Core Viewpoint - The South Korean stock market has experienced significant volatility, characterized by a sharp decline followed by a strong rebound, highlighting the precarious nature of AI-driven investments in a high-valuation environment [1][2]. Market Performance - On February 2, the KOSPI index fell by 5.3%, marking the largest drop since April of the previous year, with major chip stocks like Samsung Electronics and SK Hynix each declining over 6% [2]. - The KOSPI index rebounded over 3% the following day, returning to above 5000 points, driven by a swift influx of bargain buying after the previous day's sell-off [2]. - The volatility in the market is attributed to external factors, including a downturn in the U.S. stock market and concerns over the Federal Reserve's interest rate policies [2]. AI Investment Sentiment - The sustainability of AI investments has been identified as a key factor influencing the South Korean stock market, which has seen a total market capitalization exceeding $3.3 trillion, recently surpassing Germany to become the world's tenth-largest stock market [4]. - The market's sensitivity to fluctuations in AI investment sentiment is heightened due to its concentration in semiconductor and AI-related companies [4]. Corporate Developments - Reports indicate that OpenAI has expressed dissatisfaction with some of NVIDIA's latest AI chips, complicating the relationship between the two leading companies in the AI sector [5]. - Despite a solid earnings report, Microsoft's stock plummeted by 10% due to stagnation in its Azure cloud business and projected capital expenditures exceeding $100 billion [5]. - Major tech companies, including Microsoft, Meta, Alphabet, and Amazon, are expected to collectively spend over $500 billion this year, primarily on AI computing infrastructure [6]. Market Outlook - Following recent turmoil, Asian stock markets, including South Korea, saw a significant rebound, with the KOSPI rising by 5% as investors began to regain confidence amid fears of an AI bubble [6]. - The upcoming earnings reports from major tech firms are highly anticipated, as they will be critical in determining market sentiment and expectations regarding AI investments [6].

近日，在医疗人工智能协同创新论坛上，爱康集团与华为云联合发布健康管理智能体，双方将在健康管理领域深度融合，共同打造健康管理联合解决方案， 旨在通过AI技术实现优质医疗资源的更广泛普惠，让健康管理更精准、高效、便捷，普惠每一个人。 爱康集团与华为云联合发布健康管理智能体 三大合作层次，打造端到端的智能健康管理闭环 作为此次联合发布的核心，双方构建了"三层联动"合作体系，实现健康管理全链条的能力互补与价值升级。 凝聚行业共识，加速医疗AI普惠 面对智慧医疗发展的共同课题，产业各方的具体实践正成为破局关键，华为Data&Al云服务产品线总裁方璞在《云上共创共建共享，加速医疗AI普惠》的主 题演讲中分享了云上共创路径。他表示，华为云正扎根数智医疗，构筑数字底座，以AI技术破解医疗行业核心难题，加速医疗AI应用普惠落地。目前华为 云已联合产业伙伴取得RuiPath病理大模型、健康管理智能体、医疗AI社区等显著成果，未来，华为云将携手更多产业力量，共建共享，重塑医疗AI创新范 式。 爱康集团首席执行官张黎刚在《开启AI个性化健康管理新纪元》的主旨演讲中结合企业实践指出，AI技术正推动健康管理从"千人一面"的标准化体检， ...

Core Insights - The collaboration between iKang Healthcare Group and Huawei Cloud aims to create a health management intelligent system that leverages AI technology to enhance the accessibility and efficiency of healthcare resources for everyone [1][4]. Group 1: Industry Consensus and AI Application - The healthcare industry is focusing on the practical implementation of AI to address common challenges, with Huawei Cloud emphasizing the construction of a digital foundation to facilitate the widespread application of medical AI [2]. - iKang's CEO highlighted the transition from standardized health check-ups to personalized health management driven by AI, positioning iKang as a digital health management group powered by AI and big data [2][6]. Group 2: Three-Tier Cooperation Framework - The partnership is structured around a "three-tier interaction" model that enhances the capabilities and value of health management across the entire chain [6]. - iKang will provide its AI health manager application, "iKKie," while Huawei Cloud will contribute general AI capabilities for health consultations and other services, improving user experience [6]. - The collaboration will also integrate offline health management services with advanced AI models from Huawei Cloud to create a comprehensive smart chronic disease management system [6]. Group 3: Complementary Strengths and Mutual Empowerment - The partnership is driven by the deep alignment of capabilities and resources, creating a feedback loop where real-world health data enhances AI technology, and AI technology improves service delivery [7]. - iKang's extensive health data from millions of users provides a valuable testing ground for Huawei Cloud's AI capabilities, enabling continuous optimization based on actual user needs [7]. Group 4: Future Outlook - The collaboration represents a significant step towards intelligent and accessible health management in China, addressing the growing demand for efficient healthcare services due to an aging population and rising chronic disease rates [8]. - Both companies aim to explore innovative health management services and reduce barriers to medical AI innovation, facilitating broader application and scalability in the healthcare sector [8].

作者：皮文凯，阿里云行业咨询部总经理 在过去的一年里，我们见证了"通义千问"等大模型在各行各业的爆发式应用。作为云计算基础设施的提 供者，阿里云每天都在支撑着数以亿计的并发计算和模型推理。然而，在与大量政企客户的深层对话 中，我发现大家从最初对AI算力的"焦虑"，逐渐转向了对AI决策的"审慎"。 企业的核心痛点不再是"算力够不够"，而是"结果准不准"。 在财税领域，阿里云与百望建立了长期稳定的合作关系。2025年4月阿里云与百望股份签署全面战略合 作协议，以大模型为创新场景研发方向，联合成立"数据智能联合实验室"，并发布了百望财税&数据 MCP服务作为首个深度融合通义千问Qwen3大模型的财税行业垂类MCP服务。双方一直在持续推进深 化云计算AI与数据智能深度融合。 二、RaaS新范式：云端基础设施的终极考验 白皮书阐述了企业服务商业模式将从SaaS(软件即服务)向RaaS(结果即服务)跃迁的观点。在描绘激动人 心的前景同时，也对云基础设施服务提出了前所未有的挑战。 在SaaS模式下，软件出现问题的影响范围和程度相对可控；但在RaaS模式下，服务商直接承诺帮客 户"节省采购成本"或"获取银行授信"。如果系统出 ...

（文章来源：每日经济新闻） 2025年ETF"涨幅王"通信ETF（515880）全年上涨125.81%居全市场第一，不仅涨幅可观，通信ETF （515880）的规模也是同类第一，截至2025年12月31日，通信ETF光模块含量占比超过46%，服务器含 量近20%，代表了海外算力的基本面底气，目前仍是景气优选，建议持续关注。 AI开支延续高增态势，资金抢筹布局光模块。资金面看，"含光量"高的通信ETF（515880）连续3日资 金净流入超21亿元 兴业证券指出，Meta、微软资本开支延续高增态势，AI商业闭环落地节奏加快。微软Azure及其他云服 务收入同比增长约39%，云业务积压合同订单同比翻倍；Meta宣布2026年资本开支将大幅提升至约1150 亿~1350亿美元，同比增长59%~87%，显著高于此前预期。光模块龙头业绩如期兑现，行业2026年高景 气确定性较强。同时，液冷板块渗透加速，继Meta、Google后，亚马逊液冷需求即将释放，带动ASIC 液冷市场空间进一步上修。 ...

Core Insights - The rapid deployment of AI infrastructure presents new challenges for enterprise operations management, particularly in cross-terminal and full-link management [1] - Chaterm, a product under Hehe Information, has launched a mobile application and introduced the "Agent Skills" feature on PC to address operational limitations in mobile scenarios for cloud computing professionals [1] Group 1: Remote Operations Challenges - Ensuring the continuous operation of core business systems has become vital for enterprise development, especially during non-fixed office scenarios like holidays and travel [2] - Chaterm has implemented voice command recognition in mobile management tools to allow operational commands to be executed verbally, enhancing efficiency in complex network environments [2] - The mobile application can accurately interpret operational terminology and user intent, converting vague verbal descriptions into precise, executable commands, thus reducing the risk of operational errors [2] Group 2: Knowledge Management and Automation - Traditional operational stability heavily relies on the personal experience of senior experts, making it difficult to scale knowledge transfer and increasing operational risks due to personnel changes [3] - The "Agent Skills" feature allows operations engineers to encapsulate their experience and business logic into reusable "skill packages," enabling AI to autonomously execute tasks like an experienced expert [3] - This innovation aims to enhance operational efficiency and support the establishment of a more robust automated operations system within enterprises [3] Group 3: Product Features and Recognition - Chaterm's capabilities are recognized as key to improving enterprise efficiency as AI technology penetrates vertical business scenarios [4] - The product was included in the 2025 China Generative AI Best Practice Case report by a global growth consulting firm and a research institute, highlighting its innovative application in cross-platform cloud resource management [4]

会上，环球时报、中国科协企业创新服务中心和赛迪新质生产力发展促进中心还发布了"新质生产力产 业实践示范案例"。 "发展新质生产力是我国实现高质量发展的根本动力，而AI正是驱动这一新质生产力发展的核心引 擎。"国务院国有重点大型企业监事会原主席季晓南说。针对如何应用AI发展新质生产力，他提出3点建 议：第一，要深刻把握新质生产力的内核，坚持以AI为引擎，推动发展新变革；第二，要立足中国实 践，充分发挥我国产业的综合优势，走出一条AI赋能产业发展的中国式道路；第三，要着力构建支撑 生态，汇聚各方合力，推动AI在具体场景中创造多层次实实在在的价值。 中化新网讯 1月29日，第二届"新质生产力产业实践洞见活动"在京举办。会上，多位嘉宾围绕人工智能 （AI）与产业融合、发展产业新质生产力等话题展开案例分享，并指出AI正逐步深入核心生产系统， 成为驱动产业升级的新质生产力引擎。 在圆桌对话环节，嘉宾们结合各自产业实践，深入分析了AI规模化落地面临的多重挑战与破解路径。 大家一致认为，AI规模化应用的成功标准关键在于能否创造实际价值，而不仅仅是技术本身的先进 性。未来，AI将在制造业、能源、交通、医疗、金融等行业迎来更深入 ...

李嘉豪 S0630525100001 lijiah@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn [晨会纪要 Table_NewTitle] 20260204 [table_summary] 重点推荐 财经要闻 [Table_Reportdate] 2026年02月04日 [证券分析师： Table_Authors] | | 1.1. 旺季预期积极，关注春节备货行情——食品饮料行业周报（2026/1/26- | | | | --- | --- | --- | --- | | | 2026/2/1） | | 3 | | 1.2. 头部 CSP | 资本开支持续高增，平头哥发布全自研 | AI | 训推一体芯片——电子 | | 行业周报 2026/1/26-2025/2/1 | | | 4 | | 2. 财经新闻 | | | 6 | | 3. A | 股市场评述 | | 7 | | 4. 市场数据 | | | 9 | 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声 ...

Group 1 - The core viewpoint of the news indicates that cloud computing concept stocks have declined, with companies such as Zhongji Xuchuang, Xinyi Sheng, and Runze Technology dropping over 6% [1] - Cloud computing-related ETFs have also been affected, experiencing a decline of over 3% due to the drop in heavy-weight stocks [1] Group 2 - Specific cloud computing ETFs reported the following price changes: - E Fund Cloud Computing ETF (code: 516510) at 1.828, down by 0.069 or -3.64% - Penghua Cloud Computing ETF (code: 159739) at 1.734, down by 0.061 or -3.40% - Other ETFs also showed similar declines, with the average drop around -3.32% to -3.44% [2] - Analysts believe that cloud computing, as the infrastructure of the AI era, is expected to benefit from the acceleration of AI applications and the commercialization of AI agents. The increasing usage of AI applications is anticipated to enhance cloud resource consumption and the scale effects of cloud vendors, leading to a symbiotic growth pattern between "AI models and cloud computing" [2] - Internet cloud vendors are expected to maintain competitive advantages in three key areas: computing power, models, and applications, with the internet cloud market share likely stabilizing and recovering [2]

Group 1 - The core viewpoint of the news highlights a significant sell-off in AI software stocks in the US market, which has impacted the A-share market, particularly affecting AI-related ETFs and stocks [1] - The A-share market is experiencing increased volatility with a notable divergence among sectors, but the long-term upward trend remains intact, supported by ongoing policies for the domestic AI industry [2] - The recent sell-off in US tech stocks, especially software companies, has raised concerns about the potential threat of AI technology replacing core business functions [1] Group 2 - The AI sector is currently in a rapid development phase, with expectations for increased capital expenditure in the global computing power sector as domestic support policies continue to be implemented [2] - The Spring market rally is expected to be followed by a consolidation phase, where the focus will be on clarifying industry trends and digesting valuations [2] - The long-term outlook remains positive for sectors such as overseas computing power chains, AI applications, energy storage, robotics, and commercial aerospace [2] Group 3 - The Huaxia AI ETF (159381) tracks an index with nearly 50% weight in CPO, covering domestic software and AI application companies, and has a low fee rate of 0.20% [3] - The Huaxia Communication ETF (515050) has a scale exceeding 8 billion yuan, covering key areas such as optical modules and computing power infrastructure, with a combined weight of over 76% in CPO and CPB concept stocks [3] - The Huaxia Cloud Computing ETF (516630) focuses on domestic AI software and hardware computing power, with a combined weight of 83.7% in computer software, cloud services, and computer equipment, also featuring a low fee rate of 0.20% [3]