Summary of Conference Call Notes Industry Overview - The focus is on the **power supply upstream sector**, particularly related to **AI inductors and tantalum capacitors** [1] - The **tantalum capacitor industry** is projected to have a market space of **170 billion**, with **150 billion** attributed to consumer electronics and automotive sectors remaining stable [2] Key Points and Arguments - For the **G200 graphics card**, each GPU requires approximately **80 tantalum capacitors** (priced at **4 yuan each**) and **40 AI inductors** (priced at **7 yuan each**), leading to a total component value of **700 yuan** per chip [1] - The power requirements for graphics cards have increased by **40%** from the H100 to the GB200, with the number of inductors increasing from **30 to 40**, representing a **33% increase** [1] - The company is positioned in the **first tier** of AI inductors, with secondary and tertiary power supplies already in mass production through partnerships with **Inf** and **MPS** [1] - Revenue guidance for the current year is projected between **6 to 8 billion** [1] Market Dynamics - The **AI server market** is expected to expand from **8 billion** in 2025 to over **70 billion** by 2027, indicating significant growth potential [2] - The **ESSD market** is anticipated to grow from **27 billion** in 2025 to **63 billion** by 2027, marking an increase of approximately **80 billion** over two years [2] - There is a notable **supply-demand mismatch** in the tantalum capacitor market, leading to significant price increases [2] Customer Developments - The company has secured a product code from **Client A**, previously supplied by **Yageo**, with expectations of receiving orders in the second half of the year [2] - **Hynix** is expected to finalize orders by the end of 2026, while **Kioxia** and **Sandisk** have completed their factory audits [2]

美联储仍可能降息 —— 但不急：瑞银 瑞银全球财富管理表示，尽管就业数据强劲，美国通胀降温仍应使美联储保持在降息轨道上。 该机构预计将在6 月和 9 月各降息 25 个基点，从而支撑股票、债券和黄金。 美联储仍可能降息 —— 但不急：瑞银 瑞银全球财富管理表示，尽管就业数据强劲，美国通胀降温仍应使美联储保持在降息轨道上。 该机构预计将在6 月和 9 月各降息 25 个基点，从而支撑股票、债券和黄金。 根据 LSEG 的数据，在劳工报告发布后，市场将今年预期的降息幅度从60 个基点下调至约 50 个基点，并且目 前预计首次降息将在7 月而非 6 月。 根据 LSEG 的数据，在劳工报告发布后，市场将今年预期的降息幅度从60 个基点下调至约 50 个基点，并且目 前预计首次降息将在7 月而非 6 月。 1 月 CPI 数据将于周五公布。 ...

【中信证券传媒】分众传媒草根调研 2026M2W2 数据总结 根据草根调研，26M2W2 分众上海四张网去重广告主数量为 17 家，环比 26M2W1 回落。 根据草根调研，26M2W2 分众上海四张网去重广告主数量为 17 家，环比 26M2W1 回落。 但从结构看，广告主投放集中度提升，阿里千问APP投放力度显著。 广告主结构方面：互联网平台中京东、淘宝闪购、淘宝维持露出，春节假期前最后一周电商平台投放以促销与流 量获取为主，整体投放时长占比接近15%。 【中信证券传媒】分众传媒草根调研 2026M2W2 数据总结 但从结构看，广告主投放集中度提升，阿里千问APP投放力度显著。 广告主结构方面：互联网平台中京东、淘宝闪购、淘宝维持露出，春节假期前最后一周电商平台投放以促销与流 量获取为主，整体投放时长占比接近15%。 < 本周最大亮点来自 AI 应用类广告主阿里千问，投放时长占比达30%+，成为本周绝对核心广告主，体现出春节前 为流量争夺关键窗口期，大厂正加大 AI 应用运营投入，通过集中曝光提升用户规模与活跃度。 #本周千问已正式启动线下渠道投放，标志着头部互联网大厂在 AI 应用端进入主动获客与品牌心 ...

作为中国存储器布局领军企业的长鑫存储科技（CXMT），其 DRAM 产能据称已在去年第四季度达到峰值并触 及天花板。 在美国预计将收紧出口管制、中国政府全力推动半导体设备国产化的背景下，业界普遍认为，受先进半导体设 备限制影响，新增产能扩张将受到制约。 根据市场研究机构 Om 美国限制措施使中国长鑫存储受阻，低良率制约 DRAM 增长 1、产能现状与扩张受限 作为中国存储器布局领军企业的长鑫存储科技（CXMT），其 DRAM 产能据称已在去年第四季度达到峰值并触 及天花板。 在美国预计将收紧出口管制、中国政府全力推动半导体设备国产化的背景下，业界普遍认为，受先进半导体设 备限制影响，新增产能扩张将受到制约。 根据市场研究机构 Omdia 的数据（ChosunBiz于 12 日获取），CXMT的月均晶圆（半导体基板）产量已达到约 24 万片的最高水平。 美国限制措施使中国长鑫存储受阻，低良率制约 DRAM 增长 1、产能现状与扩张受限 他还补充道："如果中国明年成功实现设备国产化，CXMT有望自 2027 年起恢复扩张，包括其上海新工厂在 内。 " 业内核心人士表示，在自 2024 年以来持续扩张产能之后，CX ...

Summary of Conference Call Notes Industry Focus - The focus is on the media and internet sector, particularly in relation to AI applications and gaming companies [1] Core Insights and Arguments - The company emphasizes three key investment directions: 1. Leading gaming companies such as Century Huatong, Giant Network, Kejian, Bit Games, 37 Interactive Entertainment, Perfect World, and Shunwang [1] 2. The AI marketing and e-commerce sector, highlighting undervalued stocks like BlueFocus, Yidian, Zhiwei, and Kunlun [1] 3. ByteDance's products, particularly the SD product, are identified as disruptive, with IP companies like Shanghai Film Group, Aofei, Huanrui, Mango, and Reading Group being the primary beneficiaries [1] - The company asserts that the AI wave is unstoppable, with recent price increases being driven by the explosion of AI applications [1] - The analogy of "selling shovels" versus "mining for gold" is used to illustrate that while selling tools is profitable, the significant profit potential lies in directly engaging with high-value opportunities, akin to the success of Tencent and ByteDance during the internet boom [1] - The media and internet sector is positioned as a leader in AI applications, urging investors to remain optimistic during market corrections and to exercise caution during market surges [1] Other Important Points - The call highlights the importance of strategic positioning in the face of market fluctuations, advocating for a proactive investment approach during downturns and a measured response during upswings [1]

【中泰电子丨华虹半导体】Q4营收再创新高，Q1指引乐观 ——25Q4营收6.6亿美元，同比+22.4%，环比+3.9%，创历史新高，公司指引6.5-6.6亿美元，达指引上限；归母净 利0.17亿美元，同比-169.3%，环比-32.2%；毛利率13%，同比+1.6pct，环比-0.5pct，公司指引12%-14%，符合指 引。 ——25Q4稼动率103.8%，同比+0.6pct，环比-5.7 ——25Q4资本开支6.3亿美元，环比+141.9%；其中5.6亿用于12寸产线，0.7亿用于8寸产线。 ——26Q1营收指引6.5-6.6亿美元，中值同比+21.1%，环比-0.8%；毛利率指引13-15%，中值同比+4.8pct，环比 +1pct；Q1是传统淡季，公司指引超市场预期。 【中泰电子丨华虹半导体】Q4营收再创新高，Q1指引乐观 ——25Q4营收6.6亿美元，同比+22.4%，环比+3.9%，创历史新高，公司指引6.5-6.6亿美元，达指引上限；归母净 利0.17亿美元，同比-169.3%，环比-32.2%；毛利率13%，同比+1.6pct，环比-0.5pct，公司指引12%-14%，符合指 引。 ——25 ...

Summary of Conference Call Notes Industry Overview - The real estate market is expected to experience a "front low and back high" trend in 2026, with two significant turning points anticipated throughout the year [1][3]. - The real estate market and investment continue to face adjustment pressures in 2025 [1][3]. Short-term Strategies - Short-term measures should focus on destocking and boosting demand and confidence to stabilize the market [1][3]. - Support for reasonable financing needs of real estate companies is essential to stabilize investment [1][3]. - Immediate policy interventions are necessary to prevent a sharp market decline [1][3]. Long-term Strategies - In the medium to long term, there is a need to guide real estate companies to actively transform from increasing investment development value to enhancing service operation value [2][3]. - Development models and systems require updates to adapt to changing market conditions [2][3]. Market Dynamics - The ongoing market weakness is primarily due to supply-demand mismatches and weak expectations regarding future housing prices [4]. - Recommendations include: 1. Government side (G-end): Utilize land reserves and urban renewal to absorb supply and create demand [4]. 2. Business side (B-end): Activate existing assets through securitization and restructuring to shift supply [4]. 3. Consumer side (C-end): Adjust administrative, provident fund, and fiscal policies to boost consumer demand and digest supply [4]. Investment Trends - Real estate investment continues to weaken, largely due to significant financial pressures on developers [5]. - Key predictions for 2026 include: 1. Sales area of 810 million square meters, down 8% year-on-year [6]. 2. Average sales price of 9,144 yuan per square meter, down 4% year-on-year [6]. 3. Sales amount of 7.4 trillion yuan, down 12% year-on-year [6]. 4. Investment of 6.9 trillion yuan, down 16% year-on-year [6]. 5. New construction area of 480 million square meters, down 18% year-on-year [6]. 6. Completed area of 490 million square meters, down 19% year-on-year [6]. - The main market contradiction has shifted from "shrinking transaction volume" to "continuously falling prices," particularly in the second-hand housing market [6]. Market Outlook - The decline in the second-hand housing market further impacts the transaction volume of new homes [7]. - Overall liquidity is shrinking, leading to weakened demand that affects developers' investment and subsequently drags down the economy [8]. - 2026 is seen as the beginning of the "14th Five-Year Plan," with expectations for the real estate market to improve under the central economic work conference's goal of stabilizing investment [8]. - Two potential turning points are anticipated: a "policy turning point" around the end of Q1 and a "fundamental turning point" around Q4 [8]. - The "policy turning point" may reflect increased policy enthusiasm on both supply and demand sides, while the "fundamental turning point" will be indicated by a narrowing decline in second-hand housing prices [8]. Investment Recommendations - Despite expected declines in real estate sales, investment, and new construction in 2026, the rate of decline is anticipated to be less severe than in 2025 [8]. - Investment opportunities may arise in the real estate sector throughout 2026, with a focus on companies that have adequately accounted for impairments in 2025, as well as those that have proactively adapted to new business models [11]. - Suggested companies for investment include China Resources, Binjiang, Zhaoshang, Yuexiu, Jianfa, Poly Real Estate, and others involved in new consumption opportunities [11]. Risk Factors - Key risks include policies not being implemented as expected, continued declines in sales and housing prices, and slower-than-expected recovery of market confidence [12].

Company and Industry Summary Company: Huadian Technology (沪电股份) Key Points - **Investment in High-End PCB Capacity**: The company announced an investment of 3.3 billion yuan to establish a new high-end PCB production facility covering 140,000 square meters in Kunshan. The construction period for this project is 2 years, and it is expected to generate additional revenue of 3.05 billion yuan and a net profit of 500 million yuan [1]. - **Confidence in Growth**: The continuous expansion of production capacity highlights the company's confidence in growth. The company is actively upgrading production lines to overcome bottlenecks and enhance key processes. Previously, an investment of 4.3 billion yuan for AIPCB expansion commenced in late June 2025, with trial production expected to start in the second half of 2026. Additionally, a 3.6 billion yuan investment in Huangshi for expansion is ongoing [2]. - **Technological Leadership**: As a leading player in the industry, Huadian Technology has a comprehensive coverage of AI clients and maintains advanced technical capabilities. The company's investments in cutting-edge technologies such as CoWoP, mSAP, and optical copper integration demonstrate its commitment to enhancing technical capabilities and maintaining a competitive edge [2]. Additional Important Content - **Risk Factors**: There are potential risks associated with the new production capacity not meeting expectations and increasing competition within the industry [2].

Summary of Conference Call Records Industry Overview - The focus is on the electronic materials industry, specifically on companies involved in the production of Copper Clad Laminate (CCL) and related high-tech materials for AI servers and other applications. Key Companies Discussed 1. **生益科技 (Siying Technology)** - Full product category coverage with over 70% high-end product ratio - Strong financial stability compared to competitors 南亚新材 (Nanya Technology) and 华正新材 (Huazheng Technology) - Expected net profit for 2026 is projected to be between 45-50 million, with a price-to-earnings ratio (PE) of 20-25x, corresponding to a market value of approximately 1600 billion [1][2] 2. **南亚新材 (Nanya Technology)** - The only domestic company certified by Huawei for M9, entering the NVIDIA M9 supply chain - Expected revenue for 2025 is projected to be between 48-50 million, with a net profit of 5.5-6.0 million; for 2026, revenue is expected to be between 70-75 million, with a net profit of 9-10 million - Normal valuation PE is estimated at 30-35x, corresponding to a market value of 270-350 billion; optimistic valuation targets a market value of 600-800 billion, which is one-third of 生益科技 [1][2] 3. **华正新材 (Huazheng Technology)** - Leading market share in aluminum-based CCL, entering the ABF substrate and M7N supply chain for昇腾 (Ascend) - Expected revenue for 2025 is projected to be between 44-46 million, with a net profit of 2.6-3.1 million; for 2026, revenue is expected to be between 60-65 million, with a net profit of 4.5-5.0 million - Normal valuation PE is estimated at 35-40x, corresponding to a market value of 158-200 billion; optimistic valuation targets a market value of 500 billion, which is one-third of 生益科技 [1][2] Core Insights and Arguments - CCL is identified as a leading segment with significant barriers to entry due to scale, technology, and customer relationships, with a net profit margin of 18-20% [1] - The focus on high-end CCL for AI servers (M9/M10) is seen as a strong growth driver, with a clear path to profitability as product structures improve [1][2] - Financial pressures are noted for 南亚新材 and 华正新材, with high debt ratios and the need for product volume increases to achieve profitability [1] Additional Important Points - The optimistic outlook for 南亚新材 and 华正新材 is heavily reliant on their ability to scale high-end production and improve profit margins [1][2] - The competitive landscape is characterized by a significant gap in customer share and scale between 生益科技 and its competitors, indicating potential risks for the latter [2] - The overall market sentiment is positive, with expectations for high-end product demand driven by AI and domestic substitution trends [2]

Summary of Conference Call Notes Company Overview - **Company**: Penghui Energy - **Industry**: Battery Manufacturing Key Points Expansion Plans - **Investment**: The company announced an investment of 2.1 billion CNY to build four production lines for 120Ah battery cells in Zhengyang, Henan, and an investment of 1.2 billion CNY for one production line each for 587Ah and 120Ah battery cells in Yicheng, Zhumadian, Henan [1][2] - **Production Capacity**: The expansion will significantly increase the production capacity for small storage batteries, effectively doubling the current capacity [4] Financial Projections - **Funding Strategy**: The company plans to raise funds through a combination of equity and debt [3] - **Impact on Earnings**: The expansion is expected to have no impact on earnings for 2026 but will support growth in 2027 and beyond [2][3] - **Projected Capacity**: After expansion, the total production capacity is expected to reach nearly 100GWh by 2027 [5] Current Production Status - **Existing Capacity**: The company currently has a small storage capacity of 20GWh (primarily 120Ah) and a large storage capacity of 24GWh (primarily 314Ah) [3] - **Utilization Rates**: All existing capacities are fully utilized, with small storage achieving full production in Q2 2025 and large storage in Q3 2025. Small storage shipments reached 4.45GWh in Q3, indicating overproduction [3] Market Position and Demand - **Market Share**: As one of the oligarchs in small storage batteries, the company, along with Yiwei and Ruipu, accounts for over 60% of the small storage battery shipment volume [3] - **Customer Base**: The company has a diverse customer base across major energy storage system enterprises, with small storage being one of the most profitable segments, achieving a unit profit of 0.04 CNY/Wh in Q3 [3] Pricing and Profitability - **Price Mechanism**: The company established a price linkage mechanism with major customers for raw materials, covering about 50% of its costs, which will help in effective cost transmission starting Q1 [5] - **Profitability Outlook**: The company expects to achieve a unit profit of 0.05 CNY/Wh for small storage and 0.02 CNY/Wh for large storage in 2026, with total shipments projected at 44GWh [5] Future Earnings Contribution - **Earnings Forecast**: If the announced production capacity is realized in 2027, it could contribute an additional 600-700 million CNY in earnings, with full production in 2028 contributing 1.2-1.3 billion CNY [5] - **Valuation**: The estimated valuation for 2027 and 2028 is projected at 11 times and 9 times earnings, respectively [5] Additional Market Dynamics - **Government Subsidies**: Significant subsidies in Australia and the UK are expected to drive demand for household storage solutions, enhancing the company's revenue potential [5]