Investment Rating - The industry investment rating is "Overweight" [6] Core Views - The report highlights that the server CPU market is experiencing supply shortages due to increased demand driven by AI advancements and cloud computing needs. The delivery cycle for some CPU models may extend up to 6 months [1] - The rapid development of Agentic AI is expected to significantly increase the demand for CPUs, as these systems require more computational power for tasks such as database retrieval and external tool calls [3] - The report emphasizes the importance of CPU in AI systems, predicting that the number of tasks executed by agents will grow from 44 billion in 2025 to 415 trillion by 2030, representing a compound annual growth rate of 524% [3] Summary by Sections Demand 1: Replacement Cycle and AI Demand - The general server market is currently in a 3-5 year replacement cycle, with significant growth in server procurement driven by the rise of remote work and online services during 2020-2021. The global shipment of general servers is expected to grow by 13% in 2024 and 8% in 2025, supporting a robust CPU market [2] Demand 2: Agentic AI Driving CPU Growth - Agentic AI, which integrates large language models and decision orchestration, is expected to create a new wave of demand for CPUs. The report cites a study indicating that CPU performance may become a bottleneck in Agentic AI systems, with tool processing delays accounting for up to 90.6% of total latency [3] Supply: Insufficient Advanced Process Capacity - Intel is facing supply shortages due to inadequate capacity planning for advanced processes, with shortages expected to persist until 2026. The company is prioritizing server CPU supply, but adjustments will not be completed until the end of Q1 2026 [4] Key Recommendations - The report recommends stocks such as Haiguang Information (688041 CH) with a target price of 291.00 and Lanke Technology (688008 CH) with a target price of 178.80, both rated as "Buy" [8][19]

2026年2月 券商 金股陆续出炉，据数据显示，截至2月3日共有263只个股入选券商金股，其中，推荐频 次较高的个股为阿里巴巴、 海光信息 、 中国平安 、 万华化学 、 腾讯控股 、 中际旭创 、 紫金矿业 、 福斯特 、 中国中免 和 贵州茅台 ，推荐次数均不低于4次。 组合的"稳定性"则来源于对现金流、政策红利和不可复制品牌的深度配置。中国平安凭借其极高的股息 率与改善的基本面，成为底仓型防御选择；贵州茅台无与伦比的品牌壁垒与渠道改革深化，确保了业绩 增长的极致确定性；中国中免直接受益于海南自贸港的持续政策红利与自身的国际化扩张；而福斯特则 在稳固光伏主业的同时，凭借电子材料业务开拓第二曲线，兼具了龙头地位与成长潜力。这部分资产共 同构成了投资组合的压舱石，有效平衡了科技成长股可能带来的波动。 整体来看，此次金股组合摒弃了单一的赛道押注，而是致力于在科技革命的"攻"与核心资产的"守"之间 达成再平衡，通过行业间的对冲与互补，旨在应对复杂市场环境下的不确定性，寻求风险调整后的更优 回报。 下面，简要提炼其投资逻辑如下： 一、阿里巴巴：全栈AI生态构建增长新引擎 券商推荐逻辑：①云业务直接受益于AI算力需求 ...

Investment Rating - The report provides a recommendation for the technology sector, specifically highlighting key stocks for February 2026 [6]. Core Insights - The report identifies several companies across different segments of the technology industry, including electronics, communications, computing, and media, suggesting a diversified investment approach [6]. - Key companies recommended include: - Electronics: Dongshan Precision, Lanke Technology - Communications: Wolong Materials, Haige Communications - Computing: Zhongkong Technology, Haiguang Information - Media: Kaiying Network, Giant Network [6]. Summary by Category Electronics - **Dongshan Precision**: Positioned for growth due to AI technology advancements, with a focus on optical communication and PCB sectors. The acquisition of Solstice Optoelectronics enhances its market position [9]. - **Lanke Technology**: Expected to benefit from the growth in AI servers and memory interface chips, with a projected increase in DDR5 penetration rates [10]. Communications - **Wolong Materials**: Strong in traditional materials and expanding into new energy products, with significant profit growth expected from 2025 to 2027 [10]. - **Haige Communications**: Focused on commercial aerospace and satellite communication, with anticipated profit recovery post-2025 [10]. Computing - **Zhongkong Technology**: Emphasizes industrial AI transformation, leveraging its self-developed industrial model TPT to enhance customer ROI and operational efficiency [11]. - **Haiguang Information**: A leader in high-end CPUs and DCUs, expected to see significant growth driven by domestic demand for AI computing [12]. Media - **Kaiying Network**: Anticipates new game launches in 2026, with a strong pipeline of products expected to drive revenue growth [13]. - **Giant Network**: Positive performance from existing games and new releases, with ongoing AI integration in gaming expected to enhance user engagement [13]. Financial Projections - The report includes earnings per share (EPS) and price-to-earnings (PE) ratios for the recommended companies, indicating expected growth in profitability from 2024 to 2027 [14].

Core Viewpoint - The A-share market is experiencing a steady upward trend in 2026, shifting from a liquidity-driven market in 2025 to a focus on high-performing companies, with improved corporate earnings expected to be the core support for the market [1] Group 1: Market Trends - The current preference for the AI chip and memory chip sectors, exemplified by the ETF Huatai (588750), is driven by the anticipated improvement in corporate earnings [1] - Historical data suggests that industries with sustained recovery during earnings forecast periods typically yield excess returns, with the current recovery signals concentrated in price increase chains, high-end manufacturing, and AI chains [1] Group 2: Chip Sector Dynamics - The AI wave is creating significant opportunities in the industry chain, leading to a structural reconfiguration in the storage chip market, characterized by a super cycle of price increases driven by AI demand [3] - The storage chip market is expected to remain in a state of supply-demand imbalance, with global storage chip prices projected to rise by 30% to 40% in Q1 2026 [3][5] Group 3: Supply and Demand Forecast - For 2026, the supply growth for DRAM is estimated at 15% to 20%, while demand growth is projected at 20% to 25%. For NAND, supply growth is expected to be 13% to 18%, with demand growth at 18% to 23% [5] - Specific price increase predictions for storage products include over 40% for DDR5 RDIMM memory and 20% to 30% for enterprise-grade SSDs [5] Group 4: AI and Computing Power Demand - The demand for computing power is expected to grow exponentially as AI transitions from training to large-scale inference, leading to a supply shortage in CPU/GPU/DCU chips [6] - Major chip manufacturers are planning to raise prices by 10% to 15% due to the extreme supply-demand imbalance caused by surging AI demand [6] Group 5: Domestic Innovation and Policy Support - The push for domestic innovation and replacement in the chip sector is gaining momentum due to escalating external restrictions and surging internal demand, supported by top-level design and policy funding [7] - The new five-year plan emphasizes the need for self-reliance in technology, with a focus on chip autonomy as a critical infrastructure for AI development [7]

当前存储缺货涨价行情有望向CPU品类蔓延，甚至被视为"下一个存储的机会"。1月21日，A股CPU概念 股启动，龙芯中科涨停，海光信息涨超13%创历史新高，中国长城（000066）涨停。 消息面上，机构KeyBanc数据显示，由于超大规模云服务商"扫货"，英特尔与AMD在2026全年的服务器 CPU产能已基本售完。为了应对供需极端失衡并确保后续供应稳定，两家公司均计划将服务器CPU价格 上调10—15%。 截至记者发稿，上述涨价消息未获官方确认。英特尔与AMD分别将于当地时间1月22日与2月3日披露财 报，日前华尔街多家投行上调公司目标价。市场观点认为，本轮涨价主要由于AI推理规模的扩大提高 了CPU需求，加上先进制程与先进封装等关键资源扩张慢，加之GPU等芯片产能挤压，CPU厂商向下传 导价格。 在CPU涨价消息催化下，A股CPU板块强势上涨。相比之下，美股AMD股价微涨，英特尔上涨3.41%。 另外，中国长城最新业绩预告显示，2025年归属上市公司净利润亏损约3500万元至7000万元，比上年同 期大幅减亏。据介绍，公司优化业务结构与产品矩阵，实现营业收入稳步增长，另外公司剥离非核心资 产取得较高的投资处置 ...

Core Insights - Wisdom Eye Technology Co., Ltd. and Haiguang Information Technology Co., Ltd. have signed a strategic cooperation agreement focusing on the healthcare industry, leveraging their strengths in AI and controllable computing chips to promote the integration of domestic technology and industry applications [1][2] - The collaboration aims to enhance the penetration and substitution capabilities of domestic products in critical sectors like healthcare, addressing the increasing demand for computing power in the context of China's rapid digital economy growth [1][3] R&D Collaboration - Wisdom Eye will utilize its expertise in computer vision, natural language processing, and its "Bianshi" model to optimize AI applications in healthcare, in conjunction with Haiguang's high-performance CPU and DCU products [2] - The partnership will create integrated solutions combining software and hardware, with Wisdom Eye focusing on application adaptation and optimization, while Haiguang provides foundational computing support [2] Market Expansion - Both companies will act as priority partners, closely collaborating on project implementation and solution promotion, aiming to capture market opportunities in the healthcare sector and accelerate the large-scale deployment of domestic solutions [2][3] - The cooperation is expected to establish a complete domestic closed-loop system encompassing chips, computing power, algorithms, scenarios, and services, addressing the "chip shortage" in medical AI [3] Future Outlook - The ongoing collaboration is anticipated to yield influential domestic solutions in the healthcare sector, contributing to the construction of "Digital China" and "Healthy China" [3]

Core Insights - Haiguang Information is building a domestic chip open ecosystem in collaboration with partners, aiming to establish a strong presence in the CPU industry by 2027 with projected revenues of around 20 billion yuan [2][8] - The company has developed a "dual-core" strategy, integrating high-end general-purpose processors (CPU) and co-processors (DCU), to enhance its competitive edge in the global market [9][20] Revenue Growth and Projections - Haiguang Information's revenue reached 9.162 billion yuan in 2024, with a projected growth rate of 52.4% for 2024 and a target of 20 billion yuan by 2027 [4][8] - The company has experienced a doubling of revenue from 2020 to 2022, maintaining a growth rate of 17.3% in 2023 despite industry downturns [4][7] Strategic Partnerships and Ecosystem Development - The company emphasizes collaboration with various partners in the ecosystem, including machine manufacturers, xPU manufacturers, and OS vendors, to create a robust platform for AI computing [2][7] - Haiguang Information has established the "Light Alliance" organization, which has gathered over 6,000 partners and built 28 physical ecological adaptation centers across the country [21][22] Technological Advancements - The company has launched its own open system interconnect bus, HSL, to facilitate collaboration among AI chip and hardware manufacturers, aiming to create a unified interconnect standard [14][15] - Haiguang's DCU products are designed to meet national strategic needs and have been well-received in the market, with ongoing development of various AI chip products [10][20] Future Challenges and Goals - The company aims to attract more industry-leading manufacturers to the Light Alliance platform, ensuring that product development incorporates the strengths of all partners involved [22][23] - Haiguang Information is entering its 3.0 phase in 2024, focusing on integrating with upstream and downstream partners to build a self-sufficient domestic integrated circuit industry [3][23]

Core Insights - Haiguang Information is building a domestic chip open ecosystem, aiming to establish a strong presence in the CPU industry by leveraging a "high-speed rail model" for market penetration [1][2] - The company has achieved significant revenue growth, with projections indicating a potential revenue of approximately 20 billion yuan by 2027, supported by a dual-core strategy involving both CPU and DCU development [2][6] Revenue Growth and Projections - Haiguang Information's revenue reached 9.162 billion yuan in 2024, with a year-on-year growth of 52.4% [4] - The company maintained a revenue growth rate of 17.3% in 2023, despite industry downturns, and surpassed its 2024 revenue in the first three quarters of 2025, achieving 9.49 billion yuan, a 54.65% increase year-on-year [4][6] Dual-Core Strategy - The company has established a "dual-core" development framework, integrating high-end general-purpose processors (CPU) and co-processors (DCU) to enhance its market competitiveness [2][7] - Haiguang Information's DCU products are designed to meet national strategic needs and have been well-received by clients and ecosystem partners [8] Ecosystem Collaboration - The company emphasizes collaboration with various partners in the ecosystem, including machine manufacturers, xPU manufacturers, and OS vendors, to create a comprehensive open ecosystem for domestic chips [2][6] - As of December 2025, the "Light Alliance" has gathered over 6,000 partners and established 28 physical ecological adaptation centers across the country [20] Future Development Stages - The company has outlined its development in three phases: the initial phase focused on product development (2014-2019), the second phase on providing critical infrastructure (2020-2023), and the upcoming third phase (2024 onwards) aims to integrate with upstream and downstream partners to build a self-sufficient domestic chip ecosystem [3][21]

Core Viewpoint - Haiguang Information is building a large open ecosystem for domestic chips, aiming to establish a strong presence in the CPU industry and transition from chaotic competition to collaborative development in the AI computing sector [2][3][4]. Group 1: Company Growth and Revenue - As of January 8, 2026, Haiguang Information's market capitalization exceeds 560 billion yuan [3]. - The company achieved a revenue of 9.162 billion yuan in 2024, with projections suggesting it could reach around 20 billion yuan by 2027, establishing a foothold in the global CPU competition [3][9]. - From 2020 to 2022, Haiguang Information's revenue doubled, and in 2023, it maintained a growth rate of 17.3%. The revenue for 2024 is expected to grow by 52.4%, and by the first three quarters of 2025, it has already surpassed the total revenue of 2024, reaching 9.49 billion yuan, a year-on-year increase of 54.65% [6][8]. Group 2: Dual-Core Strategy - Haiguang Information is one of the few chip design companies with capabilities in both high-end general-purpose processors (CPU) and co-processors (DCU), having established a "dual-core" development strategy [3][9]. - The company has been iterating its CPU products approximately every 1.5 years to address performance bottlenecks, while also collaborating with various partners in the ecosystem to enhance product offerings [8][10]. - The DCU products, including the Deep Computing Unit (DCU), are designed to meet national strategic needs and have been well-received by clients and ecosystem partners [10]. Group 3: Ecosystem Development - Haiguang Information emphasizes the importance of building a collaborative ecosystem, having established the "Light Alliance" organization to integrate various partners across the chip, machine, software, and application sectors [21][23]. - As of December 2025, the Light Alliance has gathered over 6,000 partners and established 28 physical ecological adaptation centers, facilitating over 15,000 hardware and software adaptation testing projects [23]. - The company aims to create an open ecosystem that allows domestic users to gain confidence in the domestic chip industry, reducing reliance on foreign products [4][24]. Group 4: Future Challenges and Goals - The primary challenge for Haiguang Information is attracting more industry-leading manufacturers to the Light Alliance platform, ensuring that product development considers the strengths of all partners involved [24]. - The company has outlined its development phases, with the current phase (3.0) focusing on integrating with upstream and downstream partners to strengthen the domestic integrated circuit industry [4][24].

Investment Rating - The report recommends a positive investment outlook for the technology sector, specifically highlighting key stocks for January 2026 [6]. Core Insights - The report identifies several key companies within the technology sector, including Eastcompeace, Jincheng Electronics, Xinyi Technology, Tax Friend, Haiguang Information, Giant Network, and Perfect World, as potential investment opportunities [6][8][9][10][11][12][13][14]. Summary by Category Electronics - **Eastcompeace**: The company is entering a growth phase driven by AI technology breakthroughs, leading to increased capital expenditure from cloud vendors and a surge in demand for data servers. The acquisition of Solstice Optoelectronics enhances its position in optical communication [8]. - **Jincheng Electronics**: The company reported a revenue of 889 million yuan in Q3 2025, a year-on-year increase of 25.4%. The semiconductor business is expected to grow significantly, with an order backlog of approximately 1.791 billion yuan [9]. Communication - **Xinyi Technology**: As a leading manufacturer of high-speed optical modules, the company has made significant inroads with major clients like Amazon and is expected to see substantial profit growth from 2025 to 2027, with projected net profits of 94.97 million yuan, 166.16 million yuan, and 217.76 million yuan respectively [10]. - **Huafeng Technology**: The company is positioned to benefit from the high demand for AI applications and is expected to see net profits grow from 3.53 million yuan in 2025 to 8.73 million yuan by 2027 [10]. Computer - **Tax Friend**: The company is a leader in the financial IT sector, leveraging AI and big data to provide comprehensive solutions for businesses. It aims to enhance its product offerings and customer engagement through innovative AI-driven solutions [11]. - **Haiguang Information**: The company is a key player in the domestic high-end CPU market, expected to benefit from the growing demand for AI computing power. It aims to establish a comprehensive AI computing platform [12]. Media - **Giant Network**: The company is experiencing stable commercialization with new game releases and updates expected to drive user engagement and revenue growth [13]. - **Perfect World**: The company is preparing for the launch of its new game "Yihuan," which has shown strong pre-launch interest, and is also focusing on expanding its esports business [14].