Group 1 - Guangzhou aims to accelerate the construction of the Guangdong-Hong Kong-Macao Greater Bay Area aerospace and intelligent manufacturing base, focusing on technology innovation and industrial upgrades in key sectors such as artificial intelligence, robotics, and semiconductors [1][2] - The city plans to introduce local regulations to promote artificial intelligence and low-altitude economy, optimize the business environment, and enhance overall industrial competitiveness [2][3] - Guangzhou will establish a national artificial intelligence application pilot base and improve public data authorization operations, while also launching initiatives to enhance computing power and service systems [2][3] Group 2 - Dongguan is focusing on developing technology-driven industries, particularly in artificial intelligence, robotics, low-altitude economy, and semiconductors, while emphasizing quality and brand enhancement [3][4] - Huizhou plans to establish a municipal-level artificial intelligence and robotics bureau, leveraging its strengths in hardware manufacturing within the AI sector [3][4] - Shenzhen, Dongguan, and Huizhou are collaborating on artificial intelligence initiatives, including the establishment of a national AI application pilot base and a scientific alliance for innovation [4][5] Group 3 - The "14th Five-Year Plan" has seen significant technological innovation achievements, with Shenzhen's industrial output maintaining top rankings nationally and strategic emerging industries experiencing double-digit growth [6][7] - Huizhou's "2+1" industrial layout has shown strong performance, with its petrochemical industry leading the province and electronic information sectors also achieving substantial growth [6][7] - Zhuhai is focusing on emerging industries and future sectors, aiming for over 20% growth in AI and robotics-related industries by 2025, while developing new pillar industries [7]

Group 1 - The core focus of Huizhou's development is on artificial intelligence and robotics, with significant achievements in the industry, including Shenghong Technology holding the largest global market share in high-density multilayer PCB for graphics cards, Stone Technology aiming for the top global shipment of service robots by 2025, and Desay SV holding the leading position in smart cockpits and intelligent driving in China [1][2][3] Group 2 - Huizhou's industrial layout includes petrochemical energy new materials, electronic information industry, and health industry, with the petrochemical sector being the largest in Guangdong Province, accounting for 25% of refining, 54% of ethylene, 50% of aromatics, and 68% of PTA production capacity in the province [2] - In the electronic information sector, Huizhou has achieved over 100 billion RMB in four sub-sectors: smart terminals, new energy storage, core basic electronics, and ultra-high-definition video, with service robots and smart TVs accounting for 30% of Guangdong's production, lithium batteries for 20%, and smart speakers for 40% [2] Group 3 - Huizhou plans to invest in 199 projects by 2026, with a minimum investment of 20 billion RMB, and aims to enhance connectivity with Shenzhen through infrastructure projects such as highways and railways [2] - The establishment of the Huizhou Artificial Intelligence and Robotics Bureau is planned to target future industrial development, with the creation of Guangdong's first 10,000-card computing power cluster by Runze Group and a top-three global ranking for Xinqiang Electronic's server heat sink [3]

广东是改革开放的排头兵、先行地、实验区。2025年广东高质量发展取得丰硕成果，科技创新和产业创 新深度融合，"深圳—香港—广州"创新集群跃居全球首位。改革动力开放活力不断增强，大湾区内地九 市获批要素市场化配置综合改革试点。"十五五"时期是我国基本实现社会主义现代化夯实基础、全面发 力的关键时期，也是广东增创新优势、实现新突破的关键时期。 1月28日，广东省第十四届人民代表大会第五次会议召开地市专场记者会，邀请广州、深圳、珠海、东 莞、惠州等5个地市政府主要负责人围绕"增创新优势 实现新突破"主题回答记者提问。 广州：硬联通+软联通+心联通充分发挥大湾区核心引擎作用 "中央要求、湾区所向、港澳所需、广州所能。"发布会上，广州市委副书记、市长孙志洋围绕综合性门 户功能提升、新质生产力培育以及粤港澳大湾区市场一体化等核心议题，系统阐述广州发展（600098） 路径。 他表示作为大湾区核心引擎，广州将以"6+4"城市性质和核心功能为主要牵引，通过强化交通枢纽等"硬 支撑"和制度环境等"软支撑"，发挥好市场、产业、创新、枢纽、开放以及场景等六大优势，全力建设 更具国际竞争力的世界城市，为大湾区建设注入强劲动力。 "强 ...

1、本次股东会无增加议案、否决、修改提案的情况； 2、本次股东会不存在变更前次股东会决议的情况； 3、本次股东会采取现场投票与网络投票的方式进行。 一、会议召开和出席情况 （一）会议召开情况 证券代码：300476 证券简称：胜宏科技 公告编号：2026-009 胜宏科技（惠州）股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 特别提示： 1、会议召开时间： （1）现场会议时间：2026年1月28日（星期三）14:30 3、召开方式：本次股东会采用现场表决与网络投票相结合的方式召开； 4、召集人：公司董事会； 5、主持人：陈涛先生； 6、本次会议符合有关法律、行政法规、部门规章、规范性文件和公司章程 的规定。 （2）网络投票时间：2026年1月28日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为2026年1月 28日9:15—9:25,9:30—11:30和13:00—15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为2026年1月28日9:15 至15:00期间的任意时间。 2、召开地点： ...

中国上海石门一路 288 号兴业太古汇香港兴业中心一座 26 层 邮编：200041 电话：（86-21）5298 5488 传真：（86-21）5298 5492 junhesh@junhe.com 君合律师事务所上海分所 关于胜宏科技（惠州）股份有限公司 2026 年第一次临时股东会之法律意见书 致：胜宏科技（惠州）股份有限公司 君合律师事务所上海分所（以下简称"本所"）接受胜宏科技（惠州）股份 有限公司（以下简称"公司"或"胜宏科技"）的委托，根据《中华人民共和国公 司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、 法规、规范性文件（以下简称"法律、法规"）及《胜宏科技（惠州）股份有限公司 章程》（以下简称"《公司章程》"）的有关规定，按照律师行业公认的业务标准、 道德规范和勤勉尽责精神，就公司 2026 年第一次临时股东会（以下简称"本次股 东会"）有关事宜出具本法律意见书。 为出具本法律意见书之目的，本所律师对公司提供的与本次股东会有关的文 件和事实进行了核查和验证。在本所律师对公司提供的有关文件进行 ...

Core Viewpoint - Despite challenges in its relationship with China, Nvidia's founder Jensen Huang continues to visit China annually, indicating the importance of the Chinese market to the company [2][5][19]. Group 1: Jensen Huang's Visits - Jensen Huang's recent visit to China marks his third consecutive year of New Year visits, which typically include meetings with local employees and participation in company events [2][4]. - Huang's visits are characterized by a mix of self-arranged activities and official invitations, with a focus on engaging with employees and local culture [2][4]. - The visits serve to strengthen relationships with Chinese government officials and local tech leaders, reflecting Nvidia's strategic interest in the Chinese market [5][20][21]. Group 2: Nvidia's Market Position in China - Nvidia's sales in China are projected to exceed $17 billion by 2025, accounting for approximately 13% of its global revenue, making it a crucial overseas market [8]. - The Chinese market is significant for Nvidia due to its high-quality customer base and robust industrial ecosystem, particularly in sectors like AI and automotive [9][10]. - Major Chinese tech companies such as Tencent, ByteDance, and Baidu are key customers for Nvidia, highlighting the company's reliance on the Chinese market for growth [10]. Group 3: Regulatory and Competitive Landscape - Nvidia faces regulatory scrutiny from both the U.S. and Chinese governments, with recent discussions around the security risks of its H20 chip impacting its operations [3][5]. - Despite these challenges, there are indications of a shift in the attitude of Chinese regulatory bodies and tech companies towards Nvidia, as they seek a balance between purchasing Nvidia chips and developing domestic alternatives [6][11]. - Huang's emphasis on the importance of the Chinese market is underscored by the company's ongoing efforts to adapt its product offerings to meet local regulatory requirements [23]. Group 4: Talent and Innovation - Nvidia's Chinese operations employ over 4,000 staff across key cities, focusing on advanced fields such as AI algorithms and autonomous driving [18]. - The company has faced talent challenges, with former employees joining competitors, which has prompted Huang to reinforce the importance of maintaining morale and loyalty within the Chinese team [15][17][19]. - Huang's recognition of China's innovation capabilities and his positive remarks about local companies reflect Nvidia's strategy to align closely with the Chinese tech ecosystem [23].

Core Viewpoint - The article discusses the growth and dynamics of the PCB (Printed Circuit Board) industry, particularly focusing on the demand for copper-clad laminates (CCL) driven by advancements in AI applications and the increasing need for high-speed, high-frequency materials [3][13]. Industry Overview - PCB is referred to as the "mother of electronic products," serving as a carrier for electrical connections and functional integration of electronic components. The demand for PCBs is influenced by the terminal market, showing a stable growth trend [3]. - The cost structure of PCBs reveals that copper-clad laminates account for approximately 27.30% of the total cost, making them a crucial substrate in PCB manufacturing [3]. Market Segmentation - CCL can be classified based on material and structure, with different categories suitable for various applications, including communication devices, consumer electronics, and automotive electronics [10]. - High-frequency and high-speed CCLs are emerging to meet the demands of AI applications, characterized by high signal transmission speeds (10-50 Gbps) and low loss [11]. Market Size and Growth - The global AI application CCL market is projected to reach approximately $2.4 billion by 2025, $5.8 billion by 2026, and $18.7 billion by 2027, with a compound annual growth rate (CAGR) of about 18% from 2024 to 2027. The high-speed CCL market is expected to grow at a CAGR of 40%, significantly outpacing the average growth rate of the CCL market [13]. Competitive Landscape - The global CCL production capacity is primarily concentrated in Asia, with Taiwanese and Japanese companies holding significant market shares. The high-end CCL market is dominated by Taiwanese and Japanese manufacturers, while mainland Chinese companies are expected to ramp up production starting in 2026 [13]. - Key players in the CCL industry include companies like Shengyi Technology, Nan Ya Plastics, and Panasonic, each with unique strengths and market positions [17]. Recent Developments - Shengyi Technology plans to invest 4.5 billion yuan in a high-performance CCL project by 2026 [18]. - Jinan Guojiji has approved a fundraising plan to raise 1.557 billion yuan for a high-grade CCL project and R&D center [18]. - Nan Ya Plastics intends to raise up to 900 million yuan for the development of high-frequency CCLs based on AI computing power [19]. - Huazheng New Materials has recently added a high-end production line, increasing its capacity to 14 million sheets per year [19].

Core Viewpoint - The article highlights that listed companies are gradually overcoming operational difficulties and experiencing performance recovery, driven by initiatives such as "anti-involution," "quality improvement and efficiency enhancement," and "digital transformation" [1] Group 1: Performance Recovery - Nearly 1,250 companies that disclosed performance forecasts are expected to achieve a total net profit of over 173 billion yuan in 2025, with a nearly 100% increase compared to the previous year, marking the highest growth rate in the past five years [1] - The proactive disclosure of orders by listed companies aims to stabilize market expectations, boost investor confidence, and showcase growth potential, leading to a virtuous cycle of performance improvement and market confidence recovery [1] Group 2: Order-Driven Performance - Approximately 60 companies have reported increased orders, which are driving sustained growth or turning losses into profits, primarily in sectors such as electronics, machinery, power equipment, and biomedicine [3] - Among the companies benefiting from order increases, over half are expected to see net profit growth exceeding 100% in 2025, with notable examples including Tongda Co., which anticipates a net profit increase of over 610%, and Shengnuo Biotech, expecting over 280% growth [3][4] - Conversely, around 40 companies are facing revenue declines or losses due to reduced orders, with examples like Duolun Technology and Qinglong Pipe Industry reporting significant drops in revenue [4] Group 3: Market Performance of Order-Driven Companies - Companies driven by order growth have attracted significant market interest, with an average stock price increase of nearly 84% in 2025, outperforming the Shanghai Composite Index [6] - Specifically, companies with expected profit increases have shown an average stock price rise of over 90% in 2025, while loss-turning companies have seen average increases of over 75% [6] Group 4: Order Fulfillment and Future Growth - As of January 27, nearly 50 companies have reported sufficient orders, indicating a solid operational foundation for the year, covering industries such as electronics, defense, power equipment, and automotive [9] - Approximately 60% of these companies are projected to achieve net profit growth or significantly reduced losses in 2025, with 16 companies expected to maintain net profit growth exceeding 10% from 2025 to 2027 [9] - Companies like Shenghong Technology and Bai'ao Intelligent are expected to see substantial net profit growth in the coming years due to their strong order backlogs [9][10]

Core Viewpoint - The latest report indicates a mixed performance among the top ten holdings of the ChiNext 50 ETF (159949), with significant fluctuations in stock prices, reflecting the current market dynamics [1][3]. Group 1: Stock Performance - As of midday, the performance of the top ten holdings varied: Ningde Times fell by 0.89%, Zhongji Xuchuang rose by 5.61%, Xinyi Sheng increased by 4.28%, Dongfang Wealth dropped by 1.63%, and others showed similar fluctuations [1][3]. - The holdings and their respective market values are as follows: Ningde Times at approximately 6.59 billion yuan, Zhongji Xuchuang at about 3.65 billion yuan, and Xinyi Sheng at around 2.68 billion yuan, among others [1]. Group 2: Institutional Insights - China Galaxy Securities highlights that the demand for AI computing power, the upward cycle of storage chips, and the penetration of advanced packaging technology are driving the demand for semiconductor equipment, with strong growth expectations for the semiconductor equipment market by 2026 [1][3]. - Huaxi Securities suggests that, from a medium to long-term perspective, the current market is still in the middle of a "slow bull" trend, with recommendations to focus on sectors such as technology, chemicals, and high-growth industries like electronics and pharmaceuticals [1][3]. Group 3: ETF Performance - The ChiNext 50 ETF (159949) has provided a return of 35.67% over the past three years, outperforming its benchmark and ranking 528th among 1,633 similar products [2][4]. - The ETF is accessible for trading through stock accounts and linked funds, with recommendations for investors to adopt a systematic investment approach to mitigate short-term volatility [2][4].

[Table_Reportdate] 2026年01月27日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 陈伟业 cwy@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20260127 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.药品零售新政出台，赋能行业高质量发展——医药生物行业周报（2026/01/19- 2026/01/25） ➢ 2.2026年全球AI服务器出货同比有望增超28%，AI相关芯片涨价持续——电子行业周报 2026/1/19-2025/1/25 ➢ 1.商务部：将优化实施消费品以旧换新，促进家电等大宗耐用商品消费 ➢ 2.上期所调整白银、锡期货相关合约交易限额 ➢ 3.香港特别行政区行 ...