Core Viewpoint - Dazhu CNC (03200) has seen a significant increase in stock price, rising over 7% to HKD 127.8, with a trading volume of HKD 130 million, indicating strong market interest and potential growth in the sector [1] Group 1: Company Performance - Dazhu CNC's stock price has increased by 7.58%, reflecting positive market sentiment and investor confidence in the company's future prospects [1] - Citigroup has initiated a "Buy" rating for Dazhu CNC with a target price of HKD 142, citing a 36% discount compared to the average price of A-shares over the past month, making it an attractive risk-reward opportunity [1] Group 2: Industry Insights - Dongwu Securities has highlighted that starting from Q4 2024, increased capital expenditures from PCB manufacturers will drive performance for equipment manufacturers, suggesting a positive outlook for the industry [1] - The report emphasizes the demand for ultra-fast laser drilling technology, which offers advantages over traditional CO2 laser drilling, such as better material compatibility and finer micro-hole processing capabilities [1] - The introduction of Q fabric as a core material in orthogonal backplanes and mid-boards is expected to stimulate demand for ultra-fast laser drilling, positioning Dazhu CNC as a key player in this emerging market [1]

Group 1 - Dazhu CNC (301200) shares increased by over 7%, currently up 7.58% at HKD 127.8, with a trading volume of HKD 130 million [1] - Dongwu Securities reported that starting from Q4 2024, increased capital expenditure from PCB manufacturers will drive performance for equipment manufacturers [1] - The M9Q fabric solution is expected to boost demand for ultrafast laser drilling, which has advantages over CO2 laser drilling in material compatibility and precision for high melting point materials [1] Group 2 - Citigroup initiated a "Buy" rating for Dazhu CNC with a target price of HKD 142, noting that the stock is trading at a 36% discount compared to the average price of A-shares over the past month, making the risk-reward profile more attractive [1] - The company is recognized as a leading manufacturer of PCB drilling equipment in China, benefiting from strong demand growth from AI PCB manufacturers like Shenghong Technology (300476) [1]

Group 1 - The core viewpoint is that from Q4 2024, the capital expenditure (CAPEX) of PCB manufacturers will significantly increase, leading to a performance turnaround for equipment manufacturers [1] - The strong CAPEX from PCB manufacturers corresponds to high revenues for equipment manufacturers, as seen with major suppliers like Shenghong Technology and Huidian Co., which have seen continuous CAPEX growth since Q4 2024 [1] - The demand for high-precision Class III solder paste printing equipment is driven by the upgrade of AI servers, indicating a rising opportunity in the industry [1][5] Group 2 - The Rubin 144CPX version introduces 144 CPX chips that require PCB integration, and the design changes in the Rubin Ultra configuration enhance the overall system architecture [2] - The introduction of ultra-fast laser drilling technology is expected to increase demand due to its strong material compatibility and precision in micro-hole processing, with recommendations for leading drilling equipment manufacturers like Dazhu CNC [3] - The market for 40:1 aspect ratio drill bits is anticipated to expand significantly, with leading manufacturers like Ding Tai High-Tech and Zhongtung High-Tech being recommended for their potential in this segment [4] Group 3 - The demand for Class III solder paste printing equipment is increasing due to the heightened precision requirements for AI computing server PCBs, with leading manufacturers like Kaige Precision Machinery being highlighted [5]

Macro Strategy - The core viewpoint indicates that recent liquidity shocks in overseas markets, driven by concerns over the AI software bubble and subsequent momentum selling, have led to significant volatility in equities, commodities, and cryptocurrencies. It suggests that some assets may have been "wrongly killed" due to these liquidity shocks, as the macroeconomic fundamentals and broad liquidity environment have not changed significantly [1][13] - The report anticipates that the upcoming U.S. non-farm employment and CPI data for January may present upward risks, potentially reversing the slight increase in expectations for Federal Reserve rate cuts observed this week [1][13] Financial Products - The report highlights that overseas market liquidity shows signs of stabilization, which may improve market sentiment. It predicts a positive outlook for the A-share market in February, with a historical probability of 78.57% for an increase following a macro timing model score of 0 [1][16] - Fund allocation recommendations suggest a balanced ETF configuration due to expected short-term market fluctuations, with a focus on sectors like chemicals and electric grid equipment, which continue to see increasing fund sizes [1][16] Commodity Market - The report discusses the impact of liquidity shocks on commodity prices, noting that certain commodities, which rely on supply-demand improvements, have been "wrongly hurt" but may return to fundamental pricing logic as market conditions stabilize [2][17] - It emphasizes that the recent volatility in silver and other precious metals indicates a potential end to the liquidity shock, with silver becoming a key indicator of market sentiment [2][17] Environmental Industry - The report stresses the importance of advancing the national carbon market and outlines investment recommendations in clean energy, energy conservation, and recycling sectors. It highlights specific companies such as Longjing Environmental and others involved in renewable energy and waste management [6][10] Non-Banking Financial Sector - The report notes a recovery in the IPO and refinancing market, with significant year-on-year growth in both areas. It indicates that the capital market reforms and increased market activity are expected to benefit brokerage firms' investment banking revenues [9] AI Industry and Bond Financing - The report focuses on the AI industry, highlighting the need for a diversified financing system to support technology companies, particularly private firms with high growth potential. It reviews case studies of leading tech companies' bond financing paths to assess the feasibility of similar strategies in China [4]

Core Viewpoint - The performance of the China Securities Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index and its related ETF reflects the market dynamics and investment opportunities within the Greater Bay Area, with notable fluctuations in constituent stocks and trading activity [2][3]. Group 1: Index Performance - As of February 10, 2026, the China Securities Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) decreased by 0.01% [2]. - The Greater Bay Area ETF (512970) also saw a decline of 0.13%, with the latest price at 1.52 yuan [2]. - Over the past week, the Greater Bay Area ETF has accumulated a rise of 0.93% [2]. Group 2: Stock Movements - Among the constituent stocks, Zhao Chi Co. led with a gain of 9.96%, followed by Xinlitai with an increase of 6.88%, and Huitai Medical up by 5.15% [2]. - Conversely, Mingyang Smart Energy experienced the largest drop at 4.34%, followed by Xinwei Communication down 4.08%, and Jiejia Weichuang down 3.45% [2]. Group 3: Trading Activity - The trading volume for the Greater Bay Area ETF was active, with a turnover rate of 14.53% and a transaction value of 11.4673 million yuan [2]. - The average daily trading volume over the past week was 2.6276 million yuan [2]. Group 4: Risk and Return Metrics - The maximum drawdown for the Greater Bay Area ETF this year was 5.52%, with a relative benchmark drawdown of 0.02% [2]. - The Sharpe ratio for the Greater Bay Area ETF over the past year was reported at 1.41 as of February 6, 2026 [2]. Group 5: Fee Structure - The management fee for the Greater Bay Area ETF is set at 0.15%, while the custody fee is 0.05% [2]. Group 6: Index Composition - The index closely tracks companies benefiting from the Greater Bay Area's development, with the top ten weighted stocks accounting for 44.55% of the index [3]. - The top ten stocks include China Ping An, Luxshare Precision, BYD, and others, with varying weight percentages [4].

证 券 研 究 报 告 科技厂商年报业绩预告陆续披露，AI 驱 动业绩增长 ——先进科技主题 20250202-20260208 [Table增_R持at（ing维] 持） [行Ta业ble_Industry] : 电子 日期: shzqdatemark 2026年02月11日 | E-mail: | yanfeng@shzq.com | | --- | --- | | SAC 编号: | S0870525030001 | | 分析师: | 李心语 | | SAC 编号: | S0870525040001 | 行 业 动 态 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深 300 比较 [T相ab关le报_R告e：portInfo] 《H200 获准对华出口，AI 终端或受益》 《字节发布豆包 AI 手机，关注端侧机会》 《ASICs 寻求 EMIB 新方案，2026 年晶圆 代工产业有望持续景气》 [Tabl主e_要Su观mm点ary] 【市场回顾】 本周上证指数报收 4065.58 点，周涨跌幅为-1.27%；深证成指报 收 13906.73 点，周涨跌幅为-2.11%；创业板指报收 3236. ...

Investment Rating - The report maintains a positive outlook on the electronic industry, indicating an "Overweight" rating for the sector, driven by AI computing and semiconductor localization trends [3][4]. Core Insights - The electronic industry is expected to leverage AI computing as a growth engine, with strong performance anticipated in PCB, storage, AI/GPU chips, and semiconductor equipment sectors [3][4]. - The semiconductor equipment and parts sector is experiencing a recovery in demand, particularly benefiting from domestic production [3][4]. - The storage sector is witnessing a significant increase in profitability due to the AI industry trend, with a notable rise in demand and prices for storage products [3][6]. - The AI server and chip sectors are seeing a surge in demand both domestically and internationally, particularly for cloud servers and high-speed switches [3][6]. - The PCB sector is expected to benefit from high-end AI PCB product demand, with companies like Shenghong Technology and Shenyin Electronics leading in performance [3][8]. Summary by Sections 2025 Industry Outlook - The electronic industry is projected to thrive with AI as the main driver and semiconductor localization as a catalyst, with strong performances expected across various sub-sectors [4][5]. - Specific forecasts for companies include: - Jiangfeng Electronics: Revenue of approximately 4.6 billion, net profit growth of 7.5% to 27.5% [5]. - ShenGong Co.: Revenue growth of 42.04% to 48.65%, net profit growth of 118.71% to 167.31% [5]. - Zhongwei Company: Revenue of 12.385 billion, net profit growth of 28.74% to 34.93% [5]. Semiconductor Storage Sector - The storage sector is benefiting from increased demand driven by AI, with prices stabilizing and then rising due to supply-demand imbalances [6][7]. - Key company forecasts include: - Jiangbolong: Expected net profit growth of 150.66% to 210.82% [7]. - Aibin Storage: Revenue growth of 49.36% to 79.23%, with net profit growth of 427.19% to 520.22% [7]. PCB Sector - The PCB sector is expected to continue benefiting from high-end AI product demand, with companies like Shenghong Technology and Shenyin Electronics showing strong performance [8][9]. - Forecasts for Shenghong Technology indicate a net profit increase of 260% to 295% [8].

Core Viewpoint - Shenghong Technology has transformed from a small factory in Huizhou to a Tier-1 core supplier for Nvidia, becoming integral to the supply chains of major tech giants like Google, Tesla, and Microsoft, primarily through its focus on PCB technology [1][12]. Company History - Shenghong Technology was established in 2006, evolving from Shenghua Electronics, founded by Chen Tao, who transitioned from a military career to the PCB industry [2][13]. - Initially focusing on double-sided PCBs, Shenghua Electronics gained traction by promising rapid prototyping and delivery, eventually entering the supply chains of TCL and Skyworth [2][14]. - By 2008, Shenghong had achieved a monthly PCB production capacity of 50,000 square meters, and in 2010, it restructured to cover a range of products from basic PCBs to high-end MLBs [2][14]. Financial Milestones - Shenghong went public on the Shenzhen Stock Exchange in June 2015, raising approximately 533 million yuan for high-end PCB production expansion and R&D [3][14]. - In 2022-2024, the company reported revenues of 7.885 billion yuan, 7.931 billion yuan, and 10.731 billion yuan, with net profits of 791 million yuan, 671 million yuan, and 1.154 billion yuan, reflecting growth rates of 6.10%, 0.58%, and 35.31% respectively [6][17]. Recent Developments - In 2023, Shenghong acquired MFS Technology for approximately $460 million to enter the flexible circuit board (FPC) market, complementing its rigid board production [4][16]. - The company also acquired APCB in Thailand for about 279 million yuan to enhance its Southeast Asian production capacity, targeting high-end MLB manufacturing [5][16]. Future Projections - For 2025, Shenghong expects revenues of 14.117 billion yuan, a year-on-year increase of 83.40%, with net profits projected to reach between 4.16 billion yuan and 4.56 billion yuan, indicating a growth of 260.35% to 295.0% [7][19]. - By 2026, with significant orders from Nvidia and Google, Shenghong anticipates net profits between 8.861 billion yuan and 9.713 billion yuan, with a potential market capitalization of 4,076 billion to 4,467 billion yuan based on a PE ratio of 46 [10][22]. Industry Outlook - The global AI server PCB market is expected to grow by 113% in 2026, driven by ongoing advancements in AI infrastructure, which will significantly increase the value and market space for related components [11][21]. - Shenghong's technological advancements and established client base position it favorably within a concentrated market, where only a few companies can reliably supply high-end AI PCBs [22].

Group 1: Pharmaceutical and Biotechnology Industry - The pharmaceutical and biotechnology sector saw an overall increase of 0.14% last week, outperforming the CSI 300 index by 1.47 percentage points, with a current PE valuation of 29.43 times, which is at a historical mid-low level, representing a 120% premium over the CSI 300 [6][7] - Notable individual stock performances included Guangshengtang, which surged by 29.83%, followed by Haixiang Pharmaceutical at 18.64%, and Meidisi at 18.04% [6] - A significant collaboration was announced between Saint Gene and Gene Tech, involving a global R&D cooperation and licensing agreement for an RNAi therapy, with an upfront payment of $200 million and potential milestone payments totaling $1.5 billion [7][8] - The investment recommendation focuses on three main lines: biotech firms with core delivery technology and international collaboration potential, industry leaders in chronic disease areas with advanced pipelines, and key companies in the small nucleic acid supply chain benefiting from global commercialization [8] Group 2: Machinery and Equipment Industry - In January 2026, excavator sales reached 18,708 units, a year-on-year increase of 49.5%, with domestic sales up 61.4% and exports up 40.5% [11][12] - Loader sales also saw significant growth, with a total of 11,759 units sold in January, reflecting a 48.5% increase year-on-year, driven by major domestic projects [13] - The demand for excavators is expected to continue recovering due to upcoming large-scale projects in various sectors, including mining and water conservancy [12][14] - Companies like LiuGong are projected to see steady profit growth, with a forecasted net profit of 1.526 to 1.659 billion yuan for 2025, marking a 15-25% increase year-on-year [13] Group 3: Electronics Industry - The electronics sector is experiencing a recovery, with significant capital expenditure increases from major CSP manufacturers, expected to reach $670 billion in 2026, a 60% year-on-year increase [16][17] - The global semiconductor industry is projected to achieve record sales of $791.7 billion in 2025, with a 25.6% year-on-year growth, driven by demand from AI and IoT technologies [18] - Price increases are spreading from memory chips to power, analog, and MCU chips, indicating a comprehensive price surge in the semiconductor market [18] - Investment recommendations include focusing on companies benefiting from strong domestic and international demand in the AIOT sector, as well as those involved in semiconductor equipment and materials [21]

Core Insights - Google's Q4 performance significantly exceeded expectations, with revenue growth of 18% year-over-year to $113.8 billion, marking the first time annual revenue surpassed $400 billion, and net profit increased by 30%, confirming that AI investments have entered a harvest phase [2] - The management has revised the 2026 capital expenditure guidance to $175-185 billion to alleviate ongoing pressure on computing power supply, reflecting strong internal and external AI demand [2] Group 1: Financial Performance - Google's Q4 revenue reached $113.8 billion, a year-over-year increase of 18%, with net profit rising by 30% [2] - Core businesses showed robust growth: Google Search and other revenues increased by 17%, YouTube's annual revenue exceeded $60 billion, and Google Cloud's revenue surged by 48% to $17.7 billion, with operating profit margin rising by 12.6 percentage points to 30.1% [2] - Backlog orders for Google Cloud increased by 55% quarter-over-quarter to $240 billion, indicating strong enterprise AI demand [2] Group 2: AI and Technology Developments - The Gemini ecosystem is progressing rapidly, with version 3.0 becoming the fastest adopted model in the company's history, achieving over 750 million monthly active users and more than 8 million enterprise paid seats, while unit service costs decreased by 78% [2] - Google has formed a significant partnership with Apple to develop the next generation of foundational models, and Waymo has completed new financing to accelerate global expansion [2] Group 3: ASIC Chip Developments - Google's TPU, representing certain ASIC chips, has optimized original computing performance and system efficiency, allowing it to compete with NVIDIA on cost [3] - The cost of inference per unit token has decreased by approximately 70% from TPUv6 to TPUv7, making it competitive with NVIDIA's GB200NVL72 [3] Group 4: PCB Market Implications - The upgrade of ASIC chip architecture is expected to drive demand for high-value PCBs, similar to the impact of NVIDIA's GPU architecture upgrades [4] - The introduction of advanced PCB technologies, such as HDI processes in future TPU models, is anticipated to enhance the value of PCB manufacturing [4] - Companies with comprehensive process capabilities and core customers in the PCB sector are likely to benefit from the growth driven by AI [5]