2月22日，农历正月初六，市委书记张恩惠在调研节日运行保障和安全生产工作，走访慰问 节日坚守一线工作人员时强调，要深入贯彻习近平总书记关于安全生产的重要论述，落实省 委省政府部署，进一步压实责任、传导压力，抓发展、促消费、保安全，慎终如始把春节安 全工作做得更加扎实、更加有效。 2月22日，市委书记张恩惠到肆季南河调研节日文旅市场、文旅特色商业。 春节长假特别是初三后，长春各大景区景点持续升温。张恩惠来到肆季南河景区，随机走访景区商户了 解节日经营、促销等情况。张恩惠强调，要持续深化文旅融合，做精做优节庆IP，让传统年味更具时尚 感、文化味。要全面提升服务品质，优化旅游动线，营造舒适便捷的消费环境。要抓好交通、消防、食 品安全等工作，近期要密切关注天气变化，加强冰雪项目安全监测，守牢安全底线。 2月22日，市委书记张恩惠到长光智远科技公司光学相机研制项目调研项目建设进展情况。 这个春节，一批重点项目、重点企业不停工，开足马力抢进度。长光智远科技公司主营光学相机及智能 载荷产品研发与制造，利用春节假期加紧车间内部装修，力争早日投产。张恩惠鼓励企业要专注技术创 新，研发更多具有市场竞争力的产品，争当细分领域"隐形 ...

Core Viewpoint - Huayang Group is recognized as a leader in automotive electronics and precision die-casting, with significant revenue growth in both sectors and a strong market position in the intelligent driving supply chain [1]. Financial Performance - In the first half of 2025, Huayang Group's automotive electronics business generated revenue of 3.788 billion yuan, representing a year-on-year increase of 23.3% [1]. - The precision die-casting business reported revenue of 1.292 billion yuan, with a year-on-year growth of 41.3% [1]. - Projected net profits for the parent company are expected to be 803 million yuan, 1.041 billion yuan, and 1.290 billion yuan for the years 2025, 2026, and 2027 respectively [1]. Market Position - Huayang Group is identified as a core supplier of domain controllers in the intelligent automotive sector, highlighting its critical role in the automotive smart supply chain [1]. Stock Performance - As of February 11, 2026, Huayang Group's stock price closed at 30.74 yuan, with a slight decline of 0.23% on that day and a total trading volume of 1.56 billion yuan [1]. - Over the past five trading days, the stock price has decreased by 1.41%, with a price fluctuation range of 2.18% [1]. - The technical analysis indicates a 20-day resistance level at 35.05 yuan and a support level at 29.7 yuan, with the current stock price within a consolidation range [1]. - As of February 10, 2026, the financing balance was 481 million yuan, reflecting a cautious market sentiment [1].

智通财经APP获悉，均胜电子(00699)逆市涨超4%，截至发稿，涨3.94%，报17.42港元，成交额3475.27 万港元。 消息面上，近日，德国大众汽车集团全球总部技术交流展在沃尔夫斯堡举办。均胜电子旗下均联智行携 全系汽车智能化解决方案重磅亮相，并首次展示联合中际旭创打造的车载光通信解决方案。该方案已具 备量产上车能力，成为全场展会的重要看点之一。 华兴证券发布研报称，汽车智能化带动智能座舱和智能驾驶相关的电子零部件需求快速增长。根据公司 招股说明书披露，未来5年汽车电子行业规模在全球和中国的复合增年长率分别为5.8%/9.4%，2029年将 分别达到3.2万亿元/1.7万亿元，其中智驾解决方案将是增长最快的细分板块。预计均胜电子有望凭借其 参与开发的CCU产品在舱驾一体的趋势中取得竞争优势。 ...

华兴证券发布研报称，汽车智能化带动智能座舱和智能驾驶相关的电子零部件需求快速增长。根据公司 招股说明书披露，未来5年汽车电子行业规模在全球和中国的复合增年长率分别为5.8%/9.4%，2029年将 分别达到3.2万亿元/1.7万亿元，其中智驾解决方案将是增长最快的细分板块。预计均胜电子有望凭借其 参与开发的CCU产品在舱驾一体的趋势中取得竞争优势。 均胜电子（600699）(00699)逆市涨超4%，截至发稿，涨3.94%，报17.42港元，成交额3475.27万港元。 消息面上，近日，德国大众汽车集团全球总部技术交流展在沃尔夫斯堡举办。均胜电子旗下均联智行携 全系汽车智能化解决方案重磅亮相，并首次展示联合中际旭创（300308）打造的车载光通信解决方案。 该方案已具备量产上车能力，成为全场展会的重要看点之一。 ...

Trading Activity - The average daily trading volume on the North Exchange decreased by 28.69% to 204.93 billion CNY, down from 287.38 billion CNY in the previous week[5] - The weekly turnover rate for the North Exchange was 19.15%, indicating a slight decline compared to previous weeks[7] Index Performance - The North 50 Index experienced a slight decline of 0.70% during the week, with fluctuations influenced by the weak performance of small-cap stocks[14] - Other indices such as the Sci-Tech 50 and the ChiNext Index saw declines of 5.76% and 3.28% respectively, highlighting a broader market downturn[14] Sector Analysis - Most sectors on the North Exchange reported negative median returns, with the beauty and personal care sector leading with a median increase of 2.32%, while the oil and petrochemical sector had the largest decline at -8.42%[20] - The computer industry had the highest median price-to-earnings (P/E) ratio at 139.57 times, indicating a relatively high valuation compared to other sectors[20] New Listings and Market Activity - There were two new IPOs on the North Exchange during the week, but no new stocks were listed[40] - The overall trading scale of the New Third Board decreased, with the innovative tier and basic tier seeing transaction amounts drop by 15.61% and 25.94% respectively[34] Risk Considerations - There is a noted risk of pullback in North Exchange stocks, particularly as trading volumes have shown signs of contraction, which may lead to further declines in the North 50 Index[42]

Core Insights - The core focus of the news is the collaboration between Junsheng Electronics and Zhongji Xuchuang to develop an onboard optical communication solution, which has achieved the industry's first mass production capability for automotive applications [1][5]. Group 1: Technology Overview - The automotive electronic architecture is evolving towards "full-domain deep integration," necessitating real-time data aggregation from numerous sensors and efficient collaboration among various systems, which imposes unprecedented demands on communication links, latency, and stability [3]. - The onboard optical communication technology utilizes light as the transmission medium, enabling high bandwidth, low latency, and interference-resistant data transmission, which is essential for supporting central computing architectures and advanced autonomous driving [3][5]. Group 2: Technical Specifications - Transmission bandwidth can reach 10Gbps-100Gbps per fiber, with future expansion potential to Tbps levels, meeting the requirements for 8 million and 17 million pixel high-definition cameras and 4K@120Hz in-vehicle displays [4]. - The transmission latency is less than 1 microsecond, ensuring real-time decision-making for autonomous driving and compliance with ISO 26262 functional safety standards [4]. - The transmission distance exceeds 100 meters for single-mode fibers and can reach 50 meters for multi-mode fibers, suitable for distributed architectures between central and regional controllers [4]. Group 3: Industry Position and Future Prospects - Junsheng Electronics' optical communication solution leverages its advantages in anti-interference, low latency, and high bandwidth to support high-speed data transmission for advanced autonomous driving and multi-screen cockpit needs [5]. - Zhongji Xuchuang, a leader in the global high-speed optical module sector, is accelerating its entry into the automotive optical communication market, which is projected to be a trillion-yuan industry [5].

近日，德国大众汽车集团全球总部技术交流展在沃尔夫斯堡举办。均胜电子旗下均联智行携全系汽车智 能化解决方案重磅亮相，并首次展示联合中际旭创打造的车载光通信解决方案。该方案已具备量产上车 能力，成为全场展会的重要看点之一。 安全出行领域的创新成果，是均胜电子将安全智能深植企业基因的重要呈现。现场展示的nSensor 系列 儿童遗留监测产品与nData 智能辅助驾驶数据存储系统，为出行安全筑牢 "防护盾" 。其中，nSensor系 列基于UWB技术高精度、抗干扰和高穿透性等优势，在实现数字钥匙功能的同时有效监测活体呼吸、 心跳等微小的身体活动，即使在有脚坑或有毯子覆盖的盲区，也能无死角、高灵敏探测，不仅满足全球 主要市场的N-CAP认证要求，更跻身国内首批通过C-NCAP认证的解决方案行列。nData系列则满足全 球市场标准与法规，搭载自研可视化数据管理分析工具，实现事故数据的精准提取与快速研判，已于去 年斩获某豪华汽车品牌订单，成为行业内首批拿下量产订单的解决方案。 均胜电子 nCCU 系列中央计算单元 其中，基于高通最新高端平台，均胜电子nCCU系列中央计算平台解决方案支持智能座舱与智能辅助驾 驶域深度融合，集 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - Huayang Group is a leader in automotive electronics and precision die-casting, focusing on automotive intelligence and lightweight products. The main business segments include automotive electronics and precision die-casting, with additional operations in precision electronic components and LED lighting [5][12] - The company's core business benefits from the increasing penetration of automotive electronic products, with revenues for automotive electronics and precision die-casting reaching 3.788 billion and 1.292 billion yuan respectively in the first half of 2025, representing year-on-year growth of 23.3% and 41.3% [5][31] - The intelligent driving domain controller is a key growth area, with a significant trend towards centralized electronic architecture in vehicles, which is expected to create a new market opportunity for Huayang [5][66] - The robotics sector is also a promising area, with similarities between automotive domain controllers and humanoid robot controllers, indicating potential for growth in this segment [5][6] Summary by Sections 1. Huayang Group: Leader in Automotive Electronics and Precision Die-Casting - Founded in 1993, Huayang Group aims to be a leading supplier of automotive electronic products and components both domestically and internationally [12] - The company focuses on product layout around automotive intelligence and lightweighting [12] 2. Core Business: Benefiting from Increased Penetration of Automotive Electronic Products - In 2024, the company achieved revenues of 10.158 billion yuan, a year-on-year increase of 42.3%, with continued strong growth in both automotive electronics and precision die-casting [18][31] - The automotive electronics segment is expected to see further growth as penetration rates for cockpit domain controllers and HUDs continue to rise [5][30] 3. Elastic Business One: Intelligent Driving Domain Controller - The trend of moving from distributed to centralized electronic architecture in vehicles is accelerating, with the penetration rate for intelligent driving domain controllers expected to approach 50% by 2025 [70] - The company is well-positioned to capitalize on this shift, benefiting from its supply chain and technological advantages [79][82] 4. Elastic Business Two: Robotics - The company is actively developing its automotive domain controller business, with expected doubling of cockpit domain controller shipments by 2025 [6][61] - The similarities in architecture and technology between automotive domain controllers and humanoid robots suggest a strong potential for growth in the robotics sector [5][6] 5. Investment Recommendations - The report forecasts revenues of 13.205 billion, 16.371 billion, and 19.672 billion yuan for 2025-2027, with net profits of 0.803 billion, 1.041 billion, and 1.290 billion yuan respectively, maintaining the earnings per share (EPS) estimates at 1.53, 1.98, and 2.46 yuan [6]

Market Performance - The new stock index and the near-term new stock index fell by 2.01% and 2.23% respectively during the first week of February 2026[7] - The market experienced significant adjustments, with the technology sector leading the decline, particularly in the non-ferrous metals and electronic sectors[7] New Stock Listings - The first unprofitable new stock of the year, Beixin Life, was listed, achieving an average first-day increase of 185.65%[1] - Two new stocks contributed to A1/A2/B class investors' single-account full returns of 17.80/9.44/7.90 thousand yuan, enhancing the yield rates for 500 million scale accounts by 0.36‰/0.19‰/0.16‰[41] Trading Activity - Trading activity in the new stock sector continued to decline, with turnover rates for the new stock index and near-term new stock index dropping by 2.10 percentage points and 2.25 percentage points respectively[21] - The net active selling in the new stock sector was 2.936 billion yuan, a decrease of 3.540 billion yuan from the previous week[23] Valuation Changes - The new stock index PE (TTM) increased by 1.76, while the near-term new stock index PE (TTM) decreased by 23.73[14] - The latest PE (TTM) values for the new stock index and near-term new stock index were 80.0X and 159.7X, corresponding to historical percentile levels of 83.8% and 99.2% respectively[14] Upcoming Unlocks - In the second week of February, three new stocks are expected to unlock, with a total unlock scale of 254 million yuan, maintaining low levels[35]

Core Viewpoint - 汇聚科技's stock has experienced a significant decline of over 12%, currently trading at 15.96 HKD, with a trading volume of 87.1 million HKD [1] Group 1: Company Actions - 汇聚科技 announced a placement of 108 million shares at a price of 15.22 HKD per share, representing a discount of 14.97% from the previous closing price [1] - The net proceeds from the placement are expected to be 16.345 billion HKD, with approximately 50% allocated for strategic investments and acquisitions [1] - About 30% of the proceeds will be used to support the development of global business and expansion into overseas markets [1] - Approximately 20% of the funds will be directed towards working capital and general corporate purposes to support the company's operations and growth [1] Group 2: Market Analysis - 中信建投 recently published a report highlighting 汇聚科技's strong ties with leading cloud service providers like Google, indicating potential benefits from the upgrade of 800G/1.6T optical modules and the evolution of CPO technology [1] - The AI server JDM/ODM business is experiencing rapid growth, with a year-on-year revenue increase of 82.1% in the first half of last year, further supported by the acquisition of Leoni automotive cables to enhance high-end automotive electronics [1]