Investment Rating - The report maintains a "Strong Buy" rating for the domestic computing power industry chain, indicating a positive outlook for investment opportunities in this sector [2]. Core Insights - The report emphasizes that AI inference is leading innovation, with a focus on demand-driven Opex-related areas, specifically storage, power, ASIC, and supernodes [2][28]. - It highlights the expected growth in the domestic storage industry, driven by new products from Yangtze Memory Technologies and Changxin Memory Technologies, alongside a rapid increase in demand for SSDs and HBM [2][29]. - The report anticipates a significant expansion year for storage production, suggesting investors pay close attention to the overall opportunities within the domestic storage industry chain [29]. - The power industry is also highlighted, with a focus on new technologies on both the supply and demand sides, including companies like Sanhua Group and Zhongfu Circuit [30]. - The ASIC segment is expected to see an increase in market share, with a focus on major CSP manufacturers [30]. - The report predicts an evolution in cabinet models, with growth in demand for high-speed interconnects, cabinet OEM, liquid cooling, and PCB [30]. Summary by Sections Market Review - The Shanghai Composite Index fell by 1.27%, while the Shenzhen Component Index dropped by 2.11%, and the overall Shenwan Electronics Index decreased by 5.23% [1][13]. - Year-to-date, the Shenwan Electronics Index has declined by 4.73%, ranking 14th out of 31 sectors [1][13]. Weekly Focus - Nvidia's upcoming Arm architecture-based N1X + N1 processor is discussed, indicating a strategic move into the AI PC and laptop market, competing directly with AMD and Intel [26][27]. - The report notes that Nvidia's new processors will utilize TSMC's 3nm process technology, enhancing performance while maintaining low power consumption [26][27]. Related Research - Previous reports have consistently highlighted the positive outlook for the domestic computing power industry chain, including price increases in semiconductor packaging and storage chips [4][6][5].

Investment Rating - The report maintains a positive outlook on the electronic industry, indicating an "Overweight" rating for the sector, driven by AI computing and semiconductor localization trends [3][4]. Core Insights - The electronic industry is expected to leverage AI computing as a growth engine, with strong performance anticipated in PCB, storage, AI/GPU chips, and semiconductor equipment sectors [3][4]. - The semiconductor equipment and parts sector is experiencing a recovery in demand, particularly benefiting from domestic production [3][4]. - The storage sector is witnessing a significant increase in profitability due to the AI industry trend, with a notable rise in demand and prices for storage products [3][6]. - The AI server and chip sectors are seeing a surge in demand both domestically and internationally, particularly for cloud servers and high-speed switches [3][6]. - The PCB sector is expected to benefit from high-end AI PCB product demand, with companies like Shenghong Technology and Shenyin Electronics leading in performance [3][8]. Summary by Sections 2025 Industry Outlook - The electronic industry is projected to thrive with AI as the main driver and semiconductor localization as a catalyst, with strong performances expected across various sub-sectors [4][5]. - Specific forecasts for companies include: - Jiangfeng Electronics: Revenue of approximately 4.6 billion, net profit growth of 7.5% to 27.5% [5]. - ShenGong Co.: Revenue growth of 42.04% to 48.65%, net profit growth of 118.71% to 167.31% [5]. - Zhongwei Company: Revenue of 12.385 billion, net profit growth of 28.74% to 34.93% [5]. Semiconductor Storage Sector - The storage sector is benefiting from increased demand driven by AI, with prices stabilizing and then rising due to supply-demand imbalances [6][7]. - Key company forecasts include: - Jiangbolong: Expected net profit growth of 150.66% to 210.82% [7]. - Aibin Storage: Revenue growth of 49.36% to 79.23%, with net profit growth of 427.19% to 520.22% [7]. PCB Sector - The PCB sector is expected to continue benefiting from high-end AI product demand, with companies like Shenghong Technology and Shenyin Electronics showing strong performance [8][9]. - Forecasts for Shenghong Technology indicate a net profit increase of 260% to 295% [8].

Core Viewpoint - The performance of the Zhuhai-Hong Kong-Macao Greater Bay Area Development Theme Index and its related ETF reflects the overall performance of companies benefiting from the development of the Greater Bay Area, with notable movements in specific constituent stocks [1][2]. Group 1: Index Performance - As of February 10, 2026, the Zhuhai-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) increased by 0.02%, with notable gains from stocks such as Zhaochi Co. (+9.96%) and Mingyang Smart Energy (+1.56%) [1]. - The Greater Bay Area ETF (512970) showed a mixed performance, with a recent price of 1.52 yuan and a cumulative increase of 2.91% over the past week as of February 9, 2026 [1]. Group 2: Liquidity and Trading Data - The trading volume for the Greater Bay Area ETF was reported at 0.00 yuan, with an average daily trading volume of 711,700 yuan over the past month [1]. - The Sharpe ratio for the Greater Bay Area ETF over the past year was 1.41, indicating a favorable risk-adjusted return [1]. Group 3: Drawdown and Fees - The maximum drawdown for the Greater Bay Area ETF year-to-date was 5.52%, with a relative benchmark drawdown of 0.02% [1]. - The management fee for the Greater Bay Area ETF is set at 0.15%, while the custody fee is 0.05% [1]. Group 4: Index Composition - As of January 30, 2026, the top ten weighted stocks in the Zhuhai-Hong Kong-Macao Greater Bay Area Development Theme Index accounted for 44.55% of the index, with China Ping An, Luxshare Precision, and BYD among the leading constituents [2][3]. - The index includes a maximum of 50 Hong Kong market securities, 300 companies from the Shanghai-Hong Kong-Shenzhen market, and 100 mainland market securities, all selected based on their alignment with the Greater Bay Area development theme [2].

Group 1 - The core viewpoint of the news highlights the financial performance and trading activities of Industrial Fulian, indicating a significant increase in revenue and net profit year-on-year [2] - As of February 6, Industrial Fulian's stock price increased by 0.97%, with a trading volume of 7.455 billion yuan, and a net financing outflow of 1.69 billion yuan [1] - The company has a total financing and securities balance of 9.131 billion yuan, with a financing balance of 9.107 billion yuan, representing 0.84% of its market capitalization [1] Group 2 - For the period from January to September 2025, Industrial Fulian achieved an operating income of 603.931 billion yuan, reflecting a year-on-year growth of 38.40%, and a net profit attributable to shareholders of 22.487 billion yuan, up 48.52% [2] - The number of shareholders increased to 476,400, a rise of 53.11%, while the average circulating shares per person decreased by 34.69% [2] - Cumulatively, the company has distributed dividends amounting to 63.094 billion yuan since its A-share listing, with 41.702 billion yuan distributed over the past three years [2]

这一年，中国科技成果丰硕，创新生态日趋完善。华为持续"压强式"研发，在算力、鸿蒙生态、通信网 络、终端市场等七大领域实现硬核突破；寒武纪10年攻关实现AI芯片国产化突破；商业航天竞速，6家 企业集体冲击IPO…… 这一年，科技创新与产业融合加速。阿里巴巴3800亿元投向未来，通义千问串起阿里AI生态；全球代 工巨头工业富联（601138）蜕变为万亿算力巨头；恒瑞医药（600276）从仿制转向创新，I类新药频频 借船出海…… 科技突破、产业竞争力的提升，来自对创新的投入。根据国家统计局披露的数据，2025年，中国企业研 发经费达3.93万亿元，稳居世界第二，研发投入强度2.8%，首次超越OECD国家平均水平。 AI时代奔涌而来，创新浪潮澎湃。 2025年，是中国科技在风浪中磨砺韧性的一年，也是于变局中开创新局的关键一年。 传统产业融合焕发新动能 新兴产业不断突围前行，传统产业融合新兴科技，释放出充满活力的新质生产力。 在AI浪潮之下，"代工之王"工业富联实现关键突围，深度绑定全球科技巨头苹果、英伟达，实现了 向"全球AI算力基建供应商"的蜕变。根据公开信息，工业富联AI服务器全球代工市占率超35%，800G 高 ...

长江商报消息 ●长江商报记者 沈右荣 当AI时代来临，算力成为"新石油"，工业富联（601138.SH）这家曾经的代工王者完成了向"全球AI算力 基建供应商"的蜕变。 根据公开信息，工业富联AI服务器全球代工市占率超35%，800G高速交换机市占率达73.8%，承接了全 球85%的AI服务器出货量。 2025年，工业富联云服务商AI服务器营业收入同比增长超3倍，800G以上高速交换机业务营业收入同比 猛增13倍。这直接助力公司盈利暴增，2025年，工业富联预计实现归母净利润351亿元到357亿元，日均 盈利近亿元。 工业富联的归母净利润大幅增长，主要是主业盈利能力提升。根据业绩预告，2025年全年，公司预计实 现扣非净利润为340亿元到346亿元，与上年同期相比，将增加106亿元到112亿元，同比上升45%到 48%。其中，第四季度，公司预计实现扣非净利润124亿元到130亿元，与上年同期相比，将增加37亿元 到43亿元，同比上升43%到50%。 日均盈利高达1.4亿元，与工业富联两大核心业务表现出色直接相关。 二级市场上，2025年，工业富联股价区间涨幅近3倍，市值站稳万亿元。 过去几年，工业富联的年度研发 ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

注：上证指数近10年（2016年至2025年）春节前5个交易日涨跌幅情况 随着春节假期临近，A股行情即将迈入最后一周，投资者纷纷聚焦今年能否继续迎来"红包行情"。从历 史数据上看，上证指数近10年节前5个交易日上涨比例达7成，平均涨幅近0.2%。其中，在2021年、 2024年、2023年节前，上证指数涨势较优，而在2022年、2020年、2018年节前则表现不佳。 受节前交易转淡影响，A股市场近期量能数据持续下滑，沪深京三市今日成交额2.16万亿元，继续刷新 年内最低纪录。其中，作为观测市场情绪关键指标的融资余额近日也大幅回落，截至2月5日数据，A股 融资余额目前规模达2.66万亿元，已连续6个交易日出现下降态势，并创1月12日以来近4周新低，期间 累计净卖额达611.9亿元。 双创指数表现较优，55%板块节前获收涨 市场主要指数方面，在近10年节前5个交易日期间，科创50、创业板指表现较优，平均涨幅分别达 2.4%、2.2%，同时以中证500、沪深300为代表的中盘股、大盘股指数表现优于以中证2000、国证2000 为代表的小微盘股。以上涨比例统计（不足10年以实际年份统计），创业板指、深证成指、红利指数 ...

Core Insights - The main focus of the news is on the top 20 stocks with significant capital inflow as of February 6, highlighting their respective amounts and performance in terms of percentage change. Group 1: Capital Inflow - The stock with the highest capital inflow is Wuzhou Xinchun, attracting 1.22 billion yuan [1] - Data Port follows closely with an inflow of 1.078 billion yuan [1] - Tianji Co. has an inflow of 1.065 billion yuan, marking a strong performance [1] Group 2: Stock Performance - Wuzhou Xinchun shows a price increase of 10.01% [2] - Data Port has a price increase of 10% [2] - Tianji Co. reports a price increase of 9.99% [2] Group 3: Industry Breakdown - Wuzhou Xinchun belongs to the General Equipment sector [2] - Data Port is categorized under Internet Services [2] - Tianji Co. is part of the Battery industry [2] Group 4: Additional Stocks - Hunan Gold has a capital inflow of 883 million yuan with a price increase of 9.94% [1][2] - Shanshan Co. sees an inflow of 726 million yuan and a price increase of 10.03% [1][2] - Galaxy Electronics has an inflow of 672 million yuan with a price increase of 10.06% [1][2] Group 5: Other Notable Stocks - The stock with the lowest inflow in the top 20 is Sanhua Intelligent Control, with an inflow of 481 million yuan and a price increase of 2.06% [3] - Other notable stocks include Northern Rare Earth with an inflow of 495 million yuan and a price increase of 3.73% [3] - Fenghuo Communication has an inflow of 493 million yuan with a price increase of 5.58% [3]

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the communication industry, indicating an expected outperformance of over 10% compared to the benchmark index [1][36]. Core Insights - The emergence of Moltbot as a significant application in Silicon Valley represents a major leap in AI capabilities, enabling seamless workflow automation from thought to execution. This application has rapidly gained popularity, surpassing 100,000 stars on GitHub, making it one of the fastest-growing open-source projects globally [4][12]. - The report highlights the potential for unlimited cloud computing power driven by applications like Moltbot, which could lead to increased capital expenditures in cloud service providers (CSPs) due to rising demand for computational resources [4][12]. - The demand for cloud hosts and various types of home servers is expected to grow rapidly, benefiting public cloud vendors as they offer more secure and stable solutions compared to local PCs [5][13]. - AIOT (Artificial Intelligence of Things) applications on the edge are anticipated to have significant potential, as Moltbot combines cloud capabilities with local execution, creating a closed-loop system for industrial intelligence [5][13]. - SpaceX's plan to establish a satellite computing cluster consisting of up to 1 million satellites represents a substantial development in space computing capabilities, which could integrate with existing satellite networks and enhance data processing capabilities [6][14]. Summary by Sections Industry Trends - Moltbot's capabilities include automating tasks such as email management, scheduling, and even automated trading, showcasing its versatility and potential for widespread adoption [4][12]. - The report suggests that the rapid spread of Moltbot and similar applications will lead to increased demand for cloud computing resources, potentially causing a "computing power crunch" [4][12]. Market Overview - The communication index rose by 5.83% during the week of January 26 to January 30, 2026, while the broader market indices showed mixed results, with the Shanghai Composite Index declining by 0.44% [7][15]. - The top-performing sectors included optical cables and marine cables, with significant weekly gains [7][15]. Recommended Companies - The report recommends focusing on companies in various segments, including: - Cloud Computing: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Industrial Fulian, Woer, Zhishang Technology, Guangku Technology [6][15]. - CPU/CXL: Haiguang Information, Lanke Technology, ZTE, Wantong Development [6][15]. - Edge Computing: Ruixin Micro, Zhaoyi Innovation, Yinghantong, Guanghetong, Yiyuan Communication, Meige Intelligent [6][15]. - Inter-satellite Laser Communication: Fenghuo Communication, Guangxun Technology, Guangku Technology, Aerospace Electronics, Zhongrun Optics, Tengjing Technology [6][15].