2月6日，沪电股份涨5.32%，截至发稿，报69.48元/股，成交26.34亿元，换手率2.03%，总市值1337.05 亿元。 资料显示，沪士电子股份有限公司位于江苏省昆山市玉山镇东龙路1号,香港铜锣湾勿地臣街1号时代广 场2座31楼，成立日期1992年4月14日，上市日期2010年8月18日，公司主营业务涉及印制电路板的研 发、生产和销售。主营业务收入构成为：PCB业务收入95.98%，其他(补充)4.02%。 恒生前海消费升级混合（007277）基金经理为胡启聪。 截至发稿，胡启聪累计任职时间6年233天，现任基金资产总规模34.3亿元，任职期间最佳基金回报 72.35%， 任职期间最差基金回报-30.92%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，恒生前海基金旗下1只基金重仓沪电股份。恒生前海消费升级混合（007277）四季度持有股 数1.5万股，占基金净值比例为 ...

Core Viewpoint - The company reported a significant increase in revenue and net profit for the year, driven by structural demand in emerging computing scenarios such as high-performance servers and artificial intelligence [2]. Financial Performance - The company's revenue for the year was approximately 18.95 billion, a year-on-year increase of 42.0% - The net profit attributable to shareholders was about 3.82 billion, up 47.7% year-on-year - The net profit margin was 20.2%, an increase of 0.8 percentage points year-on-year [2] - In Q4, revenue reached 5.433 billion, a year-on-year increase of 25.45% and a quarter-on-quarter increase of 8.26% - The net profit for Q4 was 1.105 billion, up 49.52% year-on-year and 6.75% quarter-on-quarter [2] Growth Drivers - The company is expected to continue its rapid growth due to the acceleration of global AI technology development, which will drive demand for computing power - The company is enhancing its strategic cooperation with leading clients in Europe and the U.S. through its H-share issuance, which is expected to significantly increase the proportion of high-value product shipments [3] - The company is accelerating overseas capacity construction and improving its global supply chain, which will enhance customer service capabilities and market response efficiency [3] - Recent investments in advanced technology research and development, such as CoWoP and mSAP, are aimed at expanding high-end product capacity and optimizing product structure [3] Long-term Outlook - The company has a clear long-term growth logic, aligning with the rapid development trend of AI computing power and expanding high-end capacity both domestically and internationally - The increasing proportion of high-end products is expected to open up upward growth space for performance [4]

证券代码：002463 证券简称：沪电股份 公告编号：2026-014 沪士电子股份有限公司关于部分股票期权注销完成的公告 沪士电子股份有限公司 关于部分股票期权注销完成的公告 2026年2月4日，经中国证券登记结算有限责任公司深圳分公司审核确认，上 述161,500份股票期权的注销事宜已办理完成。公司注销上述股票期权符合《上 市公司股权激励管理办法》《公司2024年度股票期权激励计划》等相关规定，且 履行了必要的程序。 沪士电子股份有限公司董事会 二〇二六年二月五日 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。 沪士电子股份有限公司（下称"公司"）于2026年1月27日召开第八届董事 会第十三次会议，审议并一致通过《关于注销<公司2024年度股票期权激励计划> 部分股票期权的议案》。根据《上市公司股权激励管理办法》《公司2024年度股 票期权激励计划》等相关规定，鉴于《公司2024年度股票期权激励计划》授予的 激励对象中有9人因个人原因离职，不再具备激励对象资格，其已获授但尚未行 权的161,500份股票期权由公司予以注销。本次注销完成后，《公司2024年 ...

招商证券研报指出，沪电股份25Q4业绩符合预期，看好公司高端产能加速扩张潜力。展望26-27 年，全 球通用AI 技术加速发展带动算力需求增长，公司依托H 股发行深化与欧美头部客户的战略合作，高价 值量产品出货占比预计显著提升，驱动业绩持续释放。公司长线增长逻辑清晰，顺下游AI算力高速发 展趋势加速推进国内及海外高端产能扩张进程，高端产品占比不断提升，有望打开业绩向上成长空间。 维持预测25-27年营收为189.5/265.2/371.3亿，归母净利润为38.2/58.5/85.2亿，对应EPS为1.99/3.04/4.43 元，对应当前股价PE为35.0/22.9/15.7倍，维持"强烈推荐"评级。 ...

| 立讯精密 | -3.35 | -8.33亿元 | 消费电子 | | --- | --- | --- | --- | | 华胜天成 | 0.23 | -8.03亿元 | 互联网服 | | 湖南白银 | -4.47 | -8.01亿元 | 贵金属 | | 胜宏科技 | -3.3 | -7.85亿元 | 电子元作 | | 三花智控 | -1.49 | -6.93亿元 | 家电行业 | | 沪电股份 | -4.73 | -6.80亿元 | 电子元件 | | 白银有色 | -5.06 | -6.51亿元 | 有色金属 | | 通宇通讯 | 1.33 | -6.50亿元 | 通信设备 | | 易点天下 | -10.02 | -6.35亿元 | 互联网服 | *数据仅供参考，不构成投资建议 | 股票名称 | 涨跌幅(%) | 主力资金流向 | 所属行) | | --- | --- | --- | --- | | 中际旭创 | -5.24 | -30.70亿元 | 通信设备 | | 新易盛 | -5.66 | -23.30亿元 | 通信设 | | 利欧股份 | -8.74 | -20.71亿元 | 互联网服 | | 蓝色 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6]. Core Views - The company's Q4 2025 performance met expectations, with revenue of approximately 54.33 billion yuan, a year-on-year increase of 25.45%, and a net profit of approximately 11.05 billion yuan, a year-on-year increase of 49.52% [6]. - The company is expected to benefit from the accelerating demand for high-performance computing servers and artificial intelligence, which will drive structural demand for printed circuit boards [6]. - The company is accelerating its capacity expansion and global strategy, which is anticipated to sustain high growth in performance [6]. - Significant investments in cutting-edge technologies such as CoWoP and mSAP are expected to enhance the company's high-end product capacity and optimize product structure, thereby improving overall profitability and risk resistance [6]. - The report forecasts revenue for 2025-2027 to be 189.5 billion, 265.2 billion, and 371.3 billion yuan, with corresponding net profits of 38.2 billion, 58.5 billion, and 85.2 billion yuan, respectively [6]. Financial Data and Valuation - Total revenue for 2023 is projected at 89.38 billion yuan, with a year-on-year growth of 7%, and is expected to reach 133.42 billion yuan in 2024, a growth of 49% [12]. - The company's net profit for 2023 is estimated at 15.13 billion yuan, with a year-on-year growth of 11%, and is projected to grow to 25.87 billion yuan in 2024, a growth of 71% [12]. - The earnings per share (EPS) is expected to increase from 0.79 yuan in 2023 to 1.34 yuan in 2024, and further to 1.99 yuan in 2025 [13]. - The price-to-earnings (PE) ratio is projected to decrease from 88.5 in 2023 to 35.0 in 2025, indicating an improving valuation [13].

截至9月30日，沪电股份股东户数16.20万，较上期增加26.43%；人均流通股11866股，较上期减少 20.88%。2025年1月-9月，沪电股份实现营业收入135.12亿元，同比增长49.96%；归母净利润27.18亿 元，同比增长47.03%。 分红方面，沪电股份A股上市后累计派现41.12亿元。近三年，累计派现22.04亿元。 机构持仓方面，截止2025年9月30日，沪电股份十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1.41亿股，相比上期增加1724.42万股。华泰柏瑞沪深300ETF（510300）位居第四大流通 股东，持股2300.39万股，相比上期减少103.66万股。易方达上证50增强A（110003）位居第六大流通股 东，持股1760.16万股，相比上期增加301.38万股。易方达沪深300ETF（510310）位居第七大流通股 东，持股1656.90万股，相比上期减少54.22万股。永赢科技智选混合发起A（022364）位居第八大流通 股东，持股1300.09万股，为新进股东。华夏沪深300ETF（510330）位居第九大流通股东，持股1236.50 万股，相比上期减 ...

Memory - South Korea's core technology product exports showed a positive trend in January 2026, with memory exports increasing by 154% year-on-year, driven by price hikes and strong server-related demand [3] - Samsung and SK Hynix are expected to see significant revenue growth in Q1 2026, with projections of 178% and 233% year-on-year increases, respectively [3] - NAND chip exports surged by 366%, indicating robust demand in the memory sector [3] Autonomous Driving/Physical AI - Google's Project Genie, powered by Genie 3, aims to create interactive worlds through user-generated content, marking a significant step towards AGI [5][6] - Waymo plans to raise approximately $16 billion, with a target valuation of nearly $110 billion, highlighting the increasing investment interest in autonomous driving technology [6][7] Robotics - Tesla's Optimus robot is set for a key release in Q1 2026, with significant upgrades aimed at mass production [8][9] - Yushin Robotics anticipates delivering around 55,000 robots in 2025, with nearly 50% of orders coming from overseas markets [10][11] AI Computing Power - NVIDIA's CEO clarified that the company's planned investment in OpenAI will be gradual, not reaching the previously mentioned $100 billion [14] - Oracle aims to raise $45-50 billion to expand its cloud infrastructure, driven by demand from major clients like AMD and Meta [14] AI Applications - Tencent is increasing its investment in AI, with its app Yuanbao leveraging community marketing strategies to enhance user engagement and market penetration [37] - The global PCB market is expected to double in size by 2026-2027, driven by the demand for AI servers and high-performance materials [38] Liquid Cooling - Fositek's revenue is projected to grow at a CAGR of 46% from 2025 to 2028, driven by advancements in liquid cooling technology [26][27] - The liquid cooling segment is expected to exceed 50% of revenue by 2026, indicating a strong market trend towards efficient cooling solutions [29] PCB - The global PCB market is experiencing robust growth, with a significant increase in demand driven by AI services and high-performance computing [30][31] - Companies like WUS and Zhen Ding Technology are positioned to benefit from the ongoing upgrade cycle in AI infrastructure [34][35]

2 February 2026 | 5:58AM HKT Equity Research WUS (002463.SZ): Mgmt. visit: Rising PCB usage on high speed connection in AI server racks; capacity expansion for latest tech; Buy We hosted WUS management in Hong Kong on Jan 22. We remain positive on WUS given (1) AI infrastructure upcycle: as we highlighted in Jan (report link), we expect AI servers implied AI chips to grow at +49% / +31% YoY in 2026 / 27E with ASIC penetration rate up to 40% / 50% in 2026 / 27E, (2) specification upgrade with better material ...

Investment Rating - The report maintains a "Buy" rating for key companies in the sector, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, among others [11]. Core Insights - The transition to the "Agent" era is accelerating, with AI agents like Clawdbot and Claude Excel evolving from simple conversational tools to essential productivity tools, significantly increasing demand for cloud computing resources [1][20]. - The AI application landscape is fundamentally shifting from simple interactions to deep integration into work processes, marking a new paradigm where AI becomes a core executor in workflows [2][21]. - The emergence of AI agents is driving a qualitative change in underlying computing power demand, as these agents transition from auxiliary tools to autonomous entities [3][22]. - The competition for computing power is intensifying, with rising cloud service prices and continuous growth in capital expenditures (capex) from cloud providers, highlighting the increasing importance of scarce computing resources [4][23]. Summary by Sections Investment Strategy - The report suggests focusing on the computing power sector, particularly in optical communications, with recommended companies including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [14]. - It also highlights the importance of liquid cooling and edge computing platforms, recommending companies like Yingweike and Meige Intelligent [14]. Market Review - The communication sector has seen an increase, with optical communications performing particularly well, as evidenced by significant stock price increases for companies like Tianfu Communication and Zhongji Xuchuang [16][17]. Computing Power Demand - The report emphasizes that the new operational modes of AI agents lead to a dramatic increase in token consumption, necessitating high concurrency and continuous online capabilities from computing services [5][25]. - Major cloud providers like Google Cloud and Amazon AWS have announced price increases for their services, indicating a shift from a long-term trend of decreasing prices [10][23]. Key Companies and Performance - Zhongji Xuchuang and Xinyi Sheng have shown strong growth, with Zhongji Xuchuang maintaining its leading position in the industry [25]. - The report recommends monitoring the performance of companies involved in the computing power supply chain, including those in optical modules and liquid cooling sectors [25].