Company and Industry Summary Company: 博迁新材 (Bojian New Materials) Key Points - **Industry Context**: The company operates in the battery materials industry, specifically focusing on copper paste products as a substitute for silver paste in battery manufacturing. The rising silver prices and advancements in copper paste technology are driving industry changes [1]. - **Core Catalyst**: The company is set to benefit from a significant expansion of its downstream client's production capacity for pure copper paste batteries, with plans to finalize an expansion of over 65GW. This expansion is a direct response to high silver prices and improved copper paste technology [1]. - **Major Contracts**: A notable contract with Samsung worth 5 billion is expected to contribute to the company's revenue growth. Additionally, the demand for AI computing power is anticipated to further drive sales, leading to a stable revenue base in 2026 [1]. - **Cost Reduction**: The company has achieved a breakthrough in technology, resulting in a cost reduction of over 0.15 yuan/W for copper-based batteries compared to silver-based alternatives. This positions the company favorably in terms of pricing competitiveness [1]. - **Market Expansion**: The client plans to establish over 100GW of battery production lines by 2026, indicating a substantial market opportunity for the company [1]. - **Financial Projections**: The projected net profit attributable to the parent company is estimated to be between 1.2 billion to 1.4 billion yuan in 2026 and between 1.8 billion to 2 billion yuan in 2027. This suggests a significant growth trajectory for the company [1]. - **Valuation Outlook**: The short-term market capitalization is projected at 60 billion yuan, with a long-term outlook suggesting a potential market cap of 120 billion yuan [1].

Summary of Conference Call Notes Industry Overview - The discussion primarily revolves around the **internet industry** and its recent market performance, particularly focusing on the impact of tax policy changes on stock prices [1][4]. Core Points and Arguments - **Market Sentiment**: There is a strong sentiment-driven factor affecting the market, with recent declines attributed to the announcement regarding adjustments in value-added tax (VAT) by operators. This has led to expectations of similar impacts across other industries, although comparisons with the liquor industry (which has a 32% tax rate) are seen as exaggerated since the maximum VAT is only 13% [1]. - **New VAT Law**: The newly enacted **Value-Added Tax Law of the People's Republic of China** will take effect on January 1, with internet gaming being taxed at 6%. This indicates a structured approach to taxation within the internet sector [1]. - **Policy Stability**: There is an assertion that newly introduced policies are unlikely to change rapidly, suggesting a period of stability in the regulatory environment for the internet industry [2]. - **Lack of Concrete Information**: Currently, there is no definitive information indicating that the internet industry will undergo adjustments, which may alleviate some investor concerns [4]. - **Investment Strategy**: The recommendation is to remain calm and consider increasing positions in high-quality stocks, indicating a belief in the long-term potential of certain companies within the sector [5]. - **Market Volatility**: It is noted that internal market fluctuations are greater than external ones, with specific mention of **NetEase**, which has seen its gaming revenue stabilize after recent declines [6]. Other Important Content - **Credibility of Information**: There is skepticism regarding the authority of certain opinions circulating in the market, suggesting that some narratives may lack credibility [3][4]. - **Communication with Companies**: The company has chosen not to comment on certain speculative narratives circulating in the market, indicating a cautious approach to public relations during this period of volatility [5].

Company and Industry Summary Company: 鸿富瀚 (Hongfuhang) Key Points - **Contract Signing**: The company announced the signing of a purchase and sales contract worth 480 million yuan with Guangdong Quanxiang and Jiangxi Xiexun on February 3. This contract includes the provision of handling robots, collaborative robots, charging robots, new energy forklifts, and core components of robots [1] - **Support from Major Clients**: Jiangxi Xiexun is a wholly-owned subsidiary of Luxshare Precision, indicating that the company continues to receive backing from major industry players. This support is expected to enhance the company's annual profit for 2026 [1] - **Profit Forecast Increase**: The profit forecast for 2026 has been raised to 550 million yuan, while the profit expectation for 2027 remains at 1 billion yuan. This reflects a positive outlook for the company's financial performance [1] - **Revenue Breakdown**: The new business from Luxshare's robotics segment is expected to contribute 480 million yuan in revenue and 50 million yuan in profit, with significant potential for further upward adjustments. Previous revenue contributions included 1 billion yuan from Luxshare, 600 million yuan from Alibaba, and 200 million yuan from Delta Tianhong, totaling 2.7 billion yuan. The traditional conductive shielding structural components business contributed 150-200 million yuan, and the energy storage station added 50 million yuan in profit, leading to a total profit of 500 million yuan [2] - **Future Order Expectations**: The company anticipates that future orders will continue to exceed expectations, supported by the ongoing expansion into overseas markets. This expansion is expected to further enhance profitability [2]

今日寒武纪调整点评20260203 ＃关于寒武纪公司的2026年盈利预测，国海计算机是少有的一直坚持相对清晰且冷静判断的卖方。 我们认为：2026年对于国产AI芯片行业整体来说，＃市场规模翻倍已经是比较中性偏乐观的判断了，且具体还要 看后续大厂的Capex指引，但我们对此是乐观的。 ＃关于寒武纪公司的2026年盈利预测，国海计算机是少有的一直坚持相对清晰且冷静判断的卖方。 我们认为：2026年对于国产AI芯片行业整体来说，＃市场规模翻倍已经是比较中性偏乐观的判断了，且具体还要 看后续大厂的Capex指引，但我们对此是乐观的。 ＃我们看2028年国内三大CSP需求乐观可支撑3-4万亿市值的AI芯片市场，这其中包括互联网自研，先看ASIC与 GPU比例55开。 我们看建议理性看待每一家AI芯片公司的市占率，理论上其中不会有一家超过30%，且具体要依靠对产品、生 态、供应链及产业趋势的比较分析。 ＃我们看2028年国内三大CSP需求乐观可支撑3-4万亿市值的AI芯片市场， 今日寒武纪调整点评20260203 ...

Summary of Company and Industry Insights Company: Murata Manufacturing Co., Ltd. Key Financial Performance - Net sales increased by 4.3% year-on-year, reaching 467.5 billion JPY [1] - Operating profit decreased by 50.2% to 37.9 billion JPY, primarily due to goodwill impairment losses related to the acquisition of the SAW Filter subsidiary, Resonant [1][2] Product Demand and Market Trends - Strong demand for multi-layer ceramic capacitors (MLCC) in the artificial intelligence server sector [1][2] - Orders for 4Q25 amounted to 500.7 billion JPY, showing a quarter-on-quarter increase and a year-on-year surge of 11.5% [2] - Capacitor orders skyrocketed by 29.4% to 268.1 billion JPY [2] Pricing Strategy - The company has not yet discussed price increases but acknowledges the need to consider market conditions carefully [2] Order and Sales Metrics - Book-to-bill ratio (BB) stands at 1.07, indicating that orders slightly exceed sales, maintaining a ratio above "1" for five consecutive quarters [2]

Company and Industry Summary Company: 爱柯迪 (Aikodi) Key Points - **Valuation and Profit Forecast**: Aikodi is currently valued at a low 13x PE ratio. The profit for 2025 is projected to be 1.2 billion (12E+), which includes the consolidation of 卓尔博 (Zhuoerbo) with an expected profit contribution of 300 million. Despite a potential impact on Q4 2025 profits due to rising aluminum prices, cost pass-through and price increases are anticipated to boost profits in 2026 [1][1][1] - **Revenue Growth**: The company has secured new orders worth 18 billion for 2025, representing a year-on-year increase of 60%. A conservative growth rate of 15% is expected for both revenue and profit in 2026, leading to an estimated profit of 1.35 billion [1][1][1] - **Zhuoerbo Contribution**: For 2026, Zhuoerbo is expected to generate revenue between 1.4 billion and 1.5 billion, with a profit of over 220 million, contributing an additional 150 million to Aikodi's profits [1][1][1] - **Product Development**: Aikodi is engaged in multi-round prototyping for robots and has confirmed supply for chest cavity battery housings to T customers, with an average selling price (ASP) of 1200 per unit. The company plans to expand the value of its product categories further [1][1][1] - **Investment Opportunity**: Aikodi is highlighted as a rare investment opportunity within the T-chain robotics sector, characterized by low valuation and strong potential [1][1][1] Industry Insights - **Acquisition Strategy**: The company is seeking to enhance its capabilities in reducer technology, leveraging its existing motor components and die-casting capabilities, which positions it well for joint assembly potential. The narrative around robotics profitability can change rapidly, suggesting a recommendation for early-stage bottom-fishing investments [2][2][2] - **Shareholder Activity**: The second-largest shareholder is expected to reduce their stake by 1.7%, having already sold over 1%. This reduction is anticipated to be completed before the Spring Festival, which may lead to a rebound in the company's stock price once the selling pressure is alleviated [2][2][2] Risk Factors - **Market Demand**: There is a risk that market demand may not meet expectations, which could adversely affect revenue and profit forecasts [3][3][3] - **Cost Pressures**: Fluctuations in raw material and shipping prices pose a risk to profitability, potentially impacting margins [3][3][3] - **Competitive Landscape**: Increased competition within the industry could lead to pricing pressures and reduced market share [3][3][3]

2、近期变化：根据我们对上游CCL持续跟踪来看，公司M4+M8核心物料拿料较25年底有较大幅度增长，1-2月 CCL+PP 【兴证电子】鹏鼎控股：淮安新竞560亩地，打开远期算力产值空间 1、公司公告新竞拍淮安37.49万平米工业用地，即560亩，未来用于PCB投资，公司近期在海外大客户进展顺利， 但是当期产能还有瓶颈，继淮安、泰国80、43亿投资规划后，继续拿地，体现了公司对中期算力PCB的信心，打 开产值空间！ 1、公司公告新竞拍淮安37.49万平米工业用地，即560亩，未来用于PCB投资，公司近期在海外大客户进展顺利， 但是当期产能还有瓶颈，继淮安、泰国80、43亿投资规划后，继续拿地，体现了公司对中期算力PCB的信心，打 开产值空间！ 2、近期变化：根据我们对上游CCL持续跟踪来看，公司M4+M8核心物料拿料较25年底有较大幅度增长，1-2月 CCL+PP金额再次上修，判断已经不再是非常早期的打样阶段，有望很快进入批量阶段，乃至较好的份额展望 （Computetray）。 【兴证电子】鹏鼎控股：淮安新竞560亩地，打开远期算力产值空间 Cowop：近期主流PCB玩家反馈，Cowop送样验证效果较好，产 ...

Summary of Conference Call Records Company and Industry Involved - The discussion primarily revolves around the domestic AI model development and cloud computing industry in China, with a focus on companies like ByteDance, Alibaba, and Huawei [1][2][3]. Core Points and Arguments - **Intensive Release of Domestic AI Models**: The domestic AI model sector is entering a dense release period, with significant models such as DeepSeek's OCR2, Kimi's K2.5, Alibaba's Qwen3-Max-Thinking, and Baidu's Wenxin 5.0 being launched. ByteDance plans to release three new AI models in February, including Doubao 2.0, Seedream 5.0, and SeedDance 2.0, with Alibaba also set to launch Qwen 3.5 during the Spring Festival [1]. - **High Capital Expenditure by Cloud Providers**: According to a report, ByteDance has planned a capital expenditure of 160 billion yuan for 2026, up from approximately 150 billion yuan in 2025. Alibaba is also advancing a three-year plan for AI infrastructure construction with a budget of 380 billion yuan [2]. - **Accelerated Demand for Inference Power**: The rapid iteration of domestic models is expected to enhance user interaction with AI, leading to a significant increase in demand for inference computing power. 2026 is anticipated to be a pivotal year for the deployment of domestic supernodes, with several companies, including Huawei and Alibaba, launching new supernode solutions [2]. - **Supply and Demand Dynamics**: The industry is poised for a significant growth phase, with both supply and demand sides actively engaging. The financial team has been recommending Chip Origin as a top pick in the domestic computing sector since December, emphasizing its importance [3]. Other Important but Possibly Overlooked Content - The release of multiple AI models is expected to accelerate the commercialization of these technologies, indicating a robust growth trajectory for the domestic AI industry [1]. - The ongoing investments in AI infrastructure by major cloud providers are crucial for establishing a solid foundation for domestic computing power demand [2].

Summary of Key Points Industry and Company Involved - The focus is on the agricultural technology industry, specifically highlighting the company **Top Cloud Agriculture** (托普云农) which is involved in hardware equipment related to planting and smart agriculture projects [1][2]. Core Insights and Arguments - The **2026 Central Document No. 1** emphasizes the need to: - Deepen the implementation of seed industry revitalization actions and accelerate the breeding and promotion of breakthrough varieties [1][2]. - Promote the integration of artificial intelligence with agricultural development, expanding applications in drones, IoT, and robotics [1][2]. - The company is recognized as a **scarce investment target** in AI agriculture, focusing on innovative applications in breeding and smart agricultural solutions [1][2]. Additional Important Content - The company is enhancing the application of AI in: - Assisted breeding - Crop phenotype identification - Pest and disease prevention [3]. - The strategy includes the development of an **AI + new agricultural tools** framework, utilizing a combination of inspection robotic dogs, smart AR glasses, and drone remote sensing systems to create a real-time data interaction and intelligent task allocation network for comprehensive observation of farmland [3]. - The company's main business is experiencing stable growth, with AI significantly enhancing project value, leading to ongoing recommendations for investment [3]. - **Risk Factors**: Potential risks include slower-than-expected policy implementation and increasing industry competition [4].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **semiconductor and electronics industry**, focusing on companies involved in **CPO (Chip-on-Board)**, **PCB (Printed Circuit Board)**, and **storage solutions**. Core Insights and Arguments - **CPO Developments**: AYZ has updated the RubinUltra CPO Scale up plan, leading to significant stock price increases for several companies: - 罗博特科 (Robotech) +20% - 炬光科技 (Juguang Technology) +18.06% - 致尚科技 (Zhishang Technology) +15.56% - 天孚通信 (Tianfu Communication) +13.21% [1] - **PCB Orders**: 威尔高 (Weilgao) has received a primary power order from Google, with a secondary power connection in progress, resulting in a stock price increase of +18.23% [1]. - **Domestic Computing Power**: There is a noticeable divergence in the market for GPUs and ASICs, with changes in the trading landscape for computing power chips. - 芯原 (Xinyuan) +9.11% - 灿芯 (Canxin) +5.59% - 寒武纪 (Hanwujing) -9.18% - 沐曦 (Muxi) -3.08% - 摩尔 (Moore) -2.65% [1] - **Storage Sector**: - 普冉 (Purang) +8% - 恒烁 (Hengshuo) +6% - There is a recovery in storage prices, with predictions of significant growth [1]. - **Profit Expectations**: - The GPU company 寒武纪 (Hanwujing) is expected to report profits slightly below expectations for Q4 2025, while 海光信息 (Haiguang Information) has not released performance forecasts. - The ASIC company 芯原股份 (Xinyuan Co.) is seeing project implementations that may improve performance trends, maintaining a bullish outlook [1]. - **Chip Packaging**: - 芯碁微装 (Xinqi Micro) is strongly recommended, with a market cap expected to exceed 450 million, and anticipated monthly deliveries of 2E equipment in Q1, indicating high growth potential [1]. - **Storage Growth**: 佰维存储 (Baiwei Storage) is projected to experience significant growth in 2026, with Q1 2026 performance expected to double compared to the previous quarter [1]. Additional Important Insights - **Advanced Packaging**: Samples for advanced packaging are being sent for testing to GPU clients, indicating ongoing innovation and demand in this area [2]. - **NAND Price Predictions**: Overseas institutions predict that the price of SanDisk NAND used for enterprise SSDs may see a quarter-over-quarter increase exceeding 100% in Q3 [2]. - **AI Chip Demand**: 菲利华 (Feilihua) is positioned to benefit from explosive demand for AI chip products from NVIDIA and Google, with expectations of becoming a leading player in the Q fabric market, targeting a market cap of 100 billion [2].