Core Viewpoint - The China Securities Information Technology Application Innovation Industry Index has decreased by 2.30% as of February 4, 2026, with mixed performance among constituent stocks, highlighting the volatility in the sector [1]. Group 1: Market Performance - The leading stock, Borui Data, surged by 12.28%, while other notable gainers included Geer Software with a 6.93% increase and Nasda with a 2.06% rise [1]. - Conversely, Zhuoyi Information led the decline with a drop of 7.05%, followed by Panwei Network at 5.73% and Deepin Technology at 5.20% [1]. - The Xinchang ETF (562570) fell by 2.03%, reflecting the overall downward trend in the market [1]. Group 2: Company Developments - Moore Thread has officially launched the AI Coding Plan, an intelligent programming service based on domestically produced full-function GPU computing power [1]. - This service utilizes the MTT S5000's robust full-precision computing capabilities, integrating a silicon-based flow reasoning acceleration engine and the top-tier GLM-4.7 code model, marking a significant breakthrough in AI coding [1]. Group 3: ETF Insights - The Xinchang ETF (562570) closely tracks the China Securities Xinchang Index, emphasizing domestic full-stack substitution across key areas such as storage, CPU, and AIPC, which accounts for 16% of the ETF [1]. - The ETF actively incorporates the DeepSeek ecosystem (72%) and AI applications (58%), aiming to establish a secure and controllable system from foundational hardware to industry intelligence [1]. - Currently, the Xinchang ETF (562570) is the largest ETF in its category by scale [1].

证券研究报告 | 公司点评 gszqdatemark 2026 02 04 年 月 日 纳思达（002180.SZ） 资产剥离轻装前行，政策引领拐点可期 2026 年 1 月 31 日，纳思达发布 2025 年业绩预告，重大资产出售短期 扰动业绩，资产负债率下修改善财务结构。预计 2025 年度归属于上市公 司股东的净利润为负 6-9 亿元，扣除非经常性损益后的净利润为负 4.5-6.5 亿元，经营业绩亏损主要受重大资产出售、行业政策调整等因素影响。利 盟重大资产出售后，公司资产负债率显著下降，预计利盟股权处置及其他 资产预估减值对归母净利润影响为负 7-9 亿元，剔除后归母净利润为 0-1 亿元。 安全可靠测评工作指南新增打印机主控芯片，有望引领打印机规范化采 购。2025 年 7 月 1 日，中国信息安全测评中心更新了《安全可靠测评工 作指南（V3.0）》，相较于 2024 年 11 月 26 日发布的 2.0 版本，本次更新 将激光或喷墨打印机搭载的主控芯片及人工智能训练推理芯片纳入到产 品测评品类。 分析师 孙行臻 打印机：安可测评短期扰动出货节奏，A3 机型+信创市场持续发力。①整 体态势：2025 ...

证券研究报告 | 公司点评 gszqdatemark 2026 02 04 年 月 日 纳思达（002180.SZ） 资产剥离轻装前行，政策引领拐点可期 2026 年 1 月 31 日，纳思达发布 2025 年业绩预告，重大资产出售短期 扰动业绩，资产负债率下修改善财务结构。预计 2025 年度归属于上市公 司股东的净利润为负 6-9 亿元，扣除非经常性损益后的净利润为负 4.5-6.5 亿元，经营业绩亏损主要受重大资产出售、行业政策调整等因素影响。利 盟重大资产出售后，公司资产负债率显著下降，预计利盟股权处置及其他 资产预估减值对归母净利润影响为负 7-9 亿元，剔除后归母净利润为 0-1 亿元。 安全可靠测评工作指南新增打印机主控芯片，有望引领打印机规范化采 购。2025 年 7 月 1 日，中国信息安全测评中心更新了《安全可靠测评工 作指南（V3.0）》，相较于 2024 年 11 月 26 日发布的 2.0 版本，本次更新 将激光或喷墨打印机搭载的主控芯片及人工智能训练推理芯片纳入到产 品测评品类。 打印机：安可测评短期扰动出货节奏，A3 机型+信创市场持续发力。①整 体态势：2025 年奔图打印机销 ...

Core Viewpoint - The semiconductor industry is experiencing price increases in power devices like Mosfets, with expectations for similar trends in analog devices and MCUs, driven by rising raw material costs and recovering demand, particularly from AI applications [1] Group 1: Power Devices - Power devices such as Mosfets have seen initial price increases, with expectations for analog devices and MCUs to follow due to rising raw material costs and recovering demand from AI [1] - The SiC market is expected to benefit from long-term demand driven by AI data centers and the evolution of 800V architectures in new energy vehicles, with significant cost reductions leading to increased applications in diodes and transistors [1] - IGBTs are at a critical supply-demand juncture, with potential boosts from energy storage and new energy demands [1] Group 2: Packaging Industry - The packaging industry is experiencing improved market conditions, with rising capacity utilization rates and strong demand for both advanced and traditional packaging, leading some leading manufacturers to initiate price increases [1] - Advanced packaging is identified as a long-term trend due to the physical limits of semiconductor processes, with performance improvements increasingly reliant on advanced packaging techniques [1] Group 3: Storage Industry - The storage sector maintains a positive outlook, with new AI applications expected to drive terminal storage demand as a growth point [1] Group 4: Investment Trends - There is a strong expectation for increased capital expenditure from North American cloud service providers, driven by investments in AI infrastructure [1] - The Xinchuang ETF (159537) tracks the Guozhen Xinchuang Index (CN5075), which selects listed companies in the semiconductor, software development, and computer equipment sectors to reflect the overall performance of the information technology innovation theme [1]

Investment Rating - The report provides a recommendation for the technology sector, specifically highlighting key stocks for February 2026 [6]. Core Insights - The report identifies several companies across different segments of the technology industry, including electronics, communications, computing, and media, suggesting a diversified investment approach [6]. - Key companies recommended include: - Electronics: Dongshan Precision, Lanke Technology - Communications: Wolong Materials, Haige Communications - Computing: Zhongkong Technology, Haiguang Information - Media: Kaiying Network, Giant Network [6]. Summary by Category Electronics - **Dongshan Precision**: Positioned for growth due to AI technology advancements, with a focus on optical communication and PCB sectors. The acquisition of Solstice Optoelectronics enhances its market position [9]. - **Lanke Technology**: Expected to benefit from the growth in AI servers and memory interface chips, with a projected increase in DDR5 penetration rates [10]. Communications - **Wolong Materials**: Strong in traditional materials and expanding into new energy products, with significant profit growth expected from 2025 to 2027 [10]. - **Haige Communications**: Focused on commercial aerospace and satellite communication, with anticipated profit recovery post-2025 [10]. Computing - **Zhongkong Technology**: Emphasizes industrial AI transformation, leveraging its self-developed industrial model TPT to enhance customer ROI and operational efficiency [11]. - **Haiguang Information**: A leader in high-end CPUs and DCUs, expected to see significant growth driven by domestic demand for AI computing [12]. Media - **Kaiying Network**: Anticipates new game launches in 2026, with a strong pipeline of products expected to drive revenue growth [13]. - **Giant Network**: Positive performance from existing games and new releases, with ongoing AI integration in gaming expected to enhance user engagement [13]. Financial Projections - The report includes earnings per share (EPS) and price-to-earnings (PE) ratios for the recommended companies, indicating expected growth in profitability from 2024 to 2027 [14].

记者丨李山 编辑丨张颖国 A股上市公司陆续披露年度业绩预告，ST英飞拓（002528）近日披露预亏净资产为负，即将从ST变更 为*ST，成为又一家站在退市边缘的上市公司。昔日信创龙头"陨落"，背后是一系列财务违规、债务逾 期和数千名投资者的集体诉讼。 事实上，ST英飞拓的股价已连续多年疲软。维权律师提醒，符合条件的受损股民，可关注"投资快 报"公众号，通过右侧"股民索赔"菜单栏加入起诉索赔。 恐将被实施退市风险警示 2026年1月27日，ST英飞拓公布，公司财务部门初步测算，预计公司2025年度期末净资产为负值。如公 司2025年度经审计的期末净资产为负值，根据《深圳证券交易所股票上市规则》第9.3.1条第一款第二项 之规定，公司股票交易将在2025年年度报告披露后被实施退市风险警示（股票简称前冠以"*ST"字 样）。 记者留意到，ST英飞拓预计2025年度归属于上市公司股东的净利润亏损24000万元至31000万元，营业 收入预计为42000万元至54000万元。公司表示已与负责年度审计服务的会计师事务所就此次业绩预告内 容进行了沟通，双方无分歧。 事实上，这不是ST英飞拓唯一的一次信披违规。 会计差错引发 ...

Core Viewpoint - ST Yingfit (002528) is facing a significant financial crisis, with negative net assets and a potential transition from ST to *ST status, indicating a heightened risk of delisting due to financial irregularities and collective lawsuits from thousands of investors [1][3]. Financial Performance - ST Yingfit has projected a net loss for the fiscal year 2025, estimating a loss between 240 million to 310 million yuan, with expected revenue ranging from 420 million to 540 million yuan [3]. - The company has acknowledged that its net assets are likely to be negative by the end of 2025, which will trigger a delisting risk warning after the annual report is disclosed [3]. Legal and Regulatory Issues - The company has been involved in significant financial discrepancies, particularly between 2019 and 2020, leading to a correction of financial statements for the years 2019 to 2022 [5]. - ST Yingfit is currently facing a lawsuit involving 477 investors, with a total claim amounting to 23.62 million yuan, related to the accounting errors identified [5]. - The company is also under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, which may lead to further legal repercussions and investor claims [8]. Market Reaction and Investor Sentiment - The stock price of ST Yingfit has been consistently weak over the years, and the upcoming annual report for 2025 is expected to attract significant market attention regarding the audit results [8].

南财智讯1月30日电，太极股份发布2025年年度业绩预告，预计2025年全年归属于上市公司股东的净利 润为亏损3.30亿元—4.95亿元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为亏 损3.48亿元—5.13亿元。报告期内，公司围绕"一体两翼三引擎"发展策略，以"可信、数据、智能"作为 关键驱动力，赋能产品创新和业务升级，在数据要素、人工智能、信创产品等方面取得积极进展，子公 司电科金仓2025年度预计营业收入超过5亿元，创历史新高。受行业整体环境影响，公司部分项目延迟 落单，市场竞争加剧，项目交付周期延长、成本上升，同时公司持续加大在信创、数据、人工智能等方 面的研发投入，导致公司业绩承压，出现经营性亏损。公司按照企业会计准则及公司会计政策的规定， 基于谨慎性原则，对部分存在较大风险的应收账款全额计提减值准备。结合下属子公司实际经营情况及 未来预期、市场变化等综合考虑，对收购子公司形成的商誉计提商誉减值准备。 ...

Core Viewpoint - The company Winshang (300377) has announced its earnings forecast for 2025, projecting a net profit attributable to shareholders of between 16 million to 24 million yuan, a significant recovery from a loss of 425 million yuan in the previous year [3]. Financial Performance - The forecasted net profit for 2025 represents a substantial improvement compared to the previous year's loss of 425 million yuan [3]. - The expected non-recurring net profit is estimated to be between 8 million to 12 million yuan, compared to a loss of 205 million yuan in the prior year [3]. - The company's current price-to-earnings (P/E) ratio (TTM) is approximately between 654.31 and 981.47 times, with a price-to-book (P/B) ratio of about 6.23 times and a price-to-sales (P/S) ratio of around 12.17 times based on the closing price on January 30 [3]. Business Focus - The company focuses on investment asset custody and management within the financial industry [10]. - During the reporting period, the company has adhered to market demand, emphasizing the quality and efficiency of financial technology products and services, and has made significant progress in innovation projects and AI-enabled research and delivery [10]. Impact of Non-Recurring Items - The estimated amount of non-recurring gains and losses is around 8 million yuan, with an impact of approximately 7 million yuan on the net profit attributable to shareholders, primarily from the disposal of idle fixed assets, government subsidies received, and other operating income and expenses [10].

Core Viewpoint - The company, Winshang (300377), is expected to turn a profit in 2025 with a projected net profit attributable to shareholders ranging from 16 million to 24 million yuan, compared to a loss of 425 million yuan in the same period last year [2] Group 1 - The company is focusing on market demand and is committed to improving the quality and efficiency of its financial technology products and services [2] - The company is actively promoting its Xinchuang projects and AI-enabled research and delivery [2] - The main business revenue of the company has stabilized compared to the same period last year [2]