为什么三星只获得了英伟达 HBM4 配额的 20%？ 三星电子预计将在本月开始向英伟达量产并出货HBM4（第六代高带宽内存）—— 这是业界首次。 不过，据报道三星在英伟达全部 HBM4 需求中的份额仅为 "中 20%"范围。 三星的 HBM4 拥有业界最高的性能（工作速率为每秒 1.7 吉比特），也是第一个通过质量（qual）测试的。 那么为什么 为什么三星只获得了英伟达 HBM4 配额的 20%？ 据半导体行业消息人士 9 日透露，英伟达在去年 12 月暂定将 HBM4 的供货量分配给三星电子、SK 海力士和美光 ——SK 海力士约占中数 50% 多一点、三星约占中数 20% 多一点、美光约占 20%。 英伟达在认证测试尚未完成前就分配供货量是有原因的：由于 HBM 的生产需 "超过六个月"，必须提前将产量分配 给供应商，以确保今年下半年配备 HBM4 的新款人工智能加速器 Vera Rubin能稳定量产。 据称，这些分配考虑了与 HBM 供应商多年的交易历史、各公司 HBM4 的生产能力，以及通过认证测试的可能 性。 对 HBM4 技术实力的验证感到满意…… 三星的盈利能力最大化策略 三星约 20% 的市 ...

Summary of Conference Call Notes Industry Overview - The notes focus on the **restaurant industry** in China, particularly highlighting major players such as **Haidilao** and **Yum China** [1][2]. Key Insights 1. **Restaurant Sales Growth**: The growth rate of restaurant sales continues to exceed the overall retail sales growth. In October, November, and December of 2025, the restaurant sales growth rates were 3.8%, 3.3%, and 2.2% respectively, while the overall retail sales growth rates were 2.8%, 1.0%, and 0.7% [1]. 2. **Recent Trends**: From January to April 2025, the growth rates of overall retail sales and restaurant sales were roughly equal. However, from May to September 2025, restaurant sales growth lagged behind overall retail sales growth, but began to surpass it again in October, indicating signs of recovery in restaurant consumption [1]. 3. **Impact of Holiday Season**: The data for January and February 2026 is expected to remain strong due to the extended Spring Festival holiday, which is likely to sustain the positive trend in restaurant sales [2]. 4. **Yum China's Performance**: In Q4 2025, Yum China's same-store sales growth was +3%, with KFC showing the highest growth rate among its brands at +3%, and Pizza Hut at +1%. Q4 was noted as the fastest quarter for same-store sales growth for KFC in 2025 [2]. 5. **Stock Performance**: The stock prices of leading restaurant companies like Haidilao and Yum China are gradually reflecting the trend of recovery in restaurant consumption. The expected valuations for 2026 are approximately 18x for Haidilao and 19x for Yum China, suggesting potential for valuation increases if recovery stabilizes [2]. Additional Recommendations - Attention is also recommended for other leading restaurant companies such as **Xiaocaiyuan** and **Dashihua** [3]. Risk Factors - A key risk highlighted is the potential for the recovery of mass consumption to fall short of expectations, which could impact the overall performance of the restaurant industry [3].

【招商汽车&机械】长源东谷业绩催化+新订单催化，继续看好 四足/双足机器人均系26年强催化：四足核心客户进入批量期，长源系零部件及总成核心供应商，具备大批量供应 能力；机器人子公司双足样机有望Q1落地，腿部关节测试，轮式机器人在完善算法同步进行。 主业基本面向上趋势不变：新客户持续定点。 【招商汽车&机械】长源东谷业绩催化+新订单催化，继续看好 充分受益AIDC柴发景气（内外并举）： 国产链玉柴近期受益于字节超预期招标，拿到70%以上份额，公司和玉柴 合资产线产能有望超预期释放；本部自建产线投产，是康明斯大马力柴发潜在供应商。 康明斯国内海外工厂扩产，也关注海外康明斯供应链！ 26年商用车有3家潜在新客户+1海外新客户，新产业趋势下，传统业务份额持续提升，商用车越来越依赖外部供应 链；乘用车今年连续定点2家新客户，后续还有。 充分受益AIDC柴发景气（内外并举）： 国产链玉柴近期受益于字节超预期招标，拿到70%以上份额，公司和玉柴 合资产线产能有望超预期释放；本部自建产线投产，是康明斯大马力柴发潜在供应商。 康明斯国内海外工厂扩产，也关注海外康明斯供应链！ 四足/双足机器人均系26年强催化：四足核心客户进入批 ...

Summary of Conference Call Notes Industry and Company Involved - The notes primarily focus on the **electronic fabric** industry and **real estate** market, with specific mentions of companies such as **China Jushi**, **Keshun Co., Ltd.**, **Sankeshu**, **Rabbit Baby**, **Hankao Group**, **Beixin Building Materials**, **Weixing New Materials**, **Oriental Yuhong**, **Qingniao Fire Protection**, **Qiba Group**, and **Xinyi Glass**. Key Points and Arguments 1. **Price Increase in Electronic Fabric** The price of 7628 electronic fabric has increased again, with international composite materials rising by **0.5-0.6 yuan/meter**. The supply-demand dynamics in the industry continue to improve, leading to a tight supply of traditional electronic yarn and fabric, alongside a strong demand for mid-to-high-end products. This trend supports a continued price increase, and the outlook for the fiberglass sector is positive for **2026** [1][1][1]. 2. **Stable Demand in Fiberglass Sector** The demand in sectors such as wind power and thermoplastics remains stable, and the expected impact of new supply in **2026** is limited. The supply-demand balance is anticipated to improve marginally, with a strong recommendation for **China Jushi** and suggestions to pay attention to **International Composite Materials**, **Changhai Co.**, and **China National Materials Technology** [1][1][1]. 3. **Real Estate Market Recovery** In January **2026**, the transaction volume of second-hand houses in major cities (Beijing, Shanghai, Guangzhou, Shenzhen) has collectively rebounded, with a **16% month-on-month increase** and a **33% year-on-year increase** in transaction area. The growth in first-tier cities exceeds **20%** year-on-year, supported by ongoing real estate policy adjustments that help stabilize the market [2][2][2]. 4. **Price Recovery in Construction Materials** The real estate downturn has accelerated the clearing of supply in the construction materials industry, leading to a rebound in prices for certain products. Several leading companies have begun to report profit recovery after strategic adjustments over the past 2-3 years. Recommended companies for stable growth include **Sankeshu** and **Rabbit Baby**, with additional attention to **Hankao Group**, **Beixin Building Materials**, **Weixing New Materials**, **Oriental Yuhong**, **Keshun Co.**, and **Qingniao Fire Protection** [2][2][2]. 5. **Opportunities in Float Glass Industry** The float glass industry is facing challenges, with two new cold repair lines added this week, reducing production capacity to approximately **14.9 million tons/day**. The industry is currently experiencing losses, and the pressure from inventory accumulation during the traditional Chinese New Year may accelerate the exit of production capacity. The glass sector is expected to stabilize, with recommendations to focus on **Qiba Group** and **Xinyi Glass** [2][2][2]. Other Important but Potentially Overlooked Content - The overall sentiment in the electronic fabric and construction materials sectors indicates a positive outlook for **2026**, with price increases and demand stability being key themes. - The recovery in the real estate market is seen as a potential catalyst for related industries, suggesting a broader economic recovery may be on the horizon. - The mention of specific companies provides actionable insights for investors looking to capitalize on emerging trends in these sectors [1][2][2].

Company and Industry Summary Company: 英维克 (Invec) Key Points - **AWS Factory Audit Progress**: The audit progress and feedback from AWS have exceeded market expectations, indicating strong confidence in the company's capabilities [1] - **Trainium3 Product Upgrade**: The AWS Trainium3 product is set to fully adopt a liquid cooling solution by 2026, representing a significant upgrade over previous generations and better meeting the thermal management needs of high-performance computing scenarios [1][3] - **Liquid Cooling Market Growth**: The standardization plan for liquid cooling is expected to be a core driver of growth in the overseas liquid cooling market, highlighting the increasing demand for advanced cooling solutions [2] - **Order Performance**: The company has exceeded expectations for annual orders, with potential for further upward revisions. The anticipated shipments from foreign CSP manufacturers for TPU have been adjusted upwards, contributing to a sustained increase in liquid cooling penetration [3][4] - **Domestic Orders**: Domestic orders are expected to stabilize between 1.5 to 2 billion yuan. The previous market expectation was around 5 billion yuan, but the actual order scale is now confirmed to be at least 6.5 to 7 billion yuan, with potential for further upward adjustments, providing solid support for performance exceeding expectations [4] - **NVIDIA Collaboration**: There is a high probability that the company will secure the code for the Rubin200 microchannel liquid cooling plate from NVIDIA. The company possesses comprehensive advantages in technology, supply chain, and customer service in the liquid cooling sector [4] - **Future Growth Potential**: As orders materialize, the scale is expected to be adjusted upwards, further enhancing performance [5]

充分受益AIDC柴发景气（内外并举）： 国产链玉柴近期受益于字节超预期招标，拿到70%以上份额，公司和玉柴 合资产线产能有望超预期释放；本部自建产线投产，是康明斯大马力柴发潜在供应商。 康明斯国内海外工厂扩产，也关注海外康明斯供应链！ 【招商汽车&机械】长源东谷业绩催化+新订单催化，继续看好 充分受益AIDC柴发景气（内外并举）： 国产链玉柴近期受益于字节超预期招标，拿到70%以上份额，公司和玉柴 合资产线产能有望超预期释放；本部自建产线投产，是康明斯大马力柴发潜在供应商。 康明斯国内海外工厂扩产，也关注海外康明斯供应链！ 四足/双足机器人均系26年强催化：四足核心客户进入批量期，长源系零部件及总成核心供应商，具备大批量供 【招商汽车&机械】长源东谷业绩催化+新订单催化，继续看好 四足/双足机器人均系26年强催化：四足核心客户进入批量期，长源系零部件及总成核心供应商，具备大批量供应 能力；机器人子公司双足样机有望Q1落地，腿部关节测试，轮式机器人在完善算法同步进行。 主业基本面向上趋势不变：新客户持续定点。 26年商用车有3家潜在新客户+1海外新客户，新产业趋势下，传统业务份额持续提升，商用车越来越依赖外部供 ...

新品爆款频出，IP势能有望再度提升：2026开年以来PUCKY敲敲、星星人怦然星动、SP*小马宝莉等爆款频出， 验证了泡泡 【国信传媒】泡泡玛特今日大涨7%，经营拐点确立，持续坚定推荐 近期催化事件：1）2月6日召开年会，资料显示LABUBU/全品类销售量分别为1亿/4亿只、全球门店数量700+家， 超出市场预期。 2）SP*小马宝莉在ins上点赞数量创新高，北美官网已售罄。 新品爆款频出，IP势能有望再度提升：2026开年以来PUCKY敲敲、星星人怦然星动、SP*小马宝莉等爆款频出， 验证了泡泡玛特对单一IP依赖度下降，以及IP"造星"能力强劲。 【国信传媒】泡泡玛特今日大涨7%，经营拐点确立，持续坚定推荐 近期催化事件：1）2月6日召开年会，资料显示LABUBU/全品类销售量分别为1亿/4亿只、全球门店数量700+家， 超出市场预期。 2）SP*小马宝莉在ins上点赞数量创新高，北美官网已售罄。 我们认为泡泡玛特已经沉淀出一套成熟的IP孵化和造势方法论，IP矩阵的广度和深度大，有望使公司摆脱潮流风 险，实现业绩持续稳步提升。 海外渠道有望加速增长：截至25年末公司已在全球开设700+家门店、覆盖100+个 ...

论国产代工的三层逻辑 受下游汽车工控等市场拉库、原材料价格上涨及台积电逐步退出成熟代工，当前晶圆代工行业迎来全面涨价，今 日世界先进宣布将自4月起开启第二波涨价，调幅达10-15%。 此外华虹、中芯国际此前亦传出涨价。 #对一个当前利润率仅个位数的行业，涨价10%意味着净利润翻倍。 先进逻辑由点及面，上海、广东、北京、杭州全线铺开， forchina"，台积电、intel和三星16nm及以下节点总产能超 120万片，当前中国先进制程产能不到5万片，十五五的先进制程规划有望扭转这一局势，非最先进制程的节点都 或将成为中国的主战场。 受下游汽车工控等市场拉库、原材料价格上涨及台积电逐步退出成熟代工，当前晶圆代工行业迎来全面涨价，今 日世界先进宣布将自4月起开启第二波涨价，调幅达10-15%。 此外华虹、中芯国际此前亦传出涨价。 #对一个当前利润率仅个位数的行业，涨价10%意味着净利润翻倍。 先进逻辑由点及面，上海、广东、北京、杭州全线铺开， 论国产代工的三层逻辑 DRAM和3DNAND的趋势都是将逻辑晶圆外包（CBA工艺），两存远期规划的产能超过120万片，#而当前全球 20/28nm逻辑产能仅80万片左右，逻辑 ...

Summary of Conference Call Notes Industry Overview - The A-share market experienced a strong upward trend on February 9, with all three major indices rising collectively. The Shanghai Composite Index increased by 1.41% to close at 4123 points, the Shenzhen Component Index rose by 2.17%, and the ChiNext Index climbed by 2.98%. The total trading volume reached 2.25 trillion yuan, an increase of over 100 billion yuan compared to the previous trading day. A total of 4612 stocks rose while 759 stocks fell [1][2]. Key Industry Performance - All primary industries under the Shenwan classification saw gains, with the top five performing sectors being: - Communication: +5.17% - Comprehensive: +4.70% - Media: +3.50% - Electronics: +2.97% - Computer: +2.88% - Sectors with relatively lower gains included: - Oil and Petrochemicals: +0.21% - Banking: +0.36% - Food and Beverage: +0.37% - Agriculture, Forestry, Animal Husbandry, and Fishery: +0.42% - Home Appliances: +0.47% [2]. Notable Market News 1. ByteDance launched the Seedance 2.0 video generation model on its Dream platform, featuring a series of technological innovations such as multi-modal reference, generation, and editing integration, which is described as a "revolution in AI video creation efficiency" [2]. 2. The first mass-produced version of the Platinum Smart 4X Robotaxi has officially rolled off the production line, marking a new phase in the strategic cooperation between Pony.ai and Toyota China, as well as GAC Toyota, moving into large-scale production and operation [2]. 3. Elon Musk stated that SpaceX has shifted its focus to building a "self-expanding city" on the Moon, which he expects to achieve within 10 years, while Mars colonization may take over 20 years [2]. Market Outlook - Following a broad-based increase in trading volume, the market is likely to enter a phase of high-level turnover and rotation of hot sectors. There is anticipation for a "spring red envelope" market, with applications of AI video models potentially boosting risk appetite. However, the sustainability of this trend will depend on whether commercialization leads can keep pace [2][3].

卡特彼勒目前在手订单4000-5000台，公司占到卡特中较大份额，预计年内会有收入贡献。 机器人、液冷双轮驱动，机器人上公司在F、T客户上核心卡位，供应品类拓展中；服务器液冷产业链上，公司具 备柴发/燃气发动机冷却模块、板式换热器、冷板、CDU整机等多个产品布局，目前已逐步进入北美AI客户及其台 系供应商体系。 【zx汽车】银轮股份推荐-卡特彼勒合作深化，AI浪潮下价值重估 卡特彼勒是公司深度合作伙伴，2024Q4开始给卡特彼勒北美供应柴油发电机冷却模块，单套价值量约2万美 金，2025年营收约3亿人民币。 卡特壁垒在柴发冷却模块的合作基础上，新给到公司燃气发电机组后处理产品需求，单台15万美金，价值量大幅 提升。 【zx汽车】银轮股份推荐-卡特彼勒合作深化，AI浪潮下价值重估 卡特彼勒是公司深度合作伙伴，2024Q4开始给卡特彼勒北美供应柴油发电机冷却模块，单套价值量约2万美 金，2025年营收约3亿人民币。 卡特壁垒在柴发冷却模块的合作基础上，新给到公司燃气发电机组后处理产品需求，单台15万美金，价值量大幅 提升。 卡特彼勒目前在手订单4000-5000台，公司占到卡特中较大份额，预计年内会有收入贡 经过 ...