Core Viewpoint - The A-share market saw a significant rise in computing power concept stocks, with notable gains from companies like UCloud and others, driven by an announcement regarding price adjustments due to rising costs in the global supply chain [1] Group 1: Stock Performance - UCloud (688158) experienced a rise of 14.09%, with a total market capitalization of 19.5 billion and a year-to-date increase of 52.47% [2] - Dazhi Technology (600589) increased by 10%, with a market cap of 20.6 billion and a year-to-date rise of 93.58% [2] - Jinkai New Energy (600821) saw a gain of 9.97%, with a market cap of 13 billion and a year-to-date increase of 27.65% [2] - Dongfang Guoxin (300166) rose by 7.48%, with a market cap of 17 billion and a year-to-date increase of 46.18% [2] - Taicheng Light (300570) increased by 7.06%, with a market cap of 32.4 billion and a year-to-date rise of 23.63% [2] - Other notable performers include Xiechuang Data (300857) up 6.86%, Shoudu Online (300846) up 6.22%, and Tianfu Communication (300394) up 5.96% [2] Group 2: Price Adjustment Announcement - UCloud announced a price increase for all products and services starting March 1, 2026, due to significant and structural increases in core hardware procurement and infrastructure costs [1]

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robotics industry [6]. Core Insights - The humanoid robotics concept index experienced a slight decline of 0.80% from February 1 to February 6, 2026, but has shown a year-to-date increase of 2.61%, outperforming the CSI 300 index by 2.32 percentage points [2][12]. - The report highlights significant advancements in humanoid robotics, including the successful hosting of the world's first large-scale robot gala, showcasing breakthroughs in complex motion control and emotional expression [4]. - The year 2026 is anticipated to be a pivotal year for the large-scale deployment of humanoid robots, with expectations for increased integration into everyday life and various industries [4]. Summary by Sections 1. Weekly Market Review (February 1 - February 6, 2026) - The humanoid robotics index decreased by 0.80%, while the year-to-date performance shows an increase of 2.61%, outperforming the CSI 300 index [12]. - Among A-share humanoid robotics stocks, Kailong High-Tech had the highest weekly gain of 72.80%, while Dongwei Semiconductor saw the largest decline of 14.72% [16]. 2. Weekly Hotspot Review 2.1 Policy News - Zhejiang Province plans to strategically develop future industries, including humanoid robotics and biomanufacturing [19]. - The Ministry of Agriculture aims to enhance AI applications in agriculture, expanding the use of drones and robots [19]. - Guangdong Province's implementation plan supports the growth of AI and intelligent robotics service providers [19]. 2.2 Product and Technology Iteration - UBTECH announced the open-source embodiment intelligent model "Thinker," designed for rapid response and precise spatial awareness in industrial humanoid robots [20]. - The global live broadcast of the robot gala "Robot Wonderful Night" was announced, featuring over 200 robots [21]. - Yujian has commenced mass production of its third batch of full-size industrial humanoid robots [21]. 2.3 Investment and Financing - Shanghai Zhuoyide Robotics completed nearly 100 million RMB in Pre-A+ financing to expand into new service areas [22]. - Renxin Robotics secured millions in A+ financing, focusing on intelligent welding solutions [22]. - Xinmi Er Vision completed over 100 million RMB in A and A+ financing, targeting AI and intelligent robotics applications [23]. 2.4 Key Company Developments - Haozhi Electromechanical reported small batch orders for its core products from humanoid robot manufacturers [24]. - Hongfuhan signed a 480 million RMB contract with Guangdong Quanxiang for the supply of various robotic products [25].

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]

Group 1 - The core viewpoint of the news is the performance and market position of Suzhou Dongwei Semiconductor Co., Ltd., which saw a stock price increase of 5.12% to 98.60 CNY per share, with a total market capitalization of 12.086 billion CNY [1] - Suzhou Dongwei Semiconductor, established on September 12, 2008, focuses on the research and sales of high-performance power devices, primarily serving industrial and automotive applications, with 95.24% of its revenue coming from power semiconductor products [1] - The company is located in Suzhou Industrial Park, Jiangsu Province, and was listed on February 10, 2022 [1] Group 2 - From the perspective of fund holdings, the Fuguo Fund has a significant position in Dongwei Semiconductor, with its Fuguo SSE Index ETF Link A/B (100053) being the fifth-largest holding, owning 402 shares [2] - The Fuguo SSE Index ETF Link A/B has a total asset size of 280 million CNY and has achieved a year-to-date return of 3.46%, ranking 3441 out of 5542 in its category [2] - The fund has delivered a one-year return of 27.65%, ranking 2700 out of 4243, and a cumulative return of 100.92% since its inception on January 30, 2011 [2] Group 3 - The fund managers of Fuguo SSE Index ETF Link A/B are Wang Baohe and Fang Min, with Wang having a tenure of 14 years and 329 days, managing assets totaling 10.562 billion CNY, and achieving a best return of 114.01% during his tenure [3] - Fang Min has a tenure of 11 years and 67 days, managing assets of 24.704 billion CNY, with a best return of 211.45% during his management period [3]

Market Performance - The semiconductor sector increased by 1.65% on January 12, with Saiwei Microelectronics leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Top Gainers in Semiconductor Sector - Saiwei Microelectronics (688325) closed at 109.62, up 20.00% with a trading volume of 41,200 shares and a transaction value of 428 million [1] - Longxin Technology (688047) closed at 162.50, up 16.08% with a trading volume of 158,100 shares and a transaction value of 2.449 billion [1] - Weijie Chuangxin (688153) closed at 45.48, up 13.98% with a trading volume of 160,600 shares and a transaction value of 709 million [1] Top Losers in Semiconductor Sector - Yuanjie Technology (688498) closed at 707.00, down 5.98% with a trading volume of 50,100 shares and a transaction value of 3.584 billion [2] - Xinyuan Micro (688037) closed at 191.10, down 4.93% with a trading volume of 133,500 shares and a transaction value of 2.572 billion [2] - Helin Weina (688661) closed at 68.98, down 4.39% with a trading volume of 126,900 shares [2] Capital Flow in Semiconductor Sector - The semiconductor sector experienced a net outflow of 3.038 billion from institutional investors, while retail investors saw a net inflow of 1.517 billion [2] - The net inflow from speculative funds was 1.521 billion [2] Individual Stock Capital Flow - Zhaoyi Innovation (603986) had a net inflow of 906 million from institutional investors, while it faced a net outflow of 457 million from speculative funds [3] - North Huachuang (002371) saw a net inflow of 612 million from institutional investors, with a net outflow of 611 million from speculative funds [3] - Changchuan Technology (300604) had a net inflow of 335 million from institutional investors, while facing a net outflow of 1.054 billion from speculative funds [3]

Group 1 - The core point of the news is that Dongwei Semiconductor's stock rose by 5.04% to 90.69 CNY per share, with a trading volume of 671 million CNY and a turnover rate of 6.21%, resulting in a total market capitalization of 11.116 billion CNY [1] - Dongwei Semiconductor, established on September 12, 2008, and listed on February 10, 2022, focuses on the research and sales of high-performance power devices, primarily serving industrial and automotive applications [1] - The company's main business revenue composition includes power semiconductor products at 95.24%, wafers at 4.72%, and others at 0.04% [1] Group 2 - According to data, Guodu Securities has a fund that heavily invests in Dongwei Semiconductor, with Guodu Innovation Driven (002020) holding 3,700 shares, accounting for 2.63% of the fund's net value, making it the third-largest holding [2] - The fund, Guodu Innovation Driven (002020), was established on December 28, 2015, with a latest scale of 10.7923 million CNY, achieving a year-to-date return of 5.56% and a one-year return of 44.42% [2] - The fund manager Zhang Xiaolei has a tenure of 7 years and 29 days, with the best fund return during this period being 80.09% and the worst being -23.54% [3]

Group 1 - The core viewpoint of the news is the performance and market position of Dongwei Semiconductor, which saw a stock price increase of 5.04% to 90.69 CNY per share, with a trading volume of 671 million CNY and a turnover rate of 6.21%, resulting in a total market capitalization of 11.116 billion CNY [1] - Dongwei Semiconductor, established on September 12, 2008, and listed on February 10, 2022, is a technology-driven semiconductor company based in Suzhou, Jiangsu Province, focusing on the research and sales of high-performance power devices primarily for industrial and automotive applications [1] - The company's main business revenue composition includes power semiconductor products at 95.24%, wafers at 4.72%, and other products at 0.04% [1] Group 2 - From the perspective of fund holdings, Dongwei Semiconductor is a significant investment for the Fuguo Fund, with its Fuguo SSE Index ETF Linked A/B (100053) holding 402 shares, ranking as the fifth-largest holding [2] - The Fuguo SSE Index ETF Linked A/B (100053) has a current scale of 280 million CNY, with a year-to-date return of 3.4% and a one-year return of 28.72%, ranking 2813 out of 4203 in its category [2] - The fund managers, Wang Baohe and Fang Min, have substantial experience, with Wang having a tenure of 14 years and 320 days and Fang with 11 years and 58 days, managing total assets of 10.562 billion CNY and 24.704 billion CNY respectively [2]

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 0.99%, closing at 1443.39 points, with a total trading volume of 5.729 billion shares and a turnover of 309.373 billion yuan, resulting in an average turnover rate of 2.92% [1] - Among the tradable stocks on the STAR Market, 371 stocks closed higher, with 28 stocks increasing by over 10%, including Yinos, Fuxin Technology, and Anda Intelligent, which hit the daily limit [1] - The distribution of turnover rates shows that 11 stocks had turnover rates exceeding 20%, while 39 stocks had rates between 10% and 20% [1] High Turnover Stocks - The stock with the highest turnover rate was Hengkong New Materials, which closed at 62.06 yuan, up 19.99%, with a turnover rate of 41.79% and a trading volume of 1.222 billion yuan [3] - Other notable high turnover stocks included Jianxin Superconducting, which rose by 8.99% with a turnover rate of 37.03%, and Qiangyi Co., which increased by 12.55% with a turnover rate of 31.76% [3][4] Sector Analysis - In the high turnover stocks, the electronics sector had the most representation, with 63 stocks, followed by the pharmaceutical and biological sector with 23 stocks, and the national defense and military industry with 17 stocks [2] - Among the high turnover stocks, 129 stocks saw an increase, with Hengkong New Materials, Shengbang Safety, and Bibet hitting the daily limit [2] Capital Flow - A total of 99 stocks in the high turnover category experienced net inflows of main funds, with the highest net inflows recorded for Dekeli, Huahong Company, and Hengkong New Materials, amounting to 461 million yuan, 262 million yuan, and 223 million yuan respectively [2] - Conversely, the stocks with the largest net outflows included Lvdihui, Chengdu Xian Dao, and Huasheng Lithium Battery, with outflows of 318 million yuan, 142 million yuan, and 140 million yuan respectively [2] Leverage Fund Movements - Among the high turnover stocks, 107 stocks recently received net purchases from leveraged funds, with significant increases in financing balances for Qiangyi Co., Xinyuan Co., and Huahong Company, which rose by 584 million yuan, 522 million yuan, and 459 million yuan respectively [2]

Summary of Dongwei Semiconductor's Conference Call Company Overview - **Company**: Dongwei Semiconductor - **Industry**: Brain-Computer Interface (BCI) and Power Solutions Key Points on Brain-Computer Interface Technology - **Liquid Flexible Electrode Technology**: Dongwei's liquid flexible electrode technology utilizes hydraulic injection to stiffen probes, eliminating the need for tungsten needle assistance. This method has shown a reduction in trauma by approximately 70% in mouse experiments, with ongoing trials in macaques expected to further validate its effectiveness in humans [2][3][5]. - **Comparison with Competitors**: Compared to companies like Neuralink, Dongwei's technology significantly reduces neuronal damage and immune response, enhancing long-term reliability. The effectiveness of their electrodes has improved by over 70% in animal tests [2][5][6]. - **Strategic Partnerships**: Dongwei has formed strategic collaborations with top hospitals, including Huashan Hospital, to support clinical applications and research [2][10]. - **Investment in R&D**: The company plans to invest a total of 1.5 billion yuan in chip development over three years, with an annual investment of approximately 100 million yuan in electrodes, clinical applications, and algorithms [2][11]. Development Plans and Market Position - **Full Industry Chain Control**: Dongwei aims to be a comprehensive invasive BCI company, controlling all aspects from electrodes to chips, algorithms, and clinical processes. This positions them uniquely in the market, as few domestic startups possess such capabilities [10][12]. - **Clinical Trials and Commercialization**: The company anticipates rapid commercialization of its products, potentially faster than competitors like Neuralink, due to lower costs and supportive policies in China. They expect to achieve significant clinical applications within two to three years [12][21]. - **Challenges in Chip Development**: Key challenges in BCI chip development include integrating various technologies such as digital, analog, power, transmission, and RF. Dongwei has accumulated expertise in these areas and plans to acquire or invest in relevant teams to enhance their product offerings [9][10]. Financial and Market Insights - **Cost Structure**: The cost of neural electrodes is influenced by various factors, with the most significant expenses arising from clinical procedures and maintenance rather than the electrodes themselves. As production scales up, marginal costs are expected to decrease [7]. - **Market Demand**: There is a strong domestic demand for specialized BCI chips, and Dongwei aims to meet this need through independent research and development [9][11]. Future Outlook - **Technological Aspirations**: Dongwei envisions BCI technology not only addressing disabilities but also enhancing the quality of life for the aging population, positioning it as a universal technology for human welfare [21][22]. - **Power Solutions Expansion**: The company is also focusing on power solutions, particularly in AI server power supply and silicon carbide devices, which are expected to see significant growth in the coming years [15][16][17]. Additional Insights - **Competitive Landscape**: Dongwei acknowledges the competitive nature of the semiconductor and BCI markets, with ongoing efforts to enhance their market share against established international players [18][19]. - **Long-term Vision**: The company aims to become a leading provider of advanced power solutions, focusing on efficient energy conversion and addressing structural opportunities in various sectors, including AIDC and renewable energy [22].

（文章来源：证券时报网） 数据宝统计，截至10:18，东微半导成交额15.43亿元，创上市以来新高。最新股价上涨6.59%，换手率 11.56%。上一交易日该股全天成交额为11.51亿元。（数据宝） ...