美联储维持政策利率不变，市场整体延续震荡态势——A 股市场投资策略周 报 证券分析师 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 行业研究 海外 AI 助手 Clawdbot 出圈，AI 应用催化密集——计算机行业周报 证 券 研 究 报 告 晨 会 纪 要 晨会纪要（2026/01/30） 崔健 渤海证券研究所晨会纪要（2026.01.30） 宏观及策略研究 近 5 个交易日（1 月 23 日-1 月 29 日），重要指数涨跌不一；其中，上证综指收涨 0.86%，创业板指收跌 0.73%； 风格层面，沪深 300 收涨 0.64%，中证 500 收涨 1.55%。成交方面有所放量，两市统计区间内成交 15.42 万 亿元，日均成交额达 3.08 万亿元，较前五个交易日的日均成交额增加 3237.69 亿元。 行业方面，申万一级行业跌多涨少，其中，有色金属、石油石化、食品饮料行业涨幅居前，而国防军工、 汽车、综合行业跌幅居前。 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2026/01/30） 宏观 ...

Investment Rating - The industry investment rating is "Hold" [1] Core Insights - The report highlights the continuous progress in the AI field and the acceleration of commercialization, particularly with the ongoing iterations of large models [1][4] - The computer industry index outperformed major indices, with a 8.49% increase, surpassing the Shanghai Composite Index by 4.67 percentage points [2] - The CES 2026 event showcased significant advancements in AI and embodied intelligence, with notable participation from Chinese companies [4] Summary by Sections Industry Performance - During the week of January 5-9, the Shanghai Composite Index rose by 3.82%, the ChiNext Index by 3.89%, and the CSI 300 Index by 2.79%, while the computer industry index increased by 8.49% [2] AI Developments - The CES 2026 event featured over 4,000 exhibitors, with nearly a quarter being Chinese companies, emphasizing the growing influence of AI technologies [4] - NVIDIA's new Rubin AI platform was introduced, promising significant improvements in inference costs and training efficiency [4] - The upcoming DeepSeek V4 model is expected to launch around the Lunar New Year, boasting enhanced coding capabilities [5] Investment Recommendations - The report suggests focusing on companies in the following areas: 1. Computing power: Cambrian, Haiguang Information, Zhongke Shuguang, Huafeng Technology, Shenling Environment, Yingweike, Oulu Tong, and Zhongheng Electric [6] 2. AIDC: Kehua Data, Yunsai Zhili, Hongxin Electronics, Runjian Co., Runze Technology, and Data Port [6] 3. AI applications: Kingsoft Office, iFlytek, Foxit Software, Wanxing Technology, Dingjie Zhizhi, Hand Information, Nengke Technology, and Zhuoyi Information [7]