Core Insights - The top 100 manufacturing companies in Jiangsu for 2025 have been announced, with all companies holding over 100 invention patents, and 9 companies exceeding 1,000 patents, an increase of 2 from the previous year [1] Summary by Category Patent Ownership - The top 100 companies collectively own 54,300 invention patents as of the end of 2025, an increase of 5,500 patents compared to the previous year, representing 9.90% of the total invention patents held by all companies in the province [1] Industry Distribution - The companies on the list are primarily concentrated in six major sectors: - Electrical machinery and equipment manufacturing: 11 companies - Computer, communication, and other electronic equipment manufacturing: 10 companies - Specialized equipment manufacturing: 7 companies - Black metal smelting and rolling processing: 6 companies - Pharmaceutical manufacturing: 4 companies - General equipment manufacturing: 4 companies [1] Leading Companies - The 9 companies with over 1,000 invention patents collectively hold 23,236 patents, accounting for 42.79% of the total patents held by the top 100 companies, indicating a significant leading role [1] - Suzhou Yuan Nao Intelligent Technology Co., Ltd. leads with 11,221 invention patents, followed by Wuxi Little Swan Electric Co., Ltd. with 2,190 patents and Kunshan Guoxian Optoelectronics Co., Ltd. with 1,929 patents [1]

● 本报记者 黄灵灵 随着业绩预告落下帷幕，深市上市公司2025年经营业绩概况浮出水面。深市2886家公司中，1714家预披 露2025年经营业绩，占深市公司家数的59.39%，市值占比48.48%。其中近六成公司业绩向好，龙头公 司表现亮眼，多行业稳步增长，整体传递出积极的经营信号。 预计亏损的公司家数为124家，考虑到规则要求预亏公司需在1月底前发布业绩预告，可合理推断深市注 册制公司的预亏比例或低于两成。国际复材、回盛生物等32家公司预计在2025年实现扭亏。 3C相关行业增长势头强劲 深市除金融、房地产业以外的28个实体行业中18个行业预计净利润为正，占比约64%。28个实体行业 中，电子、通信等7个行业连续两年盈利，有色金属、计算机、传媒、纺织服饰4个行业实现扭亏。 在产业转型升级、中国制造向中国智造不断迈进的大背景下，工业领域深市公司整体业绩企稳向好。 深市机械设备、基础化工行业公司预计净利润分别为84.85亿元、123.51亿元，分别同比增长200.07%、 284.56%。下游产业需求传导叠加贵金属价格上涨，有色金属行业预计2025年净利润328.30亿元，同比 实现扭亏。 受AI算力和应用需 ...

◎记者 黎灵希 另据统计数据，预计亏损的深市公司家数为124家，考虑到规则要求预亏公司需在1月底前发布业绩预 告，可合理推断深市注册制公司的预亏比例或低于两成。对比2024年亏损公司名单发现，国际复材、回 盛生物等32家公司预计在2025年实现扭亏。 重点行业表现亮眼 数据显示，除金融、房地产业外，深市的28个实体行业中18个行业预计净利润为正，占比64%。28个实 体行业中，电子、通信等7个行业连续两年盈利且2025年增速超50%，有色金属、计算机、传媒、纺织 服饰等4个行业实现扭亏。 具体来看，在产业转型升级、"中国制造"向"中国智造"不断迈进的大背景下，工业领域深市公司整体业 绩企稳向好。深市机械设备、基础化工行业公司预计净利润分别为84.85亿元、123.51亿元，分别同比增 长200.07%、284.56%；电力设备、国防军工行业公司预计净利润分别较2024年减亏76.13%、91.26%。 下游产业需求传导叠加贵金属价格上涨，有色金属行业预计净利润328.30亿元，同比实现扭亏。 受AI算力和应用需求快速增长、消费电子终端需求复苏等影响，深市计算机、通信、电子行业公司预 计合计实现净利润760.3 ...

国轩高科：拟定增募资不超50亿元，用于动力电池等项目。 【热点】 *ST立方：公司股价已严重脱离基本面，将停牌核查。 2月5日上市公司公告精选： 青鸟消防：拟将证券简称变更为"青鸟智控"。 【并购重组】 看公告，小e抢先报！ 倍轻松：实控人马学军因涉嫌操纵证券市场被证监会立案。 倍加洁：员工持股平台及董事、高管拟合计减持不超3%股份。 中环海陆：江海机械拟减持公司不超3%股份。 【中标合同】 天汽模：筹划购买东实股份股权，2月6日起停牌。 润泽科技：筹划发行可转债购买广东润惠少数股权，6日起停牌。 健麾信息：拟7371.02万元收购博科国信38%股权，实现控股70%股权。 【经营数据】 高争民爆：2025年净利润1.97亿元，同比增加32.77%。 恒为科技：2025年净利润3493.8万元，同比增长30.13%。 【增减持】 咸亨国际：实控人之一致行动人拟减持公司不超3%股份。 内蒙一机：全资子公司签订3.48亿元铁路货车项目合同。 融发核电：全资子公司中标1.01亿元中广核工程公司项目。 东南网架：联合中标9.94亿元冰雪文化旅游产业EPC项目。 【其他】 回盛生物：拟10亿元投建新疆合成生物学智造项目。 ...

Group 1 - The article discusses the performance and characteristics of various indices tracking the Sci-Tech Innovation Board (科创板) in China, highlighting the focus on high-tech sectors such as semiconductors, medical devices, and software development [2][3] - The Sci-Tech 50 ETF tracks the Sci-Tech 50 Index, which consists of 50 stocks with large market capitalization and good liquidity, with over 65% of its composition in the semiconductor sector and nearly 80% in hard technology sectors [2] - The Sci-Tech 100 ETF follows the Sci-Tech 100 Index, comprising 100 stocks with medium market capitalization, focusing on small and medium-sized innovative enterprises, with over 75% of its composition in electronics, power equipment, and pharmaceutical industries [2][3] Group 2 - The Sci-Tech 200 ETF tracks the Sci-Tech 200 Index, which includes 200 stocks with smaller market capitalization, emphasizing growth potential in small-cap innovative companies, with a significant portion in the electronics sector [2] - The Sci-Tech Comprehensive Index ETF covers all stocks listed on the Sci-Tech Innovation Board, focusing on core industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals, encompassing all 17 primary industries on the board [3] - The Sci-Tech Growth ETF tracks the Sci-Tech Growth Index, which consists of 50 stocks with high growth rates in revenue and net profit, with over 65% of its composition in the electronics and communication sectors [3]

Overall Performance - The Shenzhen Stock Exchange (SZSE) shows a positive trend in 2025 earnings, with 57.58% of the 1714 companies reporting improved or increased profits, totaling a net profit of 820.09 billion yuan, an increase of 155.67 billion yuan year-on-year [2] - Among the top 100 companies by market capitalization, all 40 companies that disclosed earnings are expected to be profitable, with a combined net profit of 2056.27 billion yuan, reflecting a year-on-year growth of 66.51% [2] New Listings Performance - New companies under the registration system are performing well, with 59.61% of the 307 companies expected to be profitable, resulting in a total net profit of 196.04 billion yuan, a year-on-year increase of 77.11% [3] - The proportion of companies expected to report losses is projected to be below 19.71%, indicating strong growth potential among new listings [3] Industry Performance - 64% of the 28 non-financial and non-real estate industries are expected to report positive net profits, with significant growth in sectors like electronics and communications, which have seen profit increases exceeding 50% for two consecutive years [4] - The machinery and basic chemical industries are expected to achieve net profits of 84.85 billion yuan and 123.51 billion yuan, respectively, with year-on-year growth rates of 200.07% and 284.56% [4] 3C Industry Growth - The computer, communication, and electronics sectors are projected to achieve a combined net profit of 760.33 billion yuan, reflecting a year-on-year growth of 155.32%, driven by AI and recovering consumer demand [5] - The consumer electronics sector is expected to report a net profit of 193.85 billion yuan, a year-on-year increase of 36.11%, while the communication equipment sector is anticipated to see a net profit of 240.76 billion yuan, with a growth rate of 212.39% [5]

Group 1 - The core viewpoint of the news is that Huanxu Electronics has shown significant progress in its innovative business layout, particularly in smart glasses, AI acceleration cards, and optical communication [2] - Huanxu Electronics reported a revenue of 155.5 billion yuan for Q4 2025, a decrease of 5.3% from Q3 and a year-on-year decline of 6.8% [1] - The company's total revenue for 2025 was 592.0 billion yuan, down 2.5% year-on-year, primarily due to a decrease in material procurement costs for WiFi modules and a decline in automotive electronics business [1] Group 2 - The company has established a strategic partnership with Guangchuanglian, which joined Huanxu Electronics in January 2026, focusing on optical components and engines [2] - Huanxu Electronics' chairman stated that the company's layout is centered around new technologies related to "interconnect" and aims to engage in early-stage collaborative research with North American CSP clients [2] - The revenue from communication products was 4.7 billion yuan, showing a year-on-year decline of 21.6%, while cloud and storage products saw an increase of 15.8% to 1.81 billion yuan [1]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [23] Core Insights - The North Exchange A-share trading volume reached 22.508 billion yuan on February 4, an increase of 0.958 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1,538.571, down 0.71% [1][7] - The market exhibited characteristics of "few leading stocks declining, many individual stocks diverging," with notable rebounds in undervalued stocks like Kaiter Co., while weighted stocks like Liancheng CNC dragged down the index [3] - The report highlights ongoing positive factors for the North Exchange market, including policy support from the central bank for technology and green sectors, and successful IPOs of national-level specialized and innovative "little giant" enterprises [3] Market Review - On February 4, among 292 companies listed on the North Exchange, 113 stocks rose, 9 remained flat, and 170 declined [15] - The top five gainers were *ST Yunchuang (24.1%), Haitai New Energy (14.1%), Oputai (13.0%), Kaiter Co. (8.7%), and Tress (8.4%) [15] - The top five decliners were Liancheng CNC (-9.1%), Tianli Composite (-8.8%), Meibang Technology (-7.6%), Meideng Technology (-6.9%), and Liujin Technology (-5.8%) [15] Important News - Elon Musk's teams from SpaceX and Tesla are exploring China's photovoltaic industry, with the Tesla team currently in the factory inspection phase and SpaceX having placed orders with a leading heterojunction equipment manufacturer [2][17] - The first satellite launch technology facility for commercial aerospace has been established, which is expected to double the efficiency of single-rocket launches and reduce network costs by over 30% [2][18] Company Announcements - Yizhi Magic Yam announced the completion of a share buyback of 17,521 shares, accounting for 0.0170% of the total share capital before the buyback [19] - Tress plans to repurchase shares primarily to reduce registered capital, with a total repurchase amount between 10 million and 20 million yuan, representing 0.41%-0.82% of the current total share capital [20]

北京商报讯2月5日，中科曙光宣布，由公司提供的3套万卡超集群系统在国家超算互联网郑州核心节点 同时上线试运行，成为全国首个实现3万卡部署、且实际投入运营的最大国产AI算力池，全面覆盖万亿 参数模型训练、高通量推理、AI for Science等大规模AI计算场景。 (相关资料图) ...

证券研究报告 | 2026年02月05日 策略专题研究 26 年 A 股业绩亮点有哪些？——2026 年牛市展望系列 4 核心结论：①25 年 A 股盈利边际企稳，主要动力源于整体企业的降本、以及 上市公司层面新经济的拉动已超过老经济的拖累。②宏微观基本面出现脱 钩，意味着传统盈利预测模型效果阶段性下降，定量模型显示中性假设下 26 年 A 股盈利望增长约 10%。③结构上，26 年科技及高端制造或仍维持较明显 增长，此外 A 股企业盈利的点状改善有望往其他行业扩散，例如消费地产。 25 年 A 股上市公司盈利已在企稳，其主因成本压降，内生性动能仍偏弱。 从整体情况看，全部 A 股盈利于 25 年确认企稳回升趋势。同时，全部 A 股 净资产收益率自 22 年以来首次出现企稳。剔除金融两油企业后，其复苏改 善更为明显，ROE 同样边际企稳。从盈利回升的驱动看，这主要源自成本压 降，内生性动能或仍偏弱。拆分净利润增速看，动力或主要来自于整体企业 降费增效，销售毛利率同比仍承压，净利率同比上行主因企业控费增效；其 收入端贡献相对有限，整体复苏节奏仍偏慢。从 ROE 拆分看，其企稳主因净 利润率回升，但上市公司扩表意 ...