【国联民生电子】国产算力更新-260210 领导好，今日国产算力板块有诸多重磅行业新闻及变化，给您更新如下： 1晶圆厂 ➠今日 公告Q4业绩，毛利率与少数股东权益不及预期，但相较于此前市场悲观预期，收入仍取得亮眼的环比增 长，我们认为公司当前已深度回调，考虑后续成熟制程涨价+先进制程扩产等多重催化，当下已是值得配置的国产 算力核心标的。 【国联民生电子】国产算力更新-260210 2国产ASIC ➠我们团队自 上市以来持续跟踪，每两周组织国产ASIC专家更新产业变化，目前字节一期流片顺利且预计上修整 个生命周期的出货，同时一季度新签订单将保持高增给全年业绩带来极高的确定性，仍然是我们推荐的兼具胜率 与赔率的核心标的。 2国产ASIC 3先进封装 ➠我们 ➠今日上交所公告，盛合晶微将于2月24日进行IPO审议，作为科创板稀缺高端封测标的，其上市有望带动先进封 装板块估值重构，高端算力封装将成为前道以外又一核心瓶颈环节，建议重点关注国产龙头长电、通富以及新兴 厂商甬矽、 （子公司星辰技术），同时先进封装的设备材料亦将充分受益此次大扩产。 领导好，今日国产算力板块有诸多重磅行业新闻及变化，给您更新如下： 1晶圆厂 ...

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Summary of Conference Call Notes Industry Overview - The focus is on the domestic AI industry and its supply chain, particularly in the context of rising inflation and production capacity constraints in the upstream sector [1] - The report emphasizes the ongoing strong demand for domestic AI applications beyond just computing power [1] Key Points - The upstream sector is characterized by a "winner takes all" dynamic, indicating that leading companies will dominate the market [1] - Recent production halts by companies like Taiyao highlight the tight supply of electronic fabrics, specifically E-glass, which is gradually shifting towards Lowdk production [1] - Domestic manufacturers capable of producing E-glass and Lowdk are expected to benefit significantly from this trend, leading to accelerated shipments and validations in the domestic market [1] - The ongoing supply tightness in the upstream sector is anticipated to drive continuous price increases for Copper Clad Laminate (CCL) [1] Investment Recommendations - Recommended stocks include Huazheng New Materials, which has doubled in value since the recommendation, and Honghe Technology [1] - Other notable upstream companies mentioned are Chenghe Technology, Dongcai Technology, Feilihua, and Defu Technology [1] Additional Insights - The report suggests that last year's overseas trends could be mirrored in the domestic market this year, indicating a potential shift in market dynamics [1]

Summary of Solid-State Battery Conference and Mid-Term Review Industry Overview - Focus on the solid-state battery industry, particularly the outcomes of the solid-state battery academic and industrial conference held on February 7-8, 2026, and the results of the second mid-term review [1][2] Key Conclusions from the Conference - The conference is seen as a turning point for solid-state batteries transitioning from laboratory to production lines - Four main conclusions were drawn: - Sulfide materials are becoming the mainstream technology - Key industry timelines are set for 2027 for demonstration vehicles and 2030 for mass production - Significant challenges remain in process costs and industry chain collaboration - Clear advancements in lithium metal anodes and composite cathode technologies [1][2] Mid-Term Review Results - The second round of mid-term evaluations showed significant improvements over the first round, with leading manufacturers nearing commercialization thresholds - Key performance metrics include: - Cycle life target of 300 cycles or more, with leading manufacturers achieving close to this threshold with a decay rate of ≤10% - Energy density metrics reached 350-360 Wh/kg, the highest among all tested companies - Fast charging capabilities of 1C and peak performance of 2C, comparable to current ternary power batteries - The "no anode" (self-generating anode) approach is highlighted as a core innovation, offering significant improvements in energy density and potentially extending cycle life [3] Key Information from the Conference - High-profile attendees included the Minister of Industry and Information Technology and various battery and automotive companies - The overall industry pace is set for 2026 to be the year of solid-state batteries, with a ramp-up phase from 2028 to 2030 - The preference for sulfide electrolytes is confirmed, with leading manufacturers opting for the no-anode solution while others choose silicon-based or artificial graphite anodes [4] Catalysts and Industry Progress - The positive results from the mid-term review, combined with manufacturers' goals for near-term production, are boosting confidence in the industry - Rapid advancements in the construction of solid-state battery production lines are underway, with equipment tenders for various processes already initiated - Upcoming tenders for dry dispersion and dry film processes are expected to commence shortly, with further equipment tenders planned for early 2026 [5] Investment Recommendations - Recommendations focus on three main areas: materials, equipment, and electrolytes, aligning with mainstream technologies such as no anode, sulfide electrolytes, and dry processing - Specific investment targets include: - **No Anode Materials**: Top recommendation is Zhongyi Technology, a key supplier benefiting from lithium battery expansion, with expected revenues exceeding 250 million in 2026 - **Equipment**: Recommended companies include Lingge Technology and Huazi Technology, which are positioned to benefit from the expansion of solid-state electrolyte production - **Electrolytes**: Strong recommendation for Xiamen Tungsten New Energy, a core supplier for leading electronic manufacturers, with potential to dominate in the lithium sulfide sector [6][7]

Summary of Conference Call Notes Industry or Company Involved - The discussion revolves around the AI and storage industry, particularly focusing on the optimization of agent execution processes and the implications of storage costs on AI performance. Core Points and Arguments 1. **Optimization in Agent Execution** - During the understanding phase, the most powerful models are used for planning agents, while various models are utilized in the execution phase to support operations. A tool matrix is employed to optimize resource allocation, saving computational power during inference by caching results. The cache hit rate can reach up to 67%, allowing for significant efficiency gains in processing similar queries [2][4]. 2. **Storage Architecture** - The storage system is structured in layers, including HBM, DRAM, and SSD, to manage hot, warm, and cold data effectively. This architecture is widely adopted in large companies [3]. 3. **Cache Hit Rate Dynamics** - The cache hit rate tends to improve with increased daily active users (DAU) and user engagement, but it approaches a ceiling of 60% to 70% due to the need for diverse responses in AI services [4]. 4. **Data Storage Practices** - For consumer users, data is modeled on an individual basis, but common queries can be identified. The system stores both questions and their corresponding key-value (KV) pairs to reduce computational load during the prefill phase [5][6]. 5. **Cost Efficiency in Computation** - The computational load is generally reduced from a potential 1:5 ratio to about 2-3 times due to storage optimizations, avoiding a simple linear relationship in resource consumption [7]. 6. **Rising Storage Costs** - The increase in storage prices, particularly for SSDs, is attributed to the demand for long-chain caching solutions. SSD prices are rising faster than DRAM, which serves as a bridge for data [8]. 7. **Log Storage and Data Lifecycle** - Logs are stored on HDDs, while KV pairs from inference processes are stored on SSDs. The lifecycle of KV data typically requires retention for at least 90 days for long-chain applications [11]. 8. **Impact of SSD Read/Write Frequency** - High read/write frequencies on SSDs do not significantly affect their lifespan, which is designed to handle several GBs of throughput per second [12]. 9. **Government Policies on Chip Imports** - Current policies regulate the import of advanced chips like H200, allowing only top enterprises engaged in large model training to apply for procurement, with a focus on narrowing the gap between domestic and foreign capabilities [15][16]. 10. **Economic Viability of Storage Solutions** - If SSD prices increase to 2-2.5 times their current levels, the cost-effectiveness of storage-based computation will be challenged. New technologies may emerge to mitigate these costs, but significant price hikes could necessitate a reevaluation of pricing strategies [17][21]. Other Important but Possibly Overlooked Content 1. **Diverse Supply Chain Strategies** - Companies are encouraged to diversify their supply chains to avoid reliance on overseas markets, especially in light of rising prices [20]. 2. **Technological Advancements in Cost Reduction** - Continuous advancements in AI infrastructure are crucial for reducing inference costs, which is a key focus for cloud service providers [14]. 3. **Market Dynamics and Future Predictions** - The market is expected to see a shift in the balance of GPU and storage costs, which will influence the overall cost structure of AI applications [21].

1. 汇报核心背景与整体结论 本次汇报聚焦固态电池产学研年会（2 月 7-8 日）、中期评审二测结果、投资观点与标的三大核心。 年会被认定为。 团队梳理出固态电池领域四大核心结论：。 行业时间节点明确为。 工艺成本、产业链协同仍存诸多待突破问题。 锂金属 1. 汇报核心背景与整体结论 本次汇报聚焦固态电池产学研年会（2 月 7-8 日）、中期评审二测结果、投资观点与标的三大核心。 年会被认定为。 团队梳理出固态电池领域四大核心结论：。 行业时间节点明确为。 工艺成本、产业链协同仍存诸多待突破问题。 锂金属负极、复合正极技术取得明确进展。 同时确定固态电池相关标的推荐顺序为。 2. 中期评审第二次测评核心成果 固态电池中期评审第一轮送样（2025 年 10 月下旬）各厂商表现不佳。 第二次送样如期完成且结果，头部厂商性能指标。 循环寿命上，中期目标为 300 圈及以上，头部厂商在衰减≤10% 时循环寿命已接近 300 圈。 其通过微调配方、适当降低内部能量密度标准，顺利达到。 能量密度方面，头部厂商在指标微调后仍达，为所有送检企业中最高。 倍率性能上，快充可达 1C、峰值 2C，放电倍率与现行三元动力电池接近。 ...

【山证电新】 架，重点推荐 本次新政对待数字资产不再一刀切，对境内资产境外发行RWA留有入口，是顶层对待万亿美元数字世界态度的重 大转变。 RWA是使用加密技术及分布式账本或类似技术，将资产的所有权、收益权等转化为代币（通证）或具有代币特性 的其他权益、债权凭证，并进行发行和交易的活动。 监管原则遵循境内严禁、境外严管，明确了RWA的合法性。 目前在中国境内严禁开展任何形式的RWA代币化发行、交易及相关服务。 益开展类资产证券化等RWA业务须事先向中国证监会备案并接受严格监管。 中国证监会配套发布 币的监管指引》，明确以境内权益为基础在境外开展类资产证券化RWA业务前，控制基础资 产的境内企业应向证监会备案，并遵守相关规定。 2026年2月6日，中国人民银行等八部门联合发布的《关于进一步防范和处置虚拟货币等相关风险的通知》，首 次在顶层制度文件中明确了现实世界资产（RWA）代币化的定义和监管框架。 RWA是使用加密技术及分布式账本或类似技术，将资产的所有权、收益权等转化为代币（通证）或具有代币特性 的其他权益、债权凭证，并进行发行和交易的活动。 【山证电新】 架，重点推荐 2026年2月6日，中国人民银行等八 ...

Summary of Conference Call on CPO by Huatai Communication Industry Focus - The discussion centers around the **CPO (Co-Packaged Optics)** technology and its rising market interest, indicating a significant shift in investment focus towards this area [1][2]. Core Insights and Arguments 1. **Rising Market Attention**: - The market's attention on CPO has rapidly increased due to potential catalysts expected in the next 1-2 months, including GTC, OFC, and related US earnings reports. Additionally, the surge in Taiwanese stocks related to CPO has contributed to this heightened interest, alongside a shift in A-share market focus from quarterly performance to long-term growth potential [2][3]. 2. **Application Scenarios**: - CPO technology is expected to reduce power consumption and lower trial-and-error costs. Companies like NVIDIA and Broadcom are anticipated to lead the push for CPO in the "scale out" side, while the "scale up" side will leverage CPO's advantages in transmission distance and integration, potentially allowing for optical integration within cabinets, indicating a broad future growth space [4]. 3. **Mass Production Timeline and Clients**: - NVIDIA is projected to achieve mass production of CPO by Q4 2026, with bulk production starting in 2027. Clients likely to adopt these solutions first include those purchasing complete NV solutions, such as CoreWeave and Lambda in NeoCloud, as well as major CSPs like Microsoft and Oracle [5]. 4. **Investment Opportunities**: - CPO is expected to drive incremental demand for both active and passive components. The report highlights optimism for passive components like FAU/MPC, shuffle, and polarization-maintaining MPO, with companies such as Tianfu, Zhishang, Taichengguang, and Juguang being key players. For active components, leading optical module manufacturers like Xuchuang and Xinyi are expected to engage in optical engine design, while optical chip manufacturers like Yuanjie may enter the ultra-high power CW light source market [6]. Other Important Insights - The report emphasizes the importance of understanding the evolving landscape of CPO technology and its implications for various stakeholders in the optical communication industry. It also notes that the insights regarding companies not covered in the report are based on publicly available information [6].

强call瑞松科技，新晋CPO&MPO核心设备 强call瑞松科技，新晋CPO&MPO核心设备 Molex本周下批量大单，国内头部客户长芯盛/蘅东光均在对接，本周卖方开始带公司总裁去核心买方机构反路演！ 26年1000台产能对应约15e收入～25%净利率～3.75e利润！ 27年3000台产能对应约40e收入～25%净利率～8e利润！ Molex本周下批量大单，国内头部客户长芯盛/蘅东光均在对接，本周卖方开始带公司总裁去核心买方机构反路演！ 26年1000台产能对应约15e收入～25%净利率～3.75e利润！ 27年3000台产能对应约40e收入～25%净利率～8e利润！ 设备无论价值量还是竞争格局还是开拓空间都十分优异，第一步先看150e！ ...

Summary of Key Points from the Conference Call Company Overview - **Company**: JunDa Co., Ltd. (钧达股份) - **Industry**: Commercial Aerospace Core Insights and Arguments 1. **Expansion into Commercial Aerospace**: JunDa is positioned as a key player in the commercial aerospace sector, with expectations for significant growth through mergers and acquisitions, particularly in satellite technology [1][3] 2. **Acquisition of Shanghai Fuyao Xinghe**: JunDa has acquired a 60% stake in Shanghai Fuyao Xinghe, becoming its controlling shareholder, which allows JunDa to indirectly control its wholly-owned subsidiary, Xuntian Qianhe. This positions Xuntian Qianhe as a rare publicly listed entity in the commercial satellite sector within both A-share and H-share markets [2][4] 3. **Strategic Goals for Xuntian Qianhe**: Xuntian Qianhe is set to be the core of JunDa's space technology ecosystem, with plans to leverage capital market advantages for comprehensive support, aiming to establish it as one of the top three commercial satellite companies in China [4] Development Outlook for Xuntian Qianhe 1. **Team and Technical Background**: - The core team consists of members from the Aerospace Science and Technology Corporation, with experience in developing 62 satellites. - The founder, Wei Ran, holds a PhD from Harbin Institute of Technology and has a strong background in significant projects like the lunar exploration program [5] 2. **Business Capabilities and Performance**: - Xuntian Qianhe is positioned as a comprehensive commercial satellite enterprise, capable of designing, developing, assembling, and testing satellites under 1 ton, covering various applications such as communication, remote sensing, and IoT. - The company achieved profitability in its first year after its establishment in August 2024, successfully launching 7 commercial satellites and currently has over 20 satellites in development with 54 orders on hand. It has the capacity to produce 50 satellites annually, with plans to scale to 100 [5] 3. **Core Technologies and Products**: - Xuntian Qianhe has developed China's first computational hyperspectral and all-metal remote sensing satellites. - It has become a qualified supplier for satellite networks, undertaking the development of two technology verification satellites [5] Additional Insights 1. **Computational Satellite Plans**: JunDa is involved in the Shanghai Space Computing Alliance, with plans to deploy 4,000 computational satellites [6] 2. **Space Energy Initiatives**: JunDa is collaborating with the Chinese Academy of Sciences on space photovoltaic battery technology, achieving efficiencies exceeding 30%, which is expected to set a standard solution for space energy [7] 3. **Integrated Industry Chain**: The strategy includes creating a closed-loop industry chain from space photovoltaic components to complete satellite systems, with Xuntian Qianhe serving as a platform for on-orbit verification of JunDa's photovoltaic products, with plans to validate these products on over 10 satellites by 2026 [7]