with a structural differentiation, reflecting a reassessment of value creation capabilities across the computing power industry chain [6][7] - The market focus shifted from "concept" to "performance," favoring companies with clear technological paths and real profit growth [7] Domestic Substitution Progress - The domestic substitution process in the computing power sector transitioned from "policy-driven" to "market-driven," with a comprehensive ecosystem emerging that includes chips, servers, and foundational software [11] - Leading companies like Huawei have established vertical integration capabilities, enhancing the domestic computing power ecosystem [12] Technological Iteration and Breakthroughs - The year 2025 saw significant technological breakthroughs characterized by hardware upgrades and software ecosystem improvements, particularly in liquid cooling technology and AI chip performance [14][15] - Liquid cooling technology has become a key solution for meeting energy efficiency standards, with companies like Yingwei achieving substantial revenue growth due to their innovative solutions [9] Future Outlook - The value reshaping of the A-share computing power sector is expected to continue into 2026, with a focus on high-performance AI chips and the broader application of liquid cooling technology [16] - The competition will shift towards ecosystem collaboration, with companies that can provide comprehensive solutions across hardware, software, and services gaining a competitive edge [16]

Group 1 - The optical communication sector is experiencing strong performance, with companies like Huiju Technology (01729) up by 13.44% to HKD 18.29, Changfei Optical Fiber (06869) up by 11.01% to HKD 57.45, Cambridge Technology (06166) up by 4.99% to HKD 85.2, and Huahong Semiconductor (01347) up by 3.54% to HKD 70.15 [1] - Researchers from Shanghai Jiao Tong University have made a breakthrough in the next-generation optical computing chip field, achieving the first all-optical computing chip, LightGen, which supports large-scale semantic media generation models. The chip demonstrates a two-order-of-magnitude improvement in computing power and energy efficiency compared to top digital chips, even with less advanced input devices [1] - According to Zhongyuan Securities, China's optical communication industry chain and value chain are gradually transitioning from low-end to high-end, indicating long-term prosperity. The research and expansion cycle for optical chips is lengthy with high barriers, leading domestic and foreign manufacturers to accelerate capacity expansion and process upgrades [1] - Guotou Securities reports that the demand for AI computing power continues to expand, sustaining the upward trend in the optical module industry, which presents opportunities for all segments of the industry chain [1]

Core Insights - The first batch of floating fee rate funds has shown significant performance differentiation, highlighting the varying capabilities of fund managers in terms of positioning, sector allocation, and market judgment [1][9] Performance Overview - As of December 16, 2025, out of 26 funds, 19 achieved positive returns while 7 reported negative returns. The top performer, Huashang Zhiyuan Return A, delivered a remarkable return of 58.90%, followed by Xin'ao Advantage Industry A at 36.86% and E Fund Growth Progress A at 34.98% [2][10] - Other notable performers include Jiashi Growth Win A and Invesco Great Wall Growth, both exceeding 23% returns. Conversely, funds like Guangfa Value Steady A and Yinhua Growth Smart A reported negative returns of -8.32% and -3.35%, respectively [2][10] - The overall distribution of fund returns is characterized by a "middle large, both ends small" pattern, with most funds yielding between -0.1% and 7% [2][10] Fund Size and Performance Relationship - Notably, high-performing funds are not exclusively large. Huashang Zhiyuan Return A, with a size of 2.838 billion yuan, is the largest, while Jiashi Growth Win A, with a size of 406 million yuan, achieved a return of 32.88%, demonstrating the agility of smaller funds in volatile markets [2][10] Investment Strategies - Top-performing funds tend to focus on high-growth sectors. For instance, Huashang Zhiyuan Return A has concentrated holdings in AI computing-related stocks, with significant contributions from stocks like Zhongji Xuchuang and Shijia Photon, which saw increases of 45.39% and 40.17% over the past three months [3][11] - Xin'ao Advantage Industry A has a high concentration in semiconductor storage, with key stocks like Demingli and Jiangbolong rising by 55.43% and 119.02%, respectively. However, this strategy also led to volatility, as some holdings experienced declines of 13% to 21% [5][13] - E Fund Growth Progress A adopts a more balanced approach, diversifying across sectors such as optical communication and consumer electronics, successfully capturing gains from leading stocks [6][15] Underperforming Funds - Underperforming funds often remain focused on traditional industries or deviate from market trends. Guangfa Value Steady A has a significant allocation to liquor stocks, which have generally declined over 10% in the past three months, contrasting sharply with the strong performance of technology sectors [7][16] - Yinhua Growth Smart A is heavily invested in the real estate sector and certain pharmaceutical stocks, with some holdings experiencing declines as steep as 44.58%, indicating a lack of timely adjustments to market shifts [8][17] Conclusion - The short-term performance of the first batch of floating fee rate funds reflects a collision of different investment strategies and market styles in 2025. Funds aligned with the technology growth narrative performed strongly, while those focused on traditional value or balanced strategies lagged behind [9][17]

Core Viewpoint - AI computing power is becoming the main growth engine in the telecommunications industry, with a focus on investment opportunities in the computing power supply chain and the delivery capabilities of leading optical module manufacturers [1] Group 1: Industry Insights - The computing power sector has shown significant growth, with the semiconductor equipment and AI chip industries facing increased urgency for development due to overseas restrictions, making domestic substitution a prevailing trend [1] - The domestic chip manufacturers have begun to explore solutions such as super nodes to compensate for the performance disadvantages of single cards by leveraging the advantages of multiple card configurations [1] Group 2: Investment Opportunities - The construction of multi-card clusters raises higher demands for the quantity and quality of components, creating greater investment opportunities across the supply chain [1] - Specific segments such as liquid cooling, storage, power supply, optical modules, PCB, and quantum computing are expected to experience higher performance elasticity [1] Group 3: Market Outlook - Since 2025, both Chinese and American technology stocks have performed well, with the computing power sector leading market gains, and there are emerging opportunities on the model and application side [1] - Looking ahead to 2026, the domestic computing power market is expected to thrive, with performance elasticity and investment certainty, potentially replicating the long bull market seen in U.S. stocks since 2023 [1]