软通计算机以"AI+"推进场景落地，在党政、金融等国产替代领域市场份额居第 一梯队：终端产品中标中国联通、某省公安厅等项目，完成 2025 全国两会信创 办公用机供应；企业级产品则中标中国移动 AI 设备集采、福建省农信鲲鹏服务器 采购等项目，持续拓展市场覆盖。 展望业务发展方向，公司以京津冀智造基地为基石，构筑了"智算中心+OS+服 务器"三大自主支柱产品体系。通过推出"天元智算调度平台"、基于开源鸿蒙和 开源欧拉的自有操作系统发行版（软通天鸿、软通天鹤），以及全线智算硬件产品， 为客户提供一站式 AI 算力基础设施，确保企业智能化转型的安全感与自主权。 软通动力（301236.SZ）公司事件点评 全栈智能开启龙头 AI 时代发展新篇章 glmszqdatemark 2026 年 02 月 02 日 [Table_Author] 分析师：吕伟 分析师：郭新宇 执业证书：S0590525110033 执业证书：S0590525110034 邮箱：lvwei_yj@glms.com.cn 邮箱：guoxinyu@glms.com.cn 2）软通天璇 MaaS 平台：AI 时代重要的"AI Factory"。公司 ...

Investment Rating - The investment rating for the computer industry is maintained as "Cautious Recommendation" based on the current market conditions and future potential in AI applications and computing power [4][21]. Core Insights - The computer sector's fund holdings accounted for approximately 2.34% of total fund holdings in Q4 2025, showing a slight decrease from previous quarters, indicating a historical low [4][21]. - The leading companies in AI-related sectors are primarily focused on AI applications and computing power, suggesting a potential for increased investment as national industrial policies support the AI industry [4][21]. - Recent significant financing activities in the AI sector, such as StepFun's over 5 billion yuan B+ round, highlight the growing interest and investment in AI model development [22]. - Major advancements in AI hardware, including Microsoft's Maia 200 chip and Alibaba's Zhenwu 810E chip, demonstrate the competitive landscape and technological progress within the industry [23][25]. Summary by Sections 1. Q4 2025 Holdings Analysis - The proportion of computer sector holdings in funds decreased slightly to 2.34%, with a historical trend showing fluctuations over the past quarters [11]. - The number of computer companies in the top ten holdings decreased to 138, indicating a consolidation in holdings among fewer companies [14]. - The top ten companies by fund holdings in Q4 2025 included iFLYTEK, Kingsoft Office, Hikvision, Inspur Information, and others, with notable changes in rankings compared to Q3 2025 [17]. 2. Industry News - StepFun completed a record financing round, emphasizing the competitive nature of AI model development in China [22]. - Microsoft announced the launch of its second-generation AI chip, Maia 200, which significantly improves performance metrics [23]. - The release of the Kimi K2.5 model by Moonlight Dark Side showcases advancements in open-source AI capabilities [24]. - Alibaba's introduction of the Zhenwu 810E chip reflects the company's commitment to self-developed AI hardware [25]. 3. Company News - Inspur Information's executives announced plans to reduce their holdings, indicating potential shifts in company ownership dynamics [26]. - Tianyang Technology's major shareholder plans to reduce their stake, which may impact market perceptions of the company [27]. - Hehe Information reported on the completion of a significant share reduction by its major shareholders, reflecting ongoing adjustments in ownership [28]. 4. Market Review - The market performance from January 26 to January 30 showed the CSI 300 index rising by 0.08%, while the computer sector index fell by 4.47%, indicating a challenging week for the sector [30].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.93 to 2.26 billion yuan in 2025, representing a year-on-year increase of 745% to 889%, with a median of 2.09 billion yuan, which is an 817% increase year-on-year [9]. - The demand for high-performance electronic fabrics, particularly low-CTE and low-dielectric series, is expected to remain strong, positively impacting the company's profit margins [9]. - The company plans to raise up to 999.5 million yuan through a private placement to accelerate the expansion of high-performance electronic fabric production [9]. Financial Projections - Revenue is projected to grow from 835 million yuan in 2024 to 2.423 billion yuan in 2027, with growth rates of 26.2%, 22.9%, 55.7%, and 51.8% respectively [4][10]. - Net profit attributable to shareholders is forecasted to increase from 23 million yuan in 2024 to 516 million yuan in 2027, with growth rates of 136.1%, 782.7%, 60.9%, and 59.3% respectively [4][10]. - Earnings per share are expected to rise from 0.03 yuan in 2024 to 0.59 yuan in 2027 [4][10]. Market Position and Competitive Advantage - The company is positioned as a leading global manufacturer of high-end electronic fabrics, serving as a critical upstream material supplier for both AI edge (consumer electronics) and AI cloud (AI servers) applications [9]. - The anticipated high demand for high-performance electronic fabrics is expected to sustain the company's growth trajectory [9].

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the non-ferrous metals sector, highlighting a positive outlook for gold and silver prices in the medium to long term [2][4]. Core Views - The new Federal Reserve Chairman's policies have raised concerns, leading to a correction in gold and silver prices. However, the long-term trend remains bullish due to central bank gold purchases and a weakening dollar credit [2][8]. - The report emphasizes the importance of geopolitical factors and macroeconomic policies in influencing metal prices, particularly in the context of expanding domestic demand in China [8][24]. Summary by Sections 1. Industry and Stock Performance - The SW Non-ferrous Index increased by 3.37% during the week, while the Shanghai Composite Index fell by 0.44% [8]. - Key companies recommended for investment include Zijin Mining, China Molybdenum, and Yunnan Aluminum, among others, with a focus on their earnings forecasts and valuations [2][8]. 2. Base Metals - Aluminum prices are influenced by geopolitical tensions and domestic production adjustments, with a notable increase in aluminum inventory [24][28]. - Copper prices are expected to remain stable, supported by a weak dollar and increased import activity, despite a generally subdued demand environment [45][48]. - Zinc prices have shown volatility due to external factors and domestic supply disruptions, with a recent increase in prices observed [49][50]. 3. Precious Metals and Minor Metals - Gold and silver prices are projected to rise in the medium term, driven by central bank purchases and a weakening dollar [2][8]. - The report highlights the potential for price increases in cobalt and nickel due to supply constraints and geopolitical factors [2][24][63]. 4. Rare Earths - The report does not provide specific insights into rare earths, focusing instead on the broader non-ferrous metals market [10].

量化周报 流动性转为下行趋势 glmszqdatemark 2026 年 02 月 01 日 [Table_Author] | 叶尔乐 | 分析师 | | --- | --- | | 执业证书： S0590525110059 | | | yeerle@glms.com.cn | 邮箱： | | 关舒丹 | 分析师 | | 执业证书： S0590525110060 | | | guanshudan@glms.com.cn | 邮箱： | | 祝子涵 | 分析师 | | 执业证书： S0590525110061 | | | zhuzihan@glms.com.cn | 邮箱： | | 裴钰琪 | 研究助理 | | 执业证书： S0590125110081 | | | peiyuqi@glms.com.cn | 邮箱： | 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 择时观点：流动性转为下行趋势。当下流动性转为下行趋势，分歧度保持下行趋 势，景气度处上行趋势，三维择时框架保持一致上涨判断。从技术形态来看，沪 深 300 近期突破回踩下已回到超买线以下，市场上涨节奏有序放缓 ...

Investment Rating - The report upgrades the investment rating to "Recommended" for the company [2]. Core Views - The company, a leading education training provider in Shanghai, has shown significant performance recovery, with a projected revenue of 1.38 billion yuan for 2025, representing a year-on-year growth of 12.23%. The net profit attributable to shareholders is expected to be approximately 80 million yuan, marking a turnaround from losses [1][8]. - The company is actively expanding into the silver economy, with plans to acquire Shanghai Leyou, which focuses on high-end leisure tourism and services for individuals aged 40 and above. This strategic move aims to enhance the company's growth trajectory by integrating educational and tourism services [8]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 1.38 billion yuan, 1.70 billion yuan, and 2.00 billion yuan, respectively, with growth rates of 12.2%, 23.0%, and 18.0% [2][9]. - The net profit attributable to shareholders is forecasted to be 80 million yuan in 2025, 99 million yuan in 2026, and 122 million yuan in 2027, with corresponding growth rates of 265.5%, 23.5%, and 22.5% [2][9]. - Earnings per share (EPS) are expected to be 0.28 yuan in 2025, 0.35 yuan in 2026, and 0.42 yuan in 2027, with price-to-earnings (PE) ratios of 38, 31, and 25, respectively [2][9]. Business Strategy - The company is enhancing its competitive edge by improving product quality, teaching standards, and operational management, while also focusing on technology integration and talent development [8]. - The acquisition of Shanghai Leyou is part of the company's strategy to tap into the growing silver economy, with the "Happy Community" brand aimed at providing educational and companionship services to older adults [8].

寒武纪-U（688256.SH）2025 年业绩预告点评 国产算力龙头迎来重要业绩拐点 glmszqdatemark 2026 年 02 月 01 日 分析师：吕伟 分析师：方竞 执业证书：S0590525110033 执业证书：S0590525120003 推荐 维持评级 当前价格： 1,258.89 元 相对走势 -10% 57% 123% 190% 2025/2 2025/8 2026/1 寒武纪-U 沪深300 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 [Table_Author] 分析师：郭新宇 执业证书：S0590525110034 邮箱：guoxinyu@glms.com.cn 邮箱：lvwei_yj@glms.com.cn 邮箱：fangjing@glms.com.cn 事件概述：2026 年 1 月 30 日，公司发布 2025 年度业绩预告，预计营收 60 亿 元-70 亿元，同比增 410.87%-496.02%；归母净利润 18.5 亿元-21.5 亿元，实 现扭亏为盈；扣非归母净利润 16 亿元-19 亿元。 业绩大幅增长，收入有望达到预 ...

Investment Rating - The report maintains a "Recommended" rating for Kevin Education (002659.SZ) with a current price of 6.40 CNY [3]. Core Insights - The company is expected to achieve a revenue of 335 million to 350 million CNY in 2025, representing a year-on-year growth of 4.79% to 9.48%. The total profit is projected to be between 1 million and 1.5 million CNY, indicating a turnaround to profitability [9]. - The company has core assets in international schools and is actively developing educational services, quality education, and vocational education. The growth in student enrollment is contributing to a steady increase in revenue [9]. - The establishment of a joint venture, Zhihui Wenhua, with a focus on AI-driven educational products marks a strategic move into the "AI + Education" sector, which is expected to open a second growth curve for the company [9]. Financial Forecasts - Revenue projections for 2024, 2025, 2026, and 2027 are 320 million, 345 million, 415 million, and 465 million CNY respectively, with growth rates of 25.9%, 8.0%, 20.3%, and 12.0% [2]. - The net profit attributable to shareholders is forecasted to be -37 million, -19 million, 33 million, and 72 million CNY for the years 2024 to 2027, with growth rates of 25.7%, 47.4%, 267.3%, and 120.0% respectively [2]. - The earnings per share (EPS) is expected to improve from -0.06 CNY in 2024 to 0.12 CNY in 2027 [2]. Strategic Developments - The company has formed strategic partnerships with major tech firms such as Tencent, Baidu, Huawei, and Xiaomi to enhance its AI training base and promote industry-education integration [9]. - The launch of the Zhihui APP, an AI-assisted learning tool, is currently being tested in various schools, showcasing the company's commitment to integrating AI into its educational offerings [9].

寒武纪-U（688256.SH）2025 年业绩预告点评 国产算力龙头迎来重要业绩拐点 glmszqdatemark 2026 年 02 月 01 日 分析师：吕伟 分析师：方竞 执业证书：S0590525110033 执业证书：S0590525120003 推荐 维持评级 当前价格： 1,258.89 元 相对走势 -10% 57% 123% 190% 2025/2 2025/8 2026/1 寒武纪-U 沪深300 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 [Table_Author] 分析师：郭新宇 执业证书：S0590525110034 邮箱：guoxinyu@glms.com.cn 邮箱：lvwei_yj@glms.com.cn 邮箱：fangjing@glms.com.cn 事件概述：2026 年 1 月 30 日，公司发布 2025 年度业绩预告，预计营收 60 亿 元-70 亿元，同比增 410.87%-496.02%；归母净利润 18.5 亿元-21.5 亿元，实 现扭亏为盈；扣非归母净利润 16 亿元-19 亿元。 业绩大幅增长，收入有望达到预 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Kodali, and others [6][7]. Core Insights - The electric equipment and new energy sector experienced a decline of 5.10% in the past week, underperforming the Shanghai Composite Index. The lithium battery index saw the smallest drop at 1.03%, while the nuclear power index faced the largest decline at 8.96% [1]. - A significant development is the mass production of aviation-grade solid-state batteries by XWANDA, which includes two product lines with energy densities of 320Wh/kg and 380Wh/kg, aimed at various applications including eVTOLs [2][15]. - The National Development and Reform Commission and the National Energy Administration have announced a new capacity compensation mechanism for power generation, expanding the scope to include various energy sources and enhancing market-oriented reforms [3][37]. Summary by Sections New Energy Vehicles - XWANDA has achieved mass production of aviation-grade solid-state batteries, with Gen1 targeting lightweight drones and Gen2 designed for eVTOLs, featuring a 10-minute fast charge and a range of 320km [2][15]. - The company plans to introduce a Gen3 battery with over 400Wh/kg energy density by 2026 and a 500Wh/kg all-solid-state battery by 2027 [15][19]. New Energy Generation - The new capacity compensation mechanism aims to create a more market-oriented and unified system, allowing various energy sources to participate in capacity compensation [3][38]. - The mechanism will assess the "reliable capacity" based on actual peak output rather than installed capacity, enhancing the scientific evaluation of capacity value [38][39]. Electric Equipment and Automation - Hunan Province plans to invest 45.2 billion yuan in 2026 to accelerate the construction of 24 key energy projects, including the "Xinjiang Electricity into Hunan" project [4]. - The China Electric Power Research Institute has successfully scaled up the application of high-performance transformer protection technology in national grid projects [4]. Commercial Aerospace - SpaceX is seeking to deploy a constellation of up to 1 million satellites to create an orbital AI data center, supporting large-scale AI applications globally [5]. Company Earnings Forecasts - Key companies such as Ningde Times and Kodali are projected to have increasing earnings per share (EPS) from 2024 to 2026, with recommended ratings indicating strong future performance [6].