ab 24 March 2026 Global Research China Equity Strategy A replay of April 2025 or a new cycle into stagflation? How will near-term geopolitical risks impact the A-share market? From a macro perspective, China's reliance on oil and gas is low among major global economies (Figure 6, Figure 7). In terms of stock price performance, the correlation between the weekly sector returns and the weekly Brent oil returns has been low since 2010 (Figure 8). At the index level, the impact of short-term oil price spikes (a ...

Update CPO Assumptions, Reiterate TFC As Key Beneficiary CITI'S TAKE We extend our exercise of CPO (co-packaged optics) TAM assessment to 2028, while keeping our CPO switch forecast of 300/5k/209k units in '25/26/27E and preliminary forecast of c.691k units in '28E (100k scale-out, 591k scale-up). We apply the updated assumptions like CPO switch spec and config, and the derived TAM for FAU/ELSFP/fiber shuffle/fiber tray could reach Rmb10.4bn/29.6bn/89.6bn/55.7bn in 2028E. We reiterate TFC as one of the majo ...

一、合作投资基本概述情况 环旭电子股份有限公司（以下简称"公司"）与天津文仲投资管理有限公司(下 称"文仲投资")及其他 12 位合伙人共同签署了《天津海河曜仲股权投资合伙企业 （有限合伙）合伙协议》（以下简称"合伙协议"），公司拟作为有限合伙人，投 资天津海河曜仲股权投资合伙企业（有限合伙）（以下简称"合伙企业"、"本基 金"或"基金"）,出资额人民币 3,000 万元。本基金的目标募集规模为 10 亿元，最 终规模由管理人自行决定，预计不超过人民币 15 亿元，首期募集资金规模为 证券代码：601231 证券简称：环旭电子 公告编号：2026-019 环旭电子股份有限公司 关于认购的私募基金完成备案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 投资标的名称 | 天津海河曜仲股权投资合伙企业（有限合伙） | | | | --- | --- | --- | --- | | 投资金额（万元） | 3,000 | | | | 投资进展阶段 | 完成 ☑进展 | 终止 | 交易要素变更 | | 特 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - OpenClaw, an open-source AI agent framework, has gained significant popularity since its release, becoming the most popular open-source project on GitHub as of February 2026. It offers capabilities such as local-first operation, autonomous tool invocation, cross-application execution, multi-IM access, and continuous online operation, making it highly appealing to users [4] - The demand for inference computing power is expected to grow exponentially due to the characteristics of Agent AI, which include autonomous task execution and multi-agent concurrency. The daily token consumption in China surged from 100 billion in early 2024 to over 30 trillion by mid-2025, reflecting a growth of over 300 times in just one and a half years [5] - OpenClaw is set to transform AI from a conversational role to an execution role, enabling more intelligent personal AI assistants and digital employees. Major companies like Xiaomi and Huawei are adapting OpenClaw for various devices, indicating a shift in the capabilities of edge AI [5] Summary by Sections OpenClaw Development - OpenClaw was initially released on November 24, 2025, and saw a surge in adoption in February 2026, with major domestic companies launching products based on its code. Notable implementations include Tencent's WorkBuddy and Zhizhu's AutoClaw, which offer seamless integration with existing communication tools [4] Token Consumption and Demand - The introduction of Agent AI has led to a shift in token consumption patterns, with tasks now consuming tens of thousands to millions of tokens per execution. Predictions indicate that by 2030, the global active AI agents will reach 2.216 billion, with annual token consumption skyrocketing from 0.0005 Peta Tokens in 2025 to 15.2 million Peta Tokens [5] Investment Recommendations - The report suggests focusing on the AI inference computing power supply chain, including segments like chips, complete machines, liquid cooling, and power supplies. Recommended stocks include Haiguang Information, Lingyi Technology, and Dongshan Precision, among others [6]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - OpenClaw, an open-source AI agent framework, has gained significant popularity since its release, becoming the most popular open-source project on GitHub as of February 2026. It offers capabilities such as local-first operation, autonomous tool invocation, cross-application execution, and continuous online operation, making it highly appealing to users [4] - The demand for inference computing power is expected to grow exponentially due to the characteristics of Agent AI, which include autonomous task execution and multi-agent concurrency. The daily token consumption in China surged from 100 billion in early 2024 to over 30 trillion by June 2025, reflecting a growth of over 300 times in just one and a half years [5] - OpenClaw is penetrating various devices, including PCs, smartphones, and wearables, transforming the role of AI from a conversational agent to an executor. This shift is expected to create new application scenarios and product categories in the end-side AI market [6] Summary by Sections OpenClaw Development - OpenClaw has seen rapid adoption among major domestic companies, with multiple products and solutions being released based on its code. Notable companies include Tencent, Huawei, Alibaba, and Xiaomi, which are integrating OpenClaw into their cloud services and applications [4] Token Consumption and Inference Demand - The workflow of "plan-execute-feedback-replan" in Agent AI has led to a shift from linear to exponential growth in token consumption. A single task can consume tens of thousands to millions of tokens, indicating a significant increase in demand for inference capabilities [5] End-Side AI Transformation - The modular architecture of OpenClaw allows for comprehensive session management and memory systems, enabling it to autonomously manage various software applications. This evolution is expected to redefine the capabilities of end-side AI and lead to the development of more intelligent personal AI assistants [6] Investment Recommendations - The report suggests focusing on the AI inference computing power supply chain, including segments like chips, complete machines, liquid cooling, and power supplies. Recommended stocks include Haiguang Information, Lingyi Technology, and Dongshan Precision, among others [7]

Summary of Universal Scientific Industrial (USI) Conference Call Company Overview - **Company**: Universal Scientific Industrial (USI) - **Stock Code**: 601231.SS - **Market Cap**: Rmb93,414 million (US$13,599 million) [6][9] Core Industry Insights - **Industry Focus**: Electronic Manufacturing Services (EMS), specifically in AI and optics technologies - **Key Technologies**: ASIC (Application-Specific Integrated Circuit), AI glass, Co-Packaged Optics (CPO) Key Points and Arguments Financial Performance and Projections - **Target Price**: Rmb51, indicating a potential upside of 30.4% from the current price of Rmb39.1 [6][9] - **Earnings Forecast**: - 2023A: Net Profit of Rmb1,948 million, EPS of Rmb0.882 - 2024A: Net Profit of Rmb1,652 million, EPS of Rmb0.747 - 2025E: Net Profit of Rmb1,853 million, EPS of Rmb0.843 - 2026E: Net Profit of Rmb2,219 million, EPS of Rmb1.008 - 2027E: Net Profit of Rmb4,165 million, EPS of Rmb1.892, representing an 87.7% growth [5][9] Growth Drivers - **AI Accelerator L6 Assembly**: Expected to be a key driver in 2026-27, with potential revenue generation of Rmb4.6 billion in 2026, growing to Rmb9.7 billion by 2028, indicating a CAGR of 277% [11][31] - **Optical Transceivers**: Anticipated shipments of 800G transceivers starting in 1H26, contributing Rmb2.6 billion in 2026, Rmb9.8 billion in 2027, and Rmb13.6 billion in 2028 [12][47] - **CPO Technology**: Expected to become a multi-year growth engine from 2027, with significant advantages in power consumption and efficiency over traditional DSP-based modules [51][52] Market Position and Competitive Edge - **Market Share Gains**: USI is projected to increase its share in key projects, such as the Trainium NIC chip, from 20% to 30% by 2026 [2][11] - **Vertical Integration**: Leveraging synergies with parent company ASE and acquired Eugenlight to enhance capabilities in optical components and AI technologies [1][34] Risks and Challenges - **Market Risks**: Potential shortfalls in AI demand, slower-than-expected CPO adoption, supply chain disruptions, and intense competition in consumer electronics [17] - **Currency Fluctuations**: A strengthening yuan could increase export costs, while depreciation might inflate imported material expenses, impacting profit margins [17] Strategic Initiatives - **Capacity Expansion**: Plans to expand optical transceiver capacity to 100k units/month by mid-2026, with potential to double based on demand [45] - **Acquisition of Eugenlight**: Completed in January 2026, enhancing USI's capabilities in optical interconnect solutions and expected to drive significant revenue growth [34][39] Investment Thesis - **Recommendation**: Initiate coverage with a Buy rating based on strong growth potential in AI and optics, supported by robust financial projections and strategic positioning within the industry [1][15] Additional Insights - **Consumer Electronics**: AI glass is expected to contribute significantly to revenue, with projections of Rmb4.1 billion in 2026, growing to Rmb10.1 billion by 2028 [14] - **Long-term Outlook**: The cloud and storage business unit's revenue is expected to reach Rmb31.7 billion by 2028, indicating a 73% CAGR from Rmb6.1 billion in 2025 [20] This summary encapsulates the critical insights and projections regarding Universal Scientific Industrial, highlighting its strategic initiatives, growth drivers, and potential risks within the electronic manufacturing services industry.

公司 2026 年 1 月至 2 月合并营业收入为人民币 8,661,614,919.05 元，较去年 同期的合并营业收入增加 0.05%。 证券代码：601231 证券简称：环旭电子 公告编号：2026-018 环旭电子股份有限公司 2026 年 2 月营业收入简报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 特别提示：本简报所载财务数据为初步核算数据，未经会计师事务所审计， 最终数据以公司定期报告为准，请投资者注意投资风险。 环旭电子股份有限公司（以下简称"公司"）2026 年 2 月合并营业收入为人 民币 3,739,484,712.18 元，较去年同期的合并营业收入减少 4.72%，较 2026 年 1 月合并营业收入环比减少 24.03%。 环旭电子股份有限公司董事会 2026 年 3 月 10 日 1 ...

证券代码：601231 证券简称：环旭电子 公告编号：2026-017 环旭电子股份有限公司 关于 2026 年 2 月股份回购进展的公告 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购股份期间，应于每个月的前 3 个交易 日内公告截至上月末的回购进展情况。现公司将回购股份进展情况公告如下： 2026 年 2 月，公司未实施股份回购。截至 2026 年 2 月月底，公司已累计回购 股份 6,910,000 股，占公司总股本的比例为 0.29%，购买的最高价为 29.64 元/股、 最低价为 13.96 元/股，已支付的总金额为 150,001,599.26 元（不含交易费用）。 上述回购股份进展符合相关法律法规规定及公司回购股份方案的要求。 三、其他事项 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/26 | | | | | | | --- | --- | --- | --- | ...

Summary of the Conference Call for Huanxu Electronics Industry and Company Overview - The conference call pertains to Huanxu Electronics, a company involved in the production of optical modules and power supply solutions for AI servers. Key Points and Arguments 1. **Optical Module Production Capacity**: - The planned production capacity for optical modules in 2026 is 150,000 units per month, with 100,000 units from Vietnam and 50,000 units from Chengdu. - There are plans to add a new factory in Taiwan next year, which could potentially double the total production capacity. - The main customer for these optical modules is Coherent, which is currently engaged in contract manufacturing [1]. 2. **CPO Collaboration**: - The collaboration with Daylight Group on CPO (Co-Packaged Optics) is highlighted as a significant area of flexibility. - Samples for NPO (Next-Generation Photonic Optics) and ELSP (Enhanced Light Source Products) have already been sent out. - Future plans include positioning the CPO optical engine for FAU (Front Access Unit) packaging coupling and complete machine assembly [2]. 3. **New Business Initiatives**: - Huanxu Electronics is venturing into AI server power supply solutions, with a plan to complete the PDU (Power Distribution Unit) product solution by 2026. - Sample validation and NPI (New Product Introduction) production line transition are expected to be completed by 2027, with Meta identified as the primary customer for this initiative [3]. 4. **PCBA Production for Computing Boards**: - The company is expanding its PCBA (Printed Circuit Board Assembly) production for computing boards, with Amazon as the main customer. - The production capacity is set to increase to 240,000 units per month by the end of the year, with an average selling price (ASP) of $200 per unit [4]. Additional Important Information - The overall performance for 2026 is expected to exceed expectations, indicating strong growth potential for Huanxu Electronics in the coming years [1].

环旭电子：回调不改产业趋势，日月光+环旭产业AI垂直整合产业趋势 LPU堆叠采用台积电SOIC工艺，是对台积电制造体系依赖程度进一步加强，台积电核心封测厂日月光协同作用 只会更强。 环旭电子：回调不改产业趋势，日月光+环旭产业AI垂直整合产业趋势 LPU堆叠采用台积电SOIC工艺，是对台积电制造体系依赖程度进一步加强，台积电核心封测厂日月光协同作用 只会更强。 对于产业趋势未来垂直供电部分，COWOS下一代架构SOW即采用垂直供电结构，日月光供应VRM部分，环旭负 责800→48V部分。 对于产业趋势未来垂直供电部分，COWOS下一代架构SOW即采用垂直供电结构，日月光供应VRM部分，环旭负 责800→48V部分。 看好集团层面在管模块、CPO交换机、服务器电源上的垂直整合机会 ...