1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - The macro - economic data shows a mixed picture. GDP growth slowed down, while some indicators like M1 and M2 had different trends. The manufacturing and non - manufacturing PMIs were below 50, indicating a contraction in the relevant sectors [1]. - In the commodity market, there are various developments such as anti - subsidy tax on EU dairy products, potential changes in Trump's tariff policy, and price movements in different commodities like rare earths and metals [2][6]. - In the financial market, the central bank carried out large - scale reverse repurchase operations, and the bond market showed a mixed performance with different trends in yields and prices [14][23]. - The stock market had a narrow - range consolidation in A - shares, while the Hong Kong stock market declined. Newly - issued public funds had a large scale this year [32][33]. 3. Summary by Directory 3.1 Macro Data - GDP growth in Q4 2025 was 4.5% year - on - year, lower than the previous quarter and the same period last year [1]. - Manufacturing PMI in January 2026 was 49.3%, and non - manufacturing PMI: business activity was 49.4%, both showing a contraction [1]. - Social financing scale in December 2025 was 22075 billion yuan, lower than the previous month and the same period last year [1]. - CPI in January 2026 was 0.2% year - on - year, the same as the previous month but lower than the same period last year; PPI was - 1.4% year - on - year, showing an improvement compared to the previous month and the same period last year [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - From February 13, 2026, anti - subsidy tax will be imposed on imported dairy products from the EU [2]. - Trump's tariff policy faces major uncertainties as the US House of Representatives passed a resolution against his tariff on Canada [2]. - On February 12, 2026, 36 domestic commodity varieties had positive basis, and 31 had negative basis [3]. - CME plans to set up aluminum warehouses in Taiwan and Hong Kong to compete with LME in the Asian market [3]. - Thailand Futures Exchange suspended the temporary online trading of silver futures [4]. - CME plans to launch four South Asian edible oil futures contracts on March 2, 2026, subject to regulatory approval [4]. 3.2.2 Metals - Since the beginning of 2026, rare earth prices have risen strongly. On February 12, the rare earth price index was 290, up 33.64% from December 31, 2025 [6]. - South Africa's gold production in December 2025 increased by 1.1% year - on - year, and the total mining output increased by 2.5% [6]. - On February 11, 2026, copper inventory reached a 9 - month high, while zinc inventory reached a 1 - month low [7]. - Ghana's gold production in 2025 reached a record high of 6 million ounces, and the target for 2026 is 6.5 million ounces, but the royalty plan poses a threat [7]. - As of February 12, 2026, the gold holding of SPDR Gold Trust decreased by 0.48% from the previous trading day [7]. - As of the end of January 2026, China's central bank's gold reserves increased by 1.24 tons month - on - month, and global central banks' net gold purchases in 2025 decreased compared to 2024 [8]. 3.2.3 Coal, Coke, Steel and Minerals - A leading mining company expects the nickel ore export volume from the Philippines to Indonesia to double to 30 million tons this year [10]. 3.2.4 Energy and Chemicals - In 2025, China's new installed capacity of wind and solar power exceeded 430 million kilowatts, and the cumulative installed capacity accounted for 47.3% of the total, exceeding thermal power [11]. - The US controls the sale of Venezuelan oil, with cumulative sales exceeding one billion dollars and expected future income of about five billion dollars [11]. - The US and Venezuela are expected to carry out large - scale cooperation [12]. 3.2.5 Agricultural Products - The Indonesian Palm Oil Association expects the production of crude palm oil in 2026 to increase by 2% - 3% year - on - year [13]. - Brazil's soybean production in the current period is 177.99 million tons, with an increase in yield [13]. - US exporters sold 108,000 tons of soybeans to Egypt for delivery in the 2025/2026 fiscal year [13]. 3.3 Financial News 3.3.1 Open Market - On February 12, 2026, the central bank carried out 1665 billion yuan of 7 - day reverse repurchase operations and 4000 billion yuan of 14 - day reverse repurchase operations, with a net injection of 4480 billion yuan [14][15]. - On February 13, 2026, the central bank will carry out 1 trillion yuan of 6 - month buy - out reverse repurchase operations, with an incremental roll - over of 5000 billion yuan [15]. 3.3.2 Key News - Trump is expected to visit China in early April, and the Sino - US trade "cease - fire" is expected to be extended [16]. - The US House of Representatives passed a resolution against Trump's tariff on Canada [16]. - The Chinese government supports Chinese enterprises in safeguarding their legitimate rights and interests in the case of the Dutch investigation of Nexperia [16]. - The Chinese government will launch a policy package during the Spring Festival to promote consumption, with a focus on trade - in programs [17]. - The market supervision department issued a compliance guide for the automobile industry's price behavior [18]. - Many places require food delivery platforms to stop "involution - style" competition [18]. - In January 2026, the retail sales of passenger cars decreased by 13.9% year - on - year, while the export of new - energy passenger cars increased by 103.6% [18]. - In 2025, commercial banks' net profit was 2.4 trillion yuan, and the banking and insurance industries' assets increased [18]. - In 2025, real estate enterprises' bond financing increased by 5.6% year - on - year [19]. - Shanghai will expand financial opening - up and improve relevant mechanisms [19]. - On February 12, 2026, the on - shore and off - shore RMB exchange rates against the US dollar rose, and the central parity rate was adjusted down [19]. - Shanghai Tongliang Private Fund was severely warned for "self - financing" behavior [20]. - The US Treasury Secretary agreed to transfer the investigation power of the Fed Chairman to the Senate Banking Committee [20]. - The number of initial jobless claims in the US decreased, while the number of continued jobless claims increased [20]. 3.3.3 Bond Market Review - The inter - bank bond market in China was warm, with falling yields of interest - rate bonds and narrow - range fluctuations in bond futures [23]. - In the exchange - traded bond market, some bonds rose while others fell, and the real - estate bond index declined [24]. - The convertible bond index rose, and the money market interest rates showed different trends [25]. - Shibor short - term varieties mostly declined, and the repurchase fixed - rate showed differentiation [26][27]. - European and US bond yields all declined [27]. 3.3.4 Foreign Exchange Market - The on - shore RMB exchange rate against the US dollar rose on February 12, 2026, and the central parity rate was adjusted down [28]. - The US dollar index fell slightly, and non - US currencies showed different trends [28]. 3.3.5 Research Report Highlights - CITIC Securities believes that the RMB is expected to appreciate in 2026, and the loan proportion in Q1 2026 may decline [29]. - CITIC Securities believes that CPI and PPI have a marginal impact on the bond market, and the bond market may show a trend of first falling and then rising in 2026 [30]. - Shenwan Fixed - Income believes that the bond market may enter a stage of narrowing spreads, and there may be a diversion of funds from the bond market to the equity market [30]. 3.3.6 Today's Reminders - On February 13, 2026, 194 bonds will be listed, 4 bonds will be issued, 20 bonds will make payments, and 99 bonds will pay principal and interest [31]. 3.4 Stock Market - On Thursday, A - shares had a narrow - range consolidation, with the Shanghai Composite Index rising 0.05%, and the computing power industry chain and some concept stocks performing strongly [32]. - The Hong Kong Hang Seng Index fell 0.86%, and large - scale technology stocks declined [33]. - The newly - issued scale of public funds this year has exceeded 200 billion yuan, with partial - stock hybrid funds and hybrid FOFs being the most prominent [33].

Summary of Conference Call Notes Industry Overview - The focus is on the domestic computing power industry chain, which is expected to experience a "high prosperity trend" due to significant changes in supply and demand dynamics [1][2]. Core Insights and Arguments - **Key Turning Point in 2026**: The year 2026 is identified as a pivotal moment for "training + inference" dual resonance, with the continuation of multi-modal scaling laws and the explosive growth of AI applications leading to a steeper-than-expected demand curve [2]. - **Supply Side Improvements**: The supply side benefits from the maturity of domestic chips, the release of wafer production capacity, and the alleviation of overseas chip supply bottlenecks [2]. - **Industry Growth**: This environment is expected to drive sectors such as AIDC (Artificial Intelligence Data Center), cloud and computing services, power equipment, and servers into a cycle of simultaneous volume and price increases, particularly benefiting leading cloud service providers (CSPs) [2]. Market Validation - The company's viewpoints have been progressively validated in the market due to their foresight: - On January 4, a computer annual strategy report was released, indicating a clear AI path for 2026, emphasizing the critical role of computing power and predicting a high expansion rate for domestic computing [3]. - On January 11, an in-depth industry report highlighted the onset of competition for AI entry points and increased capital expenditure (CAPEX) willingness among major companies, signaling an imminent explosion in domestic computing power [3]. - A conference call on January 12 detailed the growth potential and development path of domestic computing [3]. - On January 26, amidst market fluctuations, another call was held to assert the belief in computing power, predicting inflation in domestic cloud services [3]. - On February 8, insights on "AI comic + domestic computing" opportunities were shared, promoting AIDC and cloud service sectors [3]. Related Companies - The following companies are identified as relevant to the discussed trends: Dongyangguang, Cambrian, Haiguang Information, Wangsu Technology, Runze Technology, Xiechuang Data, Huafeng Technology, Shenzhou Digital, Dazhi Technology, Runjian Shares, Kehua Data, SMIC, Huahong Semiconductor, Zhongke Shuguang, Hesheng New Materials, Aofei Data, Youkede, Capital Online, Yunsai Zhili, Ruisheng Intelligent, Inspur Information, Weichai Heavy Industry, and Oulu Tong [3]. Risk Factors - Potential risks include slower-than-expected AI advancement, intensified industry competition, and macroeconomic fluctuations [4].

Market Performance - On February 12, the three major indices of A-shares collectively rose, with the ChiNext Index and the Sci-Tech Innovation 50 Index both increasing by over 1% [1] - The Shanghai Composite Index rose by 0.05% to 4134.02 points, the Shenzhen Component Index increased by 0.86% to 14283.0 points, and the ChiNext Index rose by 1.32% to 3328.06 points [2] - The total trading volume of the Shanghai and Shenzhen markets reached 2.14 trillion yuan, an increase of 157.5 billion yuan compared to the previous trading day [1] Sector Performance - The computing power industry chain saw a collective surge, with strong performance in computing power leasing concepts, CPO concepts, and liquid cooling server concepts [1] - The consumer sector experienced a collective decline, with significant drops in the film and television, tourism, retail, and food and beverage sectors [1] International Market Overview - The New York stock market saw declines on February 12, with the Dow Jones Industrial Average falling by 669.42 points (1.34%) to 49451.98 points, the S&P 500 dropping by 108.71 points (1.57%) to 6832.76 points, and the Nasdaq Composite decreasing by 469.32 points (2.03%) to 22597.15 points [3] - In Europe, the FTSE 100 index fell by 0.67%, while the CAC 40 index rose by 0.33%, and the DAX index saw a negligible decline of 0.01% [3] Central Bank Actions - The People's Bank of China announced a 10 billion yuan reverse repurchase operation scheduled for February 13 to maintain ample liquidity in the banking system [5] Policy Developments - The National Development and Reform Commission and other departments plan to establish a mandatory insurance system for unmanned aerial vehicles by 2027, aiming to enhance the low-altitude economy [6] - The Ministry of Commerce announced that starting February 13, 2026, it will impose countervailing duties on imported dairy products from the EU due to subsidies causing substantial harm to domestic industries [8] Technological Advancements - Shenzhen aims to strengthen its semiconductor industry by leveraging AI technology in key areas of the semiconductor supply chain, focusing on high-performance AI chips for various applications [10] - A breakthrough in 3D printing technology allows for the high-resolution printing of complex objects in just 0.6 seconds, marking a significant advancement in the field [13] Automotive Industry Developments - Several automakers, including Geely and Chery, have outlined plans to begin demonstration work on solid-state batteries by 2027, with goals for small-scale industrialization by 2026 [14] Investment Insights - Southwest Securities highlighted the increasing adoption of liquid cooling solutions in AI servers, indicating a structural growth opportunity in the AI computing power chain [15] - Zhongyin International suggested that the real estate sector may present significant profit opportunities in 2026, with some companies potentially reversing previous losses [15]

Group 1: Market Overview - The three major indices collectively rose, with the Shanghai Composite Index up 0.05%, the Shenzhen Component Index up 0.86%, and the ChiNext Index up 1.32% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.14 trillion yuan, an increase of 157.5 billion yuan compared to the previous trading day [1] - Over 3,200 stocks in the market experienced declines, while sectors such as the computing power industry chain saw significant gains [1] Group 2: Electronic Fabric Market - The electronic fabric market is experiencing unexpected price increases during the off-season, indicating a tight supply situation [2] - Prices for Linzhou Guangyuan 7628 fabric rose by 0.55 yuan to 5.40 yuan (+11%), and international composite 7628 fabric increased by 0.55 yuan to 5.20 yuan (+12%) [2] - The price hikes have accelerated and expanded significantly since the beginning of the year, driven by scarcity [2] Group 3: Oil Shipping Industry - The oil shipping industry is facing continued supply constraints due to expanded sanctions on shadow fleets by the U.S. and Europe, leading to a reduction in effective capacity [3] - Approximately 16% of the VLCC fleet is classified as restricted vessels, with 33% of Aframax vessels closely related to Russia [3] - The value of ten-year-old VLCCs has appreciated by 85%, driven by the rising value of the fleet and increasing stock values [3]

Group 1 - The three major indices collectively rose, with the Shanghai Composite Index up 0.05%, the Shenzhen Component Index up 0.86%, and the ChiNext Index up 1.32% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.14 trillion, an increase of 157.5 billion compared to the previous trading day [1] - The computing power industry chain experienced a collective surge, with concepts such as computing power leasing and CPO seeing significant gains [1] Group 2 - Huatai Securities predicts that the development of Agentic AI will drive demand, marking the arrival of the AI era for CPUs, with a supply-demand imbalance expected in the short term due to Intel's slow capacity ramp-up [2] - Zhongtai Securities notes that the AI-driven trend towards thinner electronic fabrics has led to unexpected price increases, with prices rising by 11% for certain fabric types, indicating a tight supply situation [2] - CITIC Construction Investment highlights that ongoing restrictions on shadow fleets have reduced effective shipping capacity, increasing freight rates and enhancing the value of shipping stocks, with approximately 16% of VLCCs classified as restricted vessels [3]

Group 1 - The three major indices collectively rose, with the ChiNext Index and the Sci-Tech 50 Index both increasing by over 1%, and the total trading volume in the Shanghai and Shenzhen markets reaching 2.14 trillion yuan, an increase of 157.5 billion yuan compared to the previous trading day [1] - The computing power industry chain experienced a collective surge, with strong performance in computing power leasing concepts, rapid gains in CPO concepts, and afternoon increases in computing power chip concepts, while the liquid cooling server concept was also active [1] - The consumer sector saw a collective decline, with significant drops in the film and television, tourism and hotel, retail, and food and beverage sectors [1] Group 2 - The computing power center sector is gaining attention due to the dual drivers of AI computing demand and policy infrastructure, entering a golden growth cycle characterized by simultaneous increases in volume and price [2] - There is a continuous explosion in global demand for AI large model training and inference, with a surge in demand for 800G/1.6T high-speed optical communication, high-density servers, and advanced liquid cooling systems, leading to rapid growth in the computing power leasing and scheduling markets [2] - The industry is experiencing a high level of prosperity, with a resonance between industry growth and capital preferences, supported by policy implementation, technological iteration, and performance realization, indicating a sustained and explosive growth potential for the computing power center [2]

Group 1 - Over 150 funds have announced a suspension of related business during the Spring Festival, with most products pausing from February 12 and resuming on February 24 [1] - Many public fund institutions are optimistic about holding stocks during the holiday, citing historical data, policy environment, and capital flow as supporting factors for a higher success rate [2] - Increasing interest in inquiry transfer among fund companies, with 12 listed companies having conducted inquiry transfers since 2026, involving several prominent public fund institutions [3] Group 2 - Fund manager Chen Junjie from Harvest Fund emphasizes that the core logic of technology investment remains unchanged, focusing on three dimensions: cost reduction in models, integration of edge AI with existing hardware, and breakthroughs in domestic computing power supply chains [4] - The three major indices collectively rose, with the ChiNext Index and the Sci-Tech Innovation 50 Index both increasing by over 1%, driven by a surge in the computing power industry chain [5] - ETFs related to Brazil and French markets saw significant gains, with Brazil ETF rising over 6% and French and Sci-Tech chip design ETFs increasing by over 4% [6] Group 3 - The "14th Five-Year Plan" includes plans for the State Grid to establish a new type of grid platform, which is expected to support the development of virtual power plants and microgrids, enhancing the potential for energy trading and comprehensive energy services [9]

Market Overview - The three major indices closed higher, with the ChiNext Index and the Sci-Tech Innovation 50 Index both rising over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.14 trillion, an increase of 157.5 billion compared to the previous trading day [1] - Over 3,200 stocks in the market declined, indicating a mixed performance among different sectors [1] Sector Performance - The computing power industry chain experienced a collective surge, with the computing power leasing concept gaining strength. Major stocks like Dawi Technology achieved a four-day consecutive rise, while Capital Online and Yuke Technology hit the daily limit [2][4] - The liquid cooling server concept was also active, with stocks like Chuanrun Co. and Dayuan Pump Industry reaching their daily limit [2][3] - The electric grid equipment sector saw strong performance, with stocks such as Siyuan Electric and Sifang Co. reaching new highs [3] Individual Stock Highlights - Dawi Technology achieved a four-day consecutive rise, while Yuke Technology and Capital Online both hit the daily limit [2][6] - Stocks in the liquid cooling sector, including Yingweike and Chuanrun Co., also saw significant gains [6] - CPO-related stocks like Tianfu Communication and Robot Technology continued to reach historical highs [6] Future Outlook - The market's focus remains on the computing power chain, with a complete transmission chain of prosperity from computing hardware to leasing, cloud services, and liquid cooling concepts [4] - The overall market sentiment appears optimistic, with signs of accelerated capital allocation in technology growth sectors [8] - However, the market is expected to continue experiencing structural differentiation, emphasizing the importance of identifying core stocks for low-cost entry opportunities [8]

Market Overview - The A-share market experienced a slight upward trend on February 12, with the Shanghai Composite Index rising by 0.05%, the Shenzhen Component Index increasing by 0.86%, and the ChiNext Index gaining 1.32% [2][17] - The total trading volume reached 21,607.71 billion, with 2,108 stocks rising and 3,280 stocks falling [19] Stock Performance - Notable stocks in the computing power industry saw significant gains, with companies like Yuke and Capital Online hitting the daily limit of 20% [19][20] - The top gainers included: - Yuke (20.01% increase, current price 45.05) - Capital Online (20.01% increase, current price 33.76) - Xinlei Co. (19.99% increase, current price 48.62) [20][21] AI Sector Surge - The Hong Kong stock market's AI sector saw a remarkable surge, with Zhipu Technology's stock price increasing by 30%, bringing its market capitalization close to 200 billion HKD [10][25] - Zhipu announced the launch of its new flagship model GLM-5, which has shown strong performance in programming and agent capabilities, leading to increased demand for its GLM Coding Plan [10][25] Price Adjustments - Zhipu also announced a structural adjustment to its GLM Coding Plan pricing, with an overall increase starting from 30%, while maintaining prices for existing subscribers [10][25] Industry Trends - The cooling server sector saw stocks like Chuanrun and Yingweike reaching their daily limit [20][21] - The non-ferrous metal sector continued its upward trend, with stocks like Xianglu Tungsten and Zhangyuan Tungsten hitting the daily limit [22][23] Declining Stocks - The film and entertainment sector faced declines, with companies like Hengdian Film and Bona Film hitting their daily limit down [24]

Market Performance - A-shares saw collective gains on February 12, with the Shanghai Composite Index rising 0.05% to 4134.02 points, while the Shenzhen Component Index increased by 0.86% to 14283.00 points, and the ChiNext Index rose by 1.32% to 3328.06 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.14 trillion yuan, an increase of 157.5 billion yuan compared to the previous trading day [1] Sector Performance - The computing power industry chain showed strong performance, with companies like Yuke Technology and Capital Online hitting the daily limit of 20% [1] - The CPO concept surged, with Tianfu Communication and Robot Technology reaching historical highs [1] - The electric grid equipment sector also performed well, with companies such as Siyuan Electric and Sifang Co. achieving new highs, while Wangbian Electric and Shun Sodium Co. hit the daily limit [1] - The non-ferrous metals sector continued its upward trend, with companies like Xianglu Tungsten and Zhangyuan Tungsten hitting the daily limit [1] - In contrast, the film and television sector saw declines, with Hengdian Film and Television, Jinyi Film and Television, and Bona Film Group all hitting the daily limit down [1][2] Institutional Insights - According to Jifeng Investment Advisory, the spring market rally has historical patterns and strong driving logic, suggesting that small-cap stocks will continue to perform well [3] - Huatai Securities noted that the recent procurement of 7GWh energy storage cell equipment by State Power Investment Corporation indicates strong downstream demand, with price recovery expected in energy storage capacity [3] - CITIC Securities projected that the animation industry will see accelerated growth by the end of 2025, driven by high-quality content supply and expanding commercialization opportunities [4] Policy Developments - The Chinese government is accelerating the construction of a modern capital metropolitan area, with multiple initiatives to support its implementation, including enhancing collaboration among Beijing, Tianjin, and Hebei [5] Automotive Industry - The China Passenger Car Association reported that in January, exports of new energy passenger vehicles reached 286,000 units, a year-on-year increase of 103.6%, accounting for 49.6% of total passenger car exports [6] - The average payment term for suppliers among major automotive companies has been reduced to 54 days, down approximately 10 days from the previous year, with most companies committing to a maximum of 60 days [7]