Group 1 - The article emphasizes the upcoming earnings report season and suggests focusing on leading companies with strong earnings performance [2][4] - It highlights the importance of Q1 earnings expectations as a significant factor influencing stock prices, recommending the identification of core sectors and leading companies with potential earnings surprises [2][3] - The article notes a potential decline in market risk appetite due to earnings disclosures, suggesting that investors may consider increasing positions in high-quality leading stocks during market dips [2][3] Group 2 - Major companies are significantly increasing their capital expenditures, with Tencent planning a capital expenditure of 36.578 billion yuan for Q4 2024, a 386% year-on-year increase, and China Mobile announcing a 37.3 billion yuan investment in computing power for 2025 [2][3] - The article discusses the high growth prospects of the computing power industry, particularly following Nvidia's announcement of a new chip architecture at the GTC conference, which is expected to drive demand for AI model inference [2][3] - It recommends continuous monitoring of developments in the computing power industry and suggests positioning in core leading companies within this sector [2][3]

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/陈鑫/杨本鸿/张旭光/杨海盟/桂杨 本周观点聚焦 1、本周 观 点： 财报密集披露期临近，优选业绩强兑现龙头 2、深度跟 踪 ： 从英伟达GTC及大厂开支看算力产业机会 周观点 财报密集披露期临近，优选业绩强兑现龙头 财报密集披露期临近，优选业绩强兑现龙头。 目前已进入 3 月下旬，财报密集披露期临近。当前，市场对 Q1 基本面预期正逐渐成为股价的重要影响因素。建议积极挖 掘 Q1 业绩存在超预期可能的核心赛道及龙头公司，同时观察控费带来的利润端变化，有望成为近期的重要阿尔法来源。此外，在财报披露的影响下，市场风险偏好存 在下降的可能性，可逢低加仓核心的质优龙头。 大厂资本开支高增， AI 算力产业保持高景气。 腾讯最新财报显示，公司 2024Q4 资本开支 365.78 亿元，同比增长 386% ， 2025 年计划进一步增加资本开支；中国 移动宣布 2025 年在算力领域投入 373 亿元。本周英伟达在 GTC 大会发布新一代芯片架构 Rubin ，并表示未来 AI 模型推理需求会推动算力保持高增长。算力产业作 为财报端具有强兑现潜力的赛道， ...