股票交易异常波动公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股票交易异常波动情况 证券代码：301396 证券简称：宏景科技 公告编号：2026-006 宏景科技有限公司 （三）经核实，公司、控股股东和实际控制人不存在关于本公司的应披露而 未披露的重大事项，或处于筹划阶段的重大事项。 （四）经核实，公司控股股东、实际控制人以及本公司董事、高级管理人员 在股票交易异常波动期间均不存在买卖本公司股票的行为。 三、是否存在应披露而未披露信息的说明 本公司董事会确认，本公司目前没有任何根据《深圳证券交易所创业板股票 上市规则》等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、 意向、协议等；董事会也未获悉本公司有根据《深圳证券交易所创业板股票上市 规则》等有关规定应予以披露而未披露的、对本公司股票及其衍生品种交易价格 产生较大影响的信息；公司前期披露的信息不存在需要更正、补充之处。 四、风险提示 1、经自查，公司不存在违反公平信息披露规定的其他情形。 宏景科技股份有限公司（以下简称"公司"或"本公司"）股票于 2026 年 1 月 26 日、 ...

宏景科技今日涨7.04%，成交额31.33亿元，换手率40.92%，盘后龙虎榜数据显示，深股通专用席位买入 1.16亿元并卖出1.67亿元，3家机构专用席位净买入1.45亿元。 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by over 5% compared to the benchmark index in the next 3-6 months [19]. Core Insights - The launch of Clawdbot, an AI assistant capable of taking over devices and performing tasks autonomously, has generated significant market interest, achieving over 50,000 stars on GitHub within days of its release [2][4]. - The report highlights the importance of low-latency and secure infrastructure support for AI agents like Clawdbot, which is expected to benefit companies involved in cloud computing, AI data centers, computing power services, and content delivery networks [8]. Industry Overview - The computer industry consists of 337 listed companies with a total market capitalization of 64,957.50 billion and a circulating market capitalization of 58,620.09 billion [5]. - The absolute performance of the industry over the past 1 month, 6 months, and 12 months has been 13.7%, 22.6%, and 42.4% respectively, while the relative performance has been 10.3%, 7.0%, and 19.2% [6]. Key Companies to Watch - The report suggests focusing on companies that provide secure and low-latency infrastructure, including: 1. Cloud computing: Alibaba, NET, Deepin Technology, Kingsoft Cloud, New Idea Network Group, Yuke Data 2. AI Data Centers: Runze Technology, Baoxin Software, Data Port, Guanghuan New Network, Aofei Data, Yunsai Zhili 3. Computing Power Services: Kexin Data, Hongjing Technology, Dawi Technology, Youfang Technology, Litong Electronics, Zhiwei Intelligent 4. CDN: Wangsu Technology 5. Chips: Haiguang Information, Cambricon, Muxi Co., Tian Shuzhixin, Moer Thread, Longxin Zhongke 6. Large Models: Minimax, Zhipu, iFlytek [8].

宏景科技 20260127 摘要 鸿景科技已成为国内首家获得 2000 台 B300 订单并最快交付的公司， 显示其在 AI 算力设备供应方面的领先地位和高效交付能力，满足了市场 对高性能算力的迫切需求。 截至目前，鸿景科技已确定并正在交付的订单总额约为 160 亿元，新签 订的大厂追加订单金额约为 100 亿元，反映出市场对公司产品和服务的 强劲需求。 AI 基建环节存在 5%-10%的涨价幅度，主要由于供需关系和市场需求增 加，且未来仍有上涨空间，配件价格上涨使得中小客户或新进入者更难 获取算力资源。 鸿景科技在海外算力业务方面进行了全面布局，特别是在东南亚地区， 计划在泰国第一期建设 100 兆瓦，并逐步增加到 300 兆瓦，建设周期 预计为 1 至 3 年。 泰国数据中心的利润率大约是国内同类 IDC 项目的 3 至 4 倍，租金约为 130 至 150 美元每月每千瓦，投资回报周期大约为 36 至 40 个月，投 资收益率较高。 Q&A 目前国内算力租赁市场的整体情况如何？需求和供给是否紧缺？ 当前国内算力租赁市场需求非常旺盛，尤其是几家大厂对最新系列设备的需求 极高。鸿景科技自 2023 年到 2 ...

Summary of Conference Call Notes Company and Industry Involved - **Company**: Alibaba Group - **Industry**: Artificial Intelligence (AI) and Technology Core Points and Arguments - **Launch of Qwen3-Max-Thinking Model**: Alibaba officially released its flagship reasoning model, Qwen3-Max-Thinking, which has over 1 trillion parameters and a pre-training data volume of 36 trillion tokens, making it the largest and most capable model from Alibaba to date [1][2] - **Performance Improvements**: The new model has achieved significant performance leaps, setting global records in multiple key performance benchmarks through extreme scale expansion in total parameters, reinforcement learning, and reasoning computation [2] - **Enhanced Native Agent Capabilities**: The model features a new testing time expansion mechanism that improves reasoning performance while being more economical, significantly enhancing the native agent's ability to autonomously call tools during conversations [2] Key Applications and Collaborations - **AI Applications in Specific Industries**: Alibaba is positioned as the core of an AI ecosystem, focusing on vertical industry AI transformations and scenario implementations. Key collaborations include: - **Damai Entertainment**: Optimizing promotional strategies in the entertainment ticketing scene using large models [2] - **Hang Seng Electronics**: A leader in financial technology, collaborating with Alibaba on financial vertical large models [2] - **Shiji Information**: Covering hotel and retail scenarios, facilitating industry digitization based on Alibaba's ecosystem [2] - **Computing Power for Large Models**: Alibaba's infrastructure supports the training of large models, with key partners including: - **Data Port**: Core IDC supplier for high concurrency computing needs [3] - **Hangzhou Steel**: Important computing power node in the Yangtze River Delta through the "Zhejiang Cloud" project [3] - **Runjian Co.**: Supports Alibaba's AI expansion and regional computing power through the "China-ASEAN Smart Computing Cloud" [3] - **AI Healthcare Applications**: The Alibaba Health model, "Afu," connects the entire medical chain, with key partners including: - **Alibaba Health**: Core entity responsible for the full chain of pharmaceutical e-commerce and intelligent diagnosis [3] - **Weining Health**: Provides necessary IT support for hospital system integration with Afu [3] - **Meinian Health**: Strategic partner offering extensive health check data for model calibration and AI report interpretation [3] - **Huaren Health**: Offline retail touchpoint for Afu health services [3] - **Sichuang Medical**: Supplies smart medical IoT hardware and system support for Afu's implementation in hospitals [3] Important but Overlooked Content - **Risk Factors**: There are potential risks associated with the new model's capabilities not meeting expectations, the commercialization of AI applications falling short, and stock price volatility for certain targeted companies [4]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **cloud computing industry** and its recent price adjustments, particularly focusing on **Google Cloud** and its implications for the market [1][2]. Key Points and Arguments - **Price Increases by Google Cloud**: Google Cloud has announced price increases in its network and AI infrastructure segments, with maximum increases reaching **100%**. This validates the previously anticipated trend of rising prices in the global cloud computing market [1]. - **Significant Turning Point for Cloud Computing**: The call emphasizes that the cloud computing industry is at a critical inflection point, highlighting the growing importance of cloud service providers in the market [1]. - **Surge in AI Token Demand**: There is a notable increase in demand for AI inference tokens, which is expected to trigger inflationary pressures upstream, suggesting that cloud services may be the next area to experience price increases following storage and CPU costs [1]. - **AWS Price Increase**: Amazon Web Services (AWS) has broken a two-decade trend of only decreasing prices by raising its prices by **15%**, indicating a fundamental shift in cloud pricing logic [1]. Recommendations - **Cloud Service Providers to Watch**: The call suggests monitoring several cloud service providers, including: - Alibaba - Kingsoft Cloud - Yike Technology - Wangsu Science & Technology - QingCloud - Capital Online - Deepin Technology - Shunwang Technology [1]. - **Alibaba Cloud Supply Chain**: Companies in the Alibaba Cloud supply chain, such as Hongjing Technology and Inspur Information, are also recommended for attention [1]. Additional Important Content - **Risks Highlighted**: The call notes several risks that could impact the industry, including: - Intensifying competition within the industry - Supply chain risks - Risks associated with technological iterations [2].

机构买入动力新科，卖出斯迪克；卖出中国铀业、拉普拉斯；炒股养家买入连城数控；曲江池卖出汉缆股份；章 盟主买入明阳智能，卖出东芯股份；佛山系买入平潭发展；消闲派买入平潭发展；深南东路减仓做T协鑫集成；成 都系买入平潭发展、华天科技，卖出浙文互联、大位科技、晓程科技；中山东路买入宏景科技、平潭发展、华天 科技、云赛智联，卖出大位科技、达安基因（三日）；低位挖掘买入ST京蓝（三日）。 20260127龙虎榜中榜 三大指数下探回升，题材快速轮动。 20260127龙虎榜中榜 机构买入动力新科，卖出斯迪克；卖出中国铀业、拉普拉斯；炒股养家买入连城数控；曲江池卖出汉缆股份；章 盟主买入明阳智能，卖出东芯股份；佛山系买入平潭发展；消闲派买入平潭发展；深南东路减仓做T协鑫集成；成 都系买入平潭发展、华天科技，卖出浙文互联、大位科技、晓程科技；中山东路买入宏景科技、平潭发展、华天 科技、云赛智联，卖出大位科技、达安基因（三日）；低位挖掘买入ST京蓝（三日）。 ...

Military and Geopolitical Developments - The US Central Command announced that the Ninth Air Force will conduct air force readiness exercises in the Middle East, aimed at enhancing rapid deployment capabilities [2] - The USS Abraham Lincoln Carrier Strike Group has entered the Middle East, and the US has informed Israel about military preparations against Iran, expected to be completed within two weeks [2] - Iran's Revolutionary Guard Navy officials stated they have achieved real-time monitoring of the Strait of Hormuz and are prepared for any potential conflict, asserting they do not seek war but are ready for a response [2] Financial Markets Overview - US stock markets showed mixed results, with the Dow Jones down 0.83%, while the Nasdaq rose by 0.91% and the S&P 500 increased by 0.41% [3] - Major tech stocks mostly rose, with Amazon up 2.63%, Microsoft up 2.19%, and Apple up 1.12%, while Tesla fell nearly 1% [3] - The Nasdaq Golden Dragon China Index increased by 0.48%, with mixed performances among popular Chinese stocks [3] Commodity Prices - International oil prices rose, with WTI crude oil futures closing at $62.57 per barrel, up 3.20%, and Brent crude oil futures at $66.70 per barrel, up 2.98% [3] - Spot gold increased by 3.45%, reaching $5,181.04 per ounce, with a peak at $5,190.06, marking a historical high [3] - Spot silver rose by 7.97%, priced at $112.14 per ounce [3] Currency and Exchange Rates - The US Dollar Index fell to 95.775, hitting a low of 95.510, the lowest since early 2022 [4] - The offshore RMB was quoted at 6.9321, while the onshore RMB was at 6.9545 [5] Corporate Announcements - Anta Sports announced plans to acquire a 29.06% stake in Puma for €15.06 billion (approximately 123 billion RMB), aiming to become its largest shareholder [15] - Micron Technology plans to invest $24 billion in Singapore over the next decade to expand NAND flash memory production, creating approximately 1,600 jobs [16] - DeepSeek launched a new AI model, DeepSeek-OCR 2, which can interpret images in a human-like logical sequence, enhancing its visual understanding capabilities [13]

Market Overview - On January 27, the Shanghai Composite Index rose by 0.18%, the Shenzhen Component Index increased by 0.09%, and the ChiNext Index gained 0.71%. The total market turnover was 2.92 trillion yuan, a decrease of 359.2 billion yuan compared to the previous trading day, with over 3,400 stocks declining [1] - Key sectors that performed well included precious metals, cultivated diamonds, photovoltaic equipment, insurance, and CPO [1] Individual Stocks Performance - In the precious metals sector, silver stocks saw significant gains with multiple stocks hitting consecutive trading limits, including Baiyin Youse with six consecutive limits, Sichuan Gold with five limits in nine days, and Zhao Jin Gold with four limits in seven days [3] - The top three net buying stocks on the Dragon and Tiger list were Pingtan Development, Dongxin Co., and Huatiankeji, with net purchases of 9.31 billion yuan, 7.82 billion yuan, and 6.14 billion yuan respectively [4] - The top three net selling stocks were China Uranium Industry, Dongfang Risen, and Hongbaoli, with net sales of 4.38 billion yuan, 3.94 billion yuan, and 2.52 billion yuan respectively [5] Company Highlights - **Pingtan Development**: The company is located in the Pingtan Comprehensive Experimental Zone, which has been elevated to a national strategic development platform. It has established a "forest board integration" industrial chain with an annual production capacity exceeding 500,000 cubic meters [6] - **Dongxin Co.**: The company expects a revenue of approximately 921 million yuan in 2025, a year-on-year increase of 43.75%. The storage segment has become profitable due to the recovery of prices for AI-driven small-capacity storage chips [7] - **Huatiankeji**: The company is in the process of acquiring 100% of Huayi Microelectronics, which is a leading power device company in Shaanxi Province. The acquisition aims to expand its power device packaging and testing business [9] - **Hongjing Technology**: The company plans to raise 1.29 billion yuan for the construction and operation of an intelligent computing cluster project, which will add approximately 3,000P of computing power [10] Trading Dynamics - **Hongjing Technology**: Closed at 98.1 yuan with a 20% increase, showing a significant trading volume of 27.87 billion yuan and a net institutional purchase of 2.31 billion yuan [11] - **Xiaocheng Technology**: Closed at 58.83 yuan with an 11.21% increase, with a trading volume of 44.63 billion yuan and a net institutional purchase of 1.42 billion yuan [11] - **Zhaojin Gold**: Closed at 23.57 yuan with a 9.99% increase, with a trading volume of 30.25 billion yuan and a net institutional purchase of 1.23 billion yuan [11] Institutional Activity - The Dragon and Tiger list showed that Dongxin Co. had the highest net buying amount among stocks involved with the Shanghai Stock Connect, totaling 4.62 billion yuan [15] - For the Shenzhen Stock Connect, Sidik had the highest net buying amount at 1.76 billion yuan [16] - Various trading strategies were observed, with significant net buying in stocks like Huatiankeji and Pingtan Development by different trading groups [17]

Group 1 - The People's Bank of China reported that by the end of Q4 2025, the balance of RMB loans reached 271.91 trillion yuan, a year-on-year increase of 6.4%, with a total increase of 16.27 trillion yuan for the year [1] - The new revised Drug Administration Law will be implemented on May 15, marking the first comprehensive revision in 23 years, reflecting significant changes in drug research, production, circulation, and usage [1] Group 2 - The State Administration of Foreign Exchange proposed new policies to facilitate capital project settlement and NRA account refunds in Hainan Free Trade Port, allowing non-financial enterprises to use foreign exchange income for loans to non-related enterprises [2] - The market regulatory authority plans to enforce the new Anti-Unfair Competition Law to combat unfair competition and protect consumer rights [2] Group 3 - The Shanghai Futures Exchange imposed restrictions on 18 clients in tin and silver futures trading for failing to declare actual control relationships [3] Group 4 - Guokewai issued price increase notices for KGD products, with increases of 40% for 512Mb, 60% for 1Gb, and 80% for 2Gb products, indicating structural opportunities in the semiconductor industry [4] - Analysts expect significant growth in the domestic A-share market driven by AI demand and recovery in the electronics sector, with a focus on AI computing power and semiconductor equipment [4] Group 5 - U.S. natural gas prices surged to a three-year high due to a winter storm, with Henry Hub futures reaching $7.43 per million British thermal units, a 140% increase since January 16 [5] - Analysts believe that geopolitical risks and OPEC+ interventions will support oil prices despite short-term pressures [5] Group 6 - DeepSeek launched a new OCR model, enhancing document recognition capabilities, which is expected to accelerate AI applications [6] - The AI application landscape is projected to accelerate by late 2025 to early 2026, with significant developments from major tech companies [6] Group 7 - Guotai Junan forecasts a net profit of 27.53 to 28.01 billion yuan for 2025, a year-on-year increase of 111% to 115% [7] - Shenwan Hongyuan expects a net profit of 9.1 to 10.1 billion yuan for 2025, representing a growth of 74.64% to 93.83% [7] - Red Tower Securities anticipates a net profit of 1.215 billion yuan for 2025, a 59.05% increase year-on-year [7] Group 8 - Nandu Property expects a net profit of 90 to 115 million yuan for 2025, a year-on-year increase of 310.86% to 424.99% [8] Group 9 - Beixin Road and Bridge won a bid for a highway project with a contract value of 1.221 billion yuan and a project duration of 1096 days [9] - New Meixing anticipates a net profit of 118 to 138 million yuan for 2025, a growth of 160.76% to 204.96% [9] Group 10 - Public funds have increased their investment in Hong Kong stocks, with 26 new funds reported this year, focusing on technology, pharmaceuticals, and cyclical sectors [10] - The net inflow into Hong Kong-themed ETFs reached 29.851 billion yuan, indicating strong market interest [10] Group 11 - Institutional investors net bought 230 million yuan of Hongjing Technology, highlighting its position as a key partner in the cloud export ecosystem [11] - Institutional investors also net bought 52.424 million yuan of Chengtian Weiye, which is expanding into power semiconductor packaging materials [12]