Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The communication sector rose by 1.96% in the 11th week of 2026, ranking first among major industries, and has increased by 6.8% since the beginning of the year, ranking seventh [2][5] - GTC 2026 sees NVIDIA's introduction of the "Five Cabinet" inference solution, leading to significant growth in Scale-out optical interconnects [6] - OFC 2026 anticipates exponential growth in the AI-driven optical communication industry, with leading companies accelerating capacity expansion and multiple technology paths such as CPO, NPO, OCS, and XPO being implemented [7][10] - Domestic cloud providers are adjusting AI service pricing due to surging AI demand and rising supply chain costs [9] Summary by Sections Market Performance - In the 11th week of 2026, the communication sector's performance was highlighted, with significant individual stock movements, including a 26.8% increase for Yuanjie Technology and a 15.5% decrease for Fenghuo Communication [5] GTC 2026 Developments - NVIDIA forecasts that orders for the Blackwell and Rubin platforms will reach $1 trillion by 2027, doubling the previous estimate of $500 billion for 2026 [6] - The hardware aspect includes the release of Groq 3 LPU chips and Groq 3 LPX inference cabinets, achieving a total cabinet computing power of 315 PFLOPS [6] OFC 2026 Projections - The optical communication industry is expected to grow exponentially, with AI optical communication's total addressable market (TAM) projected to increase from $18 billion to over $90 billion from 2025 to 2030, reflecting a CAGR of approximately 40% [7] - InP chip demand is expected to grow at a CAGR of 85% from 2026 to 2030, with significant capacity expansions planned by major players [7] Technology Advancements - The industry is on the brink of entering the single-channel 400G era, with companies like Zhongji Xuchuang and Xinyi Sheng launching new optical modules and products [8] Pricing Adjustments by Cloud Providers - Major cloud providers in China, including Tencent Cloud and Alibaba Cloud, have significantly raised prices for AI services, with increases ranging from 5% to 34% [9]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [1] - It aims to become a global expert in IoT intelligent application solutions, adhering to the mission of "empowering everything with wisdom" [1] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, up by 0.81% [2] - For the first three quarters of 2025, the revenue reached CNY 1.272 billion, a 21.66% increase year-on-year, with a net profit of CNY 180 million, reflecting a 33.95% growth [2] Group 3: Product Development and Market Strategy - The smart sleep terminal product, which tracks and analyzes sleep states, is currently being promoted in the domestic market, with some product certifications completed [2] - The company is expanding its overseas market presence, particularly in smart vehicle terminals, and has entered the supplier system of an overseas automotive brand [2] - In the domestic market, the company anticipates performance growth due to the implementation of "single Beidou" policies in various regions [3] Group 4: Supply Chain Management - The company has prioritized inventory and supply chain management, maintaining a strategic stock of key raw materials to meet short-term needs [3] - The impact of rising prices of storage chips on the company is limited, as these components constitute a small portion of the overall operating costs [4] Group 5: Market Position - The company has the highest number of product models listed among terminal manufacturers in the commercial vehicle monitoring terminal sector, with five models included in a national quality statistics report [4] - It is one of the early entrants in the passenger vehicle positioning terminal market, particularly in the automotive finance sector [4]

Group 1: Company Overview and Financial Performance - The company specializes in the research, development, production, and sales of IoT intelligent products, recognized as a high-tech enterprise and a "specialized and innovative" small giant [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [1] - For the first three quarters of 2025, the company reported a revenue of CNY 1.272 billion, a year-on-year increase of 21.66%, and a net profit of CNY 180 million, an increase of 33.95% [2] Group 2: Growth Strategies and Future Prospects - The company is advancing its "going abroad" strategy for smart vehicle terminals, increasing the number of overseas clients and entering the qualified supplier system of an overseas automotive brand [3] - The domestic commercial vehicle monitoring terminal market is experiencing a product upgrade wave, with policies promoting "single Beidou" replacements in regions like Hunan, Hubei, and Shandong, which may contribute to revenue growth in 2026 [3] - The smart sleep terminal business is expected to grow steadily as sales expand into the Chinese market [3] - The company aims to strengthen its market position in smart shared bicycle products and seek collaborations with more electric bicycle brands [3] Group 3: Cloud Management Platform Development - The company is developing a unified cloud management platform to address the fragmentation in the IoT industry, which poses challenges in device integration and user experience [4][5] - This platform will allow users to customize and manage various terminal products effectively, enhancing operational efficiency [5] Group 4: Product Innovations - The smart sleep terminal product tracks and analyzes users' sleep states, adjusting temperature based on individual needs to optimize sleep quality [5] - The sales regions for the smart sleep terminal are continuously increasing, with specific market promotion progress to be disclosed through official channels [5]

Core Viewpoint - The company, 博实结, has announced a comprehensive credit facility application to financial institutions, totaling up to 800 million yuan, which is intended for various financial needs including working capital loans and project financing [1]. Group 1: Stock Performance - As of February 27, 2026, the stock price of 博实结 closed at 94.55 yuan, down 1.59% from the previous trading day [1]. - The stock opened at 95.61 yuan, reached a high of 96.0 yuan, and a low of 94.24 yuan, with a trading volume of 80.8451 million yuan and a turnover rate of 2.14% [1]. Group 2: Credit Facility Announcement - 博实结's board of directors approved the application for a comprehensive credit facility not exceeding 800 million yuan, which is valid for 12 months from the date of approval [1]. - The credit facility can be used for various purposes, including working capital loans, commercial bill issuance and discounting, project loans, bank guarantees, bank acceptance bills, and letters of credit [1]. - The board has authorized the chairman or designated personnel to sign relevant legal documents, with the financial officer responsible for specific handling of the matter [1].

Core Viewpoint - The company has approved a proposal to conduct foreign exchange hedging activities with a total amount not exceeding 80 million USD or equivalent currency [2] Group 1: Company Announcement - The company will hold its second board meeting on February 27, 2026, to review the foreign exchange hedging proposal [2] - The approved hedging activities include forward foreign exchange transactions, foreign exchange swaps, foreign exchange futures, foreign exchange options, and other foreign exchange derivative products [2] - The validity period for these activities is set for 12 months from the date of board approval, with funds being allowed to be used in a rolling manner within the specified limit [2]

Group 1 - The company announced that its second board meeting will be held on February 27, 2026, in Huizhou, Guangdong Province, combining in-person and communication methods [1] - The meeting will review the proposal regarding the company's and its subsidiaries' application for a comprehensive credit limit from financial institutions [1] Group 2 - In February, China's AI usage surpassed that of the United States for the first time, with four major models ranking among the top five globally [1] - The demand for domestic computing power is experiencing exponential growth [1]

证券代码：301608 证券简称：博实结 公告编号：2026-002 深圳市博实结科技股份有限公司 关于公司及子公司向金融机构申请综合授信额度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 深圳市博实结科技股份有限公司（以下简称"公司"）于2026年2月27日召 开第二届董事会第十四次会议，审议通过了《关于公司及子公司向金融机构申请 综合授信额度的议案》，本议案无需提交股东会审议。现将具体情况公告如下： 一、申请综合授信额度概况 为满足公司生产经营的需求，合理配置和利用公司资金，提高资金使用效率， 公司及子公司（含现有及后续纳入合并报表范围的各级子公司）拟向金融机构申 请总额不超过8.00亿元（含本数）的综合授信额度。申请的综合授信用途包括但 不限于流动资金贷款、各类商业票据开立及贴现、项目贷款、银行保函、银行承 兑汇票、开立信用证等综合业务（具体业务品种以相关金融机构审批为准）。授 信额度不等于公司的实际融资金额，实际融资金额应在授信额度内以金融机构与 公司实际发生的融资金额为准。上述授信事项有效期为自本次董事会审议通过之 日起12个月内有效，授信 ...

证券代码：301608 证券简称：博实结 公告编号：2026-004 深圳市博实结科技股份有限公司 第二届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 具体内容详见公司披露于巨潮资讯网（www.cninfo.com.cn）的《关于公司 及子公司向金融机构申请综合授信额度的公告》。 表决情况：7 票同意，0 票反对，0 票弃权。 一、董事会会议召开情况 深圳市博实结科技股份有限公司（以下简称"公司"或"博实结"）第二届 董事会第十四次会议于 2026 年 2 月 27 日在广东省惠州市仲恺高新区惠风西三路 1 号博实结产业园 9 楼会议室以现场结合通讯的方式召开。会议通知已于 2026 年 2 月 24 日通过邮件的方式送达各位董事。本次会议由董事长周小强主持，应 出席董事 7 人，实际出席董事 7 人，其中 3 名董事以通讯方式出席。公司高级管 理人员列席了本次会议。 本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等有关 法律法规、规范性文件和《公司章程》的规定，会议决议合法有效。 二、董事会会议审议情况 经与会董事认 ...

证券代码：301608 证券简称：博实结 公告编号：2026-003 深圳市博实结科技股份有限公司 关于开展外汇套期保值业务的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 特别提示： 1、交易目的：为有效防范和控制汇率波动对公司经营业绩的影响，公司及 子公司拟与银行等金融机构开展外汇套期保值业务。 2、交易方式及交易品种：公司及子公司拟与经监管部门批准、具有外汇套 期保值业务经营资质的银行等金融机构开展外汇套期保值业务，交易品种包括但 不限于远期结售汇业务、外汇掉期业务、外汇期货业务、外汇期权业务及其他外 汇衍生产品业务等。 3、交易金额及交易期限：公司及子公司拟进行的外汇套期保值业务规模最 高额不超过8,000万美元或其他等量货币，有效期限自董事会审议通过之日起12 个月内有效。在上述额度及有效期限内，资金可循环滚动使用。期限内任一时点 的交易金额（含前述交易的收益进行再交易的相关金额）不得超过已审议额度。 4、已履行的审议程序：该事项已经公司第二届董事会审计委员会第十一次 会议、第二届董事会第十四次会议审议通过，该事项在公司董事会审议权限内， 无 ...

国联民生证券承销保荐有限公司 关于深圳市博实结科技股份有限公司 开展外汇套期保值业务的核查意见 国联民生证券承销保荐有限公司（以下简称"保荐人"）作为深圳市博实结 科技股份有限公司（以下简称"博实结"或"公司"）首次公开发行股票并在创 业板上市持续督导阶段的保荐人，根据《证券发行上市保荐业务管理办法》《深 圳证券交易所上市公司自律监管指引第 13 号—保荐业务》《深圳证券交易所创 业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板 上市公司规范运作》等有关规定，对博实结开展外汇套期保值业务的事项进行了 核查，具体核查情况如下： 一、外汇套期保值业务概述 （一）开展外汇套期保值业务目的 随着公司海外业务的发展，外汇结算需求不断上升，为控制外汇市场风险， 有效防范和控制汇率波动对公司经营业绩的影响，公司及子公司拟与银行等金融 机构开展外汇套期保值业务。公司开展外汇套期保值业务能更好地规避和防范外 汇汇率风险、减少汇兑损失、降低汇率波动可能带来的不良影响，增强公司财务 稳健性。 （二）交易方式及品种 公司及子公司拟与经监管部门批准、具有外汇套期保值业务经营资质的银行 等金融机构开展外汇套期保 ...