Group 1: AI Computing Sector Performance - The AI computing sector has rebounded for the second consecutive day, with the cloud computing ETF Huatai (159273) rising by 1.18% and achieving a trading volume exceeding 240 million yuan [1] - Continuous capital inflow has been observed for five days, accumulating over 120 million yuan [1] Group 2: Market Reactions to Greenland Crisis - The U.S. government announced a framework agreement regarding the Greenland issue, which is expected to benefit the U.S. and all NATO member countries [3] - Following this announcement, U.S. stock markets surged, with all three major indices rising by over 1% [3] Group 3: Cloud Computing ETF Performance - The majority of the weighted stocks in the Huatai cloud computing ETF showed positive performance, with notable gains from companies such as Zhongji Xuchuang (up nearly 7%) and Runze Technology (up over 4%) [4] - The trading volume for Zhongji Xuchuang reached 24.275 billion yuan, while Alibaba-W had a trading volume of 9.837 billion yuan [5] Group 4: Supply and Demand Dynamics in Domestic Computing Power - Domestic computing power is experiencing steep growth due to high supply and demand, driven by increased AI application in mobile devices and policy support for energy-efficient computing hardware [6] - The scaling law for large models continues to enhance training demand, while domestic GPU performance is improving, facilitating the adaptation of local CSP manufacturers [6] Group 5: Future Projections for Domestic Computing Power - The intelligent computing capacity in China is projected to maintain a compound annual growth rate of 57% from 2020 to 2028 [7] - Domestic general-purpose GPUs are advancing from "usable" to "highly usable," significantly narrowing the performance gap with international competitors [7] Group 6: Light Module Demand Forecast - Nomura Oriental predicts that the demand for optical modules will remain strong due to increased investment in AI infrastructure and supply chain constraints, with significant growth expected through 2026 and beyond [8] - The upgrade of 1.6T optical modules and silicon photonics technology is identified as a key growth driver for the industry [8]

本地化交付，破局B端全球化的正确打开方式。 编辑 | 硬 AI 越南，东南亚数字经济的发动机。 2024年，这个国家的数字经济占GDP比重已达18.3%，增速超过 20%，是GDP整体增速的三倍以上—— 从政府大楼到中小企业的格子间，数以万计的 越南 组织正在急迫地寻找 数字时代的新工具 。 这里 ，既 是充满诱惑的增量市 场，也 微软等老牌霸主深耕多年的后花园。 作者 | 硬 AI 2026年， 一位来自中国的挑战者， 给这个市场带来了新变量 。 近期 ，中国领先的办公软件厂商 金山办公 宣布与越南科技巨头 FPT集团签署战略合作备忘 录 ， 推进 WPS 365 海外本地化与全球交付合作。 双方将围绕 WPS 365 在越南市场的本地化、用户增长、联合解决方案打造以及全球交付服务等方面开展 深度合作，共同推动越南及全球组织级用户的数字化转型。 而这，恰恰是 金山办公 联手 FPT这步棋的精妙之处—— 借船出海、借梯登高 。 长期以来，中国软件出海面临 着一个现实处境 ：我们在 C端战无不胜，却在B端步履维艰。 过去十年，凭借免费策略和极致的移动端体验，中国 App在海外应用商店里攻城略地。 以金山办公为例 ...

Group 1: AI Model Developments - DeepSeek's new model "MODEL1" is reported to be an efficient inference model with lower memory usage, suitable for edge devices and cost-sensitive scenarios, and optimized for long sequence tasks [1] - DeepSeek is expected to launch its next-generation flagship AI model, DeepSeek V4, during the Lunar New Year in mid-February, which is anticipated to significantly enhance code capabilities and potentially surpass leading products like GPT and Claude [1][2] Group 2: AI Industry Growth in China - China's intelligent computing power has reached 1590 EFLOPS, with a rapid emergence of high-quality industry data sets, positioning domestic large models to lead the global open-source ecosystem [3] - By 2025, the number of AI companies in China is projected to exceed 6000, with the core industry scale expected to surpass 1.2 trillion RMB [3] Group 3: AI Sector Investment Insights - The AI industry can be divided into three main segments: foundational layer (hardware computing power), technical layer (large models and algorithm frameworks), and application layer (vertical solutions across industries) [4] - The technical layer is expected to see significant demand and policy support, particularly in semiconductor fields, driven by capital expenditure from the foundational layer and domestic substitution strategies [5] Group 4: Market Performance and Trends - The AI application sector has become a primary focus for investment at the start of 2026, with a year-to-date increase of 19%, leading the A-share market [7] - The CES 2026 event provided insights into the future direction of AI applications, with hardware increasingly penetrating daily life through various forms, including smart glasses and wearable devices [7]

Group 1 - The core viewpoint of the news highlights the strong performance of the AI sector, with the CSI Artificial Intelligence Theme Index rising by 2.68% and significant gains in individual stocks such as Lanke Technology and Zhongke Shuguang [1] - The AI Artificial Intelligence ETF has seen continuous net inflows over the past week, totaling 802 million yuan, with a peak single-day inflow of 318 million yuan [1] - The storage chip sector is experiencing a strong upward trend, driven by rising prices and increased demand due to AI, with companies like SanDisk and Seagate receiving target price upgrades from Citigroup [2] Group 2 - CITIC Securities believes that regional friction provides a window for domestic semiconductor alternatives, with companies like Huawei and Cambricon rapidly improving their chip performance [2] - The CSI Artificial Intelligence Theme Index includes 50 companies involved in providing resources, technology, and application support for AI, with the top ten stocks accounting for 58.08% of the index [2] - The AI Artificial Intelligence ETF closely tracks the CSI Artificial Intelligence Theme Index, reflecting the overall performance of AI-related listed companies [2]

Core Insights - Kingsoft Office (688111.SH) is a leading provider of office software products and services in China, listed on the Shanghai Stock Exchange in 2019, representing a key player in "hard technology" [1] - The company focuses on digital transformation in education, offering products like the WPS Smart Education Platform and WPS365 Education Edition, serving over 20 million teachers and students across more than 1,000 universities [1][2] Group 1 - The WPS365 Smart Education Platform aims to address challenges in digital transformation within universities, such as system barriers, data fragmentation, and inefficient service responses, by implementing a comprehensive solution combining unified collaboration, lightweight management, and AI services [2] - The platform has been successfully implemented in several universities, including Nanjing University of Posts and Telecommunications and Shandong University, demonstrating significant improvements in operational efficiency and management processes [2][3] Group 2 - The platform enhances efficiency by reducing repetitive tasks for students and faculty, allowing for the generation of full process plans in 5 minutes and social practice briefs in 10 minutes, with an overall efficiency increase of over 80% in tasks like proposal collection and document transfer [3] - AI tools within the platform have significantly improved the efficiency of tasks such as literature processing and resume creation, leading to a substantial reduction in learning and administrative costs [3] - The platform effectively addresses three major pain points in educational digitalization: information fragmentation, passive service, and operational gaps, exemplified by the "Campus Brain" at Nanjing University, which serves 30,000 students and faculty with rapid response capabilities [3]

Market Overview - The Shanghai Composite Index rose by 0.29% on January 19, with 23 out of the 28 sectors experiencing gains, led by the basic chemical and petroleum sectors, which increased by 2.70% and 2.08% respectively [1] - The computer and communication sectors faced the largest declines, with decreases of 1.55% and 0.96% respectively, with the computer sector being the worst performer of the day [1] Capital Flow Analysis - The main capital flow showed a net outflow of 35.714 billion yuan across the two markets, with 13 sectors seeing net inflows [1] - The power equipment sector had the highest net inflow, totaling 7.597 billion yuan, followed by the basic chemical sector with a net inflow of 1.331 billion yuan [1] Computer Sector Performance - The computer sector experienced a decline of 1.55%, with a total net outflow of 10.750 billion yuan [2] - Out of 336 stocks in the computer sector, 96 stocks rose while 231 stocks fell, including one stock that hit the daily limit down [2] - Notably, the top three stocks with the highest net inflow were Unisplendour (5.23 billion yuan), Zhongke Shuguang (2.78 billion yuan), and Langxin Technology (1.17 billion yuan) [2] Top Gainers in Computer Sector - The top gainers in the computer sector included: - Unisplendour: +2.77% with a turnover rate of 5.33% and a net inflow of 522.89 million yuan - Zhongke Shuguang: +0.81% with a turnover rate of 3.60% and a net inflow of 278.39 million yuan - Langxin Technology: +7.36% with a turnover rate of 7.91% and a net inflow of 117.38 million yuan [2] Top Losers in Computer Sector - The top losers in the computer sector included: - Yanshan Technology: -9.93% with a turnover rate of 29.87% and a net outflow of 1.002 billion yuan - Keda Xunfei: -4.16% with a turnover rate of 6.81% and a net outflow of 715.66 million yuan - Inspur Information: -3.36% with a turnover rate of 4.64% and a net outflow of 584.89 million yuan [3]

Investment Rating - The report maintains an "Overweight" rating for the computer sector [4]. Core Insights - In January, Qianwen App achieved over 100 million monthly active users (MAU) and fully integrated with Alibaba's ecosystem to create a "Super Agent" [3][4]. - Alibaba Cloud is significantly increasing its investment in AI infrastructure, aiming to capture 80% of the incremental AI cloud market in China by 2026 [4]. - The brain-computer interface (BCI) industry is experiencing dual drives from policy and capital, with a focus on medical applications and ambitious targets set for 2027 and 2030 [4]. - AI4S is benefiting from policy support, with significant potential for applications in pharmaceuticals and new materials, as well as global innovation in AI applications [4]. Summary by Sections Qianwen App and AI Assistant - Qianwen App's MAU surpassed 100 million within two months of launch, integrating over 400 new features and becoming the first AI assistant to achieve a full-service chain from "search-decision-payment-fulfillment" [4]. Alibaba Cloud Investment - Alibaba Cloud plans to invest over 380 billion yuan in AI infrastructure over the next three years, with a goal to dominate the AI cloud market in China by 2026 [4]. Brain-Computer Interface Industry - The Shanghai government has issued a plan for BCI development, targeting high-quality "brain control" by 2027 and establishing a global innovation hub by 2030 [4]. - Zhejiang Qiang Brain Technology recently raised approximately 2 billion yuan for R&D and production, focusing on non-invasive technologies for rehabilitation [4]. AI4S Policy Support - The Chinese government has prioritized AI4S in its policy framework, with extensive support for its development across various sectors [4]. - Major tech companies like Apple and Google are collaborating to enhance their AI capabilities, indicating a robust market for AI innovations [4].

Group 1 - The A-share technology sector is experiencing mixed performance, with storage and humanoid robot sectors seeing fluctuations and gains, while AI application sectors continue to decline [1] - The largest AI ETF in the Shanghai market (515070) has narrowed its decline to 0.23%, with significant gains in holdings such as Aobo Zhongguang-UW, which surged over 6% [1] - The robot leasing platform "Qingtian Rental" announced the completion of its seed round financing, achieving over 200,000 registered users and maintaining an average of over 200 daily orders within three weeks of launch [1] Group 2 - Qingtian Rental has partnered with major brands like Meiyijia, Haidilao, and Yuyuan Group to utilize robots for store traffic and brand activities, shifting from traditional equipment sales to a callable service model [1] - Dongfang Securities indicates that the investment logic in the humanoid robot industry is shifting from "hardware mass production" to "AGI (Artificial General Intelligence) development," emphasizing the importance of AGI capabilities as a key investment focus [1] - Despite Chinese companies leading in manufacturing, the marginal impact of simple robot mass production on investment is expected to diminish, with future value lying in AGI capabilities [1] Group 3 - The AI ETF (515070) tracks the CS AI theme index (930713), selecting component stocks that provide technology, basic resources, and application end stocks, focusing on the midstream and upstream of the AI industry chain [2] - The top ten weighted stocks in the ETF include leading domestic technology companies such as Zhongji Xuchuang, Xinyi Sheng, Hanwha Technology, and Hikvision [2]

Group 1 - The core point of the article highlights the performance of the Sci-Tech ETF (588050), which opened with a gain of 0.85% at 1.548 yuan [1] - Major holdings in the Sci-Tech ETF include companies like SMIC, which rose by 2.46%, and other firms such as Haiguang Information, Cambrian, and Langqi Technology, which also saw positive gains [1] - The ETF's performance benchmark is the Shanghai Stock Exchange Sci-Tech Innovation Board 50 Index, managed by ICBC Credit Suisse Asset Management, with a return of 7.04% since its inception on September 28, 2020, and a recent one-month return of 13.25% [1]

Investment Rating - The report assigns an "Overweight" rating for the industry [4]. Core Insights - The transition from traditional SEO to GEO (Generative Engine Optimization) represents a paradigm shift in how brands are perceived and trusted in AI-driven search environments. GEO focuses on enhancing the credibility and citation frequency of brands in AI-generated answers, moving beyond mere visibility to being actively referenced by AI [2][8]. - The market potential for GEO is projected to reach a "billion-dollar level," driven by the replacement of existing SEO budgets and new allocations for AI search [2][21]. Summary by Sections 1. Definition and Essence of GEO - GEO is defined as an optimization strategy that ensures brands and content are actively mentioned in AI-generated answers, contrasting with traditional SEO which focuses on ranking [8]. - The emergence of GEO is attributed to the rise of AI search, which bypasses traditional click-through processes, leading to a significant drop in natural click rates [10][11]. 2. Technical Principles: Trust Engineering on the RAG Link - The RAG (Retrieval-Augmented Generation) architecture is central to GEO, shifting the focus from keyword matching to semantic understanding and trust-building [14][15]. - GEO aims to enhance content visibility, retrievability, and trustworthiness, rather than simply improving rankings [15]. 3. Market Space: SEO Replacement and New AI Search Demand - The global SEO service market is estimated at approximately $80 billion in 2024, with GEO expected to capture 10-20% of this budget, alongside new AI search allocations, leading to a potential market size exceeding $100 billion by 2030 [16][19]. - In China, the GEO market is projected to grow from 2.9 billion yuan in 2025 to 24 billion yuan by 2030, reflecting a CAGR of about 52.4% [21]. 4. Business Model: Transition from Labor-Intensive Services to Technology Platforms - The current GEO service model is primarily project-based, but it is expected to evolve towards a subscription-based SaaS model combined with performance-based pricing [22][25]. - The anticipated gross margin for GEO services is expected to rise significantly, aligning with the characteristics of the high-tech, high-concentration software industry [25]. 5. Investment Recommendations: Mapping the Content-Knowledge-Retrieval-Computing Chain - The report identifies key investment targets across the GEO value chain, including companies like Mifus, Minglue Technology, and iFlytek, which are positioned to benefit from the shift towards AI-driven marketing and content creation [27][30].