Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The communication sector saw a 2.35% increase in the 6th-7th week of 2026, ranking 6th among primary industries in the Yangtze River region; since the beginning of 2026, it has risen by 0.44%, ranking 27th [2][6] - Tower's silicon photonics revenue doubled, with a high demand for 1.6T, and capacity expansion plans have been adjusted with prepayments secured; silicon photonics modules continue to penetrate the market [2][10] - Vertiv's orders and backlog reached new highs, with a shipment-to-order ratio rising to 2.9 times [2][10] - ByteDance's Seedance 2.0 has industry-leading generation availability, while Google's Gemini 3.1 Pro tops the charts, and Anthropic's annual revenue is growing rapidly at $14 billion [2][10] - OpenAI's cumulative computing expenditure is expected to exceed $600 billion by 2030, with an upward revision of revenue forecasts [2][10] Summary by Sections Market Performance - In the 6th-7th week of 2026, the communication sector increased by 2.35%, ranking 6th among primary industries; since the start of 2026, it has risen by 0.44%, ranking 27th [2][6] - Among companies with a market capitalization above 8 billion, the top three gainers this week were Dawei Technology (+39.4%), Shengke Communication (+31.7%), and Shenling Environment (+29.6%); the top three decliners were Tongyu Communication (-11.7%), Dingtong Technology (-9.7%), and Xinke Mobile (-9.3%) [6] Company Highlights - **Tower**: In Q4 2025, revenue reached $440 million, a year-on-year increase of 13.7%, with GAAP net profit of $80 million, up 45.3%. The company expects silicon photonics revenue to reach $228 million in 2025, doubling from 2024, and has raised its capacity target from 3 times to over 5 times the Q4 2025 shipment [7] - **Vertiv**: In Q4 2025, revenue was $2.88 billion, a year-on-year increase of 22.7%, with GAAP net profit of $450 million, up 203.1%. The company reported a significant increase in organic orders, with a year-on-year growth of 252% [7] AI Model Developments - On February 12, ByteDance launched Seedance 2.0, achieving industry-leading performance in complex scenarios with a high generation availability rate [8] - Anthropic completed a $30 billion Series G financing round with a post-money valuation of $380 billion, reporting an annual revenue of approximately $14 billion [8] - On February 19, Google released Gemini 3.1 Pro, which ranked first in AI analysis, showing significant improvements in reasoning capabilities [8] Future Projections - OpenAI updated its financial outlook, projecting cumulative computing-related expenditures to exceed $600 billion by 2030, with training costs expected to rise significantly in 2025 and 2026 [9]

锐明技术涨9.41%，报82.29元/股，股价再创新高，总市值突破148.64亿元，成交额达1.65亿元。（AI生 成） ...

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [5] Core Insights - The underlying logic of the current pharmaceutical industry era is innovation and international expansion, with a focus on innovative drugs and technology-driven sectors [2][3] - The report highlights the strong performance of the CRO market and suggests a dual investment strategy focusing on both "0 to 1" technology innovation and low-position stocks [2][3] - The report emphasizes the ongoing trend of BD (Business Development) transactions in innovative drugs, with significant growth expected in 2026 [4][15] Summary by Sections 1. Key Events in the Pharmaceutical Industry During the Spring Festival - Innovative drug BD transactions have seen a strong start, with significant overseas development and registration progress for key products [13][14] - The total amount of BD transactions for innovative drugs in China for 2026 has already surpassed one-third of the total for 2025 [15] - The revision of the National Essential Medicines List Management Measures may signal changes in the essential medicines directory [28] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance was relatively weak, with a weekly decline of 0.81%, ranking 20th among all industries [34][38] - The total trading volume for pharmaceuticals was 401.12 billion yuan, accounting for 3.83% of the total market, below the historical average of 7.09% [55] - The report notes a rising valuation level for the pharmaceutical industry, with a PE ratio of 29.25, which is below the historical average [52] 3. Stock Performance Review - The report lists the top-performing stocks, including Dongyangguang and Zhendemedical, while highlighting the underperformers like Huayuan Biology and *ST Sailong [58][59]

格隆汇2月12日丨锐明技术(002970.SZ)涨7.5%，报81.430元，股价创历史新高，总市值147.09亿元。 ...

经济观察网 锐明技术（002970）作为商用车信息化解决方案提供商，近期有多项业务进展。 业绩经营情况 公司已于2026年1月18日发布业绩预告，预计2025年归母净利润同比增长27.58%至37.92%，正式年度报 告尚未披露。 业务进展情况 根据2026年2月6日的调研公告，公司已启动Robobus系统性布局，包括自建测试场和研发团队扩张，计 划在2026年着力推动海内外标杆项目落地。 公司新成立的数智装备产品事业部正发展算力中心配套产品，抓住产业机遇打造新增长点。 机构调研 2026年2月上旬，公司接待了鹏扬基金、中信保诚基金等多家机构调研，反映市场对AI产品及业务进展 的关注。 以上内容基于公开资料整理，不构成投资建议。 公司项目推进 公司在调研中透露，越南二期工厂于2025年开始建设，目前逐步投入运营，以支持全球化产能扩张。 业务与技术发展 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the AIDC (Artificial Intelligence Data Center) sector, highlighting recent developments in the industry driven by advancements in AI models, particularly the popularity of ByteDance's Seedance 2.0 [1]. Core Insights and Arguments - **Recent Developments**: The rapid iteration of AI models by major domestic internet companies is noted, indicating a competitive landscape in the AIDC sector [1]. - **New Focus**: Jiebang Technology has received bulk orders for cold plates from a major manufacturer, suggesting a significant increase in production capacity and potential for future catalysts [1]. - **Continued Recommendations**: The report maintains recommendations for several companies, including: - Magpow (麦格米特) - Ruiming Technology (锐明技术) - New Ray Energy (新雷能) - Keda (科士达) [1]. Additional Important Information - The report emphasizes that the insights provided do not constitute formal investment advice and encourages reference to publicly available reports for risk disclosures [1].

Summary of Key Points from the Conference Call of Ruiming Technology Company Overview - Ruiming Technology's main business focuses on edge AI intelligent hardware, primarily applied in commercial vehicle scenarios such as logistics, public transport, school buses, and taxis. The company has also made significant progress in the field of special vehicles for mining [3][4]. Market Distribution - 70% of Ruiming Technology's revenue comes from overseas markets, with North America accounting for over one-third, Europe for 25%, and South America for approximately 15-18%. The Asia-Pacific, Middle East, and Africa regions are developing evenly [2][3]. Revenue Growth - The company's front-end revenue has grown from 50 million yuan to over 200 million yuan in the past three years, with expectations to maintain high growth this year [3]. Autonomous Driving Initiatives - In 2026, Ruiming Technology plans to enter the commercial vehicle autonomous driving sector, starting with a bus autonomous driving project. The goal is to achieve end-to-end intermediate autonomous driving within three years, leveraging the company's expertise in visual perception and AI algorithms [2][4][5]. - The commercial vehicle AI solutions market is expected to grow over 20% annually, with Ruiming Technology targeting a sustained growth rate of over 30% [4][10]. New Business Division - A new Digital Equipment Division has been established to explore OEM business and data center-related products. The Vietnam factory has begun taking on orders for UPS and high-voltage direct current (HVDC) products, although these orders are still in the early stages and carry uncertainties [2][6][12]. OEM Business Insights - Clients choose Ruiming Technology for power product OEM due to the capabilities and quality control advantages of the Vietnam factory. The collaboration began in the second quarter of 2025 during tariff fluctuations, and the overall business is still in its early stages [7][8]. Future Market and Profitability - The end market for power products primarily targets overseas data centers, with Ruiming Technology currently operating as an OEM. Profitability is uncertain due to the scale of orders, but there is potential for net profit based on existing processing fees [8]. Production Capacity and Expansion - The Vietnam factory has the capacity to expand based on customer demand, and the team has been operating there for three and a half years, indicating familiarity with the business environment [9]. Traditional Business and Market Penetration - The traditional aftermarket business is facing structural growth in a mature market, with a global market share of 6.4% in 2024, ranking fourth globally. The company aims for annual growth of over 30% [4][10]. Mining Vehicle Business - The unmanned mining vehicle business has developed rapidly, with revenue reaching several million yuan in 2025, primarily from leading metal mining companies. The products are continuously optimized based on mining site requirements [11]. Strategic Decisions - In 2024, the company divested its low-margin SMT assembly and OEM business to focus on higher-margin opportunities, leading to significant fluctuations in other income categories in 2024 and 2025 [14]. New OEM Projects - The new OEM projects in Vietnam differ significantly from previous operations, with optimistic market expectations and plans to enhance capabilities through the establishment of a new division [15]. Future Development Plans - The company is focused on solidifying existing projects and enhancing R&D capabilities in its new energy division, without setting specific financial targets for the next 3 to 8 years, instead prioritizing resource allocation based on industry opportunities [17].

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 76.80 RMB and a fair value of 83.69 RMB [9]. Core Insights - The company's cornerstone business in commercial vehicle video monitoring continues to grow, with significant overseas expansion opportunities. The company is positioned as a global leader with strong product iteration capabilities, and it is expected to see a net profit growth of 27.6%-37.9% in 2025 [9]. - The server power supply OEM business has been established, with a promising market outlook. The global HVDC market is projected to reach 27.9 billion RMB in 2025, 74.8 billion RMB in 2026, and 144.4 billion RMB in 2027 [9]. - The company is also focusing on edge AI applications and Robobus, which are expected to drive new growth from its traditional business [9]. Summary by Sections 1. Cornerstone Business - The commercial vehicle video monitoring industry is a niche market with strong product iteration capabilities. The domestic market is relatively saturated, while overseas opportunities remain vast [15]. - The company has achieved continuous high growth, with optimistic future prospects. In 2023, the company reported a revenue of 1.7 billion RMB, a 23% increase year-on-year, and a net profit of 100 million RMB [52]. - The European standard regulations are expected to create significant new market space for the company, with an estimated annual demand of 1-1.5 billion USD post-implementation [44]. 2. New Growth Curve 1: Server Power Supply OEM - The company has officially launched its server power supply OEM business, capitalizing on the high demand for computing power in overseas markets [59]. - The global market for high-power data centers is expected to grow significantly, with increasing power requirements for new generation computing centers [61]. 3. New Growth Curve 2: Edge AI Applications and Robobus - The company is developing edge AI applications, including the SafeGPT model, which is expected to generate a SaaS revenue model [9]. - The company has a technological advantage and customer base to promote the commercialization of Robobus, particularly in regions with rapidly advancing autonomous driving policies [9]. 4. Profit Forecast and Investment Recommendations - The report maintains previous profit forecasts, expecting revenues of 2.68 billion RMB, 3.51 billion RMB, and 4.36 billion RMB for 2025-2027, with net profits of 390 million RMB, 500 million RMB, and 620 million RMB respectively [9]. - The company is projected to achieve a reasonable valuation multiple of 30 times PE for 2026, leading to a fair value of 83.69 RMB per share [9].

新华财经上海2月9日电（林郑宏） 临近农历新年长假，公募基金调研热情不减。据公募排排网数据显 示，2026年2月2日至2月8日期间，共有113家公募机构参与到A股调研活动中，覆盖到24个申万一级行 业中的100只个股，合计调研次数达535次。 其次是机械设备和电力设备行业，分别被调研79次和76次，被调研个股数量分别为15只和12只。机械设 备行业中，耐普矿机、华锐精密、蜀道装备备受公募调研关注。电力设备行业中，大金重工、亚玛顿、 华通线缆和泽润新能被调研次数均不少于10次。 紧随其后的是计算机行业，该行业上周有锐明技术、国能日新在内的6只个股获得公募机构调研关注， 合计被调研57次。 显然，当前公募机构仍对AI算力发展受益的方向如TMT行业和电力设备等保持高度关注。 对此，富荣基金表示，外部宏观因素的扰动给市场短期带来压力，但考虑到国内通胀温和、政策空间充 足，叠加以"稳"为主的资本市场基调未变，市场下行压力整体可控。在行业配置上，建议围绕两大方向 布局：一是成长主线，聚焦AI算力与应用、半导体等产业趋势明确、景气度上行的领域；二是关注受 益于反"内卷"政策推动的板块，如新能源。 中海基金认为，短期A股中小 ...

证券日报网2月6日讯，锐明技术（002970）在接受调研者提问时表示，公司越南一期工厂于2023年5月 建成投产，并于2025年开始二期工厂建设，目前正逐步投入运营。经过三年的耕耘，公司越南团队熟悉 当地经营环境，工厂运行效率良好，具备扩产能力，可满足公司未来业务发展的需求。 ...