本周观点 投资建议 相关标的： 海外算力/存储：中际旭创、新易盛、兆易创新、大普微、中微公司、天孚通信、源杰科技、胜宏科技、景旺电子、 英维克等；闪迪、铠侠、美光、SK 海力士、中微公司、北方华创、拓荆科技、长川科技。 国内算力：寒武纪、东阳光、海光信息、协创数据、华丰科技、星环科技、网宿科技、首都在线、神州数码、百 度集团、大位科技、润建股份、中芯国际、华虹半导体、中科曙光、润泽科技、浪潮信息、东山精密、亿田智能、 奥飞数据、云赛智联、瑞晟智能、科华数据、潍柴重机、金山云、欧陆通、杰创智能。 CPU：海光信息、中科曙光、澜起科技、禾盛新材、中国长城、龙芯中科、兴森科技、深南电路、宏和科技、广 合科技。 风险提示 行业竞争加剧的风险；技术研发进度不及预期的风险；特定行业下游资本开支周期性波动的风险。 敬请参阅最后一页特别声明 1 Agent 生态持续扩张。1）大模型公司 Anthropic 大幅上调未来数年的营收预测，预计今年销售额将增长四倍，达 180 亿美元，而明年将达 550 亿美元。其 AI 编码助手 Claude Code 去年 11 月的年化收入已超过 10 亿美元。2)1 月 27 日 月之暗面 ...

//黄金基金ETF（518800）持续走高，收涨5.49%。 今日主要股指延续震荡整理态势，上证指数收涨0.16%，报4157.98点；深证成指跌0.3%，创业板指跌 0.57%，北证50跌1.69%，科创50跌3.03%。A股全天成交额3.26万亿元，较上一交易日2.99万亿元进一步 放量。个股表现明显分化，超3500只个股收跌。分板块来看，白酒、传媒、黄金、油气等板块涨幅居 前，半导体产业链则出现不同程度回调。 今日黄金与白银持续狂飙。伦敦金现价格稳步攀升逼近5600美元/盎司，伦敦银现价格盘中一度突破120 美元/盎司。今日凌晨，美联储召开1月FOMC会议，以10：2的投票比例决议维持3.5%-3.75%基准利率 不变。会后美联储主席鲍威尔发言措辞克制，回避多项政治敏感话题，重申对抗通胀的决心，试图稳定 市场信心。尽管不降息决策符合市场预期，对美元形成一定支撑，但市场仍在博弈美联储独立性受损及 降息政策路径混乱的潜在风险。决议公布后，美债收益率维持窄幅震荡，美元指数一度冲高后显著回 落；伦敦金现则一路上行，突破5500美元/盎司关口。 当前支撑金价的三大核心支柱——地缘冲突、去美元化进程、全球央行购金潮 ...

长沙晚报掌上长沙1月29日讯（全媒体记者 刘军）A股三大指数29日涨跌不一。截至收盘，沪指涨 0.16%，收报4157.98点；深证成指跌0.30%，收报14300.08点；创业板指跌0.57%，收报3304.51点。沪深 京三市成交32597亿元，较28日放量2671亿元。 酒鬼酒的主营业务为馥郁香型白酒系列产品的生产和销售。2025年三季报，公司每股收益-0.03元，归 母净利润-980.55万元，净利润同比增长率-117.36%。从业绩业看，酒鬼酒并不理想，29日涨停也许只是 白酒板块大涨。不过，公司在最近的互动平台上表示，公司产品已出口至美国、加拿大、德国、意大利 等15个国家与地区，初步形成以美国、欧洲和东盟为主的出口布局。公司自海南全面启动封关前便与中 免集团建立了长期战略合作关系，依托中免集团在离岛免税零售渠道的资源优势，在海口美兰机场、三 亚凤凰机场、海口国际免税城及三亚海棠湾免税城等重要免税终端做了布局。 行业板块涨少跌多，贵金属、采掘行业、酿酒行业爆发，文化传媒、保险、房地产服务、石油行业涨幅 居前；电子化学品、半导体、电源设备、电子元件、电网设备、非金属材料、电机板块跌幅居前。个股 方面 ...

1月27日，Kimi发布并开源 K2.5 模型，同时具备视觉理解、代码等能力。 后续还能期待什么：春节前后国内海外AI共振。 国内：春节前后国内还有一批大模型和AI应用正筹备发布，从字节AI云上春晚到豆包10亿红包，春节 档是每个国内AI应用必争之地。 国内AI大模型升级潮来了。 1月26日，阿里推出新的旗舰推理模型Qwen3-Max-Thinking，模型性能媲美OpenAI的GPT-5.2-Thinking 和谷歌的Gemini 3 Pro，标志着国产大模型在高阶推理领域实现重要突破。 1月27日，DeepSeek开源DeepSeek-OCR 2模型，能够处理布局复杂的图片，在多模态领域实现了推理能 力。 全球AI应用的落地再加速。模型底层模型12月发生奇点变化，昨晚微软披露Microsoft 365 Copilot 付费 席位数达到1,500万，单季新增席位创历史新高。CSP Q4的Token数据新的加速点，claude excel、 Clawdbot现象级应用层出不穷。 海外：AWS、谷歌云连续涨价，海外应用大厂进入财报季，披露多个AI应用商业化进展，产业催化具 有持续性。 核心方向： A股AI应用合 ...

以下文章来源于AGI接口 ，作者宋思杭 AGI接口 . AI卷起的财富风暴。 如果只看模型能力，K2.5 实际上是在K2基础上的一次能力补齐和体验升级，并称不上"惊艳"。 DeepSeek春节炸街前，月 之暗面会焦虑吗？ 出品｜虎嗅科技组 作者｜宋思杭 编辑｜苗正卿 头图｜月之暗面 还记得2025年春节，全世界都在为DeepSeek狂欢；不出意外，2026年春节大概率也会再次上演类似的场 景。 只不过，这一次行业已经有了充分的预判和心理准备。 1月27日，月之暗面重磅发布K2.5模型，而和这家公司的以往模型发布不同的是，这次创始人杨植麟亲自为 K2.5站台——在视频号发布长达4分13秒的视频。 但真正让这次发布显得不同寻常的，并不在模型本身，而是杨植麟的亲自站台。 在大模型行业，创始人走到台前，往往并不是为了讲清楚技术细节，而是在一个关键时间点，对外释放信 号。当然在杨植麟共4分多钟的视频中，他讲的全是K2.5的新技术，但这本身也是一个信号。 而这个时间点，本身就很微妙，就在 DeepSeek 新一代模型被普遍认为即将发布的前夜。相比之下，Kimi 2.5 的出现，更像是一种提前落子。月之暗面必须要在Deep ...

Core Viewpoint - AWS and Google Cloud have initiated price increases for their cloud services, indicating strong downstream demand for computing power, which may lead domestic cloud providers to follow suit [1][2]. Group 1: Price Increases - AWS has raised its EC2 machine learning capacity block prices by approximately 15%, with the p5e.48xlarge instance's hourly cost increasing from $34.61 to $39.80 [1]. - Google Cloud has announced a price adjustment for data transfer methods effective May 1, 2026, with North America seeing a price increase from $0.04 to $0.08 per GB, while Europe and Asia also experience increases [2]. Group 2: Demand for Computing Power - The price hikes are attributed to recent increases in CPU and storage costs, alongside a surge in computing power demand driven by complex task execution by agents [2]. - Clawdbot, an open-source project, has gained significant attention and is expected to further increase demand for computing power due to its ability to execute complex tasks continuously [3]. Group 3: Development of General-purpose Agents - Domestic model manufacturers are actively developing general-purpose agents, with Kimi releasing the K2.5 model that enhances capabilities in everyday office software [4]. - Alibaba's Qianwen app has integrated various services, evolving into an entry point for AI-driven tasks within the Alibaba ecosystem, reflecting a trend towards multi-agent collaboration [4]. Group 4: Investment Recommendations - Recommended stocks include Deepin Technology (300454.SZ) and other beneficiaries such as Parallel Technology (920493.BJ), Qcloud Technology-U (688316.SH), and others in the cloud computing sector [5].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - AWS and Google have initiated a price increase in cloud services, which is expected to be followed by domestic cloud vendors. This price adjustment reflects strong downstream demand for computing power due to rising costs of CPUs and storage, as well as increased computational needs from complex task execution by AI agents [4][7] - The open-source project Clawdbot has gained significant attention in the tech community, indicating a growing demand for general AI agents that can operate continuously and handle complex tasks, thereby increasing the need for computing power [5][7] - Domestic model vendors are actively developing general-purpose AI agents, which is anticipated to lead to breakthroughs in productivity tools and daily life assistance [6][7] Summary by Sections Cloud Pricing Trends - AWS has raised its EC2 machine learning capacity block prices by approximately 15%, with specific instance costs increasing from $34.61 to $39.80 per hour [4] - Google Cloud will adjust its data transmission prices starting May 1, 2026, with North America seeing a price increase from $0.04 to $0.08 per GB [4] AI Agent Development - Clawdbot, created by PSPDFKit founder Peter Steinberger, has received over 65,800 stars on GitHub since its launch in late 2025, showcasing its compatibility with multiple operating systems and productivity tools [5] - Kimi has released the K2.5 model, enhancing its agent capabilities for everyday office software, while Alibaba's Qianwen app has integrated various services to function as an AI shopping assistant [6] Investment Recommendations - The report suggests focusing on the AI infrastructure supply chain, with key recommendations including companies like Deepin Technology, Parallel Technology, Qingyun Technology, and others that are expected to benefit from the rising demand for computing power [7]

【国金计算机&科技】Agent 时代来临！重视CPU+算力+存储+云！ 阿里发布Qwen3-max-Thining，采用了一种全新的Test-time Scaling，对此前推理的结果进行"经验提取"式的提炼，并 据此进行多轮自我迭代。 从范式上追平GPTo3！！！ 开源AI助手项目Clawdbot爆火：Clawdbot能通过日常通讯软件远程指挥模型执行本地电脑任务，如管理邮件、控制 浏览器或文 【国金计算机&科技】Agent 时代来临！重视CPU+算力+存储+云！ 阿里发布Qwen3-max-Thining，采用了一种全新的Test-time Scaling，对此前推理的结果进行"经验提取"式的提炼，并 据此进行多轮自我迭代。 从范式上追平GPTo3！！！ 开源AI助手项目Clawdbot爆火：Clawdbot能通过日常通讯软件远程指挥模型执行本地电脑任务，如管理邮件、控制 浏览器或文件、运行脚本等，海外社区出现大量讨论与二次开发，甚至带火了Mac Mini的需求。 存储：兆易创新、大普微、闪迪、铠侠、美光、SK海力士、中微公司、北方华创、长川科技。 【我们认为2025年海外所有变化均来自RL和Agent推 ...

Core Viewpoint - The A-share market experienced fluctuations with significant movements in various sectors, particularly in semiconductor and AI-related stocks, indicating a dynamic trading environment influenced by both market sentiment and specific corporate actions [1][3][6]. Market Performance - On January 27, the three major indices collectively rose, with the Shanghai Composite Index increasing by 0.18%, the Shenzhen Component by 0.09%, and the ChiNext Index by 0.71%. The total trading volume across the three markets was 29,217.07 billion, a decrease of 3,593.09 billion from the previous day [9]. - A total of 59 stocks hit the daily limit up, with 24 stocks closing at the limit and 16 stocks achieving consecutive limit up, the maximum being six consecutive limit ups [9]. Sector Highlights - The semiconductor sector showed strong performance, with companies like E-Tech and Dongxin Co. hitting the limit up. Reports indicated significant price increases for various semiconductor products, with price hikes of 10% to 80% announced by several firms [3][9]. - The AI sector also saw notable advancements, with several companies releasing upgraded models, including DeepSeek's new OCR model and Kimi's K2.5 model, which achieved state-of-the-art performance in various tasks [4][5]. Corporate Actions - Ant Group's Lingbo Technology announced the open-sourcing of a high-precision spatial perception model, LingBot-Depth, indicating a push towards enhancing AI capabilities [5]. - Zhizhu Company is progressing with its IPO plans after its recent listing in Hong Kong, continuing to pursue an A-share listing [6]. Financial Performance - Companies like Nanya New Materials and Zhenray Technology projected significant profit increases for 2025, with expected net profits growing by 337.20% to 416.69% and 529.64% to 642.26%, respectively [17]. - Zhongjin Gold announced an expected net profit increase of 41.76% to 59.48% for 2025, reflecting positive growth trends in the mining sector [18]. Investment Trends - The main capital outflow was observed in the electric equipment sector, with a net outflow of 103.54 billion, while the electronic and communication sectors saw net inflows, indicating shifting investor preferences [22][24]. - The market's valuation dynamics showed that sectors like non-bank financials and food and beverage are currently at historical low PE percentiles, suggesting potential investment opportunities [28].