2026.02. 10 本文字数：2584，阅读时长大约4分钟 作者 | 第一财经 周楠 根据公告，2月10日，金徽酒（603919.SH）、瑞芯微（603893.SH）、古井贡酒 （000596.SZ）等8家A股公司实施分红，分红金额最高的是古井贡酒，超5亿元。之后的三个交易 日（2月11日至13日）还将有20多家A股公司除权派息。 包括上述公司在内，Wind统计显示，春节前最后一个交易周（2月9日至13日），共计35家公司实 施分红，派现总额超过190亿元。从报告期来看，这批公司实施的多为2025年三季报分红。其中，6 家发出10亿元以上"现金红包"，包括长江电力（600900.SH）、中信证券（600030.SH）等。行 业方面，此次的分红主力是电力、食品饮料、非银金融行业企业。 值得一提的是，本周实施分红的公司中，有的是近年来首次实施三季报分红，有的则是上市不久便披 露分红预案。对于这一波分红潮，南开大学金融发展研究院院长田利辉对第一财经表示，上市公司春 节"发红包"彰显其从重融资向重回报的转型，也是对新"国九条"等政策的积极响应。 "但也需要关注，上市公司的分红贵在可持续，投资者需关注分红企业的现金 ...

行 2026 年 02 月 10 日 AI PCB/存储/服务器业绩高增，封 行 业 研 究 / 行 业 点 评 相关研究 《生益电子（688183）深度：受益 AI ASIC 与交换机速率升级（AI 硬件系列之 6）》 2025/12/30 《江丰电子（300666）点评：定增拟募资 19.5 亿元，投资靶材及静电吸盘等项目》 2025/11/17 证券分析师 杨海晏 A0230518070003 yanghy@swsresearch.com 研究支持 袁航 A0230521100002 yuanhang@swsresearch.com 杨紫璇 A0230524070005 yangzx@swsresearch.com 陈俊兆 A0230124100001 chenjz@swsresearch.com 联系人 姜安然 A0230125070008 jiangar@swsresearch.com 本期投资提示： 业 及 产 业 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使 ...

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].

瑞芯微：每股现金红利0.30元（含税），股权登记日：2026-2-9，除息除权日：2026-2-10，数据来源 《瑞芯微：2025年前三季度权益分派实施公告》；申万一级行业：电子，非红利低波（H30269.CSI） 成分股，是红利质量（931468.CSI）成分股。 金徽酒：每股现金红利0.20元（含税），股权登记日：2026-2-9，除息除权日：2026-2-10，数据来源 《金徽酒股份有限公司2025年前三季度权益分派实施公告》；申万一级行业：食品饮料，非红利低波 （H30269.CSI）成分股，非红利质量（931468.CSI）成分股。 红利低波（H30269.CSI）指数，选取50只流动性好、连续分红、红利支付率适中、每股股息正增长以 及股息率高且波动率低的证券作为指数样本，采用股息率加权，截至2月2日，该指数近1年股息率为 4.62%；红利低波ETF华夏（159547）是跟踪该指数综合费率最低的ETF，每季度评估可分红，联接基 金A类021482；联接基金C类021483。 红利质量（931468.CSI）指数，选取50只连续现金分红、股利支付率较高且兼具较高盈利能力特征的上 市公司证券作为指数样本 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、利润分配预案概述 瑞芯微电子股份有限公司（以下简称"公司"）分别于 2025 年 12 月 8 日、 2025年12月24日召开第四届董事会第八次会议及2025年第二次临时股东大会， 审议通过《关于<利润分配预案>的议案》。 为积极落实《国务院关于加强监管防范风险推动资本市场高质量发展的若干 意见》（国发〔2024〕10 号）及中国证监会《上市公司监管指引第 10 号——市 值管理》的相关精神和要求，增强投资者获得感，在综合考虑公司 2025 年前三 季度实际经营情况、资金需求以及未来发展等因素的前提下，公司拟实施利润分 配。具体情况如下： 公司 2025 年前三季度实现归属于上市公司股东的净利润为 779,576,888.33 元。截至 2025 年 9 月 30 日，母公司可供股东分配利润为 1,798,001,430.26 元， 资本公积 1,730,290,339.04 元，上述数据未经审计。 证券代码：603893 证券简称：瑞芯微 公告编号：2026-003 瑞芯 ...

证券代码：603893 证券简称：瑞芯微 公告编号：2026-004 瑞芯微电子股份有限公司 2025年前三季度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.30元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2026/2/9 | － | 2026/2/10 | 2026/2/10 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 12 月 24 日的2025年第二次临时股东大会审 议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本420,958,500股为基数，每股派发现 金红利0.30元（含税） ...

Core Insights - The article discusses the transformation of the technology industry driven by the integration of AI into various end-user devices, highlighting the critical role of domestic System-on-Chip (SoC) manufacturers in this shift [1][2]. Group 1: AI Migration to Edge Devices - The migration of AI capabilities from cloud to edge devices is driven by technological maturity, demand pressures, and cost optimization [2][3]. - Technological advancements, particularly in specialized Neural Processing Units (NPU), have enabled significant improvements in edge device performance, overcoming previous limitations related to power consumption and size [2][3]. - Consumer demand for personalized and real-time AI experiences, along with stringent requirements in industrial applications, has accelerated the adoption of edge AI solutions [2][3]. Group 2: Cost Optimization and Market Growth - The reduction in production costs due to semiconductor industry maturation has made edge AI more economically viable, fostering a positive cycle of cost reduction and widespread adoption [3]. - The year 2023 marks the beginning of edge AI technology deployment, with significant growth expected in 2024 and a projected explosion in market size by 2025, which is anticipated to be recognized as the "Year of Edge AI" [3][4]. Group 3: Performance of Domestic SoC Companies - Six domestic SoC companies, referred to as the "Six Little Dragons," have shown robust performance in the first three quarters of 2025, with most achieving revenue and net profit growth [4][5]. - Notable companies include: - **Rockchip**: Projected revenue of 43.87 to 44.27 billion yuan for 2025, with a net profit increase of 71.97% to 85.42% [6]. - **Allwinner Technology**: Expected net profit growth of 50.53% to 76.92% for 2025 [6]. - **Zhongke Blue Communication**: Anticipated revenue growth of 0.60% to 1.70% for 2025 [6]. Group 4: Company-Specific Insights - **Rockchip**: Positioned as a leader in edge AI with a comprehensive AI development ecosystem, serving major clients like SONY and Xiaomi [7]. - **Amlogic**: Dominates the smart home terminal market, with significant revenue from multimedia SoC chips and a strong client base including Xiaomi and Haier [8][9]. - **Espressif Systems**: Focuses on smart home applications, utilizing an open-source model to lower AI development barriers for clients [10][11]. - **Allwinner Technology**: Specializes in visual AI applications, leveraging its expertise in multimedia chips for various consumer and industrial applications [12]. - **Hengxuan Technology**: A leader in audio AI, providing low-power wireless SoC chips for a range of smart devices [13]. - **Zhongke Blue Communication**: Competes in the audio AI SoC market with a focus on cost control and high value [14]. Group 5: Future Trends in Edge AI - AI glasses are identified as a key application area for edge AI, with the potential for significant market growth as technology matures [15][16]. - Various SoC solutions for AI glasses are emerging, including high-performance systems and cost-effective MCU-based designs, indicating a competitive landscape among domestic manufacturers [16][17].

Summary of Conference Call Notes Industry Overview - The discussion centers around the emerging AI platform, Moltbook, which has attracted over 150,000 AI Agents within three days of its launch, indicating a significant shift towards machine-to-machine interaction in the AI landscape [1][2]. Key Points and Arguments 1. **Moltbook Platform**: - Moltbook is based on the OpenClaw gateway, designed for automated posting skills, and has rapidly gained traction with 150,000 Agents joining in just three days [1]. - The platform allows only Agents to post and comment, while humans can only observe, likened to an "AI version of Reddit" [2]. 2. **Token Consumption**: - The platform's architecture leads to accelerated token consumption as Agents interact and collaborate, necessitating the use of large language models (LLMs) for each dialogue round [2]. - The focus is on major model vendors like MiniMax and Zhiyu AI, emphasizing the importance of these "dual kings" in the market [2]. 3. **Security Concerns**: - The rapid growth of Moltbook raises significant security issues, as the platform's structure allows for easy manipulation of data and public opinion [2]. - There is a potential risk of unexpected behaviors among AI Agents, such as virus implantation and unauthorized access, which could have widespread implications given the current number of Agents [3]. - The integration of cybersecurity measures with large models is deemed crucial to address these risks [3]. Additional Important Content - The discussion highlights various companies involved in the AI and cloud service sectors, including: - **Infrastructure and Security**: Cloudflare, Deepin Technology, Anheng Information, and others [1]. - **Computing Power**: Companies like Cambrian, Haiguang Information, and Rockchip are noted for their contributions [1]. - **Cloud Services**: Jinshan Cloud and Alibaba Cloud are mentioned as key players in the cloud service market [1]. - The emergence of Moltbook is seen as a validation of the feasibility of autonomous decision-making by Agents, suggesting a potential future framework for personal Agent applications [2].

Core Viewpoint - The article discusses the challenges of managing excess inventory in the semiconductor industry, highlighting the financial burden of storage and capital costs associated with unsold materials, while promoting a service that facilitates quick transactions for surplus stock [1][8]. Group 1: Inventory Management - A significant amount of excess inventory, specifically 100,000 units, is incurring monthly storage and capital costs of at least 5,000, leading to a potential loss of 30,000 if held for six months [1]. - The company offers a platform, "Chip Superman," which has served 22,000 users, to help sell excess inventory quickly, often completing transactions within half a day [8]. Group 2: Inventory Listings - The article lists various semiconductor components available for sale, including brands like Micron and SK Hynix, with quantities ranging from 4,000 to 30,000 units for different models [4][5]. - The inventory includes a diverse range of products, with over 1,000 models and 100 brands, totaling 50 million chips valued at over 100 million [7]. Group 3: Purchase Requests - The company is actively seeking specific components, such as 50,000 units of the brand Nexperia's PMEG4010EH and 400 units of Samsung's KHBBC4B03C-MC1K, indicating a demand for various semiconductor parts [6].

中金公司研报指出，瑞芯微预告2025年营收约44.07亿元，同比增长约40.51%；归母净利润10.63亿元左 右，同比增长78.70%。存储涨价目前仅造成季度间需求波动，端侧AI长期趋势不改；AIoT算力平台快 速增长，新兴领域持续突破。看好公司凭借SoC+协处理器不断拓展端侧AI领域下游产品，赋能端侧大 模型应用。由于3Q25存储涨价带来短暂影响，下调2025 年收入/净利润3%/8%至44/11亿元，维持2026年 收入/净利润预测基本不变，首次引入2027年收入/净利润预测77/19亿元。维持"跑赢行业"评级，当前股 价对应26/27年55/44倍P/E。由于行业估值中枢上移，上调目标价10%至219元，对应26/27年P/E为60/48 倍（9.5%上行空间）。 ...