Shenzhen SEICHI Technologies (SH:688627) Hu Xiu·2026-01-25 14:31Market Overview - The major stock indices showed weak performance last week (January 19-23, 2026), while micro-cap stocks, the CSI 500, and the CSI 1000 indices outperformed, indicating a market style favoring individual stocks over indices [1] - The STAR 100 index increased by 3.23%, outperforming the STAR 50 index, highlighting the differences in their positioning and characteristics, with STAR 100 representing a collection of high-growth potential stocks [1][2] Sector Highlights - Several sectors in the A-share market have emerged as hotspots, including metals (driven by record high gold prices), aerospace equipment, semiconductors, space photovoltaics, and AI computing power industry chains [5] - Key drivers for these sectors include: - Commercial aerospace: Continuous policy support and events like the launch of offshore launch platforms [6] - Precious metals: International gold prices surpassing $5,000 per ounce and silver prices exceeding $100 per ounce [6] - Photovoltaics/new energy: Supportive policies from multiple provinces and improved industry performance expectations [6] Financing and Investment Trends - The regulatory body announced an increase in the margin financing ratio from 80% to 100%, effective January 19, 2026, with no significant decrease in financing balances observed, indicating that existing financing contracts may not be immediately affected [5] Space Computing - Space computing represents a significant evolution in commercial aerospace, utilizing satellites for on-orbit data processing and high-speed laser communication for data transmission [8][10] - The advantages of space data centers include higher solar energy efficiency compared to ground-based systems, with solar capacity factors exceeding 95% in space versus much lower rates on Earth [10] - The extreme cold of space provides an ideal cooling solution for high-performance computing, drastically reducing operational costs associated with cooling systems on Earth [11] Company Developments - JunDa Co., Ltd. plans to issue up to 18,682,000 new H-shares at a price of HKD 22 per share, aiming to raise approximately HKD 400 million for business development and financial structure optimization [18] - ShunHao Co., Ltd. increased its stake in Tread Lightly by investing RMB 74.98 million, raising its ownership to 28.68%, as part of its strategy to capitalize on the future growth of space computing [20] Competitive Landscape - JingZhiDa has signed a significant contract worth RMB 1.311 billion, marking a pivotal moment in its strategic transformation into a platform company focused on both display panels and semiconductor testing [29] - The company has developed a comprehensive suite of semiconductor testing equipment, including systems for chip quality inspection, durability testing, and final product inspection, positioning itself as a leader in the domestic market [31][34]