Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [30] Core Insights - The humanoid robot concept index experienced a decline of 5.69% from January 25 to January 30, 2026, underperforming the CSI 300 index by 5.78 percentage points. However, year-to-date, the humanoid robot index has increased by 3.44%, outperforming the CSI 300 index by 1.79 percentage points [11][15] - Key companies in the humanoid robot sector are showing significant growth, with notable announcements of increased net profits for 2025, such as a projected increase of 39.08% to 63.63% for Boke Technology and 105% to 131% for Lide Harmony [4][27] Weekly Market Review - The humanoid robot index saw a weekly decline of 5.69%, with the largest weekly gain recorded by Zhongwei Semiconductor at +36.57% and the largest loss by Haozhi Electromechanical at -22.44% [11][15] - The report highlights a strong performance in the humanoid robot sector, with significant advancements in technology and product launches, such as Figure AI's Helix 02 robot, which demonstrated advanced capabilities in a kitchen environment [5][21] Weekly Hotspots Review Policy Developments - The Ministry of Civil Affairs issued guidelines to promote technological innovation in civil affairs, emphasizing the application of humanoid robots in elderly care and other critical areas [18] - The Jilin provincial government has prioritized "embodied intelligence" as a key industry direction for 2026, aiming to enhance applications in various sectors [19] - The Guangdong provincial government aims to strengthen emerging industries, including intelligent robots, as part of its economic strategy [20] Product and Technology Iteration - Figure AI launched the Helix 02 humanoid robot, which utilizes a single neural network for full-body control, showcasing its ability to perform complex tasks autonomously [5][21] - Yushun announced the open-source release of UnifoLM-VLA-0, a model aimed at enhancing humanoid robot operations [21] Investment and Financing - Zhejiang Humanoid Robot Innovation Center secured 450 million yuan in Pre-A financing, reflecting strong market confidence in humanoid robotics [24] - Shandong Future Robot completed a multi-hundred million yuan B round financing to enhance its technological capabilities and market reach [26] Key Company Announcements - Boke Technology expects a net profit increase of 39.08% to 63.63% for 2025, driven by robust demand in the robot sector [27] - Lide Harmony anticipates a net profit growth of 105% to 131% for 2025, attributed to significant advancements in its embodied intelligent robot business [28] - Changan Automobile aims to achieve mass production of humanoid robots by 2028, indicating a strategic shift towards robotics [28] - Li Auto confirmed its entry into the humanoid robot sector, restructuring its R&D team to focus on this emerging field [28]

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [30]. Core Insights - The humanoid robot concept index experienced a decline of 5.69% from January 25 to January 30, 2026, underperforming the CSI 300 index by 5.78 percentage points. However, year-to-date, the humanoid robot index has increased by 3.44%, outperforming the CSI 300 index by 1.79 percentage points [11][15]. - Key companies in the humanoid robot sector are showing significant growth, with notable announcements of increased net profits for 2025, such as a projected increase of 39.08% to 63.63% for Boke Technology and 105% to 131% for Lide Harmony [4][27]. Weekly Market Review - The humanoid robot index saw a weekly decline of 5.69%, with the largest weekly gain recorded by Zhongwei Semiconductor at +36.57% and the largest loss by Haozhi Electromechanical at -22.44% [11][15]. - The humanoid robot industry is witnessing a surge in investment, with Zhejiang Humanoid Robot Innovation Center completing a 450 million yuan Pre-A round financing, and Shandong Future Robot securing several hundred million yuan in B round financing [4][24]. Weekly Hotspots Review Policy Developments - The Ministry of Civil Affairs issued guidelines to promote technological innovation in civil affairs, emphasizing the application of humanoid robots in elderly care and rehabilitation [18]. - Jilin Province has identified "embodied intelligence" as a key industry focus for 2026, aiming to enhance applications in various sectors [19]. - Guangdong Province's government report highlights the importance of developing new industries, including intelligent robots, as part of its economic strategy [20]. Product and Technology Iteration - Figure AI launched the Helix 02 humanoid robot, which can autonomously perform complex tasks in a kitchen environment using a single neural network [5][21]. - Yushun announced the open-source release of UnifoLM-VLA-0, a model aimed at enhancing humanoid robot operations [21]. Investment and Financing - Zhejiang Humanoid Robot Innovation Center's recent financing reflects strong market confidence in humanoid robots' potential in industrial digitalization [24]. - Shandong Future Robot's B round financing will support the development of new core technologies and market expansion [26]. Key Company Announcements - Boke Technology expects a significant increase in net profit for 2025, driven by the growing demand for robots [27]. - Lide Harmony anticipates a substantial growth in its embodied intelligent robot business, contributing to its overall performance [28]. - Changan Automobile aims to achieve mass production of humanoid robots by 2028, indicating a strategic shift towards robotics [28].

兆易创新封跌停，此前开普云、万润科技、中电港、太极实业、深科技跌停，中微半导、普冉股份、香 农芯创、江波龙等均跌超10%。 (本文来自第一财经) 兆易创新封跌停，此前开普云、万润科技、中电港、太极实业、深科技跌停，中微半导、普冉股份、香 农芯创、江波龙等均跌超10%。 (本文来自第一财经) ...

什么是NOR Flash？ NOR Flash的发展始于上世纪80年代，1988年相关技术率先由东芝的富士雄研发，后经Intel推动产业化，彻底打破了此前EPROM（Erasable Programmable Read-Only-Memory，电可编程序只读存储器）和EEPROM（Electrically Erasable Programmable Read - Only Memory，电可擦只读存储器）一统只读存储器 市场的格局。紧随其后的1989年，东芝推出NAND Flash，二者形成鲜明互补：NOR侧重代码存储，而NAND Flash以高存储密度、低成本为优势，主导大 容量数据存储。 NOR Flash的特点是采用并行寻址结构，芯片内执行（XIP，eXecute In Place），这样应用程序可以直接在闪存内运行，无需加载至系统RAM，且具备长 数据保留时间、耐热、低功耗、擦写寿命长（约10万次）等特性。尽管其存储密度低、单位容量成本高，写入与擦除速度较慢，但在小容量、高可靠性、 快速响应的场景中具有不可替代性，早期主要应用于功能机等设备的固件存储，如今已逐步拓展至更广泛的专业领域。 闪存包括NOR ...

Core Viewpoint - The global semiconductor industry is experiencing a significant surge in demand, driven by the AI wave, as evidenced by South Korea's semiconductor exports reaching $20.5 billion in January, a year-on-year increase of over 102% [1][3]. Group 1: Semiconductor Export Growth - South Korea's semiconductor exports in January 2026 reached $20.5 billion, marking a 102.7% year-on-year increase and the second-highest monthly record in history [3]. - The overall export value for South Korea in January increased by 33.9% year-on-year to $65.85 billion, setting a historical record for the same period [3]. - The trade surplus for South Korea in January was $8.7 billion, with a continuous surplus for 12 months [3]. Group 2: Price Increase in Semiconductor Industry - A price increase trend is emerging in the semiconductor industry, with companies like Yingjixin announcing price hikes for certain products due to rising upstream costs [6]. - Zhongwei Semiconductor and Guokaiwei have also issued price increase notices, with increases ranging from 15% to 80% for various products [7]. - Analysts predict that the price increase trend for domestic chips will continue into the first half of 2026, with potential for more companies to follow suit [7]. Group 3: Supply and Demand Dynamics - The global trend of major companies focusing on high-end AI chips will not change in the short term, leading to a continued shortage of general-purpose chip capacity until 2027 [7]. - The demand for AI chips and storage chips is surging due to the expansion of AI data centers by major cloud service providers, resulting in shortages and price increases for server CPUs from leading manufacturers like Intel and AMD [7]. - According to招商证券, the overall supply of global storage is expected to remain tight throughout 2026, with AI demand growth outpacing capacity expansion [8].

Group 1: Market Trends - The silver market experienced a historic drop, with spot silver prices plunging 36%, marking the largest intraday decline in history, while spot gold prices fell over 12%, the largest single-day drop in 40 years. This decline is attributed to the nomination of Kevin Warsh as the next Federal Reserve Chairman, interpreted as a shift towards a more hawkish monetary policy, alongside factors like an overheated market and a downturn in U.S. stocks [2] - Bitcoin fell below $79,000, reaching its lowest level since April 2025, with over 420,000 investors liquidated, totaling $2.561 billion in liquidation. The price drop is influenced by escalating tensions between Israel and Iran, as well as delays in new regulatory frameworks for the U.S. crypto industry [2] - The semiconductor industry in South Korea saw a significant increase in exports, totaling $20.5 billion in January, a year-on-year surge of over 102%, indicating strong global demand for semiconductors. Additionally, domestic chip manufacturers are raising prices, with increases up to 80% across key segments [3] Group 2: Company Financials - Vanke announced an expected loss of 82 billion yuan for 2025, which would set a record for losses among A-share real estate companies. The anticipated losses are attributed to a decline in project settlement scale, low gross margins, and various impairments [2] - Ten companies, including Deep Konka A and Jiyou Co., have issued warnings about potential delisting due to financial indicators falling below required thresholds, including negative net assets and profits [4] - Several brokerages have released their investment recommendations for February, focusing on sectors such as technology and cyclical stocks, with companies like China Pacific Insurance and Zijin Mining receiving multiple endorsements [5]

Group 1 - The China Securities Regulatory Commission (CSRC) is proposing to expand the types of strategic investors and clarify minimum shareholding requirements, allowing various institutional investors such as social security funds and public funds to act as strategic investors with a minimum shareholding of 5% [2][3] - The CSRC emphasizes that capital investors must hold a significant proportion of shares for a long term and participate in corporate governance, while also requiring them to have a deep understanding of the company's industrial development [3][4] Group 2 - CSRC Chairman Wu Qing held discussions with representatives from domestic and foreign listed companies to gather opinions on enhancing the capital market's adaptability and improving the quality and investment value of listed companies [3][4] - The CSRC aims to consolidate the positive momentum of the capital market, focusing on risk prevention, strong regulation, and promoting high-quality development, while also enhancing the efficiency of refinancing and supporting the globalization of listed companies [4] Group 3 - Fenglong Co. and Jiamei Packaging announced the end of their stock suspension, with Fenglong's stock set to resume trading on February 2, 2026, after confirming no significant changes in its main business [5][6] - Jiamei Packaging's stock also resumes trading on February 2, 2026, despite a significant price increase that deviated from its fundamentals, with an expected net profit decline of 53.38% to 43.02% year-on-year [6] Group 4 - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve the capacity pricing mechanism for power generation, including establishing a new capacity pricing mechanism for independent energy storage [7][8] - The notice aims to enhance fair competition among different technology types in the power industry and is expected to have minimal impact on electricity costs for residential and agricultural users [8] Group 5 - The transformer industry in China is experiencing a surge in demand due to the global AI computing power boom, with many factories operating at full capacity and orders extending to 2027 [9] - China's transformer export value is projected to reach 64.6 billion yuan in 2025, representing a nearly 36% increase from 2024 [9] Group 6 - The Ministry of Finance and the State Taxation Administration announced adjustments to the VAT tax rate applicable to telecommunications services, which will affect the revenue and profits of major telecom operators [10] - The adjustment will change the applicable tax category for services provided by major telecom operators from value-added telecommunications services to basic telecommunications services, increasing the VAT rate from 6% to 9% [10] Group 7 - The semiconductor industry is witnessing a significant increase in demand, with South Korea's semiconductor exports reaching $20.5 billion in January, a year-on-year increase of over 102% [11] - Domestic chip manufacturers are raising prices across various segments, with increases of up to 80% expected to continue into the first half of 2026 [11]

重点关注 锋龙股份（002931）2月1日晚间公告称，停牌期间，公司就股票交易波动情况进行了核查。目前，相关核查工作已完成，公司股票自2 月2日起复牌。公司股票自2025年12月25日至2026年1月23日已连续17个交易日涨停，价格涨幅为405.74%。 同日，嘉美包装（002969）公告称，公司股票自2025年12月17日至2026年1月23日期间价格涨幅为408.11%，已背离公司基本面。停 牌期间，公司就股票交易波动情况进行了核查。相关核查工作已完成。公司股票自2月2日起复牌。 宏观•要闻 统计局最新发布，重要经济数据出炉 1月31日，国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。数据显示，1月份，制造业采购经理指数（制造业PMI）、非制 造业商务活动指数和综合PMI产出指数分别为49.3%、49.4%和49.8%，比上月下降0.8个、0.8个和0.9个百分点，经济景气水平有所回落。不过，价格指数 释放积极信号，1月份，主要原材料购进价格指数和出厂价格指数双双回升，其中出厂价格指数近20个月来首次升至临界点（50%）以上。同时，新动能 延续扩张态势，金融业商务活动指数较上月和去 ...

Core Viewpoint - The global semiconductor industry is experiencing a significant surge in demand, particularly driven by the AI wave, as evidenced by South Korea's semiconductor exports reaching $20.5 billion in January, a year-on-year increase of over 102% [1][2]. Group 1: Semiconductor Export Growth - South Korea's semiconductor exports in January 2026 reached $20.5 billion, marking a 102.7% year-on-year increase and the second-highest monthly record in history [2]. - The overall export value for South Korea in January increased by 33.9% year-on-year to $65.85 billion, setting a historical record for the same period [2]. - The trade surplus for South Korea in January was $8.7 billion, with a continuous surplus for 12 months [2][3]. Group 2: Price Increase in Semiconductor Industry - A price increase trend is sweeping through the semiconductor industry, with companies like Yingjixin, Zhongwei Semiconductor, and Guokai Microelectronics announcing price hikes of up to 80% for various chip products [4][6]. - Zhongwei Semiconductor announced price adjustments for MCU and Norflash products, with increases ranging from 15% to 50% [6]. - Guokai Microelectronics reported price increases of 40% for 512Mb KGD products, 60% for 1Gb KGD products, and 80% for 2Gb KGD products, indicating a strong upward pricing trend expected to continue into the first half of 2026 [6]. Group 3: Demand Dynamics - The demand for AI chips and storage chips is surging due to global cloud service providers expanding AI data centers, leading to shortages and price increases for server CPUs from major manufacturers like Intel and AMD [7]. - Analysts predict that the overall supply of global storage will remain tight throughout 2026, with AI demand growth outpacing production capacity expansion [7]. - The domestic storage industry in China is expected to benefit from the ongoing shortage and price increase trends across multiple segments [7].

Summary of Key Points Core Viewpoint - Next week (February 2 to 6), a total of 42 stocks will be unlocked, with a total unlock market value of 103.42 billion yuan [1][2]. Group 1: Unlock Market Value and Stock Information - The total number of shares to be unlocked is 4.611 billion shares, with a total unlock market value calculated at 103.42 billion yuan based on the latest closing prices [2]. - Among the 42 stocks, 17 have an unlock market value exceeding 100 million yuan, with three stocks exceeding 10 billion yuan: Xinda Securities, Zhongwei Semiconductor, and Yangtze Power [3]. Group 2: Major Stocks with High Unlock Values - Xinda Securities has the highest unlock market value at 44.879 billion yuan, with 2.551 billion shares unlocked, accounting for 78.67% of its total share capital [3]. - Zhongwei Semiconductor will unlock 231 million shares, representing 57.77% of its total share capital, with an unlock market value of 13.381 billion yuan. The stock has seen a significant increase of over 67% since January 20, following a price increase announcement for its products [3]. - Yangtze Power will unlock 461 million shares, accounting for 1.88% of its total share capital, with an unlock market value of 12.151 billion yuan [3]. Group 3: Other Notable Stocks - Yipuli, Guobang Pharmaceutical, and Xinghuan Technology-U have high unlock market values of 7.618 billion yuan, 7.060 billion yuan, and 5.703 billion yuan, respectively [4]. - Eleven stocks have an unlock quantity that exceeds 10% of their total share capital, with several stocks like Honghai Technology, Xinda Securities, and Zhongwei Semiconductor exceeding 40% [4]. - Honghai Technology has an unlock quantity that is nearly 80% of its total share capital, with an expected decline in net profit for 2025 [4]. Group 4: Performance of Stocks - Stocks that have seen significant price increases this year include Aotewi, Zhaojin Gold, Xinghuan Technology-U, Zhongwei Semiconductor, and Xinyuan Technology, all with increases exceeding 40% [4]. - Aotewi and Zhaojin Gold have both seen price increases around 100%, although their unlock quantities are relatively low [4]. - Xinghuan Technology-U has a year-to-date increase of over 94%, with an expected net loss for 2025 [5].