| 上证指数 | 深证成指 | 科创综指 | | --- | --- | --- | | 4165.29 | 14366.91 | 1855.38 | | +44.86 +1.09% | +246.76 +1.75% | +51.98 +2.88% | | 万得全A | 创业板指 | 北证50 | | 6853.53 | 3388.34 | 1605.77 | | +115.78 +1.72% | +60.53 +1.82% | +81.51 +5.35% | | 沪深300 | 中证500 | 中证A500 | | 4789.92 | 8249.13 | 5948.70 | | +30.99 +0.65% +192.44 +2.39% +66.75 +1.13% | | | | 中证1000 | 深证100 | 中证红利 | | 8357.01 | 5991.23 | 5611.17 | | +227.83 +2.80% | +50.96 +0.86% | +18.49 +0.33% | | 万得全A涨跌分布 | | | | 跌1179 | | 涨4141 | | 成交额3.64万亿,增4922亿 | | ...

【CNMO科技消息】1月12日，A股市场强势上扬，三大指数涨幅均超1%。截至收盘，沪指上涨 1.09%，深证成指涨1.75%，创业板指涨1.82%。AI应用及营销相关概念股集体走高，蓝色光标、汉得信 息等多只个股涨停，全市场超200只个股封板。此轮行情与近期"生成式引擎优化"（GEO）概念的快速 升温密切相关。 GEO即Generative Engine Optimization，旨在通过优化内容的语义结构、可信度与多模态适配性，提升 品牌信息在AI搜索结果中的引用率与可见度。随着豆包、通义千问、元宝等国产生成式AI产品逐渐成 为用户获取信息的新入口，传统流量逻辑正在重构，催生新型营销范式。 与此同时，大模型竞争正从参数比拼转向实际任务执行能力。近期由清华大学基础模型北京市重点实验 室与智谱AI联合举办的AGI—Next前沿峰会指出，行业已进入"智能体"（Agent）阶段，强调模型在真 实环境中完成复杂任务的能力。市场普遍认为，2026年将是AI从"可用"迈向"好用"并实现商业闭环的关 键之年。 政策层面亦释放积极信号。工业和信息化部部长李乐成近日表示，智能化是当前信息化与工业化融合的 核心驱动力，我国将深入 ...

（文章来源：21世纪经济报道） 东方证券认为，DeepSeek计划于2月中旬发布的V4模型在编程任务表现上已超越主流模型，同时在处理 极长代码提示词方面有显著提升，底层架构创新mHC解决了训练不稳定性问题，为后续应用繁荣提供 支撑。与此同时，互联网大厂加速布局AI应用入口，阿里推出"千问"APP致力于打造个人AI助手，蚂蚁 发布全模态助手"灵光"，字节跳动旗下豆包日活已过亿，火山引擎成为2026年春晚独家AI云合作伙伴， AI应用正从技术探索走向规模化落地阶段，相关产业链将迎来发展契机。 软件ETF基金(561010)紧密跟踪中证全指软件开发指数，为反映中证全指指数样本中不同行业公司证券 的整体表现，为投资者提供分析工具，将中证全指指数样本按中证行业分类分为11个一级行业、35个二 级行业、90余个三级行业及200余个四级行业，再以进入各一、二、三、四级行业的全部证券作为样本 编制指数，形成中证全指行业指数。场外联接(A类：020729；C类：020730)。 1月12日市场震荡拉升，三大指数均涨超1%，沪深两市成交额3.6万亿元。软件ETF基金（561010）涨 停，上涨9.97%。盘中换手30.33%，成 ...

2026年第二个交易周，AI应用、软件龙头全面爆发，成为继卫星产业、脑机接口、半导体设备之后的新一"风口"！ 截至午盘，热门软件龙头ETF（159899）大涨超8%，云计算ETF（159890）拉涨6.76%。数据显示，云计算ETF（159890）跟踪云计算（930851.CSI）， IT服务+横向通用软件+垂直应用软件三大行业合计占比约65%，对AI应用有深度布局，上午盘中共获约1600 万资金净流入。 | 代码 | 名称 | 两日图 | | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | | 159218 卫星产业ETF | | no | 10.01% | 12.06亿 | 34.35% | | 159899 | 软件龙头ETF | { | 8.10% 6425.99万 | | 17.24% | | 159890 | 云计算ETF | 2 | 6.76% 3872.93万 | | 16.36% | 成份股方面，拓尔思、汉得信息、易点天下、用友网络、税友股份、中国长城等强势涨停！中科星图、卫宁健康、万兴科技等涨超15%，前两大权重股 科大讯飞、金山办公盘 ...

Group 1 - The internet services and software development sectors are experiencing significant gains, with the CSI Software Service Index rising by 6.43% as of 11:05 AM on January 12, 2026 [1] - Key stocks such as Keda Xingtong, Hehe Information, and Weining Health have seen substantial increases, with respective rises of 16.05%, 14.97%, and 14.89% [1] - The CES 2026 exhibition highlights the continuous improvement in global AI computing power, with NVIDIA launching the mass-produced NVIDIA Rubin platform and AMD previewing the new Helios platform and MI500 series GPUs [1] Group 2 - CITIC Securities notes that Chinese independent third-party model vendors like MiniMax have significant commercial potential compared to leading US players, with MiniMax reporting $53.44 million in revenue for the first three quarters of 2025, indicating a potential for exponential growth [2] - The top ten weighted stocks in the CSI Software Service Index as of December 31, 2025, include iFLYTEK, Kingsoft Office, and Tonghuashun, collectively accounting for 60.89% of the index [2] - The Software ETF (159852) tracks the CSI Software Service Index, providing an accessible investment tool for the computer software industry, with additional opportunities available through the Software ETF linked fund (012620) for AI software investments [2]

证券研究报告 CES 2026闭幕， 全球AI算力平台能力持续提升 计算机行业 强于大市（维持） 平安证券研究所计算机团队 分析师： 闫磊 S1060517070006（证券投资咨询）YANLEI511@pingan.com.cn 黄韦涵 S1060523070003（证券投资咨询）HUANGWEIHAN235@pingan.com.cn 刘云坤 S1060525120004（证券投资咨询）LIUYUNKUN518@pingan.com.cn 2026年1月12日 请务必阅读正文后免责条款 事件描述：2026年1月9日，全球消费电子领域顶级盛会CES 2026在美国拉斯维加斯收官。 点评：在本届展会期间，英伟达、AMD等全球知名芯片厂商均带来了在AI算力芯片领域的最新进展，英伟达发布NVIDIA Rubin 平台并表示 NVIDIA Rubin现已全面量产，基于 Rubin 的产品将在 2026 年下半年通过合作伙伴提供。AMD公布了"Helios"平台并首次公开完整的 AMD Instinct MI400系列加速器产品组合，同时预览了新一代MI500系列GPU。从本届展会发布的产品看，全球AI算力平台的能力 ...

Core Insights - AMD and OpenAI have announced a strategic partnership involving the purchase and deployment of up to 6 gigawatts of AMD Instinct GPUs, potentially generating sales of up to $90 billion [1][2] - The partnership is seen as a structural shift in AI infrastructure financing, linking AMD's long-term valuation directly to OpenAI's growth [2][3] - AMD's stock surged over 30% following the announcement, indicating market confidence in the partnership's potential to accelerate AMD's AI revenue goals [2][16] Partnership Details - OpenAI will initially purchase 1 gigawatt of AMD Instinct MI450 GPUs, with the potential to scale up to 6 gigawatts over time [3][4] - The agreement includes a performance-based warrant allowing OpenAI to purchase up to 160 million shares of AMD at $0.01 each, contingent on achieving certain milestones [1][4] - The structure of the deal is designed to align incentives between AMD and OpenAI, rewarding AMD based on OpenAI's success in deploying the GPUs [4][10] Financial Implications - The partnership is expected to generate "hundreds of billions" in revenue for AMD, with the potential for significant stock price appreciation linked to performance milestones [2][9] - The warrant structure allows AMD to convert customer acquisition costs into equity, limiting dilution while ensuring a minimum shipment commitment of 1 gigawatt [5][10] - OpenAI's ability to monetize GPU capacity is crucial for the value of the warrants, creating a dependency on AMD's stock performance [10][13] Industry Context - The collaboration occurs in a competitive landscape dominated by NVIDIA, with OpenAI's existing partnerships with Microsoft and Oracle further complicating the dynamics [11][12] - AMD's approach contrasts with NVIDIA's and Intel's models by embedding equity incentives rather than requiring direct capital investment, fostering a more distributed network of strategic buyers [11][12] - The partnership may attract smaller AI developers seeking long-term relationships with semiconductor partners without the capital burdens of larger ecosystems [12] Technical Roadmap - The MI450 GPU, based on the CDNA4 architecture, is positioned as AMD's first product optimized for rack-level deployment, competing directly with NVIDIA's offerings [7][8] - AMD's Helios platform integrates MI450 GPUs with Zen 6 CPUs, aiming to provide a comprehensive solution for large AI clusters [7][8] - Future developments may include the MI500 series, which will build on the same design principles and enhance memory bandwidth and integration [8][9] Market Reaction - Following the announcement, AMD's stock price increased significantly, reflecting investor optimism about the partnership's implications for AMD's growth trajectory [16][17] - Analysts view the deal as a validation of AMD's AI strategy, positioning its data center division as a comparable growth engine to NVIDIA's [16][17] - The market response suggests confidence in AMD's ability to capture high-value AI workloads through its upcoming GPU architectures [16][17] Strategic Considerations - The partnership's success hinges on OpenAI's ability to scale its operations and effectively utilize AMD's hardware, which may influence AMD's broader market strategy [20] - AMD's recent acquisitions aim to strengthen its position in the AI value chain, enhancing its capabilities from chips to systems and software [18][19] - The collaboration with OpenAI could accelerate the evolution of AMD's ROCm ecosystem, providing valuable feedback for improvements [19][20]

Investment Rating - The report provides a positive outlook for AMD, indicating an outperform rating based on expected revenue growth and strong performance in key segments [19]. Core Insights - AMD reported FY2Q25 revenue of $7.69 billion, exceeding market expectations of $7.43 billion, with a Non-GAAP EPS of $0.48, aligning with consensus [6][1]. - The growth was primarily driven by strong sales of EPYC and Ryzen processors, which offset the negative impact of export controls on Instinct sales [6][1]. - The company anticipates significant revenue contributions from the MI400 series and Helios platform starting in 2026, representing a multi-billion dollar opportunity [8][3]. Revenue Breakdown - For 2Q25, revenue by segment was as follows: - Data Center revenue: $3.2 billion, up 14% YoY, with an operating loss of $155 million due to inventory costs [6][1]. - Client and Gaming revenue: $3.6 billion, up 69% YoY, with an operating profit of $767 million and an operating profit margin (OPM) of 21% [6][1]. - Embedded revenue: $824 million, down 4% YoY, with an operating profit of $257 million and an OPM of 33% [6][1]. Future Outlook - For 3Q25, AMD expects revenue between $8.4 billion and $9.0 billion, with a midpoint of $8.7 billion, representing a 28% YoY increase, primarily driven by high double-digit growth in the Data Center segment [10][4]. - The Non-GAAP gross margin is projected to be 54%, with operating expenses estimated at $2.55 billion [10][4]. AI Business Growth - AMD's AI business continues to show strong growth, particularly with the MI350 series accelerators, which have demonstrated competitive performance in training and inference workloads [7][2]. - The MI355 model has entered mass production ahead of schedule and is expected to significantly contribute to Data Center growth in the second half of the year [7][2]. Product Development - The MI400 series is on track for development, with expected AI performance reaching 40 PFLOPs and leading in memory and bandwidth metrics [8][3]. - The Helios platform, designed for complex AI tasks, is anticipated to enhance performance significantly for advanced models [8][3]. Shipment Delays - The MI308 product is currently under review by the U.S. Department of Commerce, causing delays in shipments, with limited output expected in 3Q25 [9][3].