Investment Rating - The report maintains a positive outlook on the semiconductor industry, particularly in the AI and HPC sectors, indicating a strong demand that supports revenue growth [2][5]. Core Insights - TSMC reported a record revenue of NT$401.26 billion in January 2026, a year-on-year increase of 36.8%, driven by strong demand in AI servers, HPC, and cloud data centers [2][5]. - The advanced packaging capacity remains tight, which is a key factor supporting revenue growth [5]. - The report highlights that the AI sector continues to drive demand, with companies like Xinxia and JY Electronics also reporting significant revenue increases [2][5][20]. Summary by Sections AI Sector - TSMC's revenue growth is attributed to the sustained demand for AI servers and advanced process technologies, maintaining high utilization rates [5]. - Xinxia's revenue reached NT$900 million in January 2026, up 28.5% year-on-year, reflecting the strong demand for server management chips [7]. - JY Electronics reported a revenue of NT$3.37 billion, a 41% increase year-on-year, driven by the rising complexity and demand for AI-related testing [8]. Mature Process - UMC, World Advanced, and PSMC reported revenues of NT$20.86 billion, NT$4.01 billion, and NT$4.62 billion respectively, with year-on-year growth rates of 5%, 18%, and 26% [16]. - PSMC's revenue reached a 39-month high, driven by rising prices in memory wafer foundry and increased demand for logic foundry [16]. Storage - Nanya Technology, Winbond, and Macronix reported revenues of NT$15.31 billion, NT$11.78 billion, and NT$3.02 billion respectively, with year-on-year growth rates of 608%, 94%, and 51% [17]. - Nanya indicated that various DRAM products may remain tight due to limited new capacity, particularly DDR4 and LPDDR4 [17]. End-Side Chips - MediaTek's revenue was NT$46.98 billion, down 8% year-on-year, with expectations of a significant decline in mobile terminal demand due to rising costs [18]. - The Smart Edge business is expected to grow, with data center ASIC revenue projected to exceed USD 1 billion in 2026 [20]. Passive Components - Yageo reported a revenue of NT$13.03 billion, a 27% year-on-year increase, driven by strong demand from AI-related applications [20].

Core Viewpoint - The U.S. stock market is experiencing a rare and widespread panic sell-off, with AI disruptions impacting various industry sectors like a domino effect [1] Market Sentiment - The latest trigger for market panic was a statement from Microsoft's AI business leader, suggesting that most white-collar jobs could be replaced by AI within 12 months, leading investors to reassess the scope and speed of AI disruption [3] - Investors are showing a lack of willingness to buy the dip, with hedge funds and long institutions selling off but at smaller scales, indicating a growing sense of fatigue [3] Market Performance - The breadth of the market is deteriorating, with 350 out of 500 S&P component stocks declining, significantly impacted by major companies like Apple, Amazon, Microsoft, Meta, and Cisco [4] - Goldman Sachs trading activity levels surged from 4/10 to a high, with inquiry volumes reaching their highest in two weeks [5] Sector Rotation - There is an extreme factor rotation occurring, with defensive sectors becoming safe havens while previously strong tech sectors are collapsing [6] - The most notable market characteristic is investors' complete unwillingness to buy into any AI-related sharp declines, a sentiment that spans all industry sectors [7] Industry-Specific Impacts - The logistics sector has become a recent casualty, with financial and healthcare sectors also under pressure, while technology faces widespread collapse [8] - AI has been sweeping through industries, identifying potential "losers," as seen in the sell-off of CH Robinson, which was previously viewed as an AI beneficiary [9] Financial Sector Dynamics - The logic of super regional banks being attractive havens in the financial sector is unraveling, as alternative asset management companies shifted from gains to losses [10] - Defensive REITs continue to rise, but strong earnings from commercial real estate service company CBRE failed to boost its stock price, indicating that performance is currently deemed unimportant in the prevailing market environment [10] Healthcare Sector Challenges - The contract research organization (CRO) sector in healthcare has plummeted by 32% this month, following Pfizer's announcement to use AI for most clinical trials, with ICLR dropping 38% in a single day [11] - The technology, media, and telecommunications sectors, except for storage chips, are facing significant declines, with previous "winner" stocks being sold off amid risk-averse sentiment [11]

本报讯 （记者李昱丞）2月13日，深圳市沃尔核材股份有限公司（以下简称"沃尔核材"）正式在香港联交所主板挂牌上 市，实现"A+H"双重上市。 他强调，此次登陆国际资本市场，不仅是公司发展历程中的重要里程碑，更是一个崭新的起点。未来，沃尔核材将持续强 化核心技术优势，加快拓展全球市场，不断为股东、客户和社会创造长期价值。借助香港国际金融中心的独特优势，公司将更 加深入地融入全球产业链，开启高质量发展新篇章。 （编辑 李波） 沃尔核材始终专注于高分子辐射改性新材料领域，逐步构建起"电子材料、通信线缆、电力、新能源汽车及风力发电"五大 核心产品体系，并布局智能智造领域，以领先技术为全球客户提供安全保护与智能连接解决方案。 沃尔核材董事长周和平表示，沃尔核材始终致力于成为全球领先的热缩材料与高速铜缆制造商，产品已广泛应用于AI数据 中心、智能驾驶、机器人以及核电等高精尖领域。随着AI算力需求释放，高速铜缆业务发展空间广阔。 ...

Investment Rating - The investment rating for Lenovo Group is "Buy" and is maintained [10] Core Insights - Lenovo Group's revenue performance exceeded expectations, driven by strong orders for AI servers and robust supply chain resilience, which is expected to stabilize profit margins [6][7] - The company has adjusted its FY2026 earnings forecast upwards due to better-than-expected Q3 performance, while maintaining FY2027-2028 earnings projections [6] - Non-GAAP net profit for FY2026 is projected to be $1.81 billion, reflecting a year-on-year growth of 25.5% [6] Financial Performance Summary - For FY2026 Q3, Lenovo reported revenue of $22.204 billion, surpassing Bloomberg consensus estimates of $20.76 billion, with a year-on-year growth of 18.1% [7] - Non-GAAP net profit for the same period was $589 million, exceeding expectations of $463 million, and showing a year-on-year increase of 35.5% [7] - Breakdown of revenue by business segments: - IDG: Revenue of $15.755 billion, up 14.3% year-on-year, with PC shipments growing 14.4% compared to the industry average of 9.6% [7] - ISG: Revenue of $5.176 billion, up 31.4% year-on-year, supported by AI infrastructure orders [7][8] - SSG: Revenue of $2.652 billion, up 17.5% year-on-year, with deferred revenue increasing by 20% [8] Valuation Metrics - Projected non-GAAP net profits for FY2026-2028 are $1.81 billion, $2.07 billion, and $2.36 billion respectively, with corresponding year-on-year growth rates of 25.5%, 14.5%, and 13.9% [6] - The current price-to-earnings (P/E) ratios are projected at 9.5, 8.3, and 7.3 for FY2026, FY2027, and FY2028 respectively [9]

Core Viewpoint - The main investment logic in A-shares for 2026 is centered around price increases, where rising prices of certain goods and services are expected to lead to higher stock prices for related companies, as increased selling prices enhance profitability and provide support for stock prices [1][10]. Price Increase Concept - Market expert Peng Zu has identified 2026 as a "big year" for price increases, emphasizing the significance of this trend in investment strategies [2][11]. - The most resilient sectors benefiting from price increases include computing power, cloud services, and optical fiber, all driven by the demand surge from AI applications [3][12]. - Year-to-date, stocks related to computing power and cloud services, such as Wangsu Technology, have seen significant gains, with an increase of over 110% since the beginning of the year [3][13]. Optical Fiber Sector - The optical fiber sector has also experienced substantial price increases, with monthly price rises exceeding 75% since the beginning of 2026, reaching an average price of over 40 yuan per core kilometer, with some manufacturers quoting prices as high as 50 yuan per core kilometer [3][13]. - Companies like Yangtze Optical Fibre and Hengtong Optic-Electric have seen their stock prices rise significantly due to these trends [3][13]. Chemical Sector - The chemical sector has emerged as a strong performer, with companies like Runtu Co., Ltd. seeing their stock prices nearly double since January 19, 2026, driven by rising prices of key products [4][14]. - Baichuan Co., Ltd. has also reported significant price increases for its products, with TMP prices soaring from over 8,000 yuan per ton at the end of 2025 to 15,000 yuan per ton by February 2026, enhancing profit expectations [5][15]. Demand and Supply Dynamics - The recovery in downstream demand from sectors like real estate and new energy is driving increased demand for chemical raw materials, while industry capacity reductions and rising raw material costs are forcing collective price increases [6][14]. - The ongoing supply-demand imbalance in sectors such as computing power, cloud services, and optical fiber is expected to persist, supporting the price increase logic [8][17]. Institutional Investment Trends - Institutional investors are likely to remain engaged, with expectations of continued accumulation of leading stocks in the computing power and optical fiber sectors, as they have shown confidence in the sustainability of price increases [9][18]. - Following the Spring Festival, there is an anticipated influx of capital into A-shares, particularly favoring sectors with strong price increase narratives [9][18]. Policy and Industry Support - Post-Spring Festival, policies supporting the "East Data West Computing" project and AI industry are expected to further stimulate demand in computing power, cloud services, and optical fiber sectors [9][18].

Investment Rating - The industry investment rating is "看好" (positive outlook), indicating a relative performance stronger than the market benchmark index by over 5% [21]. Core Insights - The global rubidium salt market is entering a new structural expansion cycle, driven by the increasing penetration of perovskite batteries, which may lead to a compound annual growth rate (CAGR) of 115% in rubidium salt demand over the next five years [1][6]. - The penetration rate of perovskite solar cells is expected to rise significantly, from approximately 1.3% in 2025 to 30% by 2030 in the photovoltaic market, driven by their low cost and high efficiency [2][6]. - The flexible perovskite solar cells are anticipated to find applications in various fields, including building-integrated photovoltaics (BIPV), wearable devices, and vehicle power generation, enhancing industry expansion [3][5]. Summary by Sections Rubidium Salt Demand - The demand for rubidium salt is projected to increase from 37 tons in 2025 to 1696 tons by 2030, with a CAGR of 115%, driven by the growth in perovskite solar cell production [6][7]. - The perovskite battery industry is expected to see a significant increase in installed capacity, from 20 GW in 2026 to 281.7 GW by 2030, leading to a corresponding rise in rubidium salt demand from 146.7 tons to 2065.7 tons, with a CAGR of 94% [7][8]. Perovskite Battery Characteristics - Perovskite solar cells have achieved efficiencies exceeding 25%, significantly higher than other flexible solar cells, and maintain high performance under low light conditions, making them suitable for various applications [4][5]. - The lightweight and flexible nature of perovskite solar panels allows for seamless integration with building materials, positioning them as a mainstream choice in the BIPV sector [5]. Market Growth Projections - The global BIPV market is expected to grow from $16.66 billion in 2026 to $47.02 billion by 2031, with a CAGR of 23.06%, as perovskite solar cells continue to evolve and gain market share [5]. - The demand for perovskite batteries in emerging applications is projected to account for approximately 20% of total demand by 2024, driven by their unique advantages [4].

公司表示，募集资金将全部用于AI+人形机器人核心技术研发、智能制造装备升级及归还公司到期存量 债务，降低公司综合资金成本。 中证报中证网讯（记者 罗京）2月12日晚，均普智能发布公告称，公司在银行间市场成功发行2026年度 第一期科技创新债券，债券简称"26均普智能MTN001（科创债）"。本期债券发行规模2亿元，期限2 年，债项评级AAA，票面利率2.49%。 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected growth exceeding the benchmark index by over 10% [1]. Core Insights - North American major CSPs have released their financial reports, indicating that AI has transitioned from a cost center to a revenue engine, leading to an urgent and genuine increase in capital expenditures for 2026, which are expected to exceed forecasts [2][17]. - The cloud business is experiencing significant growth through AI capabilities, with AWS cloud sales increasing by 20% year-on-year to reach $128.7 billion, and Google Cloud projected to exceed $70 billion in annual revenue by the end of 2025, driven by strong demand for AI infrastructure and solutions [3][17]. - The total capital expenditure planned by Amazon, Google, Microsoft, and Meta for 2026 is projected to reach $660 billion, a 60% increase from 2025 and more than double that of 2024, with Amazon's expected expenditure of $200 billion exceeding market expectations by $50 billion [5][19]. Summary by Sections Industry Trends - The AI investment cycle is distinct from previous cloud computing infrastructure phases, with the current capital expenditure cycle not showing signs of peaking, as evidenced by the rapid growth of AI tokens and the introduction of various automated programming workflows [6][20]. - The competition between CPO and optical module technology routes has caused market fluctuations, with concerns about the potential market space being consumed by CPO advancements [10][22]. Market Performance - The overall market saw a decline during the week of February 2-6, 2026, with the Shanghai Composite Index dropping by 1.27% and the Shenwan Communication Index falling by 6.95%. However, the optical cable and submarine cable sector experienced a notable increase of 19.05% [11][23]. - Individual stock performance showed significant gains for companies like Longfly Fiber and Tongyu Communication, while companies such as Zhongji Xuchuang and Lian Te Technology faced substantial declines [11][37]. Investment Recommendations - Companies to focus on include those involved in Scaleup/NPO such as Zhongji Xuchuang, Tianfu Communication, and Newyi Sheng, as well as those in passive optical components like Zhishang Technology and Changxin Bochuang [11][23].

Group 1 - Zoom Communications, Inc. is viewed positively by Wall Street ahead of its fiscal Q4 2026 earnings, with analysts upgrading the stock and raising price targets [1][2][3] - Analyst Alex Zukin from Wolfe Research highlights the company's strengths in contact center and phone businesses, as well as emerging voice AI features that are expected to drive growth [2] - Wedbush expresses confidence in Zoom's AI strategy, noting robust double-digit growth in annual recurring revenue (ARR) for its AI products [3] Group 2 - Zoom Communications expects fiscal Q4 2026 revenue between $1.230 billion and $1.235 billion, with non-GAAP income from operations projected between $477.0 million and $482.0 million [3] - The company offers an AI-powered collaboration platform called Zoom Workplace, which includes tools for video meetings, team chat, phone systems, and productivity apps enhanced by AI Companion [4]

Core Viewpoint - Autodesk, Inc. is involved in a legal dispute with Google over trademark infringement related to the "Flow" software, which both companies are marketing for the same customer base in the film, TV, and gaming production sectors [1][2]. Group 1: Legal Dispute - Autodesk filed a complaint in the San Francisco federal court, claiming it began using the "Flow" trademark in 2022 for visual effects, and was surprised by Google's launch of similar software in 2025 targeting the same customers [2]. - The complaint alleges that Google made false representations regarding its use of the "Flow" trademark, suggesting it would always use a combination of its own brand and "Flow" to gain time to dominate the market [2]. Group 2: Market Sentiment - Wall Street analysts are optimistic about Autodesk's stock, with Goldman Sachs upgrading it from Hold to Buy on February 2, and J.P. Morgan also upgrading it to Buy while maintaining a price target of $319 [4]. - Autodesk specializes in 3D design, engineering, and entertainment software, serving industries such as architecture, construction, manufacturing, and media, with key products including AutoCAD, Revit, Inventor, Maya, and 3ds Max [4].