Core Viewpoint - The company, YunGongChang, has won a bid for the second phase of an artificial intelligence industrial base project, indicating a strategic move towards enhancing its capabilities in the AI sector [1] Group 1: Project Details - The company’s wholly-owned subsidiary, Jiangsu YunGongChang Technology Information Technology Co., Ltd., won the bid through the Anhui Provincial Bidding Procurement Association [1] - A procurement contract was signed on January 30, 2026, with Suzhou Huari Network Information Service Co., Ltd., with a contract value of RMB 519,709,680 [1] Group 2: Strategic Implications - During the procurement and implementation phase, the company will scale the use of domestic AI computing power cards, reflecting its commitment to meeting project demands and supporting the domestic computing ecosystem [1] - The company plans to continue deep investments and long-term strategic layout in the domestic computing power sector, enhancing its heterogeneous computing capabilities [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 雲 工 場 科 技 控 股 有 限 公 司 Cloud Factory Technology Holdings Limited （ 於開曼群島註冊成立的有限公司） （股份代號﹕2512） 自願公告 中標 – 1 – 合約及其項下擬進行交易乃於本集團日常及一般業務過程中訂立。於本公告日期，董事會 確認其並不知悉任何與合約有關且根據聯交所證券上市規則（「上市規則」）須予披露的任何 事項。倘就協議相關事宜觸發上市規則項下的任何披露規定，本公司將於日後另行刊發公 告。 本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 雲工場科技控股有限公司 主席、行政總裁兼執行董事 本 公 告 乃 由 雲 工 場 科 技 控 股 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團 」）自 願 刊 發，旨在讓本公司股東及潛在投資者知悉本集團之最新業務發展。 本公司董事會（「董 ...

Market Performance - The market experienced fluctuations throughout the day, with the Shanghai Composite Index falling by 2.48%, the Shenzhen Component Index by 2.69%, and the ChiNext Index by 2.46%. The total trading volume in the Shanghai and Shenzhen markets reached 2.58 trillion yuan. The semiconductor sector saw significant declines, with various ETFs dropping over 5% [1][3]. Downward Factors Analysis - The decline in the semiconductor sector was influenced by the U.S. Federal Reserve's decisions and market reactions. The Fed maintained the benchmark interest rate at 3.50-3.75%, and the nomination of Warsh as the new Fed Chair raised market concerns due to his hawkish stance. This led to a pullback in the U.S. semiconductor sector, impacting A-shares [3]. - The overall market performance was weak, with a significant reduction in trading volume. The semiconductor sector had previously accumulated gains in early January, making it vulnerable to pressure in a declining market [3]. Future Outlook - There is strong demand for storage expansion, and the semiconductor equipment sector remains robust. ASML reported a record new order amount of 13.2 billion euros for Q4 2025, with 7.4 billion euros for EUV lithography machines. The backlog of orders at ASML extends to 2027, indicating strong growth potential in the storage sector [4]. - After recent corrections, the semiconductor equipment ETFs present an attractive investment opportunity. The high demand in the storage sector is expected to positively influence semiconductor equipment. The narrative of "storage expansion + advanced process domestic substitution" provides strong growth momentum [5]. - Concerns regarding the impact of H200 on domestic GPUs have largely subsided, and domestic GPU manufacturers are expected to gradually increase their shipment volumes, entering a phase of high growth. The Sci-Tech Innovation Chip ETF is also worth monitoring [5].

各位朋友中午好，我是帮主。上午收盘，估计很多朋友心里都咯噔一下：三大指数齐刷刷跌超1%，整 个盘面绿油油一片。但如果你仔细看，会发现这场下跌"戏份"分配得非常不匀——跌幅榜上，清一色是 前几天还风光无限的有色、黄金、化工等资源股，多只股票直接被按在跌停板上；而另一边，电网设 备、影视这些板块却逆势走强，涨停个股不少。这市场，一边是海水，一边是火焰，到底发生了什么？ 咱们用中长线的视角，来盘盘这盘面背后的门道。 第一，对于大跌的资源板块，务必保持冷静，切勿盲目抄底。 尤其要记住我们之前总结的教训：趋势 死于加速。第一次强分歧后的反弹或许可以博弈，但像今天这样群体性、崩溃式的第二次大跌，往往意 味着逻辑短期证伪，需要更长时间消化。保护本金，不接飞刀，是第一条纪律。 第二，将注意力从"跌幅榜"转向"抗跌榜"和"活跃榜"。 下午重点观察两个方向：一是像电网设备这 样，有强劲产业逻辑支撑、上午逆势走强的板块，其强度能否持续；二是关注是否有新的、低位板块能 承接流出的资金。这能帮助我们判断市场调整的性质和下一步可能的方向。 第三，利用市场波动，审视和优化自己的持仓结构。 问自己一个问题：我持有的公司，其上涨是依赖 于大宗 ...

Core Insights - The article discusses the significant advancements made by the Chinese AI computing company, Tensu Zhixin, which has recently launched a roadmap to surpass international giants like Nvidia's Hopper, Blackwell, and Rubin by 2025 to 2027 [2][4][5] - Tensu Zhixin's new architecture, the Tensu Tian Shu, has already demonstrated a performance improvement of approximately 20% over Nvidia's Hopper in key model scenarios, marking a substantial leap for domestic solutions [4][5][32] - The company aims to redefine the narrative of domestic GPU industry by moving away from a "benchmarking" approach to a self-defined leadership in AI computing [4][33] Group 1: Evolution of Computing in China - The roadmap released by Tensu Zhixin outlines a clear timeline and quantifiable breakthroughs, marking a departure from the traditional "follow and catch up" strategy adopted by many domestic companies [5][35] - The architecture is set to achieve a practical utilization rate of over 90% in executing attention mechanisms by 2025, showcasing the company's commitment to high efficiency [5][35] - The upcoming architectures, Tian Xuan and Tian Ji, are expected to further enhance performance and address industry-specific computational needs by 2026 [7][37] Group 2: Technological Innovations - Three core technological innovations underpin the aggressive roadmap: TPC BroadCast, Instruction Co-Exec, and Dynamic Warp Scheduling, which collectively enhance computational efficiency and resource utilization [10][39] - The company has adopted a problem-oriented research and development approach, addressing common industry pain points such as FP8 accumulation precision and matrix transposition overhead [11][40] - This focus on practical solutions has resulted in significant performance improvements, such as a 50% reduction in memory usage for model inference [14][44] Group 3: Redefining Value in Computing - Tensu Zhixin proposes a new value coordinate system for the computing industry, emphasizing high efficiency, predictability, and sustainability as key competitive factors [12][41] - The company aims to optimize total cost of ownership (TCO) by enhancing effective computing output per unit of power, thus reducing unnecessary costs for enterprises [14][43] - The design philosophy ensures that hardware remains adaptable to future algorithmic advancements, extending its lifecycle and value [16][44] Group 4: Market Positioning and Product Launch - The launch of the "Tongyang" series of edge computing products fills a gap in the domestic high-end edge computing market and establishes a comprehensive "cloud + edge + end" computing layout [18][46] - The product matrix covers a range of performance metrics from 100T to 300T, with specific models tailored for various applications [19][47] - Tensu Zhixin's products have already been deployed in over 300 customer environments, demonstrating their effectiveness in real-world applications [22][49] Group 5: Long-term Strategy in the GPU Industry - The competition in the GPU industry is fundamentally about building an open and collaborative ecosystem, which is essential for long-term success [52][52] - Tensu Zhixin is focused on creating a closed-loop ecosystem for domestic AI computing through hardware foundation, software adaptation, and partner collaboration [53][52] - The company aims to ensure that its products maintain value over a decade, positioning itself as a long-term player in the industry rather than merely a competitor to Nvidia [53][55]

Core Viewpoint - The semiconductor chip sector, particularly the domestic computing power segment, is expected to perform well in 2026, with a notable shift from manufacturing dominance to design prominence since 2023 [1]. Group 1: Market Trends - By the end of 2021, there were only 8 ETFs tracking semiconductor-related indices, but by the end of 2025, this number surged to 36, tracking 11 different indices [1]. - The "semiconductor content" in all related indices is high, with most exceeding 90%, and some even surpassing 95% [13][44]. Group 2: Industry Structure - The semiconductor industry encompasses a complete supply chain from upstream materials and equipment to midstream design, manufacturing, and testing, down to downstream applications [4][35]. - The relationship between semiconductors, chips, and integrated circuits is clarified, with chips being the physical products made from semiconductor materials [5][35]. Group 3: Investment Insights - The investment landscape is categorized into two main segments: the design end (including chip design and discrete devices) and the manufacturing/support end (including semiconductor materials, equipment, and manufacturing processes) [10][42]. - The "Science and Technology Innovation Chip Index" (code: 000685.CSI) is highlighted for its strong performance, with a significant portion of its constituents being large and mid-cap stocks, ensuring liquidity [17][52]. Group 4: Performance Metrics - The expected net profits for the constituents of the Science and Technology Innovation Chip Index are projected to be 313.57 billion, 477.71 billion, and 654.26 billion for 2025, 2026, and 2027, respectively, with growth rates of 97.93%, 53.34%, and 36.96% [28][59]. - The index's top ten holdings account for 58.82% of its weight, indicating a high concentration of leading companies in the sector [25][56].

Core Viewpoint - Muxi Co., known as the "Chinese version of AMD," has released its first earnings forecast since its listing in 2025, projecting significant revenue growth while still facing net losses [1][3]. Group 1: Company Performance - Muxi Co. expects to achieve an operating revenue of approximately 1.6 billion to 1.7 billion yuan for 2025, representing a year-on-year growth of 115.32% to 128.78% [1]. - The company anticipates a net loss attributable to shareholders of approximately 650 million to 798 million yuan for 2025, although this reflects a reduction in losses by 43.36% to 53.86% compared to the previous year [1]. - In the first three quarters of 2025, Muxi Co. reported a revenue increase of 453.52%, reaching 1.236 billion yuan, surpassing the total revenue of the previous three years [3]. Group 2: Market Position and Strategy - Muxi Co. focuses on the research and development of high-performance GPU chips and computing platforms, with products aimed at AI training, inference, general computing, and graphics rendering [2]. - The company has launched two major product lines: the Xisi N series GPUs for inference and the Xiyun C series GPUs for training and general computing, while the Xicai G series GPUs for graphics rendering are still in development [2]. - Muxi Co. is positioned in a rapidly growing market, with the total computing power in China expected to grow from 136.20 EFLOPs in 2020 to 617.00 EFLOPs by 2024, and projected to reach 3442.89 EFLOPs by 2029, with a compound annual growth rate of 40.0% from 2024 to 2029 [2]. Group 3: Financial Outlook - Muxi Co. has incurred significant losses due to high R&D investments, with cumulative net losses exceeding 3 billion yuan from 2022 to 2024 [3]. - The company predicts that it may reach its breakeven point as early as 2026 [4].

公司在国产asic核心卡位 现阶段字节一代即将量产，二代开始预研，工艺继续冲击先进制程，而观察国 【财通电子&新科技】持续看好芯原股份——本轮底部推荐至今，当前仍为国产算力 在手量产订单超30亿 截至25年四季度，公司在手订单金额达到50.75亿元，较三季度末的32.86亿元大幅提升54.45%，量产业务订单超30 亿元，整体订单预计一年内转化的比例超80%，且近60%为数据处理应用领域订单。 【财通电子&新科技】持续看好芯原股份——本轮底部推荐至今，当前仍为国产算力 在手量产订单超30亿 截至25年四季度，公司在手订单金额达到50.75亿元，较三季度末的32.86亿元大幅提升54.45%，量产业务订单超30 亿元，整体订单预计一年内转化的比例超80%，且近60%为数据处理应用领域订单。 目前从产业链的产能端和需求端了解到自25年以来需求端已多次追加订单，26年仍有后续追加订单，预计量产将 自Q2开始集中于下半年交付，订单量可观。 除核心云厂商客户外还有GPGPU和其他云商多个订单有望在26年开启交付。 我们认为现阶段芯原国产asic订单与量产确定性正在边际提升，叠加Q4公司在手订单再创历史新高，公司业绩在端 ...

Core Viewpoint - The establishment of the "AI Education Training Base" in collaboration with Beijing No. 11 School marks a significant step in integrating domestic computing power into AI education, aiming to foster innovation and talent in the field of artificial intelligence [1][2]. Group 1: Project Overview - The "AI Education Training Base" is the first AI training demonstration project launched in Beijing, utilizing MTT AIBOOK and cloud computing power to support a diverse AI curriculum [1]. - The base will serve as a testing ground for exploring "computing power-driven education," integrating domestic computing platforms into the middle school AI curriculum [1][2]. Group 2: Educational Goals - The collaboration aims to develop a comprehensive AI teaching solution based on domestic computing power, covering infrastructure, curriculum content, and practical platforms [1]. - Courses will include Python programming, machine learning, and AI4S, focusing on practical projects in computer vision, natural language processing, and speech processing [1]. Group 3: Strategic Importance - The partnership is seen as a crucial step in supporting national strategies and building a domestic computing ecosystem, with an emphasis on nurturing students' understanding of chip architecture and AI algorithms [2]. - The initiative aims to create a sustainable support system for cultivating technology innovation talents for the future [2].

Core Viewpoint - The strategic partnership between Beijing No. 11 School and Moore Threads has officially launched the "AI Education Training Base," marking a significant step in integrating domestic computing power into AI education at a top high school in Beijing [1][3]. Group 1: Partnership and Collaboration - The "AI Education Training Base" is a demonstration project that utilizes Moore Threads' MTT AIBOOK and cloud computing power to support a diverse AI curriculum at Beijing No. 11 School [1][3]. - The partnership aims to deeply integrate a domestic end-to-end platform into the school's AI curriculum, creating a comprehensive teaching solution that includes infrastructure, course content, and practical platforms [3][5]. Group 2: Educational Initiatives - The base will establish a curriculum focused on Python programming, machine learning, and AI4S, allowing students to engage in AI project practices in areas such as computer vision and natural language processing [5]. - A talent cultivation program named "MoorePower" has been launched, providing exceptional students with opportunities to work in real-world tech environments under the guidance of experienced mentors [5][10]. Group 3: Future Plans and Goals - The collaboration aims to promote diverse teaching demonstrations and innovative practices, aspiring to become a leading AI education platform in the country [12]. - Both parties intend to deepen school-enterprise cooperation, encouraging more schools to join the domestic computing ecosystem and contribute to a forward-looking educational system for nurturing future tech innovators [12].