Core Viewpoint - Industrial Fulian (601138), a major AI player in the A-share market, has released its earnings forecast for 2025, indicating significant growth in net profit, exceeding market expectations [1][2]. Financial Performance - The company expects a net profit attributable to shareholders of 35.1 billion to 35.7 billion yuan for 2025, representing an increase of 11.9 billion to 12.5 billion yuan year-on-year, which is a growth of 51% to 54% [2]. - For Q4 2025, the projected net profit is between 12.6 billion to 13.2 billion yuan, an increase of 4.5 billion to 5.1 billion yuan year-on-year, reflecting a growth of 56% to 63% [4]. Business Growth Drivers - The primary driver for the earnings increase is the robust growth in the cloud computing business, with server revenue from cloud service providers expected to grow over 1.8 times year-on-year in 2025 [5]. - In Q4 2025, cloud service provider server revenue is anticipated to grow over 30% quarter-on-quarter and over 2.5 times year-on-year [5]. - The AI server revenue from cloud service providers is projected to increase over 3 times year-on-year in 2025, with a quarter-on-quarter growth of over 50% in Q4 2025 [5]. - The high-speed switch business is also expected to see significant growth, with revenue from 800G and above switches projected to increase by 13 times year-on-year in 2025 [5]. Strategic Outlook - The chairman of Industrial Fulian, Zheng Hongmeng, emphasized that 2025 is a critical year for the company's transformation and accelerated growth, with breakthroughs in operational performance, digital layout, and ESG initiatives [6]. - Looking ahead to 2026, the company plans to continue its strategy of "deepening in China and laying out globally," focusing on enhancing its core strengths in technology, manufacturing, processing, and integration [6]. Market Position - As of January 28, the stock price of Industrial Fulian was 60.69 yuan per share, with a total market capitalization of 1,205.2 billion yuan [7].

Core Thesis - Bel Fuse Inc. (BELFA) presents a compelling investment opportunity due to its share class arbitrage potential and the ongoing discussions around collapsing its dual-class structure [2][3][4]. Share Class Dynamics - Bel Fuse Inc. has two share classes: BELFA shares with voting rights and BELFB shares without voting rights, which offer at least a 5% higher dividend [2][3]. - Historically, BELFA and BELFB shares have traded close to parity, with BELFA reaching a premium of 142% over BELFB in 2022 and a low of 72% in 2018 [2]. Current Market Situation - Currently, BELFA shares trade at 91% of BELFB shares, indicating a significant mispricing, especially as the dividend yield on BELFA is at a historic low [3]. - Large institutional investors, including Gabelli Funds, are advocating for a proposal to collapse the dual-class structure, which could unlock substantial value for BELFA shareholders [3]. Investment Opportunity - The potential simplification of the share structure presents a unique opportunity for investors to capture value, as the undervaluation of BELFA shares relative to BELFB may correct sharply upon any corporate action [4]. - The historically tight trading relationship between the two classes, combined with potential activist-driven governance changes, positions Bel Fuse as a low-risk, high-reward arbitrage opportunity [4]. Historical Performance - Previous analyses highlighted operational improvements and a growth outlook for Bel Fuse, with a noted stock price appreciation of approximately 172.50% since earlier coverage [5].

Summary of A-Share Market Conference Call Industry Overview - The conference focused on the A-share market in China, highlighting increased investor interest and optimism compared to the previous year, driven by a market rally and expectations for household asset reallocation [2][3]. Key Points Market Sentiment and Liquidity - Investor sentiment has improved significantly, with expectations for a 'slow bull' market supported by stabilizing earnings, ample liquidity, and structural reforms [2][3]. - A-share market liquidity indicators, including average daily turnover (ADT) and margin financing balance, have reached historical highs, with ADT averaging Rmb3.03 trillion as of January 2026, compared to Rmb1.73 trillion in 2025 [3][51]. Earnings Growth Projections - A-share earnings growth is expected to accelerate from 6% YoY in 2025 to 8% in 2026, primarily driven by non-financial sectors [4][8]. - The correlation between non-financial A-share revenue growth and China's nominal GDP growth is emphasized, with GDP growth projected to improve to 4.3% in 2026 [8][9]. Regulatory Environment - Regulatory measures are being implemented to prevent excessive market volatility, with the China Securities Regulatory Commission (CSRC) focusing on maintaining a 'long bull' market rather than a 'mad bull' [3][66]. - The minimum margin ratio for margin trading has been raised from 80% to 100% to curb speculation [59][66]. Sector and Style Preferences - The report indicates an overweight position in 'growth' and 'cyclicals' sectors, particularly in electronics, telecom, non-bank financials, national defense, non-ferrous metals, chemicals, and electrical equipment [4][28]. Household Savings Reallocation - The ratio of Chinese households' total RMB deposits to the total A-share market cap has been rising, indicating potential for further reallocation into equities [74][79]. - Despite a stock market rally, the entry of household savings into the A-share market remains cautious, with new investor numbers significantly lower than previous peaks [79][80]. Mutual Fund and ETF Trends - Active mutual fund (MF) issuance was slow in 2025, totaling Rmb265.9 billion, significantly below the 2020-21 average of Rmb1,476.3 billion [96][99]. - In contrast, ETFs have gained popularity, with A-share holdings surpassing those of actively managed equity MFs for the first time by the end of 2024 [103][104]. Future Outlook - The A-share market is expected to continue its upward trajectory in 2026, supported by fiscal policies, accelerating earnings growth, and household savings reallocation [28][29]. - The ongoing market value management reform is enhancing the appeal of the A-share market, with increasing dividends and share buybacks observed [45][46]. Additional Insights - The report suggests monitoring potential revisions to market expectations around April 2026, as historical trends indicate significant changes in earnings growth forecasts during this period [21]. - The balance of margin financing in the A-share market is currently at Rmb2.7 trillion, representing 5.0% of the free float market cap, which is still below historical peaks [58][65]. This summary encapsulates the key insights and projections regarding the A-share market, reflecting a cautiously optimistic outlook amid regulatory scrutiny and evolving investor behavior.

Core Insights - Sanmina Corporation (SANM) reported strong first-quarter fiscal 2026 results, with revenues increasing by 59% year over year to $3.19 billion, surpassing the Zacks Consensus Estimate by $90 million [2][4][9] - The company’s net income on a GAAP basis was $49.3 million or $0.89 per share, down from $65 million or $1.16 per share in the prior-year quarter, while non-GAAP net income rose to $132.4 million or $2.38 per share, exceeding the consensus estimate of $2.15 [3][9] Revenue Performance - The Integrated Manufacturing Solutions segment generated $2.79 billion in revenues, a 72.2% increase year over year, contributing 87.5% to total revenues [5][9] - Revenues from Communications Networks and Cloud & AI Infrastructure surged to $1.964 billion from $737 million, while revenues from Industrial & Energy, Medical, Defense & Aerospace, and Automotive & Transportation declined to $1.226 billion from $1.269 billion [6] Profitability Metrics - Non-GAAP gross profit increased to $297.9 million from $180.1 million in the year-ago quarter, driven by higher revenues and improved operational efficiency [7] - Non-GAAP operating income totaled $192 million, with an operating margin of 6%, slightly up from 5.6% in the prior-year quarter [7] Cash Flow and Shareholder Returns - Sanmina generated $178.7 million of net cash from operating activities, compared to $63.9 million in the year-ago quarter [8] - The company repurchased 0.5 million shares for $79 million during the quarter [8] Future Outlook - For the second quarter of fiscal 2026, revenues are expected to be in the range of $3.1 billion to $3.4 billion, with non-GAAP earnings per share estimated between $2.25 and $2.55 [10]

Core Viewpoint - The PCB industry is experiencing significant growth and transformation, driven by advancements in technology and increasing demand across various sectors, including telecommunications, consumer electronics, and automotive applications [9][10][18]. Group 1: PCB Classification - PCBs are classified based on material type, layer count, and structure, including ordinary boards, high-frequency boards, high-speed boards, single-sided boards, double-sided boards, multi-layer boards, rigid boards, flexible boards, rigid-flex boards, HDI boards, and packaging substrates [5][6][8][9]. - Ordinary boards are primarily made from FR4 copper-clad laminates and are widely used in various fields with lower signal integrity requirements [5]. - High-frequency boards require materials with stable dielectric properties and low loss factors, mainly used in wireless communication and automotive applications [5]. Group 2: PCB Industry Chain - The PCB industry chain consists of upstream raw materials, midstream manufacturing, and downstream applications, with raw materials including copper foil, wood pulp, electronic cloth, resins, and inks [10][11]. - The downstream applications of PCBs are extensive, covering communication devices, consumer electronics, computers, automotive electronics, industrial control, and medical devices [10][11]. Group 3: Market Trends and Forecasts - The global PCB market is projected to grow significantly, with a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029, driven by increasing demand for high-density and high-performance PCBs [13][14]. - The Chinese PCB market is expected to recover, with a forecasted market size of approximately 4,333.21 billion yuan by 2025, following a decline in 2023 [18]. Group 4: Downstream Demand Growth - The demand for PCBs is increasing across various sectors, including telecommunications, where the shift to higher-speed products is evident, and in the server industry, where AI server demand is driving growth [18]. - In the automotive sector, the integration of electronics in vehicles is expected to increase, with automotive electronics projected to account for 49.6% of the total vehicle value by 2030 [18]. Group 5: Copper Foil as a Key Material - Copper foil is a critical raw material in PCB manufacturing, accounting for a significant portion of the cost structure, with its demand driven by the growth of high-end PCBs [32][34]. - The production process of copper foil involves several steps, including copper dissolution, foil manufacturing, surface treatment, and packaging [43]. Group 6: High-End Copper Foil Demand - The demand for high-end copper foil is increasing due to advancements in 5G communication and AI technologies, with a focus on low-profile copper foils for high-density applications [48][49]. - The global high-end copper foil market is largely dominated by foreign companies, but domestic firms are gradually entering the supply chain [49][50].

Group 1: Betterware de Mexico SAPI de C - Betterware de Mexico SAPI de C has a Zacks Rank 1 (Strong Buy) and a Zacks Consensus Estimate for current year earnings increased by 0.6% over the last 60 days [1] - The company's shares gained 52.6% over the last three months compared to the S&P 500's gain of 2.5% [2] - Betterware de Mexico possesses a Momentum Score of A [2] Group 2: Lam Research - Lam Research has a Zacks Rank 1 and a Zacks Consensus Estimate for current year earnings increased by 0.8% over the last 60 days [2] - The company's shares gained 49.8% over the last three months compared to the S&P 500's gain of 2.5% [3] - Lam Research possesses a Momentum Score of B [3] Group 3: Amphenol - Amphenol has a Zacks Rank 1 and a Zacks Consensus Estimate for current year earnings increased by 0.3% over the last 60 days [3] - The company's shares gained 12.9% over the last three months compared to the S&P 500's gain of 2.5% [4] - Amphenol possesses a Momentum Score of B [4]

载带全球市场总体规模 载带是用于承载和输送电子元件的带状包装介质，通常由电子专用纸或热塑性树脂挤出/冲压成型，带 体上开有规则排列的元件腔体及导向孔，用于定位、固定和叠放元件。载带广泛应用于SMT贴片和半 导体封测等电子制造环节，确保元件在运输、储存和自动装配过程中保持排列有序、姿态稳定，并降低 机械损伤和静电、污染风险。实际使用时，载带一般与盖带配合形成密闭"带盘装"结构，通过编带设备 与贴片机联动，实现电子元件的连续、精准供料，不同器件尺寸和封装形式对应多种腔体规格和节距标 准。 图. 载带产品图片 资料来源：第三方资料及QYResearch整理研究，2025年 市场概述 载带属于电子制造环节中典型的"小而关键"耗材。综合本报告的量价测算，全球载带市场在2021年达到 10.8亿美元高点后，受宏观环境、俄乌冲突及消费电子下行等因素影响，2022–2023年进入明显调整 期，全球销售额一度回落至9亿美元左右，其中中国市场降幅显著高于其他地区，单年降幅约在15%左 右。随着去库存逐步结束、终端需求企稳回升，2024年起行业底部抬升，2026年后有望恢复至中个位数 年均增速，到2032年全球市场规模有望突破15 ...

Core Viewpoint - The company announced an investment agreement for a new project in Jiangsu, aiming to enhance its capabilities in functional IC packaging [1] Group 1: Project Details - The project, named "End-side Functional IC Packaging Substrate Project," will be located in Qindeng Town, Kunshan City, Jiangsu [1] - The total investment for the project is set at 1 billion yuan, funded through self-owned and self-raised capital [1] - The project is scheduled for land listing in May 2026, construction to begin in September 2026, and expected to be completed and put into production by September 2028 [1] Group 2: Approval and Risks - The investment does not constitute a related party transaction or a major asset restructuring [1] - The project faces potential risks related to approval, implementation, market conditions, and funding [1]

Group 1 - Kimball Electronics, Inc. will report its second quarter fiscal year 2026 financial results on February 4, 2026, after market close [1] - A conference call and live webcast to review the results will be held on February 5, 2026, at 10:00 a.m. Eastern Time [1] - The company is a global manufacturer providing Electronics Manufacturing Services (EMS) and Contract Manufacturing Organization (CMO) solutions [2] Group 2 - Kimball Electronics operates in multiple countries including the United States, China, Mexico, Poland, Romania, and Thailand [2] - The company is recognized for its commitment to quality, reliability, value, speed, and ethical behavior [2] - The conference call can be accessed via telephone or through a live webcast, with a replay available for those unable to participate live [5]

2026年1月21日，大族数控（sz301200）触及涨停，涨停价161.34元，涨幅20%，总市值686.52亿元，流 通市值679.86亿元，截止发稿，总成交额13.34亿元。 声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 根据喜娜AI异动分析，大族数控涨停原因可能如下，H股发行+AI算力增长+技术领先： 1、公司H股发 行计划持续推进，已通过香港联交所聆讯。成功发行后将拓宽融资渠道，增强资金实力和国际影响力， 这一积极进展刺激了市场对公司的信心。 2、AI算力需求爆发式增长，驱动公司业绩大幅提升。2025年 净利润同比增160%-194%，扣非净利润增271%-319%。公司积极与行业龙头客户合作开展前沿技术研 发，针对 ...