Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [12]. Core Insights - The evolution path of large models in the AI industry is becoming clearer, with a potential supply-demand imbalance in computing power [2]. - Significant upgrades to major AI models occurred around the Chinese New Year, with both domestic and international companies releasing important model updates, indicating a robust demand for advanced AI capabilities [4]. - The rise in computing power prices suggests a supply bottleneck, which may benefit the computing power supply chain in the long term [4]. Summary by Sections Investment Suggestions - The report suggests focusing on the following sectors for investment: - Computing and Storage: Cambrian, Haiguang Information, Moore Threads, Muxi Co., Zhaoyi Innovation, Baiwei Storage, Jucheng Co., and Lixin Micro [4]. - Advanced Manufacturing: SMIC, Huahong, Jinghe Integration, China Resources Micro, Chipone, Changdian Technology, Tongfu Microelectronics [4]. - Optical Communication: Zhongji Xuchuang, Tianfu Communication, Xinyi Sheng, Changfei Fiber Optics, Zhongtian Technology, Hengtong Optics, Huanyu Electronics, Jietu [4]. - PCB: Shennan Circuit, Huitian Technology, Pengding Holdings, Shenghong Technology [4]. - PCB Materials: Shengyi Technology, Nanya New Materials, Feiliwa, International Composites, China Materials Technology, Honghe Technology [4]. - Thermal Management and Power Supply: Invec, Shenling Environment, Jiewate, Magmi Tech, Oulu Tong [4]. Industry Developments - Major AI model upgrades were noted, including the release of models such as K2.5 by Moon's Dark Side, GLM-5 by Zhipu, and others from ByteDance and Alibaba, showcasing a competitive landscape in AI model development [4]. - The emergence of advanced AI agents and multi-modal applications is expected to drive productivity changes across various sectors, including business, legal, and financial applications [4]. - The report highlights the increasing efficiency of AI-generated content, with improvements in video generation capabilities, indicating a shift towards scalable development in industries like animation and gaming [4].

Investment Rating - The report maintains a "Recommended" investment rating for the electronic industry [4][9]. Core Insights - The report highlights the ongoing competition in AI model development, with significant advancements from both international and domestic companies, particularly in computational power [6]. - It emphasizes the importance of computational power as a key investment theme, focusing on overseas computational power, domestic computational power, and storage as three main lines of investment [6][9]. - The report notes that domestic AI models are reaching a dual inflection point in technology and commercialization, with a shift from parameter competition to efficiency and agent-based innovations [6]. Summary by Sections Overseas Computational Power - Google launched its Gemini 3.1 Pro model, achieving a significant increase in reasoning and coding capabilities, with test scores surpassing previous models [6]. - Companies like Lumentum and Coherent saw stock increases of 19.90% and 14.57% respectively, driven by better-than-expected orders [6]. - Nvidia's stock rose by 4.78% as it prepares to unveil a revolutionary AI chip at the upcoming GTC 2026 conference [6]. Domestic Computational Power - Domestic AI model companies performed well during the holiday period, with notable stock increases for companies like Zhizhu and MiniMax [6]. - The report mentions the successful launch of several new AI models by domestic companies, indicating a shift towards efficiency and commercialization [6]. - Key domestic chips have been adapted for new models, with significant support from various domestic computational platforms [6]. Storage Chips - The report notes stock increases for companies like SanDisk and Micron, driven by growing AI demand [6]. - Micron is investing $50 billion to expand its production capacity in response to increasing AI infrastructure needs [6]. - The report highlights the significant price increase for HBM4 chips, reflecting the inflationary effects of AI demand [6].

4Q25营收6.599亿美元，环比升3.9%，接近之前指引上限。毛利率13.0%，为之前指引（12-14%）中位 数，环比降0.5个百分点。管理层提到，部分产线计提折旧增加抵消ASP和运营效率上升。管理层指引 1Q26营收为6.5-6.6亿美元，指引毛利率13-15%。管理层称华虹五厂收购进展顺利，收购帮助公司增加 约4万片12寸55/40nm特殊工艺产能，协同效应优化销售网络，提高总体运营效率。 九厂产能加速放量，PMIC/MCU推到需求继续保持强劲 交银国际发布研报称，预测华虹半导体(01347)1Q26营业收入/毛利率分别为6.57亿美元/14.0%。考虑到 2027年公司或继续扩产确定性高，该行调整2026/27年收入到28.43/33.49亿美元（前值28.37/32.63亿美 元）。预测公司2026/27年毛利率分别为14.2%/16.2%（前值14.3%/16.8%）。该行乐见九厂加速落地和 继续扩产，维持买入评级，上调目标价到120港元，对应3.9倍2026年市净率。 交银国际主要观点如下： 4Q25营收接近指引上限 产能方面，截至2025年末产能为486kwpm 8英寸等效产能。该行计算九厂 ...

Core Viewpoint - The report from CMB International predicts that Huahong Semiconductor (01347) will achieve revenue of $655 million and a gross margin of 14.0% in Q1 2026, with a high certainty of continued capacity expansion in 2027 [1] Group 1: Financial Performance - Q4 2025 revenue reached $659.9 million, a 3.9% increase quarter-on-quarter, nearing the upper limit of previous guidance [1] - Gross margin for Q4 2025 was 13.0%, aligning with the median of the previous guidance range of 12-14%, but down 0.5 percentage points quarter-on-quarter [1] - Management has guided Q1 2026 revenue to be between $650 million and $660 million, with a gross margin forecast of 13-15% [1] Group 2: Capacity Expansion - As of the end of 2025, the capacity is projected to be 486 kWpm equivalent for 8-inch wafers, with an increase of 42 kWpm in 12-inch equivalent capacity from the new factory [2] - The management indicated that the first phase of the new factory is expected to achieve full production in less than two years, with total capacity projected to reach 83 kWpm by the end of 2026 [2] - The total investment for the first phase is $6.7 billion, with approximately $1.3 billion remaining for capacity expansion in 2026 [2] Group 3: Demand Outlook - The capacity utilization rate for 2025 is expected to be at a high of 106.1%, driven by strong demand for AI-related PMIC products and embedded NVM memory related to MCUs [2] - The overall demand is positively influenced by AI, with a spillover effect from the shortage of memory benefiting Huahong's logic and memory foundry business [2]

来源：新浪基金∞工作室 科创芯片ETF汇添富（588750）业绩比较基准为上证科创板芯片指数收益率，管理人为汇添富基金管理 股份有限公司，基金经理为孙浩，成立（2024-12-18）以来回报为78.38%，近一个月回报为5.60%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月24日，科创芯片ETF汇添富（588750）开盘涨0.95%，报1.800元。科创芯片ETF汇添富（588750）重 仓股方面，中芯国际开盘涨0.94%，海光信息涨3.00%，寒武纪涨1.39%，澜起科技涨3.27%，中微公司 涨1.26%，拓荆科技涨0.92%，芯原股份涨3.45%，华虹公司涨0.16%，沪硅产业涨1.12%，东芯股份涨 0.91%。 ...

报告指，华虹半导体九厂产能加速放量，PMIC/MCU需求继续保持强劲。该行调整2026/2027年收入预 测到28.43/33.49亿美元，前值28.37/32.63亿美元；预测公司2026/2027年毛利率分别为14.2%/16.2%，前 值14.3%/16.8%。该行维持对其"买入"评级，上调目标价至120港元，对应3.9倍2026年市净率。 交银国际发表报告指，华虹半导体去年第四季营收6.599亿美元，按季升3.9%，接近之前指引上限；毛 利率13.0%，为之前指引(12-14%)中位数，按季降0.5个百分点。管理层指引今年首季营收为6.5-6.6亿美 元，毛利率13-15%。 ...

Group 1: Weichuang Electric / Automation Equipment - The company is strengthening collaborations to promote technological innovation and market expansion in the robot-driven component business [4] - Plans to establish a joint venture in Thailand with Zhejiang Rongtai to expand the smart robot electromechanical integration market, with both parties holding 50% shares [4] - The company aims to deepen industry demand and continue global expansion, focusing on regions like Asia, Africa, and Latin America while enhancing product offerings [5] - Revenue projections for 2025-2027 are estimated at 1.977 billion, 2.444 billion, and 3.108 billion yuan, with net profits of 288 million, 346 million, and 419 million yuan respectively [6] Group 2: Lenovo Group / Computer Equipment - Lenovo reported FY2026Q3 revenue of approximately 22.204 billion USD, an 18% year-on-year increase, with a net profit of 546 million USD, down 21% year-on-year [7][8] - The adjusted net profit increased by 36% year-on-year, driven by efficiency optimization and a high-end product mix [8] - The Infrastructure Solutions Group (ISG) is undergoing strategic restructuring, expected to accelerate the return to profitability in FY2027 [9] Group 3: Shipping and Ports Industry - National import and export total reached 45.47 trillion yuan in 2025, with a 3.8% year-on-year growth [13] - Container throughput at major coastal ports reached 31.198 million TEUs, a 7% year-on-year increase [15] - The Baltic Dry Index (BDI) rose by 135.95% year-on-year, indicating a significant increase in dry bulk shipping rates [19] Group 4: Google-A / Overseas - Google reported Q4 2025 revenue of 113.828 billion USD, an 18% year-on-year increase, with a net profit of 33.455 billion USD, up 30% year-on-year [25] - Search advertising revenue grew by 17% year-on-year, driven by AI innovations enhancing user experience and monetization efficiency [26] - Google Cloud revenue surged by 48% year-on-year, reaching 17.7 billion USD, with a significant increase in annual recurring revenue [27] Group 5: Yutong Technology / Packaging Printing - The company plans to acquire 51% of Huayan Technology for 449 million yuan, aiming to enhance its capabilities in precision manufacturing [32][34] - The acquisition is expected to leverage industry synergies and empower the second growth curve, focusing on high-profile clients like Google and Samsung [34] - Revenue projections for 2025-2027 are estimated at 19.069 billion, 21.001 billion, and 23.077 billion yuan, with net profits of 1.608 billion, 1.798 billion, and 1.980 billion yuan respectively [34] Group 6: NetEase-S / Gaming - NetEase reported Q4 2025 revenue of 27.5 billion yuan, a 3% year-on-year increase, with a net profit of 6.2 billion yuan, down 28.8% year-on-year [36][37] - The gaming segment showed resilience with a revenue of 22 billion yuan, driven by strong performance from popular IPs and new game launches [38] - The company is focusing on AI-driven strategies to enhance operational efficiency and optimize its business structure [39] Group 7: Aidi Pharmaceutical / Biopharmaceuticals - The company is advancing its international product launch and received GMP certification from Tanzania, facilitating entry into the African market [43] - Revenue for 2025 is projected at 721 million yuan, a 72.57% year-on-year increase, with a focus on HIV innovative drug sales [43] - Multiple new drug pipelines are actively progressing, with significant clinical trial approvals received [44] Group 8: Meituan-W / Local Life Services - Meituan is projected to achieve total revenue of 916 billion yuan in Q4 2025, with a core local business revenue of 648 billion yuan, reflecting a competitive landscape [45][46] - The company is strategically increasing investments in marketing and rider incentives to enhance operational efficiency amid fierce competition [46] - Long-term growth potential is anticipated through refined operations in instant delivery and overseas expansion [49] Group 9: Huahong Semiconductor / Semiconductors - Huahong Semiconductor reported Q4 2025 revenue of 660 million USD, a 22.4% year-on-year increase, with a wafer shipment of 1.45 million pieces [50]

时代购买永太高新25%股权，公司股票自2月24日开市起复牌。润泽科技2月13日公告，拟以发行可转债 方式购买广东润惠42.56%股权，股票将于2月24日复牌。 25、*ST立方公告，2021年至2023年年报存在 虚假记载，深交所拟决定终止公司股票上市交易。 26、天风证券2月13日公告，公司涉嫌福建省永安林 业持股变动信息披露违法违规，遭证监会立案调查；公司拟被暂停开展代销私募金融产品业务2年。与 此同时，证监会近日对天风证券为当代集团涉嫌违法提供融资及信息披露违法违规行为实施行政处罚及 市场禁入措施。 27、证监会2月13日公告，1月6日，英集芯在上证E互动平台人为策划"自问自答"，信 息披露构成误导性陈述。近日，证监会已对英集芯立案调查。 28、剑桥科技2月13日在互动平台回复 称，网传"公司光模块被第一大客户思科延迟提供光芯片、业绩不及预期"相关信息与实际经营情况不 符。 29、创识科技2月13日公告，控股股东、实控人张更生犯单位行贿罪，被判处有期徒刑二年；正元 智慧：实控人陈坚犯操纵证券市场罪，被判处有期徒刑三年 30、5连板掌阅科技2月13日公告，第三大 股东量子跃动2月9日至2月12日减持431 ...

Core Viewpoint - Huahong Semiconductor (01347) has shown a significant increase in stock price, currently up 4.62% to HKD 98.4, with a trading volume of HKD 321 million. The company has recently announced its performance for Q4 2025 and the full year, with management guidance for Q1 2026 revenue between USD 650 million and USD 660 million, and a gross margin of 13% to 15% [1] Group 1 - The company is expected to maintain high capacity utilization and accelerate its 12-inch product portfolio in 2025, although its current valuation appears high according to CMB International [1] - The new 12-inch wafer fab, Fab9A, is projected to reach maximum capacity this year, while the capacity enhancement of Fab9B will also accelerate. Capital expenditures for 2026 are expected to slightly decrease year-on-year, with a significant increase anticipated in 2027 according to Credit Lyonnais [1] - Guohai Securities forecasts that Huahong Semiconductor will achieve Q1 2026 revenue of USD 650-660 million, representing a quarter-on-quarter decrease of 0.7% and a year-on-year increase of 21.1%. The consensus estimate from institutions is USD 695 million, with a gross margin expectation of 13%-15% [1] Group 2 - The company’s power management (BCD) platform is expected to continue its rapid growth driven by the AI wave. Additionally, there is still room for price increases in the 12-inch product line in 2026 [1] - Fab9B is anticipated to begin equipment installation in October 2026, and the overall capacity of the company is expected to see significant growth in 2027 [1]

招商证券表示，2026年一季度以来，各类存储产品价格环比急剧上涨，目前在能见度范围内今年存储价 格持续上涨可期，同时2026年全球新增供给有限，预计存储紧缺趋势将延续至2027年。在价格与需求共 振情况下，今年海内外存储将迎来业绩释放大年，后续市场价格趋势和各环节公司业绩增长持续性是核 心关注点，建议关注存储+设备+产业链三大核心环节相关公司。 智通财经获悉，在2月20日举行的虚拟投资者会议上，SK海力士向高盛透露了存储市场的最新动态。 SK海力士在电话会上释放强烈信号：存储行业已全面进入卖方市场。受AI真实需求驱动及洁净室空间 受限影响，今年存储价格将持续上涨。该公司透露，目前其DRAM和NAND库存已降至仅约4周的"极低 水位"，且预计将在全年继续下降 。更为严峻的是，2026年高频宽存储器(HBM)产能已提前售罄，标准 型DRAM的极度短缺正大幅提升供应商议价权，产业链已启动长期合约谈判以锁定未来供应。 相关概念股： 对于市场最关注的HBM(高带宽内存)，海力士明确表示，2026年的产能分配已成定局。鉴于目前的生产 计划，很难在2026年对HBM和标准型DRAM的产线进行有意义的调整。由于标准型DRAM ...