Group 1 - The core point of the article highlights the performance of the Zhongzheng 500 ETF Tianhong (159820), which experienced a decline of 2.59% to 1.391 yuan at midday, with a trading volume of 6.4037 million yuan [1] - The major holdings of the Zhongzheng 500 ETF Tianhong include stocks such as Yingweike, which fell by 2.51%, and Xinyi Communication, which rose by 1.49%. Other notable movements include Giant Network down 1.43%, and Chifeng Gold down 10.00% [1] - The performance benchmark for the Zhongzheng 500 ETF Tianhong is the Zhongzheng 500 Index return, managed by Tianhong Fund Management Co., Ltd. Since its establishment on August 7, 2020, it has achieved a return of 42.49%, with a monthly return of 12.28% [1]

Summary of Conference Call Records Company and Industry Overview - **Industry Focus**: Overseas computing power and optical module market - **Key Companies Mentioned**: 西部通信 (West Communication), 中际旭创 (Zhongji Xuchuang), 新易盛 (Xinyi Sheng), 英维克 (Yingweike), 福晶科技 (Fujing Technology) Core Insights and Arguments 1. **Optical Module Market**: - Strong demand and material shortages expected in H1 2026, with leading companies showing supply chain advantages [1] - Market sentiment is improving as previous suppressive factors are alleviated, allowing funds to enter the market early [1] - Key price catalysts will emerge as industry guidance for 2027 becomes clearer, particularly after the OFC conference in March [1] - Performance in H1 2026 is anticipated to be the highest among leading optical module companies, with H2 2026 expected to see accelerated performance due to material supply easing [1] 2. **Liquid Cooling Solutions**: - 2026 is projected to be the first year of significant adoption for liquid cooling solutions, with major companies like NV, Meta, and Google leading the way [2] - Estimated value of liquid cooling solutions is approximately $1,400 per 1kW chip, translating to a market potential of $21 billion for 15 million chips [2] - Domestic leaders in liquid cooling for ASIC chips are expected to capture over 20% market share, with overseas orders potentially yielding double the profit margins compared to domestic [2] 3. **Price Increases in Communication Products**: - Recommendations to invest in core communication products due to ongoing price increases driven by supply constraints [2] - Significant supply reductions from global suppliers of Faraday rotators, with Japanese company Granopt reducing production and issuing supply cut notices [2] - Domestic manufacturers like 森一 (Senyi), 飞锐特 (Feiruite), and 福晶科技 (Fujing Technology) are positioned to increase their market share through domestic substitution [2] 4. **Self-Sufficiency in SGGG Crystals**: - 福晶科技 has achieved self-sufficiency in SGGG crystal materials, which is expected to alleviate expansion bottlenecks and significantly increase market share [3] 5. **Data Center Fiber Pricing**: - Continuous price increases for fiber cables noted since January, with expectations of rising demand and prices from domestic operators [3] - Fiber optic cable manufacturers are adopting "same-day valid" pricing due to volatility in raw material costs, leading to a cautious expansion approach [3] Additional Important Insights - The overall sentiment in the overseas computing power sector is shifting positively, with early investments being made in anticipation of future growth [1][2] - The liquid cooling market is set for rapid growth, with significant opportunities for domestic companies to capture market share [2] - The supply chain dynamics in the optical module and communication product markets are critical, with potential for substantial price increases due to supply constraints [2][3]

Industry and Company Summary Industry: Lithium Battery and Energy Storage Key Points - **National Capacity Pricing Policy**: The introduction of the national capacity pricing policy is expected to increase the Internal Rate of Return (IRR) for energy storage by over 3%, with more provinces expected to adopt energy storage solutions by 2026 [1] - **Lithium Battery Production**: In February, lithium battery production is projected to decrease by over 10%, indicating that the production season is not as weak as anticipated [1] - **Sodium Battery Testing**: Ningde has initiated winter testing for multiple automotive companies regarding sodium batteries, with expectations for mass shipments in Q2 [1] - **Investment Focus**: The preferred investment hierarchy is as follows: energy storage cells (Penghui) > lithium iron phosphate cathodes > energy storage integration (Haibo) > separators (Enjie), copper and aluminum foils (Nord and Dingsheng) [1] Industry: Sodium Battery and Lithium Carbonate Key Points - **Lithium Carbonate Price Adjustment**: Following a price adjustment, there is a strong expectation for a new upward trend in lithium carbonate prices, with downstream procurement becoming more active after recent price drops [2] - **Wind Power Sector Performance**: The wind power sector has seen numerous earnings forecasts that fell short of expectations due to a decline in Q4 shipment volumes and year-end impairments, indicating a confirmed bottom for the main engine sector [2] - **Investment Recommendations**: Recommended stocks include Jinlei Co., Daikin Heavy Industries, and major turbine manufacturers (Goldwind, SANY, Yunda, Mingyang) [2] Industry: Photovoltaics Key Points - **Space Photovoltaics**: SpaceX's application to deploy 1 million satellites to create a space data center reinforces the logic behind space photovoltaics [3] - **Cost Reduction in Battery Production**: The high price of silver and technological breakthroughs have led to an average cost reduction of over 0.15 CNY/W in copper-based batteries, indicating a potential explosion in the no-silver production sector [3] - **Investment Focus in Photovoltaics**: The preferred investment hierarchy includes equipment manufacturers (Liancheng, Lap, Maiwei, Yujing) and battery and auxiliary material producers (Bojian, Foster, Kaisheng, Juhua, Dike, Risheng, Junda) [3] Industry: AIDC (Artificial Intelligence Data Center) Key Points - **New Bidding Round**: The domestic supply chain is entering a new round of bidding, with ByteDance shifting its bidding focus to high-voltage direct current solutions [3] - **NVIDIA Certification**: NVIDIA's GB300 liquid cooling certification is tightening, which may lead future investments to focus on core components and ASIC overflow [3] - **Increased Production Capacity**: The production capacity of Yingweike's QD is expected to increase by 20 times in Q1, strengthening ties with the NVIDIA ecosystem [3]

Investment Rating - The report maintains a "Buy" rating for key companies in the sector, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, among others [11]. Core Insights - The transition to the "Agent" era is accelerating, with AI agents like Clawdbot and Claude Excel evolving from simple conversational tools to essential productivity tools, significantly increasing demand for cloud computing resources [1][20]. - The AI application landscape is fundamentally shifting from simple interactions to deep integration into work processes, marking a new paradigm where AI becomes a core executor in workflows [2][21]. - The emergence of AI agents is driving a qualitative change in underlying computing power demand, as these agents transition from auxiliary tools to autonomous entities [3][22]. - The competition for computing power is intensifying, with rising cloud service prices and continuous growth in capital expenditures (capex) from cloud providers, highlighting the increasing importance of scarce computing resources [4][23]. Summary by Sections Investment Strategy - The report suggests focusing on the computing power sector, particularly in optical communications, with recommended companies including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [14]. - It also highlights the importance of liquid cooling and edge computing platforms, recommending companies like Yingweike and Meige Intelligent [14]. Market Review - The communication sector has seen an increase, with optical communications performing particularly well, as evidenced by significant stock price increases for companies like Tianfu Communication and Zhongji Xuchuang [16][17]. Computing Power Demand - The report emphasizes that the new operational modes of AI agents lead to a dramatic increase in token consumption, necessitating high concurrency and continuous online capabilities from computing services [5][25]. - Major cloud providers like Google Cloud and Amazon AWS have announced price increases for their services, indicating a shift from a long-term trend of decreasing prices [10][23]. Key Companies and Performance - Zhongji Xuchuang and Xinyi Sheng have shown strong growth, with Zhongji Xuchuang maintaining its leading position in the industry [25]. - The report recommends monitoring the performance of companies involved in the computing power supply chain, including those in optical modules and liquid cooling sectors [25].

行 业 研 究 通信 2026 年 02 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -26% 0% 26% 53% 79% 106% 2025-01 2025-05 2025-09 通信 沪深300 相关研究报告 《重视硅光和 CPO 链投资机会—行 业点评报告》-2026.1.21 《台积电和谷歌表现亮眼，重视硅光 链和谷歌链—行业周报》-2026.1.18 《光、液冷、国内 AIDC 迎新变化— 行业周报》-2026.1.11 Meta、康宁、微软财报亮眼，重视硅光 CPO、光 纤、液冷投资机会 ——行业周报 | 蒋颖（分析师） | 陈光毅（联系人） | 雷星宇（联系人） | | --- | --- | --- | | jiangying@kysec.cn | chenguangyi@kysec.cn | leixingyu@kysec.cn | | 证书编号：S0790523120003 | 证书编号：S0790124020006 | 证书编号：S0790124040002 | Meta 营收资本开支双超预期，业绩指引维持乐观 2026 年 1 月 29 日，Meta 公布 20 ...

Core Viewpoint - The specialized equipment sector experienced a slight increase of 0.67% on January 30, with Oat Technology leading the gains, while the overall Shanghai Composite Index fell by 0.96% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4117.95, down 0.96% [1]. - The Shenzhen Component Index closed at 14205.89, down 0.66% [1]. - Oat Technology (688312) saw a significant increase of 13.17%, closing at 38.85, with a trading volume of 101,100 shares and a transaction value of 376 million [1]. - Other notable gainers included: - Lijun Thermal (603391) up 10.00% to 69.71 [1]. - Tianqi Co., Ltd. (002009) up 10.00% to 28.38, with a trading volume of 949,100 shares and a transaction value of 2.581 billion [1]. - Keda Manufacturing (600499) up 8.79% to 17.69, with a trading volume of 1,414,500 shares and a transaction value of 2.429 billion [1]. Group 2: Capital Flow - The specialized equipment sector saw a net outflow of 236 million from institutional investors, while retail investors contributed a net inflow of 946 million [2]. - The capital flow for specific stocks included: - Invek (002837) had a net inflow of 101.1 million from institutional investors but a net outflow of 650 million from retail investors [3]. - Tianqi Co., Ltd. (002009) had a net inflow of 36.9 million from institutional investors but a net outflow of 19.7 million from retail investors [3]. - Keda Manufacturing (600499) had a net inflow of 78.3 million from institutional investors, with significant outflows from retail investors [3].

Group 1: Precious Metals Market - Spot gold first broke the $5500/oz mark, reaching nearly $5600/oz before dropping below $5200/oz [1] - The non-ferrous metals sector saw significant declines, with major companies like Zijin Mining and Luoyang Molybdenum falling over 8% and 9% respectively [1] - The performance of the non-ferrous metals sector pressured the Shanghai Composite Index and Shenzhen Component Index, while the ChiNext Index rose due to gains in key stocks like CATL and Sungrow [1] Group 2: Agricultural and Consumer Sectors - Some cyclical sectors showed strong performance, with agriculture and aquaculture sectors rising significantly, indicating a typical rotation pattern in commodity markets [1] - The rise in agricultural products is expected to transmit to the aquaculture sector and further into the consumer market [1] - By the close of the morning session, the Shanghai Composite Index fell by 1.19%, the Shenzhen Component Index by 0.96%, while the ChiNext Index increased by 0.8% [1] Group 3: Film and Entertainment Sector - The film and cinema sector saw active performance, with stocks like Hengdian Film and Happiness Blue Sea experiencing significant gains [4][6] - A favorable policy environment, including the State Council's plan to enhance service consumption, is expected to support the film industry [6][7] - The upcoming 2026 Spring Festival film lineup is anticipated to drive market recovery, with multiple new films scheduled for release [7] Group 4: AI and Optical Communication Sector - The North American computing power chain showed strong performance, with stocks like "Yizhongtian" and Tianfu Communication reaching historical highs [7] - The demand for AI computing power is driving upgrades in the optical communication industry, with strong demand for high-speed optical modules [10] - Despite short-term supply gaps in high-speed optical chips, upstream manufacturers are actively expanding production, which is expected to alleviate supply chain bottlenecks [10]

英维克 20260129 英维克具备三大核心优势：第一，全链条、全资源布局能力，涵盖从服务器内 到机柜再到机房的一整套产品；第二，数据中心解决方案能力，对数据中心有 深刻理解；第三，先发优势，在全球市场中率先获得入场券并持续推进。此外， 其主营业务聚焦于温控散热，包括风冷和液冷全系列产品，并且其技术研发团 队背景深厚。 摘要 英维克具备全链条、全资源布局能力，涵盖服务器内部到机柜再到机房 的完整液冷解决方案，这使其在市场中拥有显著优势。 英维克拥有深厚的数据中心解决方案能力，对数据中心的需求和挑战有 深刻理解，这对于提供定制化和高效的液冷解决方案至关重要。 作为国内首家进入英伟达（NV）液冷供应链的公司，英维克的产品已获 得行业巨头认可，证明其技术实力和产品质量。 英维克与谷歌联合发布了 2 兆瓦 CDU，并在 OCP 展会上获得谷歌 Logo 加持，表明其已成为谷歌的核心一级供应商，进一步巩固了市场地位。 液冷技术在 AI 时代有望成为标配，英维克凭借先发优势和技术积累，有 望在液冷市场快速增长中占据领先地位。 尽管海外市场竞争可能加剧，但英维克现阶段的首要任务是抢占市场份 额，一旦获得认可，其供应商地位将 ...

1月30日，英维克涨5.03%，截至发稿，报104.35元/股，成交16.49亿元，换手率1.89%，总市值1019.04 亿元。 资料显示，深圳市英维克科技股份有限公司位于广东省深圳市龙华区观澜街道观光路1303号鸿信工业园 9号厂房1-3楼，成立日期2005年8月15日，上市日期2016年12月29日，公司主营业务涉及精密温控节能 设备的研发、生产、销售;轨道交通列车空调、架修及维护服务、传统客车空调等。主营业务收入构成 为：机房温控节能产品52.50%，机柜温控节能产品36.00%，其他9.82%，轨道交通列车空调及服务 0.93%，客车空调0.75%。 从基金十大重仓股角度 数据显示，南华基金旗下1只基金重仓英维克。南华科技创新混合发起A（024476）四季度持有股数 2000股，占基金净值比例为1.88%，位居第五大重仓股。根据测算，今日浮盈赚取约1万元。 责任编辑：小浪快报 南华科技创新混合发起A（024476）成立日期2025年9月24日，最新规模993.4万。今年以来收益 4.11%，同类排名5588/8872；成立以来收益0.61%。 南华科技创新混合发起A（024476）基金经理为徐超、王 ...

Group 1: Key Insights - The report highlights multiple positive catalysts for the electronics sector, particularly for Huadian Co., Ltd. (002463), including the upcoming financial disclosures from overseas cloud vendors and domestic supply chain performance forecasts, which will validate the sustainability of computing power demand and industry prosperity [4] - The defense and military industry, represented by Guoke Military Industry (688543), is transitioning from conventional ammunition to intelligent and information-based ammunition, positioning the company to benefit from high industry demand and military trade orders, which are expected to drive significant growth [4] - In the pharmaceutical and biotechnology sector, Huan Huang Pharmaceutical (0013.HK) is advancing its ATTC platform with candidates entering clinical trials, including HMPL-A251, which is a first-in-class drug, and is also expanding the indications for existing drugs, indicating strong future growth potential [5] Group 2: Company-Specific Analysis - Wan Hua Chemical (600309) is reinforcing its position as a global leader in polyurethane, with significant market shares in MDI and TDI, and is expected to enhance profitability through strategic partnerships and cost advantages in its petrochemical segment [6] - Su Kan Agricultural Development (601952) anticipates a slight decline in 2025 profits due to falling grain prices, but expects a recovery driven by rising grain prices and increased farmland area through land transfer initiatives [7] - Yingwei Technology (002837) is poised for substantial growth in the server liquid cooling market, with expectations of doubling industry growth in 2026 and 2027, supported by orders from major overseas clients [8] Group 3: Financial Performance and Projections - China Pacific Insurance (601601) demonstrated strong resilience with a 11% year-on-year increase in net profit to 27.9 billion yuan, driven by robust growth in new business value in its life insurance segment [8] - Jin Jiang Shipping (601083) reported a 64% year-on-year increase in net profit for Q3, indicating strong performance relative to peers, with expectations for continued growth [8] - Xiaoshangcheng (600415) is benefiting from increased rental income and new merchant additions, with projections for profit doubling in 2026 due to enhanced service offerings and improved gross margins [8]