Investment Rating - The report maintains a rating of "Buy" for the electronic industry, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - The IoT market is identified as the largest blue ocean market, presenting significant opportunities for domestic substitution, particularly in customized solutions and software ecosystems [2]. - The report emphasizes the importance of hardware supply chain enterprises in the AI transformation, as major internet and cloud computing companies accelerate their hardware ecosystem development [2]. - The evolution of edge AI is seen as a critical trend, with the need for high-performance edge hardware driving innovation in traditional mobile and PC markets [5][6]. - The automotive sector is highlighted as a prime application area for edge AI, with significant opportunities arising from the upgrade of in-vehicle chips and the construction of domestic ecosystems [5]. Summary by Sections 1. Edge AI and Domestic Supply Chain Opportunities - The transition of edge AI from concept to a well-defined industry path marks a strategic shift towards physical world applications, driven by privacy, security, and latency considerations [15]. - The deep restructuring of edge hardware provides a systemic elevation opportunity for domestic supply chains, particularly in new terminal markets like AI glasses and embodied intelligent robots [16]. 2. AI Empowering Mobile and PC Market Innovations - The demand for high-end smartphones is increasing due to the rapid adoption of AI technology, with projections indicating that by 2028, 54% of smartphones will feature edge AI capabilities [18]. - The average selling price (ASP) of smartphones is expected to rise, with a notable increase in the proportion of high-end models, driven by the demand for AI functionalities [21][19]. - The report notes that the semiconductor industry is experiencing a shift towards higher-end chip manufacturing processes, with TSMC's 2nm technology expected to enhance performance and efficiency significantly [23][24]. 3. Automotive Electronics and Edge AI Growth - The automotive sector is positioned as a second growth engine for edge AI, with in-vehicle chips evolving to meet the demands of intelligent driving and user interaction [5]. - The report discusses the competitive landscape of automotive chips, highlighting the rapid advancements in domestic chip manufacturers and their collaboration with new energy vehicle companies [5]. 4. Internet Giants Building Edge-Cloud Collaborative Ecosystems - Major internet companies are establishing comprehensive strategies that integrate cloud, AI, and chip development to strengthen their hardware foundations for AI transformation [10]. - The report outlines the strategic moves of companies like Alibaba, ByteDance, and Tencent in creating a cohesive hardware ecosystem that supports AI applications across various sectors [10].

Investment Rating - The report suggests a positive investment outlook for the solid-state battery industry, highlighting key players and sectors to focus on [2][11]. Core Insights - The solid-state battery industry is entering a critical phase in 2026, with significant advancements expected in the production of battery packs and vehicle testing [2][14]. - Solid-state batteries are particularly suited for space applications due to their wide temperature range, high energy density, and safety features [27][32]. - The report emphasizes the importance of policy support and technological advancements in driving the commercialization of solid-state batteries [11][24]. Summary by Sections Part 1: Transition from Cell to Pack - The focus is shifting from cell production to pack development, with significant attention on vehicle testing progress [5][14]. - The timeline indicates that 2025 will see the rollout of vehicle-grade cells, while 2026 will focus on pack production and testing [11][12]. Part 2: Adaptation to Space Environment - Solid-state batteries are designed to operate in extreme conditions, making them ideal for space applications [27][32]. - The demand for solid-state batteries in the space sector could reach tens to hundreds of GWh annually as technology matures [32][29]. Part 3: Equipment and Material Dynamics - The equipment sector is expected to benefit first from the expansion of solid-state battery production, with a focus on key players in the equipment supply chain [37][41]. - The materials sector is becoming increasingly competitive, with various players working on cost reduction and efficiency improvements [60][62]. Part 4: Investment Recommendations - The report recommends focusing on leading battery manufacturers, equipment suppliers, and material producers, highlighting specific companies for investment [2][11]. - Key players include CATL, Gotion High-Tech, and others in the battery production and equipment sectors [2][11].

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 FDA 创新药审评政策再松绑，利好创新药板 块 增持（维持） [Table_Tag] [Table_Summary] 投资要点 《降息等多因素支持科研上游持续复 苏，重点推荐皓元医药、奥浦迈等》 2026-02-01 东吴证券研究所 1 / 24 请务必阅读正文之后的免责声明部分 2026 年 02 月 23 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 23% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 医药生物 沪深300 相关研究 《分子胶海外风起，国内管线蓄势破 局》 2026-02-09 ◼ 本周（2.9-2.13 号，下同）、年初至今 A 股医药指数涨幅分别为-0.8%、 2.4%，相对沪深 300 的超额收益分别为-1.2%、1.8%；本周、年初至今 恒生生物科技指数涨跌幅分别为 4.8%、12.5%，相对于恒生科技指数跑 赢 7.3%、18.0%；本周 ...

证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 占烁 执业证书：S0600524120005 zhansh@dwzq.com.cn 证券分析师 李昌萌 执业证书：S0600524120007 lichm@dwzq.com.cn 证券研究报告·宏观报告·宏观点评 宏观点评 20260223 春节对全年消费有何指示意义？ 2026 年 02 月 23 日 相关研究 《春节海外市场回顾：IEEPA 违法后 特朗普的 Plan B 》 2026-02-22 《美国 1 月 CPI：没那么"弱"—— 2026 年 1 月美国 CPI 数据点评》 2026-02-14 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 核心观点：今年春节消费有三个特点，一是消费开局强劲，今年春节假 期前 4 天，全国重点零售和餐饮企业日均销售额同比增长 8.6%，高于 去年的 4.1%（去年整个春节假期）。二是春节服务消费内部分化，观影 回落、出行强劲。三是返乡消费增长强劲。春节对全年消费有何指示意 义？我们 ...

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 保险行业总资产突破 41 万亿；券商再融资持 续推进 2026 年 02 月 23 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 非银金融 沪深300 相关研究 《西南证券拟定增 60 亿元，券商定增 或全面放开》 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026-02-14 《天风证券处罚靴子落地，轻装上阵 有望更好的规范化经营》 2026-02-14 东吴证券研究所 1 / 18 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2026 年 02 月 09 日-2026 年 02 月 13 日）非银金融各子板块均跑输沪深 300 指数。证券行业下跌 1.04 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-02-24 在全球科技创新浪潮与国家战略布局深度融合的今天，科技自立自强已 成为驱动长期经济增长、塑造国际竞争新优势的核心主线。根据我们于 2026 年 1 月 26 日发布的报告《"十五五"规划中的"债"机遇：详解政 策东风如何重塑产业债格局（主线篇）》显示，我国"十五五"规划进一 步凸显对科技创新与产业升级的战略定力，明确将科技作为未来发展的 关键引擎。在这一宏观背景下，健全的多元化融资体系对于支撑科技企 业，尤其是处于快速成长期和重大技术投入期的企业至关重要。当前，我 国债券市场在服务科技创新领域仍存在显著的结构性空间，尽管 2025 年 "债券科技板"的推出标志着市场建设迈出重要一步，但其发行主体仍高 度集中于中央及地方国有企业，众多具备核心技术能力与高成长潜力的 民营科技企业，尚未能充分借助债券市场这一公开、透明、可预期的直接 融资渠道，实现其长期资本需求与债务结构的优化。 鉴于此，本报告希 望通过复盘海外成熟市场中顶尖科技企业的债券融资轨迹，及其在成长 过程中对于债券融资的利用情况，以史为鉴，研判我国科技公司，特别是 民营高成长企业，在未 ...

Key Insights - The global AI industry is advancing through a collaborative push in computing power, models, and applications, laying a foundation for the scaling of AI video generation technology and the practical deployment of humanoid robots [2][3] - Major AI companies are announcing substantial long-term capital expenditure plans, with OpenAI projecting around $600 billion in computing power spending by 2030, indicating a significant commitment to infrastructure development [3][4] - The recent launch of Seedance 2.0 at the Spring Festival Gala demonstrates the potential of domestic AI models in cultural content creation, marking a significant step towards industrialization in the video generation sector [5][6] Computing Power and Infrastructure - There is a notable acceleration in global AI capital expenditures, with OpenAI initiating a financing round potentially exceeding $100 billion to support its computing power goals [3][4] - In India, Google announced a $15 billion investment in infrastructure, while OpenAI collaborates with Tata to build a 1000 MW data center, showcasing the global expansion of computing resources [3] - Domestic AI companies, such as Moonlight Dark Side, have secured over $1.2 billion in financing, reflecting strong market confidence in Chinese AI enterprises [4] Model Technology - Recent advancements in model technology include the transition to multimodal architectures and cost-effective intelligent models, enhancing performance while restructuring cost frameworks [4][5] - Alibaba's release of the Qwen3.5-Plus model marks a significant upgrade, shifting from pure text training to native multimodal unified modeling, improving performance in long text and multimodal reasoning scenarios [5] - The competitive landscape is shifting from parameter scale competition to architecture efficiency optimization, as demonstrated by Anthropic's Claude Sonnet 4.6 achieving flagship model performance at a lower price point [5] Application Layer - The application of AI in real-world scenarios is advancing, as evidenced by the successful integration of AI video generation technology in the Spring Festival Gala, validating the industrial potential of domestic models [5][6] - Humanoid robots are transitioning from demonstration phases to real-world task execution, with platforms like Volcano Engine and Doubao participating in the Gala, showcasing their capabilities [5] - The AI application landscape is moving towards commercial validation, with content generation and physical execution paths entering a critical phase of market readiness [6] Industry Trends - The AI industry is expected to maintain its upward trajectory, with favorable market conditions supporting a second phase of spring market activity [6] - The successful application of AI during the Spring Festival Gala may act as a catalyst for the current market rally, reinforcing the importance of practical AI applications [6]

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 503.08 | 488.13 | 629.78 | 792.52 | 964.95 | | 同比（%） | 11.19 | (2.97) | 29.02 | 25.84 | 21.76 | | 归母净利润（百万元） | 21.72 | (61.62) | (6.44) | 18.97 | 36.09 | | 同比（%） | (32.16) | (383.69) | 89.56 | 394.71 | 90.29 | | EPS-最新摊薄（元/股） | 0.11 | (0.30) | (0.03) | 0.09 | 0.18 | | P/E（现价&最新摊薄） | 330.18 | (116.39) | (1,114.38) | 378.12 | 198.70 | [Table_Tag] [Table_Summary] 投资要点 2026 年 02 月 23 日 证券研究报告·公司深 ...

Group 1: AI Industry Developments - The global AI industry is experiencing significant capital expenditure, with OpenAI planning approximately $600 billion in spending by 2030 and initiating a financing round potentially exceeding $100 billion[3] - In India, Google announced a $15 billion infrastructure investment, while OpenAI collaborates with Tata to build a 1,000 MW data center, indicating a rapid global deployment of AI infrastructure[3] - Domestic AI companies in China, such as Moonlight Dark Side, have secured over $1.2 billion in financing, reflecting strong market confidence supported by major internet giants like Alibaba and Tencent[3] Group 2: Model Technology Advancements - Recent advancements in model technology include the release of Alibaba's Qwen3.5-Plus, which transitions from pure text training to native multimodal unified modeling, enhancing performance while controlling training costs[4] - Anthropic's Claude Sonnet 4.6 achieves flagship model-level intelligence at a price point 1/18th of competitors, indicating a shift towards cost-effective AI solutions[5] - The collaboration between Tsinghua University, Peking University, and Visionox has led to the development of the FLEXI chip, enabling local AI inference on flexible hardware, expanding edge computing capabilities[5] Group 3: Application and Market Trends - The AI video generation technology was successfully tested during the Spring Festival Gala, showcasing its potential in cultural content creation and commercial applications[6] - The integration of AI in real-world tasks is exemplified by the performance of robots like the Volcano Engine and Doubao, which demonstrated high dynamic coordination and task execution capabilities[5] - The AI industry is expected to enter a second phase of market activity, driven by the successful application of AI technologies in high-profile events like the Spring Festival Gala[6]

Market Overview - During the Spring Festival period, overseas markets were impacted by geopolitical tensions in Iran, ongoing concerns about AI in the US stock market, and the release of key economic data such as US CPI and GDP[2] - Gold and the US dollar index rose in tandem, while US Treasury yields, US stocks, and commodities initially declined before rebounding[2] Economic Data - The US GDP for Q4 2025 was reported at +1.4%, significantly below expectations of +2.8% and the previous quarter's +4.4%, primarily due to a -0.9% contribution from government spending[16] - Core CPI and PCE inflation remained sticky, with PCE inflation exceeding expectations, indicating ongoing inflationary pressures[14] Asset Performance - Silver led the performance among major assets during the Spring Festival with a 12.44% increase, driven by the escalation of the Iranian situation and rising oil prices[3] - European stock indices outperformed US stocks during this period, with the UK, France, and Germany leading the global equity market[3] Policy and Tariffs - The US Supreme Court ruled that Trump's IEEPA tariffs were illegal, leading to the announcement of a new 10% global tariff under Section 122, effective February 24[27] - Trump threatened to increase tariffs on certain economies from 10% to 15%, indicating potential legislative moves to solidify tariff legality[27] Future Outlook - The combination of better-than-expected US economic data and the Supreme Court ruling is expected to boost risk appetite, particularly benefiting export chains and cyclical sectors until mid-March[8] - A significant rebound in the US economy is anticipated in Q1 2026, driven by the end of the government shutdown's negative impact and the effects of previous interest rate cuts[26]