1. Report's Industry Investment Rating - Not specified in the provided content 2. Core Viewpoints of the Report - In the short term, there is a high certainty that the liability growth rate of the real - sector will rise in February, and the financial sector (funding situation) is okay. Overall, the macro - liquidity is improving, with a positive view on equities, and the value and growth styles are tending to balance. Convertible bonds still have the advantage of asymmetric gains and losses in a volatile environment, and the demand for convertible bonds, especially convertible bond ETFs, may remain rigid. The valuation of the convertible bond market is expected to stay at a high level [23]. 3. Summary According to Relevant Catalogs Market Performance - Last week, due to the confirmation of the new candidate for the Fed Chairman, market risk appetite declined, and various assets fluctuated. Convertible bond prices followed the decline of the underlying stocks, but the valuation of convertible bonds remained at a historical high, and supported by the valuation, convertible bonds performed better than the underlying stocks. The average daily trading volume of the entire convertible bond market was 77.3 billion yuan, with basically no change compared to the previous week. The 100 - yuan premium rate remained at 34%, and the implied volatility fluctuated around the historical extreme point of 45%. The trading sentiment of convertible bonds continued to cool down slightly, and the trading popularity of traditional speculative bonds returned to a historical low. The trends of each sector were consistent with the underlying stocks, and the valuations changed passively. High - price, large - cap, low - rated, and newly - listed bonds had relatively large adjustment ranges [11]. - In a high - valuation environment, most industries are dominated by equity - like convertible bonds and high - price - high - premium convertible bonds. Industries with high - price - high - premium convertible bonds accounting for over 50% include the automotive and computer industries, where the valuation of convertible bonds deviates significantly. Industries with equity - like convertible bonds accounting for over 50% include the military, non - ferrous metals, non - bank finance, machinery, and chemical industries, where convertible bonds have high elasticity and strong offensiveness [11]. Funding Sentiment - Comparing the share fluctuations of various broad - based indices, bond - type, and major commodity (gold) ETFs, last week, the shares of the Shanghai Stock Exchange 50 and CSI 1000 continued to decline significantly, the CSI 500 was newly added as a major reduction target, and the capital inflow trend of the CSI 2000 stopped. The share of gold ETFs continued to increase significantly, with a growth rate of 12%, the same as the previous week. Convertible bond ETFs have maintained a stable net inflow recently, with the fund shares increasing significantly for four consecutive weeks, and the shares continued to grow by 3.5% last week. The share of interest - rate bonds continued to shrink [21]. Investment Strategy - Short - term investment strategy: Be optimistic about equities, with value and growth styles tending to balance. The valuation of the convertible bond market is expected to stay high, but be aware of the call risk and the risk of double - kill of the underlying stocks and valuation during the earnings disclosure period [23]. - Bond - selection suggestions: Emphasize the performance support of the underlying stocks. Pay attention to Jintian Convertible Bond and Guoli Convertible Bond in the UHV sector; Liugong Convertible Bond 2 and Yunji Convertible Bond in the pro - cyclical and engineering overseas sectors; Lixun Convertible Bond in AI applications; Ruichuang Convertible Bond in the military industry. For newly - listed bonds, recommend paying attention to Weidao Convertible Bond, Yongxi Convertible Bond, Weice Convertible Bond, and Dinglong Convertible Bond in the field of domestic substitution of semiconductors; Ruike Convertible Bond in the field of AI server connectors; Jin 05 Convertible Bond (Jinpan Technology) in power grid equipment; Yingliu Convertible Bond for gas turbines; and Jin 25 Convertible Bond (Jinchangxin) [23].

Investment Rating - The report maintains a "Recommended" investment rating for the industry, indicating an expected performance exceeding 10% relative to the market index [12]. Core Insights - Microsoft reported Q2 FY2026 revenue of $81.273 billion, a year-on-year increase of 16.7% and a quarter-on-quarter increase of 4.6%. The operating profit was $38.275 billion, up 20.9% year-on-year, with an operating margin of 47.1% [5][6]. - The growth was primarily driven by the Intelligent Cloud segment, which generated $32.907 billion in revenue, reflecting a 28.9% year-on-year increase. However, growth in this segment showed signs of slowing, with guidance for the next quarter reduced to 37%-38% [6][9]. - The Productivity and Business Processes segment also contributed, with revenue of $34.116 billion, a 15.9% year-on-year increase, indicating strong user engagement in Microsoft 365 products [6]. Revenue and Profit Performance - The revenue growth was supported by an increase in global paid users and higher unit pricing, particularly in the Intelligent Cloud business [5]. - Net profit reached $38.458 billion, marking a significant year-on-year increase of 59.5%, with diluted earnings per share at $5.16, up 59.8% [5]. Business Segment Analysis - The report highlights a shift in Microsoft's business structure towards cloud and AI services, with the More Personal Computing segment experiencing relative growth pressure [6][7]. - The company is focusing on enhancing its competitive edge through increased R&D spending, which reached $8.504 billion, a 7.4% year-on-year increase, primarily directed towards AI and cloud infrastructure [7]. Cash Flow and Capital Expenditure - Despite a strong operating cash flow of $35.758 billion, free cash flow decreased to $5.88 billion, down 77.1% quarter-on-quarter, indicating pressure from high capital expenditures related to AI and cloud infrastructure [8]. - The report notes that Microsoft is in a capital-intensive phase, investing heavily in data centers and server capacity, which may impact short-term cash flow but is aimed at securing long-term growth [8]. Investment Recommendations - The report suggests that while Microsoft maintains robust revenue and profit growth driven by its core segments, the current high investment phase in AI infrastructure may pressure short-term profitability and cash flow [9]. - Investors are advised to monitor the return on AI capital expenditures and the effectiveness of collaborations with OpenAI [10].

2026 年 02 月 03 日 Meta（META.O）：AI 赋能驱动营收新高，战略聚 焦拓展增长新空间 推荐(维持) 事件 分析师：任春阳 S1050521110006 rency@cfsc.com.cn 分析师：谢孟津 S1050525120001 xiemj@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机(申万) | 4.1 | -2.6 | 25.8 | | 沪深 300 | -0.5 | -1.0 | 20.7 | 市场表现 -20 -10 0 10 20 30 40 (%) 计算机 沪深300 资料来源：Wind，华鑫证券研究 相关研究 Meta 于 2026 年 1 月 28 日发布第四季度财报。公司当季实现营收 598.93 亿美元，同比增长 23.8%，环比增长 16.9%。营业利润为 247.45 亿美元， 同比增长 6.0%，运营利润率同比下降 7 个百分点至 41%。 投资要点 ▌营收与盈利表现：广告业务核心驱动，季度营收 再创新高 营收端：第四季度实现营收 598.93 亿美元，同 ...

市场表现 2026 年 02 月 03 日 Meta（META.O）：AI 赋能驱动营收新高，战略聚 焦拓展增长新空间 推荐(维持) 事件 分析师：任春阳 S1050521110006 rency@cfsc.com.cn 分析师：谢孟津 S1050525120001 xiemj@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机(申万) | 4.1 | -2.6 | 25.8 | | 沪深 300 | -0.5 | -1.0 | 20.7 | -20 -10 0 10 20 30 40 (%) 计算机 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《Tesla（TSLA.O）：短期业绩 承压不改长期转型本色，能源与 AI 业务构筑第二增长曲线》2026-01- 31 Meta 于 2026 年 1 月 28 日发布第四季度财报。公司当季实现营收 598.93 亿美元，同比增长 23.8%，环比增长 16.9%。营业利润为 247.45 亿美元， 同比增长 6.0%，运营利润率同比下降 7 个百分点至 ...

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, including Weike Technology (301196.SZ), Nengke Technology (603859.SH), Hehe Information (688615.SH), and Maixinlin (688685.SH) [9][59]. Core Insights - The AI agent platform Moltbook has sparked significant industry interest, attracting over 1.5 million AI agents within days of its launch, indicating a strong growth potential for agent networks and associated infrastructure needs [3][23]. - DeepSeek-OCR2 has introduced a groundbreaking "causal flow" reasoning mechanism, significantly enhancing visual language understanding and achieving state-of-the-art results in benchmark tests [33][41]. - Poetiq has successfully completed a $45.8 million seed round, aiming to optimize LLM capabilities and cost efficiency, showcasing a shift towards more efficient AI solutions [45][46]. Summary by Sections Computing Power Dynamics - The rental prices for computing power remain stable, with notable configurations such as Tencent Cloud's A100-40G priced at 28.64 CNY/hour and Alibaba Cloud's A100-40G at 31.58 CNY/hour [21][22]. - The launch of Moltbook has led to a surge in agent network discussions, with over 52,000 posts and 230,000 comments generated by AI agents discussing various technical topics [23][30]. AI Application Dynamics - Kimi's weekly traffic increased by 40.89%, indicating strong user engagement in the AI application space [31][32]. - DeepSeek-OCR2's innovative architecture allows for improved document understanding, achieving a score of 91.09% in benchmark tests, which is a 3.73% improvement over its predecessor [41][43]. AI Financing Trends - Poetiq's seed funding will be utilized to advance its core technology, which has already demonstrated superior performance in benchmark tests compared to major competitors [45][46]. - The company’s unique approach allows for efficient problem-solving with minimal training data, marking a significant advancement in AI technology [46][47]. Investment Recommendations - The report emphasizes the high certainty of the AI sector, particularly in hardware and application segments, and suggests focusing on companies like Weike Technology, Nengke Technology, Hehe Information, and Maixinlin for potential investment opportunities [57][58].

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, Juhua, Yangnong Chemical, CNOOC, Tongkun, Daotong Technology, and others [10]. Core Views - The report highlights significant price increases in products such as p-nitrochlorobenzene (up 27.91%) and LLDPE (up 24.72%), while products like natural gas and LDPE saw substantial declines [6][18]. - It suggests focusing on investment opportunities in areas such as import substitution, domestic demand, and high dividend stocks, particularly in light of fluctuating international oil prices [6][19]. - The report anticipates that international oil prices will stabilize around $65 per barrel in 2026, influenced by geopolitical uncertainties and expectations of price declines [19]. Summary by Sections Product Price Movements - Notable price increases this week include p-nitrochlorobenzene (27.91%), LLDPE (24.72%), and liquid chlorine (20.90) [18]. - Conversely, significant declines were observed in natural gas (-22.34%) and LDPE (-18.02%) [5][21]. Industry Performance - The chemical industry remains in a weak position overall, with mixed performance across sub-sectors due to past capacity expansions and weak demand [21]. - Specific sectors like the glyphosate industry are showing signs of potential recovery, with decreasing inventories and rising prices, suggesting a possible entry into a favorable cycle [21]. Investment Recommendations - The report recommends focusing on companies with strong competitive positions and growth potential, such as Ruifeng New Materials and Baofeng Energy [21]. - It emphasizes the importance of domestic chemical fertilizer and pesticide sectors, which are expected to maintain stable demand due to self-sufficiency [21]. - The report also highlights the benefits for major oil companies like Sinopec, which are expected to gain from lower raw material costs due to declining oil prices [21].

Investment Rating - The report maintains a "Buy" rating for the following companies: Weike Technology (301196.SZ), Nengke Technology (603859.SH), Hehe Information (688615.SH), and Maixinlin (688685.SH) [9][59]. Core Insights - The AI agent platform Moltbook has sparked significant industry interest, attracting over 1.5 million AI agents within days of its launch, indicating a strong growth potential for agent networks and associated infrastructure needs [3][23]. - DeepSeek-OCR2 has introduced a groundbreaking "causal flow" reasoning mechanism, significantly enhancing visual language understanding and achieving state-of-the-art results in benchmark tests [33][41]. - Poetiq has successfully completed a $45.8 million seed round, aiming to optimize LLM capabilities and cost efficiency, showcasing a shift towards more efficient AI solutions [45][46]. Summary by Sections Computing Power Dynamics - The rental prices for computing power remain stable, with notable configurations such as Tencent Cloud's A100-40G priced at 28.64 CNY/hour and Alibaba Cloud's A100-80G at 31.58 CNY/hour [21][22]. - The launch of Moltbook has led to a surge in agent network activity, with over 150,000 posts and 230,000 comments generated by AI agents discussing various technical topics [23][30]. AI Application Dynamics - Kimi's weekly traffic increased by 40.89%, making it the fastest-growing AI application in terms of user engagement [31][32]. - DeepSeek-OCR2's innovative architecture allows for dynamic understanding of visual content, achieving a 3.73% improvement in benchmark scores compared to its predecessor [41][43]. AI Financing Trends - Poetiq's seed funding will be utilized to advance its core technology, which allows for efficient problem-solving with minimal training data, marking a significant advancement in LLM optimization [45][46]. Investment Recommendations - The report emphasizes the importance of investing in AI hardware and applications, particularly in companies like Weike Technology, Nengke Technology, Hehe Information, and Maixinlin, which are positioned to benefit from the growing demand for AI infrastructure [58][59].

Investment Rating - The report maintains a "Buy" investment rating for the company [4][8] Core Insights - The company is experiencing short-term pressure on performance due to intensified competition in the consumer electronics sector and price reductions from clients, leading to a decline in gross margins for certain precision components [4] - Despite the current challenges, the company is accelerating investments in new businesses, particularly in the cooling solutions sector, which is expected to drive future growth [5] - The acquisition of Sainogao has strengthened the company's position in the cooling business, with significant production capacity and new client engagements in North America [5] - The introduction of high surface area carbon black products for lithium battery applications is anticipated to contribute additional revenue, as these products have already secured production approvals from major clients [6] Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 12.7 billion, 23.1 billion, and 36.6 billion yuan respectively, with corresponding EPS of -0.57, 2.62, and 4.67 yuan [8][10] - The company is expected to achieve a significant revenue growth rate of 60.5% in 2025 and 81.2% in 2026, with a net profit margin turning positive by 2026 [10]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company is transitioning from a retail business to a global IP operation platform, with a focus on expanding its store network and enhancing its IP offerings [3][4] - The launch of MINISO LAND stores and the development of humanoid robots signify the company's commitment to integrating AI with its IP strategy [4][5] - The collaboration with the Spring Festival Gala marks a significant step in the company's marketing strategy and brand transformation [5] Summary by Sections Market Performance - The company has shown resilience in its market performance, with a notable comparison to the Hang Seng Index [2] Company Dynamics - MINISO LAND's first store opened in Guangzhou, aiming for annual sales of 100 million yuan, with over 90% of products being IP-related [3] - The company plans to increase its global store count to over 10,000 in the next three years, with a significant portion of stores being upgraded to IP-themed locations [3] AI and IP Integration - The company is developing a humanoid robot based on its IP "YOYO," targeting the home companion market, with expected pricing in the ten-thousand yuan range [4] - The YOYO blind box products have seen significant sales growth, indicating strong market demand for IP-related merchandise [4] Strategic Collaborations - The partnership with the Central Radio and Television Station for the Spring Festival Gala is expected to enhance brand visibility and align with the trend of mainstreaming collectible toys [5] Financial Forecast - Revenue projections for 2025-2027 are 202.57 billion yuan, 241.30 billion yuan, and 287.39 billion yuan, respectively, with corresponding EPS of 2.10, 2.70, and 3.20 yuan [7] - The company is expected to benefit from the growing collectible toy industry and its strategic store expansion, maintaining a favorable outlook on profitability [7]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is expected to face short-term pressure on performance due to intensified competition in the consumer electronics sector and pricing pressures from clients, leading to a decline in gross margins for certain precision components and structural parts [2] - Despite the current challenges, the company is accelerating investments in new businesses and products, particularly in the cooling solutions segment, which is anticipated to drive future growth [2][3] - The acquisition of Sainogao has strengthened the company's position in the cooling business, with significant production capacity and established relationships with major North American clients, indicating promising future developments [3] - The introduction of high surface area carbon black products for lithium battery applications is expected to contribute incremental revenue, as these products have already secured mass production approvals from notable clients [4] Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 12.7 billion, 23.1 billion, and 36.6 billion respectively, with corresponding EPS of -0.57, 2.62, and 4.67 [9] - The company is expected to experience significant revenue growth rates of 60.5% in 2025 and 81.2% in 2026, with a projected net profit margin turning positive by 2026 [11]