Group 1 - The core viewpoint of the news is that Lexin Technology's stock price increased by 5.05%, reaching 171.66 yuan per share, with a trading volume of 533 million yuan and a turnover rate of 2.03%, resulting in a total market capitalization of 28.692 billion yuan [1] - Lexin Technology, established on April 29, 2008, and listed on July 22, 2019, is primarily engaged in the research, design, and sales of integrated circuit products [1] - The main revenue composition of Lexin Technology includes modules and development kits at 60.47%, chips at 38.89%, and other sources at 0.64% [1] Group 2 - Among the top circulating shareholders of Lexin Technology, a fund under Harvest Fund ranks first, having reduced its holdings by 100,100 shares to 2.134 million shares, which represents 1.36% of the circulating shares [2] - The Harvest SSE STAR Chip ETF (588200) was established on September 30, 2022, with a latest scale of 39.658 billion yuan, achieving a year-to-date return of 11.86% and a one-year return of 71.63% [2] - The fund manager, Tian Guangyuan, has a cumulative tenure of 4 years and 342 days, with the fund's total asset scale at 79.133 billion yuan, achieving the best return of 163.5% and the worst return of -46.65% during his tenure [2]

近7日(2026年2月6日至12日)，乐鑫科技股价区间涨幅1.93%，振幅4.76%，最高价166.44元(2月12日)， 最低价158.75元(2月6日)。截至2月12日收盘，股价报164.64元，当日涨0.75%，半导体板块同期涨 2.26%。资金流向方面，2月11日主力资金净流出433.08万元，但2月12日主力净流入1767.84万元，显示 短期资金面波动。融资融券余额截至2月11日为8.66亿元，较前期略有下降。 经济观察网乐鑫科技于2026年2月2日董事会审议通过股份回购方案，并于2月3日披露公告。根据2月12 日发布的回购前股东持股情况，截至2月2日，控股股东乐鑫(香港)投资有限公司持股36.62%，全国社保 基金一一四组合持股1.65%，嘉实上证科创板芯片ETF等机构产品在列，前十大股东合计持股超49%。 无限售条件股东中，乐鑫香港持股比例提升至39.06%。回购计划旨在提升股东回报，优化资本结构。 股票近期走势 以上内容基于公开资料整理，不构成投资建议。 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 乐鑫信息科技（上海）股份有限公司（以下简称"乐鑫科技"或"公司"） 于 2026 年 2 月 2 日召开了第三届董事会第十三次会议，审议通过了《关于以集 中竞价交易方式回购公司股份方案的议案》，具体详见公司于 2026 年 2 月 3 日在 上海证券交易所网站(www.sse.com.cn)披露的《关于以集中竞价交易方式回购公 司股份方案的公告》（公告编号：2026-003）。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关 规定，现将董事会披露回购股份方案前一个交易日（2026 年 2 月 2 日）登记在 册的前十大股东和前十大无限售条件股东的名称、持股数量及持股比例公告如 下： | 序号 | 股东名称 | | 持股数量 | 持股比例 | | --- | --- | --- | --- | --- | | | | | （股） | （%） | | 1 | 樂鑫（香港）投資有限公司 | | 61,210,572 | 36.62 | | 2 | 香港中央结 ...

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]

Group 1: Industry Overview - The AI infrastructure construction is still in a phase of large-scale investment, with the four major CSP companies' capital expenditures expected to reach $670 billion in 2026, a year-on-year increase of 60% [3] - The global semiconductor industry is projected to achieve a record high sales of $791.7 billion in 2025, with a year-on-year growth of 25.6%, and is expected to exceed $1 trillion in 2026 driven by emerging technologies like AI and IoT [4] - The price increase trend in the semiconductor industry is spreading from memory chips to power chips, analog chips, and MCUs, indicating a comprehensive price increase cycle [4] Group 2: Company Performance - Google's Q4 2025 revenue reached $113.83 billion, a year-on-year increase of 17.99%, with a net profit of $34.45 billion, reflecting a 29.84% growth [3] - Amazon's Q4 2025 revenue was $213.39 billion, up 13.63% year-on-year, with a net profit of $21.19 billion, a 5.94% increase [3] - Both companies are experiencing significant growth in their cloud and advertising businesses, with Google's cloud revenue growing by 48% year-on-year in Q4 2025 [3] Group 3: Investment Recommendations - The industry is witnessing a gradual recovery in demand, with strong performance expected in AIOT, semiconductor equipment, key components, and price increases in storage [5] - Companies to watch include those benefiting from strong domestic and international demand in the AIOT sector, such as Lexin Technology, Hengxuan Technology, and Rockchip [6] - The semiconductor equipment and materials industry is also highlighted for potential investment opportunities, with companies like North Huachuang and Zhongwei Company being recommended [6]

Investment Rating - The report maintains a "Neutral" investment rating for the electronic sector, indicating a cautious outlook amidst ongoing market fluctuations [4]. Core Insights - The AI infrastructure construction is still in a phase of large-scale investment, with the four major CSP companies expected to collectively reach capital expenditures of $670 billion in 2026, a 60% year-on-year increase [4][10]. - The global semiconductor industry is projected to achieve record sales of $1 trillion in 2026, driven by emerging technologies such as AI and IoT, with a price increase trend spreading from memory chips to power, analog, and MCU chips [4][12]. - The electronic sector is experiencing a recovery in demand, with storage chip prices rising and domestic production efforts exceeding expectations [4]. Summary by Sections Industry Overview - The electronic sector is witnessing a significant increase in capital expenditures from major CSPs, with Google and Amazon both reporting substantial growth in their cloud and advertising businesses [4][10]. - The semiconductor industry is entering a comprehensive price increase cycle, with sales reaching $791.7 billion in 2025, a 25.6% increase year-on-year, and expected to exceed $1 trillion in 2026 [4][12]. Investment Recommendations - The report suggests focusing on structural opportunities in AI computing, AIOT, semiconductor equipment, key components, and storage price increases [4]. - Specific companies to watch include: - AIOT beneficiaries: Lexin Technology, Hengxuan Technology, and others [5]. - AI innovation-driven sectors: Cambrian, Moore Threads, and others [5]. - Semiconductor equipment and materials: North Huachuang, Zhongwei Company, and others [5]. Market Performance - The electronic sector underperformed the market this week, with the Shenwan Electronic Index dropping 5.23%, while the overall market saw a decline of 1.33% [4][19]. - Sub-sectors such as semiconductors and electronic components experienced significant declines, with semiconductor stocks down 7.97% [21].

Core Insights - The report emphasizes the dual focus on AI advancements and the deepening of domestic network capabilities in the communication industry, predicting significant growth in AI-related investments and domestic production across various segments [4][5][6] - The anticipated performance for Q4 2025 shows a robust increase in net profits for key companies, with some expected to see over 50% year-on-year growth [4][15] Group 1: AI and Network Development - The AI focus is expected to evolve around overseas mapping, optical communication trends, and changes in optoelectronic technology, with a shift from Scale out to Scale up in ecosystem development [4][5] - Domestic production trends are accelerating across four key areas: chips, cloud, network, and end devices, with significant growth potential in the chip sector due to global supply chain dynamics [4][5] - The report highlights the expected explosion in demand for optical devices and chips, driven by AI needs and the introduction of new technologies like silicon photonics [5][6] Group 2: Company Performance Predictions - Key companies are projected to experience substantial profit growth, with notable increases such as Heertai (+798%), Guangku Technology (+439%), and 5.5G Canqin Technology (+290%) [4][15] - The report outlines specific performance forecasts for major players, indicating a strong recovery in demand across various sectors, including optical communication and satellite internet [4][15] - Companies like China Mobile and ZTE are expected to benefit from increased capital expenditures directed towards AI and network investments, enhancing their revenue and profitability [6][15] Group 3: Investment Opportunities - The report identifies several investment opportunities in the AI computing network, including companies like Zhongji Xuchuang and Xinyi Technology, which are positioned to benefit from the growing demand for AI capabilities [4][6] - The satellite internet sector is highlighted as having high barriers to entry and significant long-term investment potential, with companies like Zhenyou Technology and Xinke Mobile being key players [4][6] - The IoT sector is expected to see a surge in demand driven by AI and robotics, with companies like Lexin Technology and Guanghe Technology poised for growth [10][11]

2026 年 2 月 6 日 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 周 报 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 半导体行业 超配（维持） 半导体行业双周报（2026/01/23-2026/02/05） 行 业 存储芯片公司 25Q4 业绩表现亮眼 半导体行业指数近两周涨跌幅：截至2026年1月22日，申万半导体行业指数 近两周（2026/1/23-2026/2/5）累计下跌7.68%，跑输沪深300指数6.55个 百分点；2026年以来申万半导体行业指数累计上涨9.77%，跑赢沪深300指 数8.90个百分点。 SAC 执业证书编号： 半导体行业（申万）指数走势 行业新闻与公司动态：（1）铠侠：在AI ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2026-006 注：上述变动情况暂未考虑其他因素影响，以上测算数据仅供参考，具体回购股份数量 及公司股权结构实际变动情况以后续实施情况为准。 乐鑫信息科技（上海）股份有限公司 关于以集中竞价交易方式回购公司股份的 回购报告书的更正公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 乐鑫信息科技（上海）股份有限公司（以下简称"乐鑫科技"或"公司"） 于 2026 年 2 月 4 日披露了《乐鑫科技关于以集中竞价交易方式回购公司股份的 回购报告书》（公告编号：2026-004），现对原公告列示有误内容进行更正，具体 更正内容如下： 更正前： （七）预计回购后公司股权结构的变动情况 按照本次拟回购金额下限人民币 5,000 万元（含）和上限人民币 10,000 万元 （含），回购价格上限 170.29 元/股进行测算，假设本次回购股份全部用于员工 持股或股权激励计划并全部予以锁定，预计公司股权结构的变动情况如下： | 股份类别 | 本次回购前 | | 按照回购金额上限 | ...

Core Viewpoint - Lexin Technology (688018.SH), a leading company in the AIoT chip sector, has proposed a share buyback plan to demonstrate confidence in its development and maintain investor interests [1][2]. Financial Performance - For the first three quarters of 2025, Lexin Technology achieved revenue of 1.912 billion yuan, a year-on-year increase of 30.97%, and a net profit attributable to shareholders of 377 million yuan, up 50.04% year-on-year [1][4]. - The company's comprehensive gross margin rose to 46.17%, an increase of 3.36 percentage points compared to the same period last year [4]. Share Buyback Plan - The proposed share buyback will utilize self-owned funds, with a total amount ranging from 50 million yuan to 100 million yuan, and a maximum repurchase price of 170.29 yuan per share [2]. - The buyback is expected to involve 293,600 to 587,200 shares, representing 0.18% to 0.35% of the company's total share capital [2]. Financing and Investment Plans - Concurrently with the buyback, Lexin Technology is advancing its financing efforts, planning to raise up to 1.778 billion yuan through a private placement to invest in core projects such as Wi-Fi 7 and AI edge chips [3]. - This marks the company's third attempt at refinancing since its listing in 2019, with previous attempts having been terminated [3]. Research and Development - Lexin Technology has consistently increased its R&D investment, with cumulative R&D expenses reaching 1.926 billion yuan from 2021 to the first three quarters of 2025 [5]. - The company has obtained a total of 210 authorized patents and software copyrights, including 101 invention patents and 39 U.S. patents, reflecting its strong focus on innovation [5].