Core Viewpoint - Thunder Technology is actively advancing its AI hardware and overseas market expansion, with a focus on high-performance computing hardware as a specialized enterprise in Shandong Province [1]. Stock Performance - On February 10, 2026, Thunder Technology's closing price was 27.45 CNY per share, with a single-day increase of 3.66% [2]. Financial Performance - For the third quarter of 2025, the company reported a revenue of 2.286 billion CNY, representing a year-on-year growth of 13.90%. The net profit was 20.0448 million CNY, an increase of 10.36% compared to the previous year. The inventory reached 734 million CNY, up 88.27% from the end of the previous year, indicating a proactive stocking strategy in response to rising memory prices [3]. Strategic Initiatives - Thunder Technology is accelerating its AI hardware and overseas market expansion. In the AI product line, the company has launched AI PCs, AI agents, and AI smart glasses, positioning itself to capitalize on the market opportunities in 2026, which is expected to be the year of AI PC penetration. For overseas expansion, the company is utilizing e-commerce platforms like Amazon and AliExpress to reach over 45 countries globally, with plans to increase the overseas revenue share to over 50% in the next 3-5 years. In January 2026, the company showcased its AI gaming products at CES 2026, further enhancing its global brand presence [4].

近日，雷神科技的一组数据引发市场关注：截至2025年9月，公司存货规模达7.34亿元，较上年末大幅 增长88.27%。公司解释，存货增加主要基于对市场及原材料价格变动趋势的预判，重点加大了CPU、 内存等核心元器件的储备。 在财务管理中，有一个形象的比喻："存货就是打了捆的钞票扔在库房里。"此次雷神科技的存货变动之 所以引爆市场，核心就在于存货与生俱来的"二元性"：市场的第一反应，往往是将其与"资金占用"的标 签绑定，而实际上，在强周期市场环境下，存货是最被低估的战略资产，换言之，这笔高企的前瞻备 货，将成为雷神科技穿越周期、释放业绩弹性的"底气"。 | 合并资产负债表 | 报告期末 | 变动幅度 | 变动说明 | | --- | --- | --- | --- | | 项目 | (2025年9月30日) | | | | 货币资金 | 289,825,423.50 | -37.99% | 主要原因是公司根据资金情况,支付供应商 货款增加、偿还银行贷款,以及购置了自用 | | | | | 办公场所,使得报告期末货币资金较少。 | | 应收款项融资 | 48,472,074.92 | -31.94% | 主要原因 ...

格隆汇1月27日｜雷神科技在美股盘前上涨3%，公司预计2026年调整后销售额在920亿美元至930亿美 元，符合市场预期。 ...

每经AI快讯，1月27日，雷神科技在美股盘前上涨3%。 （文章来源：每日经济新闻） ...

Core Viewpoint - Raytheon Technologies reported a fourth-quarter sales of $24.24 billion, representing a year-over-year growth of 12% and adjusted earnings per share of $1.55, surpassing market expectations of $1.47 [1] Financial Performance - Fourth-quarter sales reached $24.24 billion, a 12% increase compared to the previous year [1] - Adjusted earnings per share for the fourth quarter were $1.55, exceeding market estimates of $1.47 [1] Future Outlook - The company anticipates adjusted sales between $92 billion and $93 billion for the year 2026, with market expectations set at $92.43 billion [1]

Group 1 - Raytheon Technologies announced that Qingdao Hailifangzhou Venture Capital Center plans to reduce its holdings by up to 1,779,067 shares, accounting for 1.7791% of the total share capital [2] - The reduction will occur within three months after 30 trading days from the announcement date [2] - The reason for the reduction is the expiration of the fund's duration [2]

Group 1: Market Dynamics - The ongoing "memory shortage" driven by the AI wave is causing significant price increases in DRAM, with Samsung and SK Hynix notifying clients of a 60% to 70% rise in contract prices for the first quarter of 2026 compared to the previous quarter [1] - The AI industry's demand for high-capacity and high-speed memory chips, particularly High Bandwidth Memory (HBM), is creating a "super bull market" in the memory sector, with HBM gross margins reaching 50%-60%, significantly higher than traditional DRAM margins of about 30% [2] - The memory market is expected to enter a "super bull market," surpassing the 2018 peak, with DRAM prices projected to increase by 40%-50% in Q1 2026 and an additional 20% in Q2 2026 [4] Group 2: Impact on PC Industry - The sharp rise in memory prices is exerting new pressure on the recovering global PC market, with a projected year-on-year increase of 3.47% in global PC shipments for 2024 and 9.52% for Q3 2025, although rising memory costs are disrupting this growth [4] - Major PC manufacturers have begun to raise prices, with some products seeing increases of up to 20%, as companies like HP and Lenovo adjust their pricing strategies in response to rising costs [5][6] - The share of DRAM in the overall cost of PC systems is expected to rise to between 15% and 24.3% in the medium term, further squeezing profit margins for PC manufacturers [4] Group 3: Company Strategies - Companies like Thunderobot have demonstrated strong risk management and growth resilience by increasing their inventory of key components, such as CPUs and memory, in anticipation of price hikes, resulting in a 105.29% increase in inventory year-on-year [7] - Thunderobot's proactive inventory strategy has allowed it to maintain steady growth, with a 13.9% increase in revenue and a 10.36% increase in net profit for the first nine months of 2025 [7] - The company is also optimizing its product structure and sales channels, with overseas revenue growing from 107 million yuan in 2021 to 1.15 billion yuan in 2024, achieving a compound annual growth rate of 120.7% [9]

Summary of Key Points Core Viewpoint - On January 9, a total of 8 companies had their restricted shares unlocked, with a total unlock volume of 164 million shares, amounting to a market value of 2.829 billion yuan based on the latest closing price [1]. Group 1: Unlock Volume and Market Value - The companies with the highest unlock volumes are Shun'an Environment, Goldwind Technology, and Development Technology, with unlock shares of 139 million, 11.409 million, and 6.6933 million respectively [1]. - In terms of unlock market value, Shun'an Environment, Development Technology, and Goldwind Technology lead with market values of 1.804 billion yuan, 611 million yuan, and 331 million yuan respectively [1]. Group 2: Unlock Ratio - The companies with the highest unlock ratios relative to total share capital are Shun'an Environment, Development Technology, and Thunder God Technology, with unlock ratios of 12.97%, 4.82%, and 0.77% respectively [1].

Group 1 - A total of 8 companies had their restricted shares unlocked on January 9, with a combined unlock volume of 164 million shares, equating to a market value of 2.829 billion yuan based on the latest closing price [1] - The companies with the highest unlock volumes were Shun'an Environment, Goldwind Technology, and Development Technology, with unlock shares of 139 million, 11.409 million, and 6.693 million respectively [1] - In terms of unlock market value, Shun'an Environment, Development Technology, and Goldwind Technology led with values of 1.804 billion yuan, 611 million yuan, and 331 million yuan respectively [1] Group 2 - The companies with the highest percentage of total share capital unlocked were Shun'an Environment, Development Technology, and Thunder God Technology, with unlock ratios of 12.97%, 4.82%, and 0.77% respectively [1]

Core Viewpoint - Raytheon Technologies (RTX.N) experienced a drop of over 3% in after-hours trading following criticism from former President Trump regarding the company's willingness to distribute dividends [1] Group 1 - Raytheon Technologies' stock price fell significantly after Trump's remarks [1] - The criticism focused on the company's approach to dividends, suggesting a misalignment with shareholder interests [1]