经济观察网 根据2026年2月12日的公开信息，盟云全息（HOLO.US）近期值得关注的事件主要围绕技 术动态与市场表现。 业务与技术发展 近期股价波动加剧，截至2026年2月11日，近7日累计下跌4.27%，振幅达11.97%，逆市表现弱于电子元 器件板块和纳斯达克指数。公司总市值仅0.30亿美元，市盈率为负值，反映盈利能力尚未得到市场认 可。低流动性特征明显（单日换手率3.92%），少量资金进出易导致价格大幅震荡，需关注资金面变 化。 行业政策与环境 电子元器件行业整体波动（如2月11日板块上涨0.61%），但公司业务仍处于投入期，未形成规模化收 入。市场需持续观察其全息技术专利储备（如6D光场技术）向商业化转化的进展。 以上内容基于公开资料整理，不构成投资建议。 公司于2026年2月初宣布探索编码理论在区块链可扩展性领域的应用，通过分片技术和编码符号提升数 据处理效率，旨在支持数字孪生等业务。这一技术方向虽具前瞻性，但市场对其落地周期和竞争压力存 在担忧。 股票近期走势 ...

截至2026年2月11日，奥斯汀科技股价收于1.70美元，近5日、近20日及年初至今跌幅均为0.29%。2月11 日当日涨跌幅为0.00%，振幅0.00%，成交量为0，显示交投极度清淡。同期电子元器件板块下跌 0.39%，而道琼斯指数上涨1.07%、纳斯达克指数上涨0.68%，公司股价表现弱于行业及大盘。 公司基本面 经济观察网根据2026年2月5日至2月11日期间的公开信息，奥斯汀科技(OST.OQ)近期未出现重大公司特 定事件或新闻热点。以下总结主要基于其股价表现和市场环境。 公司市盈率(TTM)为负值，市净率1.45倍，总市值约0.10亿美元，属于小微盘股。最新财报(截至2025年 9月30日)显示收入主要来自偏光片(占比49.19%)和显示模块(占比38.40%)。近期市场关注点集中于AI产 业链从数字向物理世界的扩散，但奥斯汀科技作为电子元器件供应商，未在公开信息中提及直接参与这 些热点。当前股价波动主要受板块整体疲软及流动性较低影响。 股票近期走势 以上内容基于公开资料整理，不构成投资建议。 ...

Group 1 - The visit to Shenzhen by the delegation led by Chen Bozhang aimed to promote investment and establish connections with key enterprises, aligning with the provincial and municipal government's objectives for the "14th Five-Year Plan" [1] - Huawei, a global leader in information and communication technology, signed a deepened cooperation framework agreement with Changsha, focusing on industrial development, artificial intelligence, data elements, technological innovation, and digital talent cultivation [3] - BYD has established six industrial parks in Changsha, providing 60,000 jobs and achieving over 100 billion yuan in output value for four consecutive years, indicating strong industrial presence and growth [5] Group 2 - Shenzhen's Xinwei Communication Co., Ltd., a national high-tech enterprise, has increased its investment in Hunan, establishing multiple key projects, showcasing the region's attractiveness for advanced manufacturing and technology [7] - Chen Bozhang expressed gratitude to enterprises for their support and emphasized Changsha's commitment to facilitating project implementation, innovation collaboration, and industry integration, aiming for comprehensive cooperation [7] - Business leaders acknowledged Changsha's vibrant innovation ecosystem, strong talent support, and broad development prospects, expressing intentions to increase investment and enhance collaborative outcomes [7]

Core Insights - CTS Corporation reported strong performance in Q4 2025, with diversified end-market sales increasing by 16% year-over-year, contributing to 57% of total revenue [2][7] - The company achieved a net income of $20 million in Q4 2025, representing 14.4% of sales, compared to $12 million or 9.1% of sales in Q4 2024 [7][26] - For the full year 2025, CTS recorded sales of $541 million, a 5% increase from 2024, with net income rising to $65 million from $56 million [7][26] Fourth Quarter 2025 Results - Sales reached $137 million, up 9% year-over-year, with diversified end-market sales increasing by 16% [7] - Net income was $20 million, with diluted EPS at $0.67, a 29-cent increase from $0.38 in Q4 2024 [7][25] - Adjusted gross margin improved to 39.1%, up 150 basis points from 37.6% in Q4 2024 [7][21] Full-Year 2025 Results - Total sales for 2025 were $541 million, a 5% increase from $514.8 million in 2024 [7][26] - Net income for the year was $65 million, or 12.1% of sales, compared to $56 million, or 10.8% of sales in 2024 [7][26] - Diluted EPS for the year was $2.19, up from $1.80 in 2024 [7][26] 2026 Guidance - CTS expects full-year 2026 sales to be in the range of $550-$580 million, with adjusted diluted EPS projected between $2.30 and $2.45 [5]

Summary of J.P. Morgan's Analysis on Electronic Components Sector Industry Overview - The report focuses on the electronic components sector, specifically analyzing trends in HDD (Hard Disk Drive) and SSD (Solid State Drive) production as of December 2025, with a particular emphasis on data center storage capacity expansion [1][8]. Key Insights HDD Production Trends - HDD production volume reached **11.3 million units** in December 2025, marking an **11% YoY increase** but a **0.3% MoM decrease** [6]. - Nearline HDDs accounted for **6.7 million units** (+15% YoY, -2% MoM) [6]. - HDD production capacity was **158.5EB**, reflecting a **32% YoY increase** but a **5% MoM decrease** [6]. - High-capacity nearline HDDs (24TB or larger) constituted approximately **68%** of total production [6]. - The total HDD production volume for **full-year 2025** was **129.5 million units** (+7% YoY), with nearline HDDs making up **74.8 million units** (+68% YoY) [6]. SSD Production Trends - SSD production volume was **31.9 million units** in December 2025, representing a **13% YoY increase** but an **8% MoM decrease** [3]. - Enterprise/data center SSDs accounted for **5.6 million units** [3]. - SSD production capacity reached **51.1EB**, a **54% YoY increase** but a **0.2% MoM decrease** [7]. - The average capacity of enterprise SSDs increased to **5.5TB** [7]. - For the full year 2025, SSD production volume totaled **375.0 million units** (+17% YoY), with enterprise SSDs accounting for **56.5 million units** (+41%) [9]. Market Dynamics - Demand for enterprise SSDs is primarily driven by data centers, particularly from hyperscalers, with inquiries increasing from major server manufacturers like Dell/EMC and HPE [9]. - The report indicates that while short-term memory shortages and price surges may negatively impact end-user demand and share prices, the medium-term growth potential remains strong [1]. Recommendations - J.P. Morgan recommends buying shares of TDK, identified as a top pick among HDD electronic components makers, especially during price dips [1]. Additional Insights - The report highlights a gradual upward trend in HDD production volume, which has outperformed the typical seasonal decline seen over the past 20 years [6]. - The share of SSDs in total capacity has been increasing, reaching **17.4%** in December 2025, up from **16.3%** in November 2025 and **13.3%** in December 2024 [9]. - The total production capacity for enterprise HDDs, nearline HDDs, and enterprise/data center SSDs was **176EB** in December 2025, reflecting a **39% YoY increase** [9]. This comprehensive analysis provides a detailed overview of the electronic components sector, particularly focusing on HDD and SSD production trends, market dynamics, and investment recommendations.

Summary of Conference Call on Electronic Components Industry in Japan Industry Overview - The focus is on the electronic components industry in Japan, specifically regarding HDDs (Hard Disk Drives) and SSDs (Solid State Drives) for data center (DC) use [1][3]. Key Points HDD and SSD Volume Growth - **DC-use NL HDDs and enterprise SSDs** are experiencing continued volume growth, while **non-NL HDDs and non-enterprise SSDs** remain weak [3][10]. - Total HDD shipment capacity is projected to grow from **1,649EB in 2025** (+31.2% YoY) to **1,869EB in 2026** (+13.3%) [3]. - Total SSD capacity is expected to increase from **498.1EB in 2025** (+38.1%) to **548.8EB in 2026** (+10.2%) [3]. Capacity and Shipment Data - **December 2025** saw enterprise SSD shipments reach **30.63EB**, a significant increase from **16.88EB a year ago** and **28.88EB a month ago** [4]. - For the full calendar year 2025, enterprise SSD shipments totaled **260.80EB**, marking a **57.2% increase** from the previous year [4]. - Forecasts for **2026** predict total shipment capacity of **295.80EB** (+13.4% YoY) for enterprise SSDs [4]. Production and Output Trends - **HDD production** in December 2025 was **11.33 million units**, up **11.0% YoY** but down **0.3% MoM** [11]. - **NL HDD production** for December was **6.71 million units**, reflecting a **14.5% YoY increase** but a **1.8% MoM decrease** [12]. - **SSD shipments** in December were **31.90 million units**, a **13.1% YoY increase** but a **7.6% MoM decrease** [13]. Market Dynamics - The market is expected to remain segmented between SSDs, HDDs, and tape drives, with SSD shipment volume and capacity both increasing sharply YoY [10]. - The total HDD shipment capacity forecast for 2025 is **3.3 times** that of SSDs, indicating that SSDs are unlikely to fully replace HDDs in the near term [10]. Company-Specific Insights - **Seagate**, **WDC**, and **Toshiba** are key players in the HDD market, with varying production forecasts and trends [15]. - Seagate's total HDD production is projected to be **4,350k units** in the upcoming months, while WDC's NL HDD production is expected to reach **2,700k units** [15]. Additional Insights - The transition from non-NL HDDs to SSDs is anticipated, but challenges such as NAND/SSD shortages and rising prices may hinder demand for non-enterprise SSDs [3]. - The overall demand for non-DC-use HDDs and SSDs is expected to remain subdued due to these market dynamics [3]. Conclusion - The electronic components industry in Japan is witnessing significant growth in DC-use HDDs and enterprise SSDs, while non-enterprise segments face challenges. The forecasts indicate a robust capacity increase, but market dynamics suggest a complex landscape for future growth.

Economic Measures - India announced measures to invest nearly $133 billion to enhance infrastructure and boost manufacturing across various sectors, including textiles and electronic components [2] - A growth fund of 100 billion rupees was allocated for small businesses, along with a 20 billion rupee top-up on a previous self-reliant fund [5] Benefiting Sectors - Pharmaceuticals sector is set to benefit from an outlay of $1.1 billion over the next five years aimed at boosting production and research for biologics and biosimilar drugs, with the Nifty Pharma Index surging post-announcement [6][14] - The textile industry is expected to gain from policy measures including the establishment of 'mega textile parks', with companies like Raymond Ltd. and Trident Ltd. seeing significant stock price increases [7][14] - Electronic manufacturing received a $4.3 billion investment to enhance production capabilities, particularly as companies like Apple Inc. expand their operations in India [7][14] - Cloud infrastructure companies will benefit from a proposed tax holiday for foreign firms providing cloud services from India-based data centers through 2047 [8][14] - Shipping stocks gained traction following the announcement of a ship-repair ecosystem and incentives for seaplanes, with companies like Shipping Corp. of India rising by 4.3% [9][14] - Firms in the cargo and transport sector, such as Container Corp. of India Ltd., are expected to benefit from proposed allocations for new dedicated freight corridors and high-speed city rail corridors [9][14] Losing Sectors - The government increased the securities transaction tax on equity futures from 0.02% to 0.05%, leading to declines in shares of the BSE and stock brokers like Angle One Ltd. [11][14] - State-owned banks faced disappointment as expectations for consolidation and relaxation of foreign shareholding caps were unmet, with shares of major banks like State Bank of India falling significantly [12][14] - The clean energy sector anticipated tax regime rationalization, which did not materialize, leaving the industry disappointed [12][14]

Earnings Season Overview - The fourth-quarter earnings season has begun with 106 S&P 500 companies reporting results, showing 76.4% beating EPS estimates and 63.2% surpassing revenue estimates, indicating an improving earnings outlook [1][7]. Investor Sentiment - Investors are optimistic about maintaining momentum throughout the earnings season, as companies reporting better-than-expected earnings typically see an increase in stock prices, alongside easing inflation being a positive factor [2]. Stock Selection Strategy - Investors are encouraged to select stocks based on broker recommendations and upward revisions in earnings estimates, with a focus on stocks like Cardinal Health (CAH), AutoNation (AN), Target Corporation (TGT), Avnet (AVT), and ABM Industries (ABM) for potential returns [3][7]. Screening Criteria - A screening process has been established to identify stocks with improving broker recommendations and earnings estimate revisions, incorporating price/sales ratios as a valuation metric [4][5]. Stock Highlights - Cardinal Health is projected to have a 16.3% year-over-year revenue improvement for fiscal 2026 and has a long-term earnings growth rate of 14.7% [7]. - AutoNation is expanding its dealer network and enhancing digital capabilities, with a 0.3% upward revision in earnings estimates for 2026 [8][9]. - Target is undergoing a transformation with a focus on design-led merchandising and advanced analytics for better demand forecasting [10][11]. - Avnet is benefiting from strong defense and data center markets, with a focus on Internet of Things capabilities [12][13]. - ABM Industries is enhancing its position in the data center market through acquisitions and has seen a 2.2% upward revision in earnings estimates for the current year [13][14].

Core Insights - Avnet, Inc. (AVT) shares increased by 13.8% following the release of better-than-expected second-quarter fiscal 2026 results, with adjusted earnings of $1.05 per share exceeding the Zacks Consensus Estimate by 10.53% and showing a year-over-year increase of 20.7% [1][10] Financial Performance - Net sales rose by 11.6% year over year to $6.32 billion, surpassing the consensus estimate by 5.28%, driven by strong performance across operating segments [2][10] - The Electronic Components segment's revenue increased by 10.8% year over year to $5.89 billion, exceeding the estimate of $5.6 billion [3] - Farnell sales surged by 23.6% year over year to $427.1 million, outperforming the estimate of $400.8 million [3] Regional Sales Performance - Year-over-year sales growth included a 16.9% increase in Asia to $3.17 billion, a 4.9% increase in the Americas to $1.44 billion, and an 8.3% increase in EMEA to $1.71 billion [4] Operating Income and Margins - Adjusted operating income was $171.7 million, a 7.7% increase year over year, with the Electronic Components segment's operating income rising 3% to $187.1 million [4] - The adjusted operating margin decreased by 10 basis points to 2.7%, with the Electronic Components margin contracting by 20 basis points to 3.2%, while Farnell's margin improved by 370 basis points to 4.7% [5] Balance Sheet and Cash Flow - As of December 27, 2025, cash and cash equivalents were $286.5 million, up from $175.5 million as of September 27, 2025, while long-term debt decreased to $2.47 billion from $2.79 billion [6] - Operating cash flow for the second quarter was $208 million, with $28 million paid in dividends and $138.3 million in share repurchases during the first half of fiscal 2026 [7] Future Guidance - For the third quarter of fiscal 2026, Avnet expects revenues between $6.2 billion and $6.5 billion, with a midpoint of $6.35 billion, indicating a year-over-year increase of 9.1% [8] - Non-GAAP earnings are anticipated to be between $1.20 and $1.30 per share, with the consensus estimate at $1.22, suggesting a year-over-year increase of 45.2% [8]

Group 1 - TE Connectivity (NYSE:TEL) is a global leader in designing and manufacturing electronic components, serving industries such as automotive, industrial, and telecommunications [1] - The company is well-positioned to benefit from the increasing demand for advanced technologies, particularly in AI-related tools and products [1][3] - Competitors include companies like Amphenol and Molex, indicating a competitive landscape [1] Group 2 - Goldman Sachs analyst Mark Delaney set a price target of $306 for TEL, suggesting a potential upside of approximately 32.47% from the current trading price of $231 [2][6] - TE Connectivity has forecasted a second-quarter profit that exceeds Wall Street estimates, driven by significant demand for AI technologies [3][6] - The stock's current price is $231, with a trading range between $223.76 and $238.34, and a market capitalization of approximately $67.96 billion [4][6] Group 3 - Over the past year, TEL has experienced a high of $250.67 and a low of $116.30, indicating resilience and growth potential [5] - Today's trading volume for TEL is 3.52 million shares, reflecting strong investor interest in the company's future prospects [5]