Core Viewpoint - The company plans to utilize up to RMB 1.8 billion of temporarily idle funds raised from convertible bonds for cash management, focusing on high-security and liquid financial products [1] Group 1: Board Meeting and Approval - The company will hold its 18th meeting of the fourth board on February 12, 2026, to review the proposal for cash management [1] - The proposal includes using idle funds for investments in safe and liquid financial products, ensuring capital preservation [1] Group 2: Investment Details - The investment will target financial products such as principal-protected wealth management products, structured deposits, large-denomination certificates of deposit, and income certificates [1] - The usage period for these funds will not exceed 12 months from the date of board approval, with the possibility of rolling usage within the approved limit [1] Group 3: Impact on Operations - The cash management strategy will not affect the progress of the fundraising investment projects or the company's normal production and operations [1]

本文转自【人民网－人民日报】； 春节前夕，西安北站的站台上，旅客准备搭乘前往延安的高铁。 刘一江摄 江西省宜春市万载县马步乡，志愿者在敬老院和老人一起包饺子。 周 亮摄（影像中国） 安徽省铜陵市举办春节主题文化和旅游活动，市民游客感受传统年味。 储著传摄（影像中国） 甘肃省兰州市七里河区建兰路年货市场，市民在选购年货。 侯崇慧摄（影像中国） 坐上高铁回延安 本报记者 贾丰丰 春节前夕，记者坐上西安北至延安的G2110次高铁。 "咱们这车，每分钟最快能跑5.8公里。"国铁西安局西安客运段列车长刘可意是地道的陕北姑娘，在开 往家乡的高铁上工作，话语中满是自豪。 记者一落座，就遇上个热情的邻座大哥，句句不离这高铁。"县城在塬上，以前的火车站在塬下，30多 里路要走好久。一下雪，哪也去不了，耽搁了不少生意！"家住延安洛川县的杜大哥，卖了15年苹果。 "高铁一通，车站就在家门口，我一个月跑了8趟西安。"他嗓门亮，说话像唱歌，"还有3拨客户坐高铁 来洛川，到园里看果树、到冷库选果形。果子卖得好，收入翻了倍！" 洛川站的高铁快运业务开通后，洛川苹果将实现"早上采摘，下午达西安和北京，24小时至粤港澳"，运 输损耗率也从15 ...

Group 1 - Infineon announced a price increase for power switches and related chips starting April 1, 2026, due to ongoing supply constraints and rising costs of raw materials and infrastructure, which may improve profit margins for domestic manufacturers [1] - CITIC Construction Investment Securities believes that AI-driven logic and storage expansion demand will continue to rise, with a significant gap in advanced logic production in China, leading to accelerated expansion in this area [1] - As of February 6, 2026, the STAR Market Semiconductor Materials and Equipment Index (950125) rose by 0.77%, with notable increases in component stocks such as Oulain New Materials (up 4.69%) and Nake Equipment (up 3.71%) [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the STAR Market Semiconductor Materials and Equipment Index (950125) accounted for 73.89% of the index, including companies like Huahai Qingke and Zhongwei Company [2]

Report Industry Investment Rating No investment rating information provided in the report. Core Views of the Report - Although the convertible bond valuation is becoming increasingly frothy and the allocation cost - effectiveness is low, the long - term and slow - bull pattern of the equity market remains unchanged. With potential incremental funds in the future, the A - share market's long - term and slow - bull market is expected to continue. Against this backdrop, the convertible bond valuation may have room for further upside and still holds trading value, but with high volatility. In trading, avoid high - price and high - premium and near - call convertible bonds, and focus on industries with continuous upward momentum and high performance realization [1][25]. - Specific investment suggestions include: (1) Pay attention to convertible bonds in the AI technology field such as Aiwei Convertible Bond, Luwei Convertible Bond, Huamao Convertible Bond, and Chun23 Convertible Bond; (2) Focus on large - scale chemical, coal, and precious metal sectors, and suggest paying attention to Naipu Zhuan02 and Pingmei Convertible Bond; (3) Consider individual bonds at relatively low levels and on the verge of rising from the cycle bottom, such as Huitian Convertible Bond and Huakang Convertible Bond [1][25]. Summary by Relevant Catalogs 2.1 26 - year 1 - month Market Review - Equity Market - The equity market had a strong start in January 2026, driven by the continuation of the bullish sentiment at the end of 2025 and the capital allocation demand at the beginning of the year. The Shanghai Composite Index reached 4190.9 points on January 14, hitting a new high since September 24, 2024. The main market trends were driven by commercial space, AI, and the pro - cyclical market spurred by record - high precious metal prices. The market was cooled down by the increase in the minimum margin ratio for margin trading, but the bullish sentiment remained strong, and the index fluctuated upward. The monthly returns of the CSI 300, CSI 2000, and Wind Micro - cap Index were + 1.7%, + 8.2%, and + 10.6% respectively, and the Shanghai Composite and ChiNext Index rose by + 3.8% and + 4.5% respectively. The average daily trading volume of the Shanghai, Shenzhen, and Beijing stock exchanges was 3.04 trillion yuan, a significant increase from December 2025 [26]. - Most industry sectors in the equity market closed higher in January. The non - ferrous metals sector led the rise due to the sharp increase in COMEX gold, silver, and copper prices. The pro - cyclical sectors such as petrochemicals, chemicals, coal, and steel also performed well. The media and computer sectors were boosted by the development of AI applications. The electronics, power equipment, and military industries also showed some performance, while the consumption and large - scale financial sectors underperformed [29]. 2.2 26 - year 1 - month Market Review - Convertible Bond Market - In January, the convertible bond market was driven by both the underlying stocks and valuation, with the CSI Convertible Bond Index rising 5.8%, the same as the Wind All - A Index. Structurally, high - price, small - cap, and low - rating convertible bonds outperformed, and the high - price and low - premium convertible bonds significantly outperformed the double - low index. The average daily trading volume of the convertible bond market was 920.3 billion yuan, an increase from December 2025. In terms of industries, most of the 29 Shenwan industry convertible bond indexes rose, with machinery and communication leading the way. Among individual bonds, semiconductor - related convertible bonds such as Jingce Zhuan2, Huayi, and Dinglong Convertible Bond had the highest monthly returns [36][38]. 3. Convertible Bond Valuation - In January, the convertible bond valuation became more frothy. The 100 - yuan premium rate of the convertible bond market at the end of the month was 42.6%, up 4.45 percentage points from the end of December 2025, reaching the 99.5% and 99.3% quantiles since 2018 and 2021 respectively. The conversion premium rates for different par values of 40, 60, 80, 90, 110, 120, and 130 yuan increased by varying degrees compared to the end of December 2025 and were at high quantile levels [40]. - Measured by the median price of the whole market, the median price of convertible bonds at the end of the month was 140.0 yuan, up 6.3 yuan from the end of December 2025, and the median par value was 108.6 yuan, up 6.9 yuan. The median conversion premium rate and pure bond premium rate also changed compared to the end of December 2025 [47]. 4. Convertible Bond Supply and Demand 4.1 Convertible Bond Supply - In January 2026, the issuance scale of convertible bonds increased slightly year - on - year and month - on - month. Five new convertible bonds were issued, with a total scale of 57.8 billion yuan. Eight convertible bonds with a total scale of 55.87 billion yuan obtained registration approval, and 11 public convertible bond board proposals were announced, with a to - be - issued scale of 137.99 billion yuan. Thirteen convertible bonds announced call redemption and two matured and were redeemed [55][59][60]. 4.2 Convertible Bond Demand - In the context of the A - share market's trend, the share of convertible bond ETFs stopped falling and rebounded, and public funds further increased their positions in convertible bonds. Insurance funds continued to reduce their positions in convertible bonds due to the high valuation. The enterprise annuity's holdings of convertible bonds on the Shanghai and Shenzhen stock exchanges showed different trends, but overall, it was expected to maintain a slight reduction trend [61]. 5. Clause Tracking 5.1 Redemption - As of January 30, 13 convertible bonds were confirmed for call redemption, 21 were likely to be called, and 14 were not to be called [64]. 5.2 Downward Revision - As of January 30, four convertible bonds confirmed downward revisions, five proposed downward revisions, five were likely to trigger downward revisions, and 18 announced no downward revisions for the time being [67].

Core Viewpoint - The company, Aiwei Electronics, focuses on the research and design of high-performance analog-digital mixed signal chips, with no current involvement in brain-computer interface applications [1] Group 1: Company Focus - Aiwei Electronics specializes in the development of ADC (Analog-to-Digital Converter) chips [1] - The primary applications of the company's ADC chip products include consumer electronics, industrial interconnects, and automotive electronics [1] - The company has not ventured into the brain-computer interface sector as of now [1]

Core Viewpoint - The company, Aiwei Electronics, focuses on the research and design of high-performance analog-digital mixed signal chips and does not currently have products for the brain-computer interface field [1] Group 1: Company Focus - Aiwei Electronics specializes in the development of high-performance analog-digital mixed signal chips [1] - The company's ADC chip products are primarily used in consumer electronics, industrial interconnects, and automotive electronics [1] - Currently, the company has not ventured into the brain-computer interface sector [1]

Group 1 - The core focus of the company is on the research and development of high-performance analog-digital mixed signal chips [1] - The company's ADC chip products are primarily applied in consumer electronics, industrial interconnects, and automotive electronics [1] - Currently, the company has not ventured into the brain-computer interface sector [1]

Group 1 - The core focus of the company is on the research and development of high-performance analog-digital mixed signal chips [1] - The company's ADC chip products are primarily applied in consumer electronics, industrial interconnects, and automotive electronics [1] - Currently, the company has not ventured into the brain-computer interface sector [1]

行 业 华福证券 电子 2026 年 02 月 02 日 行 业 投 资 策 略 截止到 2025Q3，三星 25Q1-Q3 全球智能手机出货量达到 6060 万 台，市场份额达 19%，保持全球第一；苹果 25Q3 出货量为 5650 万台， 同比上升 4%，市场份额位列第二；其次为小米/传音/vivo。据环球网 援引IDC 报告显示 2025年全球智能手机出货量预计将达到 12.4 亿部， 2024-2029 年 CAGR=1.5%，呈现温和增长。展望 2026 年，我们持续看 好手机结构化升级带来的创新需求，包括潜望式镜头成为安卓/苹果高 端手机标配带来渗透率持续提升。 研 究 电子行业 2026 年度策略报告：AI 与自主可控共 振 投资要点： 预计 2026 年手机行业温和复苏，看好结构创新带来增量需求 证 券 研 随着国产算力需求的不断增加，先进制程的产能需求也不断提升。 中芯国际、华虹公司、长鑫存储等企业的先进制程制造产能预计不断 增加。成熟制程工艺各个制造商各有千秋，特色工艺投资机会显现。 芯联集成、晶合集成、赛微电子各自特色领域优势显著。内生增长以 及外延并购提升半导体设备覆盖率。半导体制造 ...

Group 1 - The company announced that the term of the board of directors, various committees, and senior management will expire on February 2, 2026 [2] - To ensure continuity of work, the term renewal will be appropriately postponed, allowing current personnel to continue their duties until the elections are completed [2]