华夏时报（www.chinatimes.net.cn）记者 柳川 陈锋 北京报道
Washington Times (www.chinatimes.net.cn) journalist Yookawa Chen Feng, Beijing
春节期间，OpenAI发布新一代人工智能视频模型sora，继Chatgpt之后再一次惊艳了世界。
During the Spring Festival, OpenAI released a new generation of artificial intelligence video models, sora, which was followed by Chhagpt, which was once again horrifying the world.
美股人工智能相关个股表现亮眼。除了龙头英伟达等股票依旧强势外，孙正义旗下的人工智能芯片公司Arm上涨73.59%，人工智能服务器制造商超微电脑股价则突破1000美元大关。
America’s A.I. shares of A.S. are impressive. Apart from the fact that stocks such as B.I. Welda are still strong, Arm, under the Sun’s banner of justice, has increased by 73.59%, and the A.I.S. server manufacturer’s shares of super-microcomputers have crossed the $1,000 mark.
美股的火热行情，引得各大券商纷纷看好节后A股的人工智能行情。《华夏时报》记者注意到，实际上，就在2月1日起，A股不断绝望下杀之际，cpo板块核心个股中际旭创、新易盛、通孚通信反而逆势上涨，已经呈现出率先启动之势。
The enthusiasm for the United States shares has led to an increase in artificial intelligence in the post-festival A shares among the large number of coupons. The Washington Times journalists have noticed that, in fact, as the A share continues to be desperately killed on 1 February, the core of the cpo block has been facing a reverse trend in communications, which has already taken the lead.
诺安基金对《华夏时报》记者表示：“大规模算力基建是AI科技革命的必由之路。当前智能算力已广泛应用于互联网、服务、电信、制造等多个行业，随着数字经济在GDP的占比提高，未来算力的重要性也将越来越高。”
The Noan Foundation said to the Washington Times journalist: “The massive computing infrastructure is an essential part of the AI’s technological revolution. Smart computing is now widely applied to the Internet, services, telecommunications, manufacturing, etc., and as the digital economy increases its share of GDP, the importance of future computing will grow.”
前海开源基金首席经济学家杨德龙则对本报记者表示：“在AI时代的投资机会上，首先要关注上游技术的进步。比如芯片半导体行业的发展，还有大数据模型的建设，可能会带来大数据中心的投入，相关设备的投资机会；其次人工智能大量应用可能会带来一些商业模式的创新。”
And Yang Delong, the chief economist for the former Kaitsu Foundation, said to reporters: “In the investment opportunities of the AI era, it is important to focus first on advances in upstream technology. For example, the development of the chip semiconductor industry and the construction of a big data model could lead to input from large data centres, investment opportunities for related equipment, and the extensive application of second artificial intelligence could lead to innovations in business models.”
cpo业绩大幅预增
cpo光模块作为算力基建的重要组成部分，同时也是中国在全球人工智能产业中，竞争力相对较高的环节，市场普遍看好其业绩确定性。
The cpo light module is an important component of arithmetic infrastructure and is also a relatively competitive link in China's global artificial intelligence industry, where the market generally sees certainty in its performance.
光模块概念龙头之一天孚通信近日披露的业绩预告显示，预计2023年度归属于上市公司股东的净利润为6.77亿元—7.58亿元，同比增长68%—88%。
The performance forecast revealed recently by Skyfu communication, one of the vanguards of the concept of the light module, shows that net profits attributable to shareholders in listed companies are expected to be 677 million yuan - 758 million yuan in 2023, an increase of 68 per cent - 88 per cent in the same year.
另一龙头中际旭创业绩预告显示，预计2023年度归属于上市公司股东的净利润为20亿元—23亿元，同比增长63.4%—87.91%。
According to another flagship performance forecast, the net profit attributable to shareholders in listed companies is expected to be RMB 2 - 2.3 billion in 2023, an increase of 63.4 per cent - 87.91 per cent in the same year.
对于光模块个股业绩增长，山西证券指出，光模块当前仍处于高端算力供不应求状态，高端光模块供给格局稳定，降本节奏符合预期。展望2024年，全球AI投资将从北美几个云巨头扩散到Tier2云以及大型企业、智算中心，叠加数据中心折旧替换周期（2020—2021为投资波峰），光模块供应商有望全面复苏。
For the growth in the performance of the units of the light module, Shanxi Securities notes that the light module is still in a state of high-end arithmetic demand and that the supply pattern of the high-end module is stable, with the downswing pace expected. Looking ahead, in 2024, global AI investments will spread from several North American cloud giants to Tier2 cloud and to large corporate, intelligence centres, with a replacement cycle of depreciation for the data centre folding (2020-2021 for investment peaks) and a full recovery of the light module suppliers is expected.
2023年四季度，公募老将、中欧基金投资总监周蔚文有三只产品增持了中际旭创。wind数据显示，中欧新蓝筹A增持196.19万股；中欧新趋势A增持138.17万股；中欧精选A增持107.29股。此外，周蔚文名下的明睿新常态A持有120.06万股，四季度持仓没有变化。按照中际旭创111.05元/股的收盘价，周蔚文在中际旭创的持仓总市值达到了6亿多元。
In the fourth quarter of 2023, senior public fund-raising officials and the Director General of Investment of Central European Funds held three more products. Wind data show that New Blue A in Central Europe held an increase of 1.961 million shares; New Trends A in Central Europe held an increase of 138.17 million shares; and Select A in Central Europe held an increase of 107.29 shares. In addition, Ming and New Normal A held 120.06 million shares and remained in stock for the fourth quarter. According to a collection price of $111.05 per unit in Central Europe, Zhou’s total market value for warehouse holdings in Central China was more than 600 million.
是什么原因让这位公募老将在去年四季度大手笔增持的呢？周蔚文在基金四季报中表示：“四季度本基金抓住市场下跌机会逐步提升仓位，增配的方向主要是行业处于上行周期的造船行业和基本面处于低位区间并开始回暖的养殖、消费电子和基础化工。”
What is the reason why this fund-raising campaign will increase significantly in the fourth quarter of last year? In the Fund's four-quarter quarterly report, Zhou Wei Wei said: “Four-quarters of the Fund, taking the opportunity of a fall in the market, will gradually upgrade its position, mainly in the industry's upper-cycle shipbuilding industry and its basics in low-lying areas and starting to warm back in farming, consumer electronics and basic chemicals.”
他进一步表示：“2024 年，我们相信宏观经济持续改善的步伐不会停止，在企业家、居民预期及相关预算得到调整后，经济将可能在一段时间后企稳，已经连续调整的A 股市场，或将出现买入有长期价值股票的良机。”
He further stated: “In 2024, we are confident that the pace of sustained macroeconomic improvement will not cease and that, after the expectations of entrepreneurs, residents and related budgets have been adjusted, the economy will be likely to stabilize over time, with successively adjusted A-share markets, or there will be good opportunities to buy stocks of long-term value.”
而在另一种cpo龙头股新易盛上，万家基金在四季度增持1080万股，总持仓量达到了1900万股，一跃成为第一个公募股东。从增仓的基金来看，主要是万家基金基金经理莫海波进行了加仓。
On the other side of the boom, 10,000 funds held 10.8 million shares in four quarters, with a total of 19 million shares in stock, leapping to the top as the first public shareholder. In terms of additional funds, Mohaibo, the chief fund manager of the 10,000 funds, increased the stock.
wind数据显示，莫海波管理的6只基金在去年四季度加仓了新易盛。其中，万家品质生活A加仓336.85万股；万家新蓝筹加仓249.6万股；万家臻选加仓219万股；万家价值优势持有一年加仓117.03万股；万家和谐增长C加仓85.02万股；万家社会责任定开C加仓85.02万股。
Wind data show that the six funds managed by Mohaibo were newly loaded in the last four quarters of the year. Of these, Quality Life A has increased by 3.3685 million shares; Quality Blue has increased by 24.96 million shares; Queens have increased by 2.19 million shares; Queens have held a value advantage of 1.1703 million shares a year; Harmonious Growth C has increased by 85.02 million shares; and Queens have established a C increase by 85.02 million shares.
莫海波在季报中表示：“展望2024年，AI产业有望看到不少新变化——OpenAI、谷歌等公司的多模态模型带来新的惊喜，模型的升级有望驱动AI PC、AI Pin、AI耳机等AI硬件的需求取得显著提升；GPT等大语言模型的底座—Transformer模型也有望应用到文生图和文生视频领域，其效果和可控性较当前的diffusion模型或有显著的提升; 2024年有望成为AI技术和应用落地的元年，产业发展前景广阔，相关TMT行业公司将在这一产业浪潮中受益。”
Mohaibo stated in the quarterly newspaper: “Looking ahead in 2024, the AI industry is expected to see a number of new changes — new surprises from multimodel models of companies such as OpenAI, Google, etc. — the upgrading of the model is expected to drive a significant increase in the demand for AI hardware such as AI PC, AI Pin, AI headphones, etc.; the Transformer model, which is the base of large language models such as GPT, is also expected to be applied in the area of graphics and graphic video, with the effect and control of the more current discussion model or significant improvement; the year 2024, which is expected to be the year of technological and application landings for AI, is a promising year for industrial development, and the associated TMT industry companies will benefit from this industry wave.”
此外，他还看好转基因种子商业化带来的投资机会，并在四季度高仓位持有隆平高科、荃银高科、圣农发展、大北农。
In addition, he sees opportunities for investment in improving the commercialization of genetic seeds, and has held Lungping High School, Silver High School, San Farm Development and Grand Norse in four quarters.
躺赢cpo的基金来了
投资者能否通过买一只基金，将核心cpo个股一网打尽，在cpo概念潜在的火热行情躺赢呢？《华夏时报》记者努力发掘后还真找到了这样的一只基金。
Could investors buy a fund that would wipe out the core cpo shares and win over the potential heat of the cpo concept? A fund like this was actually found after the work of the Summer Times journalist.
记者发现，诺安积极回报混合A(001706)，是目前市面上cpo概念最纯正，持有cpo概念股最多的一只基金。
Journalists found that the positive returns of Noan mixed A (001706), the most pure of the current cpo concepts on the market, held the largest fund in the cpo concept unit.
诺安积极回报混合A2023年4季报显示，该基金几乎重仓了所有cpo核心概念股票。其中，龙头中际旭创的持仓比例达到了9.61%；天孚通信的持仓比例为9.47%；新易盛的持仓比例为9.24%；剑桥科技的持仓比例为4.9%，上述cpo概念核心持仓比例总计达到了33.22%。
The Noan mixed positive returns report A2023 Quarterly 4 shows that the Fund has repositioned almost all the cpo core concept shares. Of this, 9.61% were held in the middle of the long line; 9.47% were held in the silos of Skyfu communications; 9.24% were held in the silos; 4.9% were held in Cambridge technology; and 33.22% were held in the core silos of the above-mentioned cpo concept.
此外，诺安积极回报混合A在2023年四季度还持有人工智能相关概念股。其中，新近的算力概念股高新发展，持仓比例9.37%。去年十月，高新发展收购华鲲振宇70%股权。资料显示，华鲲振宇融合了华为鲲鹏和昇腾根技术软硬件能力，是国内领先的智算存一体化算力产业领军企业。中科曙光持仓比例8.83%；寒武纪持仓比例8.49%；科大讯飞持仓比例8.22%；软通动力持仓比例5.58%。
In addition, in the fourth quarter of 2023, Noan's positive returns were combined with the owner's concept of industrial intelligence. Among these, the recent concept of computing was developed with a high rate of 9.37% of holdings. In October last year, High Development acquired 70% of Hua Xianjin-woo's shares. According to the data, Hua Jin-woo integrated the technological soft and hardware capabilities of Hua and Xinggen, the leading industry leading the country's intelligence-based integrated computing industry. 8.83% of warehouses were held in the middle and middle, 8.49% in the cold, 8.22% in the high-security and 5.58% in the soft power.
基金经理刘慧影在四季报中分析称：“我们应该清楚地认识到，美国对中国人工智能产业的重重封锁将倒逼国内人工智能公司加速发展，国产算力成长可期。对于海外AI算力在一个确定性向上的大级别产业趋势面前，任何行政限制手段都不会改变公司长期向上发展的趋势。人工智能产业端发展势头正猛，中美未来将齐头并进，大步迈向星辰大海。”
The Fund’s manager, Liu Huixia, in his four-quarterly report, analysed that “it should be clear that America’s blockade of China’s artificial intelligence industry will force domestic artificial intelligence companies to accelerate their growth, and that the country’s production capacity will grow over time. In the face of a firm’s trend toward a higher degree of certainty, no administrative restraint will change the firm’s long-term upward trend.
责任编辑：帅可聪 主编：夏申茶
RESPONSIBILITY Editor-in-Chief, Chashen Tea
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