9 February 2026 | 12:18AM EST Equity Research Bottom line: (1) Robust AI-driven demand & disciplined supplier actions should keep DRAM supply tight & prices elevated for the next ~2 years; (2) AI infrastructure buyers are likely to absorb higher memory costs in order to prioritize on-time GPU deliveries; (3) Beyond constraints in DRAM, several other critical data center physical infrastructure components also face multi-month to multi-year backlogs. Katherine Murphy +1(212)902-1151 | katherine.a.murphy@gs.c ...

据 Cointelegraph 报道，The Open Network Foundation 推出支付 SDK TON Pay，旨在将 Telegram 打造为 TON 生态的加密结账层。TON Pay 支持 Telegram Mini Apps 直接接受 Toncoin 及 USDT 支付，初期将 聚焦 Mini Apps，后续计划扩展至网页端，并支持订阅、免 Gas 交易及本地法币出入金等功能。 （来源：吴说） ...

（来源：吴说） Tether 宣布战略投资 t-0 network，以支持基于 USDT 的跨境支付结算平台。t-0 network 面向持牌金融机 构，利用稳定币作为结算基础，实现低成本的跨境法币对法币支付，通过单一 API 进行对接，并仅对 净额进行结算，以降低外汇风险和资本占用。 ...

日本金融巨头 SBI Holdings 宣布与 Startale Group 合作，推出面向代币化股票的 Layer 1 区块链 Strium Network 概念验证（PoC）。Strium 定位为"亚洲链上证券市场的基础交易层"，主打 7×24 小时交易、快 速跨境结算及 DeFi 可组合性。双方此前已宣布合作开发日元稳定币及 RWA 交易平台，并计划近期上 线测试网。Startale 为索尼 L2 项目 Soneium 的核心研发方，同时运营日本公链 Astar Network。（The Block） （来源：吴说） ...

Summary of China Internet AI Labs Conference Call Industry Overview - The conference call focused on the AI lab sector within the China Internet industry, specifically discussing the recent IPOs of Z.ai (also known as Zhipu, Knowledge Atlas) and Minimax, which have significantly influenced AI sentiment in China since January 2026 [1][11]. Key Companies - **Z.ai**: Focuses on enterprise and developer markets, primarily offering on-premise solutions. Reported significant revenue growth and has been recognized for its model development progress [2][17]. - **Minimax**: Initially focused on consumer applications, now pivoting towards enterprise solutions. It has reported substantial revenue growth and aims for international expansion [3][14]. Core Insights and Arguments - **Market Sentiment**: The IPOs of Z.ai and Minimax have led to a surge in AI-related investments, with Z.ai and Minimax shares increasing by 101% and 196% respectively since their listings [11]. - **Model Development**: Both companies are positioned as "model as a product" entities, with their latest models ranking highly on global benchmarks. Z.ai's GLM-4.7 and Minimax's M2.1 models are noted for their competitive performance [12][28]. - **Revenue Growth**: Z.ai reported a 325% year-on-year revenue growth for H1 2025, while Minimax reported a 175% increase for 9M 2025, indicating strong market demand despite low initial revenue bases [12][64]. - **Economic Viability**: The companies are expected to maintain solid gross margins (60-70%) and are focusing on leveraging model training costs to enhance profitability. The anticipated increase in training spend at over 30% CAGR is seen as a positive indicator for growth [4][53]. Strategic Directions - **Minimax's Shift**: The company is transitioning from consumer-focused applications to enterprise solutions, with 73% of its revenue coming from overseas markets in 9M 2025. This pivot is driven by the need to compete against larger domestic players [3][14][49]. - **Z.ai's Focus**: Z.ai continues to prioritize enterprise clients, with 85% of its revenue from on-premise deployments. The company has a strong customer base, with 8,000 enterprise clients as of H1 2025 [19][66]. Financial Metrics - **Valuation Comparisons**: The conference highlighted the valuation metrics of various companies within the China Internet sector, with Tencent and Alibaba being top picks. Z.ai and Minimax's financials suggest a path to breakeven at revenue scales between $500 million to $1 billion [8][54]. - **Cost Structures**: Both companies face significant costs related to cloud hosting and compute, with Minimax's cloud costs representing 85.1% of revenue in 2024. R&D expenses are also substantial, with Minimax and Z.ai spending $180 million and RMB 1.6 billion respectively on R&D through their recent reporting periods [67][68]. Additional Insights - **Investor Sentiment**: There is a strong market appetite for AI investments, although some investors express concerns about high valuations based on price-to-ARR multiples. The ongoing competition from established players like Tencent and Alibaba poses challenges for new entrants [5][56]. - **Future Outlook**: The ability of both companies to deliver competitive next-generation models will be crucial for their success. The anticipated launch of new models in Q1 2026 is expected to drive further growth [52][53]. Conclusion - The conference call provided valuable insights into the evolving landscape of AI labs in China, highlighting the competitive dynamics, growth strategies, and financial health of Z.ai and Minimax. The overall sentiment remains bullish, with expectations for continued innovation and market expansion in the AI sector [7][11].

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Networking and Telecom Equipment - **Key Trends**: The report emphasizes the critical role of AI in driving demand for networking infrastructure, with projections indicating AI networking spend will grow at a 28% CAGR through 2029, reaching $56.6 billion [1][45]. Core Insights - **AI as a Structural Shift**: AI is described as a disruptive technology that fundamentally alters business operations, creating a durable demand cycle for compute, storage, and networking infrastructure [1][8]. - **Cautious Outlook**: Despite the long-term growth potential, the report advises caution due to high valuations, decelerating hyperscaler Capex growth from 68% in 2025 to 39% in 2026, and risks associated with order trends and backlog levels [2][4][35]. Company-Specific Insights - **Ciena**: Downgraded from Buy to Neutral due to concerns over peaking backlog levels and high expectations despite revenue growth guidance being raised to 24% for 2026 [4][36][63]. - **Arista**: Expected to maintain strong near-term trends with upside to revenue growth estimates, but faces risks from high valuations and potential order sensitivity [4][36][75]. - **Cisco**: Provides a solid risk/reward profile but is not a pure play on AI deployments; guidance is considered conservative, suggesting potential upside [4][36]. Challenges in AI Adoption - **Enterprise Readiness**: Companies face hurdles in adopting agentic AI, including data readiness, operational controls, cybersecurity measures, and a shift in pricing models from predictable to consumption-based [3][32][33]. - **Investment Risks**: The report flags risks related to high capital intensity ratios among hyperscalers, with significant Capex-to-revenue ratios raising sustainability concerns [17][18][19]. Market Dynamics - **Valuation Concerns**: Networking stocks are trading at elevated levels, with Ciena and Arista trading at or above 40x forward P/E, significantly higher than historical averages [36][81]. - **Order and Backlog Sensitivity**: Future stock performance is expected to be more sensitive to order trends and backlog rather than revenue growth, raising concerns about meeting high expectations [35][36]. Comparisons to Dot-Com Era - **Bubble-Like Characteristics**: The current investment cycle shares similarities with the late-1990s dot-com era, including rapid Capex growth and high valuations, but the structural foundation is considered stronger today [37][41]. - **Differences**: Unlike the dot-com era, current AI infrastructure is processing real traffic at high utilization rates, and hyperscalers already generate significant revenues from cloud and AI services [41][40]. Future Projections - **Networking Capex Trends**: Expected to decelerate from 40% YoY growth in 2025 to 26% in 2026, with evolving architectural needs driving demand for AI networking [42][44]. - **Optical Networking Growth**: Significant growth projected in optical networking, particularly with the adoption of 800G pluggables, expected to grow at an 83% CAGR through 2030 [66][62]. Conclusion - **Cautious Optimism**: While AI presents significant opportunities for growth in networking infrastructure, the combination of high valuations, potential order sensitivity, and challenges in enterprise adoption necessitates a cautious approach as the industry heads into 2026 [35][36].

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The report centers on the **China Technology and Communications** sector, with a specific emphasis on AI opportunities in computing, networking, edges, and agents [1][30]. - **Market Outlook**: Despite three years of outperformance compared to MSCI China, there are high expectations and macro/sector risks anticipated for 2026 [1]. Core Insights and Arguments - **Valuation Trends**: H shares are preferred over A shares, with H shares trading 0.5 standard deviations above the 10-year historical forward P/E averages, while A shares are trading above 2 standard deviations [1][30]. - **AI Opportunities**: The report emphasizes embracing AI opportunities across various sectors, particularly in computing and networking, with localization in China being a significant factor [1]. - **Risks Identified**: Key risks include upstream supply issues, material cost increases, and downstream project delivery challenges [1]. - **Stock Recommendations**: - **Hardware/Components**: Luxshare, DSBJ, Lens Tech, Conant, TCL are preferred. - **Semiconductors**: Montage is highlighted. - **Software**: Kingdee is favored. - **Communication Infrastructure**: Eoptolink and TFC are recommended [1][2]. Market Projections - **Smartphone Shipments**: A forecasted decline of 5% YoY for global and China smartphone shipments in 2026, with an increase in average selling price (ASP) by 7% and 5% respectively [1]. - **Foldable Smartphones**: Anticipated shipments of foldable smartphones are projected to reach 20 million in 2025, 29 million in 2026, and 45 million in 2027, driven by the foldable iPhone [1]. - **Camera Lens Shipments**: Expected to reach 4.4 billion units in 2025, with a slight decline to 4.2 billion in 2026, and back to 4.4 billion in 2027 [1]. - **AI Glasses**: Global shipments are expected to reach 15 million in 2026, representing a 123% YoY increase [1]. - **AI-PCB Demand**: Total demand for AI-PCB is projected to be RMB 96 billion (US$ 13 billion) in 2026, with a growth rate of 101% YoY [1]. - **Optical Transceiver Market**: Expected to reach US$ 37.4 billion in 2026, with significant shipment increases [1]. Subsector Preferences - **Sector Performance**: Semiconductor sector is expected to lag behind hardware and communication infrastructure, with a projected earnings growth of 52% YoY for semiconductors in 2026 [23]. - **Investment Strategy**: Preference for semiconductor stocks, followed by communication and hardware, with IT services and software being the least favored [1][30]. Additional Insights - **Foreign Investment Trends**: Increased foreign investment in A-share tech names, with a notable rise in holdings in the overall A-share technology sector [13]. - **IPO Activity**: Anticipation of several IPOs in 1H26, which could provide quality tech names for investors [1][30]. - **Market Volatility**: Expected volatility in 1H26 due to high expectations for AI and potential market corrections [30]. This summary encapsulates the critical insights and projections from the conference call, providing a comprehensive overview of the China Technology and Communications sector's outlook for 2026.

Core Viewpoint - Mask Network has officially become the new steward of Lens Community, aiming to advance decentralized social networking towards mainstream adoption [1] Group 1: Company Initiatives - Mask Network has been building a bridge from Web2 to Web3 social platforms and has supported decentralized social ecosystems like Mastodon [1] - The focus will be on creating more user-friendly products and fostering community culture on the open, permissionless infrastructure established within the Lens community [1] Group 2: Product Development - MaskDAO, under Mask Network, has launched products aimed at creators and communities, including Orb Club and Firefly, which are now operational within the ecosystem [1]

Summary of Key Points from the Conference Call Industry Overview - The focus of the conference call was on the **data center and networking equipment market** for the years **2026/27** with insights from **650 Group** [1] Core Insights and Arguments - **AI-driven Networking and Compute Spend**: The outlook remains elevated, driven by new XPUs, 800G network upgrades, and continued investments in scaling technologies [2][3] - **Networking Vendors**: Companies like **Arista (ANET)** and **Celestica (CLS)** are well-positioned to benefit from the adoption of 800G networking by hyperscalers in 2026/27 [2][3] - **Meta's Investment**: It is expected that **Meta's** spending on networking will significantly increase in 2026/27 after two years of under-investment, benefiting partners like ANET, CLS, and **Cisco (CSCO)** [3] - **Ethernet Networking Adoption**: Wider adoption in **Microsoft AI clusters** is anticipated to start in 2027, with 2026 still focused on existing Infiniband infrastructure [3] - **Scale Across Demand**: There is robust demand for connecting more data halls across geographies, primarily driven by Ethernet, although Infiniband demand will persist [3] Additional Important Insights - **Connector and Cabling Growth**: A significant increase in connector and cabling content per rack is expected with the introduction of **Rubin/Rubin Ultra**, compared to **Blackwell**. This growth is attributed to rising product complexity and sophisticated pin designs, benefiting companies like **Amphenol (APH)** and **TE Connectivity (TEL)** [2][5] - **Long-term Growth in Optics**: There is a positive outlook for optics, with recent transactions like **Amphenol - CCS** indicating strong growth potential [5] - **Cooling Technology**: The industry is expected to become more efficient, with new cooling technologies needed at 1 MW [5] - **Hyperscaler Preferences**: Hyperscalers are likely to continue using a mix of best-in-breed and white-box solutions, while enterprises may prefer reference-design systems from vendors with strong channel presences [6] Company Recommendations - **Buy Ratings**: The following companies have been assigned buy ratings: - **Amphenol Corp.** (Buy, $154.22) - **Arista Networks Inc.** (Buy, $130.59) - **Celestica Inc.** (Buy, $313.53) - **Flex** (Buy, $66.59) - **TE Connectivity Plc** (Buy, $241.92) [13] This summary encapsulates the key points discussed during the conference call, highlighting the trends, company positions, and market outlook for the data center and networking equipment industry.

Group 1 - Smartwool, a functional outdoor brand under VF Corporation, has officially opened its first store in Beijing, aiming to meet the diverse needs of Chinese consumers [1][3] - The opening of the Smartwool store is part of VF Corporation's strategy to adapt to consumer trends and enhance retail and service experiences in the Chinese market [3][8] - Smartwool has been committed to using fine Merino wool combined with exclusive blending technology since its establishment in 1994, creating lightweight and comfortable fabrics [3][10] Group 2 - Smartwool offers a comprehensive range of outdoor products, including apparel and specialized socks for various outdoor activities such as trail running, hiking, and skiing [4][10] - The brand aims to cater to both seasoned outdoor enthusiasts and urban explorers, providing equipment that meets individual needs for outdoor adventures [4][10] - The store opening marks a new phase in VF Corporation's development in China and is a key initiative in its localization strategy [8] Group 3 - VF Corporation, founded in 1899, operates a portfolio of leading outdoor, sports, and lifestyle brands, generating nearly $10 billion in annual sales and employing over 30,000 people [9] - The company emphasizes five core values: Trust and Integrity, Consumer First, Embrace the Now, Growth Mindset, and Win Together, focusing on innovation and adapting to changing consumer demands [9] - Smartwool's philosophy of "行远，知优" (Go far, know excellence) reflects its commitment to sustainable practices and a vibrant outdoor lifestyle [10]