Company and Industry Summary Company: 智谱 (Zhipu) Key Points - **Stock Performance**: 智谱's stock surged by 36%, driven by positive market sentiment and sell-side recommendations [1] - **Business Growth**: Revenue is projected to grow rapidly from 60 million CNY in 2022 to 310 million CNY in 2024, reflecting a compound annual growth rate (CAGR) of over 130% due to business expansion and increased sales from localized and cloud deployments [2] - **Revenue Composition**: The majority of the company's revenue comes from localized deployments, with internet industry clients accounting for over 80% of this segment [3] - **R&D Investment**: The company has significantly increased its R&D expenses from 80 million CNY in 2022 to 1.6 billion CNY in the first half of 2025, with a substantial portion attributed to computing service fees [4][5] - **Profitability Forecast**: Expected revenues for 2025, 2026, and 2027 are projected at 740 million CNY, 1.53 billion CNY, and 2.88 billion CNY, with growth rates of 138.1%, 106.2%, and 87.9% respectively. EPS is forecasted to be -7.79 CNY, -8.14 CNY, and -7.26 CNY for the same years [5] - **Valuation**: Based on comparisons with competitors like 商汤 (SenseTime) and MiniMax, a 70x price-to-sales (PS) valuation for 2026 suggests a fair value of 273.22 HKD per share, with a recommendation to "buy" [5] - **Risks**: Potential risks include low willingness and ability of downstream clients to pay for AI models, high R&D costs with uncertain conversion to results, and increased competition from tech giants in the AI model sector [5] Additional Insights - **Model Matrix**: 智谱 has established a comprehensive model product matrix centered around its self-developed GLM base model, which includes multi-modal, agent, and coding capabilities, providing a solid foundation for commercialization [1] - **Client Base**: The company’s client base is heavily concentrated in the internet and technology sectors, maintaining a stable share of over 50% from 2022 to 2024 [3]

2、路径二：公司目标做到从外延到电源系统的全自动化生产流程，当前半自动化全流程良率约87%+，目标自动 化生产后良率超90%； 【东吴电新】德华芯片交流要点：技术/降本/客户卡位/产能扩张兼备，跻身国内电源系统Tier1！ 1、公司2015年成立，2020年进入空间电源系统领域，经过5年发展已拿齐全部资质，2025年为星网新星示范星提 供全球首套全柔性卷叠式太阳翼，已在轨运行几个月，运行效率超32.7%，也是国内唯一实现从外延到芯片到电源 系统整体解决方案的企业。 2、外延剥离技术：将砷化镓衬底与外延层分离，外延层仅10μm厚 【东吴电新】德华芯片交流要点：技术/降本/客户卡位/产能扩张兼备，跻身国内电源系统Tier1！ 1、公司2015年成立，2020年进入空间电源系统领域，经过5年发展已拿齐全部资质，2025年为星网新星示范星提 供全球首套全柔性卷叠式太阳翼，已在轨运行几个月，运行效率超32.7%，也是国内唯一实现从外延到芯片到电源 系统整体解决方案的企业。 2、外延剥离技术：将砷化镓衬底与外延层分离，外延层仅10μm厚，加上芯片工艺共30μm+，实现超轻薄全柔性； 而友商等企业的半柔性是磨薄衬底，技术路 ...

Summary of Conference Call on Dairy Industry and Beef Cattle Price Trends Industry Overview - **Dairy Industry Supply and Demand Trends**: In 2024, coconut milk and milk powder are expected to decline year-on-year, while deep-processed dairy products like cream and cheese will continue to grow, with growth rates anticipated to outpace liquid milk and milk powder in the coming years. The average per capita dairy consumption in China is projected to be just over 40 kg, indicating significant room for improvement compared to developed economies and recommended consumption levels in China [1][1]. - **Low-Temperature and Room-Temperature Milk Consumption Trends**: The consumption scale of low-temperature milk in first-tier cities is approximately 36.6 billion yuan, with second-tier cities at a combined 24.6 billion yuan, and below third-tier cities around 30 billion yuan. The market for low-temperature milk in lower-tier cities is expected to be a core area for rapid expansion over the next five years [1][1]. Market Dynamics - **2024 Consumption Scale**: The consumption scale for room-temperature liquid milk is projected to be 265.3 billion yuan, while low-temperature liquid milk is expected to reach 89.7 billion yuan. Low-temperature milk is anticipated to continue its rapid growth, while room-temperature milk faces a contraction. By 2025, low-temperature milk is expected to achieve double-digit growth, with a penetration rate of 25% in 2024, projected to rise to over 30% by 2029 [2][2]. - **Milk Price Trends and Profitability**: The cumulative decline in milk prices is expected to be 1.1% in 2025, a slight improvement from a 1.9% decline in 2024. Despite demand pressures, dairy companies are expected to see a stabilization in raw milk prices, which have remained between 3.03-3.05 yuan/kg, with a recent increase noted. The improvement in profitability for dairy and beef cattle industries is anticipated to be more pronounced in 2026, with significant cost reductions expected for leading companies [2][2][3]. Competitive Landscape - **Market Share Recovery for Leading Dairy Companies**: Smaller dairy companies that previously gained competitive advantages through low-priced raw milk are expected to struggle as they lose this cost edge. Leading companies like Yili and Mengniu are projected to recover market share in 2026, with optimistic revenue targets set for 2025 [3][3]. - **Yili's Strategic Goals**: Yili aims for a mid-single-digit revenue growth in 2026, focusing on upgrading flavors in its room-temperature products and expanding its deep-processing business, which targets a scale of 10 billion yuan over five years [3][4]. - **Mengniu's Operational Improvements**: Mengniu, facing more significant internal adjustments, is expected to see a notable improvement in its operational status in 2026, with revenue growth anticipated in early months of the year [3][4]. Beef Cattle Industry Analysis - **Beef Cattle Price Trends**: The beef cattle industry is at a cyclical turning point, with prices expected to rise significantly. The industry has been in a loss cycle since 2023, projected to last until mid-2025, with a recovery in profitability expected in the latter half of 2025. As of early February 2026, prices for various cattle types have shown significant year-on-year increases [5][5]. - **Dairy Cow Inventory and Price Outlook**: The dairy cow inventory reduction is nearing its end, with a cumulative decrease of 8.8% expected by the end of 2025. Current milk prices have dropped below previous cycle lows, but there is an expectation for significant price increases in the latter half of 2026 [5][6]. Investment Recommendations - **Focus on Leading Dairy Companies**: Investors are advised to pay close attention to leading dairy companies such as Yili and Mengniu, as the dairy sector is expected to improve, particularly in the context of rising beef cattle prices and stabilizing milk prices [6][6].

【中信证券海外策略】 12026年1月29日至2月4日EPFR跟踪的全球资金整体流入发达市场及新兴市场分别为251.65/88.27亿美元。 全球主动资金流入中国市场约7.03亿美元。 全球主动资金流入中国市场约7.03亿美元。 分不同区域主动资金情况看，本周欧洲区域资金流入规模最大，为0.7亿美元。 分行业看，本周中国资产各板块均呈流入趋势，其中信息技术、金融和可选消费板块流入规模最大，分别为 0.94/0.79/0.63亿美元。 2我们测算，2026年1月26日至1月30日，港股通/外资中介/内资中介分别净流入18/113/-118亿港元。 南向资金边际流入游戏、电池、医疗器械等板块；而外资增持黄金、半导体、造纸等板块。 互联网、保险、地产、多元金融、建材获南向及外资的共同青睐。 分不同区域主动资金情况看，本周欧洲区域资金流入规模最大，为0.7亿美元。 分行业看，本周中国资产各板块均呈流入趋势，其中信息技术、金融和可选消费板块流入规模最大，分别为 0.94/0.79/0 【中信证券海外策略】 12026年1月29日至2月4日EPFR跟踪的全球资金整体流入发达市场及新兴市场分别为251.65/88.27亿美 ...

Summary of Conference Call Records Industry Overview - The Chinese short drama industry holds a significant global leading advantage, with platforms like Reelshort, Dramabox, and Dramawave outperforming local competitors in revenue generation, supported by the comprehensive strengths of Chinese cultural enterprises in web literature IP, short drama production, and promotional strategies. Short dramas have become a crucial category for Chinese cultural exports [1][1]. Key Insights 1. **Growth in Short Drama and Comic Drama Sectors**: The comic drama sector is expected to experience accelerated growth by Q4 2025, with a notable increase in the number of projects and materials being produced [2][2]. 2. **Dramatic Increase in Comic Drama Projects**: Data from DataEye-ADX indicates that the number of comic drama projects will surge from 234 in January to 17,944 by December 2025, representing a growth of over 76 times. Similarly, the number of comic drama materials will rise from 27,000 to 1,623,000, a growth of over 59 times [2][2]. 3. **Recognition of Seedance and Kling Models**: The Seedance 2.0 and Kling 3.0 models have gained significant industry recognition, enhancing their global influence. These models have shown remarkable advancements in key areas such as intelligent camera work, consistency, and audio-visual synchronization [2][2]. 4. **Investment Opportunities in Multi-modal Fields**: The advancements in video models present investment opportunities in the multi-modal sector, with industry leaders acknowledging the impressive capabilities of AI in understanding and integrating multi-modal information [2][2]. Recommendations - **Long-term Investment in Short/Comic Drama**: It is recommended to focus on long-term investment opportunities in the short and comic drama sectors, particularly in companies with strong IP accumulation and early positioning in the comic drama field, such as Chinese Online, Huayi Brothers, Kunlun Wanwei, and others [3][3]. - **Attractive Valuation for Kuaishou**: Kuaishou is highlighted as having an attractive valuation, with the release of the Ling 3.0 model expected to further enhance the company's AI business revenue and valuation [2][2]. Financial Projections - The projected non-IFRS net profits for the company from 2025 to 2027 are estimated at 20.6 billion, 22.9 billion, and 25.2 billion yuan, respectively. The current market capitalization corresponds to a valuation of only 12 times for 2026, maintaining a "buy" rating [3][3]. Risks - Potential risks include the pace of model technology iteration not meeting expectations, slow commercialization of AI applications, and regulatory policy risks within the industry [3][3].

Summary of Conference Call Notes Industry Overview - The conference call discusses the semiconductor foundry industry, particularly focusing on the current trends and pricing strategies in the market due to various factors such as rising raw material costs and shifts in production capacity from major players like TSMC [1][2]. Key Points - The foundry industry is experiencing a comprehensive price increase, with World Advanced announcing a second wave of price hikes starting in April, with adjustments ranging from 10% to 15% [1][2]. - Other companies such as Hua Hong and SMIC have also been reported to increase their prices [3]. - For an industry currently operating with single-digit profit margins, a 10% price increase could potentially double net profits [4]. - The advanced logic foundry capacity in China is significantly lower than that of global leaders, with TSMC, Intel, and Samsung having over 1.2 million wafers of capacity at 16nm and below, while China's advanced process capacity is currently less than 50,000 wafers [4]. - The "14th Five-Year Plan" aims to reverse the current capacity situation in advanced processes, indicating a strategic focus on enhancing domestic capabilities [4]. - The trends in DRAM and 3D NAND suggest a shift towards outsourcing logic wafers (CBA process), with future capacity planning exceeding 1.2 million wafers, highlighting a substantial demand for 20/28nm nodes [4]. - Key players in the foundry sector include SMIC, Hua Hong Semiconductor, Jinghe Integration, Yandong Micro, China Resources Micro, and ChipLink Integration [4]. - Equipment suppliers mentioned include Jingce Electronics, Northern Huachuang, Zhongwei Company, and Tuojing Technology, indicating a robust ecosystem supporting the semiconductor industry [4]. - The conference call expresses optimism regarding the revaluation of the Chinese semiconductor foundry industry and invites further discussions on the details [4].

Summary of the Conference Call Industry Overview - **Market Outlook for 2026**: The founder of Panjing Investment, Zhuang Tao, predicts a unique bull market in 2026 characterized by significant trading volume and the influx of external capital, with 4.92 million new accounts opened in January 2026 alone [1] - **Low Interest Rate Environment**: A substantial amount of trillions in three-year fixed deposits will mature, leading to ample liquidity in the market [1] - **Market Trends**: Despite market volatility, the overall trend is upward, with a low probability of a bear market [1] Key Insights - **Structural Anomalies**: - Active management funds are experiencing redemptions, while quantitative and fixed-income products are gaining popularity [1] - Excess liquidity has led to a surge in thematic stocks, while heavily held fund stocks have declined, reminiscent of early 2007 market conditions [1] - The regulatory environment remains mild, but market structure shifts may not follow historical patterns [1] AI Industry Opportunities - **Countering the "No Revenue from AI" Argument**: - Strong demand for cloud services (e.g., Azure, AWS) indicates actual revenue generation; capital expenditures are a characteristic of the industry [1] - Investment in AI is viewed as a survival strategy, with companies fearing to fall behind rather than solely calculating returns (e.g., Google and ByteDance's aggressive investments) [1] - **Industry Chain Opportunities**: - Strong overseas demand for AI, with domestic companies like Alibaba and Tencent increasing investments [1] - Supply-demand tension in sectors like storage is leading to performance growth for domestic semiconductor equipment and materials companies [1] - Short-term stock price fluctuations do not alter the long-term industry trend; focus should remain on fundamentals [1] Investment Strategy - **Responding to Volatility and Extreme Market Conditions**: - Emphasis on fundamental analysis, requiring deep research (90% or higher understanding) to avoid being swayed by market fluctuations [1] - Balanced allocation between growth and value stocks, with diversified investments across A-shares, Hong Kong stocks, and overseas markets [1] - Structural opportunities exist in Hong Kong, but careful selection of reasonably valued quality companies is necessary [1] - **Focus on Bottleneck Areas**: - Sectors like storage, due to supply-demand gaps, will be key focus areas throughout the year [1] Other Industry Perspectives - **Precious Metals (e.g., Gold, Copper)**: Supported by weakened dollar credibility and policies from Trump [1] - **Innovative Pharmaceuticals**: Viewed positively, with teams enhancing research and layout [1] - **Hong Kong Stocks**: Primarily structural opportunities, with the internet sector requiring further observation [1] Core Conclusion - Zhuang Tao believes that the 2026 bull market should leverage the "AI industry trend and balanced allocation," and through in-depth research and patient positioning, investors can capture certain opportunities in a market with an unfriendly capital structure [1]

【长江传媒互联网】# 快手 调整点评：AI视频工具各有所长，调整后更具性价比，请重视机会！ 今早快手收跌4%+，市场核心担心：1）此前直播监管处罚落地影响；2）seedance2.0竞争问题。 我们认为： 1网信办针对此前快手平台内容直播问题处罚1.19e，该事件已平稳落地。 【长江传媒互联网】# 快手 调整点评：AI视频工具各有所长，调整后更具性价比，请重视机会！ 今早快手收跌4%+，市场核心担心：1）此前直播监管处罚落地影响；2）seedance2.0竞争问题。 2seedanc2.0更新后，其确实：1）在AI漫剧较难的音频等环节卡点处理较好，漫画动作捕捉能力抬升（但仍未彻底 解决穿模问题）；2）抽卡废片率较低，zj内部人用较有性价比。 以上两点并未影响可灵在专业影视，真实世界方面的渲染能力超强，# 实际上AI视频擅长领域各有所长。 从基本面影响来看，快手利润体量200e+，此次处罚金额力度影响有限。 3竞争问题老生常谈了，我们基于可灵擅长的影视/广告/电商赛道加速渗透趋势测算，未来该市场拥有千亿美元+体 量，而现在头部玩家渗透仅有1％左右，相较于竞争我们更应该欣喜国内厂商逐步认可该赛道，大家共同做大做 ...

Summary of Key Points from Conference Call Industry Overview - The Chinese market experienced a strong start in the last week before the Spring Festival holiday, with major indices closing at daily highs [3] - The overall market sentiment is optimistic, anticipating a "spring rally" before the market closure for the holiday [3] Market Performance - Shanghai Composite Index rose by 1.41% [1] - SSE 50 Index increased by 1.45% [1] - CSI 300 Index saw a rise of 1.63% [1] - STAR 50 Index grew by 2.51% [1] - ChiNext Index surged by 2.98% [1] - CSI 500 Index climbed by 2.02% [1] - Total trading volume reached 2.27 trillion RMB, reflecting a week-on-week increase of 5.1% [1] Sector Highlights - Growth stocks received strong buying support, influenced by the rebound of US tech stocks [3] - Notable performance in the technology hardware sector, with Tianfu Communication (300394.CH) surging by 17.76%, reaching a new historical high [3] - The media sector gained attention due to the popularity of ByteDance's new video generation model, Seedance 2.0, leading to multiple media stocks hitting the daily limit [3] - The Goldman Sachs China AI-generated content index rose by 5.9% [3] - Semiconductor/GPU sector sentiment improved, with Cambrian (688256.SH) rebounding by 4.8% after a previous decline of 17% due to profit guidance rumors [3] - The "space solar energy" theme remained active following news related to Tesla's solar strategy [3] - Consumer stocks lagged behind as funds chased growth stocks; Kweichow Moutai saw a slight increase of 0.8% after reports of rising wholesale prices for its Feitian Moutai [3] Fund Flow Insights - Overall buying inclination was 1.1 times, indicating stronger buying interest [3] - Sectors with buying activity included encapsulated optics (CPO), tourism, and PCB [3] - Sectors with selling activity included storage and defense [3]

Summary of Key Points from Conference Call Industry Overview - The focus is on the insurance sector, particularly leading companies such as Ping An and China Life, which are noted for their investment value and beta characteristics [1][2]. Core Insights and Arguments 1. **Insurance Stock Performance**: The A-share insurance index increased by 2.4%, outperforming the market, with China Life rising over 3% and H-shares of Ping An, China Life, and Taikang rising over 4% [1][2]. 2. **New Policy Premium Growth**: There is a clear trend of concentration among leading companies, with new single premium growth expected to be around 50%, with Ping An leading the industry [1][2]. 3. **Transformation of Dividend Insurance**: The acceleration in the transformation of dividend insurance is expected to optimize liability costs and alleviate pressure from interest spread losses [3]. 4. **Stable Asset Performance**: The stock market performance is stable, and the yield on 10-year government bonds is expected to rise, which is generally viewed positively by insurance companies regarding long-term bond rates. This could benefit fixed-income investments and interest spread recovery for insurance stocks [3]. 5. **Profit Growth Projections**: It is anticipated that net profits will maintain high growth in the first half of 2026, with a projected 33% year-on-year increase in net profits for listed insurance companies in the first three quarters of 2025, indicating a significant overall profit growth for the year [3]. 6. **Valuation and Public Fund Holdings**: Current valuations of insurance stocks and public fund holdings are at historical lows. The demand for allocation to insurance stocks is expected to increase in the context of public fund reforms [3][4]. Additional Important Points - The improvement in the fundamental aspects of the insurance sector suggests a positive outlook for upward valuation potential [4].