Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the communication industry, indicating an expected outperformance of over 10% compared to the benchmark index [1][36]. Core Insights - The emergence of Moltbot as a significant application in Silicon Valley represents a major leap in AI capabilities, enabling seamless workflow automation from thought to execution. This application has rapidly gained popularity, surpassing 100,000 stars on GitHub, making it one of the fastest-growing open-source projects globally [4][12]. - The report highlights the potential for unlimited cloud computing power driven by applications like Moltbot, which could lead to increased capital expenditures in cloud service providers (CSPs) due to rising demand for computational resources [4][12]. - The demand for cloud hosts and various types of home servers is expected to grow rapidly, benefiting public cloud vendors as they offer more secure and stable solutions compared to local PCs [5][13]. - AIOT (Artificial Intelligence of Things) applications on the edge are anticipated to have significant potential, as Moltbot combines cloud capabilities with local execution, creating a closed-loop system for industrial intelligence [5][13]. - SpaceX's plan to establish a satellite computing cluster consisting of up to 1 million satellites represents a substantial development in space computing capabilities, which could integrate with existing satellite networks and enhance data processing capabilities [6][14]. Summary by Sections Industry Trends - Moltbot's capabilities include automating tasks such as email management, scheduling, and even automated trading, showcasing its versatility and potential for widespread adoption [4][12]. - The report suggests that the rapid spread of Moltbot and similar applications will lead to increased demand for cloud computing resources, potentially causing a "computing power crunch" [4][12]. Market Overview - The communication index rose by 5.83% during the week of January 26 to January 30, 2026, while the broader market indices showed mixed results, with the Shanghai Composite Index declining by 0.44% [7][15]. - The top-performing sectors included optical cables and marine cables, with significant weekly gains [7][15]. Recommended Companies - The report recommends focusing on companies in various segments, including: - Cloud Computing: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Industrial Fulian, Woer, Zhishang Technology, Guangku Technology [6][15]. - CPU/CXL: Haiguang Information, Lanke Technology, ZTE, Wantong Development [6][15]. - Edge Computing: Ruixin Micro, Zhaoyi Innovation, Yinghantong, Guanghetong, Yiyuan Communication, Meige Intelligent [6][15]. - Inter-satellite Laser Communication: Fenghuo Communication, Guangxun Technology, Guangku Technology, Aerospace Electronics, Zhongrun Optics, Tengjing Technology [6][15].

瑞芯微：每股现金红利0.30元（含税），股权登记日：2026-2-9，除息除权日：2026-2-10，数据来源 《瑞芯微：2025年前三季度权益分派实施公告》；申万一级行业：电子，非红利低波（H30269.CSI） 成分股，是红利质量（931468.CSI）成分股。 金徽酒：每股现金红利0.20元（含税），股权登记日：2026-2-9，除息除权日：2026-2-10，数据来源 《金徽酒股份有限公司2025年前三季度权益分派实施公告》；申万一级行业：食品饮料，非红利低波 （H30269.CSI）成分股，非红利质量（931468.CSI）成分股。 红利低波（H30269.CSI）指数，选取50只流动性好、连续分红、红利支付率适中、每股股息正增长以 及股息率高且波动率低的证券作为指数样本，采用股息率加权，截至2月2日，该指数近1年股息率为 4.62%；红利低波ETF华夏（159547）是跟踪该指数综合费率最低的ETF，每季度评估可分红，联接基 金A类021482；联接基金C类021483。 红利质量（931468.CSI）指数，选取50只连续现金分红、股利支付率较高且兼具较高盈利能力特征的上 市公司证券作为指数样本 ...

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。 一、利润分配预案概述 瑞芯微电子股份有限公司（以下简称"公司"）分别于 2025 年 12 月 8 日、 2025年12月24日召开第四届董事会第八次会议及2025年第二次临时股东大会， 审议通过《关于<利润分配预案>的议案》。 为积极落实《国务院关于加强监管防范风险推动资本市场高质量发展的若干 意见》（国发〔2024〕10 号）及中国证监会《上市公司监管指引第 10 号——市 值管理》的相关精神和要求，增强投资者获得感，在综合考虑公司 2025 年前三 季度实际经营情况、资金需求以及未来发展等因素的前提下，公司拟实施利润分 配。具体情况如下： 公司 2025 年前三季度实现归属于上市公司股东的净利润为 779,576,888.33 元。截至 2025 年 9 月 30 日，母公司可供股东分配利润为 1,798,001,430.26 元， 资本公积 1,730,290,339.04 元，上述数据未经审计。 证券代码：603893 证券简称：瑞芯微 公告编号：2026-003 瑞芯 ...

证券代码：603893 证券简称：瑞芯微 公告编号：2026-004 瑞芯微电子股份有限公司 2025年前三季度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.30元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2026/2/9 | － | 2026/2/10 | 2026/2/10 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 12 月 24 日的2025年第二次临时股东大会审 议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本420,958,500股为基数，每股派发现 金红利0.30元（含税） ...

AI"下凡"，正在重构科技产业的底层逻辑。 当曾经局限于云端的AI能力，渗透进耳机、手表、音箱乃至AI眼镜等终端设备，这场算力迁移的革命中，国产SoC（系统级芯片）不再是配角，而是撑起 AI落地的核心支柱——没有它们，端侧AI的普及便无从谈起。 长期以来，国产芯片在高端算力领域步履维艰，但细分赛道的深耕，终迎破局契机。端侧AI的爆发，正是为国产SoC量身打造的成长风口，其中瑞芯微、 晶晨股份、乐鑫科技等"六小龙"，凭借提前布局的技术与商业化优势，正借着这股东风，实现新的跨越。 01 AI下沉：不是选择，是必然 要读懂国产SoC的崛起，必先读懂端侧AI的爆发逻辑。很多人疑惑，云端AI的参数竞赛还未落幕，为什么算力会突然向端侧迁移？答案很简单：端侧AI的 爆发，是技术成熟、需求倒逼、成本优化三重因素共振的结果，而非偶然。 首先，技术成熟是端侧AI落地的核心支撑。此前，端侧设备算力瓶颈制约AI下沉，依赖云端传输存在延迟与隐私隐患，搭载高性能芯片则面临功耗、体 积难题。近年来，专用NPU成为端侧终端标配，算力实现跨越式提升，芯片架构创新优化能效比，叠加模型剪枝、量化及5G-A技术突破，彻底打通端侧 AI落地壁垒，推动 ...

上线3天涌入15万Agent！Moltbook开启"机机交互"新纪元，重申大模型与算力双王，关注安全！【天风计算机 缪欣 君/刘鉴团队】 1）大模型： 2）infra与安全： Cloudflare 3）算力：#寒武纪、#海光信息、瑞芯微（电子组覆盖）； 4）IDC： 大位科技、润泽科技、奥飞数据、光环新网、科华数据等； 5）端侧：联想集团、绿联、智微智能； 6）云服务：金山云、阿里云； 上线3天涌入15万Agent！Moltbook开启"机机交互"新纪元，重申大模型与算力双王，关注安全！【天风计算机 缪欣 君/刘鉴团队】 1）大模型： 2）infra与安全： Cloudflare 3）算力：#寒武纪、#海光信息、瑞芯微（电子组覆盖）； 4）IDC： 大位科技、润泽科技、奥飞数据、光环新网、科华数据等； 5）端侧：联想集团、绿联、智微智能； 6）云服务：金山云、阿里云； 7）安全：深信服、安恒信息、启明星辰、绿盟科技等 8）存储、光模块等 根据官网，上线三天Moltbook涌入超15万AI Agents。 不同AI在平台上自主发文、互动、协作，甚至讨论建立端对端加密私密空间，呈现显著的自主协作与自组织特 征。 ...

Core Viewpoint - The article discusses the challenges of managing excess inventory in the semiconductor industry, highlighting the financial burden of storage and capital costs associated with unsold materials, while promoting a service that facilitates quick transactions for surplus stock [1][8]. Group 1: Inventory Management - A significant amount of excess inventory, specifically 100,000 units, is incurring monthly storage and capital costs of at least 5,000, leading to a potential loss of 30,000 if held for six months [1]. - The company offers a platform, "Chip Superman," which has served 22,000 users, to help sell excess inventory quickly, often completing transactions within half a day [8]. Group 2: Inventory Listings - The article lists various semiconductor components available for sale, including brands like Micron and SK Hynix, with quantities ranging from 4,000 to 30,000 units for different models [4][5]. - The inventory includes a diverse range of products, with over 1,000 models and 100 brands, totaling 50 million chips valued at over 100 million [7]. Group 3: Purchase Requests - The company is actively seeking specific components, such as 50,000 units of the brand Nexperia's PMEG4010EH and 400 units of Samsung's KHBBC4B03C-MC1K, indicating a demand for various semiconductor parts [6].

中金公司研报指出，瑞芯微预告2025年营收约44.07亿元，同比增长约40.51%；归母净利润10.63亿元左 右，同比增长78.70%。存储涨价目前仅造成季度间需求波动，端侧AI长期趋势不改；AIoT算力平台快 速增长，新兴领域持续突破。看好公司凭借SoC+协处理器不断拓展端侧AI领域下游产品，赋能端侧大 模型应用。由于3Q25存储涨价带来短暂影响，下调2025 年收入/净利润3%/8%至44/11亿元，维持2026年 收入/净利润预测基本不变，首次引入2027年收入/净利润预测77/19亿元。维持"跑赢行业"评级，当前股 价对应26/27年55/44倍P/E。由于行业估值中枢上移，上调目标价10%至219元，对应26/27年P/E为60/48 倍（9.5%上行空间）。 ...

Core Viewpoint - The report highlights the significant growth driven by technology in certain sectors, while also noting the substantial losses due to cyclical downturns in others [1] Performance Growth Highlights - **Zhongwei Company (688012)**: Expected net profit between 208 million to 218 million yuan, a year-on-year increase of 28.74% to 34.93%, driven by increased recognition of plasma etching equipment and a surge in market demand [5] - **Lianchuang Optoelectronics (600363)**: Expected net profit between 43.5 million to 53.2 million yuan, a year-on-year increase of 80.36% to 120.57%, attributed to significant growth in laser business and improved profitability in traditional sectors [6] - **Ruixin Microelectronics (603893)**: Expected net profit between 102.3 million to 110.3 million yuan, a year-on-year increase of 71.97% to 85.42%, driven by rapid growth in the AIoT market and recognition of new AI technology [7] - **Sangfor Health (688336)**: Expected net profit around 290 million yuan, a year-on-year increase of approximately 311.35%, due to a significant collaboration with Pfizer and advancements in clinical research [8] - **Pulite (002324)**: Expected net profit growth of 155.76% to 194.73%, driven by the demand for high polymer materials in the automotive lightweight trend [9] - **Tonghua Dongbao (600867)**: Expected net profit around 124.21 million yuan, turning from loss to profit, driven by market share gains in insulin products [10] - **Suotong Development (603612)**: Expected net profit between 73 million to 85 million yuan, a year-on-year increase of 167.98% to 212.03%, due to rising prices and demand in the prebaked anode industry [11] Major Performance Declines - **China Shipbuilding Technology (600072)**: Expected net loss between -260 million to -340 million yuan, a year-on-year decline of over 24 times, due to cyclical downturns in shipbuilding and high material costs [12] - **Silver Nonferrous Metals (601212)**: Expected net loss between -45 million to -67.5 million yuan, transitioning from profit to loss due to legal disputes affecting financial performance [13] - **China Metallurgical Group (601618)**: Expected net profit between 130 million to 160 million yuan, a year-on-year decline of 76.28% to 80.73%, impacted by the downturn in the construction industry [14] - **Jindi Group (600383)**: Expected net loss between -1.11 billion to -1.35 billion yuan, with increased losses due to declining sales and inventory impairments [15] - **Jianfa Co. (600153)**: Expected net loss between -1 billion to -520 million yuan, transitioning from profit to loss due to increased impairments in real estate [16] Industry Trend Analysis - **Technology and Innovation-Driven Sectors**: Companies in semiconductor equipment, laser military applications, and innovative pharmaceuticals are experiencing rapid growth due to high demand in AIoT, national defense, and biomedicine [23] - **Traditional Cyclical Industries**: Sectors like coal and engineering machinery are facing significant adjustments due to demand shortages and price declines, leading to widespread performance pressures [24] - **Pharmaceutical Industry Disparities**: Innovative drugs are seeing explosive growth through external licensing, while traditional formulations and raw materials are significantly impacted by procurement policies [24] - **External Environment Uncertainties**: Factors such as international trade tensions and regulatory changes are significantly affecting corporate performance, necessitating enhanced risk management [24] - **Asset Quality Risks**: Many companies are reporting substantial asset impairment provisions, indicating potential inefficiencies in previous investments [24]

| 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 603986 | 兆易创 新 | 5.01 | 5.69 | 85292.79 | 7.44 | | 300077 | 国民技 术 | 12.38 | 21.95 | 44462.75 | 14.78 | | 600877 | 电科芯 片 | 9.99 | 4.25 | 40396.90 | 32.77 | | | 北京君 | | | | | | 300223 | 正 | 6.69 | 9.88 | 40083.57 | 7.11 | | 600460 | 士兰微 | 4.37 | 6.00 | 35516.73 | 11.29 | | 603893 | 瑞芯微 | 7.11 | 5.10 | 30890.71 | 7.34 | | 300053 | 航宇微 | 8.72 | 23.13 | 23237.08 | 6.60 | | 688469 | 芯联集 | 9.33 | ...