Core Viewpoint - The main market experienced a net outflow of 33.352 billion yuan in major funds as of January 16, with significant withdrawals from various sectors [1]. Sector Summary - **Internet Services**: Experienced a decline of 2.97% with a net outflow of 10.411 billion yuan, primarily affected by Guo Wang Xin Tong [2]. - **Software Development**: Saw a decrease of 2.16% and a net outflow of 7.195 billion yuan, with major impact from Ke Da Xun Fei [2]. - **Cultural Media**: Faced a drop of 4.52% and a net outflow of 5.818 billion yuan, influenced by Wan Run Ke Ji [2]. - **Aerospace and Aviation**: Recorded a slight decline of 0.81% with a net outflow of 3.219 billion yuan, affected by Bo Yun Xin Cai [2]. - **Communication Equipment**: Experienced a minor decrease of 0.45% and a net outflow of 2.505 billion yuan, primarily impacted by Tian Fu Tong Xin [2]. - **Communication Services**: Saw a decline of 2.43% with a net outflow of 1.994 billion yuan, influenced by Dong Ruan Zai Bo [2]. - **Gaming**: Experienced a drop of 3.07% with a net outflow of 1.842 billion yuan, primarily affected by Ming Chen Jian Kang [3]. - **Medical Services**: Faced a decline of 2.8% with a net outflow of 1.781 billion yuan, influenced by Yao Ming Kang De [3]. - **Batteries**: Recorded a decrease of 1.03% with a net outflow of 1.668 billion yuan, primarily impacted by En Jie Gu Fen [3]. - **Computer Equipment**: Experienced a decline of 1.3% with a net outflow of 1.591 billion yuan, influenced by Na Si Da [3].

Group 1 - Nokia's stock closed at $6.61, up 3.93%, following an upgrade by Morgan Stanley to "overweight" due to AI and cloud/data center growth potential [1] - Trading volume for Nokia reached 49.9 million shares, nearly 15% above its three-month average of 43.5 million shares [1] - Since its IPO in 1994, Nokia has experienced a growth of 401% [1] Group 2 - The S&P 500 and Nasdaq Composite saw gains of 0.27% and 0.25%, respectively, on the same day [2] - Among peers in communication equipment, Ericsson and Cisco Systems also saw stock price increases [2] Group 3 - Morgan Stanley added Nokia to its "Top Picks" list for 2026, highlighting its successful diversification away from telecom operators [3] - Nokia's acquisition of Infinera for $2.3 billion in early 2025 strengthened its optical networking business, positioning it to benefit from increased capital expenditures in AI, data centers, and cloud computing [3] Group 4 - The AI and Cloud segment currently accounts for 6% of Nokia's sales, with growth of one percentage point each quarter [4] - Nokia anticipates the AI and Cloud market to grow by 16% annually through 2028, making it a noteworthy stock for tech-savvy investors [4]

Core Insights - The A-share market has seen a surge in technology-themed investments over the past year, with sectors like semiconductors, AI models, humanoid robots, biotechnology, and low-orbit satellites emerging as key investment themes. The "14th Five-Year Plan" is expected to guide the long-term value of technology growth assets in the A-share market [1][2] Group 1: Investment Opportunities - The "Xingye CSI Technology Advantage Growth 50 Strategy ETF" has been created to address the challenges investors face in defining "technology growth" styles and to provide a balanced growth asset allocation tool [1][2] - The ETF tracks the CSI Technology Advantage Growth 50 Strategy Index, which selects and weights securities from various technology sectors based on factors like growth, innovation, value, low volatility, and quality [1][2] Group 2: Index Characteristics - The index innovatively combines "technology sector screening" with a "multi-factor Smartβ strategy," aiming to resolve the apparent contradiction between focusing on technology sectors and diversifying thematic risks [2] - The top five stocks in the index account for 17.63% of the total weight, while the top ten stocks account for 30.93%, indicating a moderate concentration of weight among leading companies in various technology sub-sectors [2] Group 3: Performance Metrics - Historical performance data shows that the index has an annualized return of 11.96% from 2021 to 2025, with a Sharpe ratio of 0.44, ranking it among the top in terms of long-term growth potential [2] - In years of strong technology market performance, such as 2020 and 2025, the index achieved returns of 49.65% and 49.53%, respectively, highlighting its resilience and growth potential [2][3] Group 4: Management Insights - The fund manager, Xu Chengcheng, anticipates that 2026 may be a significant year for growth styles, with the market expected to focus more on valuation and fundamental alignment while continuing to embrace technology themes [3] - The index's innovative integration of multi-factor strategies and a focus on technology sectors allows for a more balanced industry weight and enhanced growth characteristics, accurately reflecting the overall profile of China's technology-advantaged enterprises [3]

Group 1 - The core point of the article is that Wanma Technology has completed the development of its liquid-cooled server cabinet project for intelligent computing centers [1] - The company's wholly-owned subsidiary, Shanghai Youka, is collaborating with NVIDIA on the application of NVAIE in the autonomous driving data closed-loop platform, enhancing the intelligent driving data closed-loop toolchain for automotive enterprises [1]

Core Viewpoint - Cambridge Technology (06166) has announced that its subsidiary, Zhejiang Cambridge Communication Equipment Co., Ltd., has been recognized as a high-tech enterprise, allowing it to benefit from tax incentives for three years [1][2] Group 1: Recognition and Benefits - Zhejiang Cambridge has successfully passed the high-tech enterprise recognition, marking its first time achieving this status [1] - The company will enjoy a reduced corporate income tax rate of 15% from 2025 to 2027, in accordance with national tax regulations for high-tech enterprises [1][2] - This recognition enhances Zhejiang Cambridge's market competitiveness and industry influence, contributing positively to its sustainable development [2] Group 2: Impact on Financial Performance - The high-tech enterprise recognition is not expected to affect the company's operating performance for the fiscal year 2025 [2]

Core Viewpoint - AudioCodes is set to release its financial results for the Fourth Quarter and Full Year 2025 on February 3, 2026, before the market opens on NASDAQ, covering the period ending December 31, 2025 [1] Financial Results Announcement - The financial results will be disseminated via news wires and made available on the corporate website [1] - A conference call to discuss these results will take place on February 3, 2026, at 8:30 a.m. Eastern Time, hosted by the President and CEO, Shabtai Adlersberg, and CFO, Niran Baruch [2] Conference Call Details - Investors can participate in the call by dialing 888-506-0062 in the USA or +1 973-528-0011 internationally, or via webcast on the AudioCodes investor website [3] - A replay of the conference call will be accessible on the investor website approximately two hours after the call concludes [3] Company Overview - AudioCodes is a global leader in enterprise voice solutions and voice AI innovation, helping organizations maximize the value of voice interactions [5] - The company has over 30 years of experience and is trusted by 65 of the Fortune 100 companies, focusing on voice connectivity, unified communications, and next-generation voice AI applications [5]

Group 1 - The A-share market shows mixed performance with the Shanghai Composite Index up by 0.06% and the ChiNext Index down by 0.45% [1] - Sectors such as brain-computer interfaces, lithium mining, and humanoid robots are leading in gains, while communication equipment, commercial aerospace, and military industries are experiencing declines [1] Group 2 - Guotai Junan believes that the Chinese stock market is likely to stabilize and surpass important thresholds, driven by expectations of U.S. interest rate cuts in 2026 and increased liquidity from overseas [1] - The A500 ETF is seeing continuous inflows of incremental capital, supported by insurance funds, which strengthens the liquidity foundation [1] - The Chinese government has emphasized the need to stabilize investment and improve real estate market expectations, indicating a potential increase in policy support for growth [1] Group 3 - Debon Securities anticipates a gradual unfolding of the spring market, with the A-share market expected to maintain a slow bull trend [2] - The ongoing upward trend of the RMB against the USD is seen as a positive factor for the A-share market [2] - The market is advised to focus on sectors such as commercial aerospace, artificial intelligence, and robotics, as well as cyclical sectors like oil and non-ferrous metals [2] Group 4 - Dongfang Securities notes that the Shanghai Composite Index has successfully crossed the 4000-point mark, indicating a continued upward trend in the market [3] - The strengthening of the Hong Kong stock market and the RMB during the holiday period has boosted investor confidence [3] - New industries, particularly in commercial aerospace, AI, brain-computer interfaces, and nuclear fusion, are expected to attract increased capital inflows, enhancing market risk appetite [3]

Group 1 - The company is focusing on the 6G technology field with a strategy of "space-based networking, ground network evolution, and space-ground interconnection" [1] - Initial research and development achievements have been made in active phased array antennas in the Ka/Ku band, reconfigurable super surface array antennas, and millimeter-wave radar [1]

Market Overview and Sector Characteristics - The Shanghai Composite Index closed up by 1.19%, while the Shenzhen Component Index fell by 2.40%, with the median change in A-shares being an increase of 0.61% [1] - A total of 49 stocks hit the daily limit up, an increase of 7 from the previous day, while 19 stocks hit the limit down, an increase of 4 [2] Industry Characteristics - The sectors with the most limit-up stocks today were communication equipment, specialized equipment, and general equipment [3] - In the communication equipment sector, 5 stocks reached the limit up, driven by accelerated 5G construction and AI computing demand [4] - The specialized equipment sector saw 4 stocks limit up, supported by policy backing and recovering orders [4] - The general equipment sector had 3 stocks limit up, boosted by policy support for equipment upgrades and enhanced manufacturing recovery expectations [4] Concept Characteristics - The most represented concepts among limit-up stocks were optical communication, liquid cooling servers, and consumer sectors [5] - In the optical communication concept, 7 stocks hit the limit up, benefiting from the explosive demand for AI computing and the acceleration of 800G optical module shipments [5] - The liquid cooling server concept also had 7 stocks limit up, as liquid cooling technology becomes the mainstream solution for heat dissipation due to AI computing demand [5] - The consumer sector had 6 stocks limit up, supported by policy stimulus and the year-end consumption peak, with strong expectations for consumer potential [5] Limit-Up Stock List - Among the limit-up stocks, 3 reached historical highs, including Yingweike, Ping An Electric, and Huanxu Electronics [6] - 10 stocks reached near one-year highs, including Shengtong Energy, Jiamei Packaging, and others [7][8] Main Capital Flow - The top 5 stocks with the highest net inflow of main capital among limit-up stocks were Yingweike, Guojiji Heavy Industry, Guangxun Technology, ShenNan Circuit, and Meinian Health [9][10] - The stocks with the highest net inflow as a percentage of market value included Wangzi New Materials, Nanjing Business Travel, and others [10] Continuous Limit-Up Situation - There were 41 first-limit stocks today, with 5 stocks achieving a second limit up and 3 stocks achieving three or more consecutive limit ups [11] - The top 5 stocks with the most consecutive limit ups included Baida Group, Shengtong Energy, and others [11]

Group 1 - Huawei Terminal Co., Ltd. has undergone significant management changes, with Guo Ping stepping down as chairman and Yu Chengdong taking over the position [1] - The company was established in November 2012, with a registered capital of 606 million RMB, and its business scope includes the development, production, and sales of communication and electronic products [1] - Huawei Terminal Co., Ltd. is wholly owned by Huawei Terminal (Shenzhen) Co., Ltd. [1] Group 2 - The Asia-Pacific stock market has experienced a widespread decline, with notable drops in stocks such as Alibaba and SMIC, both falling nearly 4% [2] - The smart driving sector has seen a significant rise, with Wanji Technology hitting the daily limit of 20% increase, indicating strong market interest in this area [2]