Investment Rating - Industry rating: Recommended [5] Core Insights - The recent surge in China's AI models during the "Spring Festival" has shifted the focus from general chat tools to vertical productivity tools and real agent implementations, particularly in industrial video generation and engineering-level programming [1][13] - Major players like ByteDance, Alibaba, and Zhipu AI are leading the market, with competition now centered on efficiency, cost control, and scene adaptation rather than just parameter scale [1][13] - The demand for computing power is expected to boost hardware and computing rental markets, benefiting companies involved in computing leasing and third-party data centers [2][14] Summary by Sections Section 1: AI Model Developments - Multiple flagship models were released during the Spring Festival, enhancing capabilities in video and programming applications, with significant improvements in quality and efficiency [7][13] - ByteDance's Seedance 2.0 model supports multi-modal input and has shown substantial advancements in generating complex interactions and maintaining physical accuracy [8][9] - Alibaba's Qwen3.5-Plus model has achieved breakthroughs in multi-modal capabilities and cost efficiency, making it competitive with leading models globally [10][11] Section 2: Market Outlook - The current market is experiencing liquidity concerns and changing capital expenditure expectations from overseas players like OpenAI, leading to a cautious outlook for the AI sector [3][15] - The AI development phase is seen as a critical acceleration period, with increasing demand for token usage and ongoing expansion of foundational computing infrastructure [3][15] Section 3: Recommended Investment Targets - Key investment opportunities include companies in computing and communication infrastructure, such as China Mobile, China Telecom, and third-party data center firms like Huohuan New Network and Data Port [15][17] - The report highlights the potential of low-orbit satellite components and chip suppliers in the commercial aerospace sector [3][15] - Recommendations also extend to edge computing firms and those involved in satellite internet and low-altitude economy sectors [17][19]

Quantitative Models and Construction Methods 1. Model Name: 250-Day New High Distance Model - **Model Construction Idea**: This model tracks the distance of stock prices or indices from their 250-day high to identify market trends and hotspots. It is based on the momentum and trend-following strategy, which has been proven effective in various studies[11][18]. - **Model Construction Process**: The 250-day new high distance is calculated as follows: $ 250\text{-day new high distance} = 1 - \frac{Close_t}{ts\_max(Close, 250)} $ Where: - $ Close_t $ is the latest closing price - $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days If the latest closing price reaches a new high, the distance is 0. If the price falls from the high, the distance is a positive value, representing the degree of decline[11]. - **Model Evaluation**: The model effectively identifies stocks and indices with strong momentum and highlights market leaders, aligning with the principles of momentum investing[11][18]. 2. Model Name: Stable New High Stock Selection Model - **Model Construction Idea**: This model focuses on selecting stocks that exhibit stable price paths and consistent momentum, as smoother price trajectories tend to yield stronger momentum effects[24]. - **Model Construction Process**: Stocks are filtered from the pool of those that hit a 250-day high in the past 20 trading days. The selection criteria include: - Analyst attention: At least 5 buy or overweight ratings in the past 3 months - Relative strength: Top 20% in 250-day price performance - Price stability: Evaluated using the following metrics: - Absolute value of price changes over the past 120 days - Sum of absolute daily price changes over the past 120 days - Momentum continuity: - Average 250-day new high distance over the past 120 days - Average 250-day new high distance over the past 5 days The top 50 stocks based on these criteria are selected[24][26]. - **Model Evaluation**: The model emphasizes smooth price trajectories and consistent momentum, which are less likely to attract excessive attention, thereby enhancing the momentum effect[24]. --- Model Backtesting Results 1. 250-Day New High Distance Model - **Indices' 250-Day New High Distance (as of February 13, 2026)**: - Shanghai Composite Index: 2.00% - Shenzhen Component Index: 2.35% - CSI 300: 2.72% - CSI 500: 3.51% - CSI 1000: 3.14% - CSI 2000: 2.54% - ChiNext Index: 3.32% - STAR 50 Index: 5.50%[12][13]. 2. Stable New High Stock Selection Model - **Selected Stocks**: 50 stocks were identified, including Zhongtung High-tech, Dike Co., and Xiechuang Data. - **Sector Distribution**: - Technology: 21 stocks (most from the electronics industry) - Manufacturing: 16 stocks (most from the machinery industry)[27][32]. --- Quantitative Factors and Construction Methods 1. Factor Name: 250-Day New High Distance - **Factor Construction Idea**: Measures the relative position of a stock's price to its 250-day high, capturing momentum and trend-following characteristics[11]. - **Factor Construction Process**: $ 250\text{-day new high distance} = 1 - \frac{Close_t}{ts\_max(Close, 250)} $ Where: - $ Close_t $ is the latest closing price - $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days[11]. - **Factor Evaluation**: The factor effectively identifies stocks with strong momentum and aligns with established momentum strategies[11][18]. 2. Factor Name: Price Stability - **Factor Construction Idea**: Evaluates the smoothness of a stock's price trajectory, as smoother paths are associated with stronger momentum effects[24]. - **Factor Construction Process**: - Absolute value of price changes over the past 120 days - Sum of absolute daily price changes over the past 120 days[24]. - **Factor Evaluation**: The factor highlights stocks with stable price movements, which are less likely to attract excessive attention, enhancing the momentum effect[24]. --- Factor Backtesting Results 1. 250-Day New High Distance Factor - **Indices' 250-Day New High Distance (as of February 13, 2026)**: - Shanghai Composite Index: 2.00% - Shenzhen Component Index: 2.35% - CSI 300: 2.72% - CSI 500: 3.51% - CSI 1000: 3.14% - CSI 2000: 2.54% - ChiNext Index: 3.32% - STAR 50 Index: 5.50%[12][13]. 2. Price Stability Factor - **Selected Stocks**: 50 stocks were identified, including Zhongtung High-tech, Dike Co., and Xiechuang Data. - **Sector Distribution**: - Technology: 21 stocks (most from the electronics industry) - Manufacturing: 16 stocks (most from the machinery industry)[27][32].

- The report introduces a quantitative model called "250-day new high distance" to track market trends and identify market hotspots. The model is based on momentum and trend-following strategies, emphasizing the effectiveness of stocks reaching new highs as market indicators. The formula for calculating the 250-day new high distance is: $ 250\text{-day new high distance} = 1 - \frac{Close_t}{ts\_max(Close, 250)} $ where $ Close_t $ represents the latest closing price, and $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days. If the latest closing price reaches a new high, the distance is 0; otherwise, it is a positive value indicating the degree of fallback from the new high[11][12][13] - The report evaluates the model positively, citing its ability to capture market trends and identify leading stocks that perform well during market uptrends. It references studies by [George@2004], William O'Neil, and Mark Minervini, which support the idea that stocks near their 52-week highs tend to outperform those far from their highs[11][18][21] - The report provides backtesting results for the 250-day new high distance model. As of February 13, 2026, 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 have respective 250-day new high distances of 2.00%, 2.35%, 2.72%, 3.51%, 3.14%, 2.54%, 3.32%, and 5.50%[12][31] - The report introduces a quantitative factor called "Stable New High Stocks" to identify stocks with smooth price paths and consistent momentum. The factor construction involves screening stocks that have reached a 250-day new high in the past 20 trading days and applying criteria such as analyst attention (at least five buy or overweight ratings in the past three months), relative price strength (top 20% in 250-day returns), price path smoothness (measured by price displacement ratio), and sustained new high performance (average 250-day new high distance over the past 120 days and past 5 days)[24][26][27] - The report evaluates the factor positively, citing research by [Turan G Bali, Nusret et al@2011] and [Da, Gurun et al@2012], which highlight the superior performance of stocks with smooth price paths and strong momentum. The factor is designed to capture these characteristics effectively[24][26][27] - Backtesting results for the "Stable New High Stocks" factor show that 50 stocks were selected based on the criteria, with the highest representation in the technology and manufacturing sectors. Specifically, 21 stocks from the technology sector (dominated by the electronics industry) and 16 stocks from the manufacturing sector (dominated by the machinery industry) were included[27][32][30]

Group 1 - The report tracks stocks, industries, and sectors reaching new highs, indicating market trends and hotspots [1][4] - As of February 13, 2026, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 2.00%, Shenzhen Component Index 2.35%, CSI 300 2.72%, CSI 500 3.51%, CSI 1000 3.14%, CSI 2000 2.54%, ChiNext Index 3.32%, and STAR 50 Index 5.50% [5][24] - Among the CITIC first-level industry indices, construction materials, machinery, light industry manufacturing, petroleum and petrochemicals, and media industries are closest to their 250-day new highs, while food and beverage, banking, comprehensive finance, pharmaceuticals, and agriculture indices are further away [8][24] Group 2 - As of February 13, 2026, a total of 1,390 stocks reached a 250-day new high in the past 20 trading days, with the most new highs in the machinery, electronics, and basic chemicals sectors [2][12] - The highest proportion of new high stocks is found in non-ferrous metals, petroleum and petrochemicals, and steel industries, with respective proportions of 66.67%, 62.75%, and 39.62% [12][15] - The manufacturing and technology sectors have the most stocks reaching new highs this week, with 433 and 396 stocks respectively [15] Group 3 - The report identifies 50 stocks with stable new highs, including Zhongtung High-tech, Dike Co., and Xiechuang Data, primarily from the technology and manufacturing sectors [3][20] - The technology sector has the most new high stocks, particularly in the electronics industry, while the manufacturing sector has the most in the machinery industry [20][25]

Group 1 - The report identifies Huabao Fund Management's Chi Chuang Data (300857.SZ) as the best convergence stock for the Chi Chuang Artificial Intelligence ETF (159363.SZ), which is expected to enter a high growth phase starting in 2023, with a projected PE ratio of 22 times based on the expected net profit for 2023 [2][8] - As of February 9, 2026, Chi Chuang Data's stock price reached a maximum of 238 CNY per share, closely aligning with the estimated fundamental value of 231.71 CNY per share under the 22 times PE valuation for 2028, indicating the reasonableness of this pricing basis [2][8] - The performance of Chi Chuang Data since November 2025 has been consistent with the trend of the Chi Chuang Artificial Intelligence Index, although the individual stock has shown greater volatility [3][9] Group 2 - From November 1, 2025, to February 9, 2026, the dynamic allocation strategy for the Chi Chuang Artificial Intelligence ETF achieved a final return of 14.72% with a maximum drawdown of 4.06%, indicating that while the dynamic strategy's returns and drawdowns were lower than a buy-and-hold strategy, its Sharpe ratio remained superior [3][9] - The report emphasizes the importance of dynamic position management based on the fundamental value range of Chi Chuang Data for the Chi Chuang Artificial Intelligence ETF [3][9]

证券代码：300857 证券简称：协创数据 公告编号：2026-025 协创数据技术股份有限公司 关于公司为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 协创数据技术股份有限公司（以下简称"公司"）及控股子公司 对外提供担保总额超过公司最近一期经审计净资产的 100%，前述担 保均为对合并报表范围内单位提供的担保，处于公司可控范围内，敬 请广大投资者充分关注并注意投资风险。 一、担保情况概述 公司分别于 2025 年 3 月 28 日、2025 年 4 月 21 日召开第三届董 事会第三十三次会议、2024 年度股东会，审议通过了《关于公司及 子公司 2025 年度向银行等金融机构申请综合授信暨有关担保的议 案》，同意公司及合并报表范围内子公司向银行等金融机构申请总计 不超过人民币 1,250,000 万元或等值外币的授信额度。授信额度期限 为自公司2024年度股东会审议通过之日起至2025年度股东会召开之 日止（授信银行、授信额度及授信期限将以最终银行等金融机构实际 审批为准），该授信项下额度可循环使用，公司在该授 ...

Core Viewpoint - The company, Xiechuang Data, announced a plan to purchase servers worth up to 11 billion RMB to enhance its cloud computing services, marking a significant investment in its core business development [1] Group 1: Procurement Announcement - On February 12, Xiechuang Data announced plans to procure servers from multiple suppliers, with a total expected expenditure not exceeding 11 billion RMB [1] - The servers will primarily be used to provide cloud computing services, which is a normal operational requirement for the company [1] - This procurement is expected to significantly support the company's main business development and enhance its market expansion and computing service system [1] Group 2: Historical Investment in Computing Power - This 11 billion RMB procurement is not the first major investment in computing power by Xiechuang Data; since 2025, the company has announced five previous purchases of computing power servers, totaling 21.2 billion RMB [1] - Including the current procurement plan, the total announced investment in server purchases has reached 32.2 billion RMB [1] Group 3: Company Overview and Business Growth - Xiechuang Data was established in November 2005 and went public on the Shenzhen Stock Exchange's Growth Enterprise Market in July 2020 [1] - The company specializes in developing advanced hardware and software solutions, offering integrated products and services across various fields, including IoT smart terminals, data storage devices, smart storage, intelligent IoT, cloud services, and computing servers [1] - The company has experienced continuous growth in performance due to steady progress in its storage business, accelerated growth in server and intelligent business, and cost reductions driven by supply chain optimization [1] Group 4: Financial Performance - In 2022, the company achieved total revenue of 3.148 billion RMB and a net profit attributable to shareholders of 131 million RMB [2] - In 2023, revenue reached 4.658 billion RMB, a year-on-year increase of 47.95%, with a net profit of 287 million RMB, reflecting a year-on-year growth of 119.46% [2] - For 2024, the company expects continued rapid growth, projecting revenue of 7.410 billion RMB, a year-on-year increase of 59.08%, and a net profit of 692 million RMB, a year-on-year increase of 140.80% [2] - The 2025 earnings forecast indicates a net profit attributable to shareholders of 1.05 billion to 1.25 billion RMB, representing a year-on-year growth of 51.78% to 80.69%, although the growth rate is expected to slow compared to the previous two years [2]

Group 1 - Major shareholder Han Yuanfu of Dayuan Pump Industry plans to reduce his stake by up to 3%, totaling no more than 5.595 million shares [1] - Hainan Highway, a shareholder of Haikou Group, intends to increase its stake in the company by no less than 40 million yuan and no more than 50 million yuan [2] - China Communications Construction Company signed new contracts worth 1.883672 trillion yuan in 2025, a year-on-year increase of 0.13% [3] Group 2 - The controlling shareholder of Quzhou Development proposed to repurchase shares worth between 100 million and 200 million yuan [4] - Shareholder Huang Song of Huibo Pu plans to reduce his stake by up to 1%, totaling no more than 1.3372 million shares [5] - The board secretary of Fusenmei has had his detention lifted and is now under investigation, allowing him to resume his duties [6] Group 3 - YN Holdings clarified that its investment target does not belong to the sectors of computing chip manufacturing, computing leasing, or cloud services [7] - Shareholder Euro Star Diamond plans to reduce its stake in Laishen Tongling by up to 3%, totaling no more than 1.029 million shares [8] - Shareholder Zhu Guangkui of Demar Technology plans to reduce his stake by up to 3%, totaling no more than 791.24 million shares [10] Group 4 - Newnow's subsidiary received approval for clinical trials of drug SYS6023 for breast cancer treatment [11] - Ruipubio plans to invest 295 million yuan to establish a merger and acquisition industry fund focusing on animal health and biomedicine [12] - Shareholder Ningbo Hutong plans to reduce its stake in Huitong Energy by up to 1%, totaling no more than 206.28 million shares [13] Group 5 - Chengda Bio's high-dose influenza virus vaccine has received approval for clinical trials [14] - Kang En Bei's subsidiaries participated in the national centralized procurement process, with selected drugs expected to generate 385 million yuan in sales in 2024 [15] - Weitang Industrial signed a strategic cooperation framework agreement with Amphenol to enhance product development and market collaboration [16] Group 6 - Terui De is the first candidate for a 137 million yuan EPC general contracting project [17] - Chen Zhan Optoelectronics plans to invest 650 million yuan to establish an overseas smart manufacturing base [19] - Zhang Yi Technology's AI short drama business revenue is expected to account for no more than 1% of total revenue in 2025 [20] Group 7 - Jiangshan Co. plans to reduce its stake by up to 3%, totaling no more than 4.3308 million shares [21] - Xie Chuang Data plans to procure servers from multiple suppliers, with a total expected expenditure of no more than 11 billion yuan [22] - Huaming Equipment is planning to issue H-shares and list on the Hong Kong Stock Exchange [23] Group 8 - Wenzhou Hongfeng plans to raise no more than 450 million yuan through a private placement for expansion projects [24] - Yingkerui plans to raise no more than 379 million yuan for various projects including smart power supply systems [25] - Jingrui Electric Materials plans to invest 600 million yuan to build a key materials base for the integrated circuit manufacturing industry [26] Group 9 - Beijing Bank's chairman resigned due to age [27] - Youkeshu's actual controller plans to increase his stake by no less than 50 million yuan and no more than 100 million yuan [28] - Hanbo High-tech's subsidiary plans to acquire assets to enter the wet electronic chemicals industry [29] Group 10 - Jia Mei Packaging clarified that its capital operations related to Magic Atom will be independent of the listed company [30] - International Composite Materials confirmed that electronic-grade glass fiber is a key raw material for PCBs [31] - Zhongyin Fashion plans to procure hardware simulation accelerators for 9.385 million USD [32] Group 11 - Haohai Biotechnology's shareholder plans to reduce his stake by up to 0.4337% [33] - United Optoelectronics plans to sign a framework contract with Lingzhi Cloud Creation for robot assembly services [34] - Qianfang Technology's major shareholder plans to reduce its stake by up to 1.5%, totaling no more than 2.36507 million shares [35] Group 12 - Xiamen Airport plans to acquire 100% of Zhaoxiang Technology for 1.193 billion yuan [36] - Tuoshan Heavy Industry plans to acquire 51% of Xin Kaiyuan for 219 million yuan [38] - Shenkai Co. plans to repurchase shares worth between 40 million and 80 million yuan [39] Group 13 - Hushun Co. plans to invest 3.3 billion yuan in a high-end PCB production project [40] - Zhengzhou Bank appointed Wang Sentao as vice president, pending regulatory approval [41]

——公司授信再提升，公司新增银行授信110亿元，累计获得银行授信515亿元（125+80+40+160+110）. ——新增20亿金融租赁资金支持，子公司速极算 下游需求景气度炸裂_算力投入再再再加码 ——算力投入再加码，公司新增服务器采购110亿，累计算力投入已超过322亿元（30+40+12+40+90+110）。 【国金计算机&科技】协创数据：算力投入再再再加码，2026策马狂骉 下游需求景气度炸裂_算力投入再再再加码 ——算力投入再加码，公司新增服务器采购110亿，累计算力投入已超过322亿元（30+40+12+40+90+110）。 ——公司授信再提升，公司新增银行授信110亿元，累计获得银行授信515亿元（125+80+40+160+110）. ——新增20亿金融租赁资金支持，子公司速极算谷与光大金租签署10亿元融资租赁合同，协创腾算与光大金租签 10亿元融资租赁合同。 【国金计算机&科技】协创数据：算力投入再再再加码，2026策马狂骉 公司从存储大厂原厂拿颗粒做成模组、回收海外服务器的存储模组，下游服务头部终端大厂和云大厂，存储价格 水涨船高态势下，利润弹性大。 24年公司存储收入44.57亿元 ...

Group 1 - Gold and silver prices experienced significant declines, with spot gold dropping to $4,890 per ounce, a decrease of 0.68%, and spot silver falling by 10.89% to $75.0942 per ounce [1] - China Shenhua's acquisition plan was approved, allowing the company to issue shares to purchase assets and raise up to 20 billion yuan, with a total transaction value of 133.598 billion yuan [6] - Double Good Energy received a regulatory warning after a social media post led to a surge in stock price, claiming new overseas orders for equipment used in SpaceX projects [4] Group 2 - Henan Jiachen Intelligent Control Co., Ltd. successfully passed the listing review, marking the fourth company from Henan to achieve this in two months [2] - Shenzhen released an "Artificial Intelligence + Advanced Manufacturing Action Plan" aiming to establish a national AI application pilot base by 2027 [8][9] - The automotive industry is facing new compliance guidelines to regulate pricing behaviors, aiming to maintain fair competition [12] Group 3 - Huaxia Bank reported a decline in net profit by 1.72% for the year 2025, with total profit down by 4.75% [21] - Xiamen Airport plans to acquire 100% of Zhaoxiang Technology for 1.193 billion yuan as part of its strategic transition with the new airport [24][25] - Chengdu-based aerospace company completed a D++ round financing of 5.037 billion yuan, indicating strong investor interest in the commercial space sector [16]