Group 1 - The company He Sheng New Materials announced the completion of share transfer agreements involving its original controlling shareholder Zhao Dongming and other parties, resulting in a change of control to Shanghai Moer Zhixin Information Technology Partnership [1] - Following the share transfer, Moer Zhixin holds 18% of He Sheng New Materials, while Zhao Dongming and his associates retain approximately 34.03 million shares, representing 13.72% of the total share capital, and have waived voting rights on about 14.89 million shares, which accounts for 6% of the total share capital [1] - The actual controller of He Sheng New Materials has changed to Xie Haiwen as a result of this transaction [1]

格隆汇2月4日丨禾盛新材(002290.SZ)公布，收到中国证券登记结算有限责任公司深圳分公司出具的两 份《证券过户登记确认书》，公司原控股股东、实际控制人赵东明及其一致行动人蒋学元、公司原持股 5%以上股东上海泓垣盛新能源科技合伙企业（有限合伙）（简称"上海泓垣盛"）向上海摩尔智芯信息 科技合伙企业（有限合伙）（简称"摩尔智芯"）协议转让公司股份事项及原持股5%以上股东上海泓垣 盛向卢大光协议转让公司股份事项均已完成过户登记手续。公司控股股东变更为摩尔智芯，实际控制人 变更为谢海闻。 ...

证券代码：002290 证券简称：禾盛新材 公告编号：2026-005 苏州禾盛新型材料股份有限公司 关于股东协议转让公司股份完成过户登记暨控制权发生变 更的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 苏州禾盛新型材料股份有限公司(以下简称"禾盛新材"或"公司")于 2026 年 2 月 4 日收到中国证券登记结算有限责任公司深圳分公司出具的两份《证券过 户登记确认书》，公司原控股股东、实际控制人赵东明及其一致行动人蒋学元、 公司原持股 5%以上股东上海泓垣盛新能源科技合伙企业（有限合伙）（以下简 称"上海泓垣盛"）向上海摩尔智芯信息科技合伙企业（有限合伙）（以下简称 "摩尔智芯"）协议转让公司股份事项及原持股 5%以上股东上海泓垣盛向卢大 光协议转让公司股份事项均已完成过户登记手续，现将具体情况公告如下： 一、本次协议转让股权的基本情况 2025 年 11 月 20 日，公司原控股股东、实际控制人赵东明及其一致行动人 蒋学元、公司原持股 5%以上股东上海泓垣盛签署了《关于苏州禾盛新型材料股 份有限公司之股份转让协议》。赵东明、蒋学元、上 ...

Group 1 - The home appliance parts sector increased by 2.68% on February 3, with Xing Shuai Er leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the home appliance parts sector showed significant price increases, with Xing Shuai Er rising by 5.62% to a closing price of 14.67 [1] Group 2 - The home appliance parts sector saw a net inflow of 870 million yuan from main funds, while retail funds experienced a net outflow of 656 million yuan [2] - The stock with the highest net inflow from main funds was Sanhua Intelligent Control, with 83.9 million yuan, while it faced a net outflow of 249.9 million yuan from retail investors [3] - Dongfang Electric Heat had a net inflow of 20.51 million yuan from main funds, but also saw a net outflow of 17.74 million yuan from retail investors [3]

Group 1 - The home appliance parts sector increased by 0.62% on January 27, with Samsung New Materials leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] - Key stocks in the home appliance parts sector showed varied performance, with Samsung New Materials closing at 15.70, up 4.81%, and Tianyin Electromechanical at 56.41, up 3.32% [1] Group 2 - The home appliance parts sector experienced a net outflow of 185 million yuan from institutional investors, while retail investors saw a net inflow of 225 million yuan [2] - The trading volume and turnover for key stocks in the sector varied, with Samsung New Materials achieving a turnover of 360 million yuan [1][2] - The detailed fund flow for individual stocks indicated that Tianyin Electromechanical had a net inflow of 10.4 million yuan from institutional investors [3]

Macro Research - The report highlights a "double hit" moment for US dollar assets due to Trump's comments on Greenland and tariff threats, alongside the early dissolution of the Japanese House of Representatives leading to a sell-off in Japanese bonds [3][4][22] - The US dollar's credit breakdown is re-emerging, with significant impacts on US stocks, bonds, and currencies, resulting in a strong performance of safe-haven assets like gold and silver, while cryptocurrencies face pressure [3][4][22] Strategy Research - In Q4 2025, active funds significantly reduced their holdings in A-shares and Hong Kong stocks, with a focus on increasing allocations to cyclical and financial value stocks, while reducing exposure to technology and healthcare sectors [7][26] - The report indicates a clear rotation in fund styles, with a notable shift towards large-cap cyclical and financial stocks, while growth and consumer sectors saw reductions in allocations [26][27] Fixed Income Research - The appreciation of the RMB and increased foreign exchange settlements may tighten interbank liquidity, depending on whether the central bank will actively increase the supply of base currency [11][14] Industry Research: Photovoltaic Equipment - The report anticipates a new cycle for the photovoltaic equipment industry driven by SpaceX and Tesla's plans to deploy a combined 200GW of solar capacity, with key equipment manufacturers expected to benefit [15][16] - The demand for solar expansion is expected to rise due to the increasing need for low-orbit satellites and the commercialization of space computing, which will drive the demand for core equipment [15][16] Fund Allocation Insights - The report notes a significant increase in allocations to cyclical and financial sectors, particularly in upstream industries like metals and chemicals, driven by improved supply-demand dynamics and geopolitical tensions [27][28] - The technology sector shows a marked divergence, with communication equipment receiving substantial increases due to AI infrastructure investments, while many tech segments faced reductions [27][28]

Investment Rating - The report suggests a positive investment outlook for the industry, indicating a potential increase in value over the next 3-6 months, with expectations of growth exceeding the market by more than 15% [40]. Core Insights - The report highlights three core logic points driving the rigid demand for CPU in the Agent era, emphasizing the shift in computational load from GPU to CPU due to the complexity of tasks performed by Agents [11][16]. - The global Agent ecosystem is predicted to experience exponential growth, with active Agents expected to rise from approximately 28.6 million in 2025 to 2.216 billion by 2030, alongside a significant increase in task execution and token consumption [16][21]. - A supply-demand imbalance is emerging, with Intel shifting production capacity to server CPUs, leading to delivery issues in consumer electronics, while NVIDIA plans to enhance CPU core counts in response to bottlenecks [33][37]. Summary by Sections Section 1: Three Core Logics Revealing the Rigid Demand for CPU - The shift in computational load towards CPU is driven by the Multi-Agent architecture, which increases OS scheduling pressure due to the complex workflow of Agents [11]. - The challenge of long context scenarios necessitates KV Cache offloading to CPU, which increases CPU load due to the need for task scheduling and data transfer [11][12]. - High concurrency in tool usage by Agents leads to significant CPU consumption, as non-model inference tasks are primarily handled by CPUs [15]. Section 2: Expansion of the Agent Ecosystem Igniting CPU Performance Bottlenecks - The number of active Agents is projected to grow significantly, with task execution expected to increase from 44 billion in 2025 to 415 trillion by 2030, indicating a shift towards deeper reliance on Agents in business processes [16][17]. - Token consumption is anticipated to surge from 0.0005 PetaTokens in 2025 to 152,667 PetaTokens by 2030, reflecting the increasing complexity of tasks handled by Agents [17]. Section 3: Supply-Demand Imbalance and New Shortboards in Computing Power - Intel's urgent shift in production to server CPUs has resulted in a decline in consumer electronics delivery rates, while NVIDIA's new architecture aims to address CPU bottlenecks [33]. - Market data indicates a growth in global client CPU shipments, with a 7.9% quarter-on-quarter increase and a 13% year-on-year increase in the second quarter of 2025 [33][34]. Section 4: Related Companies - Key companies in the CPU sector include Haiguang Information, Zhongke Shuguang, He Sheng New Materials, China Great Wall, Longxin Zhongke, and others [4][38]. - Domestic computing power companies include Haiguang Information, Cambricon, Dongyangguang, and others, while overseas companies include Zhongji Xuchuang, New Yisheng, and others [4][38].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 71.53 CNY [5][12]. Core Insights - The company is optimistic about its long-term growth potential, particularly following the launch of the third-generation high-performance CPU+NPU hybrid chip by its strategic investment, Yizhi Electronics. This product directly competes with NVIDIA's Grace series [2][12]. - The company anticipates significant revenue growth, with projected earnings per share (EPS) of 0.83 CNY, 1.19 CNY, and 1.68 CNY for the years 2025 to 2027, respectively [12][13]. - The strategic investment in Yizhi Electronics is expected to reshape the company's valuation, with a projected market capitalization of 177.48 billion CNY based on a 60x PE ratio for 2026 [12][17]. Financial Summary - Total revenue is projected to grow from 2,340 million CNY in 2023 to 4,087 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16% [4][13]. - Net profit attributable to the parent company is expected to increase significantly from 83 million CNY in 2023 to 417 million CNY in 2027, with a notable growth rate of 111.2% in 2025 [4][13]. - The company's return on equity (ROE) is projected to rise from 11.7% in 2023 to 24.2% in 2027, indicating improved profitability [4][13]. Market Data - The company's stock has a 52-week price range of 15.76 CNY to 64.13 CNY, with a current price of 59.60 CNY [6][12]. - The total market capitalization is approximately 14,787 million CNY, with a total share count of 248 million [6][12]. Business Development - The launch of the TF9000 AI CPU series marks a significant advancement in the company's product offerings, with performance improvements of 30% and cost reductions of 30% compared to previous models [17][21]. - The company is actively building an ecosystem around its AI solutions, collaborating with multiple partners to create integrated solutions in sectors such as smart healthcare and intelligent manufacturing [18][21].

Group 1 - The core viewpoint of the report emphasizes that the demand for AI computing power will continue to grow and diversify in 2026, extending from data centers to network edges and even internal terminals [8][13][27] - The report highlights the significant capital expenditure (Capex) growth driven by business revenue, with major cloud service providers like Google, Microsoft, and Amazon showing consistent revenue growth exceeding 20% year-on-year [27][31][35] - The report identifies the increasing importance of silicon photonics technology, particularly the 1.6T optical module, which is expected to maintain accelerated growth and enhance the global market share of domestic optical chips and devices [7][54][70] Group 2 - The report discusses the emergence of new technologies such as Scale-UP supernodes and their impact on optical link demand, indicating that these technologies will drive additional link requirements in 2026 [7][9][66] - It notes that the AI infrastructure is experiencing a high level of prosperity, with significant investments in data centers and AI capabilities expected to continue, particularly in the U.S. [47][49][53] - The report anticipates that the integration of silicon photonics will significantly increase its market penetration, projecting that by 2026, over half of optical module sales will come from silicon photonics solutions [70][75]

Market Overview - The home appliance parts sector experienced a decline of 1.19% on January 23, with He Sheng New Materials leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Notable gainers in the home appliance parts sector included: - Tianyin Electromechanical (300342) with a closing price of 61.27, up 9.22% and a trading volume of 1.0207 million shares, totaling 6.126 billion yuan [1] - Xing Shuai Er (002860) closed at 14.92, up 7.88% with a trading volume of 443,400 shares, totaling 651 million yuan [1] - Samsung New Materials (603578) closed at 13.62, up 4.61% with a trading volume of 83,600 shares, totaling 113 million yuan [1] Capital Flow - The home appliance parts sector saw a net outflow of 2.283 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.076 billion yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Tianyin Electromechanical (300342) had a net outflow of 54.396 million yuan from institutional investors, while retail investors contributed a net inflow of 96.581 million yuan [3] - Shield Environment (002011) saw a net inflow of 34.9404 million yuan from institutional investors, but a net outflow of 14.0553 million yuan from retail investors [3] - Other stocks like Xuqiang Co. (300160) and Hejing Technology (300279) also showed varied capital flows, indicating differing investor sentiments across the sector [3]