刘泽龙 长江证券通信分析师: 各位投资人大家晚上好，我是长江通信的分析师刘德龙，给大家汇报一下我们对整个 26 年升腾行业的一个观点和展望。首先我们在整个 26 年是非常看好整个升腾及产业链后续 的这个发展和上涨的。那首先的话，我们看好它主要基于这个，一方面我们非常看好今年 国产算力整体的贝塔。在春节期间大家也看到了一个非常明确的产业变化，叫 ToG 出海。 其实这个出海，背后代表了两件事情。一个是我们目前，其实就两个事，一个是性能够， 一个是中国的模型出海的话，单位 Tokens 的价格比较便宜。 性能够的话，我们更多会觉得，这体现在这个当你模型的性能迭代有了一定放缓之后，中 国的性能差距相当于海外没有那么大，中国厂商觉得是能够海外客户是觉得是能够满足需 求，同时的话，那我们会看到中国的 token 的单位价格是便宜的。可能大 家会有疑惑， 说我们国产算力为什么你如果按理说单位的算力下的价格，其实不如海外的英伟达呀，然 后包括这些厂商有那么便宜的价格但是我们会有更多的运营成本的优势。包括一些配套的 零部件，包括一些供电，包括一些人员维护，我们觉得把这些成本综合起来看的话，其实 在一定程度上可以抹平国产算力和 ...

Group 1: Weichuang Electric / Automation Equipment - The company is strengthening collaborations to promote technological innovation and market expansion in the robot-driven component business [4] - Plans to establish a joint venture in Thailand with Zhejiang Rongtai to expand the smart robot electromechanical integration market, with both parties holding 50% shares [4] - The company aims to deepen industry demand and continue global expansion, focusing on regions like Asia, Africa, and Latin America while enhancing product offerings [5] - Revenue projections for 2025-2027 are estimated at 1.977 billion, 2.444 billion, and 3.108 billion yuan, with net profits of 288 million, 346 million, and 419 million yuan respectively [6] Group 2: Lenovo Group / Computer Equipment - Lenovo reported FY2026Q3 revenue of approximately 22.204 billion USD, an 18% year-on-year increase, with a net profit of 546 million USD, down 21% year-on-year [7][8] - The adjusted net profit increased by 36% year-on-year, driven by efficiency optimization and a high-end product mix [8] - The Infrastructure Solutions Group (ISG) is undergoing strategic restructuring, expected to accelerate the return to profitability in FY2027 [9] Group 3: Shipping and Ports Industry - National import and export total reached 45.47 trillion yuan in 2025, with a 3.8% year-on-year growth [13] - Container throughput at major coastal ports reached 31.198 million TEUs, a 7% year-on-year increase [15] - The Baltic Dry Index (BDI) rose by 135.95% year-on-year, indicating a significant increase in dry bulk shipping rates [19] Group 4: Google-A / Overseas - Google reported Q4 2025 revenue of 113.828 billion USD, an 18% year-on-year increase, with a net profit of 33.455 billion USD, up 30% year-on-year [25] - Search advertising revenue grew by 17% year-on-year, driven by AI innovations enhancing user experience and monetization efficiency [26] - Google Cloud revenue surged by 48% year-on-year, reaching 17.7 billion USD, with a significant increase in annual recurring revenue [27] Group 5: Yutong Technology / Packaging Printing - The company plans to acquire 51% of Huayan Technology for 449 million yuan, aiming to enhance its capabilities in precision manufacturing [32][34] - The acquisition is expected to leverage industry synergies and empower the second growth curve, focusing on high-profile clients like Google and Samsung [34] - Revenue projections for 2025-2027 are estimated at 19.069 billion, 21.001 billion, and 23.077 billion yuan, with net profits of 1.608 billion, 1.798 billion, and 1.980 billion yuan respectively [34] Group 6: NetEase-S / Gaming - NetEase reported Q4 2025 revenue of 27.5 billion yuan, a 3% year-on-year increase, with a net profit of 6.2 billion yuan, down 28.8% year-on-year [36][37] - The gaming segment showed resilience with a revenue of 22 billion yuan, driven by strong performance from popular IPs and new game launches [38] - The company is focusing on AI-driven strategies to enhance operational efficiency and optimize its business structure [39] Group 7: Aidi Pharmaceutical / Biopharmaceuticals - The company is advancing its international product launch and received GMP certification from Tanzania, facilitating entry into the African market [43] - Revenue for 2025 is projected at 721 million yuan, a 72.57% year-on-year increase, with a focus on HIV innovative drug sales [43] - Multiple new drug pipelines are actively progressing, with significant clinical trial approvals received [44] Group 8: Meituan-W / Local Life Services - Meituan is projected to achieve total revenue of 916 billion yuan in Q4 2025, with a core local business revenue of 648 billion yuan, reflecting a competitive landscape [45][46] - The company is strategically increasing investments in marketing and rider incentives to enhance operational efficiency amid fierce competition [46] - Long-term growth potential is anticipated through refined operations in instant delivery and overseas expansion [49] Group 9: Huahong Semiconductor / Semiconductors - Huahong Semiconductor reported Q4 2025 revenue of 660 million USD, a 22.4% year-on-year increase, with a wafer shipment of 1.45 million pieces [50]

Group 1: Market Overview - The A-share market concluded the Year of the Snake with all major indices showing positive performance, with the ChiNext Index leading at a 58.73% increase [1] - The Shanghai Composite Index rose by 25.58% and the Shenzhen Component Index increased by 38.84% [1] - Daily trading volume in the A-share market has become active, with an average daily turnover of 1.89 trillion yuan, a nearly 70% increase compared to the previous year [1] Group 2: Sector Performance - The semiconductor sector showed resilience, with the first ETF focusing on the Hong Kong chip industry rising nearly 1% [1] - The "All Chip" Sci-Tech Chip ETF and the Sci-Tech Artificial Intelligence ETF both saw price increases of over 1% [1] - The military industry ETFs also performed well, with the Military ETF and General Aviation ETF rising by 0.47% and 0.43%, respectively [2][3] Group 3: Semiconductor Industry Insights - China's semiconductor sales exceeded $200 billion for the first time, with a year-on-year growth rate of over 15% [6] - The global semiconductor market is expected to reach a record $791.7 billion by 2025, driven by strong demand for AI applications and data centers [6] - The Sci-Tech Chip ETF has a significant focus on semiconductor materials and equipment, with over 90% of its weight in core areas like integrated circuits and semiconductor equipment [6] Group 4: AI and Technology Developments - The AI sector is experiencing rapid advancements, with new models being launched and significant investments from tech giants [11] - The domestic AI industry is expected to see a surge in demand, supported by government initiatives and increasing application scenarios [11] - The Sci-Tech Artificial Intelligence ETF has a strong focus on domestic AI supply chains, with nearly half of its weight in semiconductor stocks [11] Group 5: Consumer Sector Performance - The food and beverage sector demonstrated resilience, with the Food and Beverage ETF showing strong performance despite market fluctuations [13] - The price of Moutai liquor has approached 1,800 yuan per bottle, reflecting strong demand as the Spring Festival approaches [15] - The food and beverage sector is considered a key area for investment, especially as valuations are at historical lows, making it an attractive entry point [16]

Core Viewpoint - The semiconductor industry is experiencing a recovery driven by strong demand for AI applications and data centers, with significant growth expected in the market through 2026 [3][5]. Group 1: Market Performance - On the last trading day of the Year of the Snake, the "Chip" ETF from Huabao (589190) showed resilience, initially rising over 1% before closing up 0.21% [1]. - The Shanghai Stock Exchange's Chip Index includes 50 constituent stocks, with 20 stocks rising, including Shengke Communication-U and Fuchuang Precision, which saw gains exceeding 11% [1]. - The annualized return of the Shanghai Stock Exchange Chip Index since its base date has reached 17.93%, outperforming similar indices [5][6]. Group 2: Industry Developments - Shenzhen's Industrial and Information Technology Bureau has launched an "AI+" advanced manufacturing action plan for 2026-2027, focusing on strengthening the semiconductor industry through AI chips [3]. - The Semiconductor Industry Association of America projects global semiconductor sales to reach a record $791.7 billion by 2025, with China's sales surpassing $200 billion for the first time, reflecting a growth rate exceeding 15% [3]. - The demand for logic and memory chips is significantly increasing, driven by AI computing needs and a rising storage chip cycle [3]. Group 3: Investment Insights - Current industry demand is slowly recovering, with AI investments exceeding expectations and memory chip prices rising more than anticipated [3]. - East China Securities suggests that the market is currently experiencing high capital enthusiasm, recommending strategic investments during market dips [3].

Group 1 - The core viewpoint of the articles highlights significant advancements in quantum communication technology, particularly the successful construction of the world's first large-scale quantum key distribution network based on integrated optical quantum chips by Chinese scientists, which is expected to have a major impact on the field of quantum communication [1] - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index saw a strong increase of 1.08%, with notable gains from constituent stocks such as Fuchuang Precision rising by 15.01%, Shengke Communication by 11.00%, and Jiewate by 6.79% [1] - According to a report from CITIC Securities, the development of computing power is expected to have high certainty in 2026, with supernode technology reaching a pivotal opportunity, and the competitiveness of domestic computing power manufacturers is anticipated to improve, creating investment opportunities in domestic computing chips and system-level manufacturers [1] Group 2 - The Sci-Tech Chip ETF (588200) tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index, providing a convenient tool for investors to access the domestic chip sector [2] - Investors without stock accounts can engage with the domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [2]

Group 1 - Semiconductor chips are gaining strength, with OpenAI launching its first AI model GPT-5.3-Codex-Spark based on Cerebras Systems' chips, aimed at competing in the AI programming assistant market [1] - Wanlian Securities indicates that the demand for computing power is on the rise, with the PCB and storage sectors expected to maintain a favorable cycle. The development of AI is driving upgrades in PCB technology, increasing demand for high-layer and HDI PCBs [1] - China's PCB industry leads globally, with major domestic PCB manufacturers accelerating capital expenditures to expand high-end PCB production capacity. The demand for copper-clad laminates (CCL) is expected to benefit from PCB expansion, with recent price increases likely to enhance corporate profitability [1] Group 2 - As of February 13, 2026, the STAR Market Composite Index (000680) saw significant gains in component stocks, with Jingjin Electric up 12.77% and Fuchuang Precision up 12.11% [2] - The STAR Market Composite Index ETF (Penghua, 589680) closely tracks the STAR Market Composite Index, reflecting the overall performance of STAR Market listed companies, including dividend income [2] - The top ten weighted stocks in the STAR Market Composite Index as of January 30, 2026, include Haiguang Information and Cambrian, accounting for 22.79% of the index [2]

Group 1 - The core viewpoint of the news highlights the strong performance of the semiconductor sector, particularly the "Chip Innovation" ETF, which has seen a price increase of over 1% [1] - Shenzhen's Industrial and Information Technology Bureau has issued an action plan to promote the application of artificial intelligence in the semiconductor industry, aiming to enhance efficiency in chip design and software coding [2] - The semiconductor sales globally have shown a significant year-on-year growth of 37.1% in January 2026, marking 26 consecutive months of positive growth, with DRAM and NAND Flash prices increasing by approximately 39% and 35% respectively [3] Group 2 - The "Chip Innovation" ETF tracks the Shanghai Stock Exchange's semiconductor index, which includes 50 companies across semiconductor materials, equipment, design, manufacturing, and testing, with over 90% weight in core areas like integrated circuits and semiconductor equipment [4] - The industry distribution of the semiconductor index shows that integrated circuits account for 72.77%, semiconductor equipment for 18.20%, and semiconductor materials for 4.11% [5] - The annualized return of the semiconductor index has reached 17.93% since its inception, outperforming similar indices, with a lower maximum drawdown, indicating a better risk-return profile [6]

2月13日，科创芯片延续强势，全"芯"科创芯片ETF华宝（589190）场内价格续涨逾1%。富创精密涨超14%，盛科通信-U涨超11%，杰华特、芯原微、拓荆 科技、华虹公司等涨幅居前。 | 分时 多日 1分 5分 15分 30分 60分 = | 综合屏 F9 前复权 超级叠加 画线 工具 Φ 2 > | | 科创市 | | | --- | --- | --- | --- | --- | | 589190 H - 芯AETF . [ 026/01/27 收1.020 幅2.00%(0.020) 开0.999 高1.025 低0.981 均 四 | | | | | | | | | 0198 | | | | 2026/01/27-2026/02/13(14日)▼ | | | SSE CNY 10:26:12 交易中 | | +1.040 | | | 净值走势 | सह | | | | 1.030 | 要比 | -21.42% 3 | | | | | F | 0.9 | | | | | 卖口 | 0.98 | | | | | | 0.91 | | | | | | 0.98 | | | | 1.000 | | 0.9 ...

Core Viewpoint - The semiconductor design sector in the STAR Market is experiencing significant growth, with key stocks showing strong performance and an increase in ETF investments, driven by rising demand and pricing in the memory and storage markets [1][2]. Group 1: Market Performance - The STAR Market Chip Design Theme Index (950162) rose by 1.10% as of February 13, 2026, with notable increases in constituent stocks such as Shengke Communication (+10.18%) and Jiewate (+6.45%) [1]. - The E Fund STAR Chip Design ETF (589030) increased by 0.94%, with a recent price of 1.07 yuan, and has seen a cumulative increase of 6.74% over the past week [1]. - The ETF recorded a turnover rate of 2.01% during the trading session, with a total transaction volume of 9.3767 million yuan [1]. Group 2: Fund Growth and Inflows - The E Fund STAR Chip Design ETF has seen a significant increase in scale, growing by 1.7171 million yuan over the past two weeks, ranking second among comparable funds [1]. - The ETF's share count increased by 14.1 million in the past month, also ranking second among comparable funds [1]. - Over the last ten trading days, the ETF attracted a total of 10.7451 million yuan in inflows [1]. Group 3: Industry Insights - According to TrendForce, DRAM contract prices have risen by over 40% in Q4 2025, with further increases expected in Q1 2026, particularly in the DDR4 market due to supply-demand imbalances [2]. - Wanlian Securities highlights the ongoing AI wave driving demand for key hardware components, suggesting that storage and PCB sectors are in an expansion cycle, with potential growth in AI consumer electronics [2]. - The E Fund STAR Chip Design ETF has achieved an 80.00% weekly profit percentage and a 77.78% monthly profit probability since its inception [2]. Group 4: Fee Structure and Index Composition - The management fee for the E Fund STAR Chip Design ETF is 0.50%, and the custody fee is 0.10%, which are among the lowest in comparable funds [3]. - The STAR Market Chip Design Theme Index primarily includes companies involved in chip design, with digital chip design accounting for 76.8% of the index weight, benefiting from industry uptrends [3]. - As of January 30, 2026, the top ten weighted stocks in the index account for 58.7% of the total index, including companies like Lanqi Technology and Haiguang Information [3].

Group 1 - The company, Jiewa Technology Co., Ltd., is holding its first extraordinary shareholders' meeting of 2026 on March 10, 2026 [2][5] - The meeting will be conducted using a combination of on-site and online voting methods, with specific time slots for each [3][5] - Shareholders must register to attend the meeting, with detailed registration procedures outlined for both individual and institutional investors [11][15] Group 2 - The company is involved in a related party transaction where its subsidiary, Hangzhou Lingxin Microelectronics Co., Ltd., will receive an investment from the Nanjing Green Technology Venture Capital Partnership [21][24] - The investment includes a cash contribution of 26.77 million yuan for an equity stake of 10.85% and an additional 33.23 million yuan for a 2.86% equity transfer [21][24] - Following the transaction, the company's direct and indirect ownership in Lingxin Micro will decrease from 44.38% to 42.24%, while maintaining control over the subsidiary [21][24]