Core Viewpoint - The A-share market is set to open after the Spring Festival, with investors keenly watching for a "good start" in trading, influenced by the positive performance of the Hong Kong stock market during the holiday period [2] Group 1: Hong Kong Market Performance - The Hong Kong stock market showed a strong performance during the Spring Festival, with the Hang Seng Index and Hang Seng Tech Index experiencing upward trends, while traditional sectors like dairy and media lagged [2][3] - Gold stocks surged due to rising international gold prices, with Zijin Mining up over 8% and Shandong Gold up 7.53% during the holiday [3] - The renewable energy sector also performed well, with companies like Ruipu Lanjun and Ganfeng Lithium seeing significant gains, driven by optimistic forecasts for lithium prices [3] Group 2: Technology Sector Insights - The technology sector, particularly AI infrastructure, saw notable gains, with Longi Green Energy rising over 15% as demand for optical fibers surged due to AI data center construction [4] - Companies in the AI and robotics space, such as MINIMAX and Yujian, experienced substantial increases, reflecting heightened market interest in AI technologies [5] Group 3: Market Outlook Post-Festival - Historical data indicates a 75% probability of the Shanghai Composite Index rising in the five days following the Spring Festival, suggesting a positive market sentiment [9] - Various brokerages have differing views on post-festival investment opportunities, with a focus on technology growth, small-cap stocks, and sectors benefiting from policy changes [10] - The upcoming Two Sessions are expected to catalyze market movements, with infrastructure projects likely to see seasonal opportunities [10][11]

供给端同样释放紧张信号。SK海力士近日透露，目前DRAM及NAND库存仅剩约4周，且没有任何客户 能完全满足需求，存储芯片正全面进入卖方格局。 作为此轮行情的焦点，长飞光纤的基本面支撑来自光纤光缆行业供需关系的显著改善。广发证券研报指 出，2026年1月中国市场G.652.D单模光纤均价突破40元/芯公里，创近七年新高，单月涨幅超过75%； 目前中国四大光纤龙头和海外头部厂商的产能均已满负荷运转，短期内供需关系难以缓解。据英国商品 研究所（CRU）数据，长飞光纤在预制棒、光纤、光缆三大核心产品的市场份额自2016年起连续9年位 居全球第一。2025年前三季度，公司实现营业收入102.75亿元，同比增长18.18%。 2月23日，港股算力硬件板块再度走强，光通信龙头长飞光纤光缆（06869.HK）领涨，市值突破千亿港 元大关，年内累计涨幅已超150%。壁仞科技（06082.HK）、英诺赛科（02577.HK）同日均录得逾9% 的涨幅，中芯国际（00981.HK）等芯片股亦明显上扬。 本轮算力硬件板块的强势表现，与AI应用加速落地带来的底层算力需求密切相关。春节期间，智谱发 布的GLM-5大模型因全球需求激增，并 ...

Market Performance - The Hong Kong stock market showed a positive sentiment today, with all three major indices rising collectively. The Hang Seng Index increased by 2.53% to close at 27,081.91 points, the Hang Seng Tech Index rose by 3.34% to 5,385.35 points, and the China Enterprises Index gained 2.65% to finish at 9,197.38 points [2] - During the Spring Festival period, the Hang Seng Index accumulated a nearly 2% increase over three trading days [3] Sector Performance - In terms of sector performance, gold, non-ferrous metals, lithium batteries, and computing hardware concepts saw significant gains, while tourism, film, and paper stocks declined [3] - Notable stocks in the computing hardware sector included Changfei Optical Fiber, which surged over 14%, InnoCare, which rose by over 10%, and SMIC, which increased by approximately 5% [3] Gold Stocks - Gold stocks experienced a boost due to geopolitical risks, with Tongguan Gold rising by 12.58%, Chifeng Gold increasing by 7.96%, and Zijin Gold International gaining 6.82% [5] - The price of gold has surged, with spot and futures prices rising significantly, and gold prices have surpassed $5,100 [6] Lithium Battery Sector - The lithium battery sector received positive outlooks from institutions, with Ruipu Lanjun rising by 15.42%, Zhongchuang Innovation rising by 7.35%, and Zhengli New Energy increasing by 4.52% [7] - Reports from major investment research institutions highlighted a strong demand for lithium driven by the electric vehicle market and global energy storage needs, leading to an upward revision of expectations for key Chinese lithium companies [7] Individual Stock Movements - Zhihui experienced a significant decline of 22.76% following an apology letter regarding a revision of its GLM Coding Plan [8] - Zhejiang Shibao saw a rise of nearly 20% amid speculation in the autonomous driving sector, following Tesla's announcement of the first Cybercab rolling off the production line [8]

2月23日，三大指数高开高走集体大涨。截至收盘，恒指涨2.53%，国指涨2.65%，恒生科技指数涨 3.34%。 科网股普涨，美团涨超5%，阿里巴巴、小米涨超3%，腾讯、京东涨超2%。半导体（核心股）、AI芯 片（核心股）股走强，英诺赛科、壁仞科技涨超9%，华虹半导体、中芯国际涨逾4%。光通讯概念走 强。长飞光纤光缆涨14%，剑桥科技涨超5%。 责任编辑：安东 AI大模型、机器人（核心股）板块回落，智谱大跌超22%，海致科技集团跌超21%，MINIMAX-WP跌 超13%，优必选跌超2%。消费股表现弱势，免税龙头中国中免跌超8%，蜜雪集团跌超1%。 恒生指数成分股中83只上涨，5只下跌，其中紫金矿业涨5.4%；美团-W涨5.3%，股价触底反弹，机构称 AI投资有望进入产业趋势下半场，科网股全线回暖；中芯国际涨5.0%。跌幅方面，蒙牛乳业跌1.9%， 美的集团跌0.7%。恒生科技指数成分股中29只上涨，1只下跌，其中蔚来-SW涨5.6%；华虹半导体（核 心股）涨4.5%，机构认为公司新12英寸晶圆厂Fab9A将于今年达到最高产能。 锂电概念股涨幅扩大，瑞银大幅上调国内锂价预测，市场进入第三次锂价超级周期，电动汽 ...

Core Viewpoint - InnoLux has entered Google's AI hardware supply chain by completing the design integration of its GaN power chips and signing a compliance supply agreement, indicating a strategic move to capture the future high-voltage DC upgrade in data centers [1] Group 1: Company Developments - InnoLux's GaN power chips have been integrated into an important design for Google's AI hardware platform [1] - The company has signed a compliance supply agreement, marking its official entry into the supply chain for Google's AI servers and data centers [1] Group 2: Market Insights - The penetration rate of GaN in AI server power supplies is expected to increase rapidly, projected to rise from approximately 15% in 2025 to over 40% by 2027, indicating a growing market opportunity [1] - InnoLux is collaborating with power manufacturers and server ODMs to promote the large-scale implementation of GaN power solutions in data center scenarios [1]

Core Viewpoint - InnoLux (02577) has entered Google's AI server and data center supply chain by completing the design integration of its gallium nitride (GaN) power chips and signing a compliance supply agreement, indicating a strategic move to capture the high-voltage direct current upgrade in future data centers [1][5]. Group 1 - InnoLux's stock price rose by 11.36%, currently trading at HKD 68.60, with a trading volume of HKD 235 million [1][5]. - The application penetration rate of gallium nitride in AI server power supplies is expected to increase rapidly, projected to rise from approximately 15% in 2025 to over 40% by 2027, indicating a growing market opportunity [1][5]. - InnoLux is collaborating with power manufacturers and server ODM companies to promote the large-scale implementation of GaN power solutions in data center scenarios, focusing on key customers [1][5].

Core Viewpoint - InnoLux (02577) has seen a significant stock increase of over 7% following the announcement of its GaN power chips being integrated into Google's AI hardware platform, marking its entry into Google's AI server and data center supply chain [1] Group 1: Company Developments - InnoLux's GaN power chips have completed important design integration with Google's AI hardware platform and a compliance supply agreement has been signed [1] - The company aims to seize strategic advantages in the high-voltage direct current upgrade for future data centers [1] Group 2: Market Insights - The penetration rate of GaN in AI server power supplies is expected to rise rapidly, with forecasts indicating an increase from approximately 15% in 2025 to over 40% by 2027, indicating a growing market space [1] - InnoLux is collaborating with power manufacturers and server ODM companies to promote the large-scale implementation of GaN power solutions in data center scenarios [1]

岁序更替，骏启新程。值此2026新春之际，谨代表钛信资本，向所有创业者、投资人 及行业同仁致以新年问候！回望2025，投资行业在调整中企稳，在坚守中突破，钛信 资本秉持"精品重度、聚焦龙头"的投资理念，迎来了深耕硬科技赛道的收获期：英诺 赛科（02577.HK）、西安奕材（688783）成功上市，盛合晶微科创板IPO获受理， 道通智能启动IPO辅导，以扎实的业绩印证了深度价值投资的确定性。 展望2026，钛信资本将继续锚定全球性技术领先的龙头企业，聚焦硬核科技核心赛 道，深化"境内+境外"双轮驱动布局，以深度研究构建认知壁垒，用极致克制把握稀 缺投资机会，与更多优质龙头企业携手，穿越产业周期，共创长期价值。 al PARTE 骏 马 启 新 · 创 赢２０２６ 证券时报。全国创投协会联盟 National Alliance of Venture Capital Associations 業 候旭記 錶信愛本合伙 END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 美股V型反弹！Meta计划部署数百万颗英伟达芯片！美联储，降息大消息 ...

Core Viewpoint - TSMC's decision to exit the GaN foundry service by July 2027 is reshaping the GaN industry landscape, transitioning from reliance on advanced foundries to a focus on specialty process foundries [2][19]. Group 1: TSMC's Exit and Industry Impact - TSMC has been a crucial player in the GaN industry, being the only foundry capable of providing both high and low voltage GaN solutions [2]. - The exit of TSMC is prompting second-tier foundries to accelerate their capacity to fill the void left behind, leading to a reconfiguration of GaN manufacturing capabilities [2][5]. - GlobalFoundries (GF) has signed a GaN technology licensing agreement with TSMC, aiming to establish itself as a strategic GaN production center in the U.S. with over $80 million in federal funding [3]. Group 2: New Entrants and Strategic Moves - World Advanced (VIS), a TSMC subsidiary, is also entering the GaN market by expanding its GaN-on-Si capabilities, targeting mid-to-low margin orders previously handled by TSMC [3]. - Navitas, a major GaN customer of TSMC, is diversifying its supply chain by partnering with PSMC for 200mm GaN-on-Si production and strengthening ties with GF to mitigate manufacturing risks [4]. - ROHM is shifting from relying on TSMC to producing GaN devices in-house, establishing a new 8-inch wafer production line in Japan [7]. Group 3: Market Dynamics and Growth Projections - The GaN market is expected to grow significantly, with projections indicating a market size of approximately $3 billion by 2030 and a compound annual growth rate (CAGR) of 42% from 2024 to 2030 [10]. - The demand for GaN is expanding beyond consumer applications into high-reliability sectors such as data centers and electric vehicles, with automotive applications projected to grow at a CAGR of 73% from 2024 to 2030 [13]. - The shift in GaN applications is moving from consumer electronics to critical systems in data centers and automotive power supplies, emphasizing the need for reliability and efficiency [19]. Group 4: Structural Changes in the GaN Industry - The exit of TSMC is not a sign of declining GaN demand but rather a transition towards a decentralized manufacturing model, where multiple foundries share the production load [19]. - The industry is witnessing a redistribution of power, with IDM manufacturers regaining control over core processes and Fabless companies gaining more flexible manufacturing options [19]. - The GaN industry is evolving into a more independent and scalable sector, moving away from dependence on a single advanced foundry [19].

Core Viewpoint - The recent stock price fluctuations of InnoScience (02577.HK) are primarily driven by its entry into Google's AI hardware supply chain, intertwined with market sentiment, industry performance, and company fundamentals [1]. Recent Events - On February 3, 2026, InnoScience announced that its Gallium Nitride (GaN) power chips have completed significant design integration into Google's AI hardware platform and signed a compliance supply agreement, officially entering Google's AI server and data center supply chain. This collaboration focuses on high-growth areas, highlighting the company's technological leadership and serving as a direct catalyst for the stock price. Following this news, the stock opened over 11% higher on February 4 and closed up 3.90% at HKD 55.90 [2]. Stock Performance - After the announcement, the stock price continued to rise, with a single-day increase of 6.87% on February 10 (closing at HKD 60.65) and a further rise of 4.41% to HKD 61.60 on February 12. As of the close on February 13, the stock was at HKD 63.50, reflecting a cumulative increase of 17.59% from the low of HKD 54.00 on February 6. Trading activity increased significantly, with a transaction volume of HKD 798 million on February 10 and a turnover rate of 2.51%, indicating a notable rise in investor interest. On February 13, the transaction volume remained high at HKD 518 million. The semiconductor sector also showed strength during this period, with InnoScience, as a leader in GaN technology, receiving substantial capital support and achieving notable gains [3]. Industry Position - InnoScience is the world's first IDM company to achieve large-scale production of 8-inch silicon-based GaN, with a monthly capacity of 15,000 wafers and a yield rate of 97%. Its products can enhance server power density by 50%. The company has received recognition from major players like NVIDIA and Google, reinforcing market expectations regarding its positioning in the AI computing supply chain [4]. Financial Performance - In the first half of 2025, the company reported revenue of HKD 553 million, a year-on-year increase of 43.43%. The gross margin improved from -21.6% to 6.8%, although the net profit remained a loss of HKD 429 million. The collaboration with Google is expected to accelerate the commercialization of its high-end business (AI/data centers), potentially aiding in the reduction of losses [5]. Industry and Risk Analysis - Market sentiment is mixed: while the AI computing theme is gaining traction, the company's valuation is under pressure (TTM P/E ratio of -53.73). Some investors are taking profits, leading to intraday stock price volatility. The GaN sector is characterized by rapid technological iterations, and the company faces competition from international giants. Continuous losses and high R&D expenditures may exacerbate financial pressures. The stock price fluctuations reflect a market interplay between "short-term boosts from significant collaborations" and "long-term uncertainties regarding profitability." The partnership with Google validates the company's technological capabilities and growth potential, but the sustainability of the stock price will depend on the progress of order fulfillment and actual improvements in profitability [6].