Group 1 - The core viewpoint of the article highlights the performance of the Chip ETF Tianhong (159310), which opened with a gain of 2.76% at 2.268 yuan on February 9 [1] - The top holdings of the Chip ETF Tianhong include companies such as Cambricon, which rose by 2.22%, SMIC with a 1.86% increase, and Haiguang Information, which saw a rise of 3.43% [1] - The performance benchmark for the Chip ETF Tianhong is the CSI Chip Industry Index return, managed by Tianhong Fund Management Co., with a return of 120.56% since its establishment on April 18, 2024, and a recent one-month return of -0.37% [1]

Core Viewpoint - The Sci-Tech Chip ETF Fund (588290) opened with a gain of 2.37%, reaching a price of 2.545 yuan, indicating positive market sentiment towards the fund and its underlying assets [1] Group 1: Fund Performance - The fund's performance benchmark is the Shanghai Stock Exchange Sci-Tech Board Chip Index return rate [1] - Since its establishment on September 30, 2022, the fund has achieved a return of 148.63% [1] - The fund's return over the past month is reported at 1.57% [1] Group 2: Major Holdings - Key stocks in the fund include: - SMIC (中芯国际) with a gain of 1.86% [1] - Haiguang Information (海光信息) up by 3.43% [1] - Cambricon (寒武纪) increasing by 2.22% [1] - Lattice Technology (澜起科技) rising by 4.49% [1] - Zhongwei Company (中微公司) up by 1.62% [1] - Tuojing Technology (拓荆科技) gaining 1.72% [1] - Chipone (芯原股份) increasing by 4.33% [1] - Hua Hong Semiconductor (华虹公司) up by 3.64% [1] - Hu Silicon Industry (沪硅产业) down by 0.77% [1] - East China Semiconductor (东芯股份) up by 1.29% [1]

Core Viewpoint - The A-share market has seen a significant rally in semiconductor stocks, indicating strong investor interest and potential growth in this sector [1] Group 1: Stock Performance - Guoxin Technology has increased by over 13% [1] - Xinyuan Technology has risen by more than 12% [1] - Changguang Huaxin and Huahai Chengke have both gained over 9% [1] - Guoke Microelectronics, Canxin Technology, Taiji Industry, Yuanjie Technology, and Guangliwei have all seen increases of over 7% [1] - Huaya Intelligent, Jiangfeng Electronics, China Shipbuilding Industry, Dike Co., Changdian Technology have all risen by over 6% [1] - Moer Thread, Tianyue Advanced, Zhaoyi Innovation, and Cambrian have all increased by over 5% [1]

Group 1 - The core viewpoint of the article highlights the performance of the Chip ETF Dongcai (159599), which opened with a gain of 1.92% at 2.235 yuan on February 9 [1] - The major holdings of the Chip ETF Dongcai include companies such as Cambricon, which rose by 2.22%, SMIC with a 1.86% increase, and Haiguang Information, which saw a 3.43% rise [1] - The performance benchmark for the Chip ETF Dongcai is the CSI Chip Industry Index return rate, managed by Dongcai Fund Management Co., with a return of 119.31% since its establishment on April 19, 2024, and a recent one-month return of -0.47% [1]

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 - The chip ETF E Fund (516350) opened with a gain of 1.96%, priced at 1.301 yuan, indicating positive market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The E Fund chip ETF (516350) has a performance benchmark of the CSI Chip Industry Index return rate [1] - Since its establishment on December 15, 2021, the fund has achieved a return of 27.56%, while its return over the past month has been -0.34% [1] Group 2: Major Holdings - Key stocks within the E Fund chip ETF include: - Cambricon: up 2.22% - SMIC: up 1.86% - Haiguang Information: up 3.43% - Northern Huachuang: up 1.45% - Zhaoyi Innovation: up 2.82% - Lattice Technology: up 4.49% - Zhongwei Company: up 1.62% - OmniVision: up 1.20% - Tuojing Technology: up 1.72% - Unisoc: up 1.49% [1]

Core Viewpoint - The A-share market experienced a general decline this week, with the Sci-Tech 50 index falling by 5.8%, while the Northern Securities 50 index saw a smaller decline of 0.7%. The overall performance of the Sci-Tech sector indices was below the weighted median [1][4]. Group 1: Major Events in the Sci-Tech Board - One IPO occurred this week: Shenzhen Beixin Life Technology Co., raising 999 million [11]. - There were 13 new merger and acquisition developments, including the acquisition of 100% equity of Jingyi Integration by Jinghe Integration and the planned capital increase acquisition of Lingming Photon by Zhiyang Innovation [11][35]. - The chairman of Beiqi Technology (688793) received a notice from the CSRC regarding a market manipulation investigation, marking the second time in two months [26]. Group 2: Industry Performance - The internal performance of the Sci-Tech board showed divergence, with the chip design and AI sectors at the bottom, while the new energy sector was one of the few with positive returns [2][28]. - The top ten weight companies on the Sci-Tech board showed mixed results, with Cambrian (688256) dropping by 17.6%, while Zhongwei Company was the only one with positive returns [30]. Group 3: Stock Performance - The top gainers this week included: - Olay New Materials (688530) with a gain of 32.25% - JinkoSolar (688223) with a gain of 31.60% - Hexin Instruments (688622) with a gain of 30.46% [32]. - The top losers included: - Aerospace Hongtu (688066) with a loss of 33.82% - Kaipu Cloud (688228) with a loss of 32.80% - Jucheng Shares (688123) with a loss of 20.26% [33]. Group 4: Trading Volume - The top ten companies by trading volume included: - Cambrian (688256) with a trading volume of 633 million - Lanke Technology (688008) with a trading volume of 464 million - Zhongwei Company (688981) with a trading volume of 272 million [33]. Group 5: Recent Unlocking of Shares - Recent unlocking of shares includes: - Mylan (688273) with an unlocking amount of 2.7 billion on February 11 - Longxun Shares (688486) with an unlocking amount of 4.3 billion on February 24 - Haohan Depth (688292) with an unlocking amount of 1.6 billion on February 24 [34]. Group 6: Fund Analysis - There are over 40 public funds related to the Sci-Tech board, with a total scale exceeding 140 billion, primarily categorized into three types: tracking the Sci-Tech 50 index, tracking the Double Innovation 50 index, and tracking the Sci-Tech board's sub-industry indices [37]. - The largest funds by scale include: - Sci-Tech 50 ETF (588000) with a scale of 76 billion - Sci-Tech Board 50 ETF (588080) with a scale of 70.6 billion [37].

Core Viewpoint - The article highlights the top ten stocks with net financing purchases on February 6, indicating strong investor interest in these securities [1] Group 1: Stock Performance - Hengtong Optic-electric (亨通光电) leads with a net purchase of 404 million yuan [1] - The 500ETF follows with a net purchase of 234 million yuan [1] - Shuangliang Energy (双良节能) recorded a net purchase of 223 million yuan [1] - The Convertible Bond ETF (转债ETF) had a net purchase of 202 million yuan [1] - Hongda shares (宏达股份) saw a net purchase of 192 million yuan [1] - CITIC Securities (中信证券) had a net purchase of 181 million yuan [1] - Cambricon Technologies (寒武纪) recorded a net purchase of 153 million yuan [1] - Zhaoyi Innovation (兆易创新) had a net purchase of 150 million yuan [1] - Juguang Technology (炬光科技) saw a net purchase of 131 million yuan [1] - The 1000ETF had a net purchase of 117 million yuan [1]

Core Viewpoint - The rise of Cambrian (寒武纪) to become the "king of stocks" in the A-share market, surpassing Kweichow Moutai, marks a significant event in China's capital market in 2025, driven by the company's founder, Chen Tian Shi, who has successfully commercialized AI chip technology after years of research and development [1][14]. Group 1: Company Overview - Cambrian was founded in March 2016 by Chen Tian Shi, who focused on developing AI chips and has now achieved profitability in 2025 [1][5]. - The company’s stock price reached a peak of 1595.88 yuan per share, leading to a market capitalization of 667.6 billion yuan, making it the new "king of stocks" in the A-share market [2][14]. - Cambrian's annual revenue for 2025 is projected to exceed 6 billion yuan, representing a year-on-year growth of over 400% [1][14]. Group 2: Technological Development - Chen Tian Shi and his brother proposed the idea of designing dedicated processors for AI during a period when AI was not a popular field, marking their work as pioneering in the AI chip sector [4]. - The first AI chip developed by Cambrian marked a significant breakthrough for China in the AI chip architecture field, moving away from reliance on Western technology [4]. - By 2025, Cambrian's product line includes cloud, edge, and terminal AI chips, meeting various AI computing needs [7][12]. Group 3: Financial Performance - Cambrian faced significant financial challenges from 2017 to 2024, with a total loss of 3.817 billion yuan over five years due to high R&D expenditures [10][11]. - The company’s R&D investment from 2020 to 2024 totaled 5.761 billion yuan, which was significantly higher than its revenue during the same period [10]. - In 2024, Cambrian achieved its first quarterly profit, with a net profit of 272 million yuan, indicating a turning point for the company [12]. Group 4: Market Position and Future Outlook - The competition in the AI chip market is intense, with Cambrian transitioning from a single IP licensing model to a comprehensive AI chip company [6][9]. - The success of Cambrian is seen as a victory for technology in China, with its stock performance reflecting the growing demand for domestic AI solutions [14]. - The ongoing competition in technology and capital markets is expected to continue, with Cambrian poised to maintain its growth trajectory [15].

证券研究报告 +(86) 10 6321 1166 张皓怡* 研究员 SAC No. S0570522020001 zhanghaoyi@htsc.com 寒武纪 (688256 CH) 新品进展顺利，上调 27 年预测 目标价(人民币): 1,679.40 郭龙飞* 研究员 SAC No. S0570525080001 guolongfei@htsc.com 林文富* 研究员 SAC No. S0570525100003 linwenfu@htsc.com 王心怡 研究员 SAC No. S0570523110001 SFC No. BTB527 xinyi.wang@htsc.com +(86) 21 2897 2228 基本数据 | 收盘价 (人民币 截至 2 月 6 日) | 1,037 | | --- | --- | | 市值 (人民币百万) | 437,283 | | 6 个月平均日成交额 (人民币百万) | 12,998 | | 52 周价格范围 (人民币) | 523.50-1,587.91 | 股价走势图 (13) 32 77 121 166 Feb-25 Jun-25 Oct-25 Feb ...