每经AI快讯，科创50日内跌幅达1.01%，成分股中，寒武纪跌12.57%，盛科通信跌4.62%，生益电子跌 4.39%，海光信息跌2.85%。 （文章来源：每日经济新闻） ...

Group 1 - The semiconductor ETF Southern (159325) opened with a gain of 0.79%, priced at 1.660 yuan [1] - Key holdings in the semiconductor ETF include: Cambrian rising by 1.05%, SMIC by 1.39%, Haiguang Information by 1.94%, Northern Huachuang by 1.05%, Zhaoyi Innovation by 3.75%, Lanke Technology by 3.86%, Zhongwei Company by 2.41%, OmniVision by 1.49%, Tuojing Technology by 2.02%, and Unisoc by 1.65% [1] - The performance benchmark for the semiconductor ETF is the CSI Semiconductor Industry Selected Index return, managed by Southern Fund Management Co., Ltd. [1] Group 2 - Since its establishment on October 31, 2024, the fund has achieved a return of 63.66%, with a monthly return of 9.52% [1]

Summary of Key Points from Conference Call Records Industry and Company Involved - The focus is on the **commercial aerospace industry** and **AI technology sector**, specifically highlighting **SpaceX** and its initiatives [1][2]. Core Insights and Arguments - **SpaceX's Progress**: SpaceX is actively advancing its IPO process and plans to integrate xAI into its business model. It has submitted an application to the FCC for a million AI satellites, aiming to create a satellite constellation for space computing power [1]. - **Collaboration with Apple**: SpaceX is collaborating with Apple to promote direct satellite connectivity for mobile phones, which is expected to expand the downstream applications in the commercial aerospace sector [1]. - **AI and AGI Development**: Major companies like Ant Group and Google are releasing world models, which are crucial for the advancement of Artificial General Intelligence (AGI). The integration of Large Language Models (LLM) and world models is anticipated to enhance AI's ability to understand and interact with the physical world [1]. Additional Important Content - **AI Traffic Competition**: Major companies are competing for AI traffic during the Spring Festival, with total investments exceeding 1.5 billion. The success of DeepSeek and subsequent promotions is setting a precedent for AI product marketing during the festival [2]. - **Future AI Product Promotion**: In 2026, various companies are expected to launch promotional subsidies, which may accelerate the adoption of Bot-type AI products and lay the groundwork for the commercialization of AI applications [2]. - **Investment Recommendations**: Continued optimism is expressed for the synergy between aerospace and AI. Key companies to watch include: - **AI Sector**: Haitai Ruisheng, Deepin Technology, Dingjie Zhizhi, Hehe Information, Guoneng Rixin, Zhongkong Technology, and Wanxing Technology [2]. - **Commercial Aerospace**: Focus on three main areas: - Rocket manufacturing materials and structural components (e.g., Guoji Jinggong) - Core components and testing services for satellites (e.g., Electric Science Digital, Suochen Technology) - Terminal and service-related companies in space computing and communication operations [2].

Summary of Key Points from Conference Call Records Industry and Company Involved - Focus on AI and Commercial Aerospace, specifically highlighting companies such as Deepin Technology, Haikang Information, Dingjie Zhizhi, Tonghuashun, Hongsoft Technology, Hehe Information, Electric Science Digital, Haitian Ruisheng, and Guoneng Rixin [1][2] Core Insights and Arguments - **Commercial Aerospace Developments**: - SpaceX is actively advancing its IPO process and plans to integrate xAI into its business [1] - SpaceX has submitted an application to the FCC for a million AI satellites, aiming to create a space computing satellite constellation [1] - Collaboration between Apple and SpaceX is underway to promote direct satellite connectivity for mobile phones, which is expected to expand downstream applications in commercial aerospace [1] - **AI and World Models**: - Major companies like Ant Group and Google are continuously releasing world models, which are crucial for the advancement of AGI (Artificial General Intelligence) [1] - The integration of LLM (Large Language Models) as the brain of AGI with world models for physical world perception is anticipated to accelerate the path towards AGI [1] - **AI Traffic Competition for Spring Festival**: - Over 1.5 billion invested by major companies for AI product promotion during the 2025 Spring Festival, with DeepSeek and subsequent promotions gaining traction [2] - In 2026, various manufacturers are expected to launch promotional subsidies, which may facilitate the popularization of Bot-type AI products and lay the groundwork for the commercialization of AI applications [2] Additional Important Content - **Investment Recommendations**: - Continued optimism for the resonance between aerospace and AI sectors [2] - Key companies to focus on in AI include Haikang Ruisheng, Deepin Technology, Dingjie Zhizhi, Hehe Information, Guoneng Rixin, Zhongkong Technology, and Wanxing Technology [2] - In commercial aerospace, three main directions are highlighted: - Rocket manufacturing materials and structural components, with a focus on companies like Guoji Jinggong [2] - Core components and testing services for satellites, including Electric Science Digital and Suochen Technology [2] - Terminal and service-related companies in space computing and communication operations [2]

Group 1 - The core viewpoint of the article highlights the performance of the Kexin Chip ETF Boshi (588990), which opened with a gain of 0.81% at 2.749 yuan [1] - The top holdings of the Kexin Chip ETF include companies such as SMIC, Haiguang Information, and Cambrian, with respective opening gains of 1.39%, 1.94%, and 1.05% [1] - The fund's performance benchmark is the Shanghai Stock Exchange Science and Technology Innovation Board Chip Index, managed by Boshi Fund Management Co., Ltd., with a return of 172.45% since its inception on August 8, 2024, and a monthly return of 12.11% [1]

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]