Summary of Key Points from Conference Call Records Industry Overview 1. PCB (Printed Circuit Board) - The PCB sector has shown weak performance since Q4 of last year, primarily due to divergent market views on orthogonal backplane solutions, with some believing they may be replaced by copper cables/CPO or delayed until 2028. However, the orthogonal backplane is currently progressing steadily and is expected to enter mass production in H2 2027. Leading companies are experiencing stock price stagnation due to these divergences, highlighting their cost-effectiveness. Recommended companies include Dongshan Precision, Shenghong Technology, and Huidian Co. [1] - The CoWoP (Chip on Wafer on PCB) solution has stronger certainty, can reduce costs, improve efficiency, and bypass the shortage of substrate capacity. The value per square meter of PCB may increase several times, potentially reaching tenfold, with product launches expected by the end of 2027 and full implementation in 2028. Recommended companies in this direction include Pengding Holdings, Shennan Circuit, and Xinsong Technology. [1] 2. Storage - Contract prices remain in an upward cycle despite fluctuations in spot prices. Module companies are expected to see explosive Q1 performance, with Jiangbolong and Demingli realizing low-priced inventory. Recommended design companies include Zhaoyi Innovation (with a profit expectation of 6 billion) and Puran Co., Beijing Junzheng, and Hengshuo Co. [2] - Demand for memory modules is driven by AI servers and general servers, with recommendations for Lanke Technology (long-term profit of 10 billion) and Jucheng Co. (long-term profit of 1.5 billion). [2] 3. Communication - The recent decline in optical modules is related to the pullback of US tech stocks and speculation around CPO concepts. However, industry sources (such as Coherent and Xuchuang) indicate that CPO's potential to replace optical modules in ScaleOut scenarios is low, suggesting that short-term speculation may be excessive. [2] - North American cloud service providers have exceeded capital expenditure guidance for 2026 (620 billion, up 65% year-on-year), indicating potential accelerated demand for optical modules in 2027. Key upcoming catalysts include Nvidia's quarterly report (February 26), GTC conference (March), and OFC exhibition (NPO product showcase). Recommended companies include Zhongji Xuchuang, Xinyisheng, and Dongshan Precision. [2] - For copper connections as a Plan B alternative to orthogonal backplanes, companies to watch include Luxshare Precision, Wokai Nuclear Materials, and Huiju Technology (with potential for stock doubling). [2] - The price of scattered fiber has surged in the short term (from 25 to 50 yuan), but the low willingness of operators to raise prices raises doubts about long-term sustainability. [2] 4. Computing - Domestic computing resources are in short supply, with the recent downtime of Qianwen highlighting the scarcity of AI foundational resources. The demand for CPUs is expected to rise due to increased usage of agents compared to chatbots. Recommended companies include Haiguang Information (benefiting from both CPU and GPU), Cambrian (leading domestic AI chip manufacturer), and Tianshu Zhixin (expected to accelerate integration with leading players). [2] - Cloud infrastructure resources are expected to benefit from price increases, with recommendations for Kingsoft Cloud, Wangsu Technology, and Fourth Paradigm. [2] - In the AI application sector, the recent drop in overseas software and restructuring of SaaS business models may lead to a narrative reversal with the launch of native agent products in Q3 2026. Companies to watch include Alibaba for 2C entry reconstruction and third-party AI agents like TaxFriend, Zhongkong Technology, and Dingjie Smart. [2] 5. Media - Tencent has faced a decline due to market concerns over potential tax increases on internet platforms, although there is no space for increased game value-added tax. The company remains recommended despite rumors of Q4 earnings downgrades, maintaining a PE ratio of 15 times, which still offers value. [3] - The download situation for the Yuanbao app remains stable, and Tencent's AI capabilities may be closing the gap with larger competitors. [3] - In gaming, companies with upcoming catalysts such as Giant Network and Perfect World are recommended for short-term focus, while Century Huatong and Kaiying Network are suggested for medium to long-term attention due to expected catalysts. [3] - Tencent's establishment of a separate AI comic app is beneficial for the production side, which is entering a period of profitability. Recommendations include Kuaishou, Huanrui, and Rongxin. [3] 6. Pharmaceuticals - Attention is drawn to the update of the essential drug catalog, which may accelerate progress. [4] - The probability of inclusion in the essential drug catalog is high for unique products, with several specific products from companies like Jichuan Pharmaceutical and Panlong Pharmaceutical being highlighted. [4] - Emphasis on the global competitiveness of the innovative drug industry chain, with a focus on new-generation ADCs, IOs, small nucleic acids, and CGT. Recommended companies include Kanghong, Yingen, Yunding, and Chengdu Xian Dao. [4] - The brain-computer interface theme is noted, with a potential showcase of non-invasive products during the Spring Festival and a semi-invasive product approval for Borui Kang in March. [4] - Recommendations include Meihua Medical, Dongwei Semiconductor, and Sanbo Brain Science. [5] - The surgical robot sector is expected to see comprehensive implementation of charging policies before August, with overseas orders doubling and maintaining high growth in 2027. Key types include laparoscopic and orthopedic robots, with strong overseas performance for laparoscopic robots. Recommended companies include MicroPort, Jingfeng Medical, Tianzhihang, and Sanyou Medical. [6]

消息面上，近期，谷歌云、亚马逊AWS等云服务商相继涨价。华创证券认为，云厂商涨价与AI开支扩 张共同重塑AIDC产业逻辑。涨价潮提升算力资产回报预期，需求爆发则抬升产业规模天花板，推动 AIDC从重资产行业升级为具备高壁垒、高确定性的核心基础设施赛道。具备技术迭代能力、资源整合 效率的头部厂商有望持续受益于结构性红利。 金山云(03896)涨超5%，截至发稿，涨5.55%，报6.86港元，成交额1.96亿港元。 野村发布研报称，金山云作为小米集团-W生态圈中唯一的人工智能云基础设施供应商，有望持续受惠 于小米锐意发展大语言模型(LLM)的决心，潜在的H200晶片进口或能缓解公司在2026财年面临的短缺问 题。该行认为，公司受惠于持续强劲的LLM训练需求，以及消耗更多Token的智能体等应用所带动的推 理需求增长所推动，相信今年中国AI投资周期仍在加速，相应将金山云2025至2027财年收入预测上调 1.4%至8.9%。 ...

智通财经APP获悉，金山云(03896)涨超5%，截至发稿，涨5.55%，报6.86港元，成交额1.96亿港元。 野村发布研报称，金山云作为小米集团-W生态圈中唯一的人工智能云基础设施供应商，有望持续受惠 于小米锐意发展大语言模型(LLM)的决心，潜在的H200晶片进口或能缓解公司在2026财年面临的短缺问 题。该行认为，公司受惠于持续强劲的LLM训练需求，以及消耗更多Token的智能体等应用所带动的推 理需求增长所推动，相信今年中国AI投资周期仍在加速，相应将金山云2025至2027财年收入预测上调 1.4%至8.9%。 消息面上，近期，谷歌云、亚马逊AWS等云服务商相继涨价。华创证券认为，云厂商涨价与AI开支扩 张共同重塑AIDC产业逻辑。涨价潮提升算力资产回报预期，需求爆发则抬升产业规模天花板，推动 AIDC从重资产行业升级为具备高壁垒、高确定性的核心基础设施赛道。具备技术迭代能力、资源整合 效率的头部厂商有望持续受益于结构性红利。 ...

Investment Rating - The report maintains a recommendation rating for the computer industry [6] Core Insights - The report emphasizes the arrival of a new wave of innovation in large models, driven by recent advancements and ecosystem integrations in AI technology [4][40] - The shift in the internet value chain is moving from traditional traffic scale to a focus on behavior execution, capability invocation, governance control, and result-based payment models [4][40] - Key profit drivers in the new value system will include cloud platforms, computing resource services, security governance tools, and content licensing and execution payment mechanisms [4][40] Summary by Sections 1. Embracing a New Wave of Large Model Innovation - The launch of Claude Opus 4.6 by Anthropic marks a significant upgrade in AI programming capabilities, achieving top scores in various professional benchmark tests [14] - The introduction of Qwen3-Coder-Next by Qianwen Team focuses on programming intelligent agents, balancing low inference costs with strong capabilities [17][20] - The Clawdbot personal AI assistant signifies a leap from simple dialogue tools to autonomous task execution, indicating the start of the AI Agent era [21] 2. Industry News - OpenAI has launched the Codex macOS application, challenging the developer tools market [2] - The China Securities Regulatory Commission has issued guidelines for the issuance of asset-backed securities tokens, impacting the financial landscape [43] 3. Company News - Inspur Information's chairman and vice president plan to reduce their holdings by a total of 30,000 shares, approximately 0.002% of the total share capital [3] - Inspur has repurchased 1.4781 million shares for a total amount of approximately 39.36 million yuan [3] 4. Investment Recommendations - Focus on cloud computing and related industries, highlighting key players such as Alibaba, Kingsoft Cloud, and UCloud [5][41] - Emphasize AI verticals, including office software, programming, terminal AI, ERP/CRM, and more, with specific companies identified for potential investment [5][41][42]

Group 1 - The core point of the article is that Beijing Kingsoft Cloud Network Technology Co., Ltd. has obtained a patent for a method, device, and equipment for determining the cause of faults, with the patent announcement number CN115080375B and an application date of March 2021 [1] - Beijing Kingsoft Cloud Network Technology Co., Ltd. was established in 2011 and is located in Beijing, primarily engaged in internet and related services [1] - The company has a registered capital of 200 million RMB and has made investments in 14 enterprises, participated in 1,029 bidding projects, and holds 3 trademark records and 2,903 patent records [1]

Core Viewpoint - Chinese concept stocks collectively strengthened, with the Nasdaq China Golden Dragon Index rising nearly 2% [1] Group 1: Stock Performance - Zenggu and Bomei Group surged over 9% [1] - NIO and New Oxygen increased by more than 8% [1] - Li Auto, Century Internet, Aihuishou, and Hesai rose over 4% [1] - GDS Holdings, Kingsoft Cloud, Baozun, and Huya gained over 3% [1] - Pony.ai, XPeng Motors, Baidu, and Bilibili climbed over 2% [1] - Alibaba, NetEase, and JD.com saw an increase of over 1% [1]

Core Viewpoint - The Nasdaq Golden Dragon China Index saw an initial increase of 1.21%, indicating positive market sentiment towards Chinese stocks listed in the U.S. [1] Company Performance - NIO experienced a significant rise of 7.4% - Miniso increased by 5.4% - Yum China rose by 3.4% - Li Auto gained 2.8% - ZTO Express, Zai Lab, Bilibili, Baidu, and Kingsoft Cloud all saw increases of over 2% - Alibaba had a modest increase of 0.7% - Pony.ai declined by 1.2% - New Oriental fell by 2.8% [1] ETF Performance - KWEB ETF rose by 1.14% - CQQQ ETF increased by 0.7% - ASHR ETF decreased by 0.1% - ASHS ETF fell by 1.3% [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | | --- | | 2026年1月31日 | | 狀態: 新提交 | 致：香港交易及結算所有限公司 公司名稱: 金山云控股有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03896 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 40,000,000,000 | USD | | 0.001 | USD | | 40,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 40,000,000,000 | USD | | 0.001 | USD | | ...

Group 1 - The core point of the news is the significant drop in precious metal prices, with gold experiencing its largest single-day decline in 40 years and silver hitting a historic intraday drop of 36% [1][2][4] - On January 31, spot gold prices fell over 12%, reaching a low of $4682 per ounce, while closing down 9.25% at $4880 per ounce [2][4] - Spot silver prices dropped to a low of $74.28 per ounce, closing down 26.42% at $85.259 per ounce [4][8] Group 2 - The sell-off in precious metals was triggered by the strengthening of the US dollar, following the announcement of Kevin Walsh as the new Federal Reserve Chairman, which raised concerns about the Fed's independence [4][6][7] - The dollar index saw a significant increase, marking its largest single-day rise since July of the previous year, which negatively impacted investor confidence in gold and silver [4][5] - The market was already experiencing a demand for a correction, and the combination of factors, including the Fed chair nomination and broader capital flow dynamics, acted as a catalyst for profit-taking [4][6] Group 3 - The broader US stock market also faced declines, with major indices closing lower due to uncertainties surrounding Federal Reserve policies, inflation pressures, and geopolitical risks [5] - The gold sector saw substantial losses, with major companies like Barrick Gold and AngloGold experiencing declines of over 10% [5] - The sell-off in precious metals was characterized by panic selling and profit-taking, particularly among leveraged positions, which exacerbated market volatility [8][12]

金山云跌7.81%，万国数据跌6.95%，哔哩哔哩跌6.63%，能链智电跌5.64%，万物新生跌5.63%。 来源：滚动播报 ...