晨会纪要 证券研究报告 2026 年 02 月 04 日 短期来看，市场受资源股重挫及国际贵金属价格波动影响，风险偏好承压， 但北交所结构性机会仍凸显。中长期需关注政策红利与产业升级共振下，专 精特新和硬科技企业的技术转化及订单释放能力。 | 周颖 S0800520080003 | | --- | zhouying@research.xbmail.com.cn 核心结论 分析师 【策略】资产的信号（20260203）：沃什冲击，结束了吗? "沃什冲击"是美元增信进程的开端，未来半年特朗普或将继续为修复美元 信用采取行动，可能带来油价的提升以及中美资产相对占优。但沃什上任后， 降息扩表可能超预期，市场回到弱美元交易，泛滥的流动性会更加泛滥。因 此坚定看好 AH 股/国债等人民币资产，行业配置上关注受益于周期复苏和流 动性泛滥的石油/化工/白酒/恒科。黄金短期可能难以大涨，但可保持战略配 置。美股有望受益于美元增信努力，而美债在供需拉扯下或维持震荡。 【计算机】AI Agent 浪潮来袭，CDN 有望开启新一轮成长周期 AI Agent 浪潮来袭，CDN 有望开启新一轮成长周期 【纺织服饰】波司登（3998.HK ...

怎么看 SpaceX 申请部署 100 万颗卫星？20260202 摘要 Multi book 拥有约 150 万 AI 用户，通过 Cloud Bot 调用 Skills 接入平 台，形成流量并支持商业模式发展，类似贴吧或小红书的社交互动。 腾讯元宝作为 AI 社交工具，通过派对和群组进行互动，无法添加个人好 友，集体活动便捷，是腾讯在新一代 AI 社交领域的重要探索。 SpaceX 猎鹰 9 号火箭在 2025 年全年执行 165 次发射任务，总运送载 荷约 2,500 吨，并部署了 9,000 颗 Starlink 卫星，其中 2/3 为带有激 光载荷的二代星。 商业航天行业受益于 AI 需求增长和地面能源紧张，低轨道卫星互联网逐 渐受数据中心和大型企业重视，北美大型企业每年地面通信花费约 400- 500 亿美元。 商业航天产业链中，星上载荷是具有最高收入弹性的领域，尤其是在导 航和通信方面，预计下一轮卫星互联网建设将实现显著增长。 国内商业航天供应链在新一轮卫星互联网建设中，有望通过导航、通信 等关键技术实现显著增长，侧重于星上载荷、地面终端以及火箭制造等 环节。 AI 时代背景下，Agent 数量 ...

Group 1 - The core viewpoint emphasizes that listed companies in China are not only the main force behind data growth but also serve as a stabilizing factor in the industry ecosystem, focusing on long-term value and comprehensive governance [2] - In 2025, the capital market aims for steady progress and quality improvement amidst multiple risks, enhancing market resilience and risk resistance, leading to reasonable quantitative growth and effective qualitative enhancement [2] - The market's expectations for listed companies have shifted from short-term performance to long-termism and comprehensive value, including governance structure, stable returns, strategic layout in frontier fields, and deep ESG practices [2] Group 2 - The 2025 T-EDGE Global Dialogue, organized by Titanium Media Group, NextFin.AI, and Barron’s China, highlights the importance of recognizing companies that redefine industry boundaries and emphasizes the core logic of "value investment" [3] - The EDGE AWARDS annual list includes categories such as Most Socially Responsible Company, Best Board Secretary, Most Investment Value Company, and Best Investor Relations Management Company, recognizing outstanding performance in governance, investment value, social responsibility, and investor relations [3][4] Group 3 - Aier Eye Hospital is recognized as a leader in ESG practices, integrating ESG into its core business and governance structure, while actively engaging in public welfare projects to enhance national eye health [5] - Betaini Group focuses on creating a skin health ecosystem and incorporates green development into its strategy, promoting biodiversity and sustainable practices [6] - Kweichow Moutai leads the liquor industry with a brand value of 468.718 billion, actively engaging in ecological protection and social responsibility initiatives [7] - JD Group has created significant employment opportunities and is committed to improving living conditions for its delivery personnel, with plans to invest 22 billion in housing projects [8] - Quantitative Group, listed on the Hong Kong Stock Exchange, leverages AI technology to reshape online consumption and has achieved a compound annual growth rate of 44.59% in revenue from 2022 to 2024 [9] - Seres focuses on new energy vehicles and has established a robust ESG governance framework, with significant growth in revenue and sales projected for 2024 [10] - Shui Jing Fang integrates social responsibility into its corporate strategy, setting clear environmental goals and contributing to community development [11] - China Baoan actively engages in social responsibility through its subsidiaries, contributing to community welfare and healthcare improvements [13] Group 4 - The Best Board Secretary category highlights the importance of effective communication between listed companies and the public, emphasizing the role of board secretaries in enhancing corporate governance [14] - Ren Shunying from Anfu Technology is recognized for her expertise in capital operations and corporate governance, significantly contributing to the company's compliance and investor relations [15] - Xia Ping from Jiahe Intelligent is noted for her effective investor relations management and participation in strategic planning [16] - Li Liangyu from Robotech is acknowledged for his role in maintaining corporate governance and enhancing market recognition [17] - Zhang Wenyu from Tianqi Lithium is recognized for his contributions to market value management and investor relations [18] Group 5 - The Most Investment Value Company category identifies companies with clear business models and significant breakthroughs in technology or policy, indicating strong growth potential [19][20] - Orbbec, a leader in 3D vision technology, has achieved over 70% market share in key sectors and continues to lead industry advancements [20] - BYD maintains its position as a global leader in new energy, with significant growth in overseas markets and a strong investment outlook [21] - Cambrian has entered a critical profitability phase, with substantial revenue growth and a strong market position in AI chips [22] - Hanlan Environment focuses on environmental services and has achieved consistent profit growth, attracting long-term investors [23] - Geely Auto has demonstrated strong financial performance and strategic integration, positioning itself for sustained growth [24] - Kanghong Pharmaceutical emphasizes innovation in drug development and has shown robust revenue growth, indicating long-term investment value [25] - Lens Technology maintains a strong market position with solid cash flow and growth potential in the automotive and consumer electronics sectors [26]

AI 机遇凸显，25 年CDN 及边缘计算业务有望放量作为国内CDN 龙头企业，公司25 年迎来"CDN、边 缘计算、MCP"三重机遇。1）CDN：25 年国内AI 应用进入放量周期，有望带动流量需求加速增长，看 好公司CDN 业务提速；2）边缘计算：AI 应用带动边缘推理增长，海外Cloudflare 已验证CDN 节点升 级为GPU 推理节点的可行性，公司24年已推出边缘计算平台ECP，业务基础良好；3）MCP：MCP 托 管需要算力+安全双重支持，CDN 厂商成为重要载体，公司已全面支持MCP 协议，看好相关业务放 量。我们认为，受益于AI 应用提速，公司业务机遇明朗。 风险提示：AI 应用流量增长不及预期；CDN 行业竞争格局恶化。 网宿科技发布一季报，25Q1 实现营收12.35 亿元（yoy+10.26%），归母净利1.92 亿元 （yoy+38.54%），扣非净利1.50 亿元（yoy+52.60%）。公司营收显著提速（24Q1 yoy+4.81%），主要 得益于CDN 及边缘计算业务需求放量。净利率提升，主要得益于公司人效提升，期间费率同比下降。 我们认为，公司有望充分受益于AI 应用放量，看 ...