Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

Core Viewpoint - The upcoming Chinese New Year has prompted many A-share listed companies to distribute dividends, with a total planned payout of 18.926 billion yuan, reflecting both corporate profitability and enhanced shareholder return awareness under policy guidance [1] Group 1: Dividend Distribution Overview - A total of 34 A-share listed companies have announced profit distribution plans, with a combined payout amounting to 18.926 billion yuan before the Chinese New Year [1] - Major companies leading the dividend distribution include China Yangtze Power Co., Ltd., Luxshare Precision Industry Co., Ltd., CITIC Securities Co., Ltd., Huadian New Energy Group Co., Ltd., and Guosen Securities Co., Ltd., with Yangtze Power planning to distribute over 5.1 billion yuan [2] - State-owned enterprises play a significant role in this dividend distribution, with 14 out of the 34 companies being state-owned, accounting for 73.82% of the total payout [2] Group 2: Industry and Company Characteristics - The dividend distribution spans various industries, including traditional high-dividend sectors like banking and utilities, as well as growth sectors such as pharmaceuticals, new materials, and consumer goods [2] - The participation of both large-cap and small-cap companies indicates a broad improvement in operational quality across different sectors, with many smaller firms focusing on specialized fields [2] Group 3: Policy and Market Implications - The trend of pre-holiday dividends reflects the ongoing improvement of the A-share dividend mechanism, enhancing investor returns and fostering a positive interaction between listed companies and investors [3] - Continuous policy guidance encourages companies to adopt proactive profit distribution strategies, shifting from passive to active dividend practices [4][5] - The combination of strong corporate performance and supportive policies is expected to lead to an increase in the number of companies engaging in active dividend distribution, further solidifying the foundation for value investment in the capital market [6]

证 券 研 究 报 告 泡泡玛特"星星人"新款热销，关注潮 玩消费与 AI+消费 ——新消费行业周报（20260126-0201） 行业数据： 社会消费品零售总额首破 50 万亿元，规模居全球零售市场前列。结 构持续优化，新的消费热点不断涌现，26 年服务消费与乡村市场有望 是核心引擎。国家统计局公布数据，2025 年社会消费品零售总额 50.12 万亿元，比上年增长 3.7%（比 2024 年加快 0.2 个百分点）。其 中，除汽车以外的消费品零售额 45.14 万亿元，增长 4.4%。全国网上 零售额 15.97 万亿元，比上年增长 8.6%；服务零售额比上年增长 5.5%；最终消费支出对经济增长的贡献率为 52.0%（比上年的贡献率 提高了 5 个百分点）。12 月份，社会消费品零售总额 4.51 万亿元，同 比增长 0.9%。其中，除汽车以外的消费品零售额 3.97 万亿元，增长 1.7%。 ——2026 年 01 月 08 日 服务消费活力释放。从居民消费看，2025 年服务性消费支出占居民人 均消费支出的比重是 46.1%。各地也在持续创新消费场景，优化消费 环境，文化、旅游、娱乐、赛事等细分领域 ...

Group 1 - A total of 1,714 companies in the Shenzhen market have pre-disclosed their 2025 operating performance, representing 59.39% of the total companies, with nearly 60% showing improved performance [1] - Among the pre-disclosed companies, 987 are expected to see performance improvement, accounting for 57.58%, with 430 companies achieving continuous profitability and year-on-year growth [1] - The top 100 companies by market capitalization in Shenzhen are expected to achieve a combined net profit of 2,056.27 billion yuan, a year-on-year increase of 66.51% [1] Group 2 - Of the 629 newly listed companies under the registration system in Shenzhen, 307 have pre-disclosed their 2025 operating performance, with a total expected net profit of 196.04 billion yuan, a year-on-year increase of 77.11% [2] - 183 of these companies are expected to be profitable, with a pre-profit ratio of 59.61%, which is 7 percentage points higher than the overall Shenzhen market [2] - More than 60% of companies in the real economy, excluding finance and real estate, are expected to report positive net profits, with 18 out of 28 industries showing profitability [2] Group 3 - In the context of industrial transformation and upgrading, companies in the machinery and basic chemical sectors are expected to achieve net profits of 84.85 billion yuan and 123.51 billion yuan, respectively, with year-on-year growth of 200.07% and 284.56% [3] - The computer, communication, and electronics sectors are projected to achieve a combined net profit of 760.33 billion yuan, reflecting a year-on-year increase of 155.32% [3] - The consumer electronics sector is expected to report a net profit of 193.85 billion yuan, a year-on-year increase of 36.11% [3]

Core Viewpoint - The company has signed a tripartite framework agreement with Guangdong Quanxiang Intelligent Technology Co., Ltd. and Jiangxi Xiexun Intelligent Equipment Co., Ltd., along with a purchase contract worth 480 million yuan, aiming to enhance collaboration in AI servers and robotics [1] Strategic Aspects - The agreement is expected to deepen the binding with major clients and seize opportunities in the AI and robotics sectors [2] - The collaboration with Jiangxi Xiexun, a wholly-owned subsidiary of Luxshare Precision, and Guangdong Quanxiang, a company focused on AGV development, will create a closed loop of "technology R&D + product supply + market promotion," accelerating product iteration and market entry [2] - The partnership is anticipated to strengthen the industry ecosystem and enhance the company's bargaining power within the supply chain, potentially expanding cooperation to other products [2] Market and Business Aspects - The purchase contract of 480 million yuan accounts for approximately 59.68% of the company's projected revenue for 2024, with full delivery expected by the end of 2026, directly contributing to performance growth [3] - The collaboration with Jiangxi Xiexun allows the company to enter the promising markets of AI server hardware supply and robotics, leading to order growth and new opportunities in liquid cooling technology [3] - The company is focusing on liquid cooling solutions, having established partnerships with major domestic and international clients, including ZTE and Meta, positioning liquid cooling as a strategic growth direction [3] Investment Recommendations - The company is actively expanding into AI, robotics, and cooling solutions while maintaining its core business, with the 480 million yuan contract providing revenue certainty in the short term [4] - If the ecological cooperation is executed efficiently, it could open new growth trajectories, leading to revised profit forecasts for 2025-2027, with expected revenues of 1.065 billion, 2.872 billion, and 3.741 billion yuan, reflecting year-on-year growth of 30.0%, 169.7%, and 30.2% respectively [4] - The projected net profits for the same period are 150 million, 455 million, and 682 million yuan, maintaining a "strong buy" rating [4]

Investment Rating - The industry investment rating is "Hold" [9] Core Insights - The total retail sales of social consumer goods in 2025 surpassed 50 trillion yuan, with a growth rate of 3.7% compared to the previous year. Online retail sales reached 15.97 trillion yuan, growing by 8.6%, while service retail sales increased by 5.5%. The contribution rate of final consumption expenditure to economic growth was 52.0%, an increase of 5 percentage points from the previous year [3][9] - The 2026 CES showcased a strong embrace of AI technology, focusing on practical applications. Major chip companies like NVIDIA, AMD, and Intel are shifting their attention to physical AI and edge AI, indicating a significant trend in AI hardware development [12][9] - The popularity of collectible toys is rising, with products from Pop Mart, such as the PUCKY series, gaining significant attention and selling out quickly. This trend suggests a potential new focus in the collectible toy market [14][15] Summary by Sections Macro Consumption - In 2025, the retail sales of social consumer goods reached 50.12 trillion yuan, with online retail and service retail sales growing by 8.6% and 5.5%, respectively. The contribution of final consumption to economic growth was 52.0% [3][9] - Service consumption is becoming more vibrant, with a projected 46.1% of per capita consumption expenditure dedicated to service-related spending in 2025. Various sectors like tourism, entertainment, and sports are expected to see double-digit growth [3][11] AI + Consumption - The CES 2026 highlighted the integration of AI in consumer products, with a focus on AI hardware that is becoming more mature and applicable. The emergence of AI glasses and other smart devices indicates a shift towards consumer-grade AI products [12][9] - Companies such as Luxshare Precision, GoerTek, and KANAT Optical are recommended for investment in the AI hardware sector [16] Collectible Toys - Pop Mart's new product lines, including the "Starry Person" series, have quickly sold out, indicating a strong market interest. The resale prices of these products have seen significant increases, suggesting a robust demand in the collectible toy market [15][16]

证券日报网讯 2月6日，立讯精密在互动平台回答投资者提问时表示，具体财务数据请关注公司后续披 露的定期报告。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 2月6日，立讯精密在互动平台回答投资者提问时表示，关于公司业务进展相关信息敬请 参考定期报告。 ...

（文章来源：证券日报） 证券日报网讯 2月6日，立讯精密在互动平台回答投资者提问时表示，关于公司赴港上市最新进展，请 关注后续相关公告。 ...

证券日报网讯2月6日，立讯精密（002475）在互动平台回答投资者提问时表示，截至1月31日，公司股 东户数为521814户。 ...