Long-term Vision E-Vision 2035 Medium-term Management Plan E-Plan 2028 EBARA (6361) February 13, 2026 Executive Summary Enhancing profitability and capital efficiency through strategic resource allocation to growth businesses — Continuing our evolution as a global excellent company — Our Vision To be an excellent global company essential to building a sustainable society Slogan Essential EBARA. Everywhere. E-Vision 2035 — Our 10-Year Vision E-Plan 2028 — The First Three-Year Management Plan Toward E-Vision ...

Core Insights - The integration of AI technology in logistics during the Spring Festival enhances safety and efficiency for drivers, exemplified by the use of AI safety monitoring systems and AR tools for cargo measurement [2][5][10] Group 1: AI Safety Monitoring - The AI safety monitoring system developed by the company has significantly improved safety for drivers by providing real-time alerts for potential hazards, such as identifying dangerous goods, which has led to a 30% reduction in daily risk incidents [5][6] - The system can identify violations in just 100 milliseconds and has automated features that remind drivers to take breaks and alert them to unusual vehicle behavior, thereby enhancing overall safety during the busy Spring Festival period [5][6] Group 2: AR Measurement Technology - The AR identification feature allows for rapid measurement of cargo dimensions, reducing the time taken for manual measurements from over ten minutes to under two seconds, thus increasing efficiency by tenfold [7][9] - This technology addresses the challenges of matching various cargo types with appropriate vehicle sizes, ensuring better logistics management and reducing transportation costs [9][10] Group 3: AI Customer Service - The logistics industry has seen a surge in order volume, but the company’s AI customer service model has improved response times, achieving over 90% accuracy in answering logistics-related inquiries [10] - The AI model is designed to be lightweight and scenario-specific, addressing real-world challenges in the logistics sector, and aims to provide intelligent reminders to drivers about available loads, enhancing operational efficiency [10][11]

Core Viewpoint - Dongxin Co., Ltd. has experienced significant stock price fluctuations driven by the recovery in the memory chip market and expectations for domestic substitution, with a notable increase in stock price on February 10, 2023, by 6.07% [1] Stock Performance - On February 10, Dongxin's stock closed at 134.7 yuan, with a trading volume of 3.204 billion yuan and a turnover rate of 5.48%; net inflow of main funds was 294 million yuan, accounting for 9.18% of total trading volume [2] - The stock price adjusted to 130.72 yuan on February 11, down 2.95%, with a trading volume of 1.803 billion yuan; it rebounded to 134.68 yuan on February 12, up 3.03%, with a trading volume of 2.160 billion yuan [2] - As of February 13, the latest price was 135.00 yuan, a slight increase of 0.24%, with a cumulative 5-day price change of 8.03% [2] - In terms of margin trading, the net inflow over the past 5 days was 60.6693 million yuan, with an increase in balance [2] Financial Report Analysis - Dongxin's performance in 2025 is expected to show significant improvement, with projected annual revenue of 921 million yuan, a year-on-year increase of 44%; net profit attributable to shareholders is expected to narrow its loss to between -214 million yuan and -174 million yuan [3] - The revenue for the fourth quarter of 2025 is projected to be 350 million yuan, with a quarter-on-quarter growth of over 50% and a year-on-year growth of approximately 80%; the memory business is expected to achieve profitability with a continuous increase in gross margin [3] - The company anticipates further improvement in profitability in 2026, driven by rising memory prices and a recovery in demand from downstream sectors such as network communication and automotive electronics [3] Institutional Perspectives - Huafu Securities' 2026 strategy report indicates that the memory chip market entered a prosperous cycle in 2025, with prices continuing to rise; the synergy of AI and domestic controllability is beneficial for domestic memory enterprises, with Dongxin being a focal point due to its technological chain [4] - The report emphasizes that the exit of overseas major manufacturers from the niche DRAM market presents an opportunity for Dongxin to increase its market share [4]

Core Insights - The sales of technology products in Huaqiangbei have increased by over 30% in the past two months, with AI glasses sales rising by 70%-80% and drones and robots by 30%-50% [1] - The "AI Eight Steeds" list was officially released to provide consumers with a reference for popular tech products during the Spring Festival [1][2] Group 1 - The "AI Eight Steeds" list evaluates products based on real sales volume, technological advancement, price discounts, and consumer preference, covering key AI hardware sectors [2] - Products on the list include drones, robots, AI glasses, AI toys, AI watches, AI translation devices, AI learning machines, and AI speakers, catering to diverse gifting scenarios [2] - Huaqiangbei has implemented significant discount policies for the listed products, allowing consumers to enjoy both national subsidies and merchant discounts during the Spring Festival [2] Group 2 - The "AI Eight Steeds" products represent local AI + hardware enterprises, showcasing the vibrant "One Person Company" innovation ecosystem in the area [3] - Huaqiangbei has established a comprehensive ecosystem within a 1.45 square kilometer area, facilitating efficient collaboration and rapid production processes for local tech companies [3] - This mechanism effectively converts traffic into sales and integrates technology products into everyday life, supporting the export of local goods [3]

记者丨李金萍 编辑丨孙超逸 春节年货买什么？ 华强北的科技年货一定榜上有名。 2月13日，记者从华强北街道获悉，在"广货行天下"消费电子促销行动的带动下，华强北科技年货持续走俏，数据显 示， 近两个月华强北科技类产品整体销售额较平日增长超30%，其中AI眼镜销量增长达70%—80%，无人机、机器人 销量增长30%—50%；外籍客商数量同比增长100%。 图：华强北主街活动现场，摄\李金萍 多家媒体密集报道后，大量游客和网友在评论区留言，希望街道公布真实销售情况，推出一个权威的热门榜单，为消 费者提供购物参考。 2月13日，街道联合各大市场和商户，系统梳理近两个月真实销售数据，正式发布"华强北AI八骏"榜单。 本次发布的榜单产品分别为：无人机、机器人、AI眼镜、AI玩具、AI手表、AI翻译机、AI学习机、AI音响。 2026 · 华强北年礼钜惠 ● Top1: 无人机 优惠企业代表:品航无人机等 8.5折 优惠 热销榜单 9折 Top3: Al、AR、MR眼镜 优惠企业代表:意境视界AI眼镜等 最高立减￥1140 Top4: Al玩具 优惠企业代表:深元AI禄马等 优惠 最高立减 ¥ 300 Top2: 机器人 ...

Core Viewpoint - Guangting Information (301221) has reported a significant increase in net profit and secured new orders in its AI business, indicating a trend towards concentrated shareholding as the number of shareholders continues to decline [1]. Financial Performance - For the year 2025, Guangting Information expects a net profit attributable to shareholders of between 70 million to 88 million yuan, representing a year-on-year growth of 134.67% to 195.02%. The net profit excluding non-recurring items is projected to be between 45 million to 63 million yuan, reflecting a growth of 141.42% to 237.99%. This growth is primarily driven by technological iterations, expansion of overseas business, and the acquisition of Chengdu Kaima [2]. Business Development - The company has announced that its self-developed AI-driven platform, "Super Software Factory (SDW)," has secured orders for various projects, including the full process of SDW intelligent development for instrumentation, AutoSAR intelligent development projects, and cockpit system intelligent testing. However, the current revenue from these projects is relatively small and does not significantly impact overall performance [3]. Stock Performance - On February 13, 2026, Guangting Information's stock price increased by 2.02%, closing at 60.99 yuan per share, with a trading volume of 24.9971 million yuan. Despite a net outflow of 1.7073 million yuan from major funds, the stock has seen a cumulative increase of 8.45% this year, with a 60-day increase of 27.54% [4]. Shareholder Situation - As of January 20, 2026, the number of shareholders in Guangting Information was 13,402, a decrease of 1,046 shareholders or 7.24% compared to January 10, indicating a continuous decline over three consecutive periods [5]. Institutional Holdings - Dacheng Fund's product "Dacheng CSI 360 Internet + Index A" held 318,800 shares of Guangting Information at the end of the fourth quarter of 2025, accounting for 1.04% of the fund's net value [6].

Report Industry Investment Ratings - **Cautiously Bullish**: Index futures (IH, IF, IC, IM), rubber, coking coal, coke, manganese silicon, ferrosilicon, gold, silver, aluminum, lithium carbonate, corn [5] - **Cautiously Bearish**: Crude oil, methanol, steel, hot-rolled coil, iron ore, apple [5] Core Views - The IEA has lowered the forecast for global oil demand growth in 2026 and expects a daily surplus of 373,000 barrels, mainly due to increased supply from OPEC+ and non-OPEC+ countries [1][3][12] - The US Department of Agriculture predicts that Brazil's cotton exports in the 2025/26 season will reach 14.5 million bales, a 6% year-on-year increase [1] - The COMEX's silver inventory has decreased, with a net out-of-warehouse volume of 4.7 million ounces in 24 hours [1] - Most domestic futures contracts fell at the night session, with crude oil down over 2% and caustic soda up over 3% [1] - The overall stock index is expected to continue its phased bullish pattern in February, but potential disturbances from overseas capital markets during the Spring Festival holiday should be watched out for [4][10] - For precious metals, after market adjustment and the accumulation of new positive factors, gold is expected to return to a steady upward channel, and investors are advised to wait and see for silver [2][17] Summary by Directory 1. Main News on the Day International News - US President Trump is expected to visit China in early April, and President Xi Jinping will meet with him. The China-US trade "ceasefire" is expected to be extended [6] Domestic News - The People's Bank of China will conduct a 1-trillion-yuan outright repurchase operation on February 13, with a 6-month term. The 6-month outright repurchase will be increased for the sixth consecutive month, with an increase of 50 billion yuan [7] Industry News - The Ministry of Education has issued an opinion on deepening the reform of key elements in vocational education teaching, focusing on adding new majors in fields such as low-altitude economy and artificial intelligence [8] 2. Daily Returns of External Markets - Most external market varieties showed price declines on February 12, with London silver having the largest drop of 10.73%, followed by ICE Brent crude oil at 2.99% and London gold at 3.17%. Only a few varieties such as ICE No. 2 cotton, CBOT soybeans, and CBOT wheat showed price increases [9] 3. Morning Comments on Major Varieties Financial - **Stock Index**：The overall stock index is expected to continue its phased bullish pattern in February, but potential disturbances from overseas capital markets during the Spring Festival holiday should be watched out for [4][10] - **Treasury Bonds**：Treasury bond futures prices are expected to stabilize, and cautious operation is recommended before the Spring Festival [11] Energy and Chemicals - **Crude Oil**：sc crude oil fell 5.14% at the night session. The global oil market is facing a large surplus, with supply growth outpacing demand [3][12] - **Methanol**：Methanol fell 0.04% at the night session. The overall coastal inventory is basically flat, and the inventory process is slow [13] - **Natural Rubber**：Natural rubber slightly declined. With the approaching Spring Festival, risk control and position reduction are recommended [14] - **Polyolefins**：Polyolefin futures mainly fell. The market currently focuses on the expectation of supply improvement, and short-term prices follow cost fluctuations [15] - **Glass and Soda Ash**：Glass futures slightly fell, and soda ash futures mainly declined. The supply and demand of glass are gradually being repaired, while the supply of soda ash has slightly shrunk, and the effectiveness of supply and demand repair needs further observation [16] Metals - **Precious Metals**：Precious metals fell, with silver having a larger decline. After market adjustment and the accumulation of new positive factors, gold is expected to return to a steady upward channel, and investors are advised to wait and see for silver [2][17] - **Copper**：Copper prices may enter an adjustment phase in the short term, and attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [18] - **Zinc**：Zinc prices may follow the overall trend of non-ferrous metals. Attention should be paid to changes in the US dollar, smelting output, and downstream demand [19] - **Aluminum**：The short-term industrial situation of aluminum is relatively weak, but in the long term, low inventory, supply constraints, and stable demand provide relatively strong support for the price [20] - **Lithium Carbonate**：The market sentiment has turned weak again, and the futures price of lithium carbonate has continued to fall. It is recommended to pay attention to the right-side trading opportunities after volatility reduction and participate cautiously [21][22] Black Metals - **Coking Coal and Coke**：The main contracts of coking coal and coke showed a volatile trend at the night session. After the Spring Festival, attention should be paid to the trend of hot metal production, mine operation, and import policies [23] - **Steel**：The steel market is currently in a situation of weak supply and demand, with inventory accumulation accelerating. Steel prices are expected to continue the volatile and weak pattern [24] - **Iron Ore**：The short-term iron ore price is expected to maintain a volatile and weak operation, and steel mills are expected to replenish inventory on demand [25] Agricultural Products - **Protein Meal**：Domestic soybean meal has strengthened following the external market, but the high inventory and sufficient supply in the far month are expected to continue to put pressure on prices [26][27] - **Oils and Fats**：Oils and fats showed a weak and volatile trend at the night session. The palm oil inventory in Malaysia is in the de-stocking cycle, and prices are expected to be mainly volatile in the short term [28] - **Sugar**：Zhengzhou sugar is expected to be weak in the short term, with the international sugar price breaking through the downward trend [29] - **Cotton**：Zhengzhou cotton is expected to maintain a range-bound trend in the near term, with potential pressure on the upside in the short term [30] - **Hogs**：The short-term hog price may show a narrow-range shock, supported by sentiment and local inventory replenishment, but the overall upside space is limited [31] Shipping Index - **Container Shipping to Europe**：EC rose 6.4%. Before the Spring Festival, it is expected to be in a volatile pattern, and after the Spring Festival, attention should be paid to the verification of cargo volume expectations and the actual implementation of price increase letters [32][33]

Core Viewpoint - The company expects significant growth in net profit by 2025, driven by industry demand and internal reforms, while facing regulatory scrutiny for delayed disclosures of related party transactions [1] Performance Overview - The company forecasts a net profit attributable to shareholders of between 280 million to 420 million yuan for 2025, representing a year-on-year increase of 428.38% to 692.57% - The expected non-recurring net profit ranges from 258 million to 387 million yuan, indicating a growth of 955.37% to 1483.06% - Growth is primarily attributed to strong demand in the examination training industry and innovations in products and regional operational reforms, with non-degree training business projected to achieve a median net profit of 380 million yuan, a year-on-year increase of approximately 396% [2] Regulatory Situation - On February 9, 2026, the Sichuan Securities Regulatory Bureau issued a corrective administrative measure against the company for failing to timely review and disclose financial assistance and related party transactions, resulting in a warning letter to Chairman Wu Zhengao and other responsible parties - Specific issues include providing financial assistance of 39.29 million yuan to related parties and failing to disclose related transactions of 29.58 million yuan in a timely manner, which may impact the company's governance transparency [3] Shareholder Pledge - On February 11, 2026, it was announced that 1.76 million shares held by the controlling shareholder Tianjin Huatu Hongyang Enterprise Management Co., Ltd. have been unfrozen, potentially alleviating market concerns regarding control stability - However, the actual controller Yi Dinghong previously faced high levels of pledged and judicially frozen shares, indicating ongoing control risks [4] Business Development - In December 2025, the company signed a strategic cooperation agreement with Fenbi Co., Ltd., involving equity cooperation, technology development, and channel integration to enhance the implementation of AI education and training products - In January 2026, the company held a press conference on AI transformation, emphasizing progress made in foundational tools in 2025, with future collaborations expected to yield synergistic business effects [5] Company Status - The company's performance in 2025 has met the trigger value for the first unlocking period of the employee stock ownership plan and restricted stock plan (non-recurring net profit trigger value of 256 million yuan) - The implementation of the incentive plan has resulted in share-based payment expenses of approximately 67.5 million yuan, and the achievement of the 2026 performance target (non-recurring net profit trigger value of 320 million yuan) will be closely monitored [6]

Core Insights - The article highlights the transformative impact of AI on traditional Chinese New Year celebrations, emphasizing a shift from passive observation to active participation through creative interactions [2][4]. Group 1: AI and Family Engagement - Young people are increasingly using AI technologies to enhance family interactions during the Spring Festival, such as creating "DIY family portraits" and "AI costumes," which have become central to family activities [2]. - In Sanjia Village, a young village leader utilized AI to create family portraits for villagers, allowing family members who could not return home to be digitally present in the photos [4]. Group 2: AI Applications in Tourism - An AI application named "Play with Volcano" was launched in the Shishan Town of Hainan, aimed at enhancing the tourist experience by providing interactive guides and cultural insights [5][11]. - The application integrates various features, including travel tips, cultural education, and e-commerce, transforming short visits into immersive cultural experiences for over 150,000 tourists annually [11][14]. Group 3: The "Handmade Economy" - The emergence of the "handmade economy" is characterized by individuals using low-code/no-code platforms like "Miaoda" to create applications that address niche needs, bypassing traditional software development barriers [15][17]. - As of December 2025, over 500,000 applications have been generated on the Miaoda platform, with 81% of users being non-programmers, showcasing the platform's accessibility and the rapid development cycle from idea to product [17]. Group 4: One Person Company (OPC) Concept - The concept of "One Person Company" (OPC) is gaining traction, allowing individuals to operate businesses independently using AI tools, thus reducing the need for large teams and high operational costs [19][21]. - Recent policies in cities like Shenzhen and Shanghai are supporting the OPC model, indicating a shift towards recognizing individual entrepreneurs as a significant part of the economy [22]. Group 5: Technology and Human Connection - The article emphasizes that while technology cannot fill all emotional gaps, it can enhance human connections and empower individuals to realize their ideas, as seen in the case of the village leader and the AI applications developed for the Spring Festival [23].

Core Viewpoint - The global technology industry is experiencing a stark contrast, with major players like Microsoft, Google, and Amazon announcing significant AI capital expenditure plans, yet facing market declines due to ROI concerns, resulting in a collective market value loss of nearly $900 billion [1] Group 1: Lenovo's Performance Amidst Market Challenges - Lenovo Group's third-quarter performance for the fiscal year 2025/26, reported on February 12, 2026, showcased a record revenue of $22.2 billion (157.5 billion RMB), an 18% year-on-year increase, with adjusted net profit growth reaching 36%, double the revenue growth rate [1][2] - Lenovo's resilience during supply chain disruptions and the downturn of global tech giants is attributed to its strong delivery capabilities and operational discipline, allowing it to maintain steady performance [2][3] - The company has consistently demonstrated strong delivery resilience during past supply chain crises, regaining its position as the world's leading PC manufacturer even when the market faced stagnation [2][3] Group 2: Supply Chain Management and Operational Strategy - Lenovo's unique operational strategy, termed "global resources, local delivery," enables it to integrate resources across various regions, ensuring consistent procurement and delivery despite supply chain disruptions [4] - The company's "ODM+" model allows it to mitigate localized disruptions and maintain operational continuity, earning recognition as a global supply chain leader [4] - Lenovo's proactive asset management, including signing annual framework agreements with key suppliers, has secured supply and cost stability, providing a competitive edge during market volatility [7][8] Group 3: Market Position and Competitive Advantage - Lenovo's global PC market share increased from 23.7% in the fiscal year 2024/25 to 25.3%, enhancing its bargaining power with suppliers during periods of component shortages [6] - The company's scale advantage allows it to achieve optimal procurement prices, positioning it favorably against competitors amid rising costs [6][8] - Lenovo's customer base, predominantly composed of enterprise and government clients, enables it to absorb cost pressures more effectively than competitors reliant on price-sensitive consumer markets [8][9] Group 4: Long-term Operational Discipline - Lenovo's operational discipline and risk management culture have allowed it to avoid common pitfalls during supply chain disruptions, maintaining stable inventory levels and cash flow [9][10] - The company has successfully locked in low-cost components through strategic inventory management, preventing significant financial losses during price fluctuations [10] - Lenovo's ability to navigate supply chain challenges is attributed to its evolution beyond a traditional PC company, leveraging its position within the global supply chain and AI ecosystem [11][12] Group 5: Future Outlook and AI Integration - Lenovo is well-positioned to capitalize on the AI industry's growth, integrating hardware and software to meet emerging demands for computational power and infrastructure [12][13] - The company's strategy of combining AI PCs, smartphones, and servers with a robust service framework is expected to enhance its order stability and cash flow, solidifying its leadership in the global AI ecosystem [12][13]