Summary of Conference Call Notes on Longfly Fiber Optics Industry Overview - The fiber optic cable supply and demand dynamics are changing significantly, driven by increased demand from North American AI data centers and drones, which is boosting the operational capacity of domestic fiber optic manufacturers and leading to higher prices for fiber products [1][2]. Company Insights - Longfly Fiber Optics has seen a substantial stock price increase, with A-shares hitting the limit up and Hong Kong shares rising by 5%, totaling a 30% increase over three days, compared to a 20% increase in Corning's stock over the same period [1]. - The company is positioned as a leading player in the fiber optic market, benefiting from the changing supply-demand landscape [2]. - Longfly has a production capacity of 4,000 tons of optical preform and utilizes three types of preform technologies (VAD+OVD, PCVD), allowing for flexible production of single-mode, multi-mode, and specialty optical fibers [2]. Pricing and Market Dynamics - The price of G652D fiber increased from 25 yuan/km in Q4 2025 to a range of 35 to 50 yuan/km in January, indicating a significant price rise due to market conditions [2]. - Domestic telecom operators are expected to raise prices to meet network construction needs, as evidenced by the failed bidding in February, which highlighted that the maximum price could not match market supply and demand [2]. - A new round of procurement by China Mobile is anticipated in Q2, which may lead to further price increases [2]. Export and Global Positioning - Longfly's export exposure is higher than that of its peers, making it more advantageous in the current price increase cycle [3]. - The company maintains a leading position in multi-mode fiber production, which is primarily used for data center jumpers, with prices ranging from 200 to 1,000 yuan depending on the type [3]. - Longfly holds a 49% stake in Changxinsheng, which specializes in MPO fiber connectors and AOC, serving major domestic and international CSP clients [3]. Technological Advancements - Longfly's hollow-core fiber technology is competitive, offering low latency, low loss, and high capacity, making it suitable for DCI, scale-up, and specialized industries, particularly in North America [4]. - The manufacturing process for hollow-core fibers is complex, but Longfly has a leading position in the drawing distance of fibers [5]. - The establishment of a wholly-owned subsidiary in Singapore focuses on the research and development of hollow-core fiber technology and product promotion, which is expected to expand overseas market opportunities [6]. Future Outlook - Longfly is well-positioned to benefit from upstream preform profits and has multiple growth points, including MPO, AOC, hollow-core, and multi-mode fibers, along with ventures into submarine cables, lasers, quartz, and semiconductors [6]. - It is recommended to pay attention to the stock during market dips [7].

Summary of Key Points Company and Industry Involved - The document discusses the AI industry, specifically focusing on a company named 智谱 (Zhipu) and its upcoming product, GLM-5 [1]. Core Insights and Arguments - A new anonymous AI model named "PonyAlpha" was launched on the global model service platform OpenRouter, generating significant interest and testing within the global developer community [1]. - The anticipation surrounding the release of the new generation model GLM-5 by 智谱 has positively influenced the AI sector in the Hong Kong stock market [1]. - On February 10, the AI sector in Hong Kong experienced a strong performance, with 智谱 continuing its upward trend from the previous day, reaching a total market capitalization of 146.5 billion HKD, and at one point approaching 150 billion HKD [1]. Other Important but Possibly Overlooked Content - The excitement around the GLM-5 model indicates a potential shift or advancement in AI technology that could impact market dynamics and investor sentiment [1].

我们觉得这是好公司+新逻辑的通病，因为它主业特别强，存在不少冲着主业买的资金，而这里面有部分资金是不 太理解机器人的。 就好像老登不太理解小登一样。 【长城机械】科达利：蓄劲如张弓，发劲如放箭！ 最近很多朋友问我们，科达利明明是一家好公司，明明有能力、明明也有真实进展，为什么一直波动呢？ 很有意思。 就好像老登不太理解小登一样。 （没有褒贬、各自赚各自认知的钱很正常） #其实恒立也走过这段路，在机器人有真实进展的开始，也是走的很波动，因为当年很多资金是冲着工程机械买 的，定价权从老登走向小登，这需要时间的蓄力，而一旦完成，就会走一波浩浩荡荡的主升浪。 #科达利在走恒立走过的路。 我们理解最近的波动主要是部分主业资金的退出导致的波动。 有资金撤，这是好事，也是为了后面更好的上涨，好公司也需要与之匹配的好资金，新逻辑也需要与之匹配的新 资金。 （没有褒贬、各自赚各自认知的钱很正 【长城机械】科达利：蓄劲如张弓，发劲如放箭！ 最近很多朋友问我们，科达利明明是一家好公司，明明有能力、明明也有真实进展，为什么一直波动呢？ 很有意思。 我们觉得这是好公司+新逻辑的通病，因为它主业特别强，存在不少冲着主业买的资金，而这里面 ...

Summary of Conference Call Records Company and Industry Overview - **Company**: Weichai Power (潍柴动力) - **Industry**: Gas Turbine and Internal Combustion Engine Power Generation Key Points and Arguments 1. **Transition from Backup to Main Power Source**: The core logic of low-cost advantages is shifting from "backup" to "main supply" in the gas engine market, indicating a long-term industry trend [1] 2. **Case Study of Caterpillar**: Caterpillar's use of 636 units of 2.5MW gas internal combustion engines to supply power to AI-DC in Utah demonstrates that the scheduling difficulty and economics of large-scale gas internal combustion engines are no longer issues [1] 3. **Cost Comparison**: In North America, the levelized cost of electricity (LCOE) for natural gas internal combustion engines (3MW) is 13%-15% higher than that of large gas turbines (250MW combined cycle), but it is approximately 15% lower than that of simple cycle small gas turbines. The LCOE of large-bore gas engines is only about 55%-60% of that of diesel engines [1] 4. **Demand Shift**: The switch in fuel is merely superficial; the core issue lies in the demand side, with large-bore gas engines becoming the new favorite amid the electricity shortage at AI-DC [2] 5. **Market Demand Gap**: The gas turbine industry is currently in a supply-demand imbalance, with a gap of approximately 50GW due to AI-DC, expected to persist until 2029 [2] 6. **Advantages of Large-Bore Gas Engines**: Three key advantages of large-bore gas engines that remain underappreciated: - **Peak Shaving Capability**: Cold start time for large-bore gas engines is only 7 seconds, compared to 20-60 minutes for gas turbines, making them more suitable for rapid fluctuations in grid load [2] - **Ease of Use**: Quick delivery, easy transportation, and strong environmental adaptability (operable from -45° to 50°) [2] - **Scalability**: Modular layout allows for rapid expansion without interrupting operations, aligning flexibly with the expansion pace of AI-DC [2] Additional Important Insights 1. **Valuation Trends**: Caterpillar's price-to-earnings (PE) ratio has increased from 13-17x to 28x, while Cummins has risen from 11-13x to 22x. Weichai Power's comprehensive power business layout is better than Cummins and comparable to Caterpillar [3] 2. **Future Valuation Potential**: The valuation of Weichai Power is expected to rise to 18-22x PE, with a target price of 30 yuan, continuing to be a strong recommendation [3] 3. **Investment Recommendations**: In addition to Weichai Power, it is recommended to pay attention to upstream core component companies in the large-bore industry chain, such as Yinlun (supplier of heat exchangers for Caterpillar gas generators), and also to consider Zhongyuan Neipei and Tianrun Industrial [3]

业绩修复，战略转型开启新增长周期 三大战略转型取得成效，经销收入和订阅服务取得较快增长，业务有望步入加速期。 【中泰先进产业】容知日新:工业设备运维龙头，AI重塑发展模式 业绩修复，战略转型开启新增长周期 三大战略转型取得成效，经销收入和订阅服务取得较快增长，业务有望步入加速期。 2025年Q1-Q3业绩延续改善态势，营收与归母净利润分别同比增长13.86%和889.54%，经营质量显著提升。 蓝海市场空间广阔，政策驱动行业加速扩容 行业处于低渗透率、高成长性 【中泰先进产业】容知日新:工业设备运维龙头，AI重塑发展模式 掌握垂类数据入口，AI重塑运维范式 "高质量垂类数据"是 AI 落地工业场景的决胜关键。 公司已累计接入监测设备超20万台、故障案例超3万个，在AI加持下，预测效果和人均看护设备大幅提升。 盈利预测与评级 预计2025-2027年公司净利润分别为1.32/1.64/2.07亿元，当前股价对应PE分别为44/35/28倍，当前估值水平具备安 全边际。 首次覆盖给予"增持"评级。 2025年Q1-Q3业绩延续改善态势，营收与归母净利润分别同比增长13.86%和889.54%，经营质量显著提升。 ...

Summary of Company and Industry Insights Company: 联德股份 (LianDe Co., Ltd.) Key Points - **Client Base and Orders**: The company has secured additional orders from major North American clients, indicating a strong demand for its products [1] - **Financial Position**: The short-term selling pressure from individual shareholders has been alleviated, suggesting a more stable financial environment for the company [1] - **Product Range**: The company offers a comprehensive range of products that cover core castings for gas turbines, internal combustion engines, and diesel generators, positioning it well within the industry [1] - **High-End Clients**: The company collaborates with leading suppliers such as Yanmar and Caterpillar, which enhances its market credibility and potential for growth [1] - **Industry Outlook**: The industry is experiencing a favorable environment, with the company's expansion plans progressing steadily, indicating a clear growth trajectory [1] - **Supply-Demand Dynamics**: The company is well-positioned in a supply-demand imbalance, which bodes well for its future growth prospects [1] Additional Insights - **Expansion Plans**: Recent expansions by key clients like Caterpillar and Yanmar are expected to lead to sustained upgrades in cooperation, highlighting the potential for long-term partnerships [2] - **Investment Potential**: The company is viewed as a quality investment opportunity, suggesting that it is worth holding for the long term [2]

2025年，国内万华等厂商产能退出&停产，合计约10万吨/年；海外公司成本较高，瑞典帕斯托5万吨/年产能检 修，专家预计将检修至2026年5月。 2）需求端：下游零库存，补库需求旺盛。 TMP专家核心观点总结20260210 【东吴大化工陈淑娴/周少玟团队】 TMP大涨原因： 1）供应端：行业有产能退出&停产，海外产能进入长时间检修。 2025年，国内万华等厂商产能退出&停产，合计约10万吨/年；海外公司成本较高，瑞典帕斯托5万吨/年产能检 修，专家预计将检修至2026年5月。 TMP专家核心观点总结20260210 【东吴大化工陈淑娴/周少玟团队】 TMP大涨原因： 1）供应端：行业有产能退出&停产，海外产能进入长时间检修。 此前TMP产品价格持续走弱，下游补货意愿较弱，库存被不断消化，目前零库存。 在国内外大量产能开工率持续下滑、开始检修的情况下，供应缩减，推动供需缺口出现。 3）原材料端：主要原料正丁醛价格持续上涨，叠加甲酸钙价格回落，钙法厂家成本压力剧增。 国内TMP规模第一，产能6万吨，最新报价&排产情况： 1）2026年2月9日（周一），百川提高TMP报价至1.5万元/吨，已有实际成交。 当前接近 ...

阜博集团 持续推荐，卡位红果AI漫剧发行头部平台 【红果系AI漫剧头部分发平台】 抖音巨量引擎在杭州举行漫剧生态大会，巨量引擎公布漫剧赛道日耗峰值达到3000万。 红果高度重视漫剧分发，已将漫剧作为一级入口放置在短剧首页。 截至2025年12月10日，红果平台漫剧总数共计17924部，其中关联原著的作品有3245部，占比18.1%。 【阜博系红果 阜博集团 持续推荐，卡位红果AI漫剧发行头部平台 截至2025年12月10日，红果平台漫剧总数共计17924部，其中关联原著的作品有3245部，占比18.1%。 【阜博系红果独家版权保护服务技术商】 阜博系头部平台红果短剧独家版权保护技术服务方，据阜博25Q3业绩交流会披露，前红果微短剧每月上新数千 部，阜博日均处理违规侵权数据超过600万条，其中超95%能实现下架。 【估值性价比高】 现价对应Wind 26年一致预期30-35x PE，在多模态AI应用产业链中性价比突出。 据已外发报告，目标市值193亿港元。 阜博集团：版权保护技术龙头，掘金AI视频时代 250813 #小程序://研究服务/LViFHMLbQvpo0QG 周金股推荐电话会 250817 #小程序 ...

Summary of Conference Call Notes Company and Industry Involved - The focus is on Dongwu Media, specifically in the AI education sector, highlighting the company's advancements in AI applications and product offerings related to education [1]. Core Points and Arguments - Dongwu Media has embraced AI comprehensively, enhancing its product matrix with self-developed educational AI models, particularly the "Dou Shen AI" model, which is supported by Zhipu Huazhang technology [1]. - The company has launched several AI products, including: - **AI Dual Teacher**: This product captures the teaching methodologies and styles of core teachers, expanding the reach of the teaching team [1]. - **Super Training Ground**: This integrates knowledge graphs and adaptive algorithms to provide instant diagnostics, error tracing, and process evaluation services, visualizing conceptual skills [1]. - In July 2025, the combined sales of the AI Dual Teacher and Super Training Ground reached over 30 million within just six days [1]. Additional Important Content - The company projects that by 2026, revenue from the Super Training and AI hardware will account for over 60% of total revenue, indicating a full transition to AI-driven business operations [2]. - There is an expectation for product upgrades in the Super Training segment in 2026, along with an optimization of the subscription-based business model [2]. - Other companies of interest in the AI education space include Southern Media, Vision Source, and Rongxin Culture, suggesting potential competitive dynamics and market opportunities [2].

四环医药重点推荐3-医美行业需求企稳有拐点，预期带动四环新老产品增长 #医美25年获批3大新品全年业绩转正+26年医美加速创新药大幅减亏业绩3倍增长 行业需求： 1）大趋势有企稳迹象：近期调研华东多地反馈经过22-24年客流、零售价格双重承压下，12-1月客流呈现有好转 的态势，美莱、所调研精品机构均实现双位数客流增长。 2）零售价格鉴于人力、营销成本老品逐渐稳定；3）另外老客户 四环医药重点推荐3-医美行业需求企稳有拐点，预期带动四环新老产品增长 4）肉毒是第二大注射品类，目前行业出货量高单位数-低双位数增长，预计未来多年都有增长动能。 四环现有医美核心产品：1）肉毒素乐提葆；2）斯弗妍童颜针倾妍少女针；3）复合动能素冷妍；4）铂安润玻尿 酸；5）黑曜双波黄金微针。 行业需求： 1）大趋势有企稳迹象：近期调研华东多地反馈经过22-24年客流、零售价格双重承压下，12-1月客流呈现有好转 的态势，美莱、所调研精品机构均实现双位数客流增长。 2）零售价格鉴于人力、营销成本老品逐渐稳定；3）另外老客户消费有升级趋势，客单走高。 品类细分： 1）注射填充类玻尿酸有压力，但童颜针2025年因为更多定位中档的厂家获批出 ...