Core Viewpoint - ZTE Corporation's wholly-owned subsidiary, ZTE Microelectronics, focuses on chip research and design, not manufacturing, supporting ZTE's technological leadership in the ICT industry [1] Group 1: Chip Development and Applications - ZTE Microelectronics has extensive experience in chip development, covering the entire ICT industry including "network, computing power, and terminal" [1] - In the networking sector, self-developed chips are widely used in ZTE's base stations, optical access, optical transmission, and core routers [1] - In the computing power sector, custom processors are designed for enterprise applications such as large-scale data processing, video encoding/decoding, and cloud gaming, offering lower Total Cost of Ownership (TCO) [1] - The self-developed DPU "Dinghai" chip supports various forms such as RDMA network cards, smart network cards, and DPU cards, providing high performance and diverse computing acceleration hardware [1] - The self-developed "Tianyi" Ethernet switching chip offers efficient interconnection support for computing and communication core networks [1] Group 2: Terminal Applications - ZTE Microelectronics develops PON ONU chips for fiber broadband access products, mobile terminal chips, and automotive communication and gateway chips [1] - These chips are utilized in home terminals, vehicle communication T-Boxes, domain controllers, and smart cockpit devices [1]

证券日报网讯 2月13日，剑桥科技（603083）在互动平台回答投资者提问时表示，公司与北美大客户的 工厂审核相关工作正按计划正常推进中，相关厂审及配套产品验证工作同步开展，目前各项筹备与执行 环节均有序落地。厂审的完成时间受客户审核流程推进、综合评估等多重因素影响，公司正积极配合大 客户完成各项审核工作，相关工作按计划有序推进。公司将持续跟进厂审及产品认证进展，达到信息披 露标准的业务重大进展信息将严格按照监管要求在指定信息披露媒体及时披露，敬请投资者以公司官方 公告为准，理性投资，注意投资风险。 ...

Core Viewpoint - ZTE Corporation's "Lan Yue" A1 chip is designed based on the needs of the automotive industry, providing a high-performance and high-security hardware foundation for smart vehicles [1] Group 1: Product Development - The A1 chip is developed by ZTE Microelectronics in collaboration with partners to meet the demands of the automotive sector [1] - The chip has the capability to expand into more intelligent application scenarios, indicating a focus on versatility and future-proofing [1] Group 2: Strategic Focus - The company is continuously monitoring industry development trends and will advance specific technological routes based on market demand and overall strategic alignment [1]

Core Viewpoint - The company emphasizes its commitment to accurate financial reporting and long-term strategic investments despite challenges from rising raw material costs and potential shortfalls in performance forecasts for 2025 [2] Financial Reporting - The company adheres strictly to accounting standards and relevant laws to ensure that its financial reports accurately reflect its operational status [2] - Future financial details will be disclosed in periodic reports, indicating a commitment to transparency [2] Strategic Investments - The company is focused on long-term development strategies, which involve significant investments despite current economic challenges [2] Market Conditions - The company's stock price is influenced by various factors, including macroeconomic conditions, industry policies, market sentiment, and funding preferences, which may lead to short-term volatility [2]

Group 1 - The top three stocks with net institutional purchases are Tefa Information, Construction Machinery, and Yuegui Co., with net purchase amounts of 193 million, 166 million, and 116 million respectively [1][2] - On February 13, a total of 30 stocks appeared on the Dragon and Tiger list, with 19 stocks showing net institutional purchases and 11 stocks showing net institutional sales [1][2] - The top three stocks with net institutional sales are Baichuan Co., Juliy Suoj, and Keri Technology, with net outflow amounts of 140 million, 137 million, and 120 million respectively [1][2] Group 2 - Tefa Information experienced a price drop of 10.00% with a net institutional purchase of 192.71 million [2] - Construction Machinery saw an increase of 10.07% with a net institutional purchase of 166.37 million [2] - Yuegao Co. had a price increase of 6.86% with a net institutional purchase of 116.16 million [2]

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected growth exceeding the benchmark index by over 10% [1]. Core Insights - North American major CSPs have released their financial reports, indicating that AI has transitioned from a cost center to a revenue engine, leading to an urgent and genuine increase in capital expenditures for 2026, which are expected to exceed forecasts [2][17]. - The cloud business is experiencing significant growth through AI capabilities, with AWS cloud sales increasing by 20% year-on-year to reach $128.7 billion, and Google Cloud projected to exceed $70 billion in annual revenue by the end of 2025, driven by strong demand for AI infrastructure and solutions [3][17]. - The total capital expenditure planned by Amazon, Google, Microsoft, and Meta for 2026 is projected to reach $660 billion, a 60% increase from 2025 and more than double that of 2024, with Amazon's expected expenditure of $200 billion exceeding market expectations by $50 billion [5][19]. Summary by Sections Industry Trends - The AI investment cycle is distinct from previous cloud computing infrastructure phases, with the current capital expenditure cycle not showing signs of peaking, as evidenced by the rapid growth of AI tokens and the introduction of various automated programming workflows [6][20]. - The competition between CPO and optical module technology routes has caused market fluctuations, with concerns about the potential market space being consumed by CPO advancements [10][22]. Market Performance - The overall market saw a decline during the week of February 2-6, 2026, with the Shanghai Composite Index dropping by 1.27% and the Shenwan Communication Index falling by 6.95%. However, the optical cable and submarine cable sector experienced a notable increase of 19.05% [11][23]. - Individual stock performance showed significant gains for companies like Longfly Fiber and Tongyu Communication, while companies such as Zhongji Xuchuang and Lian Te Technology faced substantial declines [11][37]. Investment Recommendations - Companies to focus on include those involved in Scaleup/NPO such as Zhongji Xuchuang, Tianfu Communication, and Newyi Sheng, as well as those in passive optical components like Zhishang Technology and Changxin Bochuang [11][23].

Group 1 - The stock price of Alade (301419) has been active in the past week, rising by 5.52% with a price fluctuation of 6.42% from February 9 to 13, 2026 [1] - On February 12, the stock increased by 2.49% with a trading volume of 161 million yuan and a turnover rate of 5.63%, but experienced a slight decline of 0.11% on February 13, closing at 36.16 yuan [1] - The technical indicators show that the stock price has broken through the upper Bollinger Band, and the MACD indicator has turned positive, indicating a short-term bullish trend, although the 20-day resistance level at 36.31 yuan should be monitored [1] Group 2 - According to a report by Yasiwei on February 12, Alade's revenue for the first three quarters of 2025 reached 316 million yuan, representing a year-on-year growth of 25.11%, while the net profit attributable to shareholders was 52.24 million yuan, up by 89.00%, indicating a significant improvement in profitability [2] - The report forecasts a compound annual growth rate of net profit of approximately 35%-45% from 2025 to 2027, driven by the demand for 5G-A construction, AI computing power, and expansion in the new energy vehicle sector [2] - However, the current price-to-earnings ratio (TTM) stands at 61.60 times, suggesting that the valuation is relatively high, and a wait-and-see approach is recommended until performance aligns with valuation [2] Group 3 - On a macro level, the release of U.S. non-farm payroll data on February 11 and China's CPI data on February 13 has led to increased volatility in global markets [3] - The telecommunications sector has recently been catalyzed by the 5.5G concept, but on February 13, the overall telecommunications equipment sector declined by 1.51%, with Alade showing relative resilience [3]

Core Viewpoint - Cambridge Technology (603083.SH) has confirmed that there are no shutdown issues in the fourth quarter and anticipates that the demand growth will lead to supply chain tensions [1] Group 1: Supply Chain Management - The company has proactively established a multi-dimensional supply chain assurance system to address the tight supply of materials in the industry [1] - It has planned ahead by utilizing raised funds to set up a special supply assurance industrial fund and directly invest in the supply chain to promote upstream and downstream collaboration [1] - The company is increasing investments in upstream supply chain capacity through various methods such as advance payments, strategic material reserves, capital expenditures, equity investments, and convertible loans [1] Group 2: Material Supply and Production - The company has completed reasonable reserves of core materials for the entire year of 2026, and the long-term locking of core materials is progressing as planned [1] - This strategy is expected to effectively support the company's production and delivery needs, ensuring that there will be no shutdowns due to material supply issues [1] - However, the industry still faces ongoing material supply tensions with a degree of unpredictability [1]

Core Viewpoint - Zhaolong Interconnect (300913) has confirmed that its optical module products are primarily used in high-speed data center scenarios [1] Group 1 - The company responded to investor inquiries on its interactive platform regarding its optical module products [1] - The company encourages stakeholders to refer to its official website and disclosed information for further details [1]

Group 1 - The company is actively monitoring global smart grid market dynamics and development opportunities [1] - The company is steadily advancing its market expansion efforts in line with industry trends and its own development strategy [1] - Relevant business progress will be disclosed through the company's public announcements [1]