Group 1 - The core viewpoint of the article highlights a significant decline in stock prices for several technology companies, with Yuanjie Technology and Xinyisheng dropping over 6%, and Zhongji Xuchuang falling over 5% [1] Group 2 - Companies that experienced a decline include Siwei Fushi, Cambridge Technology, and Shengyi Technology, which also followed the downward trend [1]

Industry Insights - The Chinese medical examination industry is experiencing rapid growth, driven by an aging population and increasing health awareness, with a projected CAGR of 9.2% from 2020 to 2024 and an accelerated growth of 18.3% from 2024 to 2030 [6] - The penetration rate of medical examinations in China is approximately 40%, significantly lower than the 70% in developed countries, indicating substantial room for growth [6] - The market is characterized by a "public-led, private-catching-up" dynamic, with public hospitals holding a 69% market share and private institutions increasing their share to 24% [6] - Leading private examination institutions, such as Meinian Health and Aikang Guobin, are focusing on high-end services, which has resulted in an increase in average selling price (ASP) and profit margins [6] Company Insights - Google (GOOG US) reported a 4Q25 revenue growth of 18% to $113.8 billion, driven by strong performance in search and cloud services, with operating profit increasing by 16% to $35.9 billion [7] - The management has guided for capital expenditures of $175-185 billion for FY26E, significantly above consensus estimates, indicating a strong commitment to AI investments [7] - Zhongji Xuchuang (300308 CH) remains a solid investment, with a focus on pluggable optical modules expected to dominate the market during 2026-27, despite recent stock volatility [8] - Jizhi Jia (2590 HK) announced a 31.7% year-on-year increase in new orders for 2025, totaling 4.1 billion RMB, attributed to stable growth in mature markets and breakthroughs in specific sectors [9]

Core Insights - On February 5, a total of 3,769 stocks in the A-share market received financing funds, with 397 stocks having a buying amount exceeding 100 million [1] Group 1: Financing Buy Amount - The top three stocks by financing buy amount were Zhongji Xuchuang, Xinyi Sheng, and Zijin Mining, with amounts of 3.289 billion, 1.78 billion, and 1.312 billion respectively [1] - Four stocks had financing buy amounts accounting for over 30% of the total transaction amount on that day [1] Group 2: Financing Buy Proportion - The stocks with the highest financing buy amount proportion relative to total transaction amount were Shanxi Black Cat, Zhendede Medical, and Chengda Biology, with proportions of 61.97%, 36.14%, and 32.04% respectively [1] Group 3: Net Financing Buy Amount - Twenty stocks had a net financing buy amount exceeding 100 million, with Zhongji Xuchuang, Hikvision, and SMIC leading at 944 million, 253 million, and 180 million respectively [1]

周四（2月5日），A股缩量调整，光模块等算力方向再踩"刹车"，创业板人工智能继续回调。成份股大 面积飘绿，致尚科技、太辰光均跌超10%，光库科技、联特科技、天孚通信等下跌逾5%。不过，连跌 三日后，光模块龙头中际旭创率先止跌收涨，成交180亿元居A股首位。 热门ETF方面，重仓光模块龙头的创业板人工智能ETF（159363）场内收跌2.36%，失守20日均线，单 日缩量成交6.33亿元。近期资金连续加仓，四日合计增持5.3亿元。 综合市场信息来看，近期光模块等算力方向走势较为纠结，或主要系情绪面波动： 1、业绩高增后估值回调："易中天"等光模块公司2025年业绩预告均大幅超预期，在业绩兑现后，部分 资金选择获利了结，导致股价短期承压。 2、股东减持压力：去年三季报后，随着年内股价走高，多家光模块公司股东启动减持套现，加剧短期 抛压。 3、海外AI情绪传导：Anthropic发布一款新型效率工具，引发投资者对软件公司核心业务面临被AI技术 取代威胁的担忧。 但从中长期来看，光模块等算力方向基本面景气度依然高企：全球AI产业链持续发展，资本开支扩大 驱动算力需求增长，光模块作为明确的产业趋势，业绩与估值有望在流动 ...

Group 1 - The core viewpoint of the articles highlights the increasing interest of insurance capital in specific sectors and companies, particularly in regional banks and new productivity sectors, as indicated by their extensive research activities [1][2][3] - Since the beginning of 2026, over 300 A-share listed companies have been researched by insurance companies and asset management firms, with significant participation from 96 insurance companies and 32 asset management companies [2] - Key areas of focus for insurance capital include regional banks such as Shanghai Bank and Nanjing Bank, as well as sectors like electronic components, semiconductor materials, and devices [2][3] Group 2 - Insurance capital is increasingly favoring high-dividend stocks as a stable source of cash flow, particularly in a low-interest-rate environment, which drives the demand for equity assets [4] - The strategy of investing in high-dividend stocks is seen as a way to enhance returns and stabilize portfolios, with a focus on long-term holdings and dividend yields [4][5] - The shift towards high-dividend stocks is also a response to new accounting standards that increase profit statement volatility, making these investments more attractive [4] Group 3 - Insurance capital is aligning with the new productivity sector, which relies on technological innovation and strategic emerging industries, requiring long-term and stable capital support [5][6] - Investments are being directed towards technology leaders with clear business models and performance track records, while emerging tech sectors may be approached through industry-themed ETFs or funds to mitigate risks [6] - The focus on AI-driven technology and high-end manufacturing is expected to be central to future technological revolutions, with a commitment to direct investments in companies with strong competitive advantages [6]

◎记者 黎灵希 另据统计数据，预计亏损的深市公司家数为124家，考虑到规则要求预亏公司需在1月底前发布业绩预 告，可合理推断深市注册制公司的预亏比例或低于两成。对比2024年亏损公司名单发现，国际复材、回 盛生物等32家公司预计在2025年实现扭亏。 重点行业表现亮眼 数据显示，除金融、房地产业外，深市的28个实体行业中18个行业预计净利润为正，占比64%。28个实 体行业中，电子、通信等7个行业连续两年盈利且2025年增速超50%，有色金属、计算机、传媒、纺织 服饰等4个行业实现扭亏。 具体来看，在产业转型升级、"中国制造"向"中国智造"不断迈进的大背景下，工业领域深市公司整体业 绩企稳向好。深市机械设备、基础化工行业公司预计净利润分别为84.85亿元、123.51亿元，分别同比增 长200.07%、284.56%；电力设备、国防军工行业公司预计净利润分别较2024年减亏76.13%、91.26%。 下游产业需求传导叠加贵金属价格上涨，有色金属行业预计净利润328.30亿元，同比实现扭亏。 受AI算力和应用需求快速增长、消费电子终端需求复苏等影响，深市计算机、通信、电子行业公司预 计合计实现净利润760.3 ...

Core Viewpoint - The article discusses the ongoing debate between CPO (Co-Packaged Optics) and NPO (Near-Packaged Optics) technologies, highlighting their respective advantages and challenges in the optical module market [2][3]. Summary by Sections CPO and NPO Overview - CPO and NPO are two competing optical technologies, with CPO utilizing 3D packaging for integration, while NPO employs 2D packaging, allowing for easier maintenance and higher maturity [7]. - CPO's main drawbacks include low yield rates and maintenance issues, as failures in the optical engine require the entire switch to be replaced [4][5]. Technical Comparisons - A comparison table shows that CPO has a power consumption of approximately 10W, while NPO ranges from 10-15W, and traditional modules consume 20-30W. CPO also has lower loss (2-3dB) compared to NPO and traditional modules [5]. - CPO is theoretically cheaper, but practical challenges in yield and maintenance may affect its cost-effectiveness [5]. Industry Insights from Lumentum - Lumentum reported significant orders for high-performance laser systems supporting CPO applications, with expectations for substantial shipments by mid-2027 [9]. - The company anticipates a shift from copper to optical solutions for short-distance connections, with initial CPO shipments expected by the end of 2027 [9]. Market Reactions and Company Strategies - Following Lumentum's announcements, there was a notable market reaction, with companies like Xuchuang experiencing stock fluctuations and holding emergency calls to reassure stakeholders [10][11]. - Xuchuang emphasized that NPO remains the mainstream path forward, predicting strong demand for optical modules in 2027 and aiming to transition from a supplier to a full-stack optical connection solution provider [11]. Industry Attitudes Towards CPO and NPO - Major cloud service providers like Google favor NPO for its open ecosystem, while others like NVIDIA initially supported CPO but have shifted towards NPO as it matures [12]. - Chip manufacturers show varied stances, with some adapting to support both CPO and NPO based on market needs, indicating a coexistence of technologies in the future [12].

5 Feb 2026 CMB International Global Markets | Equity Research | Company Update Innolight (300308 CH) Innolight (300308 CH) - Pluggables first, new architecture later Innolight's share price has experienced heightened volatility yesterday (down 5% on 4 Feb), driven by a combination of market concerns around NPO/CPO adoption, hyperscaler network roadmap evolution, upstream suppliers' capacity expansion, etc., prompting mgmt. to hold an investor Q&A session to address these issues. We believe the core investme ...

从沪股通前十大成交个股来看，贵州茅台位居首位；紫金矿业和工业富联分居二、三位。 从深股通前十大成交个股来看，天孚通信位居首位；中际旭创和宁德时代分居二、三位。 二、板块个股主力大单资金 从板块表现来看，影视院线、旅游酒店、银行等板块涨幅居前，有色金属、电网设备、油气等板块跌幅居前。 | | | 星矿 权庆士力资金监控： 今日头人 | | | --- | --- | --- | --- | | 排名 | 板块名称 | 主力资金净流入(亿元) | 主力资金净流入率(%) | | | 食品饮料行业 | 15.79 | 2.80 | | 1 - | 影视院线 | 12.34 | 6.99 | | 3 | 银行 | 10.70 | 2.83 | | 4 | 商贸零售 | 8.09 | 2.19 | | 5 | 证券 | 6.81 | 2.01 | 一、沪深股通前十大成交 今日沪股通总成交金额为1420.94亿，深股通总成交金额为1468.44亿。 | | 沪股道( | 2月5日 D | | | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 6 ...

Market Performance - On February 5, the A-share market indices collectively declined, with the Shanghai Composite Index falling by 0.64% to 4075.92 points, the Shenzhen Component Index dropping by 1.44% to 13952.71 points, and the ChiNext Index decreasing by 1.55% to 3260.28 points [1] Fund Manager Changes - On February 5, a total of 19 fund managers experienced changes in their positions, with 584 fund products having manager changes in the past 30 days [3][4] - The reasons for the changes included one manager leaving due to the end of an agency role and four managers departing due to job changes [3] Fund Manager Appointments - On February 5, 39 fund products announced new fund manager appointments, involving 14 fund managers [5] - Notably, Chen Xinyu from Guolian Fund has managed funds with a total asset scale of 1.579 billion, achieving a return of 85.05% on the Guolian Zhixuan Pioneer Stock A fund during his tenure [5] Fund Company Research Activity - In the past month (January 6 to February 5), Bosera Fund conducted the most company research, engaging with 62 listed companies, followed by Huaxia Fund with 56 and Southern Fund with 46 [6][7] - The chemical products industry was the most researched sector, with 216 instances of fund company inquiries, followed by the general equipment industry with 211 [7] Recent Fund Research Focus - In the last week (January 29 to February 5), Ying Tang Zhi Kong was the most researched company, receiving inquiries from 61 fund institutions, followed by Zhong Ji Xu Chuang and Jing Ke Neng Yuan with 59 and 49 inquiries, respectively [8][9]