Group 1 - Goldman Sachs has adjusted the target price for China Mobile (00941.HK) from HKD 105 to HKD 88 and downgraded the rating from "Buy" to "Neutral" [1] - The report highlights that while China Mobile shows growth potential in innovative business areas, the slowdown in 5G telecom service growth is a key short-term pressure factor [1][3] - The firm has reduced its forecast for new 5G base stations by 8,000 units by December 2025, with expectations for 540,000 and 500,000 new base stations in 2026 and 2027, respectively, reflecting a cautious capital expenditure trend among operators [3] Group 2 - The report acknowledges China Mobile's strategic layout in innovative business areas, expecting significant growth from large-scale computing expansion and AI ecosystem coverage [3] - Despite the potential in innovative businesses, traditional communication services still account for over 70% of revenue, which is expected to have a greater impact on overall profitability in the short term [3] - As of the report date, China Mobile's stock price was HKD 78.4, indicating a 12% upside potential compared to the target price, with a recommendation for investors to remain cautious until clearer catalysts emerge [3]

Core Viewpoint - Goldman Sachs has downgraded China Mobile's target price from HKD 105 to HKD 88 and changed its rating from "Buy" to "Neutral" due to a slowdown in 5G service growth and lower-than-expected new 5G base station additions [1] Group 1: Company Valuation and Rating - China Mobile's current valuation is considered reasonable according to Goldman Sachs [1] - The target price has been adjusted to HKD 88, reflecting a more cautious outlook [1] - The rating change to "Neutral" indicates a shift in sentiment towards the stock [1] Group 2: 5G Service Growth - The growth of 5G telecom services is experiencing a continuous slowdown [1] - Goldman Sachs estimates that by December 2025, the number of new 5G base stations in China will be 8,000 lower than previously forecasted [1] - The firm projects a year-on-year decline in new 5G base stations of 8% and 7% for 2026 and 2027, respectively, reaching 540,000 and 500,000 [1] Group 3: Innovation Business Outlook - Goldman Sachs maintains a positive outlook on China Mobile's expansion into innovative business areas [1] - Future growth in innovative services is expected to be supported by the expansion of large-scale computing power and the coverage of AI ecosystems [1]

Group 1: Quantum Technology - The team from the University of Science and Technology of China achieved significant breakthroughs in scalable quantum networks, including the construction of a basic module for scalable quantum repeaters and the realization of device-independent quantum key distribution (DI-QKD) over a distance of 100 kilometers, improving previous international experimental levels by over two orders of magnitude [4][5]. - The successful implementation of a quantum repeater with an entanglement lifetime of 550 milliseconds, exceeding the entanglement establishment time of 450 milliseconds, marks a critical advancement in quantum communication, enabling the construction of a kilometer-scale quantum internet [5]. Group 2: Biomanufacturing - The Shenzhen Advanced Institute of Technology developed a programmable integration platform for functional molecules, which opens up new applications in biomanufacturing, biosensing, and flexible electronics [6][7]. - OpenAI partnered with Ginkgo Bioworks to create an AI-driven automated experimental system that significantly reduces the production costs of cell-free protein synthesis (CFPS) by approximately 40% and reagent costs by 57% [8]. Group 3: Hydrogen Energy and Nuclear Fusion - The China Energy Construction Group's Songyuan hydrogen energy industrial park project has produced over 10,000 tons of green ammonia and received EU certification, validating the integrated commercial model of "green electricity - green hydrogen - green ammonia" [9][10]. - Shenzhen Energy signed a contract for a 505MW wind-solar hydrogen project with a total investment of approximately 8 billion, covering both upstream and downstream sectors [12]. Group 4: Brain-Computer Interfaces - The company Borui Kang has initiated the process for its initial public offering (IPO), marking a transition of invasive brain-computer interface technology from research to commercialization [13][15]. - A research team from the Chinese Academy of Sciences developed a novel optogenetic technique for visual brain-computer interfaces, enabling high-precision, long-term optical stimulation of the visual cortex, representing a significant advancement in sensory information input [16][18]. Group 5: Embodied Intelligence - Microsoft Research introduced a new robot model, Rho-alpha, which integrates multimodal perception capabilities, including visual, language, and tactile data, aimed at enhancing the application of embodied intelligence in unstructured environments [21]. Group 6: 6G and Commercial Space - A research team from Beijing University of Posts and Telecommunications made significant progress in 6G channel modeling, with their work being included in the international 6G standard framework by 3GPP [22]. - The U.S. Federal Communications Commission (FCC) accepted SpaceX's application for an orbital data center, which aims to establish a satellite constellation of up to 1 million satellites to support advanced AI models and applications [25]. Group 7: Future Industry Catalysts - A table summarizing key catalytic events for six future industries in 2026 was provided, highlighting important milestones and conferences that investors should track [26][27].

Core Viewpoint - Goldman Sachs maintains a positive outlook on China Mobile's expansion from traditional telecom services to innovative businesses, despite a slowdown in 5G telecom service growth [1] Group 1: 5G Service Growth - The growth of 5G telecom services is continuing to slow down, with the latest data indicating that the number of new 5G base stations in the Chinese industry by December 2025 is expected to be 8,000 lower than previously estimated [1] - It is projected that the number of new 5G base stations in 2026 and 2027 will decline by 8% and 7% year-on-year, reaching 540,000 and 500,000 respectively [1] Group 2: Innovative Business Growth - The firm expects continued growth in innovative businesses, primarily supported by the ongoing expansion of large-scale computing power and the coverage of the AI ecosystem [1] Group 3: Valuation and Rating - China Mobile's current valuation is considered reasonable, with the target price adjusted from HKD 105 to HKD 88, and the rating downgraded from "Buy" to "Neutral" [1] - The outlook on the stock could become more optimistic if there are improvements in 5G user ARPU, better-than-expected growth in innovative businesses, or faster-than-expected progress in 6G telecom service commercialization [1]

Group 1 - The core viewpoint is that the space photovoltaic industry has significant potential, driven by both domestic and international developments, particularly with SpaceX's plans for a solar energy satellite network and China's increasing satellite launch capabilities [1][2] - The global market for space photovoltaics could reach 8GW annually, with a potential market size of 8 trillion yuan, even if the cost of components decreases significantly [2] - China's photovoltaic industry is strong, with leading manufacturers in equipment and materials, such as Maiwei and Aotwei, which are expected to gain incremental orders due to the expansion of overseas leaders [3] Group 2 - The report suggests focusing on key photovoltaic equipment manufacturers like Aotwei, Maiwei, and others that are likely to benefit from the expansion of overseas leaders [3] - It also highlights core material manufacturers like Dongfang Risen and others that have established deep relationships with overseas clients, which will drive profit growth [3]

Group 1 - The renewable energy sector is active, with the solar photovoltaic concept leading the gains, as Tesla evaluates multiple sites in the U.S. to expand its solar cell manufacturing business, aiming for an annual production capacity of 100 gigawatts over the next three years [1] - SpaceX founder Elon Musk has proposed a strategic plan to deploy 100 gigawatts of solar AI satellite energy networks in space annually, indicating that space photovoltaic technology can drive and operate artificial intelligence at a low cost [1] - In China, the "14th Five-Year Plan" suggests that the sixth-generation mobile communication will become a new economic growth point, with a focus on integrating ground and satellite networks, which is expected to boost satellite launches and the space photovoltaic industry [1] Group 2 - As of February 9, 2026, the STAR Market 100 Index (000698) has seen significant gains, with component stocks such as Shijia Photon rising by 9.31% and Rongbai Technology by 8.15% [2] - The STAR Market 100 Index is composed of 100 securities selected from the STAR Market based on market capitalization and liquidity, reflecting the overall performance of different market capitalization companies [2] - The top ten weighted stocks in the STAR Market 100 Index as of January 30, 2026, include Huahong Semiconductor and Yuanjie Technology, accounting for a total of 27.42% of the index [2]

消息面上，在AI浪潮下，数据中心建设如火如荼，光纤作为数据中心之间连接的重要器件，也正迎来 价格上涨以及供应紧张的趋势。据光电通信，2025年第四季，国内G.652.D光纤含税价平均约为25元/芯 公里，较2025年第二季度的20元/芯公里环比增长约25%。此前21世纪经济报道记者致电产业龙头烽火 通信得知，受原材料成本变化影响，光纤光缆行业从2025年下半年已开启小幅涨价，2026年1月涨价幅 度与速度均明显提升。 南方财经2月9日电，光纤等算力硬件股进一步走强，长飞光纤、天孚通信、蘅东光、杰普特、长盈通、 炬光科技盘中创新高。 甬兴证券：随着AI算力网络、6G预研、全球数字基建等需求的持续释放，全球光纤光缆市场有望进入2 ～3年的高景气周期。建议关注光纤光缆相关投资机会。建议关注：长飞光纤、烽火通信、亨通光电、 中天科技等。查看原文：AI需求持续释放，光纤光缆涨价来袭，龙头股价新高！行业高景气周期将 至？丨行业风口2026-02-03 ...

新材料科技成果与项目路演 中国未来产业崛起引领全球新材料创新发展 2026年6月10-12日 上海新国际博览中心 2026未来产业新材料博览会（上海） (Future Industries New Materials Expo 2026，简称" FINE 2026 ")，将 以 50,000平 展区 与 超过 300场 战 略与前沿科技报 告，全景呈现应用于人工智能、智算/数据中心、具身智能、低空经济、航空航天、智能汽车、AI消费电子、量子科技、6G、脑机接口、新能源、生物制造等产 业的热门创新成果， 并 重点聚焦 未来智能终端 以及 未来产业五大共性需求（先进半导体、先进电池、轻量化功能化、低碳可持续、热管理） ，呈现从终端、 部件、材料、技术装备到前沿科技的全链条创新，打造一站式交流、合作与采购平台。 展会同期将举办 " FINE2026新材料科技成果与项目路演 " ，以 " 路演+点评与建议+精准合作对接 " 为核心 ，助力优质项目精准对接产业基金、政府园区、 产业企业资源，加速 科技成果商品化， 让更多优质科技成果、产业项目，被发现、被看到，助力新兴与未来产业崛起！ 1 活动组织 主办单位 ：DT新材 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The space photovoltaic sector is experiencing upward momentum driven by both domestic and international factors, with significant opportunities for leading equipment manufacturers and core material companies in China [2][7] - The market potential for space photovoltaics is substantial, with projections indicating a possible scale of 8GW annually if 80,000 satellites are launched each year, translating to a market space of approximately 8 trillion yuan [7] - China's photovoltaic industry chain is robust, with leading equipment manufacturers like Maiwei and Aotwei expected to capture incremental orders, while core material manufacturers are also poised for growth due to increasing demand from overseas clients [7] Summary by Sections Investment Suggestions and Targets - Investment suggestion emphasizes the strong growth potential in the space photovoltaic sector, recommending attention to domestic leading equipment manufacturers and core material producers [3] - Key equipment manufacturers to watch include Aotwei (688516), Maiwei (300751), and Jiejia Weichuang (300724) [3] - Core material companies recommended include Dongfang Risen (300118), Junda Co. (002865), and Foster (603806) [3] Industry Dynamics - High capital expenditures from domestic and international cloud service providers are expected to drive demand for electrical equipment [7] - The "14th Five-Year Plan" outlines significant investments in green energy applications, positioning new energy technologies as a cornerstone for carbon reduction [7] - The National Grid's investment plan of 4 trillion yuan is anticipated to resonate positively across domestic and international power grid sectors [7]

会议传达学习了省两会精神，指出，省两会深入贯彻党的二十届四中全会精神和习近平总书记对江 苏工作重要讲话精神，高度评价过去一年江苏经济社会发展取得的成就，明确了2026年全省经济社会 发展目标任务，审查和批准"十五五"规划《纲要》，审议通过相关文件和法规，凝聚了全省人民的共同 意愿。作为省会城市，要把各项目标任务放在全省大局中考量，围绕省两会部署抓好贯彻落实，扎扎实 实、踏踏实实把既定任务落到实处，确保"十五五"开好局、起好步，切实扛起经济大省挑大梁的省会担 当。要以开局即冲刺、起步即加速的劲头，统筹抓好一季度经济社会发展各项工作，奋力实现"开门 红"。 会议听取了市人大常委会、市政府、市政协、市法院、市检察院党组工作汇报，对5家党组去年的 工作予以充分肯定。会议强调，今年是中国共产党成立105周年，是"十五五"开局之年。要深刻领悟"两 个确立"的决定性意义，增强"四个意识"、坚定"四个自信"、做到"两个维护"，始终同以习近平同志为核 心的党中央保持高度一致，坚持把党的领导贯穿工作各方面、全过程，不折不扣把党中央和省、市委各 项决策部署落到实处。要强化党组自身建设，严格落实全面从严治党主体责任，树立和践行正确政 ...