策略研究 证 券 研 究 报 告 【华创证券人工智能研究中心】 公募增配光通信、半导体设备、封测，减配芯片设 计、游戏、广告——多行业联合人工智能 2 月报 策略月报 2026 年 02 月 04 日 华创证券研究所 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：耿琛 邮箱：gengchen@hcyjs.com 执业编号：S0360517100004 证券分析师：岳阳 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 证券分析师：张程航 2026-01-26 《【华创策略】再通胀主线：五朵金花——策略周 聚焦》 2026-01-25 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@ ...

Group 1 - The core point of the news is that XW Communication's stock price dropped by 5.12% to 84.89 CNY per share, with a trading volume of 3.594 billion CNY and a turnover rate of 5.06%, resulting in a total market capitalization of 82.137 billion CNY [1] - XW Communication, established on April 27, 2006, and listed on November 5, 2010, is based in Shenzhen, Guangdong Province, and specializes in the research, production, and sales of mobile terminal antenna systems, with its main business revenue entirely derived from RF components [1] Group 2 - According to data from the top ten holdings of funds, one fund under People's Insurance Asset holds XW Communication as its second-largest position, with 5,300 shares, accounting for 0.6% of the fund's net value, resulting in an estimated floating loss of approximately 24,300 CNY [2] - The People's Insurance Zhongzheng 500A fund, established on December 7, 2018, has a latest scale of 54.9871 million CNY, with a year-to-date return of 10.35% and a one-year return of 46.77%, ranking 1472 out of 4285 in its category [2] - The fund manager, Zhou Jian, has been in position for 2 years and 208 days, managing assets totaling 9.57 billion CNY, with the best fund return during his tenure being 41.56% and the worst being 3.98% [2]

每经AI快讯，Wind数据显示，A股2月3日共有3769只个股获融资资金买入，有470股买入金额超亿元。 其中，新易盛、中际旭创、信维通信融资买入金额排名前三，分别获买入47.19亿元、33.7亿元、24.99 亿元。 从融资买入额占当日总成交金额比重来看，有3只个股融资买入额占比超30%。其中泰豪科技、纳微科 技、众鑫股份融资买入额占成交额比重排名前三，分别为55.27%、33.43%、30.11%。 从融资净买入金额来看，有39只个股获融资净买入超亿元。其中，航天发展、天孚通信、信维通信融资 净买入金额排名前三，分别获净买入9.7亿元、7.22亿元、5.01亿元。 每日经济新闻 ...

格隆汇2月4日丨天孚通信(300394.SZ)涨0.92%，报272.490元，股价创历史新高，总市值2118.38亿元。 ...

Group 1 - The core viewpoint of the news is that Dongsoft Carrier experienced a stock price increase of 3.04% on February 3, with a trading volume of 126 million yuan, indicating market interest despite a net financing outflow [1] - As of February 3, the total margin balance for Dongsoft Carrier was 280 million yuan, with a financing balance of 279 million yuan, representing 3.71% of the circulating market value, which is below the 10th percentile level over the past year [1] - The company specializes in low-voltage power line carrier communication products, focusing on providing comprehensive solutions for electricity information collection systems for national smart grid construction [1] Group 2 - As of January 30, the number of shareholders for Dongsoft Carrier increased to 32,800, while the average circulating shares per person decreased by 0.64% [2] - For the period from January to September 2025, Dongsoft Carrier reported a revenue of 704 million yuan, a year-on-year decrease of 10.59%, and a net profit attributable to shareholders of -10.92 million yuan, a decline of 113% [2] - The company has distributed a total of 1.268 billion yuan in dividends since its A-share listing, with 162 million yuan distributed in the last three years [3]

Group 1 - The South Korean stock market experienced a dramatic turnaround, jumping 6.75% after a previous day of significant decline, triggering a "circuit breaker" twice in two days [2][3] - The A-share market also rebounded strongly, with nearly 4800 stocks rising after a day of over 4600 stocks declining, indicating a complete reversal in market sentiment [3][6] - Key sectors driving the A-share rally included new energy, semiconductor, and communication equipment, with average gains between 3% and 7% across various sectors [3][6] Group 2 - The market's volatility was influenced by global factors, particularly concerns over the U.S. Federal Reserve's potential tightening of monetary policy, which initially led to panic selling [7][9] - Following the panic, some investors perceived the previous day's sell-off as an overreaction, leading to a rebound in both the South Korean stock market and gold prices [9][10] - The A-share market's strength was supported by internal factors, including favorable industry policies and rumors of long-term capital inflows, which boosted investor confidence [9][10]

Market Overview - The stock market experienced a significant downturn, with the Shanghai Composite Index falling by 2.48% to close at 4015 points, while the Shenzhen Component and ChiNext Index dropped by 2.69% and 2.46% respectively [1] - Over 4600 stocks in the market declined, with total trading volume shrinking to 2.61 trillion yuan, indicating widespread losses among investors [1] - The primary cause of the market crash was the sharp decline in cyclical stocks, particularly in the metals and gold sectors, which saw declines exceeding 7% due to falling metal prices and previous overvaluation [1] Investment Strategies - In the face of market volatility, savvy investors engaged in three key actions to identify future opportunities [2] - Successful investing requires a long-term perspective, emphasizing the importance of patience and strategic planning rather than seeking immediate returns [3] - Investors should focus on building a personal trading system and wait for optimal market conditions to align with their strategies, as good opportunities are rare [4] Sector Insights - The electric grid equipment sector is highlighted as a critical area for investment, particularly in the context of AI development, as electricity demand is expected to surpass that of chips [7] - CPO optical modules are identified as a strong performer, with leading companies experiencing significant earnings growth, making them a safe haven during market downturns [7] - The liquor industry is viewed as a potential bottom-fishing opportunity, with long-term investors beginning to speculate on a ten-year market bottom [7]

Group 1 - The core message of the article highlights the ongoing "strict regulation and zero tolerance" signals in the capital market, as evidenced by penalties imposed on executives from Ju Shi Chemical and Dingxin Communications [1][2]. Group 2 - Ju Shi Chemical was penalized for illegal information disclosure, involving inflated revenue, costs, and profits through fictitious trade activities, resulting in a total inflated revenue of 157 million yuan and inflated costs of 158 million yuan for the first half of 2023 [3][4]. - The Guangdong Securities Regulatory Bureau imposed a fine of 2.4 million yuan on Ju Shi Chemical, along with warnings and fines for several executives, totaling 6.7 million yuan [6]. - Dingxin Communications' Vice President Yuan Zhishuang is facing a proposed fine of 120,000 yuan for short-term trading of company stock, which involved selling 610,000 shares and subsequently buying back 200,000 shares within six months [10][13]. - Both companies are forecasting significant net losses for 2025, with Ju Shi Chemical estimating a loss of 90 million to 120 million yuan and Dingxin Communications projecting a loss of 540 million to 640 million yuan [6][13].

证券日报网讯2月3日，天邑股份（300504）在互动平台回答投资者提问时表示，截至2026年1月30日， 公司股东人数为20811户。 ...

拆分比例：每1份基金拆分成为3份。 最小申购、赎回份额调整：从100万份调整为150万份。 后市观点： 拆分情况： 据基金公告，通信ETF已于2月2日完成了基金份额拆分。 拆分目的：满足投资者需求，提高交易便利性。 拆分不影响实际投资范围，人工智能追光时点渐近。本次拆分是为了提高交易便利性，不改变基金 的投资范围、风险收益特征等。从海内外产业趋势来看，当前呈现"业绩隐忧已除&后续催化良多"特 征。 每日经济新闻 （责任编辑：郭健东 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （3）下半年Rubin rack将陆续进入量产，产业链再度开始产品迭代时刻，技术溢价加速注入。 当前全球AI交相辉映，不管是光模块、服务器、存储等产业链的景气度，还是软件端的加速更 新，均印证了AI推动的生产力变革有望实现更长周期的繁荣，建议持续关注"光模块含量46%+服务器含 量18%"的算力硬件拳头产品通信ETF（5158 ...