Core Viewpoint - The report from CMB International predicts that Huahong Semiconductor (01347) will achieve revenue of $655 million and a gross margin of 14.0% in Q1 2026, with a high certainty of continued capacity expansion in 2027 [1] Group 1: Financial Performance - Q4 2025 revenue reached $659.9 million, a 3.9% increase quarter-on-quarter, nearing the upper limit of previous guidance [1] - Gross margin for Q4 2025 was 13.0%, aligning with the median of the previous guidance range of 12-14%, but down 0.5 percentage points quarter-on-quarter [1] - Management has guided Q1 2026 revenue to be between $650 million and $660 million, with a gross margin forecast of 13-15% [1] Group 2: Capacity Expansion - As of the end of 2025, the capacity is projected to be 486 kWpm equivalent for 8-inch wafers, with an increase of 42 kWpm in 12-inch equivalent capacity from the new factory [2] - The management indicated that the first phase of the new factory is expected to achieve full production in less than two years, with total capacity projected to reach 83 kWpm by the end of 2026 [2] - The total investment for the first phase is $6.7 billion, with approximately $1.3 billion remaining for capacity expansion in 2026 [2] Group 3: Demand Outlook - The capacity utilization rate for 2025 is expected to be at a high of 106.1%, driven by strong demand for AI-related PMIC products and embedded NVM memory related to MCUs [2] - The overall demand is positively influenced by AI, with a spillover effect from the shortage of memory benefiting Huahong's logic and memory foundry business [2]

Group 1 - The home industry is accelerating digital transformation, with a focus on emerging areas such as AR and robotics, and the integration of "AI+" is gaining attention for its potential to drive business growth [1] - Jianlin Home, a globally recognized manufacturer of kitchen, bathroom, water purification, and health home products, holds over 2000 patents and has achieved multiple breakthroughs during the 14th Five-Year Plan, including digital transformation, establishment of overseas bases, and initiation of health and wellness business [1] - The year 2026 marks the beginning of the 15th Five-Year Plan, and the market is looking forward to Jianlin Home's strategies involving AI integration and robotics deployment [1] Group 2 - Jianlin Home's Chairman, Chen Daihua, emphasizes that the value of AI lies not in the technology itself but in its ability to enhance product experience, optimize manufacturing efficiency, and apply in practical scenarios, thereby empowering overall business development [1] - For the 15th Five-Year Plan, Jianlin Home has outlined a development path that focuses on AI-enabled manufacturing and transitioning from single smart products to collaborative scenario-based solutions [1]

"各行业的尾部风险在结构上被低估了，"塔勒布表示，"风险并非小幅回调，而是大幅下跌。" 不过，塔勒布认为市场涨势在短期内仍可能延续。他表示，更大的问题在于潜在下跌的幅度。 有"黑天鹅之父"之称的纳西姆・塔勒布（Nassim Taleb）向投资者发出警告：随着AI驱动的行情进入更 脆弱阶段，软件行业需准备迎接不断加剧的波动与潜在破产。 在这位畅销书《黑天鹅》的作者看来，市场正在低估结构性风险，同时高估当前AI龙头企业的韧性。 他提醒，尽管AI将创造巨额利润，但历史的先驱者往往会被后来者取代。 "有人会在AI领域赚到大钱，"塔勒布在迈阿密由Universa Investments主办的SeaFair活动间隙接受采访时 表示，但如今构成AI交易主力的这批公司，未必能笑到最后。 他指出，随着技术不稳定性、激烈竞争与地缘政治变局重塑行业，软件领域部分公司很可能破产。 标普500指数周一下跌约1%，这是近期一系列抛售行情中的最新一次。投资者正面临关税不确定性，以 及两种相互矛盾的叙事所引发的对AI板块的焦虑。 一方面，投资者担心，随着编码难度降低，快速发展的AI工具将颠覆以订阅服务为主的软件公司。与 此同时，争相开发与搭 ...

Citizens Financial Group Inc. (NYSE:CFG) is among the 15 Undervalued Momentum Stocks That Are Taking Off. According to a February 9 report from TipRanks, JPMorgan raised its price target on Citizens Financial Group Inc. (NYSE:CFG) to $71 from $62.50 while maintaining an Overweight rating, reflecting a constructive outlook on large-cap banks. The firm updated its sector assumptions to incorporate expectations of two rate cuts, while expecting long-term yields to “remain sticky with inflation concerns.” A ...

The PNC Financial Services Group Inc. (NYSE:PNC) is among the 15 Undervalued Momentum Stocks That Are Taking Off. According to a February 9 report from The Fly, JPMorgan raised its price target on The PNC Financial Services Group Inc. (NYSE:PNC) from $228.50 to $251. The firm also maintained an Overweight rating as it continues to have a constructive outlook on large-cap banks. The firm updated its sector estimates to reflect expectations of two rate cuts, while expecting long-term yields to “remain stick ...

Financial Performance - Olin Corporation reported Q4 2025 sales of $1.67 billion, flat year over year, with a 10% decline in its largest segment, Chlor Alkali Products and Vinyls [2] - Adjusted EBITDA fell 65% year over year to $67.7 million, and the company reported a net loss of $85.7 million or $0.75 per share, compared to a net income of $10.7 million or $0.09 per share in the previous year [2] - The company expects first-quarter 2026 adjusted EBITDA to be lower than Q4 2025 levels due to ongoing cost pressures [3] Management Commentary - Ken Lane, President and CEO, noted headwinds from a trough market environment, customer destocking, and maintenance turnarounds [5] - He highlighted benefits from the Beyond250 initiative, which resulted in a $44 million reduction in structural costs in 2025 [6] Analyst Reactions - Deutsche Bank raised its target price on Olin Corporation from $23 to $26 while maintaining a Hold rating [1] - Other analysts, including BMO Capital, Citi, and RBC Capital, have lowered their price targets due to the softer results, with BMO reducing from $25 to $24 and Citi and RBC from $24 to $21 [6] Company Overview - Olin Corporation is a leading vertically integrated global manufacturer and distributor of chemical products, including chlorine, caustic soda, and vinyls, as well as a major U.S. manufacturer of ammunition [7]

Group 1 - Changfei Fiber (601869.SH) reached a record high of 234.73 CNY, with a year-to-date increase of 101.73%, resulting in a market capitalization of 194.33 billion CNY [1] - Changfei Fiber Optic Cable (6869.HK) saw an intraday rise of 6.5% to 136 HKD, marking a year-to-date increase of 163%, with a market capitalization exceeding 110 billion HKD [1] - The demand for optical fibers is surging due to AI requirements, with CRU data indicating that the price of domestic G.652.D bare optical fiber increased by 79% month-on-month and 92% year-on-year as of January 2026 [1] Group 2 - As of January 2026, the average price of G.652.D single-mode optical fiber in the Chinese market reached 35 CNY per core kilometer, the highest in nearly seven years [1] - Changfei Fiber noted the recent market focus on the supply-demand structure and price fluctuations of optical fiber and cable products in the telecommunications market, as well as the high attention on products related to computing data centers [1] - The new products related to data centers account for a small proportion of the total demand in the global optical fiber and cable market, indicating a need for cautious investment decisions [1]

2月24日，A500ETF南方（159352）交投活跃，截至发稿涨幅超1%，成交额43亿元。中信建投表示，当 前市场情绪仍然高涨，A股有望开启新一轮上行。行业配置上，可继续坚持"科技+资源品"双主线。其 中科技主线以AI、人形机器人、新能源和创新药为核心，资源品主线以贵金属、石油石化、基础化工 为核心。招商证券认为，节后A股资金面有望持续充裕，业绩真空期和政策回暖期给了A股接下来一段 时间进行产业趋势投资创造了良好的环境。A500ETF南方（159352）跟踪的中证A500指数具备显著优 势，其编制思路贴合新旧动能转换背景，覆盖大量新质生产力相关标的，兼顾贝塔收益与成长潜力。投 资者可借道A500ETF南方（159352，联接A：022434、联接C：022435、联接Y：022918）一键布局。 ...

Core Viewpoint - The spring market excitement for 2026 has partially shifted to January, with a round of growth style realization before the festival, combined with regulatory easing and significant ETF outflows. It is expected that the overall index in February will mainly fluctuate, with a stronger performance anticipated after the festival. In this environment, a "structure-first, index-second" approach may be more suitable [1][8]. Group 1: Investment Focus Areas - **Technology Growth: AI + Humanoid Robots**: Focus on midstream components (gear reducers, servo motors, sensors, actuators), core materials, and some main body manufacturers. The resonance between the Spring Festival Gala and overseas world model progress may lead to a shift from "event-driven" to "scene landing" throughout the year. The computing chain includes storage chips, optical modules, PCB/IC substrates, and data center distribution and liquid cooling in power equipment, directly supporting the capital expenditure expansion of overseas cloud vendors. It is recommended to focus on large-cap leaders and some high-growth niche leaders while controlling overall valuation and position concentration to prevent short-term crowded trades and overseas volatility-induced pullbacks [2][9]. - **Cyclical Price Increases: Oil, Petrochemicals + Non-ferrous Metals + Building Materials/Chemicals**: Due to the rebound in oil prices and bulk commodity prices, marginal improvement in PPI, and the rhythm of the "14th Five-Year Plan" infrastructure commencement, it is suggested to pay attention to oil, petrochemicals, and oil and gas services. Additionally, focus on non-ferrous metals like copper and aluminum, steel building materials, and some chemical products with more sustainable price increases [3][10]. - **High Dividend Yield: Banks + Energy + Telecom/Public Utilities**: Before the festival, A-shares showed a clear preference for dividend and defensive sectors due to external disturbances and regulatory easing, with banks and food and beverage sectors being favored. After the festival, it may be beneficial to continue using high-dividend sectors like banks, energy, telecom, and public utilities as a base, which can hedge against overseas volatility and geopolitical risks while providing stable absolute returns in the context of macroeconomic stabilization and strong dividend yield and valuation attractiveness [4][11]. - **Domestic Consumption: Automotive Chain + Home Appliances + Travel Consumption**: Supported by the old-for-new policy and Spring Festival consumption data, the automotive and automotive electronics, home appliances, and white goods components benefit from the old-for-new policy and sales recovery. In the context of rising external demand and tariff uncertainties, these consumption directions, which are mainly driven by domestic demand and are policy-friendly, may exhibit both defensive and offensive characteristics [5][12].

2026年北美四大云厂的资本开支超过6400亿美元，如此大规模的投入在人类历史上从没有出现过，更加 惊讶的是远远没有看见尽头。AI在重塑我们的生产力，从上游的芯片，到下游的各类应用，很多行业 的逻辑在被颠覆。下游的高速发展有望带来上游AI基建的高需求，通信ETF（515880）作为运力的核心 代名词，具备长期配置价值。 2、英伟达将于2月25日美股盘后发布2026财年第四季度的财报，总体上华尔街对英伟达的财报还是比较 乐观的。比较重要的是FY27Q1的指引、Rubin量产节奏、CPO展望、中国市场的表述等。3月16日英伟 达GTC大会即将召开，GTC大会是英伟达最重要的发布会，此前英伟达表示准备了几款芯片，其中一款 会"让世界惊讶"。 3、谷歌近期更新了Gemini3.1 pro，在推理能力上大幅提升，尤其是复杂逻辑的问题。这个也在一些基 准上有所表现。相信大家也看到了一些示例，比起前代Gemini3.0 Pro确实提升明显，重新跃居全球第 一。目前从全球的模型上看，谷歌和Anthropic两家公司做的最好。模型侧目前智能水平提升明显，迭 代速度加快，下游众多应用场景有望迅速打开。 【后市展望】 【市场表现】 ...