获取主要份额；③油气复合管有望中东市场取得突破打开成长天花板。 资料来源：公司公告、国信证券经济研究所整理 注：关于推荐标的基本情况与详细信息，请查阅国信证券分析师相关的研究报告 请务必阅读正文之后的免责声明及其项下所有内容 1 证券研究报告 | 2026年01月31日 策略快评 2026 年 2 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 2 | 月） | | | 表1：2026 年 2 | | 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 | | | | | | 业绩底部明确，公司近期股价出现非市场化的回调，估值已经具备吸引力 ...

Group 1: Strategy Overview - The report emphasizes the resilience of the A-share market amidst multiple overseas risks and signals of regulatory easing in China, suggesting that the relationship between market performance and regulatory changes warrants further consideration [5][12] - It highlights the significant outperformance of the A-share market compared to other major indices, particularly the CSI 300, which has faced substantial redemption pressure [5][12] - The report suggests that investors should not overly worry about the CSI 300's performance, as it has already aligned with regulatory easing requirements, reducing the necessity for further pressure [5][12] Group 2: Economic Insights - China's exports continued to show strong performance in December, driven by overseas investment during a global easing cycle, positively impacting sectors like electrical and mechanical equipment [6][13] - Domestic consumption is recovering, with a rebound in per capita consumer spending in the fourth quarter, aligning with the report's annual strategy predictions [6][13] - The report notes that recent government policies aimed at boosting domestic demand and stabilizing real estate are expected to support synchronized recovery in both domestic and external demand [6][13] Group 3: Asset Allocation and Investment Recommendations - The report identifies a dual focus for 2026 on physical assets and Chinese assets, with thematic investments being essential [7][16] - Recommended sectors include physical assets such as copper, aluminum, tin, gold, lithium, and oil, alongside Chinese equipment export chains like electrical grid equipment and renewable energy [7][16] - The report also highlights sectors benefiting from capital market expansion and improving long-term asset returns, such as non-bank financials and consumer sectors like aviation and duty-free retail [7][16] Group 4: Company-Specific Insights - **Yunnan Aluminum Co. (000807.SZ)**: The report recommends a long-term investment due to favorable conditions for aluminum exports and a strong balance sheet, with potential for increased dividends [18] - **Hua Aluminum (600301.SH)**: The company is seen as a strong growth candidate due to rising tin and antimony prices and its position as a key beneficiary of metal consolidation in Guangxi [19] - **Yingliu Co. (603308.SH)**: The report anticipates a surge in global gas turbine demand, positioning the company to increase its market share in turbine blades [20] - **Shangfeng Cement (000672.SZ)**: The company is recognized for its strong cash flow from cement operations and potential for significant dividends [21] - **Pop Mart (9992.HK)**: The company is expected to maintain rapid growth in the entertainment market through IP incubation and diverse monetization strategies [22] - **China Duty Free Group (601888.SH)**: The company is projected to strengthen its market position in the duty-free sector, benefiting from increased inbound tourism and overseas expansion [24] - **China Southern Airlines (1055.HK)**: The airline is expected to benefit from improved industry supply-demand dynamics and a large fleet size [25] - **Li Auto (2015.HK)**: The company is focusing on advancements in AI and smart driving technology, with expectations for increased vehicle sales [26] - **Lante Optics (688127.SH)**: The company is positioned to benefit from strong demand in automotive and smart imaging sectors [27] - **InnoCare Pharma (9606.HK)**: The company is advancing in the ADC field with a robust pipeline and partnerships, with several products nearing clinical registration [29]

Investment Rating - The report maintains an "Outperform" rating for the electronics industry [1][10]. Core Insights - The report highlights a transition from structural shortages and price increases to a more widespread inflation across the electronics industry, driven by sustained high demand for AI computing and storage capabilities [1]. - It emphasizes the optimistic outlook for 2026 as a year of significant growth in domestic hard technology, driven by innovations in AI smartphones, AI glasses, and foldable screens [1]. - The report recommends focusing on companies involved in self-controllable manufacturing and the overseas supply chain for storage and computing [1]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 0.84%, while the electronics sector increased by 1.39% over the past week, with optical electronics up by 3.21% and consumer electronics down by 0.69% [1][13]. - Global AI computing and storage demand continues to drive resource competition within the supply chain, leading to price increases across various components [1]. Semiconductor Developments - Alibaba's AI chip subsidiary, Pingtouge, is preparing for an independent IPO, indicating a strong trend towards domestic alternatives in computing chips [2]. - The report expresses confidence in the growth of domestic GPU and ASIC companies, such as Cambricon and Aojie Technology [2]. Storage Market Dynamics - NAND Flash prices have risen by 18% and DRAM prices by 33% in the past month, leading to increased cost proportions for PC manufacturers [3]. - Companies like Demingli and Jiangbolong are expected to see significant profit growth due to the ongoing storage cycle [3]. PCB Industry Insights - The report notes that rising raw material prices and increasing demand are positively impacting the performance of PCB upstream manufacturers [4]. - Companies such as Shenghong Technology and Jinan Guojiji are highlighted for their strong performance and market expectations [4]. Key Investment Recommendations - The report recommends several companies across different segments, including: - Optical Electronics: Lantech Optical, Aojie Technology, and others [1]. - Storage: Demingli, Jiangbolong, and others [3]. - PCB: Shengyi Technology and others [4]. - A focus on semiconductor companies like SMIC and Aojie Technology is also advised [9].

国内新闻 / Part 02 ①半导体投资联盟，澜起科技宣布/率先在国内推出基于PCIe 6.x/CXL 3.x标准的高性能有源电缆（AEC，Active Electrical Cable）解决方案/该方案面向数据中心从单机架向多机架复杂架构演进的需求/采用澜起自研的PCIe 6.x/CXL 3.x Retimer 芯片/旨在为大规模数据中心与高性能服务器平台提供高带宽、低延迟互连支持/ ②半导体芯闻，具备边缘推理能力的数字终端将快速增长/成为中国半导体产业扩张的重要驱动力——尤其是成熟工 艺技术领域/2025年四季度最新数据显示/2026年中国半导体市场预计增长31.26%/市场规模将达到5465亿美元/ ③大话芯片，国科微宣布对旗下固态存储芯片、SSD主控芯片及配套存储模组等全系列产品进行价格调整/涨幅区间 为20%至80%/其中企业级SSD及高端DDR适配产品涨幅居前/最高达80%/ 行情速递 / Part 01 ①大盘指数，科创50 (+1.51%)/创业板指(+0.71%)/上证指数(+0.18%)/深证成指(+0.09%)/北证50 (-0.05%)/ ②TMT领涨板块，SW分立器件(+5.70% ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002289 | *ST宇顺 | 27.80 | -3.17% | 2.54万 | 7143.47万 | | 600666 | 奧瑞德 | 3.65 | -2.93% | 125.58万 | 4.56亿 | | 300102 | 乾照光电 | 41.28 | -2.92% | 159.33万 | 65.22 乙 | | 300909 | 汇创达 | 49.39 | -2.62% | 4.14万 | 2.02亿 | | 688010 | 福光股份 | 32.30 | -2.39% | 5.49万 | 1.75亿 | | 603679 | 华体科技 | 16.07 | -2.13% | 7.74万 | 1.24亿 | | 300582 | 英飞特 | 17.83 | -1.82% | 14.11万 | 2.51亿 | | 000045 | 深纺织 A | 13.19 | -1.71% | 14.76万 | 1.95亿 | | 301106 | 骏成科技 ...

三维通信：共同设立私募股权基金 紫金矿业：拟以280亿元收购联合黄金100%股权 1月27日，紫金矿业(601899)发布公告称，公司控股的紫金黄金国际有限公司拟以44加元/股的价格，收 购在多伦多证券交易所和纽约证券交易所两地上市的Allied Gold Corporation（简称"联合黄金"）全部已 发行的普通股，收购对价共计约55亿加元（约合人民币280亿元）。联合黄金的核心资产包括在产的马 里Sadiola金矿、科特迪瓦金矿综合体（含Bonikro和Agbaou金矿），以及将于2026年下半年建成投产的 埃塞俄比亚Kurmuk金矿。截至2024年底，联合黄金拥有金资源量533吨，平均品位1.48克/吨；联合黄金 2023、2024年分别产金10.7吨、11.1吨；预计2025年产金11.7~12.4吨；依托Sadiola项目改扩建及Kurmuk 项目建成投产，预计2029年产金将提升至25吨。 海科新源：签署长期合作协议 1月27日，海科新源(301292)发布公告称，公司与深圳市比亚迪锂电池有限公司（简称"比亚迪锂电 池"）签署长期合作协议暨湖北项目管输合作协议，协议有效期三年，在协议有效期内，海 ...

公司披露，预计25年公司实现归母净利润3.75-4亿元，同增70.04%-81.38%，实现扣非归母3.68-3.93亿元，同增 70.89%-82.50%，单Q4公司实现归母净利润1.25-1.50亿元，同增112%-155%，全年业绩超预期，主要系大客户潜望 式微棱镜需求增长，模造玻璃车载、光通信、智能影像等下游需求旺盛。 玻璃非球面快速增长，26年有望持续保持高增。 国内大客户高附加值的超级棱镜项目26Q1放量在即，光模块索尔思订单增长显著，影像设备、车载等新品发布需 求催化，自25Q3起公司模造玻璃加速提供增长动能，26年公司业绩有望达到6e，未来三年保持高复合增速。 持续受益于光学创新，手机玻塑混合+眼镜AR晶圆空间广阔。 【国金电子】蓝特光学业绩预告点评：业绩大超预期，模造玻璃持续高景气度 公司披露，预计25年公司实现归母净利润3.75-4亿元，同增70.04%-81.38%，实现扣非归母3.68-3.93亿元，同增 70.89%-82.50%，单Q4公司实现归母净利润1.25-1.50亿元，同增112%-155%，全年业绩超预期，主要系大客户潜望 式微棱镜需求增长，模造玻璃车载、光通信、智能影像 ...

得益于下游消费电子、汽车等市场需求持续扩张，蓝特光学预计2025年净利润同比增长70.04%到 81.38%。 在2025年半年报中，蓝特光学曾表示，伴随新一代信息技术与智能化浪潮的演进，光学技术正加速与成 像、传感、通信、人工智能等前沿领域交叉渗透，逐步实现跨界融合与协同创新。近年来，随着消费电 子、车载、半导体等领域的快速发展，以及新兴领域如人工智能、高速光通信的兴起，光学光电子器件 的市场需求将持续扩大。 2025年前三季度，蓝特光学营收10.51亿元，同比增长33.65%；净利润2.499亿元，同比增长54.68%。 蓝特光学在与投资者交流时表示，消费电子类的下游需求往往受新品发布期等因素影响存在季节性波动 特征，前期备货需求会给上游供应链厂商带来巨大的产能和交期压力，三季度往往是相关产品交付的旺 季；同时，随着公司规划扩建的玻璃非球面透镜产能逐步释放，下游 AR、半导体应用等方面对玻璃晶 圆的需求保持增长，公司各业务板块都面临着相当的发展机遇，因此能够实现2025年第三季度业务的有 效增长。 展望未来，蓝特光学认为，光学光电子元器件是实现成像、传感等功能的重要组件，广泛应用于消费终 端、工业制造中的 ...

业绩快报 科创新源（300731.SZ）：随着客户麒麟电池、神行电池等一批新型电池不断推广应用，带动公司新能 源汽车动力电池散热液冷板业务快速增长。2025年，公司预计实现归母净利3000万元—4000万元，同比 增长73.62%—131.49%。 中航成飞（302132.SZ）：2025年，受报告期内重大资产重组影响，公司新增航空装备整机及部附件业 务，全年预计实现归属于上市公司股东的净利润为34亿元—36亿元，比上年同期（重组后）增长5.47% —11.67%。 ST景谷（600265.SH）：2025年，公司预计实现营业收入1.75亿元到2.05亿元，归属于上市公司股东的 净利润为-2.65亿元到-2.15亿元，预计扣除与主营业务无关的业务收入和不具备商业实质的收入后的营 业收入为1.45亿元到1.65亿元，低于3亿元，将触及《上海证券交易所股票上市规则》第9.3.2条，公司股 票在2025年年度报告披露后可能将被实施退市风险警示（在公司股票简称前加"*ST"）。 亿嘉和（603666.SH）：2025年公司预计实现净利润亏损3500万元—2400万元，上年同期亏损2.18亿 元。报告期内，公司持续推进 ...

（文章来源：证券日报） 证券日报网讯 1月26日，蓝特光学发布公告称，公司披露2026年限制性股票激励计划草案，拟向211名 董事、高管及核心员工授予208.00万股第二类限制性股票，授予价21.92元/股，占当前股本40，589.77 万股的0.51%，分三年归属，2026-2028年业绩考核目标为营收或净利润增速分别不低于25%、40%、 50%。 ...