马年首个交易日，A股三大指数集体走高，沪指涨0.87%，深证成指涨1.36%，创业板指涨0.99%。超4000股上涨，超百股涨 停。油气开采、贵金属（核心股）、培育钻石（核心股）等板块上涨；影视（核心股）院线、AI应用、旅游及酒店、白 酒、免税店下跌。 龙虎榜单日净买入额前三为华工科技、深南电路、湖南白银（核心股），分别为5.23亿元、4.21亿元、3.44亿元。 个股方面，并购重组的韩建河山9天5板、豫能控股4连板，光伏（核心股）板块协鑫集成9天5板，化工（核心股）板块美邦 股份4连板，AI应用的风语筑6天4板，汉缆股份3连板，招商轮船、中远海能等3天2板，长飞光纤、深南电路等涨停。 | 代码 | 名称 | 价格 | 涨跌 | | 涨幅� 换手% 几天几板I2 ... | 成交额 | 成交量 涨停分析 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300157 | 新锦动力 | 6.76 | +1.13 | +20.07% | 17.42% 自板张停 | 7.9617. | 123.3万 出缩机+绿蒸氨 | | 300164 | 通源白祖 | 1 ...

共45只个股出现了机构的身影。 | 戊京诺 | 1 2.24 机构资金参与个股- | | | --- | --- | --- | | 证券简称 | ■涨跌幅 | 机构净买入(万元) | | 华工科技 | 10.00% | 18875.01 | | 铜冠铜箔 | 14.49% | 18832.26 | | 上海电影 | -10.00% | 18469.05 | | 天润工业 | 10.05% | 16222.64 | | 三变科技 | 7.30% | 15498.23 | | 阿拉丁 | 18.85% | 14142.92 | | 首都在线 | 0.40% | 12266.50 | | 四川黄金 | 9.99% | 10177.15 | | 华之杰 | 10.00% | 8780.60 | | 三友化工 | 10.07% | 7962.23 | | 天奇股份 | 0.65% | 7862.78 | | 协鑫集成 | 9.98% | 7402.27 | | 沃尔德 | 19.19% | 6493.37 | | 欢瑞世纪 | -8.44% | 6304.67 | | 大位科技 | -9.86% | 6164.20 ...

Company Overview - Taxfriend Co., Ltd. (603171.SH) has experienced a significant decline of 22.77% over the past 20 days, with a closing price of 66.79 yuan as of February 13, 2026, primarily due to the controlling shareholder's reduction plan, technical adjustments, market sentiment, and high valuation pressure [1] - The controlling shareholder, Ningbo Sichi, plans to reduce its stake by up to 3% (approximately 12.19 million shares) from March 3 to June 2, 2026, raising liquidity concerns [2] - The stock price reached a peak of 90.60 yuan on January 16, 2026, with a cumulative increase of over 39% prior to the announcement of the reduction plan, leading to profit-taking [2] Financial and Technical Analysis - The stock has broken key moving averages, with the 20-day and 30-day moving averages at 73.58 yuan and 73.84 yuan, respectively, indicating a weak technical position [3] - The MACD has turned negative (-0.029), and the KDJ indicator has entered the oversold zone (K value of 19.11) [3] - There has been a net outflow of 32.987 million yuan from major funds over the past five days, with a single-day net outflow of 20% on February 13, 2026, and a turnover rate dropping to 0.86%, reflecting decreased market participation [3] Fundamental Analysis - The company's price-to-earnings ratio (TTM) stands at 253.45, placing it in the 97.6th percentile over the past five years, significantly higher than the industry median [4] - Despite a year-on-year increase of 42.33% in net profit attributable to shareholders for Q3 2025, there are concerns regarding the sustainability of AI product commercialization [4] - Sales expenses have increased by 20.05% year-on-year, and R&D expenses have risen to 337 million yuan, leading to a decline in gross margin to 59.19%, putting short-term profitability under pressure [4] Industry Context - The overall computer sector has seen a decline, with the Shenwan Computer Index dropping approximately 5% over the past 20 days, and the IT Services II sector down by 0.76%, indicating a downward shift in industry valuation [5] - Concept indices related to AI and digital economy have recently retreated, with Taxfriend's associated indices in smart governance and tax reform down by 0.21% and 0.90%, respectively, suggesting a cooling off in speculative trading [5]

Summary of Key Points from Conference Call Records Industry Overview 1. PCB (Printed Circuit Board) - The PCB sector has shown weak performance since Q4 of last year, primarily due to divergent market views on orthogonal backplane solutions, with some believing they may be replaced by copper cables/CPO or delayed until 2028. However, the orthogonal backplane is currently progressing steadily and is expected to enter mass production in H2 2027. Leading companies are experiencing stock price stagnation due to these divergences, highlighting their cost-effectiveness. Recommended companies include Dongshan Precision, Shenghong Technology, and Huidian Co. [1] - The CoWoP (Chip on Wafer on PCB) solution has stronger certainty, can reduce costs, improve efficiency, and bypass the shortage of substrate capacity. The value per square meter of PCB may increase several times, potentially reaching tenfold, with product launches expected by the end of 2027 and full implementation in 2028. Recommended companies in this direction include Pengding Holdings, Shennan Circuit, and Xinsong Technology. [1] 2. Storage - Contract prices remain in an upward cycle despite fluctuations in spot prices. Module companies are expected to see explosive Q1 performance, with Jiangbolong and Demingli realizing low-priced inventory. Recommended design companies include Zhaoyi Innovation (with a profit expectation of 6 billion) and Puran Co., Beijing Junzheng, and Hengshuo Co. [2] - Demand for memory modules is driven by AI servers and general servers, with recommendations for Lanke Technology (long-term profit of 10 billion) and Jucheng Co. (long-term profit of 1.5 billion). [2] 3. Communication - The recent decline in optical modules is related to the pullback of US tech stocks and speculation around CPO concepts. However, industry sources (such as Coherent and Xuchuang) indicate that CPO's potential to replace optical modules in ScaleOut scenarios is low, suggesting that short-term speculation may be excessive. [2] - North American cloud service providers have exceeded capital expenditure guidance for 2026 (620 billion, up 65% year-on-year), indicating potential accelerated demand for optical modules in 2027. Key upcoming catalysts include Nvidia's quarterly report (February 26), GTC conference (March), and OFC exhibition (NPO product showcase). Recommended companies include Zhongji Xuchuang, Xinyisheng, and Dongshan Precision. [2] - For copper connections as a Plan B alternative to orthogonal backplanes, companies to watch include Luxshare Precision, Wokai Nuclear Materials, and Huiju Technology (with potential for stock doubling). [2] - The price of scattered fiber has surged in the short term (from 25 to 50 yuan), but the low willingness of operators to raise prices raises doubts about long-term sustainability. [2] 4. Computing - Domestic computing resources are in short supply, with the recent downtime of Qianwen highlighting the scarcity of AI foundational resources. The demand for CPUs is expected to rise due to increased usage of agents compared to chatbots. Recommended companies include Haiguang Information (benefiting from both CPU and GPU), Cambrian (leading domestic AI chip manufacturer), and Tianshu Zhixin (expected to accelerate integration with leading players). [2] - Cloud infrastructure resources are expected to benefit from price increases, with recommendations for Kingsoft Cloud, Wangsu Technology, and Fourth Paradigm. [2] - In the AI application sector, the recent drop in overseas software and restructuring of SaaS business models may lead to a narrative reversal with the launch of native agent products in Q3 2026. Companies to watch include Alibaba for 2C entry reconstruction and third-party AI agents like TaxFriend, Zhongkong Technology, and Dingjie Smart. [2] 5. Media - Tencent has faced a decline due to market concerns over potential tax increases on internet platforms, although there is no space for increased game value-added tax. The company remains recommended despite rumors of Q4 earnings downgrades, maintaining a PE ratio of 15 times, which still offers value. [3] - The download situation for the Yuanbao app remains stable, and Tencent's AI capabilities may be closing the gap with larger competitors. [3] - In gaming, companies with upcoming catalysts such as Giant Network and Perfect World are recommended for short-term focus, while Century Huatong and Kaiying Network are suggested for medium to long-term attention due to expected catalysts. [3] - Tencent's establishment of a separate AI comic app is beneficial for the production side, which is entering a period of profitability. Recommendations include Kuaishou, Huanrui, and Rongxin. [3] 6. Pharmaceuticals - Attention is drawn to the update of the essential drug catalog, which may accelerate progress. [4] - The probability of inclusion in the essential drug catalog is high for unique products, with several specific products from companies like Jichuan Pharmaceutical and Panlong Pharmaceutical being highlighted. [4] - Emphasis on the global competitiveness of the innovative drug industry chain, with a focus on new-generation ADCs, IOs, small nucleic acids, and CGT. Recommended companies include Kanghong, Yingen, Yunding, and Chengdu Xian Dao. [4] - The brain-computer interface theme is noted, with a potential showcase of non-invasive products during the Spring Festival and a semi-invasive product approval for Borui Kang in March. [4] - Recommendations include Meihua Medical, Dongwei Semiconductor, and Sanbo Brain Science. [5] - The surgical robot sector is expected to see comprehensive implementation of charging policies before August, with overseas orders doubling and maintaining high growth in 2027. Key types include laparoscopic and orthopedic robots, with strong overseas performance for laparoscopic robots. Recommended companies include MicroPort, Jingfeng Medical, Tianzhihang, and Sanyou Medical. [6]

Core Viewpoint - Taxfriend Co., Ltd. (603171.SH) announced a share reduction plan by its controlling shareholder, Ningbo Sicheng Venture Capital Partnership, intending to sell up to 12,190,350 shares, representing a maximum of 3% of the company's total share capital, without changing the control of the company [1][2]. Group 1: Share Reduction Plan - Ningbo Sicheng plans to reduce its holdings from March 3, 2026, to June 2, 2026, through centralized bidding and block trading, with a total potential cash-out of approximately 892 million yuan based on the last closing price of 73.18 yuan per share [1]. - The total shares to be reduced include a maximum of 4,063,450 shares through centralized bidding (up to 1% of total shares) and 8,126,900 shares through block trading (up to 2% of total shares) [1]. Group 2: Current Shareholding Status - As of the announcement date, Ningbo Sicheng holds 209,914,539 shares, accounting for 51.66% of the total share capital, with these shares acquired before the IPO [1]. - Ningbo Sicheng and Zhang Zhengchao are acting in concert, with a combined holding of 302,214,539 shares, representing 74.37% of the total share capital [1]. Group 3: Previous Share Reductions - Since starting to reduce its holdings on March 14, 2025, Ningbo Sicheng has cumulatively reduced 13,181,200 shares, realizing approximately 623 million yuan [2]. - The previous reductions occurred at various average prices per share, with the highest average price being 52.73 yuan and the lowest at 43.14 yuan [3].

Core Viewpoint - Ningbo Sichi plans to reduce its stake in Taxfriend Co., Ltd. (603171.SH) by up to 12.19 million shares, representing no more than 3% of the company's total share capital [1] Summary by Category Share Reduction Plan - The planned reduction includes a maximum of 4.06 million shares through centralized bidding, accounting for no more than 1% of the total share capital [1] - Additionally, up to 8.13 million shares will be reduced through block trading, representing no more than 2% of the total share capital [1] - The reduction period will commence 15 trading days after the announcement and will last for 3 months [1]

证券代码：603171 证券简称：税友股份 公告编号：2026-002 税友软件集团股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况：截至本公告披露日，税友软件集团股份有限公 司（以下简称"税友股份"或"公司"）控股股东宁波思驰创业投资合伙企业（有 限合伙）（以下简称"宁波思驰"）持有公司股份 209,914,539 股，占公司总股 本 51.66%。宁波思驰及一致行动人张镇潮先生合计持有公司股份 302,214,539 股， 占公司总股本 74.37%，全部为无限售条件流通股。 1 股东名称 宁波思驰创业投资合伙企业（有限合伙） 股东身份 控股股东、实控人及一致行动人 √是 □否 直接持股 5%以上股东 √是 □否 董事、监事和高级管理人员 □是 √否 其他：/ 持股数量 209,914,539股 持股比例 51.66% 一、减持主体的基本情况 | | | 股东名称 | 持股数量 （股） | 持股比例 | 一致行动关系形成原因 | | --- ...

Core Viewpoint - The controlling shareholder of Taxfriend Co., Ltd. plans to reduce its stake in the company by up to 12.19 million shares, representing no more than 3% of the total share capital [1] Summary by Category Share Reduction Plan - The shareholder intends to reduce its holdings through two methods: a centralized bidding process for up to 4.06 million shares, which is no more than 1% of the total share capital, and a block trade for up to 8.13 million shares, accounting for no more than 2% of the total share capital [1] - The reduction period is set to begin 15 trading days after the announcement and will last for three months [1]

Group 1 - Taxfriend Co., Ltd. experienced a stock price increase of 0.15% on January 29, with a trading volume of 561 million yuan [1] - The company had a net financing purchase of 272,300 yuan on the same day, with a total financing and securities balance of 175 million yuan [1] - The financing balance of Taxfriend Co., Ltd. is 174 million yuan, accounting for 0.56% of its circulating market value, indicating a high level compared to the past year [1] Group 2 - As of September 30, Taxfriend Co., Ltd. had 14,400 shareholders, an increase of 30.14% from the previous period, while the average circulating shares per person decreased by 23.16% [2] - For the period from January to September 2025, the company achieved an operating income of 1.426 billion yuan, representing a year-on-year growth of 11.10%, while the net profit attributable to shareholders decreased by 4.74% to 110 million yuan [2] - The company has distributed a total of 366 million yuan in dividends since its A-share listing, with 244 million yuan distributed over the past three years [2]

Investment Rating - The report assigns an "Overweight" rating for the computer industry [1] Core Insights - The establishment of a closed-loop system for data elements, combined with the catalysis of AI, is expected to accelerate the release of data value and the blossoming of the industry in 2026 [2][32] - The demand for AI applications is creating a significant supply gap in the data market, with daily token consumption for AI applications in China skyrocketing from 100 billion at the beginning of 2024 to over 30 trillion by mid-2025, reflecting a growth of over 300 times in just a year and a half [37] Summary by Sections Investment Recommendations - The report emphasizes the importance of focusing on various segments of the data supply chain, including data supply, data trading, data application development, data services, data security, computing power, and network infrastructure [7][8] The Fifth Production Element - Data has been officially recognized as the "fifth production element" by the Chinese government, alongside labor, capital, land, and technology, highlighting its critical role in modern production activities [11] - The top-level design and policy framework for data elements have become increasingly refined, with a focus on activating the potential of data elements and establishing a sound market environment [13][14] Recent Policy Developments - Since 2024, the pace of policy implementation regarding data elements has accelerated, transitioning from top-level design to actionable policies, thereby establishing a solid institutional foundation for the industrialization of data elements [18] - Key policies include the promotion of public and enterprise data resource development, the establishment of a high-efficiency data circulation market, and the enhancement of data infrastructure [19][20][24] AI and Data Market - The report highlights the emergence of a trillion-dollar blue ocean market in the data industry, with the industry value surpassing 2 trillion yuan in 2023 and expected to maintain a growth rate of over 20% annually in the coming years [43][44] - The integration of AI applications is expected to further stimulate the demand for high-quality data, creating a reciprocal relationship that enhances both AI performance and data value [39] Future Policy Outlook - The year 2026 is designated as the "Year of Data Element Value Release," with a focus on improving data flow and resource allocation channels, thereby enhancing the overall market ecosystem [32][33]