Market Overview - The A-share market experienced a narrow fluctuation on February 10, with mixed performance across the three major indices. The Shanghai Composite Index rose by 0.13%, while the Shenzhen Component increased by 0.02%, and the ChiNext Index fell by 0.37% [1] - The total trading volume in the A-share market was 2.12 trillion yuan, a decrease of 145.5 billion yuan compared to the previous trading day. Out of 3,157 stocks, 2,222 rose while 3,157 declined [1] Sector Performance - The sectors that saw significant gains included film and television, short drama games, Sora concept (text-to-video), intellectual property protection, cultural media, mobile games, AI predictions, and online games [1] - Conversely, sectors that experienced declines included precious metals, liquor, cultivated diamonds, photovoltaic equipment, zinc, gold concepts, perovskite batteries, duty-free shops, and horse racing concepts [2] AI Video Generation Impact - ByteDance's AI video generation model, Seedance 2.0, has gained significant attention for its ability to create high-quality videos from text or images in just 60 seconds. This innovation is expected to reshape the content production industry by reducing costs and production cycles [6] - The introduction of Seedance 2.0 is anticipated to accelerate the development of the short drama and animation sectors, which are currently facing challenges such as high costs and long production times. The model's capabilities are expected to lower production costs and increase industry capacity [7] Market Sentiment and Predictions - As the Lunar New Year approaches, investors are faced with the decision to hold stocks or cash. Historical data suggests a tendency for the Shanghai Composite Index to rise around the holiday period, with 7 out of the last 10 years showing gains [8] - Multiple institutions express optimism regarding the market's performance around the New Year, with a prevailing recommendation to "hold stocks for the holiday." This sentiment is supported by recent policy measures aimed at enhancing market confidence and liquidity [9] - Current valuation levels indicate that the overall A-share index price-to-book ratio has dropped to 1.90, which is at the historical median level. Earnings forecasts suggest a shift in focus from valuation to profitability, with certain sectors like technology manufacturing showing positive trends [10]

广发证券认为，《异环》核心在于强化玩家主体性。这为二次元开放世界创造了全新体验。具体体现 为：在操作上，可选第一人称视角，带来更强的沉浸感；在玩法上，多分支的支线设计让玩家的主动选 择能显著改变进程与结局，从而使其从剧情的"阅读者"转变为内容的"推动者"。 《异环》关注度较高，具备用户基础，且玩法体验丰富 (1)用户基础扎实，市场热度高。据官网数据，游戏预约量已突破2000万；其三测PV在哔哩哔哩的播放 量超过700万，反映出产品通过早期宣发积累了扎实的关注度与用户基本盘。 智通财经APP获悉，广发证券发布研报称，根据伽马数据，回顾过去5年的二次元游戏市场，行业有典 型的供给创造需求的特征，在重点产品发行的年份，市场规模均有显著增长。《明日方舟：终末地》持 续验证二次元开放世界的商业化潜力，当前《异环》测试表现突出，玩家获得更加沉浸的游戏体验，产 品上线有望实现突出流水表现，核心推荐具备二次元产品的游戏研发商。首推完美世界(002624.SZ)， 关注头部公司腾讯控股(00700)、储备有《无限大》的网易-S(09999)等。 广发证券主要观点如下： 二次元市场或迎来复苏，《明日方舟：终末地》的成功发行持续验 ...

Core Viewpoint - The stock price of Perfect World experienced significant fluctuations, with a cumulative increase of over 20% during the period from February 5 to February 9, 2026, attributed to the announcement of a turnaround in financial performance and the upcoming testing of a new game [1][3]. Group 1: Stock Performance and Trading Activity - Perfect World’s stock price deviated significantly, with a cumulative increase of over 20% during three consecutive trading days [1]. - The actual controller, Chi Yufeng, reduced his holdings by 1.247 million shares during the stock price fluctuations, with an estimated value exceeding 20 million yuan [1]. - The stock trading activity was characterized by a high trading volume, with a record turnover of 4.69 billion yuan on February 10, 2026, marking a new high since its listing [5]. Group 2: Financial Performance and Future Prospects - On January 30, 2026, Perfect World announced a forecast indicating a turnaround in profitability, with expected net profit ranging from 830 million to 870 million yuan for the year 2025 [3]. - The company plans to recognize an asset impairment provision of approximately 260 million to 290 million yuan, which is expected to reduce the net profit attributable to shareholders by 250 million to 280 million yuan [3]. - The anticipated release of the supernatural urban open-world RPG game "Yihuan" in early February 2026 is expected to significantly impact the company's future growth [3].

Core Viewpoint - ByteDance's AI video generation model Seedance 2.0 has gained significant attention both domestically and internationally, leading to a surge in AI application themes in the A-share market [1][4]. Market Overview - On February 10, the A-share market exhibited a fluctuating trend with noticeable structural differentiation. AI application themes saw widespread increases, particularly in sectors such as short drama games, cultural media, online games, virtual humans, and cybersecurity, while the photovoltaic industry experienced a pullback [1]. - The Shanghai Composite Index closed at 4122.34, down 0.02%, and the Shenzhen Component Index closed at 14206.26, also down 0.02% [2]. Cultural Media Sector - The cultural media sector experienced a significant surge, with multiple stocks hitting the 20% limit up, including Readkey Culture, Jiecheng Co., Rongxin Culture, Light Media, and Chinese Online. Other stocks like Happiness Blue Sea rose over 10% [4][5]. - The cultural media index rose by 6.76%, indicating strong market performance [5]. AI Video Technology Impact - Seedance 2.0 is expected to lead the way in the short content field, such as AI comic dramas and short dramas, by significantly reducing production costs and shortening production cycles. This advancement is anticipated to drive industry capacity expansion [6]. - The model's capabilities include self-storyboarding, multi-modal references, audio-visual synchronization, and multi-camera narrative capabilities, which are expected to enhance video usability and lower production costs [6]. Gaming Sector Performance - The gaming sector also saw widespread gains on February 10, with stocks like Wento Holdings and Perfect World reaching their daily limits [8]. - The gaming index increased by 4.71%, reflecting positive market sentiment [9]. Regulatory Environment and Market Growth - In January 2026, 182 game licenses were issued, continuing a trend of normalized issuance since 2025, indicating regulatory support for the industry's healthy development. The gaming market's actual sales revenue is projected to reach 350.79 billion yuan in 2025, marking a 7.68% year-on-year growth [9][10]. - The gaming sector is expected to benefit from AI applications, with both established and new games leveraging AI to enhance user engagement and content creation [10]. Hong Kong Market Trends - The Hong Kong market mirrored the A-share surge, particularly in cultural media and innovative drug services, with notable gains in stocks like WuXi Biologics and WuXi AppTec [11].

Group 1 - The core viewpoint is that Perfect World’s RPG game "Yihuan" has received positive feedback during its third testing phase, which is expected to significantly drive revenue growth for the company [1] - "Yihuan" is developed using Unreal Engine 5 and is a two-dimensional urban-themed open-world game, with over 20 million official reservations and 4.81 million reservations on TapTap as of February 6, 2026 [1] - ByteDance launched the Seedance 2.0 video generation model on the Jimeng platform, which has garnered extensive evaluation and discussion in the AI industry, showcasing impressive capabilities in multi-modal content generation [1] Group 2 - The media and gaming industry is experiencing a "triple resonance" of policy turning points, supply recovery, and demand validation, supported by favorable policies and the longest Spring Festival holiday in history [2] - The Huaxia Media ETF (516190) closely tracks the CSI Entertainment and Media Index, which aligns with the "GEO concept," making it a good vehicle for capturing opportunities in AI applications and the media industry [2] - The Gaming ETF (159869) tracks the CSI Animation and Gaming Index, which has the highest AI application content in the market, accurately covering the overall performance of the A-share animation and gaming industry [2]

Summary of Conference Call Notes Industry and Company Overview - The discussion primarily revolves around the semiconductor industry, specifically focusing on storage solutions and domestic computing power in China. Key companies mentioned include: - Semiconductor companies: 中芯国际 (SMIC), 江丰电子 (Jiangfeng Electronics), 晶特电子 (Jingte Electronics), 拓荆 (Tuojing), 中微 (Zhongwei), 华创 (Huachuang), 芯源微 (Xinyuanwei), 华海 (Huahai), and others. - AI-related companies: 字节跳动 (ByteDance), 腾讯 (Tencent), 阿里巴巴 (Alibaba). Key Points and Arguments 1. **Storage Sector Outlook** - The storage sector is currently experiencing adjustments due to delays in the listing of two-inch wafers, but this is seen as a buying opportunity rather than a setback. The certainty of the listing remains intact despite the delays [1][2]. - The growth potential for the storage chain is not solely dependent on the listing but also on advancements in the advanced process technology, supported by high import numbers of lithography machines [2]. 2. **Capital Expenditure and Market Sentiment** - Companies in the semiconductor sector are showing optimistic capital expenditure and order situations, indicating a sector-wide opportunity. Key players are expected to benefit from this trend [3]. - Specific companies like 江丰法财 (Jiangfeng) and 鼎龙 (Dinglong) are highlighted for their positive developments in photolithography and polishing liquids, respectively [3]. 3. **Domestic Computing Power and AI Development** - The domestic computing power sector is driven by the growth of AI in China, with major CSP companies like 字节跳动 (ByteDance) leading investments. The focus is on how these companies can leverage AI to enhance user-generated content (UGC) [4][5]. - The introduction of AI models is expected to significantly reduce the difficulty of producing high-quality UGC, potentially transforming the content creation landscape [4]. 4. **Investment Opportunities in AI and Media** - The upcoming Chinese New Year is anticipated to boost AI-related applications and media content, with companies like 博纳影业 (Bona Film Group) and those involved in IP-related content being recommended for investment [10][11]. - The sentiment around AI applications remains optimistic, with expectations of continued growth in the industry despite recent market adjustments [9][10]. 5. **Market Adjustments and Future Projections** - The Hong Kong market, particularly the Hang Seng Technology Index, has seen a decline due to liquidity issues and shifts in sentiment regarding AI narratives in the US market [9][12]. - Despite recent downturns, the long-term outlook for the semiconductor and AI sectors remains positive, with expectations of strong capital expenditure growth from major tech firms [12][15]. 6. **Gaming Sector Insights** - The gaming sector has faced significant declines, with a noted 22.8% drop in A-share gaming stocks. However, companies like 完美世界 (Perfect World) are seen as having potential due to strong pre-launch metrics for new titles [19]. Other Important Insights - The discussion emphasizes the importance of advanced packaging in the semiconductor supply chain, highlighting companies that are well-positioned in this area [7]. - The impact of regulatory changes on the consumer internet sector is noted, particularly regarding algorithm governance, but the fundamental impact on the market is considered limited [14]. - The potential for AI applications in various sectors, including social media and content creation, is a recurring theme, with significant implications for user engagement and market dynamics [5][6]. This summary encapsulates the key insights and projections discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the semiconductor and AI industries.

Group 1 - Xi Jinping emphasized the importance of technological self-reliance for building a modern socialist country during his visit to the National Innovation Park in Beijing, where he observed advancements in AI and robotics [1] - The Shanghai, Shenzhen, and Beijing stock exchanges announced a package of measures to optimize refinancing processes for high-quality listed companies, aiming to enhance refinancing efficiency [2] - The Ministry of Commerce plans to implement a vehicle trade-in program by 2026 to boost automotive consumption, alongside other reforms in the automotive circulation sector [3] Group 2 - Zhongke Shuguang announced plans to issue convertible bonds to raise up to 8 billion yuan for advanced computing cluster projects focused on AI [5] - Efort plans to acquire 100% of Shengpu shares, with stock resuming trading on February 10; Hainan Mining intends to acquire 69.9% of Fengrui Fluorine Industry shares, also resuming trading [6] - Jinhui shares announced a 210 million yuan acquisition of 100% of Fusheng Mining, which holds a gold mining license with an annual production capacity of 50,000 tons [6] Group 3 - Mengguli announced an investment of 929 million yuan to build a project for producing 30,000 tons of lithium-ion battery cathode materials annually [7] - Yuanjie Technology plans to invest 1.251 billion yuan in the second phase of a semiconductor chip and device R&D production base, focusing on high-speed optical chips [7] - Cuihua Jewelry is under investigation by the CSRC for suspected violations of information disclosure regulations [8] Group 4 - The transportation regulatory office conducted a meeting with Gaode Dache, highlighting issues such as inadequate management of partner ride-hailing platforms and improper emergency responses [13] - The U.S. stock market saw gains, with major indices rising, particularly Oracle, which increased by over 9% [14] - COMEX gold futures rose by 2.1% to $5084.2 per ounce, while silver futures increased by 8% to $83.05 per ounce [15]

Group 1 - The controlling shareholder of Bowei Alloy plans to increase its stake in the company by 100 million to 150 million yuan [1] - The actual controller and directors of Congsheng Co. intend to reduce their holdings by no more than 5% of the company's shares [1] - Yinbei Investment of Senba Sensor plans to reduce its stake by no more than 3% of the company's shares [1] Group 2 - The controlling shareholder and its concerted parties of Liansheng Chemical plan to reduce their holdings by no more than 3% of the company's shares [1] - A shareholder of ST Zhongzhu intends to reduce its stake by no more than 3% of the company's shares [1] - Shareholders of Youde Precision (rights protection) plan to collectively reduce their holdings by no more than 3% of the company's shares [1] Group 3 - Shareholder Finer of Xuantai Pharmaceutical plans to reduce its stake by no more than 2% of the company's shares [1] - A shareholder of Far East Co. intends to reduce its holdings by no more than 1.5% of the company's shares [1] - A shareholder of Zhongzhou Special Materials plans to reduce its stake by no more than 1.4% of the company's shares [1] Group 4 - Qianhai Jin控 plans to reduce its stake in GCL-Poly Energy by no more than 1.01% of the company's shares [1] - The controlling shareholder of Keda Technology intends to reduce its holdings by no more than 1% of the company's shares [1] - Yulong Venture Capital plans to reduce its stake in Haiguo Co. by no more than 0.9965% of the company's shares [1] Group 5 - Shareholders of Lian Technology plan to collectively reduce their holdings by no more than 0.96% of the company's shares [1] - The controlling shareholder of Teda Co. intends to reduce its holdings by no more than 29.38 million shares [1] - The actual controller of Perfect World reduced its stake by 1.247 million shares during a period of abnormal stock fluctuations [1] Group 6 - A shareholder of Tengya Precision plans to reduce its stake by no more than 3.8 million shares [1]

（编辑 袁冠琳） 证券日报网讯 2月9日，完美世界发布公告称，公司股票于2026年2月5日、2026年2月6日和2026年2月9 日连续三个交易日收盘价格涨幅偏离值累计超过20%，根据《深圳证券交易所交易规则》的相关规定， 属于股票交易异常波动情形。本公司董事会确认，公司目前没有任何根据《深圳证券交易所股票上市规 则》等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等；董事会也未 获悉公司有根据《深证证券交易所股票上市规则》等有关规定应予以披露而未披露的、对本公司股票及 其衍生品种交易价格产生较大影响的信息；公司前期披露的信息不存在需要更正、补充之处。 ...

Group 1 - Jinwei Co., Ltd. plans to acquire 100% equity of Fusheng Mining for 210 million yuan, which will become a wholly-owned subsidiary and included in the consolidated financial statements [2] - Mengguli intends to invest 929 million yuan to build a project with an annual production capacity of 30,000 tons of lithium-ion battery cathode materials, expected to produce 5,000 tons of high-voltage cobalt acid lithium, 10,000 tons of NCA materials, and 15,000 tons of ultra-high nickel ternary materials [2] - Xiamen Tungsten plans to acquire 39% equity of Jiujiang Dadi Mining, which will help increase mineral resource reserves and improve raw material self-sufficiency [3] Group 2 - Andavil's subsidiary received EASA certification for its aviation kitchen plug-in products, marking compliance with European aviation safety standards [2] - CIMC Vehicles disclosed that the US ITC made a preliminary ruling on anti-subsidy and anti-dumping investigations regarding Van-Type Trailers, indicating potential damage to the US domestic industry [4] - Source Technology plans to invest approximately 1.251 billion yuan to build a second phase project for the R&D and production of optoelectronic communication semiconductor chips and devices [9] Group 3 - Zhongmin Energy intends to acquire 51% equity of Mintou Pumped Storage for 864 million yuan, with the transaction price based on asset evaluation [10] - Ningbo Yunsheng plans to publicly issue H-shares and apply for listing on the Hong Kong Stock Exchange [11] - Wenkai Co., Ltd. won a bid for a landscape project worth 50.8162 million yuan [12] Group 4 - China Merchants Shekou achieved a signed sales amount of 7.674 billion yuan in January 2026 [16] - AVIC Optoelectronics reported a net profit of 2.124 billion yuan for 2025, a year-on-year decrease of 36.69% [17] - Tiankang Bio reported a sales revenue of 392 million yuan from pig sales in January 2026, with a month-on-month increase of 6.23% [18] Group 5 - Poly Developments reported a signed amount of 15.617 billion yuan in January 2026, a year-on-year decrease of 13.31% [19] - Chengtou Holdings reported a net profit of 290 million yuan for 2025, a year-on-year increase of 19.67% [20] - Qianjin Pharmaceutical reported a net profit of 288 million yuan for 2025, a year-on-year increase of 24.74% [21]