证券分析师 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2026.02.26） 基金研究 权益市场震荡修复，宽基指数多数呈现资金流出态势——公募基金周报 金融工程研究 主要指数多数下跌，两融余额继续下降——融资融券周报 公司研究 以科研为基，轴承+磨料磨具双主业协同发展——国机精工（002046）公司深 度报告 行业研究 证 静待国内需求复苏，关注宏观情绪影响——金属行业周报 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 7 晨会纪要（2026/02/26） 晨会纪要（2026/02/26） 基金研究 权益市场震荡修复，宽基指数多数呈现资金流出态势——公募基金周报 宋 旸（证券分析师，SAC NO：S1150517100002） 张笑晨（证券分析师，SAC NO：S1150525070001） 1、本周市场回顾 节前一周统计区间为 2026 年 2 月 9 日至 2026 年 2 月 13 日，权益市场主要指数多数上涨，其中，涨幅最大 的是科创 50 ...

轴承市场规模增长空间广阔，公司轴承领域优势明显 轴承是用于确定运动体与其他零件相对运动位置，起支承或导向作用的重要 零部件，2025 年全球轴承市场规模约为 1,451.9 亿美元，到 2034 年有望提 升至 3,294 亿美元。公司航天领域特种轴承优势明显，曾圆满完成中国航天 发展史上具有里程碑意义的"东方红""长征""神舟""嫦娥""天问"等航天 工程配套任务，航天领域特种轴承重点产品配套率 90%以上。风电领域，公 司产品涵盖风电主轴轴承、齿轮箱轴承和偏航变桨轴承，公司下属轴研科技 自主研发世界首台 26 兆瓦系列主轴轴承及齿轮箱轴承，实现由跟踪模仿到开 创引领的跨越。此外，公司已将机器人轴承纳入"十五五"业务板块规划，未 来将拓展人形机器人用轴承，重点开发交叉滚子轴承、薄壁轴承、角接触轴承 等高附加值产品，下游应用领域拓展值得重点关注。 公 公司深度报告 司 研 究 以科研为基，轴承+磨料磨具双主业协同发展 ——国机精工（002046）公司深度报告 分析师： 宁前羽 SAC NO： S1150522070001 2026 年 2 月 25 日 机械设备——通用设备 证券分析师 宁前羽 022-238 ...

（文章来源：每日经济新闻） 每经AI快讯，2月25日，培育钻石板块盘初下挫，沃尔德跌超6%，英诺激光、惠丰钻石、力量钻石、国 机精工等纷纷走低。 ...

1、机构称AI芯片领域，钻石散热潜在市场空间广阔。 明日线索 2月24日，培育钻石概念大涨，四方达20cm涨停，黄河旋风涨停。 消息面上，河南省科技厅官微此前消息，热沉片是金刚石家族的新成员，它让超硬材料成功进入高端芯片散热这个新赛道。黄 河旋风表示，从热沉片上切割出来所需要的形状，以某种方式贴合在芯片上，做成顶级散热器，这将大大促进高功率器件、 5G/6G通信、AI算力性能的提升。如今，制约产业化的尺寸瓶颈已被突破，黄河旋风成功研制出国内可量产的最大8英寸热沉 片。据悉，公司热沉片生产车间将于今年2月份投入量产，这是功能性金刚石从实验室，迈向规模化商业应用的一个里程碑。 据中邮证券，AI芯片领域，钻石散热潜在市场空间广阔。假设2030年全球AI芯片市场规模为3万亿人民币；AI芯片中钻石散热方 案渗透率分别为5%、10%、20%、50%；钻石散热价值量占比分别为5%、8%、10%，进行弹性测算，钻石散热市场空间的区间 为75亿至1500亿元。 | 图表12: Al 芯片领域钻石散热市场空间弹性测算表 | | | | | | | --- | --- | --- | --- | --- | --- | | 单位( ...

【中金机械】国机精工深度报告—高端轴承+超硬材料，稀缺平台型企业价值重估202602 前言：国机精工在近两月股价涨幅53%，公司是"工业基础件（轴承）+超硬材料"核心资产，我们在2026年首次覆 盖国机精工，目标价53.67元，采用分布估值法。 2、超硬材料打开第二增长曲线，高端应用多点突破。 公司依托MPCVD技术路线，未来有望将导热金刚石业务切入【AI芯片散热】高景气赛道；此外，【半导体切割工 具】与复合超硬材料持续突破高端场景，高毛利业务占比稳步提升。 1、高端轴承业务多点开花，航天+风电构筑增长双引擎。 3、业务结构持续优化，盈利质量显著改善。 公司航天特种轴承市占率超90%，充分受益于商业航天发射频次翻倍与可回收火箭渗透率提升；风电轴承实现 26MW海上机型技术突破，我们认为有望持续享受"十五五"装机量增长红利，大兆瓦产品交付规模持续扩大。 公司主动收缩低毛利贸易业务，整体毛利率从2021年20.9%升至3Q25 34.7%，技术壁垒持续增厚。 潜在催化剂：商业航天发射任务超预期，风电大兆瓦机型装机加速，MPCVD金刚石扩产顺利投产。 前言：国机精工在近两月股价涨幅53%，公司是"工业基础件（轴承） ...

Stock Performance - The stock price of Guojijinggong increased by 2.05% on February 12, 2026, closing at 46.36 CNY per share, despite a net outflow of 4.6053 million CNY in main funds and a turnover rate of 1.07% [2] - On February 10, 2026, the stock price decreased by 0.57% to 45.75 CNY per share, with a net outflow of 58.1841 million CNY in main funds [2] - Over the past five trading days, the stock has cumulatively declined by 1.17%, but has increased by 7.36% year-to-date [2] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 2.296 billion CNY, representing a year-on-year growth of 27.17% [3] - The net profit attributable to shareholders was 206 million CNY, with a year-on-year increase of 0.79% [3] - The revenue for the third quarter alone was 688 million CNY, showing a year-on-year growth of 32.19% [3] - The gross profit margin stood at 34.71%, and the debt ratio was 28.19% [3] Business Developments - The company reported that its aerospace bearings hold over 90% market share in the domestic market, with clients including leading private rocket companies [4] - Recent market interest in the aerospace sector has influenced stock price fluctuations [4] - The company disclosed advancements in the application of diamond in fields such as heat dissipation and optical windows, although it has not established a joint research institute with Huawei [4] Institutional Research Activities - On January 26, 2026, Galaxy Fund conducted a research activity focusing on the company's dual main businesses of bearings and superhard materials [5] Shareholder Information - As of February 10, 2026, the number of shareholders was 50,600, a decrease of 7.48% from the previous period, while the average circulating shares per person increased by 8.09% [6] - Hong Kong Central Clearing Limited increased its holdings to 10.4452 million shares in the third quarter of 2025, becoming the second-largest circulating shareholder [6]

证券日报网讯 2月11日，国机精工在互动平台回答投资者提问时表示，截至2026年2月10日，公司股东 人数为50567户。 （文章来源：证券日报） ...

Group 1 - Aerospace Electronics (600879) is a core listed platform of the Aerospace Science and Technology Group, focusing on aerospace electronic information systems, inertial navigation, integrated circuits, and electromechanical components. It is a leading supplier for manned lunar landing projects, providing key equipment for the Long March 10 rocket and the Dream Chaser spacecraft, with a leading market share in aerospace electronic support [1][25]. - Aerospace Power (600343) specializes in aerospace liquid propulsion systems and is a key supplier for the Long March 10 rocket's propulsion system. The company is recognized for its high-temperature and high-reliability products, suitable for manned lunar landing conditions, and is expected to see strong growth in orders as the lunar landing program progresses [2][26]. - Aerospace Engineering (603698) relies on resources from the Aerospace Science and Technology Group and is involved in system integration and launch support for manned lunar landing projects. The company is recognized as a leader in aerospace engineering contracting and is expected to expand its system integration business as demand for launch support services increases [3][27]. Group 2 - Aerospace Electromechanical (600151) focuses on special materials and energy systems for spacecraft, serving as a core supplier for the Dream Chaser and lunar probe. The company is recognized for its lightweight and high-strength products, which are essential for manned lunar missions, and is expected to see rapid growth in its aerospace support business [4][28]. - Aerospace Electrical (002025) specializes in high-end relays, connectors, and micro motors, with a market share exceeding 70% in aerospace connectors. The company is viewed as a critical supplier for manned lunar projects, with strong reliability and high technical barriers, and is expected to see increased demand as the lunar landing program advances [5][30]. - Quanxin Co., Ltd. (300447) focuses on aerospace special cables and transmission components, providing high-temperature and interference-resistant cables for lunar landing projects. The company is recognized as a leader in the aerospace cable segment, with stable orders expected to grow as demand for aerospace information technology increases [6][31]. Group 3 - Zhenhua Technology (000733) is a leading military electronics company, providing essential electronic components and power systems for spacecraft. The company is expected to see significant growth in product demand as the lunar landing program progresses, supported by its strong technical capabilities and customer resources [7][32]. - Torch Electronics (603678) specializes in ceramic capacitors and aerospace components, recognized as a core supplier for ceramic capacitors in lunar landing projects. The company is expected to see growing demand for its aerospace-grade capacitors as the lunar landing program advances [8][33]. - Guojijiang Precision (002046) focuses on aerospace special bearings and precision manufacturing equipment, with a market share exceeding 90% in high-reliability aerospace bearings. The company is expected to see strong demand for its special bearings as the lunar landing spacecraft development accelerates [9][34]. Group 4 - China Satellite (600118) is a leading satellite manufacturer under the Aerospace Science and Technology Group, providing satellite development and application services for lunar landing projects. The company is expected to see rapid growth in its satellite manufacturing and application business as demand for space-based systems increases [10][35]. - China Satcom (601698) specializes in satellite communication services, providing critical communication links for lunar landing missions. The company is recognized as a leader in satellite communication operations, with expected growth in service revenue as lunar landing tasks progress [11][36]. - Haige Communication (002465) focuses on satellite navigation and wireless communication, serving as a core supplier for navigation and communication terminals in lunar landing projects. The company is expected to see strong growth in its core business as demand for lunar landing measurement and control systems increases [12][37]. Group 5 - Beidou Xingtong (002151) is a core enterprise in the Beidou navigation industry chain, providing high-precision navigation solutions for rockets and spacecraft. The company is expected to see rapid growth in its aerospace navigation business as demand for high-precision navigation increases with the lunar landing program [13][38]. - Guangwei Composite Materials (300699) is a leading carbon fiber manufacturer, providing lightweight materials for the Long March 10 rocket and Dream Chaser. The company is expected to see growing orders for its composite materials as demand for lightweight solutions in aerospace increases [14][39]. - Guangqi Technology (002625) specializes in metamaterials and aerospace structural components, providing lightweight and radiation-resistant parts for spacecraft. The company is expected to see increasing demand for its metamaterial solutions as the lunar landing program progresses [15][40]. Group 6 - Steel Research High-Nickel (300034) focuses on high-temperature alloys and aerospace special alloys, providing critical materials for rocket engines. The company is expected to see strong demand for its high-temperature alloys as the lunar landing rocket production accelerates [16][41]. - Western Materials (002149) specializes in titanium alloys and rare metal composite materials, providing lightweight components for lunar landing vehicles. The company is expected to see growing demand for its special materials as the lunar landing spacecraft development accelerates [17][42]. - Hailanxin (300065) focuses on marine electronic information and aerospace recovery measurement and control systems, providing critical support for lunar landing return missions. The company is expected to see rapid growth in its measurement and control business as lunar landing return tasks are implemented [18][43]. Group 7 - Jieli Rigging (002342) specializes in special rigging and lifting equipment, providing critical components for the safe recovery of lunar landing rockets. The company is expected to see increasing demand for its special rigging solutions as the technology for reusable rockets becomes more prevalent [19][44]. - China Shipbuilding (600150) is a leading shipbuilding company, focusing on the construction of marine recovery platforms for lunar landing missions. The company is expected to see continued growth in its recovery platform construction business as lunar landing tasks progress [20][45]. - Chaojie Co., Ltd. (301005) specializes in high-strength fasteners and precision structural components, providing critical fasteners for rockets and spacecraft. The company is expected to see growing demand for its fasteners as the lunar landing program moves into mass production [21][46]. - Yingliu Co., Ltd. (603308) focuses on high-temperature alloy castings and aerospace precision components, providing critical parts for rocket engines. The company is expected to see strong demand for its core components as the lunar landing rocket production accelerates [22][47].

Summary of the Conference Call on AI Annual Report Analysis Industry Overview - The conference focused on the analysis and outlook of AI annual reports, particularly in the TMT (Technology, Media, and Telecommunications) sector, with a specific emphasis on domestic and international AI companies [1][2][4]. Key Points and Arguments General Market Sentiment - The period from October 31 to March is characterized as a performance vacuum, where the focus is on thematic investments rather than immediate earnings results [2][3]. - The spring market is expected to see a resurgence, with significant activity anticipated around March [3][4]. North American Companies - North American companies, particularly those involved in AI and cloud computing, have reported earnings that exceeded expectations, indicating strong capital expenditure in AI [4][6]. - Companies like Microsoft and Meta have shown robust spending on AI infrastructure, reflecting a positive outlook for the sector [4][6]. - Despite some domestic companies underperforming, their stock prices have rebounded, suggesting that market sentiment is more focused on thematic trends rather than immediate earnings [5][6]. Domestic AI Companies - Domestic AI companies are experiencing a supply-demand imbalance, with strong demand for AI-related products and services, despite some companies reporting earnings below expectations [6][7]. - The industry is characterized by a shortage of materials and components, which is driving prices up and creating a favorable environment for growth [6][7][10]. Future Growth Projections - There is a consensus that the growth trajectory for AI companies will continue to be strong, with expectations for significant growth in 2026 and beyond [8][9]. - Many companies are currently undervalued, trading at price-to-earnings (P/E) ratios between 15x to 20x, which presents a potential investment opportunity [8][9]. Specific Company Insights - Companies like Wan, Tianfu Communication, and others are highlighted for their potential despite recent earnings misses, as the overall industry outlook remains positive [4][6][7]. - The demand for GPUs and AI chips is expected to remain high, with domestic companies like Cambrian facing challenges but still showing potential for recovery [9][10]. Application and Innovation - The conference emphasized the importance of AI applications, particularly in gaming and media, with companies like Tencent and ByteDance leading the charge [14][15]. - The emergence of AI-driven applications is seen as a significant growth area, with expectations for increased investment and innovation in this space [14][15]. Regulatory and Market Concerns - There are concerns regarding potential regulatory impacts on the gaming industry, but these are largely viewed as unfounded and not likely to affect the overall market significantly [15][16]. - The market is currently experiencing volatility, but analysts suggest that this presents buying opportunities for fundamentally strong companies [21][22]. Additional Important Insights - The conference highlighted the importance of monitoring capital expenditure trends among major tech companies, as this will influence the demand for AI infrastructure and services [36][37]. - The potential for new technologies, such as diamond-based cooling materials for semiconductors, was discussed as a future growth area [24][25]. - Analysts recommend focusing on companies with strong fundamentals and growth potential, particularly in the AI and semiconductor sectors, as the market continues to evolve [22][23][39].

Group 1 - The company, Guojijinggong, reported that as of January 30, 2026, the number of shareholders is 54,658 [2]