高盛指出，生成式人工智能已驱动美图从一款"美化工具"升级为"AI照片与影片生成及编辑应用程式"， 将其市场从消费者娱乐，拓展至企业(如电子商务、广告)等具生产力工具，从而推动月活跃用户数、付 费比率及每用户平均收入(ARPU)增长。 高盛又预测美图2025至2030年营收年均复合增长率为29%，至2030年预计企业/生产力营收占比将升至 44%(对比2025年预期的12%)；全球AI影片与图像创意市场规模将在2025至2030年预测以44%的年均复 合增长率增至390亿美元，美图的全球AI影片/图像市占率预计将在2030年预计分别上升至2%、17%(对 比2025年预期的1%、13%)。 智通财经APP获悉，高盛发布研报称，首次覆盖美图公司(01357)，予"买入"评级，目标价16港元，相当 于预测2027年市盈率33.1倍，对比2027至2028年预期净利润平均同比增约44%；营运利润率预计从2025 年上半年的21%上升至2028年预测的34%。 ...

剔除以股份为基础的薪酬后，预计集团于报告期的经调整净利润(非国际财务报告准则计量)约人民币 9720万元至人民币1.032亿元，较截至2024年12月31日止年度经调整净亏损约人民币4400万元增长约 321%至335%。 格隆汇2月9日丨明源云(00909.HK)发布公告，截至2025年12月31日止年度("报告期")，集团预期于报告 期将录得介乎于约人民币2690万元至人民币3280万元的股东应占利润净额。相比之下，集团于去年同期 录得股东应占亏损净额约人民币1.90亿元，实现扭亏为盈，增长约为114%至117%。扭亏为盈的主要原 因为：公司聚焦核心产品及重点客户，释放大量运营成本，提升公司盈利水平；同时，通过AI技术赋 能业务流程，大幅提升人效及经营效率，从而有效精简开发、销售及运营成本。 ...

截至本公告披露日，公司未发现陈小庆先生存在违反《知识产权保护及保密协议》及《竞业禁止协议》 的情形。截至本公告披露日，陈小庆先生已完成工作交接，其离职不会影响公司研发工作的正常开展， 不会对公司的研发能力、持续经营能力和核心竞争力产生实质性影响。 格隆汇2月9日丨友车科技(688479.SH)公布，用友汽车信息科技（上海）股份有限公司核心技术人员陈 小庆先生因个人原因与公司协商一致解除劳动关系，离职后不再担任公司任何职务。 ...

Group 1 - The report highlights a significant adjustment in overseas technology stocks, particularly in the US, which has affected market sentiment in A-shares. The Nasdaq index fell by 12.4%, with major companies like Microsoft, Amazon, and Facebook experiencing declines of 6.8%, 12.1%, and 7.7% respectively. This adjustment is seen as a revaluation of the "Trump-Wash" combination and reflects changing expectations regarding US liquidity. Concerns about AI capital expenditure bubbles and its impact on software stock profitability have also emerged [8][9]. - The North Exchange 50 index decreased by 0.7%, with trading volume dropping by 28.7%. The cautious market sentiment has led to better performance in low valuation sectors such as food and beverage, beauty care, transportation, and banking. In contrast, sectors like power equipment have shown volatility due to themes like space photovoltaic [8][12]. - Investment analysis suggests that the market is expected to remain volatile before the holiday, with a focus on individual stocks that may have been unfairly punished due to decreased risk appetite, as well as companies with new narratives. Specific stocks to watch include LUMENTUM, Gobi Jia, and others [9][12]. Group 2 - The report notes that 63 stocks in the North Exchange rose while 224 fell, resulting in a rise-fall ratio of 0.28. The top gainers included *ST Yun Chuang and Opteye, while the biggest losers were Kangnong Agriculture and Qiule Seed Industry [29][34]. - The average PE (TTM) for the North Exchange is reported at 82.05 times, with a median of 39.37 times. The average PE for the ChiNext is 92.67 times, and for the Sci-Tech Innovation Board, it is 105.31 times, indicating a downward trend across these indices [12][14][17]. - The North Exchange saw a total trading volume of 4.218 billion shares, a decrease of 29.24% week-on-week, with a total trading value of 102.42 billion yuan, down by 28.70% [20][12].

Group 1 - The core point of the news is that Baosight Software's stock price increased by 5.05%, reaching 23.30 CNY per share, with a trading volume of 495 million CNY and a turnover rate of 1.02%, resulting in a total market capitalization of 66.889 billion CNY [1] - Baosight Software, established on August 15, 1994, is located in the China (Shanghai) Pilot Free Trade Zone and was listed on March 11, 1994. The company specializes in research, design, development, manufacturing, integration, and related outsourcing, maintenance, and consulting services for computer, automation, and network communication systems [1] - The main revenue composition of Baosight Software includes software development and engineering services at 64.02%, service outsourcing at 35.31%, system integration at 0.48%, and other supplementary services at 0.20% [1] Group 2 - Among the top ten circulating shareholders of Baosight Software, E Fund's HuShen 300 ETF (510310) reduced its holdings by 366,700 shares in the third quarter, now holding 10.6316 million shares, which accounts for 0.37% of the circulating shares. The estimated floating profit today is approximately 11.9074 million CNY [2] - E Fund's HuShen 300 ETF (510310) was established on March 6, 2013, with a current scale of 300.22 billion CNY. Year-to-date return is 0.45%, ranking 4397 out of 5580 in its category; the one-year return is 24.09%, ranking 2737 out of 4290; and the return since inception is 139.41% [2] Group 3 - The fund managers of E Fund's HuShen 300 ETF (510310) are Yu Haiyan and Pang Yaping. As of the report, Yu Haiyan has a cumulative tenure of 15 years and 66 days, with a total fund asset scale of 433.297 billion CNY, achieving a best fund return of 174.06% and a worst return of -78.9% during the tenure [3] - Pang Yaping has a cumulative tenure of 7 years and 116 days, managing a total fund asset scale of 368.472 billion CNY, with a best fund return of 114.63% and a worst return of -37.67% during the tenure [3]

Group 1 - The core point of the article is that Yingfang Software (sh688435) reached its daily limit with a price of 64.86 yuan, marking a 20% increase and a total market capitalization of 5.416 billion yuan, with a circulating market value of 3.635 billion yuan and a total transaction amount of 568 million yuan as of the report date [1][2]. Group 2 - The reasons for the stock surge include a significant reduction in net losses by 47.5%-58% compared to the previous year, indicating operational improvements through cost control and strategic investments [2]. - The company effectively utilized its raised funds, with 47 million yuan allocated to supplement working capital and 370 million yuan for financial management, yielding an annualized return of approximately 0.6% [2]. - The data replication industry, in which the company operates, has a promising development outlook, as it provides software and hardware solutions for data replication, disaster recovery, backup, and big data, benefiting from the increasing demand for data security and management due to accelerated digitalization [2]. - Continuous optimization of corporate governance has been noted, including the revision of company bylaws and the stabilization of the core team, which holds 2.04% of shares, contributing to long-term stability [2]. - The company won a lawsuit against Disijie, reducing the remaining frozen funds to only 1.29 million yuan, thereby lowering litigation risks [2]. - Technical indicators show that there was significant net buying of over 20 million yuan by major funds on February 8-9, indicating strong market interest, with the MACD indicator forming a bullish crossover on February 7 [2].

Group 1 - The core viewpoint of the news is that Weining Health's stock has seen a significant increase of 5.16%, reaching a price of 11.21 yuan per share, with a trading volume of 660 million yuan and a turnover rate of 3.28%, resulting in a total market capitalization of 24.836 billion yuan [1] - Weining Health Technology Group Co., Ltd. is based in Shanghai and was established on April 7, 2004, with its listing date on August 18, 2011. The company specializes in the research, development, sales, and technical services of medical software, providing comprehensive solutions for the healthcare industry's information technology [1] - The revenue composition of Weining Health includes 84.65% from software and services, 7.89% from hardware sales, and 7.46% from internet healthcare, with no revenue from other sources [1] Group 2 - Among the top ten circulating shareholders of Weining Health, one fund from Nuoan Fund, specifically Nuoan Growth Mixed A (320007), has entered the list in the third quarter, holding 16.891 million shares, which accounts for 0.88% of the circulating shares. The estimated floating profit today is approximately 9.2901 million yuan [2] - Nuoan Growth Mixed A (320007) was established on March 10, 2009, with a current scale of 14.102 billion yuan. Year-to-date returns are 5.36%, ranking 2741 out of 8994 in its category; the one-year return is 34.9%, ranking 2946 out of 8194; and since inception, the return is 200.46% [2]

Group 1 - The core viewpoint of the news is that Yingjianke experienced a stock price increase of 5.24%, reaching 38.36 CNY per share, with a total market capitalization of 3.047 billion CNY as of the report date [1] - Yingjianke, established on December 3, 2010, specializes in the development and sales of architectural design software, providing comprehensive solutions covering the entire design process from modeling to output [1] - The revenue composition of Yingjianke includes software sales at 52.64%, technical development and services at 28.84%, other income at 9.94%, and software usage fees at 8.59% [1] Group 2 - Among the top circulating shareholders of Yingjianke, a fund under Dacheng Fund has increased its holdings by 54,300 shares, bringing its total to 657,700 shares, which represents 1.09% of the circulating shares [2] - The Dacheng Zhongzheng 360 Internet+ Index A fund, established on February 3, 2016, has a current scale of 754 million CNY and has achieved a year-to-date return of 8.63% [2] - The fund's performance over the past year shows a return of 43.71%, ranking 1186 out of 4290 in its category, and since its inception, it has returned 259.26% [2]

Group 1 - The core viewpoint of the news is the performance and market position of Shanghai Suochen Technology Co., Ltd., which saw a stock price increase of 5.01% to 101.79 CNY per share, with a total market capitalization of 9.07 billion CNY [1] - The company specializes in CAE software development, sales, and services, with its main revenue sources being TianGong simulation product development (56.93%), TianGong engineering simulation software (29.33%), and other services [1] - The company was established on February 24, 2006, and went public on April 18, 2023, indicating its relatively recent entry into the public market [1] Group 2 - From the perspective of fund holdings, the Puyin Ansheng Fund has a significant position in Suochen Technology, with its high-end equipment mixed fund increasing its holdings by 49,600 shares, now totaling 295,900 shares, representing 7.28% of the fund's net value [2] - The fund manager, Li Haoxuan, has a tenure of 3 years and 52 days, with the fund's total asset size at 3.375 billion CNY, and the best return during his tenure being 109.59% [2] - The fund has experienced a year-to-date loss of 1.47%, ranking 8494 out of 8994 in its category, while achieving a one-year return of 21.89%, ranking 4789 out of 8194 [2]

证 券 研 究 报 告 报告摘要 2026.2.9 www.swsresearch.com 证券研究报告 2 Capex计划超预期，为何美股科技反而下跌？ 全球资产配置每周聚焦 (20260130-20260206) 证券分析师：金倩婧 A0230513070004 冯晓宇 A0230521080005 林遵东 A0230524100005 王胜 A0230511060001 3 2. 全球资金流向：资金流入发达市场股市，流出中国股市 3. 资产估值指标：A股ERP较上周小幅上升，仍位于历史中性水平 4. 资产风险情绪：美股散户看涨比例下降，A股隐含波动率显著下行 5. 全球经济数据：美国制造业PMI大幅上行，降息预期小幅上行 6. 风险提示 地缘避险与增长忧虑交织，黄金与工业金属走势分化 ◼ 全球资本市场回顾：本周 (20260130-20260206)美国ADP数据低于预期，美联储3月降息预期升温1）固收方面，10Y美债收益率录得 4.22%，本周下跌4BP，美元指数上涨0.51%，当前点位为97.6；2）本周泰国、法国市场股市上涨较多，A股全线收跌，恒生科技、科创50 和创业扳指跌幅位列前三，阿根廷、越 ...