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通信 周跟踪（20260209-20260215） 领先大市-A(维持) ——国产大模型春节档密集推新，NPO 和柜内光 3 月重点关注 2026 年 2 月 26 日 行业研究/行业周报 通信行业近一年市场表现 行业动向： 资料来源：常闻 相关报告： 【山证通信】北美资本开支增长并 未见顶，Scaleup 是光通信重要增量-周跟 【山证通信】——moltbot 爆火背后 1）国产大模型春节档密集更新，算力告急下国产 GPU Day0 适配市场巨大。 春节档豆包、元宝、千问"红包大战"与春节主题密集投流体现出国内大模型 C 端争抢流量入口进入白热化阶段，我们认为智能体 APP 渗透率的快速提升叠加智 能体能力的开放有望带来 Token 的非线性增长维持资本开支的刚性。大模型推新 方面，厂商密集发布与市场的热烈反馈表明我国在大模型算法创新和训练方面与 全球一线梯队接近。其中，字节豆包大模型 2.0 系列除夕上线，重点强化多模态 交互、AGENT 自主任务能力和代码生成效率，seedance2.0 更是支持 60 秒生成电 影级多镜头视频并为春晚部分视觉内容提供创作支持；阿里除夕同步上线千问 Qwen3.5 pl ...

Summary of Key Points from Conference Call Records Industry Overview - The records focus on the global AI industry, highlighting significant trends and developments during the Chinese New Year period from February 16 to February 22, 2023. Major tech companies are accelerating their investments in AI computing power infrastructure [1][2]. Key Companies and Developments - **NVIDIA and Meta Partnership**: On February 18, NVIDIA and Meta announced a multi-year strategic partnership, signing a multi-billion dollar agreement. Meta has become NVIDIA's second-largest buyer of chips, with plans to deploy millions of NVIDIA chips, including Blackwell architecture GPUs and next-generation Rubin architecture GPUs [2]. - **NVIDIA's Upcoming Chip Launch**: NVIDIA's CEO Jensen Huang revealed plans to unveil a "world-first" new chip at the GTC conference on March 15, 2023, with multiple groundbreaking products expected [2]. - **OpenAI's Capital Expenditure Plans**: OpenAI updated investors on its long-term capital expenditure plans, aiming for approximately $600 billion in total computing power spending by 2030, alongside a potential financing round exceeding $100 billion, with NVIDIA negotiating a possible $30 billion investment [2]. Market Performance - Notable stock performance in the optical communication sector during the specified week included significant gains: Lumentum (+18.66%), Coherent (+14.25%), AXT (+22.44%), and AAOI (+16.24%) [1]. Technological Advancements - **AI Model Releases**: Several AI models were released during the period, including Google's Gemini 3.1 Pro and Anthropic's Claude Sonnet 4.6, which is noted for its performance at a fraction of the cost of flagship models [2]. - **ByteDance Innovations**: ByteDance introduced several AI models, including Seedance 2.0 for video generation and Doubao 2.0, which features upgrades in language understanding and logic reasoning [2]. Government and Industry Initiatives - The Indian government announced plans to invest $200 billion in building data centers over the coming years to promote AI industry development, with investments from major companies like Google, Microsoft, and Amazon included in this initiative [2]. Additional Insights - The fourth Global AI Impact Summit took place in New Delhi, attended by prominent figures such as French President Macron and CEOs from Google, OpenAI, and Anthropic. Google’s management compared the current AI wave to a "10x faster industrial revolution," with a significant increase in cloud business backlog orders [2]. - ByteDance reported that its AI interaction numbers reached 1.9 billion on New Year's Eve, showcasing the growing engagement with AI-driven content creation [3]. This summary encapsulates the critical developments and trends in the AI industry as discussed in the conference call records, providing insights into company strategies, market performance, and technological advancements.