1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Views of the Report - The prices of various commodities in the chemical and agricultural sectors showed different trends on February 4, 2026, compared to the previous day [4]. - The macro - economic news includes rumors of VAT rate hikes in some industries, major corporate mergers and IPO plans, and policy directions in different fields [6][7]. - For different commodity futures, the market conditions are affected by supply - demand relationships, seasonal factors, and macro - economic factors, and corresponding trading strategies are proposed [11][13][15]. - In the stock market, A - shares showed a general upward trend on February 3, while欧美 stocks declined. Different sectors had different performances, and trading strategies are suggested for different investors [22][23]. 3. Summary by Relevant Catalogs 3.1 Chemical Industry - On February 4, 2026, most chemical futures showed price increases, such as natural rubber with a 0.803% increase, 20 - number rubber with a 0.955% increase, and asphalt with a 0.997% increase. Only PVC and caustic soda showed price decreases, with PVC down 0.335% and caustic soda down 0.863% [4]. 3.2 Macro - Economic News - Rumors of VAT rate hikes in the financial and Internet value - added service industries, especially in the game industry from 6% to 32%, turned out to be false [6]. - SpaceX merged with xAI, with the combined company valued at $1.25 trillion, and an expected IPO later this year [6]. - 30 provinces in China have set their GDP growth targets for 2026, with many economic powerhouses aiming for over 5% growth [6]. - Multiple commercial aerospace companies are in the process of going public, and they may list on the stock market intensively in the next one or two years [7]. - The Ministry of Industry and Information Technology emphasizes technological breakthroughs in future industries such as 6G, quantum technology, etc. [7]. - The Hong Kong Monetary Authority announced a financial technology promotion blueprint and will launch four flagship projects [7]. - There were disputes about OpenAI's attitude towards Nvidia's AI chips, but Nvidia's investment plan in OpenAI is still progressing [7]. - Different Fed officials have different views on interest - rate cuts. Waymo completed a new round of $16 billion in financing, with a post - investment valuation of $126 billion [8]. 3.3 Main Commodity Morning Meeting Views 3.3.1 Agricultural Products - **Sugar**: The supply - demand situation is loose both at home and abroad. The domestic sugar price is expected to remain in a weak and volatile state. It is advisable to be cautious when short - selling and focus on short - selling opportunities after a rebound [11]. - **Corn**: The market faces seasonal selling pressure before the Spring Festival and weakening demand. The price is in a high - level volatile state. It is recommended to wait and see, with the upper pressure at 2275 yuan and the lower support at 2250 yuan [11]. - **Peanut**: The price is expected to continue to fluctuate at the bottom in the short term. The lower support levels are 8000 yuan and 7900 yuan, and the upper pressure is 8100 yuan [11]. - **Pig**: The supply of pigs is temporarily tightened before the Spring Festival, and the futures market is expected to remain volatile [11][13]. - **Egg**: The spot market is stable, and the futures market shows a pattern of near - term strength and long - term weakness, seeking downward support [13]. - **Jujube**: The price is expected to remain stable in the short term. The downstream demand is fragmented, and the futures market is seeking downward support [13]. - **Cotton**: The supply has a long - term bullish factor of expected yield reduction, but the high inventory suppresses the upward space. The price is expected to remain in a high - level volatile state. It is advisable to operate cautiously on the long side, with the support range at 14500 - 14600 yuan [13]. 3.3.2 Energy and Chemicals - **Caustic Soda**: The fundamentals are in an oversupply situation, and attention should be paid to the impact of supply - side changes on prices [13]. - **Coking Coal and Coke**: The prices of coking coal in the production areas have declined, and the replenishment of steel and coking enterprises is coming to an end. The prices are expected to fluctuate and run [13]. - **Log**: The price is expected to maintain a relatively strong and volatile state, but the upward space is limited. It is advisable to adopt a volatile trading strategy, with the upper pressure at 805 yuan and the lower support at 795 yuan [13][15]. - **Pulp**: The supply - demand situation is weak. The price is expected to be under pressure and run weakly in the short term. It is recommended to wait and see or try short - selling lightly when the price is high, with the upper pressure at 5300 yuan/ton and the lower support at 5250 yuan/ton [15]. - **Offset Printing Paper**: The supply - demand relationship is in a weak balance. It is recommended to wait and see. If the price effectively breaks below 4030 yuan, the downward space may be opened [16]. 3.3.3 Non - ferrous Metals - **Copper and Aluminum**: The copper price is under pressure due to market uncertainties and the rising US dollar index. The aluminum supply is increasing, the demand is showing signs of stabilization, and the inventory accumulation speed has slowed down, but the structural contradiction remains. The market sentiment has stabilized, and attention should be paid to macro - risks [18]. - **Alumina**: The fundamentals are in an oversupply situation, waiting for new market drivers [20]. - **Rebar and Hot - Rolled Coil**: The demand is weakening as the holiday approaches, and the steel prices are expected to be under slight pressure and run weakly [20]. - **Silicon Ferrosilicon and Manganese Silicon**: The overall fundamentals are relatively healthy, but the market lacks expected drivers. The prices are expected to run weakly with a narrowing range, and the cost provides certain support. It is advisable to have a callback - and - long - biased trading idea and pay attention to the macro - atmosphere [20]. - **Lithium Carbonate**: The price rebounded strongly after a sharp decline, showing strong support below. It is expected to maintain a high - level volatile state in the short term. It is recommended to wait and see, with the upper pressure at 151880 yuan and the lower support at 137520 yuan [20][22]. 3.3.4 Options and Finance - **Stock Index Options**: On February 3, A - shares showed a general upward trend, and different stock index futures and options had different performance indicators. Trend investors can focus on the strength - weakness arbitrage opportunities between varieties, and volatility investors can hold short - wide - straddle positions to short - sell volatility. The stock market is likely to fluctuate in the two weeks before the Spring Festival, and attention should be paid to structural opportunities [22]. - **Stock Market**: A - shares closed higher on February 3, with active performance in some concept sectors. The欧美 stock market declined, and technology stocks were under pressure. The trading strategy is to participate in the rebound lightly when the price stabilizes after a sharp decline, not to chase the rise, and to realize profits when the price rises [22][23].

Summary of Key Points from the Conference Call Industry Focus - The conference call emphasizes the **silicon photonics** industry and **CPO (Co-Packaged Optics)** technology Core Recommendations - The call highlights four key recommended companies in the **silicon photonics light engine and CW (Continuous Wave)** segment: - **Zhongji Xuchuang** - **Xinyi Technology** - **Yuanjie Technology** - **Tianfu Communication** [1] - Additionally, four beneficiary companies in the **silicon photonics equipment and optical interconnection** sector are mentioned: - **Robotek** - **Zhishang Technology** - **Juguang Technology** - **Jieput** [1] Additional Insights - The call underscores the importance of the **"Four Key Points"** and **"Four Little Dragons"** combination strategy for investment in the silicon photonics sector [1]

Summary of Key Points Company and Industry Involved - **Company**: 安孚科技 (Anfu Technology) - **Industry**: Silicon Photonics and Battery Manufacturing Core Insights and Arguments - **Investment in Silicon Photonics**: Anfu Technology has co-led an investment in Suzhou Yilaimi, a company focused on silicon photonic heterogeneous integrated thin-film lithium niobate photonic chips, which are essential for high-performance optical modules and optoelectronic co-packaged optics (CPO) in data centers [1] - **Production Timeline**: The pilot production line for the silicon photonic chips is set to officially commence in August 2025, laying the groundwork for future mass production [1] - **Market Validation**: Samples of the silicon photonic chips have been sent to major optical module manufacturers, receiving positive feedback [1] Additional Important Content - **Stable Operations of Nanfu Battery**: Nanfu Battery, a subsidiary, is maintaining a strong position in the domestic retail market while accelerating overseas expansion, which supports steady revenue growth [3] - **Cost Reduction and Efficiency**: Continuous internal cost reduction and efficiency improvements are expected to enhance profitability [4] - **Increased Stake in Nanfu**: Anfu Technology plans to increase its stake in Nanfu, which is projected to contribute stable cash flow and enhance the company's market value safety margin [4] - **Performance Forecast**: The company has released a performance forecast for 2025, expecting a net profit attributable to shareholders of 216 to 254 million yuan, representing a year-on-year increase of 28.6% to 50.9% [4] - **Q4 Projections**: For Q4 2025, the expected net profit attributable to shareholders is between 42 to 79 million yuan, indicating a significant year-on-year increase of 129% to 335% [4] - **Impact of Nanfu Restructuring**: The restructuring of Nanfu is expected to enhance Anfu's financial statements and performance, with an increased shareholding ratio of 46% [4] - **Future Investment Opportunities**: The stable cash flow and high dividends from Nanfu are anticipated to support Anfu's expansion and future mergers and acquisitions, creating potential upward options [4]

T/S带领空天继续炸裂，宇航员重回太空你永远可以相信 – 国金计算机&科技 核心标的更新（其实和之前差不多） T/S：奥特维、宇晶股份、拉普拉斯、双良节能、迈为股份、连城数控、蓝思科技、高测股份、捷佳伟创、信维通 信 国内：西部材料、明阳智能、飞沃科技、华曙高科、普天科技、钧达股份 算力没问题，交易平衡后继续看好，LITE会Beat（guidance更好），CPO结构不错，核心标的之前汇报过。 应用标的也和之前差不多，偏向上工业与AI各行业会加强。 T/S带领空天继续炸裂，宇航员重回太空你永远可以相信 – 国金计算机&科技 核心标的更新（其实和之前差不多） T/S：奥特维、宇晶股份、拉普拉斯、双良节能、迈为股份、连城数控、蓝思科技、高测股份、捷佳伟创、信维通 信 国内：西部材料、明阳智能、飞沃科技、华曙高科、普天科技、钧达股份 算力没问题，交易平衡后继续看好，LITE会Beat（guidance更好），CPO结构不错，核心标的之前汇报过。 ...

【东吴电子陈海进】AI基建，光板铜电—Rubin ultra Scale up&out方案梳理 此前我们在深度报告《AI基建，光板铜电：主流算力芯片Scale up&out方案全解析》中对RubinNVL 144、谷歌 TPUV7 Ironwood、AWS Trainium3 TetonMax、Meta Minevra四款产品Scale up&out方案进行了全面深入的解析。 近期海外媒体对R 【东吴电子陈海进】AI基建，光板铜电—Rubin ultra Scale up&out方案梳理 此前我们在深度报告《AI基建，光板铜电：主流算力芯片Scale up&out方案全解析》中对RubinNVL 144、谷歌 TPUV7 Ironwood、AWS Trainium3 TetonMax、Meta Minevra四款产品Scale up&out方案进行了全面深入的解析。 近期海外媒体对RubinUltra机柜Scale up CPO方案进行了分析，我们在此延续《AI基建，光板铜电》框架再做整 理，欢迎探讨！ 2073.6Tbps/3.2Tbps=648，跨Canister互联又对应648颗3.2Tbps光引擎，则 ...

Summary of Conference Call on Thin Film Lithium Niobate (TFLN) and Related Companies Industry Overview - The thin film lithium niobate (TFLN) is identified as a crucial component for achieving single-wave 400G technology, as the silicon photonics path has reached its physical limits [1] - TFLN is recognized for its high electro-optic coefficient and bandwidth capabilities, with laboratory tests achieving over 260Gbaud [1] Key Points on TFLN and Its Applications - The "silicon photonics + TFLN" heterogeneous integration scheme is essential for 3.2T optical modules, balancing cost control with performance enhancement [1] - TFLN is expected to see significant usage in CPO (Co-Packaged Optics) and OIO (Optical Interconnects) scenarios [1] Technical Implementation - The integration process involves slicing TFLN, using Dieto Wafer or Wafer to Wafer techniques, and bonding it to SOI (Silicon On Insulator) wafers to produce high-speed modulator chips [3] - The TFLN serves as the modulation core, while the silicon photonics part handles passive functions like routing and coupling, leveraging CMOS technology for cost efficiency [3] Company Insights Anfu Technology - Anfu Technology has a stake in Yilong Micro, which successfully completed tri-party testing of the world's first single-wave 400Gbps heterogeneous integrated chip in Q2 2025 [3] - The company is set to launch a pilot production line with an annual capacity of 500,000 chips in Q3 2025, focusing on TFLN modulator integration [3] - The expected price for a single heterogeneous integrated modulator for a 3.2T module is projected to reach $200, indicating high margins and significant market potential [3][4] Tiantong Co., Ltd. - Tiantong holds over 50% of the domestic market share for TFLN chips and serves as a supplier to companies like Anfu [4] - The value of products corresponding to each optical module is estimated to be several hundred RMB, with net profit margins exceeding 40% [4] Competitive Landscape - The thin film lithium niobate industry in China is noted for its completeness, providing a significant advantage for domestic manufacturers compared to the indium phosphide industry, which is primarily based in the US and Japan [2] Financial Outlook - Anfu's main business, Nanfu Battery, is projected to generate a profit of 1 billion RMB, contributing to a market valuation of 20 billion RMB [3][4] - The optical communication business is also expected to add another 20 billion RMB in market value [4]

Market Overview - The A-share market opened lower with the Shanghai Composite Index down 0.08%, the Shenzhen Component down 0.39%, and the ChiNext Index down 0.80% [3][4] - The Hong Kong market also opened lower, with the Hang Seng Index down 0.14% and the Hang Seng Tech Index down 0.87% [5][6] Sector Performance - The storage chip sector experienced significant declines, with companies like Deep Kangjia A hitting the daily limit down, and others such as Puran, Lanke Technology, Baiwei Storage, and Shannon Chip also opening lower [2] - The AI computing power industry chain saw a downturn, particularly in the storage and CPO sectors, while semiconductor and consumer electronics themes were among the hardest hit [4] - Conversely, gold, basic metals, and oil and gas sectors showed signs of rebound [4]

Core Viewpoint - Shenzhen Oat Technology Co., Ltd. experienced a significant stock price fluctuation, with a cumulative closing price deviation of 30% over three consecutive trading days, indicating abnormal trading activity [2][4]. Group 1: Stock Trading Abnormalities - The company's stock price increased by a cumulative 30% on January 30, February 2, and February 3, 2026, which qualifies as abnormal trading according to the Shanghai Stock Exchange rules [2][4]. - The company has confirmed that its daily operations are normal and there have been no significant changes [5]. Group 2: Company Operations and Major Events - The company conducted a self-examination and found that its production and operational activities are normal, with no major changes in the market environment or industry policies [5]. - There are no undisclosed major events, such as mergers, debt restructuring, or asset injections, as confirmed by the company and its major shareholders [6][9]. Group 3: Market Trends and Product Development - Recent market interest has surged in concepts like "CPO," "optical communication," and "silicon photonic wafer testing," leading to active market performance in related sectors [7]. - The company’s acquisition of AXIS-TEC PTE.LTD. includes products related to silicon photonic wafer testing, but these products are still in the early stages of market promotion, contributing less than 1% to the company's sales revenue [8].

Core Viewpoint - The recent capital market has shown high interest in concepts such as "CPO," "optical communication," and "silicon photonic wafer testing," leading to active market performance in related sectors [1] Group 1: Company Overview - The company, Oat Technology (688312.SH), has announced a stock price fluctuation and highlighted its acquisition of AXIS-TEC PTE.LTD., which offers products related to silicon photonic wafer testing [1] - The market promotion of these related products is still in its early stages, and future development remains uncertain [1] - Currently, sales revenue from these products accounts for less than 1% of the company's total revenue, indicating that it has not significantly impacted the company's overall performance [1] Group 2: Business Operations - The company operates as a provider of intelligent testing equipment and system solutions for the electronics industry [1] - There have been no significant changes in the company's main business operations [1]

Core Viewpoint - The recent capital market has shown high interest in concepts such as "CPO," "optical communication," and "silicon photonic wafer testing," leading to active market performance in related sectors [1] Company Summary - Oat Technology (688312.SH) has acquired AXIS-TEC PTE.LTD., which offers products related to silicon photonic wafer testing, although market promotion for these products is still in its early stages [1] - The sales revenue from these products currently accounts for less than 1% of the company's total revenue, indicating that it has not significantly impacted the company's overall performance [1] - The company remains focused on providing intelligent testing equipment and system solutions for the electronics industry, with no major changes in its main business operations [1]