Group 1 - The Central Document No. 1 for 2026 emphasizes the importance of agricultural modernization and rural revitalization as a key strategy for China's modernization, aiming to enhance agricultural productivity and improve living conditions for farmers [1] - In January 2026, A-share new accounts reached 4.9158 million, a year-on-year increase of 213% compared to January 2025, indicating a significant rise in retail investor participation [1] - The Ministry of Industry and Information Technology, along with eight other departments, released guidelines for the safe export of automotive data, aiming to facilitate efficient and secure cross-border data flow in the automotive sector [1] Group 2 - Recent rumors regarding potential increases in VAT rates for the gaming and financial sectors have been deemed unfounded by experts, indicating stability in tax policies for these industries [1] - The People's Bank of China announced a reverse repurchase operation of 800 billion yuan, indicating a strategy to manage liquidity in the financial system [1] - The National Development and Reform Commission reported an increase in domestic gasoline and diesel prices by 205 yuan and 195 yuan per ton, respectively, reflecting fluctuations in international oil prices [1] Group 3 - The Ministry of Commerce plans to optimize the implementation of appliance recycling and subsidy policies, with sales of six categories of home appliances and four categories of digital products exceeding 15 million units and nearly 59 billion yuan in sales in January [1] - The Shanghai Gold Exchange and other trading platforms have implemented risk control measures, including adjustments to margin levels and trading limits for various commodities, indicating a proactive approach to market volatility [2] - The announcement of significant investments by companies such as Fulin Precision and Wangneng Environment in new projects highlights ongoing growth and expansion in the manufacturing and environmental sectors [4]

Summary of Key Points from the Conference Call Market Overview - On February 3, the A-share market experienced a rebound, with all three major indices showing strength. The Shanghai Composite Index rose by 1.29% to close at 4067 points, the Shenzhen Component Index increased by 2.19%, and the ChiNext Index gained 1.86%. The total trading volume for the day was 2.54 trillion yuan, slightly down from the previous day. A total of 4856 stocks rose while 532 stocks fell [1][2]. Industry Performance - Among the Shenwan first-level industries, the top five sectors by growth were: - Comprehensive (+5.63%) - Defense and Military Industry (+4.42%) - Machinery Equipment (+3.98%) - Building Materials (+3.52%) - Steel (+3.28%) - The only sector that experienced a decline was Banking, which fell by 0.85% [3]. Thematic Trends - The commercial aerospace sector showed strong upward movement. Other notable themes included controlled nuclear fusion and solid-state batteries, which experienced fluctuations, while humanoid robots were active, and computing power concepts saw a slight recovery [4]. Market News - SpaceX announced the acquisition of xAI, an AI company also owned by Elon Musk, which confirmed its integration into SpaceX. - The China Aerospace Science and Technology Corporation's 11th Academy successfully conducted the first flight of the world's first hybrid unmanned transport aircraft, Rainbow YH-1000S, in Liangping, Chongqing. - Cambrian announced that it has not organized any small-scale communications recently and has not issued any annual or quarterly revenue guidance [5]. Future Outlook and Considerations - The recent rebound may be attributed to a recovery in sentiment following a sharp decline in the previous trading day. However, with trading volume not significantly increasing, there are concerns about short-term market corrections. - If external commodity prices continue to fluctuate, funds may flow back into defensive and low-volatility assets, while caution is advised regarding sectors that were more severely impacted previously. - As announcements and earnings disclosures become more frequent, market focus on earnings realization or potential negative surprises has notably increased. Previous strong sectors may need to navigate through volatility with solid earnings performance [6].

Core Viewpoint - The Shanghai 180 Index and its corresponding ETF have shown strong performance, with significant increases in key constituent stocks, indicating a positive market sentiment and potential investment opportunities in the Shanghai securities market [1][2]. Group 1: Index Performance - As of February 3, 2026, the Shanghai 180 Index rose by 1.40%, with notable gains from stocks such as JinkoSolar (up 13.27%) and Sany Heavy Industry (up 7.95%) [1]. - The Shanghai 180 ETF (530280) increased by 1.64%, with a latest price of 1.24 yuan, and has seen a cumulative rise of 1.81% over the past month [1]. - The ETF has a year-to-date maximum drawdown of 4.28%, with a relative benchmark drawdown of 0.06% [1]. Group 2: Liquidity and Trading Data - The Shanghai 180 ETF had a turnover rate of 0.78% during the trading session, with a transaction volume of 458,700 yuan [1]. - The average daily trading volume over the past year for the ETF was 159,160 yuan [1]. Group 3: Fund Metrics - The ETF has a Sharpe ratio of 2.08 since its inception as of January 30, 2026 [1]. - The management fee for the ETF is 0.15%, and the custody fee is 0.05% [1]. - The tracking error for the ETF over the past six months is 0.023% [1]. Group 4: Top Constituent Stocks - The top ten weighted stocks in the Shanghai 180 Index account for 24.85% of the index, with major contributors including Zijin Mining, Kweichow Moutai, and Ping An Insurance [2]. - The individual weightings of these stocks range from 4.22% for Kweichow Moutai to 1.79% for Industrial Fulian [3].

策略研究 证 券 研 究 报 告 【华创证券人工智能研究中心】 公募增配光通信、半导体设备、封测，减配芯片设 计、游戏、广告——多行业联合人工智能 2 月报 策略月报 2026 年 02 月 04 日 华创证券研究所 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：耿琛 邮箱：gengchen@hcyjs.com 执业编号：S0360517100004 证券分析师：岳阳 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 证券分析师：张程航 2026-01-26 《【华创策略】再通胀主线：五朵金花——策略周 聚焦》 2026-01-25 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@ ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期：2026/2/4 隔夜夜盘市场走势 1. 国内商品期市日盘多数收跌，贵金属走势分化，沪银跌 16.71%，钯涨 8.62%； 基本金属跌幅居前，沪锡跌 6.7%；能源品全部下跌，原油跌 4.93%。贵金属、基 本金属夜盘反弹，沪银涨 5.93%，沪金涨 4.2%，沪锡涨 6.64%。 2.国际贵 ...

今日寒武纪调整点评20260203 ＃关于寒武纪公司的2026年盈利预测，国海计算机是少有的一直坚持相对清晰且冷静判断的卖方。 我们认为：2026年对于国产AI芯片行业整体来说，＃市场规模翻倍已经是比较中性偏乐观的判断了，且具体还要 看后续大厂的Capex指引，但我们对此是乐观的。 ＃关于寒武纪公司的2026年盈利预测，国海计算机是少有的一直坚持相对清晰且冷静判断的卖方。 我们认为：2026年对于国产AI芯片行业整体来说，＃市场规模翻倍已经是比较中性偏乐观的判断了，且具体还要 看后续大厂的Capex指引，但我们对此是乐观的。 ＃我们看2028年国内三大CSP需求乐观可支撑3-4万亿市值的AI芯片市场，这其中包括互联网自研，先看ASIC与 GPU比例55开。 我们看建议理性看待每一家AI芯片公司的市占率，理论上其中不会有一家超过30%，且具体要依靠对产品、生 态、供应链及产业趋势的比较分析。 ＃我们看2028年国内三大CSP需求乐观可支撑3-4万亿市值的AI芯片市场， 今日寒武纪调整点评20260203 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **semiconductor and electronics industry**, focusing on companies involved in **CPO (Chip-on-Board)**, **PCB (Printed Circuit Board)**, and **storage solutions**. Core Insights and Arguments - **CPO Developments**: AYZ has updated the RubinUltra CPO Scale up plan, leading to significant stock price increases for several companies: - 罗博特科 (Robotech) +20% - 炬光科技 (Juguang Technology) +18.06% - 致尚科技 (Zhishang Technology) +15.56% - 天孚通信 (Tianfu Communication) +13.21% [1] - **PCB Orders**: 威尔高 (Weilgao) has received a primary power order from Google, with a secondary power connection in progress, resulting in a stock price increase of +18.23% [1]. - **Domestic Computing Power**: There is a noticeable divergence in the market for GPUs and ASICs, with changes in the trading landscape for computing power chips. - 芯原 (Xinyuan) +9.11% - 灿芯 (Canxin) +5.59% - 寒武纪 (Hanwujing) -9.18% - 沐曦 (Muxi) -3.08% - 摩尔 (Moore) -2.65% [1] - **Storage Sector**: - 普冉 (Purang) +8% - 恒烁 (Hengshuo) +6% - There is a recovery in storage prices, with predictions of significant growth [1]. - **Profit Expectations**: - The GPU company 寒武纪 (Hanwujing) is expected to report profits slightly below expectations for Q4 2025, while 海光信息 (Haiguang Information) has not released performance forecasts. - The ASIC company 芯原股份 (Xinyuan Co.) is seeing project implementations that may improve performance trends, maintaining a bullish outlook [1]. - **Chip Packaging**: - 芯碁微装 (Xinqi Micro) is strongly recommended, with a market cap expected to exceed 450 million, and anticipated monthly deliveries of 2E equipment in Q1, indicating high growth potential [1]. - **Storage Growth**: 佰维存储 (Baiwei Storage) is projected to experience significant growth in 2026, with Q1 2026 performance expected to double compared to the previous quarter [1]. Additional Important Insights - **Advanced Packaging**: Samples for advanced packaging are being sent for testing to GPU clients, indicating ongoing innovation and demand in this area [2]. - **NAND Price Predictions**: Overseas institutions predict that the price of SanDisk NAND used for enterprise SSDs may see a quarter-over-quarter increase exceeding 100% in Q3 [2]. - **AI Chip Demand**: 菲利华 (Feilihua) is positioned to benefit from explosive demand for AI chip products from NVIDIA and Google, with expectations of becoming a leading player in the Q fabric market, targeting a market cap of 100 billion [2].

Summary of Key Points from Conference Call Records Industry Overview - The records pertain to the **electronic industry**, specifically focusing on **CPO (Chip-on-Board)**, **PCB (Printed Circuit Board)**, and **storage sectors**. Core Insights and Arguments - **CPO Developments**: AYZ has updated the RubinUltra CPO Scale-up plan, resulting in significant stock price increases for several companies: - 罗博特科 (Robotech) +20% - 炬光科技 (Juguang Technology) +18.06% - 致尚科技 (Zhishang Technology) +15.56% - 天孚通信 (Tianfu Communication) +13.21% [1] - **PCB Orders**: 威尔高 (Weilgao) has secured a primary power order from Google, with a secondary power connection in progress, leading to a stock increase of +18.23% [1]. - **Domestic Computing Power**: There is a notable divergence in the market for GPUs and ASICs, with changes in the trading landscape for computing power chips. - 芯原 (Xinyuan) +9.11% - 灿芯 (Canxin) +5.59% - 寒武纪 (Cambricon) -9.18% - 沐曦 (Muxi) -3.08% - 摩尔 (Moore) -2.65% [1] - **Storage Sector**: - 普冉 (Purang) +8% - 恒烁 (Hengshuo) +6% - There is a recovery trend in storage prices [1]. - **Profit Expectations**: - The GPU company 寒武纪 (Cambricon) is expected to report Q4 profits slightly below expectations, while 海光信息 (Haiguang Information) has not released performance forecasts. - The ASIC company 芯原股份 (Xinyuan Co.) is seeing project implementations that may lead to improved performance trends, maintaining a bullish outlook [1]. - **Key Recommendations**: - 芯碁微装 (Xinqi Micro) is strongly recommended, with a projected market cap exceeding 450 million, and expected monthly deliveries of 2E equipment in Q1, indicating high growth potential [1]. - 佰维存储 (Baiwei Storage) is anticipated to see significant growth in 2026, with Q1 performance expected to double sequentially [1]. Additional Important Insights - **Advanced Packaging**: The advanced packaging sector is expected to see shipments double annually, indicating robust growth prospects [1]. - **Flash Memory Prices**: Overseas institutions predict that the price of SanDisk NAND used for enterprise SSDs may increase by over 100% quarter-on-quarter in March [2]. - **AI Chip Demand**: 菲利华 (Feilihua) is positioned to benefit from explosive demand for AI chip products from Nvidia and Google, with expectations of becoming a global leader in Q fabric, targeting a market cap of 100 billion [2].

Group 1 - The GPU index declined by 2%, with most constituent stocks experiencing a downturn [1] - Companies such as Cambricon Technologies (寒武纪-U) and Tongfu Microelectronics (通富微电) fell over 3%, while Longxin Technology (龙芯中科), Beijing Junzheng (北京君正), and Huatian Technology (华天科技) dropped more than 2% [1]

Market Overview - A-shares opened lower on February 4, with the Shanghai Composite Index down 0.08% at 4064.68 points, the Shenzhen Component down 0.39% at 14072.41 points, and the ChiNext Index down 0.8% at 3298.32 points [1] - The precious metals sector continued to strengthen, with Hunan Gold rising over 7% and other stocks like Xiaocheng Technology and Hengbang Shares also seeing gains [1] - The storage chip sector opened lower, with Shen Kangjia A hitting the daily limit down, and other companies like Puran Shares and Lankai Technology also declining [1] Company News - Cambrian Technology issued a statement denying rumors about recent organizational meetings and confirmed that it has not provided revenue guidance [3] - Xuguang Electronics plans to raise no more than 1 billion yuan for various projects and to supplement working capital [4] - First Automobile Works plans to use up to 10 billion yuan of its own funds for low-risk financial products [4] - Nidec has repurchased 15.99 million A-shares for a total of 4.386 billion yuan as of January 31, 2026 [4] - Guizhou Moutai has repurchased 329,800 shares for 451 million yuan, totaling 416,900 shares and 571 million yuan by the end of January [4] Industry Insights - The central government's policy supports the integration of artificial intelligence and agriculture, aiming to enhance agricultural technology innovation [7] - The global AI investment boom is expected to drive demand for power infrastructure in data centers, with an estimated addition of 106 GW from 2025 to 2030 [7] - The chemical industry is showing signs of gradual recovery, although it remains volatile due to macroeconomic factors [7] Institutional Perspectives - Huatai Securities noted that while A-shares experienced high volatility, there remains resilience in the funding environment, with a significant reduction in net outflows from ETFs [8] - CITIC Securities highlighted that capacity pricing could enhance the investment returns of energy storage projects significantly [8] - CITIC Jinpu stated that the global commercial space industry is entering a new phase, with increased competition and collaboration between state-owned and private enterprises [8]