Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Insights - The company's long-term value is rooted in its sustainable core competitiveness, with a focus on systematic low-cost capabilities [2]. - The company effectively collaborates across "people, money, and operations" to drive strategic implementation and boundary expansion [3]. - Overseas expansion and industry chain extension open up growth opportunities, enhancing the stability and sustainability of the company's profitability [4]. Financial Forecast - The company is projected to achieve a net profit of between 125.68 billion to 234.88 billion yuan in 2026, and between 273 billion to 393 billion yuan in 2027. Revenue forecasts for 2025, 2026, and 2027 are 1344.18 billion, 1329.89 billion, and 1617.67 billion yuan respectively, with EPS of 2.84, 3.43, and 5.98 yuan, corresponding to PE ratios of 16.5, 13.6, and 7.8 times [8][60]. Cost Advantages - The company has established a unique "reciprocal two-way breeding" system, achieving 100% self-supply of breeding pigs [7]. - In feed, the company has reduced soybean meal usage to below half of the industry average through low-protein diets and optimized procurement strategies, maintaining feed costs at 55%-60% of total costs [7][20]. - The company has lowered its breeding costs to approximately 11.3 yuan/kg, leading the industry in cost efficiency [7]. Strategic Framework - The company has implemented a multi-tiered employee stock ownership plan and profit-sharing mechanisms to align employee interests with corporate goals [25][29]. - The financing strategy is closely aligned with strategic needs, with over 70% of funds from the 2019 private placement used for capacity expansion [7][33]. - Approximately 70% of funds are directed towards breeding projects, with operations covering 24 provinces and a slaughter capacity of about 30 million heads [7][42]. Growth Opportunities - The company is expanding into the Southeast Asian market, particularly Vietnam, leveraging its management and technical capabilities through a light-asset cooperation model [4][49]. - The slaughter business has crossed the breakeven point, with capacity utilization rising from about 25% during the downturn to 88.1% by Q3 2025, contributing to profit growth [7][57].

2026 年 02 月 06 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：32 分（较冷） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 | 1、《双融日报》2026-02-05 | | --- | | 2、《双融日报》2026-02-04 | | 3、《双融日报》2026-02-03 | ▌ 华鑫市场情绪温度指标：（较冷） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 32 分，市场情绪处于"较冷"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：电网设备、银行、消费 1、电网设备主题：全球 AI 数据中心（AIDC）耗电量巨大， 催生了对高功率、高稳定性变压器等核心电力设备的刚性需 求。目前全球供需严重失衡，美国市场交货周期已长达 127 周。与此同时，国内"十五五"期间，国家电网 4 万亿元的 巨额投资将重点投向特高压、智能化配电网等新型电力系 统，为行业带来了明确的长期订单支撑。相关标的：中国西 电（601179）、特变 ...

2026 年 02 月 05 日 公司业绩表现亮眼，AI 算力硬件与 AI 算力服务 业务双轮驱动 买入(首次) 事件 分析师：何鹏程 S1050525070002 hepc@cfsc.com.cn 联系人：石俊烨 S1050125060011 shijy@cfsc.com.cn 2025 年，谷歌 Token 日均调用量达到 16 万亿，较 2024 年同 期增长 50 倍；Azure AI 一季度处理 Token 数较 2024 年同期 增长 5 倍；2025 年 5 月，字节火山引擎 Token 日均调用量是 2024 年同期的 137 倍。 | 基本数据 | 2026-02-04 | | --- | --- | | 当前股价（元） | 205.85 | | 总市值（亿元） | 712 | | 总股本（百万股） | 346 | | 流通股本（百万股） | 345 | | 52 周价格范围（元） | 71.28-231.68 | | 日均成交额（百万元） | 1719.5 | 市场表现 -50 0 50 100 150 200 250 300 (%) 协创数据 沪深300 资料来源：Wind，华鑫证券研究 ...

市场表现 -50 0 50 100 150 200 250 300 (%) 协创数据 沪深300 资料来源：Wind，华鑫证券研究 2026 年 02 月 05 日 公司业绩表现亮眼，AI 算力硬件与 AI 算力服务 业务双轮驱动 买入(首次) 事件 分析师：何鹏程 S1050525070002 hepc@cfsc.com.cn 联系人：石俊烨 S1050125060011 shijy@cfsc.com.cn | 基本数据 | 2026-02-04 | | --- | --- | | 当前股价（元） | 205.85 | | 总市值（亿元） | 712 | | 总股本（百万股） | 346 | | 流通股本（百万股） | 345 | | 52 周价格范围（元） | 71.28-231.68 | | 日均成交额（百万元） | 1719.5 | 相关研究 —协创数据（300857.SZ）公司事件点评报告 协创数据发布业绩公告：预计 2025 年实现归母净利润 10.5 亿 元至 12.5 亿元，同比增长 51.78%至 80.69%%；实现扣非净利 润 10.1 亿元至 12.1 亿元，同比增长 50.45%至 ...

2026 年 02 月 05 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：53 分（中性） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 30 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（中性） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 53 分，市场情绪处于"中性"。历史市场情绪趋势变化可参 考图表 1 宏观经济意外下滑、地缘政治风险、流动性收紧超预期、行 业政策低于预期。 c ▌ 热点主题追踪 今日热点主题：电网设备、银行、消费 1、电网设备主题：全球 AI 数据中心（AIDC）耗电量巨大， 催生了对高功率、高稳定性变压器等核心电力设备的刚性需 求。目前全球供需严重失衡，美国市场交货周期已长达 127 周。与此同时，国内"十五五"期间，国家电网 4 万亿元的 巨额投资将重点投向特高压、智能化配电网等新型电力系 统，为行业带来了明确的长期订单支撑。相关标的：中国西 电（601179）、特变电工（600089） 2、银行主题：银行股具有高股息特性，如中证银行指数 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Insights - The demand for AI computing power is driving the development of space photovoltaic technology, with significant opportunities for ultra-thin silicon wafer cutting equipment [4][7] - The company has successfully developed ultra-thin silicon wafers using its proprietary cutting technology, which meets the stringent requirements of space photovoltaic components [7] - The company is expected to benefit from the growing market for precision multi-wire cutting machines and related products in the space photovoltaic era [7] Financial Projections - The company is projected to achieve revenues of 1.052 billion yuan in 2025, 1.650 billion yuan in 2026, and 2.220 billion yuan in 2027, with corresponding EPS of 0.09 yuan, 1.41 yuan, and 1.99 yuan respectively [8][11] - The current stock price corresponds to a PE ratio of 941.1 for 2025, 57.6 for 2026, and 40.7 for 2027, indicating a positive outlook for the company's growth in the semiconductor and consumer electronics sectors [8][11]

Investment Rating - The investment rating for the AI computing industry is maintained as "Buy" for specific companies such as沃尔核材, 天孚通信, and 长飞光纤, while 立讯精密 is rated as "Add" [7]. Core Insights - Meta has signed a long-term supply agreement with Corning for fiber optic cables worth up to $6 billion to accelerate AI data center construction, highlighting the strong demand for fiber optics in computing infrastructure [3]. - Nvidia is hosting a webinar focused on co-packaged silicon photonics (CPO) switches, emphasizing their strategic value in scaling AI computing capabilities [4]. - The report suggests focusing on companies like 天孚通信, 立讯精密, 长飞光纤, and 沃尔核材 for potential investment opportunities [5]. Weekly Market Analysis - From January 26 to January 30, the communication industry saw a significant increase of 5.83%, ranking second among all sectors, while the electronics sector experienced a decline of 2.51% [12][19]. - The AI computing-related sub-sectors mostly showed an upward trend, with the communication network equipment and devices sector leading with an increase of 8.56% [19]. Company Announcements - Lotus Holdings announced progress in its transition to computing power business, including various contracts for GPU servers and cloud services [49]. - Tongfu Microelectronics reported a reduction in shareholding by its major shareholder, which will not affect the company's governance or operations [51]. - Tianfu Communication completed a share reduction plan by a board member, which was executed in accordance with regulations and did not impact company control [52].

Investment Rating - The report maintains a "Buy" rating for companies such as沃尔核材 (Worley), 天孚通信 (Tianfu Communication), and 长飞光纤 (Changfei Fiber) while recommending "Accumulate" for 立讯精密 (Luxshare Precision) [7] Core Insights - Meta has signed a long-term supply agreement with Corning for fiber optic cables worth up to $6 billion to accelerate AI data center construction, highlighting the strong demand for fiber optics in the AI infrastructure [3] - Nvidia is hosting a webinar focused on co-packaged silicon photonics (CPO) switches, emphasizing their strategic value in scaling AI computing power [4] - The report suggests focusing on companies like 天孚通信, 立讯精密, 长飞光纤, and 沃尔核材 due to their potential in the AI computing sector [5] Weekly Market Analysis - From January 26 to January 30, the communication sector saw a significant increase of 5.83%, ranking second among all sectors, while the electronics sector decreased by 2.51% [12][19] - The AI computing-related sub-sectors mostly showed an upward trend, with the communication network equipment and devices sector leading with an increase of 8.56% [19] - The report indicates a divergence in capital flow, with the communication sector experiencing a net inflow of 11.53 billion yuan, while the electronics sector faced a net outflow of 55.83 billion yuan [23][25] Company Announcements - Lotus Holdings announced progress in its transition to computing power business, including various contracts for GPU servers and cloud services [49] - Tongfu Microelectronics reported a reduction in shareholding by its major shareholder, which will not affect the company's governance structure [51] - Tianfu Communication completed a share reduction plan by a board member, which was executed in accordance with regulations and did not impact company control [52]

2026 年 02 月 04 日 AI 算力驱动太空光伏浪潮，超薄硅片切割设备 迎放量机遇 买入(维持) 事件 | 分析师：何鹏程 | S1050525070002 | | --- | --- | | hepc@cfsc.com.cn | | | 分析师：庄宇 | S1050525120003 | | zhuangyu@cfsc.com.cn | | | 分析师：尤少炜 | S1050525030002 | | yousw@cfsc.com.cn | | | 联系人：石俊烨 | S1050125060011 | | shijy@cfsc.com.cn | | | 基本数据 | 2026-02-03 | | --- | --- | | 当前股价（元） | 81.11 | | 总市值（亿元） | 167 | | 总股本（百万股） | 205 | | 流通股本（百万股） | 146 | | 52 周价格范围（元） | 18.63-81.11 | | 日均成交额（百万元） | 258.1 | 市场表现 -100 0 100 200 300 400 (%) 宇晶股份 沪深300 资料来源：Wind，华鑫证券研究 相关研 ...

双融日报 --鑫融讯 2026 年 02 月 04 日 市场情绪：71 分（较热） 2、银行主题：银行股具有高股息特性，如中证银行指数的股 息率高达 6.02%，显著高于 10 年期国债收益率。在经济增 速放缓和市场波动加大时，银行股凭借稳定的分红能力，成 为险资、社保等长期资金的重要配置标的。相关标的：农业 银行（601288）、宁波银行（002142） 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 30 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 71 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：电网设备、银行、消费 1、电网设备主题：全球 AI 数据中心（AIDC）耗电量巨大， 催生了对高功率、高稳定性变压器等核心电力设备的刚性需 求。目前全球供需严重失衡，美国市场交货周期已长达 127 周。与此同时，国内"十五五"期间，国家电网 4 万亿元的 巨 ...