Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the communication industry, indicating an expected outperformance of over 10% compared to the benchmark index [1][36]. Core Insights - The emergence of Moltbot as a significant application in Silicon Valley represents a major leap in AI capabilities, enabling seamless workflow automation from thought to execution. This application has rapidly gained popularity, surpassing 100,000 stars on GitHub, making it one of the fastest-growing open-source projects globally [4][12]. - The report highlights the potential for unlimited cloud computing power driven by applications like Moltbot, which could lead to increased capital expenditures in cloud service providers (CSPs) due to rising demand for computational resources [4][12]. - The demand for cloud hosts and various types of home servers is expected to grow rapidly, benefiting public cloud vendors as they offer more secure and stable solutions compared to local PCs [5][13]. - AIOT (Artificial Intelligence of Things) applications on the edge are anticipated to have significant potential, as Moltbot combines cloud capabilities with local execution, creating a closed-loop system for industrial intelligence [5][13]. - SpaceX's plan to establish a satellite computing cluster consisting of up to 1 million satellites represents a substantial development in space computing capabilities, which could integrate with existing satellite networks and enhance data processing capabilities [6][14]. Summary by Sections Industry Trends - Moltbot's capabilities include automating tasks such as email management, scheduling, and even automated trading, showcasing its versatility and potential for widespread adoption [4][12]. - The report suggests that the rapid spread of Moltbot and similar applications will lead to increased demand for cloud computing resources, potentially causing a "computing power crunch" [4][12]. Market Overview - The communication index rose by 5.83% during the week of January 26 to January 30, 2026, while the broader market indices showed mixed results, with the Shanghai Composite Index declining by 0.44% [7][15]. - The top-performing sectors included optical cables and marine cables, with significant weekly gains [7][15]. Recommended Companies - The report recommends focusing on companies in various segments, including: - Cloud Computing: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Industrial Fulian, Woer, Zhishang Technology, Guangku Technology [6][15]. - CPU/CXL: Haiguang Information, Lanke Technology, ZTE, Wantong Development [6][15]. - Edge Computing: Ruixin Micro, Zhaoyi Innovation, Yinghantong, Guanghetong, Yiyuan Communication, Meige Intelligent [6][15]. - Inter-satellite Laser Communication: Fenghuo Communication, Guangxun Technology, Guangku Technology, Aerospace Electronics, Zhongrun Optics, Tengjing Technology [6][15].

研究早观点 2026 年 2 月 5 日 星期四 市场走势 资料来源：常闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | | --- | --- | --- | --- | --- | | 上证指数 | | 4,102.20 | 0.85 | 降，其余环节持平 | | 深证成指 | | 14,156.27 | 0.21 | | | 沪深 | 300 | 4,698.68 | 0.83 | | | 中小板指 | | 8,526.31 | 0.02 | | | 创业板指 | | 3,311.51 | -0.40 | | | 科创 | 50 | 1,453.48 | -1.20 | | | 资料来源：常闻 | | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【公司评论】科沃斯(603486.SH)：科沃斯：盈利能力改善，加速迈向 多品类、全场景服务机器人 【行业评论】【山证电新】20260204 光伏产业链价格跟踪- 硅片价格下 降，其余环节持平 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声 ...

Financial Performance and Key Metrics - Chunghwa Telecom reported a record high full-year revenue of TWD 236.11 billion for 2025, reflecting a 2.7% increase compared to 2024, driven by strong mobile device sales and robust performance in the ICT sector [20][21] - The company's EPS reached TWD 4.99, marking an 8-year high and extending annual growth momentum for the sixth consecutive year [3][21] - In Q4 2025, consolidated revenue was TWD 65.65 billion, a 0.5% year-over-year increase, marking the highest fourth-quarter revenue in nearly a decade [18][19] Business Line Performance - Mobile revenue market share increased to 41%, with subscriber market share at 39.7%, driven by growth in postpaid subscribers [7] - Fixed broadband ARPU reached NT$819 per month, a 3.8% increase year-over-year, supported by high-speed upgrade promotions [8] - ICT revenue declined by 6% year-over-year in Q4 due to a high comparison base, but full-year ICT revenues still recorded robust growth [10][11] Market Performance - 5G subscriber market share increased to 39.2%, with a penetration rate of 46.4% among smartphone users by the end of 2025 [7] - Revenue from international subsidiaries decreased by 7% year-over-year, primarily due to lower demand for voice services [14] - However, revenue in South Asia and Southeast Asia markets increased by 12% year-over-year, supported by completed construction projects [15] Company Strategy and Industry Competition - The company plans to focus on extending pre-6G opportunities in AIOT, satellite, and big data services, expecting combined revenue to surpass TWD 10 billion in 2026 [5] - Chunghwa Telecom aims to leverage its satellite services as part of government contracts to enhance long-term service agreements [14] - The company is also investing in AI-driven connectivity and edge computing to create new revenue streams [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence entering 2026, citing a stable mobile market and successful fixed broadband strategies [4] - The company anticipates continued growth in ICT business driven by digital transformation opportunities [26] - Operating costs are expected to increase by 3.5% to 3.7%, primarily due to investments in talent and infrastructure [26][33] Other Important Information - Chunghwa Telecom received multiple awards for its ESG accomplishments and was recognized as one of the World's Most Trustworthy Companies in 2025 [6] - The company secured a 20-year corporate power purchase agreement for renewable energy to support its 2045 net zero commitment [6] Q&A Session Summary Question: Details on the increase in non-mobile CapEx for 2026 - Management explained that the increase is driven by fixed line maintenance, satellite, cables, and IDC investments [31][32] Question: Clarification on the increase in operating costs - Management highlighted that the increase is due to investments in human resources, electricity costs, and higher depreciation [33][34] Question: Request for more detailed breakdown of non-mobile CapEx - Management acknowledged the request but noted that they do not separately disclose exact numbers for each non-mobile item [35][36]

Financial Performance and Key Metrics - Chunghwa Telecom reported a full year revenue of TWD 236.11 billion for 2025, marking a 2.7% increase compared to 2024, driven by strong mobile device sales and robust performance in the ICT sector [20][21] - The company's EPS reached TWD 4.99, an increase from TWD 4.8 in the previous year, representing an 8-year high [3][21] - For Q4 2025, consolidated revenue was TWD 65.65 billion, a 0.5% year-over-year increase, making it the highest fourth quarter revenue in nearly a decade [18][19] Business Segment Performance - In the mobile segment, Chunghwa Telecom achieved a mobile revenue market share of 41% and a subscriber market share of 39.7%, with a 4.7% year-over-year growth in mobile service revenue [7][8] - Fixed broadband ARPU reached NT$819 per month, a 3.8% increase year-over-year, driven by high-speed upgrade promotions [8][9] - The ICT segment saw a 6% year-over-year decline in revenue for Q4, but full year ICT revenues recorded robust growth, with recurring ICT revenue increasing by 15% [10][11] Market Performance - The 5G subscriber market share increased to 39.2%, with a penetration rate of 46.4% among smartphone users by the end of 2025 [7] - International subsidiaries experienced a 7% year-over-year revenue decrease, primarily due to lower demand for voice services, while South Asia and Southeast Asia markets saw a 12% revenue increase [14][15] Company Strategy and Industry Competition - The company plans to focus on extending pre-6G opportunities in AIOT, satellite, and big data services, expecting combined revenue to surpass TWD 10 billion in 2026 [5] - Chunghwa Telecom aims to enhance its satellite services and has secured contracts for government projects, indicating a strategic move towards expanding its service offerings [13] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence entering 2026, citing a stable mobile market and successful fixed broadband strategies [4] - The company anticipates continued growth in ICT business driven by digital transformation opportunities and plans to invest in talent and infrastructure [26][27] Other Important Information - Chunghwa Telecom received multiple awards for its ESG accomplishments and was recognized as one of the World's Most Trustworthy Companies in 2025 [6] - The company secured a 20-year corporate power purchase agreement for renewable energy to support its 2045 net zero commitment [6] Q&A Session Summary Question: Details on the increase in non-mobile CapEx for 2026 - Management explained that the increase is primarily due to fixed line maintenance, satellite, cables, and IDC investments [31][32] Question: Clarification on the increase in operating costs - The increase is attributed to investments in human resources, particularly for AI-related talents, and uncertainties regarding electricity policies in Taiwan [33][34] Question: Request for more detailed breakdown of non-mobile CapEx - Management acknowledged the request and indicated that IDC and cloud investments are significant components of non-mobile CapEx [35][37]

中证智能财讯润欣科技（300493）1月30日晚间披露2025年度业绩预告，预计2025年归母净利润5455.47万元至6001.02万元，同比增长50%-65%；扣非净利润 预计5175.39万元至5692.93万元，同比增长50%-65%。以1月30日收盘价计算，润欣科技目前市盈率（TTM）约为166.63倍-183.29倍，市净率（LF）约8.59 倍，市销率（TTM）约3.55倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） 400 吗00 200 104.99 100 110.7 102.47 93x89 77x19 66x23 58.49 50 54 0 -100 2022-06-30 2021-12-37 2021-06-30 3-06-30 2020-12-37 2022-12-37 4-72-37 2n- -○- 公司 -○- 行业均值 100 ହ 90 80 70 60 55.42 52 62 50 45 56 40 32625 30 20 10 0 2020-12-37 1 2022-72-37 1 2027-12-37 ' 2021-0 ...

格隆汇1月30日丨润欣科技(300493.SZ)公告，预计2025年归母净利为5455.47万元-6001.02万元，同比增 长50%-65%。 预计2025年归属于上市公司股东的净利润与上年度同期相比增长50.00%-65.00%，主要变动原因为： 2025年，公司在AIOT和汽车电子的营业收入实现较快增长，利润同步提升，各类端侧AI+产品和技术 创新为用户带来智能场景体验。2026年，公司将持续专注于无线超低功耗SoC芯片的场景应用和端侧轻 量化模型研发，抓住设备端AI在低功耗、带宽和存储上的发展机遇，在智能穿戴、AI音视频交互和智 能家居市场深耕发展。 ...

Group 1 - The semiconductor sector is experiencing fluctuations, with the STAR Market semiconductor index rising by 0.50% as of January 30, 2026, and several component stocks showing significant gains, such as Shijia Optoelectronics up 7.31% and Chipone Technology up 5.38% [1] - Alibaba has clarified its "Cloud + AI + Chip" strategy, with its PPU from Tmall Genie achieving cumulative shipments of several hundred thousand units, positioning it among the leading domestic GPU manufacturers [1] - As of January 29, 2026, nearly 250 STAR Market companies have disclosed their 2025 performance expectations, with about 50% (125 companies) projected to be profitable, and 67 companies expected to show positive year-on-year growth in net profit [1] Group 2 - Donghai Securities forecasts a global server shipment growth rate of 12.8% in 2026, with AI server shipments expected to increase by over 28%, driving up prices for related chips such as storage and CPUs [2] - Samsung Electronics plans to raise NAND flash supply prices by over 100% in Q1 2026, while Intel and AMD are considering a 10-15% increase in average server CPU prices for the same period [2] - The current demand in the electronics industry is recovering, with effective supply clearance leading to rising prices for storage chips, suggesting structural opportunities in AI computing power, AIOT, semiconductor equipment, and key components [2] Group 3 - The STAR Market Chip ETF (588200) tracks the STAR Market semiconductor index, serving as a convenient tool for investing in the semiconductor sector [3] - Investors without stock accounts can access investment opportunities in domestic chips through the STAR Market Chip ETF linked fund (017470) [4]

截至2026年1月28日 13点24分，上证科创板半导体材料设备主题指数（950125）下跌0.69%。成分股方 面涨跌互现，神工股份领涨4.59%，欧莱新材上涨4.29%，盛美上海上涨2.85%；兴福电子领跌5.19%， 艾森股份下跌5.04%，耐科装备下跌3.60%。科创半导体ETF（588170）下跌0.85%，最新报价1.86元。 东海证券认为，当前电子行业需求持续复苏，供给有效出清，存储芯片价格上涨，我国国产化力度超预 期。建议关注AI算力、AIOT、半导体设备、关键零部件和存储涨价等结构性机会。 截至2026年1月28日 13点26分，中证半导体材料设备主题指数（931743）下跌0.61%。成分股方面涨跌 互现，康强电子领涨9.98%，金海通上涨5.91%，神工股份上涨4.27%；江化微领跌7.68%，艾森股份下 跌5.45%，珂玛科技下跌4.38%。半导体设备ETF华夏（562590）下跌0.60%，最新报价1.99元。 半导体设备ETF华夏（562590）及其联接基金（A类：020356；C类：020357），指数中半导体设备 （63%）、半导体材料（24%）占比靠前，充分聚焦半导体上游。 ...

Group 1 - The semiconductor industry is experiencing significant price increases due to supply chain constraints and rising costs, with companies like Zhongwei Semiconductor and Guokewai announcing price hikes of 15%-50% for various products [1] - Guokewai has specifically raised prices for KGD products by 40% for 512Mb, 60% for 1Gb, and 80% for 2Gb, indicating a severe supply-demand imbalance [1] - Donghai Securities predicts substantial growth in domestic A-share companies' performance by 2025, driven by the AI wave and recovery in electronic industry demand, alongside rising storage chip prices [1] Group 2 - Ruixin Micro focuses on the design, research, and sales of smart application processors SoC and related chips [2] - Xingchen Technology leads the global market in security visual AI SoC chips while actively expanding into the smart automotive sector [2]

Key Insights - The report highlights the launch of NVIDIA's Rubin platform, which significantly reduces the cost of generating tokens to about one-tenth of the previous generation, Blackwell, and is now in full production. This development is expected to drive demand in the semiconductor industry, with TSMC reporting a record revenue growth of 31.6% year-on-year for 2025, indicating a robust recovery in semiconductor demand [5][6][7]. Group 1: Electronic Industry Insights - NVIDIA's Rubin platform was showcased at CES 2026, featuring six chip components that enhance AI deployment efficiency, with the platform now fully in production [5][6]. - TSMC reported a December revenue of approximately NT$335 billion, a year-on-year increase of 20.4%, contributing to a total annual revenue of NT$3.81 trillion, marking a 31.6% increase and setting a historical high [7][8]. - The electronic sector is experiencing a demand recovery, with rising prices for memory chips and a strong push for domestic production in China, suggesting structural investment opportunities in AI computing, AIOT, semiconductor equipment, and key components [5][9]. Group 2: Machinery Equipment Industry Insights - The report indicates a significant increase in excavator sales, with December 2025 sales reaching 23,095 units, a year-on-year growth of 19.2%, driven by both domestic and export markets [11][12]. - The total excavator sales for 2025 were 235,257 units, reflecting a 17% increase, with domestic sales up by 17.9% and exports up by 16.1% [13][14]. - Loader sales also saw substantial growth, with December 2025 sales of 12,236 units, a 30% increase year-on-year, and total sales for the year reaching 128,067 units, up 18.4% [12][14]. Group 3: U.S. Economic Recovery Insights - The U.S. labor market showed signs of recovery, with December 2025 non-farm payrolls increasing by 50,000, although slightly below expectations, while the unemployment rate fell to 4.4% [17][18]. - The service sector contributed significantly to job growth, particularly in leisure and hospitality, which rebounded due to the holiday season [19][20]. - The report suggests that the U.S. economy is on a recovery path, with expectations for continued job growth and a potential decrease in interest rates by the Federal Reserve [21][22].