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 ...

恒生前海沪港深新兴产业精选混合（004332）成立日期2017年4月1日，最新规模1.53亿。今年以来收益 5.25%，同类排名2798/8994；近一年收益41.82%，同类排名2191/8194；成立以来收益52.03%。 2月9日，达梦数据涨5.05%，截至发稿，报271.68元/股，成交2.82亿元，换手率1.46%，总市值307.65亿 元。 资料显示，武汉达梦数据库股份有限公司位于湖北省武汉市东湖新技术开发区甲铺岭街39号，成立日期 2000年11月13日，上市日期2024年6月12日，公司主营业务涉及达梦数据是国内领先的数据库产品开发 服务商,是国内数据库基础软件产业发展的关键推动者。公司向大中型公司、企事业单位、党政机关提 供各类数据库软件及集群软件、云计算与大数据产品等一系列数据库产品及相关技术服务,致力于成为 国际顶尖的全栈数据产品及解决方案提供商。主营业务收入构成为：软件产品使用授权92.15%，运维 服务4.85%，数据及行业解决方案1.82%，数据库一体机销售0.84%，培训及其他0.34%。 从基金十大重仓股角度 数据显示，恒生前海基金旗下1只基金重仓达梦数据。恒生前海沪港深新兴产 ...

高盛发表研报指，首次覆盖美图并予"买入"评级，目标价为16港元。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序，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%)。 ...

AI应用概念股午后再度拉升，东方国信直线涨停，荣信文化、中文在线此前封板，壹网壹创、万兴科 技、安诺其跟涨。消息面上，字节跳动近日发布Seedance2.0，可根据文本或图像创建电影级视频。机 构指出，Seedance2.0有望在AI漫剧、AI短剧等短内容方面率先得到广泛应用，进一步推动漫剧/短剧制 作大幅降本提效和产能供给释放。 ...

Group 1 - The core viewpoint of the news is that CaiXun Technology Co., Ltd. has seen a significant increase in its stock price, with a rise of 5.06% to 29.90 yuan per share, and a total market capitalization of 13.491 billion yuan [1] - CaiXun's main business involves providing industrial internet technology and services, with revenue composition as follows: technical services 61.25%, software product development and sales 17.77%, system integration 16.86%, and other businesses 5.12% [1] Group 2 - From the perspective of fund holdings, Guolian Fund has a significant position in CaiXun, with its Guolian Smart Selection Pioneer Stock A fund increasing its holdings by 26,100 shares in the fourth quarter, bringing the total to 70,400 shares, which represents 0.47% of the fund's net value [2] - The Guolian Smart Selection Pioneer Stock A fund has achieved a year-to-date return of 6.01% and a one-year return of 45.73%, ranking 1,046 out of 4,290 in its category [2] Group 3 - The fund managers of Guolian Smart Selection Pioneer Stock A are Wang Zhe and Chen Xinyu, with Wang having a tenure of 7 years and 88 days and a best fund return of 106.32% during his tenure [3] - Chen Xinyu has a tenure of 6 years and 195 days, with a best fund return of 87.39% during his management [3]

Group 1 - The core viewpoint of the news is that Xinghuan Technology's stock has seen a significant increase of 5.04%, reaching a price of 187.00 CNY per share, with a total market capitalization of 22.652 billion CNY [1] - Xinghuan Technology specializes in enterprise-level big data infrastructure software development, providing software and services throughout the entire data lifecycle, including integration, storage, governance, modeling, analysis, mining, and circulation [1] - The company's revenue composition is as follows: 72.84% from software products and technical services, 22.37% from solutions, 4.49% from integrated hardware and software products and services, and 0.30% from other business income [1] Group 2 - Changcheng Fund has a significant holding in Xinghuan Technology, with its Changcheng Industrial Preferred Mixed A Fund (020265) holding 32,600 shares, representing 7.1% of the fund's net value, making it the fourth-largest holding [2] - The fund has generated a floating profit of approximately 292,400 CNY today [2] - The Changcheng Industrial Preferred Mixed A Fund was established on July 23, 2024, with a current scale of 41.0724 million CNY, and has achieved a year-to-date return of 6.59% [2]

Group 1 - The core viewpoint of the news is that Toris Technology Co., Ltd. experienced a stock price increase of 5.05%, reaching 22.90 CNY per share, with a trading volume of 371 million CNY and a turnover rate of 1.87%, resulting in a total market capitalization of 20.006 billion CNY [1] - Toris was established on February 18, 1993, and went public on June 15, 2011. The company is located in Haidian District, Beijing, and its main business includes artificial intelligence products and services, big data products and services, and data security products and services [1] - The revenue composition of Toris's main business is as follows: 44.49% from artificial intelligence software products and services, 33.73% from big data software products and services, 11.07% from security products, and 10.70% from system integration and other services [1] Group 2 - From the perspective of Toris's top ten circulating shareholders, Huaxia Fund has a fund that ranks among them. The Huaxia CSI 1000 ETF (159845) reduced its holdings by 4,800 shares in the third quarter, holding a total of 3.3232 million shares, which accounts for 0.38% of the circulating shares [2] - The Huaxia CSI 1000 ETF (159845) was established on March 18, 2021, with a latest scale of 49.908 billion CNY. Year-to-date returns are 5.97%, ranking 1539 out of 5579 in its category; the one-year return is 34.84%, ranking 1807 out of 4289; and since inception, the return is 37.6% [2] - The fund manager of Huaxia CSI 1000 ETF (159845) is Zhao Zongting, who has been in the position for 8 years and 301 days, managing total fund assets of 356.966 billion CNY, with the best fund return during his tenure being 124.19% and the worst being -32.63% [2]

Group 1 - The "Bull-Bear Indicator" has risen to 9.6, the highest level since March 2006, indicating that market positions and sentiment are nearing extreme bullishness, which may trigger selling [1] - The current reading represents a peak in holdings, liquidity, and market divergence, with a sell signal issued as early as December 17 of the previous year [1] - Investment strategy suggests avoiding "celebrity billionaire concept stocks" such as Tesla, Palantir, and Nvidia, while favoring small-cap stocks, REITs, and bank stocks [1] Group 2 - The company maintains that international market allocation remains a core focus, emphasizing that significant historical events have often led to shifts in asset leadership [1] - For 2026, the company is optimistic about international stocks, Chinese consumer themes, and emerging market commodity producers [1]