Investment Rating - The industry investment rating is "Outperform the Market" which indicates an expected performance that exceeds the market by more than 5% over the next six months [23] Core Insights - The CES 2026 event highlighted the continuous enhancement of global AI computing power platforms, with significant advancements from major chip manufacturers like NVIDIA and AMD [3][5] - NVIDIA's Rubin platform has achieved full-scale production, while AMD introduced its Helios platform, showcasing the ongoing improvements in AI computing infrastructure that are expected to drive the global AI industry forward [6][19] - The report emphasizes the synergy between the enhancement of AI computing infrastructure and the iterative upgrades of global large models, which will foster sustained growth in the AI sector [3][19] Summary by Sections Industry News and Commentary - CES 2026 concluded on January 9, 2026, showcasing advancements in AI computing chips from companies like NVIDIA and AMD [3][6] - NVIDIA's Rubin platform is designed for building advanced AI supercomputers and is now in full production, with products expected to be available in the second half of 2026 [7] - AMD's Helios platform aims to provide significant computational power for large parameter model training, enhancing bandwidth and energy efficiency [8] Weekly Market Review - The computer industry index rose by 8.49% this week, outperforming the CSI 300 index by 5.70 percentage points [12] - As of the last trading day, the overall P/E ratio for the computer industry was 58.8 times, with 325 out of 359 A-share component stocks experiencing price increases [16] Investment Recommendations - The report suggests a strong focus on AI-related investment opportunities, particularly in AI computing and algorithms [19] - Recommended stocks in AI computing include Haiguang Information, Longxin Zhongke, and Inspur Information, while strong recommendations in AI algorithms include Hengsheng Electronics and Zhongke Chuangda [19]

Group 1 - The AI software sector is experiencing significant growth, with the China Securities Cloud Computing and Big Data Theme Index rising by 2.57% as of January 9, 2026, and the Cloud Computing 50 ETF increasing by 2.62% [1] - The Cloud Computing 50 ETF has seen a net inflow of 31.02 million yuan, indicating strong investor interest [1] - The Ministry of Industry and Information Technology and eight other departments issued an implementation opinion on "Artificial Intelligence + Manufacturing," aiming to promote deep integration of AI technology and manufacturing by 2027 [1] Group 2 - As of January 8, 2026, the Cloud Computing 50 ETF has a maximum drawdown of 0.35% this year, indicating low drawdown risk [2] - The Cloud Computing 50 ETF closely tracks the China Securities Cloud Computing and Big Data Theme Index, which includes 50 companies involved in cloud computing and big data services [2] - The top ten weighted stocks in the index account for 50.01% of the total, with notable companies including iFlytek, Kingsoft Office, and Zhongji Xuchuang [2]

Core Viewpoint - Unisplendour Corporation reported an increase in inventory primarily due to market conditions and rising demand for servers, leading to higher reserves of key components and longer business acceptance cycles for direct customers [1] Group 1 - The company's inventory mainly consists of ICT products, related raw materials, and spare parts [1] - The growth in inventory is attributed to three main factors: increased reserves of key components based on market conditions, rising demand for servers leading to increased raw material and stock levels, and longer business acceptance cycles for direct customers resulting in higher shipped goods [1]

Group 1 - The core viewpoint of the article is that the company, Unisplendour Corporation (紫光股份), has seen an increase in inventory, primarily due to rising demand for ICT products and related materials [1] Group 2 - The company's inventory mainly consists of ICT products, raw materials, and spare parts [1] - The increase in inventory is attributed to several factors: 1. Increased reserves of key components based on market conditions 2. Rising demand for servers, leading to an increase in raw materials and stock 3. Longer business acceptance cycles for direct customers, resulting in increased shipments as business grows [1]

Group 1 - The A-share market is experiencing fluctuations, with a notable rise in semiconductor equipment and materials, as well as strong performance in AI infrastructure sectors such as computing power, storage, and PCB [1] - The largest AI ETF in the Shanghai market, AI ETF (515070), saw its holdings, including Guangxun Technology, rise over 3%, while other stocks like Zhongji Xuchuang, Lankai Technology, and Xiechuang Data also increased [1] - Huolong Securities believes that the market is in a "slow bull" phase, with potential for upward breakthroughs due to ongoing supportive fiscal and monetary policies, as well as improving economic fundamentals [1] Group 2 - The AI ETF (515070) tracks the CS Artificial Intelligence Theme Index (930713), focusing on companies that provide technology, basic resources, and applications in the AI sector, representing the midstream and upstream of the AI industry chain [1] - The top ten weighted stocks in the AI ETF include leading domestic technology firms such as Zhongji Xuchuang, Xinyi Sheng, and Hanwha Technology, among others [1] - Related products include the AI ETF (515070), Huaxia CSI Artificial Intelligence Theme ETF Link A (008585), and Huaxia CSI Artificial Intelligence Theme ETF Link C (008586) [1]

股票简称：紫光股份 股票代码：000938 公告编号：2026－001 紫光股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、担保情况概述 紫光股份有限公司（以下简称"公司"）2025 年 4 月 28 日召开的第九届董事会第 十二次会议及 2025 年 5 月 20 日召开的 2024 年度股东大会审议通过了《关于为子公 司申请银行综合授信额度提供担保的议案》，同意公司全资子公司紫光数码（苏州） 集团有限公司（以下简称"苏州紫光数码"）为紫光电子商务有限公司（以下简称"紫 光电子商务"）等六家子公司自公司 2024 年度股东大会审议通过之日起 12 个月内申 请的银行综合授信额度提供总额不超过人民币 10.6 亿元的担保（以下简称"本次额 度"）。具体内容详见公司于 2025 年 4 月 29 日在巨潮资讯网等披露的《第九届董事会 第十二次会议决议的公告》（公告编号：2025-018）、《关于为子公司申请银行综合授信 额度提供担保的公告》（公告编号：2025-022）及于 2025 年 5 月 21 日披露的《 ...

Core Viewpoint - Unisplendour Corporation announced that Suzhou Unisplendour Digital will provide guarantees for bank comprehensive credit applications of six subsidiaries, totaling up to 1.06 billion yuan [1] Group 1: Guarantees and Credit Facilities - Suzhou Unisplendour Digital has signed a contract with Ping An Bank for a comprehensive credit facility, transferring a 100 million yuan quota to Unisplendour E-commerce [1] - The guarantee for this quota will cover the debt period from 2025 to 2026, with a remaining guarantee balance of 260 million yuan for Unisplendour E-commerce [1] - The total guarantee balance for Unisplendour E-commerce from the company and its subsidiaries amounts to 1.44 billion yuan [1] Group 2: Overall Guarantee Amounts - The total guarantee amount provided by the company and its subsidiaries is 18.33 billion yuan and 251 million USD [1] - The external guarantee balance stands at 15.63 billion yuan and 251 million USD [1]

Core Viewpoint - The announcement details a significant equity change involving a major shareholder of Unisplendour Corporation Limited, specifically the reduction of shareholding by the "Xinda Securities Fengshi No. 2 Single Asset Management Plan" from 5.50% to 4.999998%, which no longer qualifies it as a major shareholder [4][6]. Group 1: Equity Change Details - The equity change involves a reduction in shares held by Xinda Securities Fengshi No. 2 Single Asset Management Plan, which previously held 157,304,393 shares (5.50% of total shares) and has reduced its holdings to 143,003,924 shares (4.999998% of total shares) [4][5]. - The reduction was executed through centralized bidding from December 11, 2025, to December 30, 2025, with a total of 14,300,469 shares sold, representing 0.50% of the total share capital [5][6]. - This equity change does not trigger a mandatory takeover offer and will not result in a change of control for the company [3][6]. Group 2: Daily Related Transactions - The company plans to engage in daily related transactions with Beijing Zhiguangxin Holdings Co., Ltd. and its subsidiaries, with an estimated total amount not exceeding RMB 1,517 million for the year 2026 [9][16]. - The expected transactions include sales of products and services to related parties amounting to RMB 738.5 million and purchases from related parties amounting to RMB 778.5 million [9][16]. - The independent directors have reviewed and approved the related transaction proposal, affirming that it aligns with normal business operations and does not compromise the company's independence [45]. Group 3: Shareholder Meeting Notification - The company will hold its first extraordinary general meeting of 2026 on January 16, 2026, to discuss the proposed related transactions and other matters [48][49]. - The meeting will allow for both on-site and online voting, ensuring all shareholders can participate [49][50]. - The notice of the meeting has been disclosed in compliance with relevant regulations, ensuring transparency and adherence to corporate governance standards [48][49].

Group 1 - Zijin Mining expects a net profit of approximately 51-52 billion yuan for 2025, representing a year-on-year increase of about 59%-62% due to growth in gold, copper, and silver production and sales prices, along with a significant increase in lithium carbonate production [1] - Tianpu Co. has seen its stock price rise by 718.39% from August 22 to December 30, leading to a suspension for stock trading review due to significant deviation from the company's fundamentals [1] - Salt Lake Co. plans to acquire 51% of Wenkang Salt Lake for 4.605 billion yuan, which will enhance its competitive edge in lithium and potassium resource development [1] Group 2 - Mingde Bio intends to acquire 100% of Wuhan Bikaier Rescue Supplies Co. in a cash transaction, which is expected to constitute a major asset restructuring [2] - Jiamei Packaging has announced that it may apply for a trading suspension if its stock price continues to rise abnormally, despite no significant changes in its fundamentals [2] Group 3 - Jinpan Technology signed a contract worth approximately 696 million yuan for an overseas data center project, which is expected to positively impact the company's long-term performance [3] Group 4 - China Pharmaceutical plans to acquire 70% of Zezheng Pharmaceutical for 525 million yuan [4] - Shengxin Lithium Energy intends to acquire 30% of Qicheng Mining for 2.08 billion yuan to increase its control over Huirong Mining [5] - China Aluminum's subsidiary plans to acquire 51% of Yun Aluminum Logistics for 264 million yuan [5]

Group 1 - The State Council of China has announced the implementation of the Value-Added Tax Law, effective from January 1, 2026, detailing taxpayer scope, tax rates, tax calculation methods, tax incentives, and management measures [1] - The National Development and Reform Commission and the Ministry of Finance have released a policy for a large-scale replacement and recycling program for consumer goods, effective in 2026, covering categories such as automobiles, home appliances, and digital products [2] - Starting January 1, 2026, individuals selling residential properties purchased for more than two years will be exempt from value-added tax, while those selling properties purchased for less than two years will be subject to a 3% tax rate [3] Group 2 - The Ministry of Industry and Information Technology has issued a plan for the digital transformation of the automotive industry, aiming for significant improvements in smart manufacturing capabilities by 2027, including a 10% increase in labor productivity and a 20% reduction in product development cycles [4] - The i-Moutai platform will adjust its product offerings in 2026, including the introduction of various Moutai products, while denying rumors of a daily supply of 100 tons [5][6] - The National Investment Fund has issued a warning regarding the risks of investing in high-premium fund shares, highlighting significant price fluctuations in the market [7] Group 3 - The South Korean President will visit China from January 4 to 7, 2026, marking his first state visit since taking office, with expectations for enhanced strategic cooperation between the two countries [8] - Tianpu Co. has seen its stock price increase by 718.39% from August 22 to December 30, 2025, leading to a suspension of trading for verification due to significant deviations from the company's fundamentals [9] - The Ministry of Education plans to introduce policies in 2026 to promote artificial intelligence in education, with a focus on developing high-quality talent for the future [11]