Summary of Conference Call Notes Industry Overview - The focus is on the AI industry, particularly the role of cloud service providers and the implications of large models like CloudBot and C-DAS 2.0 on token consumption and software industry dynamics [1][2][5][12]. Key Points and Arguments Demand for Tokens - There is a significant demand for tokens due to high-frequency calls to AI models, with weekly consumption potentially reaching tens of millions [1][4][13]. - The transition from dialogue-based interactions to tool invocation has increased token usage, necessitating more computational power [2][12]. Role of Cloud Service Providers - Cloud providers are crucial in the AI era, offering mirrored services that lower user entry barriers and determining which large models can be accessed [1][5]. - Renting cloud services, such as Tencent Cloud, allows users to utilize complex models without significant changes to their infrastructure [5]. Risks Associated with AI Tools - There are potential security risks when installing plugins or skills, as some may disguise malicious software that can consume server resources [6]. - Users must be cautious to avoid issues similar to those seen in the early internet era, such as virus infections [6]. Impact on Software Industry - AI technology is diminishing the value of traditional software entry points, particularly in the SaaS sector, where Chinese companies lag behind their U.S. counterparts [7][8][9]. - The software industry is expected to face new challenges and opportunities as AI-based platforms gain prominence [7]. Advantages of Chinese Software Companies - Chinese A-share software companies focus on customized development and customer service, making them suitable partners for AI technology [11]. - These companies possess industry-specific knowledge that complements AI's general capabilities, allowing for a synergistic relationship [11]. Future of Cloud Computing and Token Consumption - The importance of cloud providers will increase as models like C-DAS 2.0 require substantial computational resources and token consumption [12][20]. - Major companies like ByteDance and Alibaba anticipate a tenfold increase in token consumption in the coming years, indicating that charging for large model usage will become standard [14]. Recommendations for Investment - Infrastructure-related companies, such as NetSpeed, are recommended due to the growing demand for efficient data transmission in AI applications [15]. - In the AI video production sector, companies like Zhao Chi and Wanxing Technology are highlighted for their innovative tools that enhance production efficiency [18]. - IDC firms should focus on partnerships with major platforms, with recommendations for companies like Dongyangguang and Runze in the ByteChain ecosystem, and Century Internet Data Port in the AliChain ecosystem [19]. Prospects for Domestic Computing Chips - Domestic computing chips like Haiguang and Cambrian are expected to have a positive long-term outlook despite current market pessimism [20]. - The increasing demand for computational power due to rising token consumption presents a buying opportunity for stocks in these companies [20]. Other Important Insights - The transition to AI tools is reshaping the software landscape, with a shift away from reliance on single software applications towards integrated AI solutions [9][10]. - The response time of CloudBot is noted to be longer compared to other models, indicating a need for improvement in processing speed [16].

Summary of the Conference Call on Zhaochi Co. and Fengxing Industry and Company Overview - The discussion focuses on Zhaochi Co. and Fengxing, highlighting their strategic partnership with ByteDance and the growth potential in the multi-modal token space [1][2]. Core Insights and Arguments 1. **Platform Business Model**: Fengxing's platform-based business model has been successfully established and possesses rarity in the market. The foundational business integrates "AI creation + full network distribution + consumer end" to connect upstream tools with downstream content distribution [1][2]. 2. **Distribution Moat**: The company has built a distribution moat supported by a network of approximately 400,000 influencers, significantly reducing promotional costs. The AI-driven promotion of content has accelerated, with the "Orange Star Push" established in 2021 currently gathering around 400,000 professional influencers [2][3]. 3. **Content Production Scale**: The AI comic drama business has entered a phase of large-scale production. By 2025, the "Orange Star Dream Factory" is expected to operate with a daily output of about 3,000 episodes, and monthly revenue has already reached tens of millions [3]. 4. **Strategic Partnerships**: Fengxing has formed deep collaborations with Alibaba Cloud and Volcano Engine. The partnership with ByteDance is particularly noteworthy, as it aims to establish a core distribution platform for multi-modal large models, potentially transforming the business model [3][4]. Additional Important Points - The traditional business of Fengxing continues to develop steadily, indicating a balanced growth strategy alongside innovative ventures [4].

Summary of Conference Call Notes Industry and Company Overview - The discussion centers around the AI and technology industry, specifically focusing on tools like Clawd Bot and multi-modal models such as Seedance 2.0, which are pivotal in the current AI landscape [1][2]. Key Points and Arguments 1. **Clawd Bot Usage and Token Consumption** - Clawd Bot serves as a model tool calling platform, allowing users to select large models (e.g., OpenAI, Google, MINIMAX, KIMI) and plugins (SKILLS) - The entry barrier for users has significantly lowered due to services from cloud providers like Alibaba Cloud and Tencent Cloud, with monthly rental costs as low as 30 yuan - The functionality has shifted from interactive dialogue to task-oriented tool calling, supporting local or cloud data storage [1][1][1]. 2. **Token Consumption in Different Scenarios** - In pure text interaction scenarios, high-frequency tool calls can lead to a surge in token consumption, with usage potentially reaching tens of millions of tokens weekly - Seedance 2.0 can generate videos in 15 seconds and supports simultaneous processing of video and audio, significantly increasing token consumption due to the complexity of multi-modal interactions [2][2][2]. 3. **Trends in Token Consumption and Necessity for Charging** - Since 2026, token consumption has seen explosive growth, with actual demand possibly exceeding initial expectations - For instance, ByteDance's original plan to increase daily token consumption from 40 trillion to 400 trillion (a tenfold increase) may be underestimated due to the prevalence of high-frequency tool calls and multi-modal applications [2][3][3]. 4. **Driving Factors for Token Consumption** - The proliferation of tools like Clawd Bot necessitates paid API calls for large models, as there are no free APIs available - Multi-modal models like Seedance 2.0 further amplify token consumption, leading to a shift away from the traditional free model towards a paid API model, indicating significant revenue potential for providers [3][3][3]. Additional Important Content 1. **Recommended AI Infrastructure Companies** - The surge in token consumption is driving demand for computing power, acceleration, and cloud services - Key recommendations include: - **Acceleration Services**: Wangsu Technology, which can optimize interaction delays for tools like Clawd Bot - **Cloud Providers**: Alibaba Cloud and Tencent Cloud, which hold significant influence in the AI ecosystem - **Domestic Computing Chip Companies**: Haiguang and Cambrian, which are positioned for long-term growth despite short-term market pessimism [3][3][3]. 2. **AI Animation Development and Related Stocks** - The efficiency of AI animation production has significantly improved, with a four-person team able to produce 120 minutes of high-quality content in just 10 days - Multi-modal models like Seedance 2.0 are further lowering production barriers [3][4][4]. 3. **Specific Stock Recommendations** - **Zhaochi Co., Ltd.**: Expected to benefit from the growing demand for AI video content production - **Wondershare Technology**: Launched AI video tools that support script generation and efficient content creation through external model calls [4][5][5].

Core Viewpoint - The article discusses the performance of the A-share market, highlighting the fluctuations in major indices and the notable movements in specific sectors such as media and pharmaceuticals. Market Performance - The Shanghai Composite Index decreased by 0.02% to 4122.34, while the Shenzhen Component Index also fell by 0.02% to 14206.26. The ChiNext Index dropped by 0.14% to 3328.02, and the Sci-Tech Innovation Board Index rose by 0.19% to 1800.35 [4][12]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.4 trillion yuan, with over 2800 stocks declining [6]. Sector Highlights - The media sector experienced significant gains, with multiple stocks such as Light Media and China Film hitting the daily limit, and Huace Film and Happiness Blue Sea rising over 15% [5][6]. - The innovative drug concept saw a surge, with stocks like Guangsheng Tang increasing by over 13% [6]. - The semiconductor sector also performed well, with stocks like Chipone Technology rising over 8% [10]. New Listings - Three new stocks were listed, with N Electric Technology opening at a remarkable increase of 750.05% on its first day [11]. Other Market Movements - The precious metals, shipping, and liquor sectors showed weakness, contrasting with the strong performance of the media and innovative drug sectors [5][6].

Core Insights - The rapid growth of AI computing is driving an explosive demand for high-speed optical interconnect solutions, positioning companies in the CPO (Co-Packaged Optics) sector as key players in the industry [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48][49][50][51][52][53][54]. Company Summaries - **Guangzhou Technology (光库科技)**: Based in Shenzhen, focuses on high-speed optical engines and silicon photonics integration, providing critical components for CPO. The company has developed self-researched high-speed optical engines and silicon photonics technology, achieving efficient co-packaging of optical and switching chips, and has partnered with leading computing firms for products compatible with 800G and above [1][31]. - **Tianfu Communication (天孚通信)**: Located in Suzhou, it is a global leader in optical communication precision devices, with a full industry chain advantage in passive optical devices, optical engines, and CPO components. The company has developed self-researched optical engines and co-packaged components, achieving efficient integration of optical and switching chips, and has deep collaborations with major computing firms [2][31]. - **Taicheng Light (太辰光)**: Headquartered in Shenzhen, it specializes in optical communication devices and system integration, with a focus on high-speed optical modules and CPO components. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips, and has partnered with leading computing firms [3][31]. - **Dongtian Micro (东田微)**: Based in Yichang, it is a leader in optical materials and optical components, focusing on optical filters and CPO core optical components. The company has developed self-researched high-speed optical engine core optical components, enhancing optical interconnect efficiency and integration, and has partnered with leading computing firms [4][33]. - **Changxin Bochuang (长芯博创)**: Located in Beijing, it is a leader in optical communication chips and modules, with a focus on optical chips and CPO core components. The company has developed self-researched high-speed optical engines and co-packaged components, achieving efficient integration of optical and switching chips, and has partnered with leading computing firms [5][34]. - **Saiwei Electronics (赛微电子)**: Based in Beijing, it is a global leader in MEMS sensors and semiconductors, with a focus on MEMS processes, optical chips, and CPO core components. The company has developed optical engines and co-packaged components leveraging MEMS process advantages, enhancing optical interconnect efficiency and integration [6][35]. - **Changfei Fiber (长飞光纤)**: Headquartered in Wuhan, it is a global leader in optical fiber and cable, with a full industry chain advantage in optical fiber, optical modules, and CPO optical transmission links. The company has developed self-researched high-speed optical modules and optical transmission link components, achieving efficient transmission and integration of optical signals [7][36]. - **Zhaochi Shares (兆驰股份)**: Based in Shenzhen, it is a leader in consumer electronics and semiconductors, focusing on LED chips and optical modules. The company has developed co-packaged components leveraging its technology in LED chips and optical modules, achieving efficient integration of optical and switching chips [8][37]. - **Anfu Technology (安孚科技)**: Located in Ningbo, it is a leader in energy storage and optical communication, focusing on energy storage systems and optical modules. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [9][38]. - **Robotec (罗博特科)**: Based in Suzhou, it is a leader in intelligent manufacturing and optical communication equipment, focusing on photovoltaic equipment and optical engines. The company has developed co-packaged components leveraging its technology in intelligent manufacturing and optical engines [10][39]. - **Liant Technology (联特科技)**: Headquartered in Wuhan, it is a leader in high-speed optical modules, focusing on 400G/800G optical modules and CPO components. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [11][40]. - **Zhishang Technology (致尚科技)**: Based in Shenzhen, it is a leader in precision manufacturing and optical communication components, focusing on precision components and optical engines. The company has developed self-researched high-speed optical engine core components, enhancing optical interconnect efficiency and integration [12][41]. - **Xinyi Sheng (新易盛)**: Located in Chengdu, it is a global leader in high-speed optical modules, focusing on 400G/800G optical modules and CPO components. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [13][42]. - **Huanxu Electronics (环旭电子)**: Based in Shanghai, it is a global leader in electronic manufacturing services, focusing on SiP packaging and optical engines. The company has developed co-packaged components leveraging its SiP packaging technology, achieving efficient integration of optical and switching chips [14][43]. - **Xiechuang Data (协创数据)**: Headquartered in Shenzhen, it is a leader in data center and smart terminal solutions, focusing on data center equipment and optical modules. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [15][44]. - **Huilv Ecology (汇绿生态)**: Based in Wuhan, it is a leader in ecological restoration and digital economy integration, focusing on ecological restoration and digital technology. The company has developed co-packaged components leveraging its digital technology and optical module expertise [16][45]. - **Ruijie Networks (锐捷网络)**: Located in Fuzhou, it is a leader in network equipment and solutions, focusing on network devices and optical modules. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [17][46]. - **Yihua Shares (意华股份)**: Based in Wenzhou, it is a leader in connectors and optical communication components, focusing on high-speed connectors and optical modules. The company has developed self-researched high-speed connectors and co-packaged components, achieving efficient integration of optical and switching chips [18][47]. - **Zhili Square (智立方)**: Headquartered in Shenzhen, it is a leader in precision manufacturing and optical communication devices, focusing on precision components and optical engines. The company has developed co-packaged components leveraging its precision manufacturing and optical engine technology [19][48]. - **Guangli Micro (广立微)**: Based in Hangzhou, it is a leader in semiconductor testing and optical communication devices, focusing on semiconductor testing and optical engines. The company has developed co-packaged components leveraging its semiconductor testing and optical engine technology [20][49]. - **Sijia Technology (世嘉科技)**: Located in Suzhou, it is a leader in precision manufacturing and communication devices, focusing on precision components and optical modules. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [21][50]. - **Yintang Intelligent Control (英唐智控)**: Based in Shenzhen, it is a leader in electronic distribution and optical communication components, focusing on electronic distribution and optical modules. The company has developed co-packaged components leveraging its electronic distribution and optical module technology [22][51]. - **Guangxun Technology (光迅科技)**: Headquartered in Wuhan, it is a leader in optoelectronic devices and modules, focusing on optoelectronic devices and optical engines. The company has developed self-researched high-speed optical engines and co-packaged components, achieving efficient integration of optical and switching chips [23][52]. - **Woge Optoelectronics (沃格光电)**: Based in Xinyu, it is a leader in optoelectronic display materials, focusing on optoelectronic display materials and optical engines. The company has developed self-researched high-speed optical engine core optical components, enhancing optical interconnect efficiency and integration [24][53].

Core Viewpoint - The report from Zheshang Securities indicates that Zhao Chi Co., Ltd. is expanding its guarantees by 20 times to support the growth of optical communication, with the third round of vertical integration about to be realized [1] Group 1: Company Developments - Since its listing, Zhao Chi has achieved two rounds of vertical integration in the TV ODM manufacturing and LED full-ecosystem product systems [1] - The rapid progress over the past year suggests that optical communication will become an important track for the company's third integrated consolidation [1] - This vertical layout strategy distinguishes Zhao Chi from other manufacturing companies, indicating a unique operational approach [1] Group 2: Market Valuation - The current market valuation corresponds to price-to-earnings (PE) ratios of 31.55, 23.31, and 16.83 times [1] - The company maintains a "buy" rating based on its future potential for sustained development and expansion [1]

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 launch of the AI video generation model Seedance 2.0 by ByteDance is expected to significantly accelerate the development of the AI animation industry. The model's capabilities have been greatly enhanced, allowing for a transition from "generating a scene" to "completing a work" [2][3]. - Seedance 2.0 offers users near "director-level" precision in video generation, including features like self-storyboarding, multi-modal references, audio-visual synchronization, and multi-shot narrative capabilities. Users can specify video generation effects using up to 9 images, 3 videos, and 3 audio segments [2][3]. - The model's improved video usability rate is projected to reach 90% for generating 15-second videos, a significant increase from the previous industry average of around 20%. This enhancement is expected to lower production costs dramatically, with the cost of a 90-minute video project potentially decreasing from over 10,000 yuan to around 2,000 yuan [2][3]. - The AI technology represented by Seedance 2.0 is likely to push the animation industry into a phase of scaled development. Traditional animation often requires years of refinement and substantial financial investment, while the lightweight production of short video products can significantly reduce creation time and lower barriers to entry. The domestic animation user base is projected to grow from approximately 120 million in 2025 to 280 million in 2026 [2][3]. Investment Recommendations - Recommended companies to focus on include: - AI Applications: Decai Co., Zhaochi Co., Zhongwen Online, and Zhangyue Technology - AI Infrastructure: Dongyangguang, Runze Technology, and Guanghuan New Network - AI Chips: Cambricon and Haiguang Information [4].

证券日报网讯 2月6日，兆驰股份发布公告称，公司于2026年2月5日召开第六届董事会第二十五次会 议，审议通过了《关于董事会换届选举非独立董事的议案》《关于董事会换届选举独立董事的议案》， 董事会提名委员会对董事候选人任职资格审查通过，公司董事会同意将顾伟先生、徐腊平先生、欧军先 生、唐美华女士、金从龙先生、卢宝丰先生作为公司第七届董事会非独立董事候选人，提请股东会审 议；同意将范鸣春先生、傅冠强先生、范伟强先生作为公司第七届董事会独立董事候选人。 （文章来源：证券日报） ...

深圳市兆驰股份有限公司 一、本人已经通过深圳市兆驰股份有限公司第六届董事会提名 委员会或者独立董事专门会议资格审查，提名人与本人不存在 利害关系或者其他可能影响独立履职情形的密切关系。 √是 □ 否 如否，请详细说明： 二、本人不存在《中华人民共和国公司法》第一百七十八条 等规定不得担任公司董事的情形。 √是 □ 否 如否，请详细说明： 三、本人符合中国证监会《上市公司独立董事管理办法》和深 圳证券交易所业务规则规定的独立董事任职资格和条件。 √是 □ 否 如否，请详细说明： 独立董事候选人声明与承诺 声明人 范伟强 作为深圳市兆驰股份有限公司第七届董事会独 立董事候选人，已充分了解并同意由提名人深圳市兆驰股份有限公 司董事会提名为深圳市兆驰股份有限公司（以下简称该公司）第七 届董事会独立董事候选人。现公开声明和保证，本人与该公司之间 不存在任何影响本人独立性的关系，且符合相关法律、行政法规、 部门规章、规范性文件和深圳证券交易所业务规则对独立董事候选 人任职资格及独立性的要求，具体声明并承诺如下事项： 四、本人符合该公司章程规定的独立董事任职条件。 √是 □ 否 如否，请详细说明： 五、本人已经参加培训并取 ...

证券代码：002429 证券简称：兆驰股份 公告编号：2026-006 深圳市兆驰股份有限公司 关于对下属子公司提供日常经营担保的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 本次被担保对象广东兆驰瑞谷通信有限公司（以下简称"兆驰瑞谷"）为公司 下属子公司，由于兆驰瑞谷最近一期的资产负债率超过 70%，本次担保事项尚需提 交公司股东会审议，敬请投资者关注担保风险。 客户在与兆驰瑞谷业务往来中对其形成的全部债权，按持股比例提供最高额保证担 保，保证最高限额为不超过人民币 200,000 万元（含截至目前尚未到期的 10,000 万元担保）。在新的担保合同签署生效后，原担保合同将自动终止。保证范围包括 但不限于主债权、利息、违约金、损害赔偿金、实现权利救济所产生的费用等，保 证期限为不超过 3 年。具体担保金额、担保期限和担保方式等担保事项最终以公司 向下游客户出具的实际担保函为准。 公司董事会提请股东会授权公司董事长或董事长指定的授权代理人在上述担保 额度使用期限内代表公司办理相关手续，并签署上述担保额度内的一切担保有关的 合同、协议、凭证等 ...