（记者 曾健辉） 每经头条（nbdtoutiao）——特朗普的"完美人选"颠覆美联储？解码凯文·沃什的"新政构想"：左手放水 右手抽水，要靠AI驯服通胀，拒做美债"大买家" 每经AI快讯，禾盛新材2月4日晚间发布公告称，苏州禾盛新型材料股份有限公司于2026年2月4日收到 中国证券登记结算有限责任公司深圳分公司出具的两份《证券过户登记确认书》，公司原控股股东、实 际控制人赵东明及其一致行动人蒋学元、公司原持股5%以上股东上海泓垣盛新能源科技合伙企业（有 限合伙）向上海摩尔智芯信息科技合伙企业（有限合伙）协议转让公司股份事项及原持股5%以上股东 上海泓垣盛向卢大光协议转让公司股份事项均已完成过户登记手续。本次协议转让股份过户完成后，摩 尔智芯持有禾盛新材18%的股份，赵东明及其一致行动人持有禾盛新材约3403万股股份（占公司总股本 的13.72%），并放弃禾盛新材约1489万股股份（占公司总股本的6%）的表决权，公司控股股东变更为 摩尔智芯，实际控制人变更为谢海闻。 ...

格隆汇2月4日丨禾盛新材(002290.SZ)公布，收到中国证券登记结算有限责任公司深圳分公司出具的两 份《证券过户登记确认书》，公司原控股股东、实际控制人赵东明及其一致行动人蒋学元、公司原持股 5%以上股东上海泓垣盛新能源科技合伙企业（有限合伙）（简称"上海泓垣盛"）向上海摩尔智芯信息 科技合伙企业（有限合伙）（简称"摩尔智芯"）协议转让公司股份事项及原持股5%以上股东上海泓垣 盛向卢大光协议转让公司股份事项均已完成过户登记手续。公司控股股东变更为摩尔智芯，实际控制人 变更为谢海闻。 ...

证券代码：002290 证券简称：禾盛新材 公告编号：2026-005 苏州禾盛新型材料股份有限公司 关于股东协议转让公司股份完成过户登记暨控制权发生变 更的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 苏州禾盛新型材料股份有限公司(以下简称"禾盛新材"或"公司")于 2026 年 2 月 4 日收到中国证券登记结算有限责任公司深圳分公司出具的两份《证券过 户登记确认书》，公司原控股股东、实际控制人赵东明及其一致行动人蒋学元、 公司原持股 5%以上股东上海泓垣盛新能源科技合伙企业（有限合伙）（以下简 称"上海泓垣盛"）向上海摩尔智芯信息科技合伙企业（有限合伙）（以下简称 "摩尔智芯"）协议转让公司股份事项及原持股 5%以上股东上海泓垣盛向卢大 光协议转让公司股份事项均已完成过户登记手续，现将具体情况公告如下： 一、本次协议转让股权的基本情况 2025 年 11 月 20 日，公司原控股股东、实际控制人赵东明及其一致行动人 蒋学元、公司原持股 5%以上股东上海泓垣盛签署了《关于苏州禾盛新型材料股 份有限公司之股份转让协议》。赵东明、蒋学元、上 ...

证券之星消息，2月3日家电零部件板块较上一交易日上涨2.68%，星帅尔领涨。当日上证指数报收于 4067.74，上涨1.29%。深证成指报收于14127.1，上涨2.19%。家电零部件板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002860 | 星帅尔 | 14.67 | 5.62% | 24.27万 | 3.52亿 | | 600619 | 海立股份 | 18.75 | 3.48% | 18.44万 | 3.42亿 | | 300342 | 天银机电 | 56.15 | 3.41% | 92.45万 | 51.28亿 | | 002290 | 禾盛新材 | 58.79 | 3.14% | 5.77万 | 3.35亿 | | 002050 | 三花智控 | 52.33 | 3.13% | 162.76万 | 84.00亿 | | 300217 | 东方电热 | 5.71 | 3.07% | 77.29万 | 4.37亿 | | 301252 | 同星科技 | 30.95 ...

Group 1 - The home appliance parts sector increased by 0.62% on January 27, with Samsung New Materials leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] - Key stocks in the home appliance parts sector showed varied performance, with Samsung New Materials closing at 15.70, up 4.81%, and Tianyin Electromechanical at 56.41, up 3.32% [1] Group 2 - The home appliance parts sector experienced a net outflow of 185 million yuan from institutional investors, while retail investors saw a net inflow of 225 million yuan [2] - The trading volume and turnover for key stocks in the sector varied, with Samsung New Materials achieving a turnover of 360 million yuan [1][2] - The detailed fund flow for individual stocks indicated that Tianyin Electromechanical had a net inflow of 10.4 million yuan from institutional investors [3]

Macro Research - The report highlights a "double hit" moment for US dollar assets due to Trump's comments on Greenland and tariff threats, alongside the early dissolution of the Japanese House of Representatives leading to a sell-off in Japanese bonds [3][4][22] - The US dollar's credit breakdown is re-emerging, with significant impacts on US stocks, bonds, and currencies, resulting in a strong performance of safe-haven assets like gold and silver, while cryptocurrencies face pressure [3][4][22] Strategy Research - In Q4 2025, active funds significantly reduced their holdings in A-shares and Hong Kong stocks, with a focus on increasing allocations to cyclical and financial value stocks, while reducing exposure to technology and healthcare sectors [7][26] - The report indicates a clear rotation in fund styles, with a notable shift towards large-cap cyclical and financial stocks, while growth and consumer sectors saw reductions in allocations [26][27] Fixed Income Research - The appreciation of the RMB and increased foreign exchange settlements may tighten interbank liquidity, depending on whether the central bank will actively increase the supply of base currency [11][14] Industry Research: Photovoltaic Equipment - The report anticipates a new cycle for the photovoltaic equipment industry driven by SpaceX and Tesla's plans to deploy a combined 200GW of solar capacity, with key equipment manufacturers expected to benefit [15][16] - The demand for solar expansion is expected to rise due to the increasing need for low-orbit satellites and the commercialization of space computing, which will drive the demand for core equipment [15][16] Fund Allocation Insights - The report notes a significant increase in allocations to cyclical and financial sectors, particularly in upstream industries like metals and chemicals, driven by improved supply-demand dynamics and geopolitical tensions [27][28] - The technology sector shows a marked divergence, with communication equipment receiving substantial increases due to AI infrastructure investments, while many tech segments faced reductions [27][28]

本周观点 投资建议 相关标的： CPU：海光信息、中科曙光、禾盛新材、中国长城、龙芯中科、兴森科技、深南电路、宏和科技。 国内算力：海光信息、寒武纪、东阳光、协创数据、华丰科技、星环科技、神州数码、百度集团、大位科技、润 建股份、中芯国际、华虹半导体、中科曙光、禾盛新材、润泽科技、浪潮信息、东山精密、亿田智能、奥飞数据、 云赛智联、瑞晟智能、科华数据、潍柴重机、金山云、欧陆通、杰创智能。 海外算力/存储：中际旭创、新易盛、兆易创新、大普微、中微公司、天孚通信、源杰科技、胜宏科技、景旺电子、 英维克等；闪迪、铠侠、美光、SK 海力士、中微公司、北方华创、拓荆科技、长川科技。 风险提示 行业竞争加剧的风险；技术研发进度不及预期的风险；特定行业下游资本开支周期性波动的风险。 敬请参阅最后一页特别声明 1 Agent 驱动的强化学习(RL)时代，CPU 可能比 GPU 更早成为瓶颈。与传统单任务 RL 不同，现代 Agent 系统需 要同时运行成百上千个独立环境实例，"环境并行化"让 CPU 成为事实上的第一块短板。主要源于三大核心逻辑： 1）Multi-Agent 带来 OS 调度压力， Agent 的"推理-执行 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 71.53 CNY [5][12]. Core Insights - The company is optimistic about its long-term growth potential, particularly following the launch of the third-generation high-performance CPU+NPU hybrid chip by its strategic investment, Yizhi Electronics. This product directly competes with NVIDIA's Grace series [2][12]. - The company anticipates significant revenue growth, with projected earnings per share (EPS) of 0.83 CNY, 1.19 CNY, and 1.68 CNY for the years 2025 to 2027, respectively [12][13]. - The strategic investment in Yizhi Electronics is expected to reshape the company's valuation, with a projected market capitalization of 177.48 billion CNY based on a 60x PE ratio for 2026 [12][17]. Financial Summary - Total revenue is projected to grow from 2,340 million CNY in 2023 to 4,087 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16% [4][13]. - Net profit attributable to the parent company is expected to increase significantly from 83 million CNY in 2023 to 417 million CNY in 2027, with a notable growth rate of 111.2% in 2025 [4][13]. - The company's return on equity (ROE) is projected to rise from 11.7% in 2023 to 24.2% in 2027, indicating improved profitability [4][13]. Market Data - The company's stock has a 52-week price range of 15.76 CNY to 64.13 CNY, with a current price of 59.60 CNY [6][12]. - The total market capitalization is approximately 14,787 million CNY, with a total share count of 248 million [6][12]. Business Development - The launch of the TF9000 AI CPU series marks a significant advancement in the company's product offerings, with performance improvements of 30% and cost reductions of 30% compared to previous models [17][21]. - The company is actively building an ecosystem around its AI solutions, collaborating with multiple partners to create integrated solutions in sectors such as smart healthcare and intelligent manufacturing [18][21].

Group 1 - The core viewpoint of the report emphasizes that the demand for AI computing power will continue to grow and diversify in 2026, extending from data centers to network edges and even internal terminals [8][13][27] - The report highlights the significant capital expenditure (Capex) growth driven by business revenue, with major cloud service providers like Google, Microsoft, and Amazon showing consistent revenue growth exceeding 20% year-on-year [27][31][35] - The report identifies the increasing importance of silicon photonics technology, particularly the 1.6T optical module, which is expected to maintain accelerated growth and enhance the global market share of domestic optical chips and devices [7][54][70] Group 2 - The report discusses the emergence of new technologies such as Scale-UP supernodes and their impact on optical link demand, indicating that these technologies will drive additional link requirements in 2026 [7][9][66] - It notes that the AI infrastructure is experiencing a high level of prosperity, with significant investments in data centers and AI capabilities expected to continue, particularly in the U.S. [47][49][53] - The report anticipates that the integration of silicon photonics will significantly increase its market penetration, projecting that by 2026, over half of optical module sales will come from silicon photonics solutions [70][75]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300342 | 天银机电 | 61.27 | 9.22% | 102.07万 | | 61.26亿 | | 002860 | 星帅尔 | 14.92 | 7.88% | 44.34万 | | 6.51亿 | | 603578 | 三星新材 | 13.62 | 4.61% | 8.36万 | | 1.13亿 | | 300217 | 东方电热 | 5.81 | 4.31% | 1 98.41万 | | 5.65亿 | | 920108 | 宏海科技 | 14.46 | 2.84% | 2.54万 | | 3628.96万 | | 300160 | 秀强股份 | 6.04 | 2.72% | 30.93万 | | 1.86亿 | | 301008 | 宏昌科技 | 38.25 | 2.63% | 6.06万 | | 2.31亿 | | 603075 | 热威股份 | 25.19 | 2.32% | 2.32万 | | 5776.18万 ...