Group 1 - The report tracks stocks, industries, and sectors reaching new highs, indicating market trends and hotspots [1][4] - As of February 13, 2026, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 2.00%, Shenzhen Component Index 2.35%, CSI 300 2.72%, CSI 500 3.51%, CSI 1000 3.14%, CSI 2000 2.54%, ChiNext Index 3.32%, and STAR 50 Index 5.50% [5][24] - Among the CITIC first-level industry indices, construction materials, machinery, light industry manufacturing, petroleum and petrochemicals, and media industries are closest to their 250-day new highs, while food and beverage, banking, comprehensive finance, pharmaceuticals, and agriculture indices are further away [8][24] Group 2 - As of February 13, 2026, a total of 1,390 stocks reached a 250-day new high in the past 20 trading days, with the most new highs in the machinery, electronics, and basic chemicals sectors [2][12] - The highest proportion of new high stocks is found in non-ferrous metals, petroleum and petrochemicals, and steel industries, with respective proportions of 66.67%, 62.75%, and 39.62% [12][15] - The manufacturing and technology sectors have the most stocks reaching new highs this week, with 433 and 396 stocks respectively [15] Group 3 - The report identifies 50 stocks with stable new highs, including Zhongtung High-tech, Dike Co., and Xiechuang Data, primarily from the technology and manufacturing sectors [3][20] - The technology sector has the most new high stocks, particularly in the electronics industry, while the manufacturing sector has the most in the machinery industry [20][25]

Group 1: Stock Price Movement - The stock price of Zhongtung High-tech (000657) showed high volatility in February 2026, closing at 52.41 yuan on February 13, down 5.28% for the day, with a cumulative increase of 9.35% over the past five trading days and an annual increase of 89.14% [1] - Short-term profit-taking pressure emerged as the stock price rose from 27.71 yuan at the end of 2025 to a high of 53.76 yuan in January 2026, resulting in a gain of over 72% [1] - On February 11, a net inflow of 736 million yuan led to a price surge, but the stock retreated to 52.41 yuan on February 13, indicating increased divergence in market sentiment [1] Group 2: Industry Policy and Market Conditions - The high volatility in tungsten prices is supported by tightening supply, with domestic tungsten concentrate mining quotas reduced by 6.5% to 58,000 tons in 2025 and increased export controls in 2026, leading to a global supply gap of approximately 17,800 tons [2] - As of early February 2026, the price of black tungsten concentrate exceeded 650,000 yuan per ton, reflecting a nearly 40% increase since the end of 2025, although rapid price increases have raised concerns about demand slowing down [2] Group 3: Company Valuation and Performance Expectations - Optimistic forecasts suggest a year-on-year growth in net profit attributable to shareholders of 40%-60% for 2026, with Q1 net profit potentially surging by 465%-556% [3] - The company's resource self-sufficiency rate is expected to improve to 70% following the injection of Yuanjing Tungsten Industry, and the ramp-up of high-end products like photovoltaic tungsten wire and PCB micro-drills is anticipated to provide long-term growth momentum [3] - Current price-to-earnings ratio (TTM) stands at 111.60, significantly above the industry average, with target price ranges from various institutions between 50-72 yuan, while the market's composite target price of 38.34 yuan indicates a valuation discrepancy [3] Group 4: Technical and Financial Aspects - The stock price has been oscillating between the upper Bollinger Band (55.83 yuan) and the 20-day moving average (47.27 yuan), with the KDJ indicator showing a need for correction after being overbought [4] - The financing balance increased by 5.81% over the past ten days to 2.397 billion yuan, indicating high participation from leveraged funds, although the broader sector (non-ferrous metals) experienced a 3.36% decline, exacerbating volatility [4]

签约前，沈慧明一行参观了SEW中国天津智能制造基地，实地考察SEW智能制造中心、智能装配 中心及大型非标减速机制造车间，详细了解企业在传动领域的研发制造实力、先进管理体系与整体解决 方案能力，并对其智能制造水平给予高度评价。 SEW集团1931年创立于德国，是专注于电机、减速器、变频控制设备及工业自动化系统解决方案 的跨国企业，在全球拥有17个制造厂、92个装配技术中心。1993年进入中国以来，SEW中国已建成7个 装配中心，服务网络覆盖全国，成为多项国家重点项目的核心合作伙伴。 中钨高新总经理、党委副书记沈慧明，SEW中国公司执行董事长张胜利出席签约仪式并见证签 约。中钨高新党委委员、财务总监胡佳超，SEW武汉公司总经理金志武代表双方签署协议。 沈慧明对SEW中国公司长期以来给予的支持表示感谢。他表示，此次战略合作协议的签署，是双 方深化产业链协同的重要举措。希望以签约为新起点，进一步加强沟通对接、拓展合作领域，实现优势 互补、合作共赢。 张胜利对沈慧明一行到访表示热烈欢迎，并感谢中钨高新长期以来的信任与支持。他指出，双方建 立战略伙伴关系，有助于充分发挥各自核心优势、实现双向赋能，共同服务中国及全球制造业 ...

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

（责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 东吴证券研报指出，中钨高新是全球钨制品龙头，钻针业务迎AI算力建设新机遇。公司作为中国 五矿集团钨产业唯一核心平台，通过持续资本运作，构建了"资源—冶炼—深加工—工具应用"的一体化 闭环，强化了平台价值与成长弹性。公司主营钨矿业务，全球主导地位与价格上行红利。钨价持续上涨 公司矿产资源储备丰富，叠加公司在高长径比PCB钻针领域技术优势领先，未来逐步兑现业绩。预计公 司2025-2027年归母净利润分别为13.4/19.0/23.5亿元，当前股价对应动态PE分别为94/66/54x，首次覆 盖，给予公司"买入"评级。 ...

2月13日，中钨高新跌5.02%，截至发稿，报52.55元/股，成交31.12亿元，换手率3.98%，总市值1197.41 亿元。 资料显示，中钨高新材料股份有限公司位于湖南省株洲市荷塘区钻石路288号钻石大厦10-12楼，成立日 期1993年3月18日，上市日期1996年12月5日，公司主营业务涉及硬质合金和钨、钼、钽、铌等稀有金属 及其深加工产品的研制、开发、生产、销售及贸易业务。主营业务收入构成为：精矿及粉末产品 34.74%，其他硬质合金23.13%，切削刀具及工具21.68%，难熔金属16.23%，贸易及装备等4.22%。 截至发稿，尹航累计任职时间5年209天，现任基金资产总规模5.34亿元，任职期间最佳基金回报 86.09%， 任职期间最差基金回报-5.09%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，万家基金旗下1只基金重仓中钨高新。万家高端装备量化选股混合发起式A（020560 ...

Group 1 - The core viewpoint highlights the focus on policy support and market dynamics in China's natural resources sector, with the Ministry of Natural Resources announcing reforms to accelerate project implementation and regional collaboration [1] - In Sichuan Province, a new round of mineral exploration has progressed, with 18 cities and states investing a total of 314 million yuan, discovering over 100 million tons of resources such as phosphate and fluorite [1] - Commodity prices show mixed trends, with energy prices rising by 0.6% in early February, while mineral prices fell by 0.2%, and non-ferrous metals saw a significant decline of 2.7% [1] Group 2 - Recent stock performance in resource-related stocks is driven by policy changes and price fluctuations, with tungsten stocks like Xianglu Tungsten Industry and Zhangyuan Tungsten Industry hitting the daily limit due to expectations of price increases [1] - The land market recovery has also boosted related sectors, exemplified by high premium transactions for residential land in Chengdu, indicating the value of core regional resources [1] - Institutional analysis suggests that cyclical stocks such as tungsten and nickel are supported by supply constraints and growing demand from the new energy sector, making their earnings elasticity noteworthy [2]

Core Viewpoint - Tungsten, known as "industrial teeth," is experiencing a surge in demand and price due to supply constraints and strong market demand [1][2]. Group 1: Price Increases - The long-term procurement prices for tungsten products have significantly increased, with 55% black tungsten concentrate rising by 28.1% to 670,000 CNY/ton and 55% white tungsten concentrate increasing by 28.2% to 669,000 CNY/ton [2][3]. - Ammonium paratungstate (standard grade zero) long-term procurement price rose by 27.6% to 970,000 CNY/ton [2]. Group 2: Supply and Demand Dynamics - Domestic mining operations are conservatively producing, leading to a weak market increment expectation and further price adjustments for long-term contracts [2]. - The supply side is facing tightening due to stricter safety and environmental regulations, resulting in decreased production and shipments from some mines [2][3]. - Demand remains stable, primarily driven by essential purchases, particularly in the PCB tool sector [2]. Group 3: Future Price Outlook - Institutions are optimistic about the future price of tungsten, with expectations for continued strong performance and new highs [3]. - The global tungsten production is projected to increase from 82,800 tons in 2025 to 89,900 tons by 2028, while demand is expected to rise from 102,100 tons to 110,000 tons, indicating a potential supply-demand gap [3]. Group 4: Stock Market Response - A-share tungsten concept stocks have reacted positively to the price increases and supply-demand changes, with several stocks hitting the daily limit [4]. - Notable performers include Xianglu Tungsten Industry and Zhangyuan Tungsten Industry, both of which saw significant price increases [4][5]. - Xianglu Tungsten Industry has achieved a cumulative increase of 166.32% this year, reflecting strong market interest [5].

Core Viewpoint - The article highlights the rising prices of tungsten and rare earth metals, with tungsten reaching a historical high, amidst increasing global competition for critical minerals [1]. Group 1: Market Performance - On February 12, the three major indices collectively rose, with the ChiNext Index increasing by over 1% [1]. - Small metal sectors showed significant activity, with companies like Xianglu Tungsten and Dongfang Tantalum experiencing notable stock performance [1]. Group 2: Supply and Demand Dynamics - The market anticipates increased demand for replenishment after the Spring Festival, leading to improved short-term transaction volumes [1]. - The current supply situation for tungsten remains tight, with challenges such as reduced mining quotas, declining year-end shipments, and unstable import volumes [1]. - The global tungsten market faces a pronounced supply-demand imbalance, making it difficult to resolve short-term issues [1].

Market Overview - The Shanghai Composite Index experienced narrow fluctuations, while the Shenzhen Component and ChiNext indices saw upward movements, with the Shanghai and Shenzhen markets recording a half-day trading volume of 1.33 trillion yuan, an increase of 30.7 billion yuan from the previous trading day [1] - Over 2,700 stocks in the market rose, with notable strength in the electric grid equipment sector, where companies like Suyuan Electric and Sifang Co. reached new highs [1] - The non-ferrous metals sector remained active, with Xianglu Tungsten and Zhangyuan Tungsten achieving consecutive gains [1][7] - The CPO concept stocks surged again, with Tianfu Communication rising over 10% to set a new historical high [1] - The gas turbine concept stocks exploded, with Yingliu Co. and Changbao Co. hitting the daily limit [1] Electric Grid Equipment Sector - The electric grid equipment sector showed strong performance, with stocks like Suyuan Electric, Sifang Co., Shun Sodium Co., and Senyuan Electric hitting the daily limit [1][12] - The sector's growth is supported by a significant increase in transformer exports, which reached a record value of 64.6 billion yuan in 2025, marking a nearly 36% increase from the previous year [2][3] Non-Ferrous Metals Sector - The non-ferrous metals sector saw a notable increase, with black tungsten concentrate prices rising by 25.19% to 671,000 yuan per ton, and ammonium paratungstate prices increasing by 24.68% to 985,000 yuan per ton [7][17] - The Producer Price Index (PPI) showed a positive growth of 0.4% month-on-month in January 2026, the highest growth rate since May 2022, indicating potential price increases in the non-ferrous, electronics, and chemical industries [7] Liquid Cooling and Computing Power Rental Sector - The liquid cooling concept stocks also performed well, with companies like Chuanrun Co., Bojie Co., and Yingwei Co. hitting the daily limit [3][10] - The computing power rental sector remained active, with stocks like Dazhi Technology achieving four consecutive gains, and UCloud announcing a price increase for all cloud products and services starting March 1, 2026, due to rising costs [6][20] Media and Entertainment Sector - The media and entertainment sector faced a collective decline, with companies like Huanrui Century and Hengdian Film experiencing significant drops [1] Summary - Overall, the market continued to show a mixed trend, with the ChiNext index gaining over 1%. Technology growth stocks, particularly in electric grid equipment, liquid cooling, gas turbines, and computing power rental, led the gains, while the media and consumer sectors faced adjustments [9]