Market Overview - In January 2026, the A-share market showed a growth style dominance with structural differentiation, where the STAR 50 and CSI 1000 indices rose over 10%[4] - The Hang Seng Index and other major indices saw gains exceeding 5%, while the ChiNext and Shanghai Composite Index increased by over 3%[4] Investment Themes - The trading focus in January continued to revolve around "growth stocks and cyclical stocks," driven by technological upgrades in AI, semiconductor equipment, and commercial aerospace sectors[4] - Geopolitical factors led to rising international precious metal prices, benefiting cyclical sectors like copper and aluminum, as well as strategic resources such as lithium and rare earths[4] February Market Outlook - February is expected to be a "window period" for market confidence, driven by high growth expectations in new economies and relatively abundant liquidity before the Spring Festival[4] - The market is likely to see accelerated rotation in sectors like technology and non-ferrous metals, with strong earnings reports becoming focal points[4] Key Stock Recommendations - Top stock picks for February include Zijin Mining (601899.SH) with a projected EPS growth from 1.21 in 2024 to 3.37 in 2026, reflecting a strong outlook due to rising copper prices[6] - Yara International (000893.SZ) is recommended due to expected high potassium fertilizer prices, with EPS forecasted to rise from 1.03 in 2024 to 2.93 in 2026[6] Risk Factors - Risks include unexpected policy changes, commercialization outcomes falling short of expectations, and delays in product development and market entry[4]

证券日报网讯1月28日，能科科技（603859）在互动平台回答投资者提问时表示，公司在工业AI赋能复 杂装备设计领域有多个从0到1的技术突破，开发并落地了需求生成、产品架构分析设计、智能模型搜 索、智能图纸识别、研发设计知识库、智能物料筛选检索等系列AI Agent，覆盖装备研发设计环节。上 述应用助力客户提升研发效率、降低设计成本。未来，公司将持续迭代产品和服务，推动工业AI创新 成果在更多复杂装备领域落地。 ...

证券日报网讯1月28日，能科科技（603859）在互动平台回答投资者提问时表示，目前AI编码可用于公 司标准产品前后端开发、测试环节，未来随着AI技术的发展，有进一步扩大应用的空间。 ...

（编辑 楚丽君） 证券日报网讯 1月28日，能科科技在互动平台回答投资者提问时表示，公司聚焦航空航天领域客户需 求，提供覆盖产品研发、制造、运行维护等环节的工业软件产品和AI agent产品，服务内容包括方案论 证、产品定义与分解、架构设计、详细设计到生产制造、产品测试及验证、运行维护的全流程数字化和 智能化。公司对标学习国内外相关先进技术企业，并结合公司发展路径、业务情况、客户需求实现自主 创新，持续保持和提升核心竞争力。 ...

（编辑 袁冠琳） 证券日报网讯 1月28日，能科科技在互动平台回答投资者提问时表示，公司持续构建和经营与合作伙伴 的生态体系，凭借在工业领域多年的技术积淀与实践经验，公司出海业务覆盖多个国家和地区，未来公 司将持续推进业务出海布局，进一步与海外优质生态伙伴深化合作，围绕智能制造、智能电气等核心场 景，共同探索技术研发、产品适配及市场客户共享的深度协作模式，将先进的工业领域解决方案与服务 能力输出至更多海外市场，推动中国工业数智化实践经验赋能全球产业升级，助力更多海外制造企业实 现高效、可持续的智能化转型。 ...

证券日报网讯 1月28日，能科科技在互动平台回答投资者提问时表示，公司主要为航空航天客户提供覆 盖产品研发、制造、运维等环节的工业软件产品和AIAgent产品，服务内容包括方案论证、产品定义与 分解、架构设计、详细设计到生产制造、产品测试及验证、运维的全流程数字化和智能化。公司通过航 空航天发动机设计项目积累了相关领域的实践经验，未来将持续迭代升级，助力航空航天领域高质量发 展。 （文章来源：证券日报） ...

Investment Rating - The report rates the computer industry as "Overweight," indicating that the industry is expected to outperform the overall market [9]. Core Insights - Clawdbot signifies a transition in AI product forms from "scene-level assistants" to "system-level Agent platforms," emphasizing comprehensive execution capabilities across tools and systems [3]. - The evolution of Agents is marked by a clear path from Skills to Claude Excel and Clawdbot, shifting market focus from model parameters to the ability to execute complex tasks and integrate external tools [3]. - Clawdbot's revolutionary aspect lies in its ability to understand high-level user intentions and autonomously break them down into ordered steps, enhancing automation in complex workflows [3]. - The deployment of system-level Agents faces challenges such as high complexity in enterprise deployment, data security concerns, and the need for improved stability and traceability across systems [3]. - The acceleration of Agent deployment does not imply the replacement of traditional software but rather positions Agents as intelligent interaction and automation hubs, enhancing overall efficiency [3]. Summary by Sections AI Application Key Companies Valuation - The report includes a valuation table for key AI application companies, detailing their market capitalization and projected net profits for 2024 to 2027, with notable companies such as Kingsoft Office, Yonyou Network, and Zhongkong Technology [4].

数据显示，国寿安保基金旗下1只基金位居能科科技十大流通股东。国寿安保智慧生活股票A （001672）三季度新进十大流通股东，持有股数160.34万股，占流通股的比例为0.66%。根据测算，今 日浮亏损失约410.47万元。 从能科科技十大流通股东角度 国寿安保智慧生活股票A（001672）成立日期2015年9月1日，最新规模21.21亿。今年以来收益 17.32%，同类排名341/5580；近一年收益61.84%，同类排名810/4271；成立以来收益293.17%。 国寿安保智慧生活股票A（001672）基金经理为张琦。 截至发稿，张琦累计任职时间15年207天，现任基金资产总规模29.51亿元，任职期间最佳基金回报 285.95%， 任职期间最差基金回报-19.09%。 从基金十大重仓股角度 数据显示，国寿安保基金旗下1只基金重仓能科科技。国寿安保目标策略混合发起A（004818）四季度 减持4万股，持有股数17.08万股，占基金净值比例为3.77%，位居第五大重仓股。根据测算，今日浮亏 损失约43.72万元。 1月26日，能科科技跌5.01%，截至发稿，报48.52元/股，成交6.25亿元，换手率5.1 ...

Investment Rating - The report indicates a positive investment outlook for the industry, highlighting a "golden window period" for the short drama sector, with expectations for significant growth in the coming years [2][11]. Core Insights - The short drama industry has reached a scale of nearly 1 trillion yuan, surpassing both the film and long video sectors, with a projected compound annual growth rate (CAGR) of over 50% from 2023 to 2026 [11]. - The market for animated dramas is expected to exceed 22 billion yuan by 2026, contributing 50% of the incremental growth in the short drama industry [11]. - ByteDance is positioned as the absolute leader in the animated drama sector, leveraging its "traffic + IP + AI" integrated strategy to dominate the market [2][17]. - The application of AI technology is transforming the production paradigm of animated dramas, reducing production cycles from over 50 days to under 30 days and significantly lowering costs [3][21]. Summary by Sections Section 1: The Golden Window for Short Dramas - The short drama market has surpassed 1 trillion yuan, with user engagement increasing, and the average daily viewing time expected to exceed 100 minutes by 2025 [11]. - The market has entered a phase of rapid growth and commercialization, with significant increases in both supply and demand for animated dramas [11][12]. Section 2: AI Reshaping Production Paradigms - AI technologies are enabling a shift from manual production to industrialized generation, with production costs dropping to the thousand-yuan level [3][21]. - The integration of AI in production processes is expected to streamline workflows, reducing the number of steps from 11 to 5 and cutting costs by 60% [3][24]. Section 3: Trends in AI Applications - The report anticipates a significant uptick in AI applications by 2026, driven by the need for software to leverage substantial computational investments [4][31]. - Companies are increasingly integrating AI into their business models, with some reporting that AI-related revenues account for over 10% of total income [4][31]. Section 4: Related Investment Targets - Key investment targets include companies such as DeCai Co., Zhaochi Co., and Wanxing Technology, among others, which are positioned to benefit from the growth in the animated drama and AI sectors [5][40].

Investment Rating - The report maintains a "Buy" rating for the following companies: Weike Technology (301196.SZ), Nengke Technology (603859.SH), Hehe Information (688615.SH), and Maixinlin (688685.SH) [6][50]. Core Insights - The AI application landscape is evolving, with the launch of the new "Task Assistant" feature in the Qianwen app, which integrates over 400 services from Alibaba's ecosystem, marking a significant shift from information processing to task execution [3][27]. - DeepSeek has released an open-source Engram module that enhances memory retrieval and reasoning efficiency in large models, addressing traditional architecture challenges [2][20]. - SkildAI has completed a $1.4 billion Series C funding round, indicating strong market interest in general AI models for robotics, with a valuation exceeding $14 billion [36][38]. Summary by Sections Computing Power Dynamics - The rental prices for computing power remain stable, with specific configurations like Tencent Cloud's A100-40G priced at 28.64 CNY/hour and Alibaba Cloud's A100-40G at 31.58 CNY/hour [17][19]. - DeepSeek's Engram module introduces a "lookup-computation separation" mechanism, significantly improving model efficiency in memory retrieval and reasoning tasks [2][20]. AI Application Dynamics - QuillBot's weekly traffic increased by 13.20%, indicating growing user engagement in AI tools [25][26]. - The Qianwen app's upgrade allows users to complete complex tasks such as ordering food and booking travel through natural language commands, showcasing the practical application of AI in daily life [3][28]. AI Financing Trends - SkildAI's recent funding round attracted major investors, including SoftBank and NVIDIA, highlighting the increasing capital flow into AI robotics [36][39]. - The company's innovative "hardware-agnostic" architecture aims to address the scarcity of training data in robotics, positioning it as a leader in the emerging market for general AI models [38][39]. Investment Recommendations - The report suggests focusing on companies like Maixinlin (688685.SH), Weike Technology (301196.SZ), Hehe Information (688615.SH), and Nengke Technology (603859.SH) for their growth potential in AI applications and computing power [48][50].