Core Viewpoint - The A-share market has reached a historical high with 222 stocks closing above 100 yuan, indicating a significant trend in high-value stocks [1] Group 1: Stock Performance - The stock with the highest closing price is Cambrian Technology-U at over 1400 yuan, followed by Kweichow Moutai at 1376 yuan and Source Code Technology at 748.29 yuan [1] - Several stocks, including Moore Threads-U, Zhongji Xuchuang, Guodun Quantum, and Muxi Co., have also surpassed 500 yuan in closing price [1] Group 2: Sector Analysis - The majority of the top ten stocks by closing price are technology companies, with Kweichow Moutai being the only exception not in the tech sector [1]

Group 1 - The A-share market has reached a historical high with 222 stocks closing above 100 yuan as of January 19, 2026 [1] - On January 12, 2026, there were 219 stocks above 100 yuan, nearly matching the previous peak of 219 stocks on November 29, 2021 [1] - The top three stocks by closing price are Cambrian-U at over 1400 yuan, Kweichow Moutai at 1376 yuan, and Yuanjie Technology at 748.29 yuan [1] Group 2 - Several stocks, including Moer Thread-U, Zhongji Xuchuang, Guodun Quantum, and Muxi Shares-U, have also surpassed 500 yuan [1] - The majority of the top ten stocks above 100 yuan are from the technology sector, with Kweichow Moutai being the only non-tech stock in the top ten [1]

Summary of Conference Call Records Industry Overview - The telecommunications industry is expected to experience strong growth over the next three years, with leading companies like Zhongji Xuchuang and Xinyi Sheng showing impressive performance, indicating a positive outlook for 2025 [1][3] - The demand for the telecommunications sector is optimistic for 2026 and beyond, driven by overseas wafer factory expansions, GPU upgrades, VR glasses, and public demand [1][5] - The domestic computing power industry chain is set to initiate procurement and bidding for 2026 starting in the second half of 2025, with significant growth expected in the IDC sector [1][6] Key Insights and Arguments - The current GPU power consumption is high, with approximately 1.5GW for one million cards, leading to a total demand of around 5GW when including other devices [1][7] - Internet capital expenditure is expected to continue growing, which will drive demand in the IDC market, potentially leading to a supply-demand imbalance [1][8] - The SDN network is a significant growth area in the network equipment sector, with major internet companies like ByteDance, Alibaba, and Tencent launching their SKAP network frameworks [1][9] Investment Opportunities - Companies with strong performance, such as Xuchuang, Xinyi Sheng, Yuanjie, and Bochuang, are highlighted as key investment opportunities in the optical module sector [1][5] - The optical fiber industry is experiencing price increases, with G657A2 optical fibers in short supply, prompting operators to adjust bidding strategies [1][14] - New technology directions in optics, such as onboard optics, CPO, and NPO, present significant growth potential, with companies like Robertco and Zhichuang Technology being noteworthy [1][15] Market Dynamics - The IDC market is expected to see a significant increase in bidding activity, with a large-scale bidding market anticipated in early 2026 [1][6] - The optical communication sector is projected to be a critical allocation direction due to clear demand forecasts for 2026 and 2027 [1][13] - Second-tier module manufacturers may have opportunities to capture overflow orders, with the 800G and 1.6T market expected to reach 70-80 million units this year [1][17][18] Future Outlook - TSMC's capital expenditure plans for the next three years are significantly higher than expected, indicating a clear industry outlook [1][12] - The upcoming earnings forecasts are expected to alleviate concerns regarding fourth-quarter performance fluctuations and material impacts, leading to a focus on the first quarter and 2027 [1][19]

Investment Rating - The report recommends a "Buy" rating for key companies in the optical communication sector, specifically highlighting the "Four Little Dragons 3.0" [10]. Core Insights - The investment logic in optical communication is shifting from leading companies to high-resilience, high-barrier, or core-positioned quality targets as the global AI computing competition intensifies [1][19]. - The report emphasizes the importance of companies with clear technological positioning and performance delivery capabilities in the emerging "Four Little Dragons 3.0" [1][19]. Summary by Sections Historical Perspective: Growth Logic of "Four Little Dragons" - In 2019, the report recommended the first generation of "Four Little Dragons" including Taicheng Light, New Yisheng, Tianfu Communication, and Quartz Co. [2][20]. - By the end of 2024, the second generation included Taicheng Light, Dekeli, Yuanjie Technology, and Tengjing Technology, benefiting from AIDC construction and optical module iteration [2][20]. Future Outlook: Rise of "Four Little Dragons 3.0" - The report suggests focusing on the new generation of "Four Little Dragons 3.0": Dongtianwei, Kecuan Technology, Huilv Ecology, and Zhishang Technology, as silicon photonics technology penetration increases [3][21]. - Dongtianwei is positioned in the upstream core components of optical communication, with a complete product matrix and proactive capacity expansion [21]. - Kecuan Technology benefits from the continuous penetration of silicon photonics, having launched its first 400G/800G high-speed optical module production line [21]. - Zhishang Technology is expected to benefit from the implementation of CPO, producing high-density optical connection solutions [22]. - Huilv Ecology is expanding into the high-speed optical module sector through acquisitions, establishing a comprehensive product matrix from 10G to 1.6T [24]. Investment Strategy - The report recommends focusing on companies in the optical communication sector such as Zhongji Xuchuang, New Yisheng, Tianfu Communication, Taicheng Light, and Tengjing Technology, among others [8][13]. - It also highlights the importance of companies involved in copper links, computing equipment, liquid cooling, edge computing platforms, and satellite communication [8][13]. Market Performance - The communication sector has shown strong performance, with the optical communication index rising by 2.6% and the IoT sector outperforming with a 4.8% increase [16][18].

- The report tracks the market trend by monitoring stocks, industries, and sectors that have reached new highs, using a 250-day high distance metric[11] - The 250-day high distance is calculated as follows: $ 250 \text{ day high distance} = 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price and $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days[11] - As of January 16, 2026, the 250-day high distances for major indices are: Shanghai Composite Index 1.52%, Shenzhen Component Index 0.60%, CSI 300 1.23%, CSI 500 0.20%, CSI 1000 1.49%, CSI 2000 1.77%, ChiNext Index 0.81%, and STAR 50 Index 1.63%[12][13] - The report identifies 1204 stocks that reached a 250-day high in the past 20 trading days, with the highest numbers in the machinery, electronics, and basic chemicals industries[19] - The highest proportions of new high stocks are in the defense, non-ferrous metals, and petrochemical industries[19] - The report also tracks "stable new high stocks" based on analyst attention, relative strength, trend continuity, price path stability, and new high sustainability[23][26] - The screening criteria for stable new high stocks include: at least 5 buy or hold ratings in the past 3 months, top 20% in 250-day price change, and top 50% in price path smoothness and new high continuity metrics[26] - The report lists 50 stable new high stocks, with the highest numbers in the cyclical and technology sectors, particularly in non-ferrous metals and electronics industries[27]

- The report tracks the market trend by monitoring stocks, industries, and sectors that have reached new highs, using a 250-day high distance metric[11] - The 250-day high distance is calculated as follows: $ 250 \text{ day high distance} = 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price and $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days[11] - As of January 16, 2026, the 250-day high distances for major indices are: Shanghai Composite Index 1.52%, Shenzhen Component Index 0.60%, CSI 300 1.23%, CSI 500 0.20%, CSI 1000 1.49%, CSI 2000 1.77%, ChiNext Index 0.81%, and STAR 50 Index 1.63%[12][13][15] - The report identifies 1204 stocks that reached a 250-day high in the past 20 trading days, with the highest numbers in the machinery, electronics, and basic chemicals industries[19] - The highest proportions of new high stocks are in the defense, non-ferrous metals, and petrochemical industries[19] - The report also tracks "stable new high stocks" based on analyst attention, relative stock strength, trend continuity, price path stability, and new high sustainability[23][26] - The screening criteria for stable new high stocks include: at least 5 buy or hold ratings in the past 3 months, top 20% in 250-day price change, and top 50% in price path smoothness and new high continuity metrics[26] - This week's stable new high stocks include 50 stocks such as Asia Integration, Yuanjie Technology, and Zhongji Xuchuang, with the highest numbers in the cyclical and technology sectors[27][30]

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4] - As of January 16, 2026, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 1.52%, Shenzhen Component Index 0.60%, CSI 300 1.23%, CSI 500 0.20%, CSI 1000 1.49%, CSI 2000 1.77%, ChiNext Index 0.81%, and STAR Market 1.63% [6][27] - Among the CITIC first-level industry indices, electronics, non-ferrous metals, basic chemicals, machinery, and home appliances are closest to their 250-day new highs, while food and beverage, banking, agriculture, forestry, animal husbandry, real estate, and pharmaceuticals are further away [9][28] Group 2 - A total of 1,204 stocks reached a 250-day new high in the past 20 trading days, with the most significant numbers in the machinery, electronics, and basic chemicals sectors [2][15] - The highest proportion of new high stocks is found in the defense, non-ferrous metals, and oil and petrochemical industries, with respective proportions of 61.48%, 52.85%, and 36.00% [15][28] - The manufacturing and technology sectors had the most new high stocks this week, with 388 and 372 stocks respectively, while the proportion of new high stocks in various indices is as follows: CSI 2000 22.95%, CSI 1000 24.10%, CSI 500 31.60%, CSI 300 24.00%, ChiNext Index 31.00%, and STAR Market 26.00% [17][28] Group 3 - The report identifies 50 stocks that have shown stable new highs, including Yaxing Integration, Yuanjie Technology, and Zhongji Xuchuang, with the most stocks in the cyclical and technology sectors [3][22] - The cyclical sector has the highest number of new high stocks in the non-ferrous metals industry, while the technology sector has the most in the electronics industry [22][28]

以最新收盘价计算，A股平均股价为14.66元，其中股价超过100元的有214只，相比上一个交易日减少3 只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至1月15日 收盘，沪指报收4112.60点，下跌0.33%，A股平均股价为14.66元，个股股价分布看，股价超过100元的 有214只，股价在50元至100元的有534只，股价在30元至50元的有823只。 股价超百元个股中，收盘价最高的是寒武纪，今日报收1415.00元，下跌1.68%，其次是贵州茅台、源杰 科技等，最新收盘价分别为1388.89元、767.99元。 市场表现方面，收盘股价超百元股中，今日平均上涨0.05%，跑赢沪指0.37个百分点。今日上涨的有111 只，涨停的有矽电股份、陕西旅游等，下跌的有101只，跌停的有中国卫星、ST嘉澳等。 追溯发现，最新百元股近一个月平均上涨17.53%，其间沪指上涨5.74%，涨幅居前的有安达智能、星环 科技、中国卫星等，涨幅分别为154.19%、128.65%、105.05%。 最新百元股中，以申万一级行业分类，较为集中的行业有电子、计算机、机械设备等，其中，电子行业 ...

Group 1 - CPO concept stocks experienced significant fluctuations, with Huanxu Electronics hitting the daily limit up [1] - Robotech, Yuanjie Technology, Zhongji Xuchuang, Liantech, and Shijia Photon all saw increases of over 5% [1]

Core Viewpoint - The total margin balance of the STAR Market reached 287.78 billion yuan on January 12, with an increase of 5.172 billion yuan compared to the previous trading day [1] Group 1: Margin Balance Details - The financing balance amounted to 286.71 billion yuan, increasing by 5.147 billion yuan from the previous trading day [1] - The securities lending balance was 1.07 billion yuan, which is an increase of 25 million yuan compared to the previous trading day [1] Group 2: Individual Stock Performance - On January 12, 379 stocks on the STAR Market experienced net financing purchases, with 18 stocks having net purchases exceeding 100 million yuan [1] - Western Superconducting Technology Co., Ltd. topped the list with a net financing purchase of 314 million yuan [1] - Other notable stocks with significant net financing purchases include Guosheng Quantum, Yuanjie Technology, Guokai Military Industry, Shijia Photon, Cambrian-U, and Ruichuang Micro-Nano [1]