智通财经APP讯，威高股份(01066)发布公告，于2026年2月12日斥资58.16万港元回购11万股。 该信息由智通财经网提供 ...

Group 1 - Storage concept stocks experienced a pre-market surge, with SanDisk (SNDK.US) rising nearly 8%, and Western Digital (WDC.US), Micron Technology (MU.US), and Seagate Technology (STX.US) increasing over 4% [2] - TrendForce analysts predict that by Q4 2025, DRAM contract prices across various applications will rise by over 40%, with significant increases noted since Q1 2026 [2] - The DDR4 market is particularly affected by supply-demand imbalances, with price increases expected to accelerate in Q1 2026 and continue rising in Q2 [2]

Core Viewpoint - Cisco (CSCO.US) experienced a pre-market decline of over 6%, trading at $80.20, following a forecast for a lower adjusted gross margin in Q3, indicating a significant year-over-year decrease [1] Financial Performance - Cisco expects an adjusted gross margin of 65.5% to 66.5% for Q3, reflecting a year-over-year decline of 2.1 to 3.1 percentage points, which is a larger drop compared to the previous quarter [1] - In Q2, Cisco reported a non-GAAP gross margin of 67.5%, down 1.2 percentage points from 68.7% in the same period last year [1] Market Impact - The guidance for lower gross margin and explicit inclusion of tariff impacts based on current trade policies may lead the market to adopt a more cautious pricing framework in the short term, despite strong performance in Q2 [1] - Analysts suggest that Cisco is increasing expenditures to develop new AI products, while the tech industry faces threats from memory chip shortages, contributing to rising costs [1]

Group 1 - The initial jobless claims in the U.S. for the week ending February 7 were 227,000, slightly above the expected 222,000, with the previous value revised from 231,000 to 232,000 [1] - The continuing jobless claims for the week ending January 31 were 1.862 million, above the expected 1.85 million, with the previous value revised from 1.844 million to 1.841 million [1] - The four-week moving average of initial jobless claims was 219,500, revised from 212,250 to 212,500 [4] Group 2 - Despite recent layoffs announced by large companies like Amazon and FedEx, the number of jobless claims has not significantly increased, indicating that these layoffs have not yet led to widespread job losses [4] - Recent employment data shows signs of stabilization in the job market, with January's non-farm payrolls increasing by 130,000, the largest gain in over a year, and a decrease in the unemployment rate [4] - The revisions for non-farm payrolls in November and December indicate a total decrease of 17,000 jobs compared to previous estimates, with November revised from 56,000 to 41,000 and December from 50,000 to 48,000 [4] Group 3 - Following the release of the jobless claims data, U.S. Treasury yields decreased, with the 10-year Treasury yield falling by 2.1 basis points to 4.162% [5]

Core Insights - The article highlights the emergence of various applications from leading domestic AI companies, showcasing the maturity of Chinese large models and the upcoming release of DeepSeek's flagship language model V4, which is expected to accelerate innovation in the Chinese AI industry and narrow the gap with global counterparts [1][8]. Group 1: Technical Innovations - DeepSeek's DS-V4 integrates two core technologies, mHC and Engram, which address key bottlenecks in large model development by enhancing inter-layer information flow and optimizing memory efficiency, marking a shift from scale competition to architecture and system optimization [2][7]. - The mHC mechanism restructures inter-layer information flow by introducing strict mathematical constraints to avoid signal amplification and training failures, significantly improving training efficiency and stability [3][4]. - Engram focuses on decoupling memory and computation to alleviate the "memory wall" issue in large models, enhancing memory efficiency during training and inference, which is crucial for addressing hardware limitations in the Chinese AI industry [5][6]. Group 2: Industry Impact - DS-V4 is expected to play a pivotal role in driving the commercialization of large models globally, while also serving as a key enabler for the Chinese AI industry to overcome hardware bottlenecks and accelerate the entire industry chain's upgrade [8][10]. - The model's efficiency improvements will help alleviate capital expenditure pressures for global enterprises investing in AI infrastructure, facilitating faster technology deployment and integration into various applications [9][10]. - In the Chinese market, DS-V4's innovations will support local hardware development and enhance the capabilities of AI applications, transitioning AI agents from simple tools to intelligent assistants [10][12]. Group 3: Trends in the AI Ecosystem - The evolution from V3/R1 to V4 reflects a significant trend in the global large model industry, where performance enhancement is shifting from parameter accumulation to architectural design and system optimization, creating opportunities for China to close the gap with global leaders [13][14]. - The open-source large model market in China is expected to thrive, with DeepSeek's innovations setting benchmarks for local enterprises, allowing them to transition from following to competing and potentially leading in the field [13][14]. - The launch of DS-V4 is anticipated to accelerate the commercialization cycle of AI applications in China, benefiting software companies that leverage large model technologies for product upgrades [12][14].

Core Viewpoint - UBS has significantly raised its profit forecast for Invec (002837) and increased the target price from 100 yuan to 160 yuan, maintaining a "Buy" rating, highlighting that the market undervalues Invec's capabilities in the liquid cooling sector amid the explosive growth of AI computing power [1] Group 1: Global Liquid Cooling Market - The global liquid cooling market is expected to reach $9 billion in 2026, $15 billion in 2027, and $17 billion in 2028, with long-term CAGR from 2025 to 2030 projected at 51%, potentially exceeding $31 billion by 2030 [1] - The demand for liquid cooling is driven by the increasing power density of AI racks and regulatory requirements for data center efficiency, making liquid cooling a necessity [2] Group 2: Industry Procurement Model Changes - The procurement model in the global liquid cooling industry is shifting, with major cloud providers like Google moving towards direct procurement of complete liquid cooling solutions, creating new market opportunities for companies like Invec [3] - Invec has validated its full range of liquid cooling products with leading tech companies, positioning itself to capture significant market share as demand grows [3] Group 3: Core Advantages - Invec's full value chain integration in liquid cooling systems allows for performance optimization across components, distinguishing it from competitors focused on single components [4] - The company's international business has a gross margin approximately twice that of its domestic operations, enhancing its profitability as it increases its market share [5] Group 4: Revenue and Profit Growth - UBS has raised Invec's revenue forecasts for 2026 and 2027 by 21% and 64%, respectively, and net profit forecasts by 54% and 146%, anticipating a rapid increase in market share [6] - Revenue is projected to grow from 6.399 billion yuan in 2025 to 18.192 billion yuan in 2027, with a CAGR of 92.6%, and diluted EPS expected to rise significantly [6] - The EBIT margin is expected to increase from 12.3% in 2025 to 28.1% in 2027, driven by scale effects and product optimization [6] Group 5: Valuation Insights - Invec's current stock price corresponds to a 23x 2027E P/E, which is below its historical average and in line with the global industry median, despite its higher growth rates compared to peers [7] - The market has not fully priced Invec's growth potential, as it continues to be viewed through a traditional component-level lens rather than recognizing its system-level capabilities and high-margin international business [7]

因持续的供应短缺，摩根士丹利上调了存储芯片制造商美光的业绩预期和目标价，该行重申了对美光 的"增持"评级，并将其目标价从350美元上调至450美元。 分析师约瑟夫摩尔在给客户的报告中写道，"尽管过去12个月DRAM领域发生了诸多变化，我们仍然对 未来感到兴奋"。"随着第一季度又一轮显著涨价到来，且有迹象表明2026年的供应增长几乎无法缓解我 们所预期的严重短缺，我们预计今年价格将进一步上涨"。 更深入来看，摩尔认为美光在2026年的每股收益可能高达52美元，这在很大程度上归功于高带宽内存以 及英伟达对其的旺盛需求。 "HBM无疑是这里故事的关键部分，这个市场需要保持健康，才能证明投资者愿意为'高点更高、低点 更高'的逻辑支付更高估值是合理的，"摩尔补充道。"但目前DDR5价格已经上涨到使市场变得更具吸引 力的程度，因此，尽管市场对美光在HBM4方面的地位仍有持续担忧，我们预计不会对盈利产生任何负 面影响。" 关于该股近期的下跌，摩尔表示，很难看出是什么因素引发了最近的担忧，尽管他预计SK海力士将获 得英伟达早期Rubin架构的大部分订单；而如果美光在提升HBM4产量方面遇到任何意外问题，HBM3e 仍将占据市 ...

Group 1 - Storage stocks experienced a pre-market rally, with SanDisk (SNDK.US) rising nearly 8%, and Western Digital (WDC.US), Micron Technology (MU.US), and Seagate Technology (STX.US) increasing over 4% [1] - TrendForce analysts predict that DRAM contract prices across various applications will rise by over 40% by Q4 2025, with significant price increases observed since Q1 2026 [1] - The DDR4 market is particularly affected by supply-demand imbalances, with price increases expected to accelerate in Q1 2026 and continue to rise in Q2 [1]

莱绅通灵（603900）(603900.SH)发布公告，公司于近日收到持股5%以上股东欧陆之星钻石(上海)有限 公司(简称：欧陆之星钻石)的通知，欧陆之星钻石计划减持不超过3%公司股份。 ...