Group 1 - Huang Yanming, the director of Dongfang Securities Research Institute, stated that the next investment focus in A-shares will be on mid-cap blue chips, moving away from the previous high-growth tech and high-dividend strategies [1] - The investment focus will be on three main areas: globally priced cyclical goods such as chemicals, non-ferrous metals, agricultural products, and global shipping; manufacturing sectors related to technology and national strength enhancement, including military industry, robotics, and new energy; and technology sectors related to large model performance realization [1] Group 2 - The International Institute of Finance reported that global debt has surged to a record $348 trillion, increasing by nearly $29 trillion, marking the fastest growth since the onset of the COVID-19 pandemic [2] - Government debt in countries like the United States and the Eurozone exceeds $10 trillion [2] Group 3 - Several lithium mining companies expect Zimbabwe's lithium ore exports to resume within one month after a temporary suspension [3] - Companies like Zhongmin Resources and Yahua Group are preparing to submit supplementary materials for export applications, indicating that the ban is expected to be lifted soon [3] Group 4 - Overseas tech companies are increasingly turning to loans backed by chips, particularly GPUs, to fund their substantial AI investments, with Moody's beginning to rate GPU-backed debt [4] - NAND flash memory prices are rising due to ongoing shortages, prompting major manufacturers like Phison to require advance payments from customers [4] Group 5 - The Chinese smartphone industry is set to experience a comprehensive price increase starting in March 2026, with new models expected to rise by at least 1,000 yuan [5] - Major brands such as OPPO, OnePlus, Vivo, iQOO, Xiaomi, and Honor are likely to raise prices for older models as well, marking a historic trend of simultaneous price hikes across all categories and brands [5] Group 6 - CCD cameras, once common, have seen a resurgence in popularity, with prices for certain models skyrocketing in the second-hand market [6] - Young consumers are driving this trend, primarily for the aesthetic quality of the images produced by these cameras [6] Group 7 - Baidu Group reported a total revenue of 32.7 billion yuan for Q4 2025, reflecting a year-on-year growth of 5% [7] - The net profit attributable to Baidu was 1.8 billion yuan, with a net profit margin of 5% [7] Group 8 - ByteDance's valuation is reportedly around $550 billion, as investment firm General Atlantic is selling part of its stake [8] - This valuation places ByteDance between Tencent and Alibaba in terms of market capitalization [8] Group 9 - New Hope Liuhe announced a cash investment of 74.87 million yuan to acquire a 70% stake in Luochuan Lingxian Company [9] - The investment will be used for both purchasing shares and increasing capital for the company [9] Group 10 - Aokema plans to acquire a 45% stake in its subsidiary Qingdao Aokema Smart Industry Co., Ltd. for 253 million yuan, aiming for full ownership [10] - The transaction is part of a strategy to consolidate control over its subsidiary [10]

2月26日晚，华瓷股份(001216)发布公告称，公司于近日收到中国证监会出具的《关于同意湖南华联瓷 业股份有限公司向特定对象发行股票注册的批复》（证监许可[2026]309号），同意公司向特定对象发 行股票的注册申请。本次发行应严格按照报送深圳证券交易所的申报文件和发行方案实施。本批复自同 意注册之日起12个月内有效。 新诺威：拟2.3亿元转让国新汇金30%股份给石药控股 合合信息：2025年净利润同比增长13.39% 2月26日晚，合合信息(688615)发布业绩快报，2025年实现营业收入18.1亿元，同比增长25.83%；实现归 母净利润4.54亿元，同比增长13.39%；基本每股收益为3.24元/股。 生益科技：广新集团及陈仁喜已完成减持计划 2月26日晚，生益科技(600183)发布公告称，截至2026年2月25日，广新集团已通过集中竞价交易方式减 持公司股份合计2429.12万股，占公司总股本的1%。陈仁喜已通过集中竞价交易方式减持公司股份合计 30.08万股，占公司总股本的0.0124%。截至本公告披露日，广新集团及陈仁喜的减持计划已实施完毕。 华瓷股份：向特定对象发行股票申请获同意 2月26 ...

来源：快速消费品精英俱乐部 作者：知夏 2026年春节，下沉市场的商超战场，没有硝烟却早已杀声震天。 当一二线城市商超竞争趋于饱和，三线及以下城市、县域市场成为实体零售最后的"蓝海"，但这片曾被 视为"避风港"的沃土，如今已沦为各方势力博弈的"角斗场"。 一场以价格为先锋、以商品力为核心、以渠道为抓手的混战全面打响，曾经盘踞一方的"区域霸主"遭遇 前所未有的生存大考，而99元四箱的年货礼盒，不过是这场混战最直观的缩影。 记者走访河南商丘发现，本地龙头丹尼斯正面临多方围剿。 借势胖东来的淘小胖、刚入驻的盒马鲜生，以及七玺、汪哥折扣超市和好想来等本土与全国性玩家同台 竞技。 "99元四箱礼盒"的低价厮杀，折射出行业"冰火两重天"的现状——头部玩家客流爆棚，传统商超门庭冷 落。 价格内卷白热化 下沉市场消费核心仍是性价比，春节年货大战让价格博弈愈发激烈。 今年春节，商丘商超普遍推出"99元四箱礼盒"，低价套餐成为主流引流方式。 在商丘示范区某小区，不到200米街道就有三家超市，年货礼盒堆积如山，价格竞争十分激烈。 两家社区夫妻店靠多年邻里信任生意稳定，加盟品牌汪哥省钱超市则压力巨大。 为突围，其春节推出99元四件套 ...

这一时期的产业叙事、主流商业模式以及技术标准，主要围绕家用主机生态和高预算的3A级买断制游戏展开。 从电子游戏诞生至今，全球电子游戏产业的权力重心长期位于北美、欧洲和日本。 北美、欧洲与日本长期以来既是全球游戏产业的核心生产中心，也是主要的消费市场，对全球游戏格局具有决定性影响。 之后，随着日本游戏开发技术的衰落和游戏人口减少，电子游戏产业的重心更是转移到以欧美为主的西方，其中的代表事件就是日本市场游戏 销量下降、SIE总部迁往美国加州和日本工作室的重组和裁撤。 来源：游戏寿司 作者：何北航 西方公司定义了现代电子游戏的工业标准与叙事范式，并塑造了全球玩家对游戏体验的期待。 然而，自网游出现和手游兴起以来，这种以西方公司为主导的游戏格局发生了深刻的结构性转变。 以中国、日本和韩国为代表的亚太地区，不仅在用户规模上占据了全球主导地位，更在营收能力、技术应用以及新兴商业模式的生产领域实现 了超越。 根据Newzoo等国际权威调研机构发布的最新报告，亚太地区已成为全球电子游戏产业增长最快、规模最大的区域市场。其中，中国市场的增 长尤为显著，在用户数量、总营收及市场活跃度等多项指标上均位居前列。 凭借庞大的玩家基数与 ...

来源：未尽研究 作者：未尽研究 这些危机叙事显得逼真，是因为它们并非从未来倒推，而是从当下延伸。现实已经出现了若干可被拼接的信号。 "软件只是开场"正在变成一种共识。近期，Anthropic突破白领工业革命的积极尝试，让市场相信，那些支撑美国经济的高价值知识工作，不再被视为自动 化的例外，正在接近系统性替代的拐点。 进入2026年，进入马年，市场正弥漫着一种诡异的、前所未有的气氛。 资本市场正在提前交易一场尚未真正到来的结构变化。从"一件大事正在发生"，到"2028年全球AI危机"，美国股市越来越容易被这些宏大叙事所牵引。华尔 街怀疑，AI能力的自我递归提升，会先于制度与市场的调节能力，同时制造一次宏观经济的自我递归式的恶化。 昨晚，独立研究机构Citrini用一篇假设写于2028年6月的备忘录，讲述了这样相互嵌套的递归链条。当晚，美国再次崩盘，道指下跌800点，不仅包括前阵子 就深跌的SaaS股与网络安全股，这次还包括黑石（Blackstone）、万事达（Mastercard）这样的金融大蓝筹。 Citrini并带来没有太多新鲜的观点，很多都是ChatGPT刚出现时，经济学家就已经提出的担忧，以及一些AI大 ...

北新路桥：联合中标7.51亿元项目 2月26日，北新路桥(002307)发布公告称，公司近日收到桐乡市吉通建设工程有限公司发来的中标通知 书，根据《中标通知书》，公司（牵头人）、中交建第四航务工程有限公司组成的联合体被确定为G60 沪昆高速公路桐乡高桥段改建工程第TJ02标段中标人。中标金额为7.51亿元。 北京科锐：合计中标约5.88亿元招标项目 2月26日，北京科锐(002350)发布公告称，近日，中国南方电网有限责任公司在其供应链统一服务平台 发布了"南方电网公司2025年配网设备第二批框架招标项目中标公告"，公司为该项目中标人之一；中国 华能在其电子商务平台发布了"中国华能集团有限公司2026年逆变器框架协议采购招标中标结果公示"， 公司为标段三中标人之一。上述项目中标金额合计约为5.88亿元。 赛福天：控股公司安徽美达伦复产 2月26日，赛福天(603028)发布公告称，公司于2026年1月30日对外披露了《关于控股公司临时停产的公 告》，公司控股公司安徽美达伦根据年度生产经营计划，对部分生产线进行停产检修和设备更新改造， 计划临时停产，临时停产时间预计不超过60天。近日，公司接到安徽美达伦通知，其 ...

Group 1 - Public funds are preparing for a significant market entry with nearly 140 new funds expected to bring in around 100 billion yuan [1] - Fund managers believe that incremental capital, trends in the technology sector, and expectations of interest rate cuts by the Federal Reserve will support the A-share market [1] - Public funds are actively positioning themselves in the Hong Kong stock market, focusing on technology and cyclical sectors [1] Group 2 - Insurance funds are expected to continue increasing their equity market allocations in 2026, with a record high stock allocation reported [2] - A survey of 127 insurance institutions indicates a generally optimistic outlook for the A-share market in 2026, with plans for slight increases in stock allocations [2] - Many insurance institutions plan to maintain their current allocation ratios for bank deposits, bonds, and other financial assets [2] Group 3 - Several domestic and international companies have announced price increases for semiconductor products due to rising raw material costs, with increases starting at 10% [3][4] - The demand for AI is driving a broad price increase for passive components, with major manufacturers discussing price hikes for MLCCs [3][4] Group 4 - Aston Martin is implementing significant measures including a 20% workforce reduction and a permanent sale of its F1 team naming rights due to financial losses [5] - The company reported a 10% decline in wholesale sales and a 21% drop in revenue for the fiscal year 2025 [5] Group 5 - Longfor Group announced the sale of its UK power network business for over 110 billion HKD, aiming to use the proceeds for future investments [5] - The sale involves three companies under the Longfor Group, with significant accounting gains expected from the transaction [5] Group 6 - Nvidia reported fourth-quarter revenue of $68.1 billion, a 73% year-over-year increase, exceeding market expectations [6] - The company anticipates first-quarter revenue between $76.44 billion and $79.56 billion, also above market estimates [6] Group 7 - Transsion Holdings reported a 4.5% decline in revenue for 2025, with net profit down 53.43% due to increased competition and rising supply chain costs [12] - The company's total assets decreased by 1.55% compared to the beginning of the year [12] Group 8 - Ankai Microelectronics reported a revenue increase of 1.87% for 2025, but a net loss of 139 million yuan due to competitive pressures and increased financial costs [11] - The company faced challenges with asset impairment losses and increased R&D expenses impacting profitability [11]

Group 1: Financial Performance Highlights - Lante Optics achieved a revenue of 1.536 billion yuan in 2025, a year-on-year increase of 48.52%, with a net profit of 388 million yuan, up 76.09% [1] - United Imaging reported a revenue of 13.82 billion yuan for 2025, reflecting a 34.18% year-on-year growth, and a net profit of 1.888 billion yuan, up 49.60% [2] - Hengxuan Technology's revenue reached 3.525 billion yuan, an 8.02% increase, with a net profit of 588 million yuan, up 27.75% [3] - Nanya New Materials reported a significant net profit increase of 378.65%, reaching 241 million yuan, with revenue of 5.228 billion yuan, up 55.52% [4] - Yancoal Australia, a subsidiary of Yancoal Energy, reported a revenue of 5.949 billion AUD and a net profit of 4.4 billion AUD for 2025 [5] - Hanlan Co. reported a revenue of 10.467 billion yuan, a 13.04% increase, but a net profit decline of 9.59% to 592 million yuan [10][11] - Transsion Holdings experienced a revenue decline of 4.50% to 65.623 billion yuan, with a net profit drop of 53.43% to 2.584 billion yuan [14] - Huachuang Technology achieved a revenue of 628 million yuan, a 2.78% increase, with a net profit of 42.678 million yuan, up 89.45% [21] - Aiko Optoelectronics reported a revenue of 440.311 million yuan, a 77.36% increase, with a net profit of 64.0919 million yuan, up 307.63% [34] - Chip Microelectronics achieved a revenue of 1.408 billion yuan, a 47.61% increase, with a net profit of 290 million yuan, up 80.42% [35] - Shenkong Co. reported a revenue of 443 million yuan, a 46.26% increase, with a net profit of 101 million yuan, up 146.54% [36] - Qinda Environmental reported a revenue of 2.042 billion yuan, a 55.42% increase, with a net profit of 181 million yuan, up 94.62% [39] Group 2: Corporate Developments - Huilong New Materials announced that its actual controller is planning a significant matter that may lead to a change in company control, resulting in a stock suspension [6] - Fangzheng Securities disclosed that its shareholder China Cinda did not reduce its shareholding as planned during the designated period [7] - Lingyi Technology plans to invest 20 million yuan in a partnership with several investment firms [8] - Longbai Group's subsidiary has partially resumed production after a safety incident [9] - Fuda Co. plans to reduce its repurchased shares by up to 1% through centralized bidding [13] - Fuxing Pharmaceutical's subsidiary received approval for clinical trials of a new drug for lung cancer [15] - Beixin Road and Bridge won a bid for a highway reconstruction project worth 751 million yuan [16] - Songsheng Co. established a joint venture with a registered capital of 30 million yuan, focusing on digital energy products [17] - Moxinlin reported a revenue of 577 million yuan, a 20.98% increase, with a net profit of 55.8745 million yuan, up 22.69% [18] - Zhuhai Beer reported a revenue of 5.878 billion yuan, a 2.56% increase, with a net profit of 903 million yuan, up 11.42% [24] - Honghua Digital reported a revenue of 2.308 billion yuan, a 28.90% increase, with a net profit of 529 million yuan, up 27.63% [25] - Xinfeng Pharmaceutical received FDA approval for two injectable drugs [26] - Jiazhe New Energy's project for green hydrogen production received regulatory approval [27] - Chip Microelectronics reported a revenue of 5.24 billion yuan, a 29.48% increase, with a net profit of 302 million yuan, up 36.1% [28] - Debang Co. completed the cash settlement process for its delisting [29] - Xingfu Electronics reported a revenue of 1.475 billion yuan, a 29.72% increase, with a net profit of 208 million yuan, up 30.37% [30] - Longda Food announced the resignation of its general manager due to work adjustments [31] - Bohai Chemical reported that some fundraising projects have commenced production [32] - Shengke Communication reported a net loss of 150 million yuan for 2025 [33] - Jin Cheng Pharmaceutical's subsidiaries received drug registration certificates for two products [37] - Jinpu Titanium Industry announced the resumption of production at its subsidiary [38] - Zhigao Electric's subsidiary won a bid for a project worth 182 million yuan [40]

对于指控，宇树科技否认侵权，称其产品未包含涉案专利中的"液位传感器""气体传感器"和"可变色的仿生毛皮"三项关键技术特征。 据媒体报道，2026年2月，最高人民法院在一起"电子狗"专利侵权终审判决中，直接点名批评原告露某美公司："其行为可谓既精心算计、又反复无常"。 2025年，露某美公司向浙江省杭州市中级人民法院提起诉讼，指控宇树科技制造、销售的"Gox"机器狗侵犯其名为"一种电子狗"的发明专利（申请号： 201610396363）。 杭州中院2025年9月一审认定宇树科技不构成侵权、判决驳回露某美公司全部诉讼请求。 在二审询问结束仅1天后，露某美公司将此前临时提高至8000万元的赔偿请求，回调至最初的500元。 法院查明，露某美公司经营范围为预包装食品和日用百货，与智能机器人毫无关联，2025年6月25日受让涉案专利5天后即发起诉讼。 最高人民法院最终驳回上诉，维持原判。 露某美公司则在一审败诉后上诉至最高人民法院。 ...

恒誉环保：2025年净利润同比增长106.25% 2月25日，恒誉环保(688309)发布业绩快报，2025年实现营业收入2.94亿元，同比增长89.87%；实现归母 净利润3593.25万元，同比增长106.25%；基本每股收益为0.4491元/股。 中科曙光：2025年净利润同比增长10.54% 2月25日，中科曙光(603019)发布业绩快报，2025年实现营业收入149.7亿元，同比增长13.86%；实现归 母净利润21.13亿元，同比增长10.54%；基本每股收益为1.45元/股。 亚世光电：股东拟减持不超160万股公司股份 2月25日，亚世光电(002952)发布公告称，持股11.7604%的股东兼董事林雪峰，计划以集中竞价、大宗 交易方式减持本公司股份合计不超过160万股，占公司总股本剔除回购专用证券账户中股份数量后的股 份总数比例不超过0.976%。 燕麦科技：2025年净利润同比增长42.63% 2月25日，燕麦科技(688312)发布业绩快报，2025年实现营业收入6.19亿元，同比增长24.33%；实现归母 净利润1.37亿元，同比增长42.63%；基本每股收益为0.96元/股。 甬矽电 ...