产业观察 [table_Header]2026.03.01 量子哈密顿学习：密歇根大学实现基因调控网络推 断的新跨越 产业研究中心 摘要：NextX 系列：颠覆性技术周刊 第 7 期（2026.02.21-2026.02.27） 2026 年 2 月 21 日~2026 年 2 月 27 日期间，国内外科技产业共发生 90 起 融资事件，其中国内 60 起、国外 30 起；国内市场中，先进制造、人工智 能、汽车交通行业的融资事件数分别为 28、18、6 件，位列前三。 上周科技企业上市、IPO 速递： 1）通宝光电在北交所挂牌上市 上周科技产业二级市场表现跟踪： 1）涨跌幅：a）大盘指数：上周大盘指数总体上涨，具体表现为：上证指 数全周上涨 1.98%，报 4163 点；深证成指全周上涨 2.80%，报 14495 点； 创业板指上涨 1.05%，报 3310 点。b）科技子行业：上周半导体指数/汽车 电子指数/人工智能指数/元宇宙指数周涨幅为 2.30%/4.46%/1.72%/2.19%， 较万得全 A 指数-0.45/+1.71/-1.03/-0.56 pct。 2）换手率：上周半导体指数、元宇宙指数换 ...

Group 1: Event Overview - The Shenzhen Stock Exchange held a special roadshow in Hong Kong titled "Investing in New Opportunities in China," featuring eight listed companies from the Shenzhen market [1] - The event aimed to showcase the investment value of high-quality assets in Shenzhen and the industrial upgrades of these companies to overseas asset management institutions [1] - Since 2023, the Shenzhen Stock Exchange has organized overseas roadshows covering 14 countries and regions, connecting over 2,000 foreign institutional investors [1] Group 2: Company Highlights - Juxing Technology operates 23 production bases globally, with over 95% of its revenue coming from overseas, making it a major supplier for top global retailers [7] - Yilian Network maintains a global market share of over 95% in SIP phones and ranks among the top five in video conferencing systems, benefiting from a dynamic order allocation mechanism [7] - Changying Precision is expanding its production bases in Vietnam and Mexico to meet the diversified supply chain needs of major clients like Apple and CATL [7] - Shenghong Technology is leading the market with advanced materials and technologies, focusing on AI-related products and sustainable development strategies [7][8] Group 3: Consumer Sector Insights - Yunnan Baiyao is projected to exceed 40 billion yuan in revenue in 2024, with a net profit of 4.75 billion yuan, showcasing a strong dividend policy and brand strength [8] - Salted Fish has established a closed-loop system for product development, achieving a rapid iteration cycle and a return on equity of 40.9%, attracting significant foreign investor interest [8] Group 4: Investor Sentiment and Future Outlook - Foreign investors remain optimistic about the Chinese stock market, anticipating a sustainable growth cycle driven by improving fundamentals and long-term growth potential [9] - The "14th Five-Year Plan" emphasizes increasing domestic consumption and technological self-reliance, which may lead to new growth opportunities in the consumer sector and for companies with strong R&D capabilities [9] - The Shenzhen Stock Exchange plans to enhance services for overseas investors and facilitate cross-border investment activities to support domestic and international economic circulation [9]

Group 1 - The core viewpoint of the article highlights significant portfolio adjustments by well-known fund managers in anticipation of growth in sectors like AI, non-ferrous metals, and lithium battery materials for 2026 [1][4] - Fund manager Fu Pengbo indicates that high-growth sectors such as AI and non-ferrous metals will see substantial growth, while manager Li Xiaoxing emphasizes that AI remains the main theme of global technological innovation [1][7] - Manager Yang Jinjing advocates for avoiding currently popular but overvalued sectors, focusing instead on blue-chip stocks that are expected to show long-term performance turning points [1][5] Group 2 - In the fourth quarter of 2025, the top ten holdings of the Ruiyuan Growth Value Fund managed by Fu Pengbo and Zhu Lin saw minor changes, with Maiwei Co. replacing China Mobile, and significant adjustments in holdings of companies like Tencent and Alibaba [2] - The Silver华心怡 Fund, managed by Li Xiaoxing and Zhang Ping, underwent substantial adjustments, with new entries including Tencent, Alibaba, and Meituan, while exiting positions in China Mobile and HSBC [2] - The Yongying Ruixin Fund, managed by Gao Nan, also made notable adjustments, adding companies like WISCO and Haier, while reducing positions in companies like Zhongji Xuchuang [3] Group 3 - Fu Pengbo and Zhu Lin plan to reduce investments in companies with weak fundamentals and increase holdings in data center-related companies based on industry trends and individual stock research [2][4] - Gao Nan focuses on company growth potential and performance realization, aiming for a diversified portfolio while capturing growth opportunities [4] - Yang Jinjing emphasizes a contrarian investment approach, seeking undervalued stocks and avoiding following irrational market trends [4][5] Group 4 - Li Xiaoxing believes that the domestic equity market presents more opportunities than risks, with AI continuing to drive technological innovation and domestic internet giants expected to maintain stable growth [7][8] - The domestic consumption sector, which underperformed in 2025, is viewed as having high potential, with many quality consumer stocks offering attractive dividend yields [8] - Long-term prospects for the domestic innovative pharmaceutical sector are positive, with a focus on companies with data catalysts and explosive performance potential [8]

Core Insights - The core viewpoint is that for embodied intelligence to be effectively integrated into factories and homes, it must overcome the challenge of "reliability," which can be addressed by implementing a "triple system" approach in robotics [1][3]. Group 1: Current Challenges in Embodied Intelligence - Current embodied intelligence robots are likened to "genius children," performing well under ideal conditions but struggling with unexpected situations, highlighting the industry's common challenges [1]. - The accuracy of action generation in robots based on visual language models (VLA) is currently around 60-70%, with issues such as hallucinations, poor environmental adaptability, and weak long-term task planning capabilities [1][8]. Group 2: Proposed Solutions - A reliable embodied intelligence system should consist of three layers: a primary system for decision-making, a safety system for monitoring, and a fallback system for emergency handling [3]. - The primary system utilizes a "neuro-symbolic AI" approach, combining the generalization capabilities of neural networks with the reliability and interpretability of symbolic logic [3]. - The safety system continuously monitors the robot's execution status against preset safety rules, intervening when deviations occur, while the fallback system guides the robot into a safe state during emergencies [3][4]. Group 3: Industry Outlook and Hardware Considerations - The current market for robotics is small, making dedicated chips economically unfeasible; thus, the industry primarily adapts existing chips from other sectors like mobile and automotive [6]. - Intel's long-standing position in industrial automation provides it with a competitive edge, leveraging its expertise in high-precision motion control for robotics [6]. - The anticipated deployment model for future robotics involves a combination of robot terminals and edge servers to facilitate low-latency operations [7]. Group 4: Bottlenecks and Future Projections - Major bottlenecks include the limitations of VLA technology, which struggles with accuracy and understanding of physical relationships, leading to a shift towards "world models" that incorporate physical laws [8]. - Data isolation remains a critical issue, with significant variations in data requirements across different industries and robot types, complicating the establishment of unified data standards [8]. - The path to reliable embodied intelligence is projected to take two to three years, with initial deployments in semi-structured environments like logistics and manufacturing, followed by broader applications as reliability improves [10][11]. Group 5: Integration of Technologies - The development of embodied intelligence will not rely on a single technological breakthrough but rather on the integration of new AI models with established control technologies and safety engineering [12]. - The focus is on creating a reliable solution that minimizes errors in real-world applications, emphasizing the importance of a robust foundational system for robotics [12].

Core Viewpoint - The company is advancing its "high-end, globalization" strategy through planned capacity expansion and technological development, aiming to strengthen its leadership position in the PCB industry [1] Group 1: Capacity Expansion - The company's capacity expansion projects are progressing as planned, aligning with its strategic goals and business needs [1] - Future capacity layout will be determined based on strategic planning and business requirements [1] Group 2: Technological Advantages - The company has established strong technical barriers and customer loyalty by participating deeply in core customer project collaborations and accumulating proprietary technology [1] - The company leads the market in mass production technology by 2-3 years, enhancing its competitive edge [1] Group 3: Market Position - The company has become a core partner for numerous leading technology firms both domestically and internationally, particularly in the AI computing card and AI Data Center UBB & switch markets, where it holds a global leading market share [1] - The company emphasizes the importance of new technologies and product applications, focusing on R&D innovation and product upgrades to continuously enhance its core competitiveness [1]

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - The focus is on identifying investment value from significant events, analyzing industry chain companies, and interpreting key policies [1] - The product aims to provide users with quick information that impacts the market, presented in a professional yet accessible manner [1] Group 2 - The company is developing two types of solid-state battery products, with the sulfide route expected to achieve pilot production capabilities next year [1] - The company has completed the technical reserve for electrolyte and is focusing on the core material of sodium hexafluorophosphate [1] - In the AI computing power and data center sector, the company holds a leading global market share in AI computing cards and has become a core partner for many top technology firms both domestically and internationally [1]

Core Viewpoint - The company has over 20 years of experience in the PCB industry, focusing on advanced technology and product development in AI computing and related fields [1] Group 1: Company Expertise and Capabilities - The company specializes in key applications including AI computing cards, computing servers, server cabinets, data center switches, and general substrates, holding a leading global market share in AI computing cards and AI Data Center UBB & switches [1] - The company has the capability for mass production of high-precision PCBs with over 70 layers and is among the first to achieve large-scale production of 6-stage 24-layer AI computing data center products [1] - The company is advancing the research and certification of 10-stage 30-layer HDI technology and possesses capabilities for over 100-layer high multi-layer PCB technology [1] Group 2: Competitive Advantages - The company leverages its leading R&D, manufacturing, and quality technology advantages to deeply engage with top international clients in new product research, providing comprehensive support from product planning to technology enhancement and expansion plans [1] - This engagement has resulted in strong technical barriers and customer loyalty, contributing to the company's robust market competitiveness [1]

Market Overview - On September 5, A-shares saw a collective surge with the Shanghai Composite Index rising by 1.24% to 3812 points, the Shenzhen Component Index increasing by 3.89%, and the ChiNext Index climbing by 6.55% [1] - Over 4800 stocks in the market experienced gains, with a notable boom in the new energy sector, particularly in photovoltaic equipment and organic silicon, while bank stocks declined [1] High-Performing Stocks - Anzheng Fashion achieved a limit-up for four consecutive trading days, while Western Gold rebounded with a limit-up after four out of five days of gains [3] - Notable stocks with significant increases include: - ST Zhongji (+4.92%, 4.69, 15 days, 7 boards) due to restructuring and product innovation [4] - ST Weier (+4.99%, 18.71, 9 days, 6 boards) attributed to turnaround in mid-year report and mergers [4] - Western Gold (+10.00%, 29.82, 5 days, 4 boards) driven by growth in the semi-annual report and gold sector [4] - Anzheng Fashion (+9.97%, 11.47, 4 days, 4 boards) due to turnaround in mid-year report and brand upgrades [4] - Tongrun Equipment (+49.97%, 17.42, 3 days, 3 boards) linked to growth in mid-year report and energy storage systems [4] Trading Activity - The top three net purchases on the daily leaderboard were: - Shenghong Technology with a net purchase of 2.14 billion yuan [5] - Fangzheng Technology with a net purchase of 495 million yuan [6] - Jinlang Technology with a net purchase of 471 million yuan [6] - The top three net sales were: - Xiandao Intelligent with a net sale of 871 million yuan [7] - Feima International with a net sale of 290 million yuan [7] - Sanwei Communication with a net sale of 280 million yuan [7] Company Highlights - Shenghong Technology reported a 20.00% increase in stock price, with a trading volume of 237.32 billion yuan and a turnover rate of 10.20% [10] - Fangzheng Technology's stock rose by 10.05%, with a trading volume of 54.32 billion yuan and a turnover rate of 14.03% [15] - Jinlang Technology also saw a 20.00% increase, with a trading volume of 44.32 billion yuan and a turnover rate of 16.54% [19] Institutional Activity - Institutions showed significant interest in stocks like Shenghong Technology, with a net sale of 99.85 million yuan, while deep stock connect saw a net purchase of 1.17 billion yuan [10][23] - Fangzheng Technology attracted a net purchase of 915.48 million yuan from institutions [15][21] Sector Performance - The new energy sector, particularly photovoltaic and lithium battery stocks, demonstrated strong performance, with several companies achieving limit-up status [1][19] - The banking sector faced declines, contrasting with the growth in new energy stocks [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 9.031 billion yuan for the first half of 2025, representing a year-on-year growth of 86.00% [2][5] - The net profit attributable to shareholders reached 2.143 billion yuan, with a staggering year-on-year increase of 366.89% [2][5] - The gross margin and net margin were 36.22% and 23.73%, respectively, reflecting increases of 15.61 percentage points and 14.28 percentage points year-on-year [2][5] - In Q2 2025, the company achieved a revenue of 4.719 billion yuan, a year-on-year growth of 91.51% and a quarter-on-quarter growth of 9.42% [2][5] - The net profit for Q2 2025 was 1.222 billion yuan, showing a year-on-year increase of 390.14% and a quarter-on-quarter increase of 32.78% [2][5] - The gross margin for Q2 was 38.83%, up 17.14 percentage points year-on-year and 5.46 percentage points quarter-on-quarter [2][5] - The net margin for Q2 was 25.91%, reflecting a year-on-year increase of 15.79 percentage points and a quarter-on-quarter increase of 4.56 percentage points [2][5] Summary by Sections Company Overview - The company has over 20 years of experience in the PCB industry and ranks 6th globally among PCB suppliers, and 3rd among domestic manufacturers in mainland China [11] Financial Performance - The company is expected to achieve net profits of 5.529 billion yuan, 8.362 billion yuan, and 9.934 billion yuan for the years 2024, 2025, and 2026, respectively [11] - Corresponding price-to-earnings ratios for these years are projected to be 40.41, 26.72, and 22.49 [11] Product and Market Position - The company has a leading position in the AI computing card and AI Data Center UBB & switch market, with significant product structure upgrades [11] - The company has successfully broken through key technological barriers, enabling it to produce high-layer PCBs and HDI products at scale [11] - The company is positioned to benefit from the growing demand for AI-related products, which is expected to enhance its profit margins further [11]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has significantly improved its profitability, with a revenue of 9.031 billion yuan in H1 2025, representing an 86% year-on-year increase, and a net profit of 2.143 billion yuan, up 366.89% year-on-year [1] - The company is a global leader in AI PCB technology, having achieved breakthroughs in high-layer and high-density interconnect (HDI) technologies, and is actively advancing next-generation HDI product development [2][4] - The company is expanding its production capacity and global presence to meet the increasing demand for high-end PCBs, with new facilities in Thailand and Vietnam to enhance delivery capabilities [3] Financial Performance - In Q2 2025, the company reported a revenue of 4.72 billion yuan, a 91.5% year-on-year increase, and a net profit of 1.22 billion yuan, up 390.1% year-on-year [1] - The gross profit margin for H1 2025 was 36.22%, an increase of 15.6 percentage points year-on-year, while the net profit margin was 23.7%, up 14.3 percentage points year-on-year [1] - The company plans to increase its revenue forecasts for 2026 and 2027 to 34.8 billion yuan and 54.8 billion yuan, respectively, with net profit estimates of 11 billion yuan and 18 billion yuan [9] Research and Development - The company has increased its R&D expenditure to 353 million yuan in H1 2025, a 78.5% year-on-year increase, and 223 million yuan in Q2 2025, up 108% year-on-year [4] - The company is focusing on advanced technologies such as PCIe6 and high-speed transmission devices, while also developing next-generation HDI and ultra-high-layer multi-layer PCBs [4][9] - The company is committed to using cutting-edge materials to enhance electrical performance and reduce signal loss, particularly in high-frequency and high-speed applications [4]