Group 1: Company Overview - The company is Shanghai Shunhao New Materials Technology Co., Ltd. with stock code 002565 [1] - The investor relations activity took place on February 9, 2026, from 15:00 to 17:00 [2] Group 2: Key Business Activities - The company discussed its overall business situation, including its investment in Beijing Orbit Chenguang Technology Co., Ltd. [2] - The company holds a 19.30% stake in Beijing Orbit Chenguang, having invested 110 million RMB in June 2025 [3] Group 3: Project Updates - The first experimental satellite "Chenguang No. 1" has been developed but has not yet been launched due to various factors affecting the launch schedule [2] - The company is unable to disclose the valuation of Orbit Chenguang due to commercial confidentiality [3] Group 4: Technical Advantages - Orbit Chenguang has competitive advantages in satellite technology, including higher energy module photoelectric conversion efficiency and enhanced heat dissipation capabilities [3] Group 5: Future Plans - The company plans to increase its investment in Orbit Chenguang by approximately 74.98 million RMB, which will not change the scope of the consolidated financial statements [3] - There are no further arrangements regarding the appointments of Zhang Shancun and Zhang Zheyu within the company at this time [3]

Core Viewpoint - The AI sector, particularly in the context of computing power, is experiencing significant growth, driven by multiple catalysts including demand for optical modules, storage chips, and computing satellites [3][4]. Group 1: Market Performance - The ChiNext AI index rose by 2.5%, leading the AI market, with over 70% of positions focused on computing power and more than 56% in optical modules [1]. - Major stocks in the computing power sector saw substantial gains, including Beijing Junzheng, which hit a 20% limit up, and other companies like Hangyu and Zhongji Xuchuang, which also experienced notable increases [1]. - The largest AI ETF on the ChiNext, ETF 159363, saw a daily increase of 2.51% with a trading volume of 770 million yuan and a net subscription of 22 million units [1]. Group 2: Catalysts for Growth - In the optical module sector, there is an explosive growth in computing demand, with leading manufacturers expanding production both domestically and internationally, expected to peak in Q1 2026 [3]. - Storage chip prices are projected to rise by approximately 50% before Q2 next year due to chip shortages, benefiting domestic manufacturers amid increasing demand for enterprise-level storage products [3]. - The computing satellite sector is advancing with domestic policies supporting its development, and global tech giants are increasingly investing in space computing, indicating a growing consensus on its importance [3]. Group 3: Future Outlook - The AI industry is on a clear upward trend, with short-term adjustments providing good opportunities for future investments, particularly in computing power and AI applications [4]. - The focus should be on the first AI ETF on the ChiNext and related stocks, especially those in the optical module sector, which currently holds over 56% of its portfolio in this area [4]. - The market is still in the early stages of a growth cycle, with healthy adjustments expected to continue, affirming the long-term significance of the computing power and AI application sectors [4].