Group 1 - The core viewpoint of the news highlights the significant increase in the domestic semiconductor equipment localization rate, which rose from 25% in 2025 to 35% in 2026, with core equipment like etching machines and thin film deposition equipment exceeding 40% localization, surpassing market expectations [1][17][19] - The newly launched Kexin Chip ETF by Huabao Fund saw a net inflow of 1.053 billion yuan over three consecutive trading days from January 29 to February 2, 2026, with an estimated total scale reaching 1.308 billion yuan by February 2 [1][3][18] - The Kexin Chip ETF tracks the Shanghai Stock Exchange Science and Technology Innovation Board Chip Index, which consists of 50 companies involved in semiconductor materials and equipment, chip design, manufacturing, packaging, and testing [1][3][18] Group 2 - The Chinese government emphasizes the importance of the semiconductor industry as a strategic focus for future economic development, aiming for decisive breakthroughs in key technologies across various sectors, including integrated circuits and advanced materials [2][17] - TrendForce data indicates that the high-end AI chip market in China is expected to grow by over 60% by 2026, with domestic AI chip manufacturers potentially increasing their market share to around 50% [2][17] - The Shanghai Stock Exchange Science and Technology Innovation Board Chip Index focuses on upstream and midstream sectors of the chip industry, with nearly 80% of its components in chip design and semiconductor materials and equipment [19][20] Group 3 - The top ten weighted stocks in the Kexin Chip Index include major players like SMIC, Haiguang Information, and Cambricon, with respective weightings of 10.36%, 10.05%, and 9.45% [6][22] - The Kexin Chip Index has shown strong long-term performance, with an annualized return of 17.93% from December 31, 2019, to December 31, 2025, outperforming similar indices [23][24] - The overall net profit of the Kexin Chip Index constituents surged by 94.22% in the first three quarters of 2025, leading among comparable indices [10][23]

Group 1 - The chip ETF (159995) opened down 1.49% at 1.980 yuan on February 2 [1] - Major holdings in the chip ETF include companies like SMIC, Haiguang Information, and Cambrian, with declines ranging from 0.47% to 4.47% [1] - The performance benchmark for the chip ETF is the National Securities Semiconductor Chip Index, managed by Huaxia Fund Management Co., with a return of 100.82% since its inception on January 20, 2020, and a recent one-month return of 14.61% [1]

2026 年 02 月 02 日 券商金股解析月报（2026 年 02 月） 金融工程研究团队 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 盛少成（分析师） 证书编号：S0790523060003 蒋 韬（分析师） 证书编号：S0790525070001 相关研究报告 《开源量化评论（23）-"金股+"组 合的量化方案》-2021.4.26 《开源量化评论（32）-券商金股的内 部收益结构》-2021.8.29 魏建榕（分析师） 高鹏（分析师） weijianrong@kysec.cn 证书编号：S0790519120001 gaopeng@kysec.cn 证书编号：S0790520090002 2 月份券商金股特征解析 2 月份紫金矿业、中际旭创、海光信息、万华化学、贵州茅台、福斯特、山东黄 金等金股推 ...

2026 年 02 月 02 日 券商金股解析月报（2026 年 02 月） 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 蒋 韬（分析师） 证书编号：S0790525070001 相关研究报告 《开源量化评论（23）-"金股+"组 合的量化方案》-2021.4.26 《开源量化评论（32）-券商金股的内 部收益结构》-2021.8.29 魏建榕（分析师） 高鹏（分析师） weijianrong@kysec.cn 证书编号：S0790519120001 gaopeng@kysec.cn 证书编号：S0790520090002 2 月份券商金股特征解析 2 月份紫金矿业、中际旭创、海光信息、万华化学、贵州茅台、福斯特、山东黄 金等金股推 ...

Group 1: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]

Group 1 - The Integrated Circuit ETF (159546) opened down 3.02% at 2.084 yuan [1] - Major holdings in the ETF experienced declines, including Cambrian (down 0.79%), SMIC (down 1.28%), and others with significant drops such as Zhaoyi Innovation (down 4.47%) and Tongfu Microelectronics (down 2.88%) [1] - The ETF's performance benchmark is the CSI All-Share Integrated Circuit Index, managed by Guotai Fund Management Company, with a return of 115.09% since its inception on October 11, 2023, and a return of 15.33% over the past month [1]

Group 1 - The core viewpoint of the article highlights the performance of the chip ETF Guangfa (159801), which opened down by 1.50% at 0.982 yuan on February 2 [1] - Major holdings in the chip ETF experienced declines, with notable drops including ZTE International down 1.28%, Haiguang Information down 1.68%, and GigaDevice down 4.47% [1] - The performance benchmark for the chip ETF is the yield of the National Securities Semiconductor Chip Index, managed by Guangfa Fund Management Co., with a return of 99.10% since its inception on January 20, 2020, and a return of 14.65% over the past month [1]

Summary of Conference Call Records Companies and Industries Involved - **Companies**: Haiguang Information, Lianqi Technology, Wangsu Technology - **Industries**: AI computing, CDN (Content Delivery Network), semiconductor technology Key Points and Arguments Haiguang Information - Haiguang Information's market capitalization increased by over 90 billion RMB, leading the A-share market in January 2026 [2] - The company’s Deep Computing 3 has entered mass production, supporting FP8/FP4 precision, while Deep Computing 4 is expected to double performance, potentially becoming the strongest AI chip in China [3][7] - The estimated valuation for Haiguang's CPU is 900 billion RMB and for its GPU is 1.3 trillion RMB [3][7] - The company is projected to reach a market capitalization of over 2 trillion RMB by 2028, with a target of 1.2 trillion RMB for 2026 [8] Lianqi Technology - Lianqi Technology benefits from the growth in AI inference and supernode industries, particularly in memory interconnect chips, PCIe Retimer Switch, and CXL chips [1][2] - The company has made significant progress in the CXL field, with its products expected to be adopted by Google's next-generation TPU, creating a substantial incremental market [10] - Lianqi's revenue breakdown includes 90% from memory interconnect, 5% from PCIe CXL, and 5% from CPU and server-related products [10] Wangsu Technology - Wangsu Technology is the largest third-party neutral CDN company in China, with CDN business accounting for 60-70% of its revenue [11] - The company is benefiting from a near doubling of CDN prices in North America due to Google Cloud's price increase, indicating a reversal in the CDN and cloud computing price war [1][2][12] - Wangsu is expected to achieve a net profit of 1 billion RMB in 2026, with significant profit elasticity due to price increases, suggesting over 50% growth potential in its valuation [12] Capital Expenditure Trends - North America's top five CSPs are projected to have capital expenditures nearing 700 billion USD in 2026, a 50% increase from 400 billion USD in 2025, driven by Meta and Microsoft's unexpected capital spending [4] - Domestic internet capital expenditure in China is expected to reach 570-600 billion RMB in 2026, with growth anticipated to surpass that of overseas markets by 2027 due to advancements in self-developed chips and easing of restrictions [4] AI Inference Demand - The emergence of applications like MudBot is driving exponential growth in data and computing power consumption, shifting traffic from human-driven to robot-driven, enabling 24/7 usage [5] Supply-Side Technological Advances - Future server architectures are expected to adopt supernode technology, which will enhance cluster efficiency through memory pooling and high-speed interconnects [6] Other Notable Companies - Additional companies to watch include DingTong Technology, Zhongke Shuguang, Shuguang Shuchuang, Feirongda, Yingweike, and application vendors like Shuiyou Co. and Keda Xunfei, all of which show promising development prospects [13]

Summary of Conference Call Notes Industry Overview - The discussion centers around the emerging AI platform, Moltbook, which has attracted over 150,000 AI Agents within three days of its launch, indicating a significant shift towards machine-to-machine interaction in the AI landscape [1][2]. Key Points and Arguments 1. **Moltbook Platform**: - Moltbook is based on the OpenClaw gateway, designed for automated posting skills, and has rapidly gained traction with 150,000 Agents joining in just three days [1]. - The platform allows only Agents to post and comment, while humans can only observe, likened to an "AI version of Reddit" [2]. 2. **Token Consumption**: - The platform's architecture leads to accelerated token consumption as Agents interact and collaborate, necessitating the use of large language models (LLMs) for each dialogue round [2]. - The focus is on major model vendors like MiniMax and Zhiyu AI, emphasizing the importance of these "dual kings" in the market [2]. 3. **Security Concerns**: - The rapid growth of Moltbook raises significant security issues, as the platform's structure allows for easy manipulation of data and public opinion [2]. - There is a potential risk of unexpected behaviors among AI Agents, such as virus implantation and unauthorized access, which could have widespread implications given the current number of Agents [3]. - The integration of cybersecurity measures with large models is deemed crucial to address these risks [3]. Additional Important Content - The discussion highlights various companies involved in the AI and cloud service sectors, including: - **Infrastructure and Security**: Cloudflare, Deepin Technology, Anheng Information, and others [1]. - **Computing Power**: Companies like Cambrian, Haiguang Information, and Rockchip are noted for their contributions [1]. - **Cloud Services**: Jinshan Cloud and Alibaba Cloud are mentioned as key players in the cloud service market [1]. - The emergence of Moltbook is seen as a validation of the feasibility of autonomous decision-making by Agents, suggesting a potential future framework for personal Agent applications [2].

进入2月，新一期券商金股名单陆续出炉，主要集中在电子、机械设备、有色金属等行业。个股方面， 海光信息、腾讯控股、中国太保、 紫金矿业 的人气最高。 展望2月，券商普遍认为，春季行情趋势仍在延续，春节之前市场可能震荡，科技成长、顺周期板块受 到青睐。还有券商建议，投资者在春节持股过节。 1月最牛金股大涨近99% 回顾1月金股表现，1月涨幅居前的金股集中在计算机、电子、化工、电力设备、有色金属等板块。 每市APP显示，由华龙整体推荐的卓易信息涨幅高达98.94%，成为1月最牛金股。排名第二的是由国联 民生证券推荐的宏景科技，单月涨幅达68.75%，国新证券推荐的盛晖集成则排名第三，1月上涨了 61.59%。 1月份涨幅超50%的还包括华峰测控（太平洋证券推荐）、华虹半导体（兴业证券推荐）、金安国纪 （东莞证券推荐）、东方铁塔（西部证券推荐）、迈为股份（东吴证券、华源证券推荐）等等。此 外，紫金黄金国际（东北证券推荐）、华锡有色（西南证券推荐）、兆易创新（中航证券、中国银河 证券推荐）1月涨超45%。 券商金股组合也在1月展现了亮眼的超额收益能力。每市APP数据显示，共有11家券商金股组合在1月涨 超10%，显著跑 ...