证券研究报告：电子 | 公司点评报告 发布时间：2026-02-24 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 84.15 | | --- | --- | | 总股本/流通股本（亿股）1.70 | / 1.70 | | 总市值/流通市值（亿元）143 | / 143 | | 周内最高/最低价 52 | 106.78 / 19.30 | | 资产负债率(%) | 7.2% | | 市盈率 | 350.63 | | 第一大股东 | 更多亮照明有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 硅材料到硅零部件一体化生产，充分受益存储扩产 l 投资要点 25Q4 收入大幅增长，具备较强业绩弹性。根据公司 2025 年业绩 预告，营收方面，预告范围为4.3-4.5亿元，同比增长42.04%-48.65%， 公司前三季度单季度平均收入约为 1 亿元（未经审计），第四季度收 入 ...

证券研究报告：固定收益报告 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 发布时间：2026-02-24 近期研究报告 《跨越化债边界，长久期城投债怎么 看？20260211》 - 2026.02.12 固收周报 节后债券交易逻辑有变化吗？ 研究所 ⚫ 交易逻辑变化不大，沿节前预设节奏进行 第一，节中消费、交运等景气数据的改善不乏亮点，但难以形成 对债市预期的显著冲击。 第二，节后风险偏好可能继续上行，但对债市的冲击也不会强于 节前。 第三，节后流动性无虞，降息进入"两会"前的观察窗口，预计 兑现概率不高，故债市交易情绪可能有所降温。 第四，大行年初负债相对宽松，是节前配置盘活跃度提升的主要 驱动，这条主线是阶段性的，在 3 月可能有所松动，二季度可能有变。 第五，超长期政府债的发行依然是主要关注因素，供需处于紧平 衡，3 月地方债发行计划明细增多，可能构成压力。 总之，节后债券的交易逻辑变化不大，依然沿着节前预设节奏进 行。对债市投资者而言，持仓过节之后，已经在 2 月获取了收益率小 幅下行的资本利得，继续博弈的胜率和赔率虽然不高 ...

证券研究报告 商业航天规模化在即， 太空光伏打开成长空间 ——商业航天&太空光伏系列深度（一） 行业投资评级：强于大市|维持 中邮证券研究所 电新团队 中邮证券 1 1 发布时间：2026-02-24 投资要点 请参阅附注免责声明 2 卫星需求拉动太空光伏市场空间：卫星互联网应用场景打开+战略布局+太空算力，低轨卫星需求将 快速提升。太空光伏是卫星能源供应唯一供给方案，受益于卫星数量+单星功率提升。 太阳翼向柔性演进：单星功率提升要求太阳翼向轻量化、柔性化发展。 技术路线迭代带来新机遇：砷化镓-HJT-钙钛矿叠层演进。（1）砷化镓为目前主流技术路线，可靠性 高但成本高昂。（2）p-HJT方案依托于成熟的晶硅产业，较砷化镓方案大幅降本，且异质结作为向钙钛 矿叠层方案发展的基础，预计在短中期有较大发展空间。（3）钙钛矿叠层方案目前仍处于起步研究阶段， 存在光照或高温环境下稳定性不足、寿命短等问题亟待突破，随技术成熟产能增加叠加降本，预计中长期 将有较大发展空间。 投资建议：建议关注迈为股份、东方日升、钧达股份。 风险提示：商业火箭发射降本、卫星发射频次不及预期，技术迭代、产业落地不及预期，国际技术标准 与规则竞争 ...

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - During the Spring Festival, national catering and retail consumption showed steady growth, with holiday consumption potential continuing to be released. According to the Ministry of Commerce, the average daily sales of key retail and catering enterprises during the first four days of the Spring Festival in 2026 increased by 8.6% compared to the same period in 2025 [5][19] - The performance of Moutai and Wuliangye, as well as some mid-to-low-end price segments, exceeded expectations, while the overall performance of Fenjiu remained stable [15][19] Summary by Relevant Sections 1. Weekly Viewpoints - Moutai and mid-to-low-end liquor sales during the Spring Festival showed growth, while sub-premium liquor continued to face pressure. Moutai's repayment progress slightly exceeded the same period last year, and Wuliangye's repayment progress remained stable [15][6] - The mid-to-low-end liquor segment is expected to achieve double-digit growth during the Spring Festival, while high-end liquor sales are under pressure [15][6] 2. Industry Performance - The food and beverage sector experienced a decline, with the Shenwan Food and Beverage Industry Index (801120.SL) dropping by 2.51% during the week of February 9 to February 14, ranking 29th among 30 Shenwan primary industries [20] - All sub-sectors within the food and beverage industry saw declines, with meat products, health products, and baked goods experiencing relatively smaller drops [20] 3. Key Company Announcements - Luzhou Laojiao announced that the number of restricted stock units eligible for release is 1,962,814 shares, accounting for 0.1333% of the company's total share capital [29] - Miaokelan Duo signed a memorandum with SADAFCO to explore the market for children's cheese snacks in Saudi Arabia [29] 4. Important Industry News - The Ministry of Commerce announced anti-subsidy measures for EU companies, with rates ranging from 7.4% to 11.7%, effective from February 13, 2026 [31] - Kangshifu launched a new product, Kangshifu Ice Red Tea Energy, entering the energy drink market [31] 5. Industry Chain Data Tracking - As of February 10, 2026, wheat prices were 2,510.8 RMB/ton, up 6.45% year-on-year, while pork prices were 18.08 RMB/kg, down 11.63% year-on-year [34][36]

证券研究报告：食品饮料 | 公司深度报告 发布时间：2026-02-23 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 ⚫ 投资要点 节前我们集中性进行了量贩零售业态实地调研，本次调研覆盖石 家庄、成都、郑州、长沙、汕头等地核心商圈的好想来、零食很忙、 零食有鸣等竞品门店进行对比观察。调研时间集中于 2026 年 1-2 月， 正值春节消费旺季，能够充分反映各品牌的实际运营状态和消费者行 为特征。我们认为未来行业将呈现以鸣鸣很忙、好想来引领的全国性 量贩巨头+区域性品牌+传统零售跨界融合长期并存的割据格局。 结合调研感受及业绩考量，我们认为万辰集团作为头部零食量贩 品牌具备龙头效应及业绩弹性，在此重申推荐逻辑。经过 2024 年至 2025 年的密集开店与市场培育，万辰集团量贩零食业务已迎来关键经 营拐点。从单店趋势看，老店业绩企稳、新店爬坡完成，叠加升级店 型对单店 GMV 的提振作用逐步显现；从外部催化看，2026 年春节时点 靠后带来的消费集中效应，有望在 1-2 月形成显著旺季脉冲。 1）驱动因素一：老店企稳、新店爬坡，开店节奏有序提升。24H2 集中开设的新店（尤其是两湖两广新市场门店 ...

证券研究报告 石化行业周报：地缘反复原油获得溢价，聚酯 链关注节后pxn价差是否走强 行业投资评级：强大于市|维持 中邮证券研究所石化团队 分析师:张津圣 1 1 发布时间：2026-02-23 投资要点 请参阅附注免责声明 2 ◼ 焦点：假期美伊局势不明朗，原油获得地缘溢价。PX、PTA供需今年边际好转预期。依据wind和隆众 资讯，PX（中国主港）-石脑油（日本）的价差经过调整后开始稳定在300美元/吨附近，价差节后可能 再度走强。 ◼ 回顾：春节前最后一周，申万一级行业指数表现中，石油石化指数表现一般，较上周上涨-0.82%。而中 信三级行业指数表现来看，工程服务在石油石化中表现最佳，涨幅1.51%。 ◼ 原油：原油涨。美原油库存下降，汽油库存下降 ◼ 聚酯：涤纶长丝价格涨。江浙织机涤纶长丝库存天数不同品种涨跌不一，织机开工率跌 ◼ 烯烃：样本PE现货价格跌，聚烯烃石化库存上涨 ◼ 标的： ➢ 上游：地缘若未来再次给出原油溢价，则利好上游标的。 ➢ 炼化：若需求好转，优供给、淘汰落后产能有所进展，则利好中游炼化。 ➢ 长丝：关注PTA反内卷进展和PX利润修复，若顺利则利好涤纶长丝。 ◼ 风险提示：油价剧 ...

Investment Rating - The report maintains a strong buy rating for the media industry, indicating a positive outlook for investment opportunities in the AI video sector [2]. Core Insights - The AI video generation technology is evolving rapidly, transitioning from GAN to DiT architectures, which are crucial for advancing towards AGI. This evolution is expected to significantly enhance the capabilities of AIGC (AI-Generated Content) [3][9]. - The global AI video generation market is projected to reach $296 million by 2026, with a year-on-year growth of 35.16%. The industry is exploring both consumer (C-end) and business (B-end) revenue models, with significant advancements in commercial applications expected in the near future [3][4]. Summary by Sections 1. Video Generation Evolution - Video generation integrates multiple modalities, including text, images, and audio, which enhances its complexity and expressiveness, representing the upper limit of AIGC capabilities [7]. - The technology has progressed from early GAN models to the current DiT architecture, marking a significant turning point in the industry with the introduction of models like OpenAI's Sora [9][25]. 2. Technical Progress - Current AI video generation models can produce short segments that approach professional production quality, with resolutions supporting 1080p and frame rates reaching 30fps. However, challenges remain in generating longer videos and maintaining physical realism [34][36]. - The emergence of world models is anticipated to address existing limitations in video generation, potentially leading to a new phase of technological advancement [33]. 3. Commercialization Progress - The AI video generation market is expanding rapidly, with both consumer and business segments progressing simultaneously. The C-end focuses on subscription models, while the B-end primarily utilizes APIs for applications in advertising and e-commerce [3][4]. - The industry is witnessing a shift towards integrating AI capabilities into film production, with significant projects already generating substantial revenue, such as Utopai's projects totaling approximately $110 million [3][4]. 4. Core Beneficiaries - Key companies benefiting from this trend include technology firms with proprietary algorithms, content providers with extensive asset libraries, and platforms actively integrating AI into marketing strategies [4].

Investment Rating - The investment rating for the basic chemical industry is "Outperform the Market" [1] Core Insights - The European chemical industry is facing a systemic crisis due to the impact of the Russia-Ukraine conflict on energy costs, coupled with stringent carbon emission and environmental policies, leading to a "death spiral" of high costs and low demand. This situation is expected to result in a wave of shutdowns in the basic olefins, aromatics, chlor-alkali, and liquid ammonia sectors over the next 3-5 years, significantly affecting the global supply-demand landscape [2] - In contrast, the Chinese chemical industry is positioned to absorb the market share vacated by Europe, benefiting from a virtuous cycle of capital expenditure, cost optimization, and demand growth. Chinese companies are expected to capitalize on two main opportunities: (1) domestic chemical leaders will benefit from the systematic exit of the European chemical industry; (2) domestic firms in sectors with high consumption/production shares in Europe will also gain from the local industry's exit [2] - Investment recommendations include focusing on companies such as Sinopec, Rongsheng Petrochemical, Hengli Petrochemical, Wanhua Chemical, Satellite Chemical, Dongfang Shenghong, Hualu Hengsheng, and Luxi Chemical [2] Summary by Sections Section 1: Decline of European Chemical Industry - Europe has historically led the global chemical industry, but its market share has significantly declined from 16.4% in 2013 to 12.6% in 2023, while China's share increased from 34.0% to 43.1% during the same period [37][40] - The EU27 countries accounted for approximately 66% of the European chemical market, with Germany, France, Italy, and the Netherlands being the largest contributors [26] - The European chemical industry has seen a notable decrease in trade competitiveness, with exports dropping from 25% of global chemical exports in 2003 to 18% in 2023 [45] Section 2: Systemic Challenges in Europe - The European chemical industry is experiencing a significant decline in competitiveness due to high energy costs, stringent carbon policies, and regulatory burdens, leading to a lack of investment and innovation [90][92] - The energy cost for industrial users in the EU has more than doubled from 2008-2021 to 2022-2024, severely impacting the industry's profitability [106] - The industry is facing a wave of shutdowns, with approximately 20% of ethylene capacity expected to be closed over five years due to high operational costs and declining demand [78][84] Section 3: Opportunities for Chinese Chemical Industry - The Chinese chemical sector is benefiting from a favorable investment environment, with significant capital expenditures leading to optimized costs and increased demand [2] - Chinese companies are well-positioned to take over market share from Europe, particularly in sectors where European firms are exiting due to high costs and regulatory pressures [2] - The report highlights specific companies in China that are expected to thrive in this shifting landscape, indicating a strong potential for growth in the domestic chemical market [2]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Insights - The report highlights a significant increase in demand for AI infrastructure driven by competition among major internet companies during the Spring Festival, leading to explosive growth in AI orders and a strain on backend infrastructure [5] - The token consumption in AI applications has seen exponential growth, with ByteDance's Doubao model reaching an average daily token usage of over 50 trillion, a tenfold increase year-on-year [6] - The cloud computing sector is entering a price increase cycle, with major players like Amazon and Google announcing significant price hikes for their services [7][8] Summary by Relevant Sections Industry Overview - The closing index is at 5656.62, with a 52-week high of 6151.34 and a low of 4080.58 [2] Market Performance - The relative performance of the computer industry compared to the CSI 300 index shows fluctuations, with a notable decline of 21% in early 2025, followed by a recovery trend [4] Market Trends - The IDC market in China is projected to reach approximately 430 billion yuan in 2026, with a compound annual growth rate of about 18% over five years, and the intelligent computing center market is expected to grow at an annual rate exceeding 30% [6] Price Adjustments - Major cloud service providers have announced price increases, with Amazon's EC2 machine learning capacity block prices rising by about 15% and Google's cloud services seeing price adjustments of up to 100% in North America [7][8]

Investment Rating - The report maintains a "Buy" rating for Yum China (9987.HK) [5][15] Core Insights - The company reported a revenue of $2.823 billion for Q4 2025, a year-on-year increase of 9%, with operating profit rising by 25% to $187 million and net profit increasing by 24% to $140 million [5][6] - For the full year 2025, the company achieved a revenue of $11.797 billion, up 4% year-on-year, with operating profit of $1.29 billion, an 11% increase, and net profit of $929 million, a 2% increase [5][6] Summary by Sections Company Overview - Latest closing price: HKD 445.60 - Total shares: 354 million - Total market capitalization: HKD 1,578.99 billion - 52-week high/low: HKD 450.00 / HKD 363.80 - Debt-to-asset ratio: 42.21% - Price-to-earnings ratio: 22.05 [4] Financial Performance - Q4 2025 saw a same-store sales growth of 3%, marking the third consecutive quarter of growth, with same-store transaction volume increasing for twelve consecutive quarters [6][7] - The company added 587 new stores in Q4 2025, the highest for the quarter, with a 36% increase in franchise store ratio [7] - The restaurant profit margin for Q4 2025 was 13%, up 70 basis points year-on-year, while the operating profit margin was 6.6%, up 80 basis points [7][8] Growth Drivers - The company’s delivery sales grew by 34% year-on-year, accounting for 53% of restaurant revenue, up from 42% the previous year [8][11] - Membership numbers for KFC and Pizza Hut exceeded 590 million, with active members growing by 13% [8] Future Outlook - The company plans to add 1,900 new stores in 2026, aiming for over 20,000 total stores, with capital expenditures projected at $600-700 million [14] - Revenue growth is expected to be 6.3% in 2026, with net profit growth of 10.1% [15][17]