Core Viewpoint - The article highlights the ongoing enthusiasm of institutional investors in A-share listed companies, with significant stock price increases observed in several companies following recent institutional research activities [3]. Group 1: Institutional Research and Stock Performance - As of February 6, 113 A-share listed companies disclosed institutional investor research records, with 50% of these companies experiencing stock price increases [3]. - Notable stock performers include ZeRun New Energy with a 70.84% weekly increase, followed by Euro-Lai New Materials at 32.25%, and Triangle Defense at 19.14% [3]. - Companies such as ZeRun New Energy, Euro-Lai New Materials, and Guoneng Rixin have recently reached historical stock price highs [3]. Group 2: Company-Specific Developments - Naipu Mining Machine terminated its investment in overseas mining projects, citing significant changes in equity transfer conditions and increased risks associated with Colombia's political and economic environment [5]. - The total investment amount for the terminated project was $146 million (approximately 1.02 billion RMB), representing 56% of Naipu's net assets [5]. - Naipu plans to focus on strengthening its core business in mineral processing and will consider investment opportunities in stable regions like Central Asia and Southeast Asia [5]. Group 3: Market Trends and Customer Insights - Naipu Mining Machine noted a significant increase in downstream customers' willingness to increase capital expenditures, driven by the production ramp-up of Zijin's Jilong Copper Mine [6]. - The processing capacity of the mine is expected to increase from 45 million tons to over 105 million tons, positively impacting Naipu's sales of complete machines and aftermarket consumables [6]. Group 4: Ringxu Electronics' Performance - Ringxu Electronics reported a 5.3% quarter-over-quarter decline in Q4 2025 revenue, with a year-over-year decline of 6.8%, primarily due to decreased material procurement costs and a downturn in the automotive and electronics sectors [7]. - The company anticipates growth in AI accelerator card revenues, driven by strong demand from CSP customers, and is actively engaging with clients for AI server motherboard opportunities [7]. - Ringxu believes that rising storage prices will enhance the competitiveness of its major clients' products in the consumer electronics market [7]. Group 5: Dajin Heavy Industry's Offshore Base - Dajin Heavy Industry hosted 109 institutional investors to discuss its offshore engineering base, which aims to become a world-class factory for large-scale offshore wind foundation structures [9]. - The base will have an annual design capacity of 500,000 tons and will address industry challenges related to high costs and low delivery efficiency in offshore wind development [9]. - Dajin plans to enhance local assembly capabilities and service levels through its overseas terminal layout in Denmark, Germany, and Spain, improving project delivery and profitability [9].

以下文章来源于e公司 ，作者证券时报 聂英好 上周机构调研热情不减，Wind数据显示，截至2月6日16时，共有113家A股上市公司披露机构投资者调研记录。从赚钱效应来看，五成机构调研公司上 周股价上涨，泽润新能以70.84%周涨幅位居榜首，欧莱新材涨32.25%，三角防务涨19.14%，锐明技术、三夫户外、亚玛顿、国能日新、惠而浦等公司涨 超10%，其中泽润新能、欧莱新材、国能日新、环旭电子、通达创智等公司近期股价创历史新高。 热门标的方面，耐普矿机、环旭电子、大金重工上周接受百家以上机构调研，奥比中光、华大智造、国能日新、锐明技术等公司接受50家以 上机构调研。 耐普矿机终止投资海外矿山项目 耐普矿机（ 300818 ）上周接受113家机构调研。2月3日晚间，耐普矿机公告将终止认购瑞士维理达资源股权，并同步放弃对哥伦比亚 Alacran铜金银矿项目的后续投资，引发机构关注。 对于终止投资哥伦比亚矿山项目的原因，耐普矿机在调研中称，一是股权交割条件发生较大变动，收购款项支付条款发生较大变化，增加项 目未来风险；二是项目资源所在国哥伦比亚的政治、经济环境、政策、法律法规变化风险上升；三是公司风险承受能力有限，本 ...

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].

Group 1 - The enthusiasm for institutional research on listed companies remains high, particularly in the machinery, electronics, power equipment, and basic chemicals sectors [1] - Over 700 companies have been researched by institutions this year, with Daikin Heavy Industries receiving the highest number of institutional inquiries at 318 [2][4] - This week, both Naipu Mining and Huanxu Electronics were the most researched companies, each receiving inquiries from 113 institutions [2][6] Group 2 - The top ten A-share listed companies by the number of institutional inquiries this year include Daikin Heavy Industries, Naipu Mining, and Xiangyu Medical, with 318, 211, and 208 inquiries respectively [4] - Naipu Mining's research focused on its competitive barriers in forged composite liners and future investments in mineral resources, indicating a dual development strategy [7] - Huanxu Electronics received significant attention from multiple fund companies, with 113 institutional inquiries, including 33 from securities firms and 32 from fund companies [11][12] Group 3 - Huanxu Electronics is focusing on three business lines: computing power boards, optical communication, and server power supply, which align with its parent company's future advanced packaging technology layout [14] - The company aims to enhance its service to top clients in the computing power board sector by integrating with its parent company's chip packaging [14] - In the optical communication sector, Huanxu Electronics is targeting business opportunities in optical components, while also considering partnerships for server power supply to better serve North American clients [14][15]

Core Viewpoint - Institutional interest in listed companies remains high, particularly in the machinery, electronics, power equipment, and basic chemicals sectors, with notable frequency of research in the electronics and power equipment industries [1]. Group 1: Institutional Research Activity - Over 700 companies have been researched by institutions this year, with Daikin Heavy Industries receiving the highest number of institutional inquiries at 318 [3]. - This week, both Naipu Mining and Huanxu Electronics were the most researched companies, each receiving 113 institutional inquiries [2][4]. Group 2: Top Companies by Institutional Research - The top ten A-share companies by the number of institutional inquiries this week include: 1. Naipu Mining (113 inquiries) - Industrial Machinery 2. Huanxu Electronics (113 inquiries) - Electronic Manufacturing Services 3. Daikin Heavy Industries (109 inquiries) - Heavy Electrical Equipment 4. Aobi Zhongguang (76 inquiries) - Electronic Equipment and Instruments 5. BGI Genomics (73 inquiries) - Life Science Tools and Services 6. Guoneng Rixin (72 inquiries) - Application Software 7. Ruiming Technology (67 inquiries) - Electronic Equipment and Instruments 8. Huatong Cable (48 inquiries) - Electrical Components and Equipment 9. Hebei Steel Resources (41 inquiries) - Non-metallic Metals 10. Huarui Precision (39 inquiries) - Industrial Machinery [4]. Group 3: Focus Areas of Institutional Research - During the research on Naipu Mining, institutions showed interest in the competitive barriers of the company's forged composite liners, future investments in mineral resources, and the reasons for terminating the investment in the Colombian mining project [5]. - For Huanxu Electronics, institutions focused on the company's future business synergies and how the group plans to build core competitiveness, as well as which businesses Huanxu Electronics and its subsidiary Guangchuang will focus on [6][8]. Group 4: Business Strategies and Developments - Huanxu Electronics is focusing on three business lines in the AIDC sector: computing power boards, optical communication, and server power supply, all of which are related to the parent company’s future layout in advanced packaging technology [8]. - The company aims to leverage its computing power board business to better serve top clients by aligning with the parent company's plans for computing chip packaging [8]. - In the optical communication sector, Huanxu Electronics is starting with optical modules and aims to explore business opportunities in optical components within optical-electrical co-packaging [8][9].

Group 1 - A total of 129 listed companies were investigated by institutions from February 2 to February 6, with Nepean Mining and Huanxu Electronics receiving the most attention, involving 113 institutions [1] - Dajin Heavy Industry, Obi Photonics-UW, and BGI Genomics were investigated by 109, 76, and 73 institutions respectively [1] - Weichai Heavy Machinery and Jereh Group received 4 institutional investigations, while Hai'an Group and COFCO Technology were investigated 3 times [1] Group 2 - Institutions continue to focus on sectors such as industrial machinery, electrical components and equipment, and integrated circuits [1]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has announced the construction of a national computing power interconnection node system, which is expected to enhance the efficiency and service level of public computing resources and promote high-quality development in the computing power industry [2][3]. Group 1: National Computing Power Interconnection Node System - The MIIT's notification outlines a "1+M+N" system for national computing power interconnection nodes, aiming to standardize and facilitate the efficient flow of computing resources across different regions and sectors [2][3]. - The construction goals include establishing a supply-demand matching system for computing power in regions and key industries, enhancing overall computing power levels [2][3]. - Regional nodes will provide a unified service platform for interconnection, including services such as resource aggregation, selection, and monitoring [2][3]. Group 2: Industry Trends and Demand - The domestic computing power demand is expected to accelerate, driven by rapid iterations of domestic AI models and the evolving interaction methods that are shaping the demand for inference-side computing power [4][5]. - Major AI models from companies like Alibaba and Baidu are being released, which will further drive the commercialization of these models and increase the demand for computing power [5][6]. - The infrastructure for AI computing power is undergoing systematic upgrades to support the explosive demand for training and inference, transitioning from vertical scaling to distributed cluster expansion and cross-domain collaboration [6][7]. Group 3: Hardware Innovations - Key hardware components such as optical modules and switches are innovating around high speed, low power consumption, and low cost, with a focus on co-packaged optics (CPO) and linear drive pluggable optics (LPO) [7]. - Domestic optical module manufacturers are gaining a leading position in the global market, which positions them to benefit significantly from the expansion of AI computing infrastructure [7].

========= - The report tracks the market trend by monitoring stocks, industries, and sectors that have reached new highs, emphasizing the effectiveness of momentum and trend-following strategies[11] - The 250-day new high distance is calculated as $ 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price and ts_max(Close, 250) is the maximum closing price over the past 250 trading days[11] - As of February 6, 2026, the 250-day new high distances for major indices such as the Shanghai Composite Index, Shenzhen Component Index, CSI 300, CSI 500, CSI 1000, CSI 2000, ChiNext Index, and STAR 50 Index are 2.39%, 3.69%, 3.07%, 5.29%, 4.95%, 3.67%, 4.48%, and 8.58% respectively[12][13][15] - The report identifies 1641 stocks that reached a 250-day new high in the past 20 trading days, with the highest numbers in the machinery, electronics, and basic chemicals industries[19] - The highest proportions of new high stocks are in the non-ferrous metals, defense and military, and petroleum and petrochemical industries[19] - By sector, the manufacturing and technology sectors have the most new high stocks this week, with 523 and 513 stocks respectively[20] - The report also tracks "stable new high" stocks based on analyst attention, relative stock strength, trend continuity, price path stability, and new high sustainability[25][27] - The screening criteria include the absolute value of the past 120-day price change, the sum of the absolute values of the past 120-day daily price changes, and the number of buy or overweight ratings in the past three months[27] - This week, 50 stable new high stocks were selected, including Mingyang Smart Energy, Universal Scientific Industrial, and Hengtong Optic-Electric, with the most in the manufacturing and technology sectors[28][31] - The 250-day new high distances for major indices are: Shanghai Composite Index 2.39%, Shenzhen Component Index 3.69%, CSI 300 3.07%, CSI 500 5.29%, CSI 1000 4.95%, CSI 2000 3.67%, ChiNext Index 4.48%, STAR 50 Index 8.58%[12][13][15] - The highest proportions of new high stocks by index are: CSI 2000 30.10%, CSI 1000 35.00%, CSI 500 41.80%, CSI 300 27.33%, ChiNext Index 34.00%, STAR 50 Index 44.00%[20][23][24] - The highest proportions of new high stocks by industry are: non-ferrous metals 69.92%, defense and military 63.11%, petroleum and petrochemical 60.78%[19][22][24] =========

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][21]. Core Insights - The company's main business is expected to return to a growth phase in the second half of 2025, with significant growth potential in AI-related business driven by its parent company, ASE Group [1][6]. - The company has a comprehensive layout in the AI sector, including optical communication, ASIC server motherboard design, and high-performance server power supply solutions [6]. - The AI glasses market is anticipated to be a major growth driver for the company's SiP (System in Package) business, benefiting from the increasing demand for smart glasses [6]. Financial Summary - Total revenue for 2025 is projected at 59,122 million yuan, a decrease of 2.6% year-on-year, with a significant recovery expected in 2026 with a growth of 31% [2][7]. - The net profit attributable to the parent company is estimated to be 1,853 million yuan in 2025, reflecting a year-on-year increase of 12.1% [2][7]. - Earnings per share (EPS) is expected to rise from 0.69 yuan in 2024 to 0.78 yuan in 2025, and further to 1.16 yuan in 2026 [2][7]. - The target price for the company's stock is set at 41.76 yuan, compared to the current price of 33.85 yuan [2][6]. Market Position - The company is positioned as a leading manufacturer in the global electronic design and manufacturing sector, particularly in the SiP module field, and is well-placed to benefit from industry growth trends [6][7]. - The company has a total market capitalization of 808.71 billion yuan, with a debt-to-equity ratio of 45.5% [3][7]. Future Projections - The company anticipates a significant increase in net profit to 2,776 million yuan by 2026, and 3,433 million yuan by 2027, indicating strong growth potential [2][6]. - The projected price-to-earnings (P/E) ratio for 2026 is 36 times, reflecting a premium valuation based on the growth prospects of new business segments [6][7].

Group 1 - Intercontinental Oil and Gas (600759) experienced a significant price surge, closing at the daily limit after opening with a drop limit, with a trading volume exceeding 4 billion yuan [2] - The CPO concept stocks continued to rise, with Zhilifang hitting a historical high with a 20% limit increase; Keri Technology and Huanxu Electronics also reached their daily limit [2] - Other stocks such as Yitian Co. and Aotwei increased by over 10%, while Changyingtong and Zhongfu Circuit also saw notable gains [2] Group 2 - Changyingtong rose by 7.26% to 58.53, with an increase of 11.12% [4] - Zhongfu Circuit increased by 7.16% to 78.40, with a rise of 5.67% [4] - Fenghuo Communication saw a rise of 7.14% to 41.86, with an increase of 5.63% [4]