东 兴 晨 报 东兴晨报 P1 经济要闻 2026 年 2 月 26 日星期四 本期编辑 | 分析师：林瑾璐 | | | --- | --- | | 021-25102905 | linjl@dxzq.net.cn | | 执业证书编号： | S1480519070002 | 东兴证券研究所金股推荐 | 证券代码 | 证券简称 | | --- | --- | | 002392.SZ | 北京利尔 | | 002991.SZ | 甘源食品 | | 300619.SZ | 金银河 | | 300627.SZ | 华测导航 | | 300666.SZ | 江丰电子 | | 300810.SZ | 中科海讯 | | 603209.SH | 兴通股份 | | 603239.SH | 浙江仙通 | | 688095.SH | 福昕软件 | | 688627.SH | 精智达 | 数据来源：《二月金股汇》 2026 年 02 月 02 日，东兴证券研究所 有 限 公 敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 东 兴 证 券 股 份 司 1. 中国人民银行：2 月 26 日公告称，以固定利率、数量招标方式开展 了 3 ...

Core Insights - The report highlights the strategic initiatives of the company to expand its product lines in the refractory materials sector and emerging technologies, particularly through a planned capital increase of up to 1.034 billion RMB for new projects and overseas expansion [6][11]. Company Developments - Changxin Bochuang signed a letter of intent to acquire 93.81% of Shanghai Honghui Light Communication Technology Co., Ltd. for approximately 375 million RMB, aiming to enhance its product line in the optical communication field [5]. - Tongwei Co., Ltd. is planning to acquire 100% of Qinghai Lihua Qingneng Co., Ltd. through a combination of share issuance and cash payment, with the transaction expected to not alter the control of the company [5]. - Yutong Optical received acceptance from the Shenzhen Stock Exchange for its application to issue shares to specific investors, pending further approvals [5]. - Maoyan Entertainment forecasts a revenue of up to 4.7 billion RMB for the fiscal year 2025, representing a growth of approximately 15.1% compared to 2024 [5]. - Conch Cement's major shareholder plans to increase its stake in the company by investing between 700 million and 1.4 billion RMB within six months [5]. Industry Insights - The report emphasizes the resilience of small and medium-sized enterprises (SMEs) in China's industrial economy, with a 6.9% year-on-year increase in value added for SMEs in 2025, outperforming the overall industrial growth rate by 1.0 percentage points [2]. - The construction of a new production line for zirconia and zircon-based materials is expected to yield a post-tax internal rate of return of 29.35% and a payback period of 4.89 years, indicating strong potential for profitability [7][8]. - The establishment of a production base in Vietnam is part of the company's strategy to enhance its overseas operations, targeting the growing demand in Southeast Asia, particularly in Vietnam [9].

Core Insights - The report highlights the structural expansion of the rubidium and cesium market driven by the increasing penetration of perovskite solar cells and the development of space photovoltaics [7][12][13] Industry Overview - Perovskite solar cells (PSCs) are identified as a new type of solar cell with advantages such as low cost, high efficiency, lightweight, and flexibility compared to traditional silicon cells [7] - The report predicts that the penetration rate of perovskite solar cells in the photovoltaic market will rise significantly, from 1.3% in 2025 to 30% by 2030, driven by their cost-effectiveness and efficiency [9][12] Market Dynamics - The demand for rubidium and cesium is expected to grow substantially, with a projected CAGR of 115% from 2025 to 2030, as the perovskite battery market expands [12][16] - The report estimates that global demand for rubidium will increase from 37 tons in 2025 to 1696 tons by 2030, correlating with the anticipated growth in perovskite solar cell production [12][16] Technological Advancements - The stability of perovskite solar cells is a key challenge, but the addition of rubidium and cesium is expected to enhance their performance and longevity [8] - Flexible perovskite solar cells are anticipated to find applications in various fields, including building-integrated photovoltaics (BIPV), wearable devices, and automotive power generation [10][11] Future Outlook - The report suggests that the period from 2026 to 2027 will be crucial for the industrialization and validation of perovskite solar cells, with significant advancements expected in their application in space photovoltaics [13][14] - The integration of perovskite solar cells in space applications is projected to drive demand for rubidium significantly, with estimates indicating a potential need for 220 tons by 2030 due to space solar power initiatives [15][16]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The automotive sector is experiencing a significant shift with the introduction of Tesla's Robotaxi strategy, focusing on a dual-seat Cybercab to address 90% of travel scenarios [5][13] - Tesla has disclosed that approximately 1.1 million Full Self-Driving (FSD) paid users account for about 12% of its total vehicle sales, with a year-on-year growth of 38% [14] - The Shanghai government has introduced a subsidy for replacing old vehicles with new energy vehicles, offering an 8% subsidy on the purchase price, capped at 15,000 yuan [14] - The National Energy Administration plans to establish 28 million charging facilities by the end of 2027, expected to drive over 200 billion yuan in investments [15] - The global humanoid robot shipment is projected to increase by 508% in 2025, with Chinese manufacturers leading the market [20][22] Market Performance - The automotive sector underperformed the market, with the A-share automotive index declining by 4.67%, ranking 29th among primary industries [6][25] - The passenger vehicle index fell by 1.84%, while the commercial vehicle index decreased by 1.21% [6] - The automotive parts index saw a decline of 6.82%, with various segments experiencing different levels of performance [6] Investment Recommendations - For passenger vehicles, there is an unexpected demand in the domestic high-end luxury market, with recommendations for Jianghuai Automobile and Seres, while Geely Automobile is identified as a beneficiary [7] - In the automotive parts sector, profitability is expected to improve, with recommendations for Desay SV, Zhejiang Xiantong, Meili Technology, and others, while Weichai Power and others are seen as beneficiaries [7]

Core Insights - The report highlights the ongoing development of U.S.-China relations, with President Trump planning a visit to China in April, which is seen as beneficial for both nations [2] - The People's Bank of China is actively engaging with global financial leaders, indicating a focus on macroeconomic policies and trade relations [2] - The Chinese government is prioritizing the service sector in 2026, aiming to expand market access and promote digital trade [2] - The State-owned Assets Supervision and Administration Commission is working on initiatives to optimize the layout of state-owned enterprises, with significant investment planned for R&D and asset growth [2] - The report emphasizes the importance of the photovoltaic industry and the need for regulatory measures to ensure healthy competition [2] Company Insights - TikTok has established a joint venture in the U.S. for data security, indicating a strategic move to enhance its operational transparency [5] - China National Petroleum Corporation has achieved large-scale production of high-end materials, reducing reliance on imports for strategic industries [5] - SpaceX is preparing for a significant IPO, aiming for a valuation of approximately $1.5 trillion, which reflects its growth potential in the commercial space sector [5] - China Aerospace Science and Technology Corporation is focusing on enhancing its commercial launch capabilities, with ambitious goals for the next decade [5] Banking Sector Insights - The report indicates a slight increase in the proportion of active funds in the banking sector, with a total market value of 1.61 trillion yuan allocated to A-shares [6] - The concentration of holdings among the top five banks has decreased, with notable fluctuations in individual bank positions [7] - Northbound capital has seen a net reduction in bank stocks, with significant decreases in holdings for certain banks [8] - The banking sector is expected to benefit from macroeconomic policies aimed at improving credit conditions and stabilizing net interest margins [8][9]

Core Insights - The report emphasizes that China's asset value has significant room for revaluation, with the stock market expected to experience a slow bull market in 2025, driven by the transition from old to new economic drivers and the increasing share of the tertiary industry [6] - The report highlights that the liquidity environment is expected to remain supportive for the stock market in 2026, with potential interest rate cuts in China and a narrowing of interest rate differentials between China and the US [7] - The report anticipates a turning point in corporate earnings and valuations in the A-share market, with a projected profit growth rate of around 12% in 2026 [8] Economic News - The report notes that retail sales in various sectors, including home appliances and tourism, have shown significant year-on-year growth, indicating a recovery in consumer spending [2] - The People's Bank of China has announced measures to enhance offshore RMB liquidity, which may positively impact market confidence and investment [2] - The report mentions that foreign direct investment in China has increased, particularly in high-tech industries, reflecting a positive trend in attracting foreign capital [2] Industry Analysis - The report discusses the ongoing transformation of China's manufacturing sector, with a shift towards high-value-added services and technology-driven industries, which is expected to enhance the profitability of Chinese assets [6] - The report highlights the expected growth in the lithium industry, driven by the demand for electric vehicles and energy storage systems, with a projected compound annual growth rate (CAGR) of 21% for lithium demand from 2024 to 2027 [21] - The report indicates that the rare earth industry is undergoing a structural optimization, with supply constraints and increasing demand from sectors like electric vehicles and renewable energy, which may lead to price increases and improved profitability for related companies [17][18] Company Recommendations - The report recommends several stocks for 2026, including Torch Electronics, which is expected to benefit from improving industry conditions, and Guoli Electronics, which has a strong position in the semiconductor and new energy sectors [13] - Other recommended companies include Huace Navigation, which is poised to benefit from the Beidou satellite system, and Kingsoft Office, which is expected to see growth in its software business [13][14] - The report also highlights the potential of companies in the lithium and rare earth sectors, such as Zhongmin Resources and Jinyang Salt, due to the anticipated growth in demand for these materials [20][21]

Core Viewpoint - Zhejiang Xiantong (603239) aims to leverage its advantages by focusing on large-scale assembly and OEM of robots, optimizing the supply chain through joint R&D to provide high-quality, reliable, and cost-effective robot products for more robot companies, promoting mutual benefits and advancing the robotics industry [1] Company Strategy - The company will concentrate on robot complete machine large-scale assembly and OEM [1] - It plans to enhance supply chain optimization through collaborative research and development [1] Industry Impact - The initiative is expected to contribute to the progress and development of the robotics industry [1]

Core Insights - The report emphasizes the significant potential for asset value re-evaluation in China, predicting a slow bull market in the stock market by 2025 as a reflection of this process [3] - The report highlights the ongoing transformation of China's economy towards high-value service industries, with a notable shift from traditional manufacturing to technology-driven sectors [3] - The anticipated liquidity support for the stock market is expected to facilitate the return of overseas capital and encourage domestic investment in equities [4] - The report forecasts a recovery in corporate earnings and valuation expansion, suggesting a transition from valuation-driven growth to earnings-driven growth in the A-share market [5] - The report identifies favorable factors for economic recovery, including the implementation of the "14th Five-Year Plan" and a shift from passive to active inventory replenishment [6][7] - Investment styles are expected to shift towards a more balanced approach, with growth and cyclical sectors outperforming others as consumer recovery becomes more likely [8] Company Recommendations - Torch Electronics (603678.SH): The company is experiencing improved industry conditions, with significant growth in its three main business segments, achieving a revenue of 1.772 billion yuan in the first half of 2025, a 24.20% year-on-year increase [15] - Guoli Electronics (688103.SH): A leading player in vacuum devices, the company has seen rapid revenue growth, reaching 569 million yuan in the first half of 2025, a 70.49% increase year-on-year, driven by demand in the semiconductor and new energy sectors [20] - Huace Navigation (300627.SZ): The company is positioned to benefit from the North Star initiative, with a revenue of 3.251 billion yuan in 2024, reflecting a 21.38% year-on-year growth [23] - Kingsoft Office (688111.SH): The company reported a revenue of 4.178 billion yuan in the first three quarters of 2025, a 15.21% increase year-on-year, driven by strong growth in its WPS software business [30] - Zhejiang Xiantong (603239.SH): The company has established itself as a leader in the automotive sealing strip industry, benefiting from the rising demand for high-end automotive products [33] - Zhongke Haixun (300810.SZ): The company is developing comprehensive deep-sea technology solutions, positioning itself as a leader in underwater acoustics [10] - Jinyinhe (300619.SZ): The company is the largest producer of rubidium and cesium salts globally, with a strong growth outlook as it reaches full production capacity [10] - Anji Food (603345.SH): The company has quickly adapted to market changes, demonstrating clear growth potential [10]

Market Overview - The robotics sector experienced a significant surge today, with stocks such as Fenglong Co., Ltd. achieving a 14-day consecutive rise, and companies like Riying Electronics, Oke Yi, and Tieliu Co. reaching their daily price limits [1]. Stock Performance - Fenglong Co., Ltd. (002931.SZ) reached a price of 67.97, increasing by 10.00% with a market cap of 13.679 billion [2] - Riying Electronics (603286.SS) also saw a 10.00% increase, reaching 77.34 with a market cap of 8.926 billion [2] - Oke Yi (688308.SS) surged by 20.00% to 39.78, with no available market cap data [2] - Other notable performers include Banming Equipment (002270.SZ) at 32.49 (+9.99%), and Tieliu Co. (603926.SS) at 20.19 (+10.03%) [2] Industry Events - The 2026 Spring Festival Gala will feature robots again, enhancing industry visibility, as previous appearances by companies like Yushu Technology have shown [4] - OpenAI is reportedly seeking domestic hardware suppliers in the U.S. for core components of robots, indicating ambitions for large-scale production [4] - Qianxun Intelligent has open-sourced its VLA foundational model Spiritv1.5, achieving over 50% success in RoboChallenge evaluations, which supports technological iteration in the industry [4] Institutional Insights - Tesla's mass production is expected to initiate a cycle of growth in the supply chain, with domestic manufacturers poised to increase output from thousands to tens of thousands of units by mid-2026 [5] - The hardware supply chain for Tesla is consolidating, with domestic firms showing advantages in supply chain integration, cost control, and rapid product iteration [5] - The industry is accelerating towards mass production, with Chinese robotics companies showcasing integrated engineering capabilities at CES 2026 [5] - China holds significant advantages in supply chain completion, large-scale manufacturing, and cost reduction, with leading firms establishing production bases in Thailand to support Tesla's 2026 production plans [5]

Market Overview - The market experienced a pullback after an initial rise, with the Shenzhen Composite Index and the ChiNext Index turning negative. The total trading volume in the Shanghai and Shenzhen markets was 1.79 trillion yuan, a decrease of 198.5 billion yuan from the previous trading day [1] - The Shanghai Composite Index rose by 0.13%, while the Shenzhen Composite Index fell by 0.01%, and the ChiNext Index decreased by 0.64% [1] Sector Performance - The electric grid equipment sector saw significant gains, with companies like China Xidian, Dalian Electric Porcelain, and Guodian Electric reaching their daily price limits [1] - The commercial aerospace sector rebounded, with stocks such as Jinding New Materials and Yuexiu Capital also hitting their daily limits [3] - The tourism and hotel sector strengthened, with Dalian Shengya and Jiuhua Tourism achieving price limits [7] - The robotics sector experienced fluctuations, with stocks like Riying Electronics and Zhejiang Xiantong reaching their daily limits [5] Notable Stocks - A total of 44 stocks hit their daily limits in the morning session, with a limit rate of 67%. Notable stocks included Fenglong Co., which continued its streak with 14 consecutive price limits, and Xinhua Department Store with 4 consecutive limits [1] - In the electric grid equipment sector, stocks such as Shuangjie Electric and Yinen Electric saw significant increases of 17.65% and 13.89%, respectively [2] Investment Insights - The State Grid Corporation of China announced that its fixed asset investment is expected to reach 4 trillion yuan during the 14th Five-Year Plan period, a 40% increase compared to the previous plan, which is anticipated to drive high-quality development in the new power system supply chain [2][3] - The commercial aerospace sector is gaining momentum, with companies like Zhongke Aerospace completing their IPO guidance work, marking it as one of the fastest in the sector [4][13] Economic Indicators - The National Bureau of Statistics reported that the per capita disposable income for residents in 2025 is projected to be 43,377 yuan, with a nominal growth of 5.0% [29] - The GDP for 2025 is expected to exceed 140 trillion yuan, with a growth rate of 5.0% [30]