Core Viewpoint - Hanbell Precise Machinery Co., Ltd. has received the "High-tech Enterprise Certificate" from the Anhui Provincial Department of Industry and Information Technology, the Anhui Provincial Department of Finance, and the State Taxation Administration of Anhui Province, which is valid for three years [1] Group 1 - The certificate number is GR202534003638, and it was issued on October 28, 2025 [1]

关于子公司安徽汉扬通过高新技术企业认定的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 关于子公司安徽汉扬通过高新技术企业认定的公告 证券代码：002158 证券简称：汉钟精机 公告编号：2026-002 上海汉钟精机股份有限公司 本次安徽汉扬通过高新技术企业认定，预计将会对其经营发展产生积极影响，但不会影 响公司 2025 年度经营业绩。 三、备查文件 安徽汉扬《高新技术企业证书》（证书编号：GR202534003638） 特此公告。 上海汉钟精机股份有限公司 董 事 会 二〇二六年二月四日 1 一、基本情况 上海汉钟精机股份有限公司（以下简称"公司"）全资子公司安徽汉扬精密机械有限公 司（以下简称"安徽汉扬"）于近日收到安徽省工业和信息化厅、安徽省财政厅、国家税务 总局安徽省税务局联合颁发的《高新技术企业证书》，证书编号为 GR202534003638，发证日 期为 2025 年 10 月 28 日，有效期三年。 二、通过高新技术企业认定对公司的影响 本次系安徽汉扬首次被认定为高新技术企业。根据《中华人民共和国企业所得税法》以 及国家对高新技术企业的 ...

Summary of Conference Call Notes Industry Overview - The focus is on the AI industry, particularly the token consumption related to AI models and applications, which is deemed essential for the entire AI ecosystem's sustainability [1][2]. Key Points 1. **Token Consumption as a Lifeline**: - AI large model companies and related application firms are currently unable to achieve positive operating cash flow. OpenAI is projected to reach positive cash flow around 2030. Thus, both AI model and application layers rely on fundraising cash flow to subsidize investment and operating cash flows. This dependency on external capital is expected to continue for over three years [1][2]. 2. **Token as a Deflationary Asset**: - Since the launch of ChatGPT by OpenAI in 2022, the cost of tokens has decreased by 99%. The rapid increase in token usage is crucial to offset the deflation in token prices, thereby maintaining high revenue growth, which is essential for attracting continuous external investment in AI [1][2]. 3. **Historical Context of Investment Cycles**: - Drawing parallels with the dot-com bubble, the early 2000s saw internet usage and bandwidth consumption still growing despite the bubble's burst. The collapse was not due to a significant valuation drop but rather a loss of investor confidence, leading to the failure of companies unable to achieve positive cash flow. The Dow Jones Internet Index experienced a maximum decline of over 95% [2]. 4. **Recent Token Consumption Data**: - In the past week, token consumption reached 7.5 trillion, a slight decrease of 2% week-over-week but a significant increase of 987% year-over-year. Google remains dominant with consumption rising from 1.67 trillion to 1.92 trillion, capturing over 25% market share. Anthropic holds the second position, while x-ai has surged to third place with a consumption of 996 billion, surpassing OpenAI [2][3]. 5. **Emerging Players**: - Xiaomi entered the top ranks with a consumption of 587 billion, while MistralAI also made it into the top ten. Other companies like DeepSeek, Tongyi Qianwen, and Z-AI maintained stable rankings [3]. Investment Recommendations - The team continues to recommend investments in the following sectors based on anticipated growth in token consumption and the performance of the AIDC industry chain: - **Energy Supply Chain**: Companies such as Jerry Holdings, Yingliu Co., Wanzhe Co., Liande Co., Boying Special Welding, Longda Co., and Changbao Co. [3]. - **Liquid Cooling Industry**: Companies including Invec, Hongsheng Co., World Co., Jieban Technology, Hanzhong Precision, and Ice Wheel Environment [3].

Core Insights - The report highlights the ongoing development of U.S.-China relations, with President Trump planning a visit to China in April, which is seen as beneficial for both nations [2] - The People's Bank of China is actively engaging with global financial leaders, indicating a focus on macroeconomic policies and trade relations [2] - The Chinese government is prioritizing the service sector in 2026, aiming to expand market access and promote digital trade [2] - The State-owned Assets Supervision and Administration Commission is working on initiatives to optimize the layout of state-owned enterprises, with significant investment planned for R&D and asset growth [2] - The report emphasizes the importance of the photovoltaic industry and the need for regulatory measures to ensure healthy competition [2] Company Insights - TikTok has established a joint venture in the U.S. for data security, indicating a strategic move to enhance its operational transparency [5] - China National Petroleum Corporation has achieved large-scale production of high-end materials, reducing reliance on imports for strategic industries [5] - SpaceX is preparing for a significant IPO, aiming for a valuation of approximately $1.5 trillion, which reflects its growth potential in the commercial space sector [5] - China Aerospace Science and Technology Corporation is focusing on enhancing its commercial launch capabilities, with ambitious goals for the next decade [5] Banking Sector Insights - The report indicates a slight increase in the proportion of active funds in the banking sector, with a total market value of 1.61 trillion yuan allocated to A-shares [6] - The concentration of holdings among the top five banks has decreased, with notable fluctuations in individual bank positions [7] - Northbound capital has seen a net reduction in bank stocks, with significant decreases in holdings for certain banks [8] - The banking sector is expected to benefit from macroeconomic policies aimed at improving credit conditions and stabilizing net interest margins [8][9]

Group 1 - The core announcement is that Zhejiang Kemo, a wholly-owned subsidiary of Shanghai Hanzhong Precision Machinery Co., Ltd., has been recognized as a high-tech enterprise by relevant authorities, which will provide tax benefits [1][2]. - The high-tech enterprise certification is valid for three years, from December 19, 2025, to December 19, 2028, allowing Zhejiang Kemo to enjoy a reduced corporate income tax rate of 15% during this period [1]. - This recognition is expected to have a positive impact on the operational development of Zhejiang Kemo, although it will not affect the company's operating performance for the fiscal year 2025 [2]. Group 2 - The high-tech enterprise certificate number is GR202533010275, and it has been issued by the Zhejiang Provincial Department of Economy and Information Technology, the Zhejiang Provincial Department of Finance, and the State Taxation Administration of Zhejiang Province [1][3]. - The announcement was made by the board of directors of Shanghai Hanzhong Precision Machinery Co., Ltd. on January 26, 2026 [4].

Core Viewpoint - The company HanZhong Precision Machinery has a diverse range of main business activities, including the manufacturing and sales of refrigeration compressors, air compressors, and vacuum pumps, indicating a strong position in the general machinery equipment sector [2] Group 1: Business Overview - The company's refrigeration compressor products are primarily used in commercial central air conditioning systems, cold chain logistics, and industrial refrigeration [2] - Air compressor products are applied in various industrial manufacturing fields such as engineering machinery, electronics, power, chemicals, textiles, food, and pharmaceuticals [2] - Vacuum pump products have broad application prospects in industries like photovoltaics, semiconductors, lithium batteries, pharmaceuticals, chemicals, and electronics [2] Group 2: Product Versatility - The company's products exhibit high versatility and potential for cross-industry applications, allowing for flexible use in diverse end-user scenarios based on specific customer needs [2]

本次系浙江柯茂首次被认定为高新技术企业。根据《中华人民共和国企业所得税法》以及国家对高新技 术企业的相关税收规定，浙江柯茂自通过本次高新技术企业认定当年起连续三年（即 2025 年至 2027 年），可享受国家关于高新技术企业的税收优惠政策，即按15%的税率缴纳企业所得税。 格隆汇1月26日丨汉钟精机(002158.SZ)公布，公司全资子公司浙江柯茂于近日收到浙江省经济和信息化 厅、浙江省财政厅、国家税务总局浙江省税务局联合颁发的《高新技术企业证书》，证书编号为 GR202533010275，发证日期为2025年12月19日，有效期三年。 ...

Core Viewpoint - The company Hanbell Precise Machinery (002158.SZ) has received the "High-tech Enterprise Certificate" for its wholly-owned subsidiary Zhejiang Kema, which will provide tax benefits for the next three years [1] Group 1: Company Announcement - Zhejiang Kema has been recognized as a high-tech enterprise for the first time [1] - The certificate was issued by the Zhejiang Provincial Department of Economy and Information Technology, the Zhejiang Provincial Department of Finance, and the State Taxation Administration of Zhejiang Province [1] - The certificate number is GR202533010275, with an issuance date of December 19, 2025, and it is valid for three years [1] Group 2: Tax Benefits - From the year of recognition (2025) until 2027, Zhejiang Kema will benefit from a reduced corporate income tax rate of 15% as per the relevant tax regulations for high-tech enterprises [1] - This tax incentive is in accordance with the "Enterprise Income Tax Law of the People's Republic of China" and related policies for high-tech enterprises [1]

关于子公司浙江柯茂通过高新技术企业认定的公告 证券代码：002158 证券简称：汉钟精机 公告编号：2026-001 上海汉钟精机股份有限公司 本次系浙江柯茂首次被认定为高新技术企业。根据《中华人民共和国企业所得税法》以 及国家对高新技术企业的相关税收规定，浙江柯茂自通过本次高新技术企业认定当年起连续 三年（即 2025 年至 2027 年），可享受国家关于高新技术企业的税收优惠政策，即按 15%的 税率缴纳企业所得税。 本次浙江柯茂通过高新技术企业认定，预计将会对其经营发展产生积极影响，但不会影 响公司 2025 年度经营业绩。 三、备查文件 浙江柯茂《高新技术企业证书》（证书编号：GR202533010275） 特此公告。 上海汉钟精机股份有限公司 关于子公司浙江柯茂通过高新技术企业认定的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、基本情况 上海汉钟精机股份有限公司（以下简称"公司"）全资子公司浙江柯茂节能环保工程设 备有限公司（以下简称"浙江柯茂"）于近日收到浙江省经济和信息化厅、浙江省财政厅、 国家税务总局浙江省税务局联合颁发的《高新技术 ...

Investment Rating - The industry rating is "Outperform the Market" [7][14] Core Insights - SK Hynix plans to launch HBF1 samples as early as this year, collaborating with SanDisk to establish HBF standards, with the product expected to utilize 16-layer NAND flash stacking [2] - TSMC's capital expenditure plan for 2026 is projected to reach a maximum of $56 billion, a significant increase of 37% from the actual expenditure of $40.9 billion in 2025, driven by strong AI demand and global advanced process capacity expansion [3] - The global average utilization rate for 8-inch wafers is expected to rise to 85-90% in 2026, up from 75-80% in 2025, with some foundries planning to increase foundry prices by 5-20% due to tightening capacity [4] Recommendations - Focus on Taiwanese semiconductor industry chain companies such as Shenghui Integrated, Yaxiang Integrated, and Hanzhong Precision [5] - Pay attention to domestic companies with significant potential in the measurement segment, including Jingce Electronics, Zhongke Feimeasure, and Saiteng Co., Ltd. [5] - Consider companies involved in clean rooms and medium systems, such as Zhengfan Technology, Shengjian Technology, and Meier Technology [5] - Look into testing probe companies like Helin Weina and Qiangyi Co., Ltd. [5] - Key process equipment firms include Northern Huachuang, Zhongwei Company, and Tuo Jing Technology [5] - Advanced packaging companies such as Quick Intelligent and Chip Micro-Assembly are also recommended [5] - Third-party testing firms like Su Shi Testing and Shengke Nano are worth monitoring [5]