Market Performance - The three major A-share indices collectively rose in early trading on February 9, with the Shanghai Composite Index increasing by 1.17%, the Shenzhen Component Index by 2.07%, and the ChiNext Index by 3.11% [1] - The North Stock 50 index rose by 1.42% [1] - The total trading volume in the Shanghai and Shenzhen markets reached approximately 1,490.98 billion yuan, an increase of about 106.78 billion yuan compared to the previous trading day [1] Stock Movement - A total of 4,442 stocks in the market rose, while 903 stocks declined, with 84 stocks hitting the daily limit up and 6 stocks hitting the daily limit down [1] Sector Performance - Industries such as CPO, AI corpus, short dramas, film and television, cultural media, and communications saw significant gains [1] - Conversely, sectors including sugar substitutes/sweeteners, dairy products, iron ore, energy metals, and petroleum and petrochemicals experienced notable declines [1]

Market Overview - Global markets are experiencing a significant rebound, with US stock indices showing strong gains after the Dow Jones Industrial Average surpassed 50,000 points for the first time [1] - As of 7:33 AM, S&P 500 futures rose by 0.30%, Nasdaq futures increased by 0.38%, and Dow futures were up by 0.26% [1] - In the commodities market, gold prices rose to approximately $5,040, up 1.6%, while silver prices surpassed $80, gaining over 3% [1] Asia-Pacific Market Performance - Asian markets opened strongly, with Japan's Nikkei 225 index rising 1.54% to reach a historical high of 55,000 points, and South Korea's KOSPI index increasing by 4.13% [1] - The FTSE China A50 index futures rose by 1.07%, and Hong Kong's Hang Seng Index opened up by 1.59% [1] A-Share Market Dynamics - The three major A-share indices opened higher, with the Shanghai Composite Index up by 0.97%, the Shenzhen Component Index up by 1.51%, and the ChiNext Index up by 1.8% [2] - AI application stocks surged, with several companies, including Rongxin Culture and Zhongwen Online, hitting the daily limit [2][3] - The CPO and computing hardware sectors continued their strong performance, with Tianfu Communication rising nearly 10% to set a new historical high [4] Institutional Insights - CITIC Securities believes that external disturbances have not significantly impacted China's industrial fundamentals, and the market sentiment has fully released, suggesting a continuation of the spring market after the Spring Festival [5][6] - The firm highlights key sectors for future investment, including AI computing, chemicals, and power equipment [6] Sector Highlights - AI applications are leading the market, with significant gains in media and short drama sectors, driven by advancements in AI video generation technology [3] - The advanced packaging market is expected to grow at a compound annual growth rate of 9.4%, potentially reaching nearly $80 billion by 2030 [4] Investment Strategies - Various securities firms recommend holding stocks through the holiday period, emphasizing sectors with upward trends such as electronics, media, and healthcare [8][9] - Tianfeng Securities suggests focusing on three main investment themes: opportunities in AI-driven technology, economic recovery, and potential sector rotations [9]

Group 1 - The company has a strong presence in the display driver chip sector, covering most international leading companies in the semiconductor, integrated circuit, AI, advanced process, and display technology fields [1] - High-end products such as "spin-coated optical filters" have achieved mass shipments to major domestic smartphone brands, indicating growth in sectors like CPO, F5G, optical communication, consumer electronics, autonomous driving, and lidar [1] - The company secured over 900 million yuan in bids from the State Grid in the previous year, reflecting a robust order backlog in areas like ultra-high voltage, virtual power plants, smart grids, and green electricity [1]

来源：中信建投证券 一、往期观点回顾 在上期策略中我们提到，下周A股料将震荡走稳，结构分化将进一步加剧。春节效应下，尽管节前资金心态 偏谨慎，但充裕的流动性仍为市场提供支撑，成长风格有望逐步回暖，不过板块轮动仍会较快。当前市场核 心逻辑围绕政策托底、业绩分化与流动性充裕展开，资金正向低估值蓝筹、业绩预增股及政策主线聚拢。操 作上，可保留核心仓位把握结构机会，同时警惕业绩暴雷、解禁减持等带来的回调风险，控制仓位逢低布 局。配置可聚焦三大主线：资源周期板块、科技成长赛道及消费基建领域，各主线均有明确的利好支撑与细 分布局方向。 二、一周市场回顾及走势分析 （一）市场整体表现 本周指数出现防御类风格企稳叠加成长类调整，且前期热点方向回落较明显，创业板指调整幅度较大。（见 图1） 图1： 资料来源：中信建投通达信 （二）板块表现 从行业板块表现来看，本周食品饮料、家庭用品和银行涨幅靠前。（见图2） 图2： 资料来源：wind资讯 从概念板块涨幅来看，本周市场白酒、饮料制造、银行等表现靠前。（见图3） 图3： 融资融券余额方面，最近两融余额小幅回落迹象。（见图4） 图4： 资料来源：wind资讯 （三）宏观经济数据 1 ...

Core Viewpoint - Huanxu Electronics has returned to profit growth in 2025 after two consecutive years of decline in net profit, with a net profit of 1.853 billion yuan, an increase of 12.16% year-on-year, despite a revenue decline of 2.46% to 59.195 billion yuan [1][4]. Financial Performance - In 2025, Huanxu Electronics achieved a revenue of 59.195 billion yuan, down 2.46% year-on-year, while net profit attributable to shareholders reached 1.853 billion yuan, up 12.16% year-on-year [1][4]. - The company experienced a significant revenue growth from 37.2 billion yuan in 2019 to 68.52 billion yuan in 2022, with net profit increasing from 1.262 billion yuan to 3.060 billion yuan during the same period [4]. Cost Control and Efficiency - Cost control measures contributed to the return to profit growth, with total expenses in 2025 amounting to 3.866 billion yuan, a reduction of 1.34 billion yuan compared to 4 billion yuan in 2024, representing a year-on-year decrease of 3.35% [2][5]. - The proportion of expenses to revenue was 6.53% in 2025, slightly down from 6.59% in 2024 [5]. Research and Development - Huanxu Electronics has invested a total of 7.651 billion yuan in R&D over the past four years, providing solid support for its industrial development [3][8]. - The R&D expenses for 2025 were reported at 1.902 billion yuan, a slight decrease from the previous year [7][8]. Business Development and Innovation - The company is accelerating its layout in the CPO (Cloud and Photonics Optics) business, with significant progress in smart glasses and AI accelerator card businesses [6]. - Huanxu Electronics has established a strategic partnership with Guangchuanglian in the optical communication field, with expected revenue from this partnership to reach approximately 180 million yuan in 2025, anticipating a compound annual growth rate of over 100% in the next three years [6].

Market Overview - The three major indices narrowed their declines in the afternoon, with the Shanghai Composite Index down 0.64%, the Shenzhen Component down 1.44%, and the ChiNext down 1.55% [1][14] - The total trading volume in the Shanghai and Shenzhen markets was 2.18 trillion yuan, a decrease of 304.8 billion yuan compared to the previous trading day, with over 3,700 stocks declining [1][14] - The materials and technology sectors continued to adjust, while the film, finance, and transportation sectors showed relative strength [1][14] Film Industry Performance - The Chinese film industry is expected to recover in 2025, with total box office revenue reaching 51.818 billion yuan, a year-on-year increase of 21.9%, recovering to 80.8% of the 2019 peak [3][16] - The first quarter of 2025 performed exceptionally well, driven by strong box office results from quality domestic films during the Spring Festival [3][17] Policy Developments - In August 2025, the National Radio and Television Administration implemented measures to enrich television content, including the removal of the 40-episode limit and the promotion of high-quality foreign programs [4][18] - These adjustments are expected to attract users and benefit the long-term development of the industry [4][18] AI and Content Trends - The AI-driven sector saw a significant increase in the release of AI dramas, with nearly 47,000 episodes launched in 2025, and a notable increase in average viewership for new dramas [6][18] - The trend indicates a shift towards higher quality content, with new dramas achieving 3-5 times the viewership of ordinary works [6][18] Upcoming Film Releases - As the Spring Festival approaches, several films have been scheduled for release in 2026, including titles with strong IPs and star-studded casts, indicating a rich variety of themes [8][20] Semiconductor Sector Insights - The semiconductor equipment ETF experienced a slight decline of 0.17%, while the communication ETF fell by 2.47% due to complex internal and external environments [21][23] - Recent financial reports from major companies like Meta and Google indicate a significant increase in capital expenditures for 2026, suggesting a positive outlook for the semiconductor industry [10][24] Storage Market Outlook - Major storage companies like Sandisk and SK Hynix are showing a doubling trend in performance, with strong demand for storage expansion noted by ASML [11][25] - The global wafer fabrication equipment market size is projected to reach 135 billion USD by 2026, indicating an upward trend in market conditions [11][25] Investment Opportunities - The technology sector shows a favorable trend based on earnings forecasts and financial reports, despite facing multiple pressures in the market [12][25] - Specific investment opportunities include the communication ETF and semiconductor equipment ETF, driven by high demand in the optical module market and storage expansion [12][25]

Core Viewpoint - The article highlights the upcoming Munich Shanghai Optical Expo as a key platform for the semiconductor and optoelectronics industry, focusing on collaborative innovation from devices to networks, particularly in the context of CPO (Co-Packaged Optics) technology [1][2]. Group 1: Industry Trends - The semiconductor industry is evolving towards "device miniaturization, advanced packaging, and high-speed networking," with collaborative innovation from devices to networks being crucial for overcoming computational and communication bottlenecks [2]. - CPO technology is identified as a pivotal hub connecting "devices, packaging, and networks," necessitating higher requirements for collaborative design due to its role in AI data centers and high-speed interconnect scenarios [2]. Group 2: Challenges in the Industry - The increasing complexity of heterogeneous integration, higher adaptability requirements between devices and networks, and the challenges in design-process-application collaboration are significant pain points hindering large-scale industry advancement [2]. - The bottleneck in CPO development has shifted from optimizing individual components to achieving overall system-level collaboration, which includes considerations for thermal, stress, and signal integrity [2]. Group 3: Company Contributions - Zhuhai Silicore Technology, a leading domestic EDA company, will participate in the forum, showcasing its next-generation 2.5D/3D stacked chip EDA solutions aimed at addressing design bottlenecks in the "device-packaging-network" collaboration [1][3]. - The company's 3Sheng Integration Platform has been validated by leading domestic advanced packaging manufacturers and supports mainstream processes like CoWoS and high-density substrate fan-out, facilitating complex scenarios in silicon photonics integration [3]. Group 4: Forum Highlights - The forum will feature three core technology presentations from Zhuhai Silicore Technology, focusing on EDA solutions for silicon photonics chips, collaborative breakthroughs in CPO technology, and the establishment of an advanced packaging ecosystem [7][9][11]. - The EDA+CPO technology collaboration aims to address core challenges in the entire link, including signal integrity, thermal reliability, and packaging parasitics, facilitating scalable deployment of CPO solutions [9][10]. Group 5: Networking Opportunities - The forum will provide a platform for industry professionals, including semiconductor manufacturers, network equipment vendors, and advanced packaging practitioners, to engage in discussions and find collaborative innovation solutions [15].

Group 1 - The major indices in China experienced declines, with the Shanghai Composite Index down 0.64%, the Shenzhen Component down 1.44%, and the ChiNext down 1.55% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.19 trillion yuan, a decrease of 309 billion yuan compared to the previous trading day [1] - The consumer sector saw significant gains, particularly in food and beverage, retail, film and television, and tourism, with several stocks hitting the daily limit [1] Group 2 - The semiconductor industry is showing signs of recovery, particularly in the analog chip sector, with companies like Guoxin Technology rising over 11% [2] - Several A-share semiconductor companies are expected to announce price increases for various chips by the end of 2025 to early 2026 [2] - The tourism sector in Fujian is also gaining momentum, with the Ministry of Culture and Tourism announcing the resumption of travel for Shanghai residents to Kinmen and Matsu [2] Group 3 - The Japanese stock market saw declines, with the Nikkei 225 index down 0.88%, influenced by major companies like SoftBank Group and Nintendo [3] - The South Korean stock market also fell, with the KOSPI index down 3.86%, driven by declines in the memory chip sector [3] Group 4 - The Hong Kong stock market rebounded, with tech stocks like Lenovo and Xiaomi rising over 3% [4] - The semiconductor sector in Hong Kong faced pressure due to a significant drop in AMD's stock price, affecting local semiconductor companies [5] Group 5 - Precious metals and oil prices have seen declines, with gold dropping nearly 1% to $4,920.84 per ounce and silver falling back to $80 per ounce [7] - The expiration of the U.S.-Russia New START treaty may impact future arms control discussions, as no agreement has been reached for its extension or replacement [7]

Market Overview - The A-share market opened lower on February 5, with all three major indices declining over 1% [2] - The technology sector continued to adjust, with significant declines in CPO and semiconductor stocks, while the space photovoltaic sector saw a sharp drop [2][5] - The consumer sector performed well, particularly in the liquor and restaurant tourism segments, with bank stocks also showing positive performance [2] Stock Performance - A total of 3,690 stocks declined, while 1,644 stocks rose, and 43 stocks hit the daily limit up [3] - The half-day trading volume in the Shanghai and Shenzhen markets was 1.45 trillion yuan, a decrease of 168.2 billion yuan compared to the previous trading day [3] Photovoltaic Sector - The photovoltaic sector experienced a significant drop, with key stocks like Junda Co. and Shuangliang Energy hitting the daily limit down [5] - Other notable declines included Maiwei Co., Dike Co., and Jiejia Weichuang, all falling over 10% [5][6] Consumer Sector - The consumer sector saw gains, particularly in the liquor segment, with Kweichow Moutai rising 1.41% to 1,546.46 yuan per share, increasing its market capitalization to 1,936.6 billion yuan [8] - Other consumer stocks, including Zhongxin Niya and Qunxing Toys, recorded significant gains, with both hitting the daily limit up [9] Banking Sector - The banking sector showed a positive trend, with all related stocks rising, including Xiamen Bank up over 6% and Chongqing Bank up over 4% [13] - The People's Bank of China recently held a meeting to discuss the credit market, which is expected to provide multiple benefits to the banking sector [13]

Group 1 - The AI technology sector is experiencing a pullback, with notable declines in ETFs such as the Huaxia AI ETF (159381) and the Huaxia Communication ETF (515050), both dropping over 2% [1] - The total trading volume for these ETFs surpassed 160 million yuan, indicating significant market activity despite the downturn [1] - Major stocks like Taicheng Technology, Guangku Technology, and Dongshan Precision are among the hardest hit, suggesting a broader market correction [1] Group 2 - Guoyuan Securities highlights a systematic upgrade in AI computing infrastructure to meet the explosive demand for computing power, focusing on building efficient, low-latency, and low-cost interconnected networks [2] - The evolution of computing power expansion is shifting from vertical scaling (ScaleUp) to distributed cluster horizontal scaling (ScaleOut) and cross-domain collaboration (ScaleAcross) [2] - Key hardware such as optical modules and switches are undergoing rapid innovation, with domestic optical module manufacturers gaining a leading position in the global market, poised to benefit from the expansion of AI computing infrastructure [2] Group 3 - The Huaxia AI ETF (159381) tracks an index with nearly 50% weight in CPO, covering domestic software and AI application companies, providing high elasticity [3] - The top three weighted stocks in the ETF are Zhongji Xuchuang (15.64%), Xinyi Sheng (15.57%), and Tianfu Communication (6.85%), with a combined weight ranking first in the market [3] - The Huaxia Communication ETF (515050) has a scale exceeding 8 billion yuan, deeply covering optical modules, communication equipment, and computing infrastructure, with CPO and CPB concept stocks accounting for over 76% of its weight [3]