非线性控制逻辑、密集型系统调用和I/O负载、系统协调与同步需要CPU参与；此外，沙盒系统亦需要 CPU支撑。根据Pcpartpicker披露数据，Intel Core i7Alder Lake型号CPU价格自26年1月开始，价格明显 提升。 国信证券发布研报称，谷歌云、亚马逊相继上调数据传输与算力服务价格，AI算力基建租赁费用亦环 比提升。受Agent应用等技术驱动，CPU需求与价格同步增长。同时，光模块需求爆发式增长，其核心 部件光芯片供需缺口达25%-30%，推动光纤与光芯片价格进入上行通道，AI产业链整体成本呈现结构 性抬升。 国信证券主要观点如下： 谷歌云上调全球数据传输服务价格 1月27日，谷歌云宣布，自2026年5月1日起正式上调全球数据传输服务价格，包括互联网传输 (CDNInterconnect)、直连对等(Direct Peering)、运营商对等(Carrier Peering)等，北美地区费率翻倍。亚 马逊上调机器学习EC2容量块实例价格。26年1月，大多数地区，p5e.48xlarge实例价格从每小时34.61美 元上调至39.80美元，上调幅度约15%。 算力基建扩张，AIDC租赁价 ...

Group 1 - The State Council of China has issued a work plan to accelerate the cultivation of new growth points in service consumption, which includes optimizing loan interest subsidy policies for service industry entities and encouraging financial institutions to increase credit support for these sectors [1][5] - The work plan outlines 12 specific measures aimed at stimulating development in key areas such as transportation, housekeeping, and the automotive aftermarket, thereby reducing uncertainties for enterprises entering and expanding in the service consumption market [5][22] Group 2 - The Ministry of Civil Affairs is exploring the establishment of a civil affairs technology innovation fund through investment financing and charitable donations to support the research and industrialization of suitable technology products [2][18] - The goal is to enhance the innovation system by 2030, increase technological investment, and improve innovation levels, ultimately leading to breakthroughs in key technologies and the emergence of leading talents and enterprises in civil affairs technology [2][18] Group 3 - There is a significant performance divergence among funds labeled as "cyclical," with some funds focusing heavily on the non-ferrous sector for maximum elasticity, while others adopt a diversified approach across multiple cyclical areas for varied returns [3][19] - This divergence raises questions about fund positioning and the active management capabilities of fund managers, with market expectations influencing single-strategy approaches [19] Group 4 - Major central banks, including the Federal Reserve, have opted to maintain current interest rates, indicating a slowdown in the pace of global interest rate cuts, which could have significant implications for global asset allocation [4][21] - The Federal Reserve's decision to keep the federal funds rate unchanged at 3.5% to 3.75% reflects internal divisions, with some members advocating for a rate cut, highlighting the challenges of maintaining independence amid political pressures [6][23] Group 5 - The demand for optical fiber in the telecommunications industry is surging due to the construction of AI data centers, with Meta committing to pay $6 billion for fiber optics from Corning by 2030 [7][24] - The rapid growth of AI applications is expected to drive higher bandwidth requirements, influencing the demand trajectory for optical fiber and related industries [24] Group 6 - The REITs market is witnessing innovation with the launch of mixed-asset REITs, as demonstrated by the recent expansion of the Zhonghang Jingneng photovoltaic REIT, which combines hydropower and solar assets [8][25] - This development marks a significant step in diversifying public REITs and revitalizing dormant assets [25] Group 7 - The Ministry of Industry and Information Technology is addressing "involution" in the photovoltaic industry by promoting coordinated efforts to regulate competition and enhance industry standards [9][26][27] - The focus is on using market-oriented and legal methods to foster healthy competition and rational development within the photovoltaic sector [27] Group 8 - The consumer electronics industry is facing a cost defense battle due to skyrocketing storage prices, with major companies like Samsung and SK Hynix raising NAND flash supply contract prices by over 100% [10][28] - The ongoing supply tightness in DRAM is also contributing to rising prices, impacting the overall cost structure of consumer electronics [28] Group 9 - The Norwegian Government Pension Fund Global reported a 15.1% return in 2025, with its total assets reaching approximately 15.47 trillion RMB, highlighting the fund's robust performance [11][29] - This fund is one of the largest sovereign wealth funds globally, indicating strong investment management capabilities [29] Group 10 - China is planning to expand its "space+" future industries, focusing on commercial space applications and infrastructure development, which includes initiatives in space resource management and space tourism [12][30] - The China Aerospace Science and Technology Corporation is leading these efforts, aiming to foster collaboration across the industry chain [30] Group 11 - The China Commercial Rocket Corporation is preparing for the first flights of reusable rockets this year, emphasizing the importance of resource coordination and successful recovery operations [13][31] - This initiative is part of a broader strategy to enhance China's capabilities in commercial spaceflight [31] Group 12 - The AI industry is experiencing a surge in new model releases, with major companies like Tencent and Baidu competing for application traffic through significant promotional efforts [14][32] - The release of advanced AI models, such as Alibaba's Qwen3-Max-Thinking, reflects the rapid evolution and competitive landscape of the AI sector [32] Group 13 - The chemical sector is gaining attention in the A-share market, with chemical ETFs seeing significant growth in their share volumes as the sector aligns with cyclical market trends [15][33] - The recovery of profitability in the chemical industry is enhancing its appeal for investment, particularly in the context of "anti-involution" strategies [33] Group 14 - Several banks have adjusted the margin requirements for personal clients trading in Shanghai Gold Exchange's deferred contracts, increasing the margin ratio from 44% to 60% for specific gold and silver contracts [16][34] - This adjustment reflects changing market conditions and regulatory responses within the financial sector [34]

2026年开年不足一个月，A股三大股指维持波动向上的趋势，单日成交额也在年内刷新历史纪录。国际 黄金、白银价格更屡创新高，引发全市场关注。 "从当前情况来看，黄金价格如我们预期的那样，小幅度调整后继续上涨，行情没有发生逆转，所以我 们的坚定持有是对的。"前海开源金银珠宝主题精选灵活配置混合的基金经理吴国清感慨道。 上述情况仅是基金"舵手"们在行业配置思考上的冰山一角。在公募基金规模屡上新台阶的同时，行业重 仓股同比也发生明显变化。市场赛道轮动频繁的当下，有基金经理坚定持有看好的行业个股，但也有部 分已着手调仓，另寻新机。展望新的一年，绩优基金经理们如何看待后市？配置思路又有哪些变与不 变？ 规模巨变重仓股同比大调 在市场走势震荡向上的背景下，公募基金整体规模已迎来连续第三个季度扩张。1月28日，中基协公布 的数据显示，截至2025年底，公募基金规模达37.71万亿元，再创新高，比同年三季度末的36.74万亿元 上涨2.65%。若回顾2025年，公募基金规模屡创新高，先后突破33万亿—37万亿共5个万亿大关，并在 最后一个月续创新高。 规模新高背后的"助推器"主要来源于权益类基金。数据显示，截至2025年末，混 ...

Core Insights - The Chinese capital market is transitioning from scale expansion to quality enhancement, with the "financial power" goal and new "National Nine Articles" providing direction for high-quality development in the industry [1] - Investor wealth management needs have evolved from traditional short-term returns to a focus on deep industry analysis and long-term value, emphasizing risk-controlled certainty and comprehensive service [1] - China Merchants Securities is launching the "Investing in China - Entering Listed Companies" service brand in 2025 to address information barriers through in-depth industry research, embodying the "buy-side advisory" concept and serving the real economy [1] Group 1 - The service brand will conduct nine in-depth industry research events to help investors understand the real pulse of Chinese industries based on data logic [1] - The focus areas include semiconductor sensors, pharmaceutical CDMO services, green energy in photovoltaics, AI, healthcare, optical communication, rare earth permanent magnets, and new materials [1] - The initiative aims to provide investors with insights into "Chinese manufacturing" and deliver investment guidance that combines depth and foresight [1] Group 2 - The series of activities features "on-site visits + industry decoding" to create a direct communication bridge between investors and quality listed companies [3] - Activities include senior analysts leading tours, in-depth dialogues with company executives, and on-site exploration of production operations, meeting clients' needs for industry insights [3] - This approach enhances the professional depth of client services and conveys the warmth of wealth management [3] Group 3 - The nine industry visits serve as an upgrade in investment understanding and an expansion of industry perspectives for investors [5] - Investors reported that engaging with production lines and management teams transformed their understanding from financial data to a comprehensive grasp of industry logic and application scenarios [5] - This experience strengthens their recognition of the value and structure of the industry chain, turning abstract trends into concrete frameworks [5] Group 4 - Each visit allows investors to combine data support with on-site insights, deepening their understanding of corporate long-term value and responsibility [9] - The initiative exemplifies the mission of connecting capital with real value and aligns with the brand's commitment to customer value and serving the real economy [9] - The "Investing in China - Entering Listed Companies" initiative will continue to develop in the coming year, enhancing wealth and high-net-worth client services while supporting the high-quality development of the real economy [9]

2026 年 1 月 29 日 何利超 H70529@capital.com.tw 目标价(元) 130 公司基本资讯 | 产品组合 | | | --- | --- | | 光器件 | 99.8% | | 其他 | 0.2% | 机构投资者占流通 A 股比例 | 基金 | 7.8% | | --- | --- | | 一般法人 | 22.4% | 股价相对大盘走势 太辰光 (300570.SZ) Buy 买进 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . | 产业别 | | 通信 | | --- | --- | --- | | A 股价(2026/1/29) | | 110.80 | | 深证成指(2026/1/29) | | 14300.08 | | 股价 12 个月高/低 | | 147.66/54.21 | | 总发行股数(百万) | | 227.13 | | A 股数(百万) | | 192.19 | | A 市值(亿元) | | 212.95 | | 主要股东 | | 华阳进出口(深 | | | | 圳)有限公司 | | ...

公司基本资讯 | 产业别 | | 通信 | | --- | --- | --- | | A 股价(2026/1/29) | | 110.80 | | 深证成指(2026/1/29) | | 14300.08 | | 股价 12 个月高/低 | | 147.66/54.21 | | 总发行股数(百万) | | 227.13 | | A 股数(百万) | | 192.19 | | A 市值(亿元) | | 212.95 | | 主要股东 | | 华阳进出口(深 | | | | 圳)有限公司 | | | | (09.17%) | | 每股净值(元) | | 7.31 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -7.1 12.8 | -5.9 | 近期评等 出刊日期 前日收盘 评等 | 产品组合 | | | --- | --- | | 光器件 | 99.8% | | 其他 | 0.2% | 机构投资者占流通 A 股比例 | 基金 | 7.8% | | --- | --- | | 一般法人 | 22.4% | 2026 年 1 月 29 日 何利超 H70529@capital.com.tw 目 ...

2026年开年不足一个月，A股三大股指维持波动向上的趋势，单日成交额也在年内刷新历史纪录。国际 黄金、白银价格更屡创新高，引发全市场关注。 "从当前情况来看，黄金价格如我们预期的那样，小幅度调整后继续上涨，行情没有发生逆转，所以我 们的坚定持有是对的。"前海开源金银珠宝主题精选灵活配置混合的基金经理吴国清感慨道。 上述情况仅是基金"舵手"们在行业配置思考上的冰山一角。在公募基金规模屡上新台阶的同时，行业重 仓股同比也发生明显变化。市场赛道轮动频繁的当下，有基金经理坚定持有看好的行业个股，但也有部 分已着手调仓，另寻新机。展望新的一年，绩优基金经理们如何看待后市？配置思路又有哪些变与不 变？ 规模巨变、重仓股同比大调 在市场走势震荡向上的背景下，公募基金整体规模已迎来连续第三个季度扩张。1月28日，中基协公布 的数据显示，截至2025年底，公募基金规模达37.71万亿元，再创新高，比同年三季度末的36.74万亿元 上涨2.65%。若回顾2025年，公募基金规模屡创新高，先后突破33万亿—37万亿共5个万亿大关，并在 最后一个月续创新高。 规模新高背后的"助推器"主要来源于权益类基金。数据显示，截至2025年末， ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司的1.6T光模块研发成果怎么样了？是否通过测 试了？预算什么时候量产？ 强达电路（301628.SZ）1月29日在投资者互动平台表示，公司1.6T光模块相关产品已完成技术开发，目 前可开展样板生产，相关样板可根据客户需求配合完成各类测试验证。公司将依据下游客户的实际订单 需求，统筹推进后续工作。后续如有相关重大进展，公司将严格按照信息披露规则及时公告。 ...

关注光通信反转时机 20260128 摘要 光通信行业 2026 年上半年将迎来光进柜类技术及产品落地，腾讯已发 布 NPU 相关方案，海外谷歌、英伟达、Meta 等公司也在积极推进相关 技术，为业绩提供保障。 北美云业务需求持续超预期增长，推动全球 AI 算力链发展，Meta、谷 歌、亚马逊等公司提高云业务价格，光通信板块整体逻辑稳固。 Meta 与康宁签订 60 亿美元光缆订单，未来五年需求可能达到数亿新公 里，对光纤需求形成强劲支撑，或将引发其他公司效仿，加剧光纤供不 应求。 电信 2025 年完成供应商资格审查，但总部招标尚未启动，分公司已率 先招标，价格仍较低，需持续观察电信及后续移动的招标情况及价格调 整。 一季度调整主要因业绩担忧，但多家公司即将在港交所递交申报材料， 龙头企业示范效应将带动市场更好认识 26 至 28 年的行业需求，现在至 3 月中旬是配置该板块的重要时期。 Q&A 2025 年光通信板块的表现如何？目前市场对该板块的担忧是什么？ 2025 年，光通信板块表现非常出色，主要得益于行业需求持续上升和业绩大 幅增长。然而，自 12 月底和 1 月初以来，该板块表现相对较弱。市场的担 ...

东田微 20260128 东田微 2025 年底完成消费电子扩产，虽面临存储芯片涨价和原材料上 涨挑战，但预计 2026 年能消化市场需求。同时，低端手机芯片短缺加 剧竞争，公司高端市场布局受影响较小。 公司积极扩展通讯业务，应对当前紧张的需求，预计 2026 年光通讯和 数据中心业务将迎来高峰。中国对日本材料禁运及日本可能的减产，对 全球供应链产生影响。 面对上游原材料供应紧张，东田微优先保障大客户，积极寻找替代方案， 如旋光片。核心镀膜设备交付周期延长，公司积极应对，保障生产。 通讯业务产能扩张预计上半年基本完成，但受日本部件交付周期延长和 有色金属涨价影响。公司将根据市场变化调整策略，确保满足未来需求。 除现有产品外，东田微布局硅光配套新产品，聚焦与光相关的内容，不 断探索新品开发，以解决各种形态下的光学问题，保持技术竞争力。 公司计划增加通信领域设备投入，预计是现有水平的三倍甚至更多，具 体将根据市场需求调整。目前整体扩产计划有较大变化。 光通信行业技术壁垒高，东田微聚焦 800G 和 1.6T 滤光片，与头部厂 商合作关系良好。公司认为只要企业不出错，未来仍有很大的发展机会。 Q&A 请介绍一下东田 ...