【九丰能源】商业航天可回收路径稀缺耗材，份额＋价值量占比提升！燃气主业三年翻倍【东吴环保公用】 【可回收路径中推进剂特气价值量占比三倍以上提升】 火箭发射降本路线明确，高载重和可复用背景下，推进剂 特气需求与载重和发射次数高度相关。我们测算#单次发射推进剂特气价值超500万需求刚性，可复用情形下，#推 进剂特气成本占比从1.6%提升至5.3%。 【重点推荐九丰能源可回收受益+份额提升！ 】深度卡位海南商发特燃特气主供！＃液态甲烷匹配可回收工艺路 线！液氢氦气等一体化，从海南商发到绑定核心火箭公司供气服务，发射场地从海南文昌拓展到山东海阳、甘肃 酒泉等主流基地，份额提升中！主业按煤制气投产空间巨大。远期可回收商业航天单次发射价值量预计500万+， 长期发射次数提升到300+，单发利润率提升。 【重点推荐九丰能源可回收受益+份额提升！ 】深度卡位海南商发特燃特气主供！＃液态甲烷匹配可回收 【清洁能源主业三年翻倍 】LNG海气受益国际气价下行，LPG整合广州码头+惠州码头投产规模扩产，新疆40亿方 煤制气推进顺利28年投产。公司股权激励目标27年业绩20亿+新疆煤制气投产贡献利润14亿元。28年业绩34亿，# 主业 ...

Summary of Conference Call Records Company: Jiepu Technology (杰普特) Key Points - **Equity Incentive Plan**: The company has launched a new equity incentive plan aimed at 150 management and employees, totaling 4.5 million shares [1] - **Revenue Targets**: The assessment targets are set for operating revenue, with trigger values for 2026 at 2.7 billion and target values at 3 billion yuan. Cumulative revenues for 2026-2028 are projected at 9 billion and 13 billion yuan, respectively, while cumulative revenues for 2026-2030 are expected to reach 18 billion and 28 billion yuan [1] - **Growth Rate**: Based on the 2026 target value of 3 billion yuan, the linear growth from 2026 to 2030 indicates a compound annual growth rate (CAGR) of over 30% [1] - **Vertical Integration Capability**: The company emphasizes its vertical integration capabilities and its philosophy of "doing difficult things," which has been a hallmark of its operations [1] - **Product Highlight**: Jiepu Technology is noted for being the first to achieve commercial mass production of MOPA laser technology, which remains a key product and characteristic of the company [1] Industry: Chinese Laser Industry Key Points - **Industry Background**: The Chinese commercial laser industry began in the late 1990s, leading to the emergence of numerous laser equipment companies. The laser technology sector developed later, with the introduction of laser technology by returning talents before the financial crisis [2] - **Domestic Laser Development**: Over nearly 20 years, domestic laser technology has evolved from cutting to welding, achieving a global top power of 200KW and excelling in fine micro-nano processing. Chinese fiber lasers have largely replaced overseas leaders and are expected to shine in the next industrial wave [2] - **Long-term Confidence**: The recent equity incentive plan is seen as a strategic move to set the tone for the company's development over the next five years, instilling confidence for long-term growth [2] - **Market Positioning**: Fiber lasers in the consumer and industrial sectors are fully aligned with international leaders, with rapid advancements in fiber devices and automation to meet the customized needs of high-end clients [2]

强烈推荐烽火通信：光纤扩产+星间激光核心龙头20260209 光纤：最新消息，公司已启动扩产，内生+外部收购产能，预计光棒产能从目前2200吨，扩充至3500吨（预计1年 左右或1年多），扩产后预计一跃成为国内光棒产能第二的厂商（长飞4000吨，亨通和中天预计2500-2800吨）。 当前散纤价格维持高位，预计后续烽火光纤产品利润弹性极大。 此外，烽火的空芯光纤能力仅次于长飞，在此前国内空 强烈推荐烽火通信：光纤扩产+星间激光核心龙头20260209 光纤：最新消息，公司已启动扩产，内生+外部收购产能，预计光棒产能从目前2200吨，扩充至3500吨（预计1年 左右或1年多），扩产后预计一跃成为国内光棒产能第二的厂商（长飞4000吨，亨通和中天预计2500-2800吨）。 当前散纤价格维持高位，预计后续烽火光纤产品利润弹性极大。 此外，烽火的空芯光纤能力仅次于长飞，在此前国内空芯光纤累计中标金额仅次于长飞。 预计单模扩产+多模+空芯，加速打开公司利润天花板。 星间激光：公司激光通信载荷是当前唯二能达到100G速率的自主可控方案。 主力星座后续将采用100G方案，公司具备强卡位优势，唯二地位下有望取得较大份额，很 ...

特别是在 OpenClaw 近期曝出执行层安全漏洞的背景下，Skybot的安全优势有望更快获得客户的认可。 产品对比细节： 昆仑万维：发布自主AI智能体SkyBot，低门槛部署OpenClaw拓宽Agent能力边界【东吴传媒海外 张良卫团队】 事件描述：昆仑万维于 2026 年 2 月初正式发布的AI智能体Skybot，与开源社区标杆 OpenClaw（原 Clawdbot）相 比，Skybot 在数据隐私（本地虚拟机运行）与模型调度（ModelArray架构）上展现出显著的商业化优势。 特别是在 OpenClaw 近期曝出 昆仑万维：发布自主AI智能体SkyBot，低门槛部署OpenClaw拓宽Agent能力边界【东吴传媒海外 张良卫团队】 事件描述：昆仑万维于 2026 年 2 月初正式发布的AI智能体Skybot，与开源社区标杆 OpenClaw（原 Clawdbot）相 比，Skybot 在数据隐私（本地虚拟机运行）与模型调度（ModelArray架构）上展现出显著的商业化优势。 OpenClaw依赖单一模型 API 配置，虽具备极高的定制上限，但要求用户具备代码调试能力，且在多步复杂任务 （Mult ...

我们反复强调涨价线，建议关注重资产标的或偏低端芯片供应商！ 重资产叠加涨价弹性 代工：中芯国际、华虹半导体、燕东微、晶合集成等 封测：长电、通富、华天、甬矽、汇成等 功率：捷捷微电、扬杰科技、士兰微、芯联集成等 我们反复强调涨价线，建议关注重资产标的或偏低端芯片供应商！ 士兰微开启涨价，重视涨价线！ 重资产叠加涨价弹性 代工：中芯国际、华虹半导体、燕东微、晶合集成等 封测：长电、通富、华天、甬矽、汇成等 功率：捷捷微电、扬杰科技、士兰微、芯联集成等，设计标的新洁能等 因贵金属价格上涨导致成本提升，士兰微决定自3/1开启涨价，涨价产品包括小信号二极管/三极管，沟槽TMBS芯 片和MOS。 士兰微开启涨价，重视涨价线！ 因贵金属价格上涨导致成本提升，士兰微决定自3/1开启涨价，涨价产品包括小信号二极管/三极管，沟槽TMBS芯 片和MOS。 封测上游材料：康强电子。 风险提示：涨价幅度不及预期等。 反转高弹性代表标的 LED驱动：富满微 市值&体量最小fab：民德电子 市值&体量最小封测：气派科技 ...

Summary of Industry Reports Industry: Pharmaceutical and Biotechnology Key Points from Document 1 1. **Raw Material Supply Changes**: The supply of raw materials is accelerating, with a focus on subsequent volume and price changes [1] 2. **Global GLP-1 Landscape**: The global GLP-1 landscape is continuously evolving, and Chinese companies are still pursuing international expansion [1] 3. **Small Nucleic Acid Sector**: Leading companies are gradually entering the small nucleic acid field, with market progress expected to drive the development of supporting industrial chains [1] 4. **Retail Pharmaceutical Market Outlook**: The retail pharmaceutical market is expected to improve by Q4 2025, with an enhanced positioning of chain pharmacies [1] 5. **Value of Oral Immunomodulatory Drugs**: Emphasis on the market value of oral immunomodulatory drugs [1] 6. **Investment Recommendations**: Recommended companies include Chuaning Biological, with attention to Lianbang Pharmaceutical, Guobang Pharmaceutical, and Puluo Pharmaceutical, as well as synthetic biology companies [1] 7. **CXO Order Trends**: Positive trends in CXO orders and rising prices for safety evaluation orders, with recommendations for Yinos and Zhaoyan New Drug, and recommendations for Weiya Biological and Puris [1] Key Points from Document 2 1. **Small Nucleic Acids Breakthrough**: Continuous breakthroughs in small nucleic acids, with ongoing progress in external authorizations by Chinese companies, recommending Yuekang Pharmaceutical and Sunshine Novo [2] 2. **Self-Immunity Field**: Focus on breakthroughs in oral directions and difficult-to-treat areas like UC/IBD, recommending Yahong Pharmaceutical and Yifang Biological [2] 3. **GLP-1 Weight Loss Authorizations**: Recommendations for Zhongsheng Pharmaceutical in the GLP-1 weight loss field, with attention to Lianbang Pharmaceutical and Shiyao Group [2] 4. **ZAP-X Radiation Therapy Equipment**: Initiation of domestic clinical research for ZAP-X radiation therapy equipment, recommending Baiyang Pharmaceutical [2] 5. **Policy Support for Brain-Computer Interface Technology**: Support for the development of invasive brain-computer interfaces, recommending Meihao Medical and Botuo Biological, with accelerated approvals for non-invasive devices, focusing on Xiangyu Medical and Kefu Medical [2] 6. **High-Value Medical Device Exports**: Breakthroughs in exports of high-value medical consumables, with attention to Chunli Medical, Aikang Medical, Nanwei Medical, and Baixin An [2] 7. **AI in Healthcare**: Accelerated applications of AI in healthcare, reshaping application scenarios and bringing changes in industrial chain value, recommending Anbiping and focusing on Yuyue Medical and Meinian Health [2] 8. **Chain Pharmacy Industry**: Industry consolidation in chain pharmacies, with policy support for enhanced positioning, recommending Yifeng Pharmacy and Laobaiqing, with attention to Yixintang [2]

Summary of Mobile Gaming Industry Conference Call Industry Overview - The global mobile gaming market is projected to see a year-over-year (YoY) decline of 3% in January 2026 according to Sensor Tower data [1] - The United States remains the largest market, accounting for 31% of total revenue, followed by China at 19% and Japan at 13% [1] - In January 2026, the U.S. mobile gaming market experienced a YoY decline of 2%, while China and Japan saw more significant declines of 14% and 8%, respectively [1] China Market Insights - The domestic gaming market in China is expected to achieve a YoY revenue growth of 8% in 2025, with mobile gaming being the largest segment, contributing 73% of total revenue [1] - The client-based gaming segment is also showing strong growth, with a projected YoY increase of 15%, while mobile gaming is expected to grow at 8% YoY [1] - Chinese game exports are anticipated to continue their high growth trajectory, with a YoY revenue increase of 10% [1] Regulatory Environment - In January, the National Press and Publication Administration issued 177 new domestic online game licenses, representing a YoY increase of 44%, indicating a robust supply of new games in the future [2] Market Performance - In January, most gaming stocks saw an increase, with notable gains in Hong Kong stocks such as Bilibili and Xindong, as well as A-share companies like Huatuo, Perfect World, Kaiying, and Sanqi [2] Data Highlights - Bilibili's new game "Dudu Face Prank" launched in Q4 2025 has shown significant revenue growth, with a QoQ increase of 21% in December and 46% in January 2026, contributing to an overall QoQ revenue increase of 5% and 14% [2] - Xindong's game "Xindong Town" launched in January 2026 has seen an extraordinary QoQ revenue increase of 516%, significantly boosting overall revenue by 99% [2] - Huatuo's overall revenue continues to grow YoY, with its game "Delicious Journey" showing a QoQ revenue increase of 30% and 33% in December and January, respectively [2] - Giant's core product "Supernatural Action Team" recorded a QoQ revenue increase of 41% in January 2026, contributing to an overall revenue growth of 28% QoQ and 199% YoY [2] Future Outlook - Attention is recommended on the testing phases of new games from NetEase ("Sea of Forgetting") and Perfect World ("Different Ring"), as well as monitoring revenue performance during the Spring Festival period [3]

（个股引用：浙商计算机） 国网信通5 贝塔分析：量子计算涨 今日催化：卖方推荐 量子科技在电网落地的关键推动者 国网信通是国家电网旗下电力能源数字化子公司，公司持续致力于推动量子科技在电力系统中的应用。 此外，与国盾量子深入合作，打造面向电网系统的量子系列产品；加入本源量子计算产业联盟，#并与本源量子开 展国内首次量子计算与电力行业的融合探索。 公司电力"5G+量子"产品服务体系重点面向配电网生产控制、采集管理业务场景，并能够应用至输电、变电、调 度、用电等环节无线通信业务承载场景中。 在居民配电网中，应用量子保密通信技术，能够实现操作指令在4G或5G公网中安全传输，相比光纤的通信方式， 目前，公司5G 量子加密通信产品在国网安徽铜陵、 滁州等地规模化应用。 （个股引用：浙商计算机） 国网信通5 贝塔分析：量子计算涨 今日催化：卖方推荐 量子科技在电网落地的关键推动者 国网信通是国家电网旗下电力能源数字化子公司，公司持续致力于推动量子科技在电力系统中的应用。 全资子公司继远软件主要承担电力"5G+量子"业务，早在2015年就开始跟踪量子保密通信技术发展。 继远软件依托国家"京沪干线"及量子试验卫星系统构建电力 ...

【浙商金属】紫金矿业：2035年建成"绿色高技术超一流国际矿业集团" 根据公司2月9日公告，公司制定2026-2028年规划及2035年远景目标： 到2028年，公司的资源储量、主要矿产品产量、销售收入、资产规模、利润等综合指标排名进一步提升，铜、 金矿产品产量进入全球前3位，全面建成高度适配且具有紫金特色的全球化运营管理体系和ESG可持续发展体系； 力争到2035年，公司主要指标较2025年实现跨越式增长，部分指标达到全球首位，全面建成"绿色高技术超一 流国际矿业集团" 【浙商金属】紫金矿业：2035年建成"绿色高技术超一流国际矿业集团" 根据公司2月9日公告，公司制定2026-2028年规划及2035年远景目标： 到2028年，公司的资源储量、主要矿产品产量、销售收入、资产规模、利润等综合指标排名进一步提升，铜、 金矿产品产量进入全球前3位，全面建成高度适配且具有紫金特色的全球化运营管理体系和ESG可持续发展体系； 力争到2035年，公司主要指标较2025年实现跨越式增长，部分指标达到全球首位 从公司规划来看，2025年到2028年，公司拟实现： [玫瑰]矿产金由90吨增至130-140吨； [玫瑰]矿产 ...

Summary of Key Points from the Conference Call Industry Overview - The fusion industry is entering an accelerated phase driven by policy support and capital expenditure, with major countries expected to introduce fusion policies by 2025, marking a shift from laboratory research to industrial layout and regulatory framework development [1] Technological Developments - Low-temperature superconductors (NbTi, Nb₃Sn) are relatively mature, while high-temperature superconductors (REBCO) are anticipated to become the mainstream in the future. The current landscape features a parallel development of low-temperature and high-temperature superconducting materials, with low-temperature superconductors supporting existing fusion device operations due to their industrial application advantages. High-temperature superconductors are seen as key to breakthroughs in next-generation high-field fusion technology due to their superior adaptability to extreme environments [1] Market Dynamics - The magnetic system is identified as a core cost component of fusion projects. Future Tokamak devices are expected to trend towards compact designs and high-temperature superconductors, leading to a significant increase in industry demand. The market size for second-generation high-temperature superconducting tapes for controllable fusion devices is projected to be 300 million yuan in 2024, with an expected growth to 4.9 billion yuan by 2030, representing a compound annual growth rate (CAGR) of 59.3% from 2024 to 2030 [2] Investment Recommendations - It is advised to focus on core supply chain manufacturers in the magnetic component segment: 1. Low-temperature superconductors: Western Superconductors 2. High-temperature superconductors: Shanghai Superconductor (not publicly listed, with Jingda Holdings as the largest shareholder), Lianchuang Optoelectronics, Eastern Superconductor (not publicly listed, a subsidiary of Yongding Co., Ltd.) 3. Core suppliers of tantalum and niobium: Dongfang Tantalum [2]