策略快评 2026 年 3 月各行业金股推荐汇总 策略研究·策略快评 | 证券分析师： | 王开 | 021-60933132 | wangkai8@guosen.com.cn | 执证编码：S0980521030001 | | --- | --- | --- | --- | --- | | 证券分析师： | 陈凯畅 | 021-60375429 | chenkaichang@guosen.com.cn | 执证编码：S0980523090002 | 金股推荐汇总（2026 年 3 月） 表1：2026 年 3 月各行业金股推荐标的汇总 | 行业名称 | 分析师 | 股票代码 | 股票名称 | 投资逻辑 | | --- | --- | --- | --- | --- | | | | | | 1）3 月促内需政策展望积极，公司烹饪培训基本盘与下游餐饮景气度共振，同时公司加速布局 | | 社服 | 曾光 | 0667.HK | 中国东方 | 美业、宠业、照护等新专业，充分受益新服务消费成长； | | | | | 教育 | 2）当前进入春招旺季，前期预报名人数同比增长 20% 以上，高频数据有望具备催化； | | ...

（文章来源：证券日报） 证券日报网讯 2月26日，亚翔集成在互动平台回答投资者提问时表示，截至2026年2月13日，公司的股 东数为20690户。 ...

【天风建筑建材 & 新材料】周观点 20260223 节前1-2周涨幅较好的主线为：①AI 算力相关电子材料主线，以特种电子布为核心的玻纤领涨建材板块；PCB 基材、半导体封装材料、液冷相关标的领涨新材料板块；②AI + 建筑主线，VR/AR 应用、算力 + 工程咨询设计相 关标的领涨建筑板块；③外围市场 PCB 核心基材、半导体设备/材料主线领涨。 下周重点关注： 1、科技主线持续回归，核心推荐【电子布】赛道：①供需格局持续失衡，行业整体供需缺口约 20%，26 年 1 月 起全品类电子布均出现供应紧张，企业在手订单已达 2 个月水平，预计26 年全年将维持供应偏紧格局；②产能供 给刚性收缩，普通电子布产能向高端转移带来60% 产能损失，全品类供给持续收缩；③涨价节奏加快、弹性充 足，25 年电子布行业普遍提价 4-5 次，26 年 已提价10%，高端 DK 布、Q 布、CTE布价格仍处上行通道；④扩产 瓶颈短期无法突破，高端产品生产依赖的丰田高端织布机交付周期长达 1-2 年，但需关注池窑法突破（单个池窑 年产3000吨VS坩埚36吨）带来的供应增加（29年有可能供过于求）；⑤库存与需求端共振，CCL及电 ...

Group 1 - The core point of the article is that as of February 10, 2026, the number of shareholders for Yaxiang Integrated has reached 20,505 households [2]

Group 1: Macroeconomic Insights - The report discusses the transition of the US economy from a "K-shaped divergence" to a "re-inflation" phase, indicating that the lower end of the K-shaped economy is beginning to converge with the upper end, supported by refinancing loans from the high-net-worth group [1][2][16] - It highlights the self-reinforcing mechanism of inflation expectations, where demand-driven inflation can lower real interest rates and compress credit spreads, leading to a unique situation where actual mortgage rates are at a three-year low despite rising long-term US Treasury yields [2][16] - The report notes a shift in global liquidity from easing expectations to tightening, with Bitcoin serving as a barometer for this transition, suggesting a non-typical re-inflation trade influenced by a combination of interest rate cuts and balance sheet reductions [3][16] Group 2: Industry Analysis - Perpetual Bonds - The issuance of perpetual bonds is primarily aimed at reducing corporate leverage, with significant peaks in issuance observed during 2018-2020 and ongoing demand from high-leverage state-owned enterprises since 2023, with annual net financing expected to be between 200-300 billion yuan [5][31] - The report outlines the evolution of issuance terms, noting an increase in the proportion of 5+N terms in recent years, indicating a trend towards longer maturities as credit spreads narrow [6][32] - It discusses the characteristics of perpetual bonds, emphasizing the balance between debt-like and equity-like features, with over 60% of recent issuances containing subordinate clauses to meet accounting standards [7][34] Group 3: Company Coverage - Rongzhi Rixin - The report initiates coverage on Rongzhi Rixin, projecting significant revenue growth driven by AI models and smart devices, with expected revenues of 687 million, 839 million, and 1,047 million yuan for 2025-2027, respectively [9][29] - It highlights the company's comprehensive technology system that enhances diagnostic efficiency by 3-5 times, supported by a substantial database of over 187,000 monitoring devices and 33,000+ failure cases, establishing a strong competitive moat [11][30] - The company is positioned in a high-growth sector, with a focus on industrial equipment maintenance across various industries, and has shown remarkable profit growth, with a 2063.42% increase in net profit year-on-year for the first half of 2025 [12][30]

Group 1 - The core viewpoint of the article highlights that on February 12, brokerage firms set target prices for listed companies, with 9 instances recorded, and 6 stocks showing target price increases exceeding 20% [1] - The companies with the highest target price increases based on the latest closing prices include SMIC, Kelun Pharmaceutical, and Yaxing Integration, with increases of 45.82%, 42.98%, and 34.30% respectively [1] - The sectors represented by these companies are semiconductor, chemical pharmaceuticals, and professional engineering [1]

Macroeconomic Insights - January non-farm employment data exceeded expectations with an increase of 130,000 jobs, significantly higher than the anticipated 65,000[2] - The unemployment rate unexpectedly dropped to 4.3%, despite a rise in labor participation rate[2] - The Federal Reserve may pause interest rate cuts until June, with market expectations for a rate cut probability of less than 6% in March[3] Inflation and Economic Trends - The U.S. economy is transitioning from a "K-shaped" recovery to a "re-inflation" phase, with high-net-worth individuals stabilizing the economy through refinancing[6] - Inflation expectations are self-reinforcing, with actual mortgage rates at a three-year low, contributing to a recovery in the housing sector[8] - The housing affordability index remains above 100, indicating that median-income households can still afford homes despite high prices[21] Industry-Specific Developments - The traditional electronic fabric market is experiencing accelerated price increases due to supply shortages, with prices rising by 0.5-0.6 RMB/m[43] - The AI electronic fabric sector is expected to see significant growth in 2026, driven by demand from AI chips and consumer electronics[46] - The coal industry is projected to benefit from a resurgence in coal power in the U.S., with companies like Peabody Energy and China Shenhua expected to gain[51]

Investment Rating - The report maintains a rating of "Buy" for the company [4][8]. Core Insights - The company's consolidated revenue for January 2026 increased by 87.6% year-on-year, with a target price raised to 189.2 CNY, reflecting a 43x PE ratio for 2026 [4][6]. - The company is expanding its overseas market presence, particularly in Southeast Asia, and has established a wholly-owned subsidiary in Singapore [6][4]. - The financial forecasts indicate a projected EPS growth of 5.2%, 40.5%, and 20.2% for 2025, 2026, and 2027 respectively [4][7]. Financial Summary - The consolidated revenue for January 2026 was 6.56 billion NTD (approximately 1.44 billion CNY), with a 30.9% decrease month-on-month [4]. - The total revenue for Q4 2025 was 25.08 billion NTD (approximately 5.52 billion CNY), showing a year-on-year increase of 133.7% [4]. - The projected total revenue for 2025 is 76.74 billion NTD (approximately 16.90 billion CNY), reflecting an 18.1% increase [4][7]. - The net profit attributable to the parent company is expected to reach 940 million CNY in 2026, with a net profit margin of 14.7% [7][14]. Valuation Metrics - The current price is 143.78 CNY, with a target price of 189.20 CNY, indicating significant upside potential [8]. - The company has a current PE ratio of 31.8x for 2026, which is relatively high compared to its peers [6][16]. - The company's dividend yield is currently at 1.4%, with a proposed payout ratio of 33.6% for 2024 [6][7].

Investment Rating - The report maintains a rating of "Buy" for the company [4][8]. Core Insights - The company's consolidated revenue for January 2026 increased by 87.6% year-on-year, with a target price raised to 189.2 CNY, reflecting a 43 times PE ratio for 2026 [4][6]. - The company is expanding its overseas market presence, particularly in Southeast Asia, and has established a wholly-owned subsidiary in Singapore [6][4]. - The financial forecast indicates a projected EPS growth of 5.2%, 40.5%, and 20.2% for 2025, 2026, and 2027 respectively [4][7]. Financial Summary - The consolidated revenue for January 2026 was 6.56 billion NTD (approximately 1.44 billion CNY), with a year-on-year increase of 87.6% and a month-on-month decrease of 30.9% [4]. - The consolidated revenue for Q4 2025 was 25.08 billion NTD (approximately 5.52 billion CNY), showing a year-on-year increase of 133.7% [4]. - The total revenue for 2025 is projected to be 76.74 billion NTD (approximately 16.9 billion CNY), reflecting an 18.1% increase [4][7]. - The company’s net profit for 2026 is forecasted to be 940 million CNY, with a net profit margin of 14.7% [7][4]. Valuation Metrics - The current price is 143.78 CNY, with a target price of 189.20 CNY, indicating significant upside potential [8]. - The company’s PE ratio for 2026 is projected at 31.8 times, while the historical average PE is around 74.2% [6][4]. - The company has a current dividend yield of 1.4%, with a proposed dividend payout ratio of 33.6% for 2024 [6][4].

Core Insights - The semiconductor cleanroom industry is experiencing rapid growth driven by advancements in cloud computing, IoT, big data, 5G/6G, AI, and digitalization, with the market expected to reach 195.06 billion yuan by 2025, reflecting a year-on-year growth of 14.7% [1][9]. Industry Overview - Cleanrooms are designed to eliminate micro-particles, harmful gases, and bacteria, maintaining specific cleanliness levels essential for semiconductor manufacturing [2]. - The semiconductor cleanroom is a critical component in chip manufacturing, aimed at controlling contamination that affects yield and reliability [3]. Market Barriers - The semiconductor cleanroom industry has high entry barriers due to the significant investment required and the critical nature of cleanroom systems in production processes, where instability can lead to substantial losses for clients [5][6]. - Companies with extensive project experience and a strong brand reputation are preferred by clients, making it difficult for new entrants to gain recognition [6]. Market Policies - The Chinese government has prioritized the self-sufficiency of the semiconductor industry, implementing various supportive policies to promote its development, which also benefits the cleanroom sector [6][7]. Industry Chain - The upstream of the cleanroom industry includes materials and equipment essential for cleanroom systems, while the midstream involves design and construction, and the downstream caters to semiconductor manufacturing processes [7]. Current Development - The semiconductor industry is projected to reach a market size of 211.5 billion USD by 2025, accounting for 29.42% of the global market, providing significant growth opportunities for the cleanroom sector [7]. Competitive Landscape - The cleanroom industry is characterized by a fragmented market with many small players, while a few companies like 柏诚股份 (Borch) and 亚翔集成 (Yaxiang) dominate the high-end market due to their technical expertise and project experience [10][11]. Development Trends - Continuous technological upgrades are necessary to meet the stringent requirements of advanced semiconductor processes, focusing on molecular-level contamination control and high-precision environmental regulation [12]. - The industry is moving towards green and intelligent solutions, integrating energy-saving technologies and smart management systems to enhance operational efficiency [13]. - The push for domestic substitution in the semiconductor industry is expected to strengthen collaboration across the supply chain, enhancing the competitiveness of local firms in critical components [14].