Group 1 - A total of 129 listed companies were investigated by institutions from February 2 to February 6, with Nepean Mining and Huanxu Electronics receiving the most attention, involving 113 institutions [1] - Dajin Heavy Industry, Obi Photonics-UW, and BGI Genomics were investigated by 109, 76, and 73 institutions respectively [1] - Weichai Heavy Machinery and Jereh Group received 4 institutional investigations, while Hai'an Group and COFCO Technology were investigated 3 times [1] Group 2 - Institutions continue to focus on sectors such as industrial machinery, electrical components and equipment, and integrated circuits [1]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has announced the construction of a national computing power interconnection node system, which is expected to enhance the efficiency and service level of public computing resources and promote high-quality development in the computing power industry [2][3]. Group 1: National Computing Power Interconnection Node System - The MIIT's notification outlines a "1+M+N" system for national computing power interconnection nodes, aiming to standardize and facilitate the efficient flow of computing resources across different regions and sectors [2][3]. - The construction goals include establishing a supply-demand matching system for computing power in regions and key industries, enhancing overall computing power levels [2][3]. - Regional nodes will provide a unified service platform for interconnection, including services such as resource aggregation, selection, and monitoring [2][3]. Group 2: Industry Trends and Demand - The domestic computing power demand is expected to accelerate, driven by rapid iterations of domestic AI models and the evolving interaction methods that are shaping the demand for inference-side computing power [4][5]. - Major AI models from companies like Alibaba and Baidu are being released, which will further drive the commercialization of these models and increase the demand for computing power [5][6]. - The infrastructure for AI computing power is undergoing systematic upgrades to support the explosive demand for training and inference, transitioning from vertical scaling to distributed cluster expansion and cross-domain collaboration [6][7]. Group 3: Hardware Innovations - Key hardware components such as optical modules and switches are innovating around high speed, low power consumption, and low cost, with a focus on co-packaged optics (CPO) and linear drive pluggable optics (LPO) [7]. - Domestic optical module manufacturers are gaining a leading position in the global market, which positions them to benefit significantly from the expansion of AI computing infrastructure [7].

========= - The report tracks the market trend by monitoring stocks, industries, and sectors that have reached new highs, emphasizing the effectiveness of momentum and trend-following strategies[11] - The 250-day new high distance is calculated as $ 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price and ts_max(Close, 250) is the maximum closing price over the past 250 trading days[11] - As of February 6, 2026, the 250-day new high distances for major indices such as the Shanghai Composite Index, Shenzhen Component Index, CSI 300, CSI 500, CSI 1000, CSI 2000, ChiNext Index, and STAR 50 Index are 2.39%, 3.69%, 3.07%, 5.29%, 4.95%, 3.67%, 4.48%, and 8.58% respectively[12][13][15] - The report identifies 1641 stocks that reached a 250-day new high in the past 20 trading days, with the highest numbers in the machinery, electronics, and basic chemicals industries[19] - The highest proportions of new high stocks are in the non-ferrous metals, defense and military, and petroleum and petrochemical industries[19] - By sector, the manufacturing and technology sectors have the most new high stocks this week, with 523 and 513 stocks respectively[20] - The report also tracks "stable new high" stocks based on analyst attention, relative stock strength, trend continuity, price path stability, and new high sustainability[25][27] - The screening criteria include the absolute value of the past 120-day price change, the sum of the absolute values of the past 120-day daily price changes, and the number of buy or overweight ratings in the past three months[27] - This week, 50 stable new high stocks were selected, including Mingyang Smart Energy, Universal Scientific Industrial, and Hengtong Optic-Electric, with the most in the manufacturing and technology sectors[28][31] - The 250-day new high distances for major indices are: Shanghai Composite Index 2.39%, Shenzhen Component Index 3.69%, CSI 300 3.07%, CSI 500 5.29%, CSI 1000 4.95%, CSI 2000 3.67%, ChiNext Index 4.48%, STAR 50 Index 8.58%[12][13][15] - The highest proportions of new high stocks by index are: CSI 2000 30.10%, CSI 1000 35.00%, CSI 500 41.80%, CSI 300 27.33%, ChiNext Index 34.00%, STAR 50 Index 44.00%[20][23][24] - The highest proportions of new high stocks by industry are: non-ferrous metals 69.92%, defense and military 63.11%, petroleum and petrochemical 60.78%[19][22][24] =========

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][21]. Core Insights - The company's main business is expected to return to a growth phase in the second half of 2025, with significant growth potential in AI-related business driven by its parent company, ASE Group [1][6]. - The company has a comprehensive layout in the AI sector, including optical communication, ASIC server motherboard design, and high-performance server power supply solutions [6]. - The AI glasses market is anticipated to be a major growth driver for the company's SiP (System in Package) business, benefiting from the increasing demand for smart glasses [6]. Financial Summary - Total revenue for 2025 is projected at 59,122 million yuan, a decrease of 2.6% year-on-year, with a significant recovery expected in 2026 with a growth of 31% [2][7]. - The net profit attributable to the parent company is estimated to be 1,853 million yuan in 2025, reflecting a year-on-year increase of 12.1% [2][7]. - Earnings per share (EPS) is expected to rise from 0.69 yuan in 2024 to 0.78 yuan in 2025, and further to 1.16 yuan in 2026 [2][7]. - The target price for the company's stock is set at 41.76 yuan, compared to the current price of 33.85 yuan [2][6]. Market Position - The company is positioned as a leading manufacturer in the global electronic design and manufacturing sector, particularly in the SiP module field, and is well-placed to benefit from industry growth trends [6][7]. - The company has a total market capitalization of 808.71 billion yuan, with a debt-to-equity ratio of 45.5% [3][7]. Future Projections - The company anticipates a significant increase in net profit to 2,776 million yuan by 2026, and 3,433 million yuan by 2027, indicating strong growth potential [2][6]. - The projected price-to-earnings (P/E) ratio for 2026 is 36 times, reflecting a premium valuation based on the growth prospects of new business segments [6][7].

Group 1 - Intercontinental Oil and Gas (600759) experienced a significant price surge, closing at the daily limit after opening with a drop limit, with a trading volume exceeding 4 billion yuan [2] - The CPO concept stocks continued to rise, with Zhilifang hitting a historical high with a 20% limit increase; Keri Technology and Huanxu Electronics also reached their daily limit [2] - Other stocks such as Yitian Co. and Aotwei increased by over 10%, while Changyingtong and Zhongfu Circuit also saw notable gains [2] Group 2 - Changyingtong rose by 7.26% to 58.53, with an increase of 11.12% [4] - Zhongfu Circuit increased by 7.16% to 78.40, with a rise of 5.67% [4] - Fenghuo Communication saw a rise of 7.14% to 41.86, with an increase of 5.63% [4]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.11%, the Shenzhen Component Index up by 0.65%, and the ChiNext Index also up by 0.65% as of midday [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.38 trillion yuan, a decrease of 63.3 billion yuan compared to the previous trading day, with over 3,800 stocks rising [2] Sector Performance - Active sectors included lithium batteries, energy metals, humanoid robots, and fintech, while traditional sectors like liquor, retail, and AI application stocks weakened [1] - The Chinese medicine and chemical sectors showed notable gains, with the Chinese medicine sector rising by 2.52% [2][7] - The small metals sector rebounded, with stocks like Xianglu Tungsten and Zhangyuan Tungsten hitting the daily limit [7] Notable Stocks - Mingdiao Co. experienced significant trading activity, achieving a "limit-up" with nearly 700 million yuan in transactions and marking its fifth consecutive trading day of gains [3] - Jiangfeng Electronics saw a slight increase of 0.09% after announcing plans to acquire control of Kaide Quartz [9] Economic Indicators - The industrial development plan for traditional Chinese medicine aims for a collaborative development system by 2030, which may positively impact the sector [7]

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains in the battery, automotive parts, and securities industries [1][2]. - The companies with the highest target price increases include: - Fulin Precision Engineering with a target price increase of 64.96% [3] - Weichai Power with a target price increase of 57.67% [3] - Industrial Securities with a target price increase of 33.33% [3] Group 2 - On February 5, a total of 21 listed companies received recommendations from brokers, with Chongqing Beer receiving the most recommendations at 3 [4]. - The companies with multiple broker recommendations include: - Chongqing Beer with 3 recommendations [4] - Huanxu Electronics with 2 recommendations [4] Group 3 - Four companies received their first coverage on February 5, including: - Nanshan Aluminum with a "Buy" rating from Guosheng Securities [5] - Jiantou Energy with a "Buy" rating from Changjiang Securities [5] - Hangzhou Bank with a "Buy" rating from Northeast Securities [5] - Xiechuang Data with a "Buy" rating from Huaxin Securities [5]

Core Viewpoint - Huanxu Electronics has returned to profit growth in 2025 after two consecutive years of decline in net profit, with a net profit of 1.853 billion yuan, an increase of 12.16% year-on-year, despite a revenue decline of 2.46% to 59.195 billion yuan [1][4]. Financial Performance - In 2025, Huanxu Electronics achieved a revenue of 59.195 billion yuan, down 2.46% year-on-year, while net profit attributable to shareholders reached 1.853 billion yuan, up 12.16% year-on-year [1][4]. - The company experienced a significant revenue growth from 37.2 billion yuan in 2019 to 68.52 billion yuan in 2022, with net profit increasing from 1.262 billion yuan to 3.060 billion yuan during the same period [4]. Cost Control and Efficiency - Cost control measures contributed to the return to profit growth, with total expenses in 2025 amounting to 3.866 billion yuan, a reduction of 1.34 billion yuan compared to 4 billion yuan in 2024, representing a year-on-year decrease of 3.35% [2][5]. - The proportion of expenses to revenue was 6.53% in 2025, slightly down from 6.59% in 2024 [5]. Research and Development - Huanxu Electronics has invested a total of 7.651 billion yuan in R&D over the past four years, providing solid support for its industrial development [3][8]. - The R&D expenses for 2025 were reported at 1.902 billion yuan, a slight decrease from the previous year [7][8]. Business Development and Innovation - The company is accelerating its layout in the CPO (Cloud and Photonics Optics) business, with significant progress in smart glasses and AI accelerator card businesses [6]. - Huanxu Electronics has established a strategic partnership with Guangchuanglian in the optical communication field, with expected revenue from this partnership to reach approximately 180 million yuan in 2025, anticipating a compound annual growth rate of over 100% in the next three years [6].

天眼查资料显示，环旭电子股份有限公司成立于 2003年01月02日，是一家以从事计算机、通信和其他 电子设备制造业为主的企业。截至2025年09月30日，环旭电子股东户数41465户，较上次减少11946户， 户均持股市值195.03万元，户均持股数量5.76万股。 参与此次调研的睿远基金是一家以价值投资、研究驱动和长期投资风格为主的长期价值投资机构，聚焦 于权益投资和固定收益投资领域。截至目前，管理基金数量5只，其中睿远成长价值混合A最新单位净 值为1.9237，近一年增长66.96%。 2026年02月05日，环旭电子披露接待调研公告，公司于02月04日接待睿远基金、中信证券、汇丰前海证 券、山西证券、国泰海通证券、凯基证券等115家机构调研。 环旭电子（601231）最新股价为33.85元，较前一交易日收盘价下跌0.58元，跌幅为1.68%，总市值 808.71亿元。从行业市盈率来看，环旭电子所处的消费电子行业滚动市盈率平均50.46倍，行业中值 54.48倍，环旭电子43.63倍排名第32位。 调研情况显示，环旭电子2025年第四季度营业收入为155.5亿元，较第三季度环比降幅5.3%，较去年同 期同 ...

Core Insights - The company reported a revenue of 59.195 billion yuan for 2025, a year-on-year decrease of 2%, while the net profit attributable to shareholders was 1.853 billion yuan, an increase of 12% [1] - In Q4 2025, the company achieved a revenue of 15.554 billion yuan, a year-on-year decrease of 7%, with a net profit of 590 million yuan, reflecting a significant year-on-year increase of 66% [1] Business Segment Performance - Communications segment revenue was 18.386 billion yuan, down 11.53% year-on-year, primarily due to the introduction of self-developed products by major North American clients, leading to a decrease in procurement costs [1] - Consumer electronics segment revenue reached 21.3 billion yuan, up 10.92% year-on-year, driven by increased sales from market promotions by downstream customers [1] - Industrial/cloud storage/automotive segments generated revenues of 7.585 billion, 6.082 billion, and 4.511 billion yuan respectively, with year-on-year changes of +2.48%, -0.23%, and -24.45%, indicating significant pressure on automotive electronics due to reduced outsourcing orders from downstream clients [1] Strategic Developments - The company has accelerated its optical communication business by acquiring control of Chengdu Guangchuanglian, which focuses on the R&D, manufacturing, and sales of high-speed optoelectronic integrated components and optical engine products [2] - Plans to build a production line in Haiphong, Vietnam, capable of producing 100,000 units of 800G/1.6T silicon optical modules per month, including optical engines, module assembly, and terminal testing [2] - The acquisition and expansion are expected to create synergies with Guangchuanglian, enhancing the company's core R&D capabilities and facilitating rapid product mass production and delivery to overseas core CSP clients, thereby driving revenue growth in the optical communication business [2] Earnings Forecast and Valuation - The company raised its 2025 EPS estimate by 2% to 0.78 yuan, and the 2026 EPS estimate by 8% to 1.08 yuan, while introducing a 2027 EPS estimate of 1.51 yuan [3] - The current stock price corresponds to 31.7x and 22.8x P/E for 2026 and 2027 estimates respectively [3] - The target price has been increased by 34% to 43.0 yuan, reflecting a 25% upside potential compared to the current price, driven by strong expectations from the optical module acquisition and expansion [3]