Summary of Conference Call Records Industry and Company Involved - The records focus on the AI and technology industry, specifically discussing companies like 千问 (Qianwen), DeepSeek, and various others in the AI and tech space. Core Points and Arguments 1. **User Engagement Metrics**: As of February 7, Qianwen's Daily Active Users (DAU) reached 73.52 million, approaching Doubao's 78.71 million. Additionally, Ant Group's app ranked second on the Apple App Store's free chart [1][2]. 2. **Model Updates**: On February 11, DeepSeek and GLM5 models were updated. The context window length for DeepSeek was upgraded from 128K tokens in version V3.1 to 1M tokens, marking a significant enhancement. The GLM5 model, featured in chat.z.ai, reportedly utilizes expanded parameter scaling, asynchronous reinforcement learning, and sparse attention mechanisms, leading to improved content understanding and generation. International evaluations indicate that GLM-5's programming capabilities are among the best in open-source models, with some scores comparable to top closed-source models [2]. 3. **Investment Recommendations**: - **Model and Consumer Application Focus**: Companies such as Alibaba, Tencent, Kuaishou, Kunlun Wanwei, and others are recommended for investment. Attention is also drawn to 汇量科技 (Huiliang Technology), 智谱 (Zhipu), and Minimax [2]. - **Opportunities in GEO and Large Model Advertising**: The large model consumer entry points are expected to reshape the industry chain, presenting new investment opportunities. Relevant targets and investment opportunities in model layers, data layers, tools, and services are highlighted [2]. - **Multimodal and AIGC Recommendations**: Companies like Tencent, Bilibili, Kuaishou, and others are recommended, with additional attention to 欢瑞世纪 (Huanrui Century), 捷成股份 (Jiecheng), and 阅文集团 (Yuewen Group). A-share gaming companies are noted for their attractive valuations, with recommendations for 巨人网络 (Giant Network), 恺英网络 (Kaiying Network), and others [2]. 4. **Robotaxi Economic and Safety Milestones**: The records indicate that economic and safety turning points for Robotaxi services have emerged, with a dense catalyst period expected in the first half of 2026. Recommended companies include 曹操出行 (Caocao Mobility), 小马智行 (Pony.ai), and others, with additional attention to companies like 均胜电子 (Junsen Electronics) and 图达通 (Tudatong) [3]. 5. **AI Hardware Recommendations**: Companies involved in AI smart hardware, such as 康耐特光学 (Kangnait Optical), are also recommended for investment [3]. Other Important but Possibly Overlooked Content - The significant upgrade in model capabilities and the strategic focus on large models and multimodal applications indicate a shift in the industry landscape, which could lead to substantial investment opportunities. - The mention of specific companies and their potential in the evolving AI landscape suggests a targeted approach for investors looking to capitalize on emerging trends in technology and AI applications.

中国银河证券主要观点如下： 游戏 影视 国内用户收入同创新高，游戏出海持续进行。2025年全年，国内游戏市场实际销售收入3507.89亿元， 同比增长7.68%;用户规模6.83亿，同比增长1.35%，同为历史新高。细分市场来看：2025年国内移动游 戏市场实销收入2570.76亿元，同比增长7.92%。国内客户端游戏市场实销收入781.6亿元，同比大幅增 长14.97%。2025年内国产游戏版号发放数量为1676款，对比去年同期的1306款增长近30%。游戏市场有 望获得持续的产品供给支撑，行业高质量发展格局进一步巩固。 营销 智通财经APP获悉，中国银河证券发布研报称，AI带来的收益主要体现在两条更容易被数据验证的路 径：平台端带动时长、转化与商业化效率提升;内容与工具端提升生产效率并降本。建议关注：(1)港股 互联网;(2)AI应用及产业链相关;(3)内容端等。此外，临近农历春节，建议关注具有红利属性，传统主营 稳健的同时积极探索新业务的出版公司。 大盘承压回落，关注春节档表现，据灯塔专业版，2026年1月全国电影票房19.65亿元(含服务费)，同比 下降69.15%、环比下跌47.08%。影片具体方面 ...

Group 1 - The core point of the news is the significant increase in trading activity in the A-share market, driven by a surge in leverage and the introduction of a new regulation that raises the margin requirement for financing to 100% [10][12][21] - The software ETF (515230) has shown a strong performance, with a 3.89% increase on the day and a total gain of 21.8% over the first eight trading days of the year, indicating a bullish trend in the software sector [8][10] - The introduction of the GEO (Generative Engine Optimization) concept has attracted substantial investment into software and media sectors, as it is expected to lower customer acquisition costs and benefit marketing and advertising companies [7][10] Group 2 - The recent adjustment in the financing margin ratio aims to cool down the overheated A-share market, which has seen a rapid increase in trading volume and leverage, with net purchases of over 1.4 trillion yuan in the first week of the year [10][12][21] - The A-share market has experienced record trading volumes, with a single-day turnover exceeding 4 trillion yuan, highlighting the intense market activity and investor enthusiasm [10][20] - The market is currently focused on AI applications, with various sectors such as financial technology, industrial manufacturing, and healthcare being potential beneficiaries of AI advancements, although the exact direction of the most successful applications remains uncertain [4][10]

Group 1: Stock Market Activity - A total of 61 stocks were listed on the institutional leaderboard today, with 43 experiencing net buying and 18 facing net selling [1] - The top three stocks with the highest net buying by institutions were: Sanwei Communication (500 million), Goldwind Technology (395 million), and Hand Information (322 million) [1] Group 2: AI Applications - As of September 2025, overseas AI applications are expected to have over 1.2 billion monthly active users, while China is projected to reach 490 million, representing year-on-year growth of 76.7% and 172.3% respectively [4] - Over 70% of consumers are willing to use AI assistants for shopping decisions, indicating a significant shift in consumer behavior [4] - Anthropic's Claude Code generated an annualized revenue of 1 billion USD within six months of its release, highlighting the maturity of AI programming as a B2B sector [4] Group 3: Aerospace Industry - Zhongke Star Map is deeply involved in the commercial aerospace industry, covering satellite constellation construction and operation, aerospace electronic equipment manufacturing, and satellite application services [5] - The establishment of the Radio Innovation Institute is expected to accelerate the 6G process, aiming for comprehensive coverage through an integrated network of space, sky, and ground resources [6] - The Federal Communications Commission approved SpaceX's next-generation satellite constellation plan, allowing the deployment of an additional 7,500 second-generation Starlink satellites [5]

Market Overview - The market showed strong fluctuations throughout the day, with all three major indices rising over 1%, and the Shanghai Composite Index achieving a 17-day consecutive rise [1] - AI application sectors experienced a significant surge, with stocks like BlueFocus and Hand Information hitting the daily limit [1] - The commercial aerospace concept continued its strong performance, with China Satellite and China Satcom both reaching new highs [1] - The brain-computer interface concept was also active, with stocks like DaoTech and Yanshan Technology hitting the daily limit [1] - Over 4,100 stocks in the Shanghai, Shenzhen, and Beijing markets rose, with a total transaction volume of 3.64 trillion, setting a new record for daily trading in A-shares [1] AI Marketing - The AI marketing concept saw a wave of limit-up stocks, including Gravity Media, Leo Holdings, and BoRui Communication [4] - Elon Musk announced on social media that he would open-source the latest content recommendation algorithm for the X platform within a week, interpreted by the market as his entry into the GEO space [4] - DeepSeek is set to release its next-generation flagship AI model, DeepSeek V4, in February, which reportedly outperforms major models like Anthropic Claude and OpenAI GPT series in programming capabilities [4][7] - Anthropic's Claude Code received a significant update, marking a new phase in global AI programming competition [4] Aerospace Sector - The aerospace sector continued to rise, with stocks like Luxin Investment, Goldwind Technology, and Daye Shares hitting the daily limit [10] - China applied for frequency resources for over 200,000 satellites, indicating a strategic national-level initiative [11] - Experts believe that the establishment of the Radio Innovation Institute will accelerate the 6G process, integrating satellite networks with ground communication networks [14] AI Medical - The AI medical sector also performed well, with companies like Meinian Health and Dean Diagnostics seeing consecutive gains [15] - OpenAI launched "ChatGPT Health," a health-related dialogue space that connects electronic medical records and health applications [15] - The demand for AI in healthcare is expected to grow significantly, driven by an aging population and an increase in chronic disease patients [18]

Group 1 - The AI application sector continues to surge, with the big data ETF Huabao (516700) experiencing a price increase of over 6%, marking a 12-day consecutive rise in daily trading volume [1] - Positive news includes the anticipated release of DeepSeek V4, which may surpass OpenAI GPT in AI programming capabilities, and Alibaba's Qwen 3.5, expected to enhance multimodal understanding and coding abilities [1] - The listing of Zhihui, the first global large model stock, on January 8 in Hong Kong, signifies a growing interest in AI models [1] Group 2 - Data centers are identified as the core infrastructure for AI, with a high demand for computing power driving growth in the IDC industry [2] - The North American and Chinese markets are highlighted as key growth areas, with significant projects still pending in overseas markets, while domestic demand is expected to rebound after a temporary slowdown due to import restrictions on computing cards [2] - The big data ETF Huabao (516700) passively tracks the CSI Big Data Industry Index, focusing on sectors like data centers and cloud computing, with major holdings in leading companies such as Inspur, iFlytek, and China Software [2]

Core Viewpoint - The AI application sector continues to surge, with the big data ETF Huabao (516700) experiencing a significant price increase of 4.23%, marking a 12-day consecutive rise in its daily line [1]. Group 1: Market Performance - The big data ETF Huabao focuses on data technology and data security, heavily investing in sectors such as data centers, cloud computing, and big data processing [6]. - Key stocks within the ETF include Zhongke Shuguang, Keda Xunfei, Unisplendour, Inspur Information, China Greatwall, and China Software, indicating a strong focus on technology self-reliance [6]. - Notable stock performances include Yidian Tianxia reaching a new high with a 19.47% drop, while Tax Friend and China Greatwall hit the daily limit up [9][10]. Group 2: AI Model Developments - The AI model landscape is evolving, with DeepSeek V4 expected to be released around the Spring Festival, potentially surpassing OpenAI's GPT in programming capabilities [11]. - Alibaba's Qwen 3.5 is anticipated to enhance multimodal understanding and coding abilities, while the first global AI model stock, Zhipu, began trading on January 8 [11]. - The competition among major internet companies is intensifying, leading to a "arms race" in model training and inference, with a strong demand for computing power as a foundational support for growth [11]. Group 3: Policy and Infrastructure - The Ministry of Industry and Information Technology is encouraging the transformation of AI in manufacturing, which is expected to drive upgrades in AI computing infrastructure [12]. - The demand for data centers is increasing due to the high growth in the computing power market, with North America and China identified as key growth regions [12]. - The domestic AIDC bidding is showing signs of recovery, which may serve as an early indicator of improved sentiment in the domestic AI sector [12]. Group 4: Investment Catalysts - Investors focusing on technology self-reliance may find opportunities in three key areas: the call for "technology to take the lead," the activation of digital productivity through top-level design, and the acceleration of the Xinchuang 2.0 wave [13].

Group 1 - DeepSeek is set to release its next-generation flagship AI model, DeepSeekV4, in February, which demonstrates superior programming capabilities compared to leading models like Anthropic Claude and OpenAI GPT series [1] - The DeepSeekV4 model has achieved multiple breakthroughs in programming, excelling in code generation and handling long code prompts, making it suitable for complex software project development [1] - The AI programming sector is gaining significant attention due to its commercial value, with AI programming accounting for 50% of global token consumption and Anthropic's Claude Code generating an annualized revenue of $1 billion within six months of its release [2] Group 2 - The global AI programming tools market is projected to exceed $29.5 billion by 2032, with China's AI code generation market expected to grow from 6.5 billion yuan in 2023 to 33 billion yuan by 2028, reflecting a compound annual growth rate of 38% [2] - The AI programming industry encompasses a supply chain that includes foundational model providers like DeepSeek and Anthropic, tool application providers in the middle layer, and industry applications in sectors such as finance, healthcare, and manufacturing [2] - Companies like Zhongke Chuangda and Puyuan Information are actively developing AI programming tools and low-code platforms, enhancing their product capabilities and collaborating with major players in the industry [3]