2026 年 03 月 09 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2026 年第 35 期 观点精粹: 最新报告摘要 风电液压润滑龙头进军 AIDC 液冷，受益行业需求起量--川润股份/通用设备(002272/216401) 公司动态研究 框架延续，稳中求进--资产配置报告 AI 需求超预期，电子树脂放量可期--圣泉集团/塑料(605589/212205) 公司动态研究 汽车行业专题报告：中美两强竞争，全球商业化共振——Robotaxi 系列报告三--行业 PPT 报告 从政府工作报告看 2026 年经济发展新思路--宏观点评 核心经营指标表现亮眼，积极打造医疗"AI+供应链"新基建--京东健康/医药商业(06618/213704) 点评报告（港 股美股） 成本控制与利用率优化成效显著，上调全年收入指引--新东方-S/教育(09901/214611) 点评报告（港股美股） 自营放量盈利修复，费用管控释放业绩--东方甄选/教育(01797/214611) 点评报告（港股美股） 航空货运龙头，跨境物 ...

Group 1 - The liquid cooling server concept has seen a significant surge, with companies like Chuanrun Co., Ltd. hitting the daily limit up, and others such as Feilong Co., Yinvike, and others following suit [1] - Nvidia's AI infrastructure head showcased the next-generation Vera Rubin computing system, which is the company's first system to utilize 100% liquid cooling technology due to increased power consumption [1][3] - Vigorous growth in the liquid cooling industry is evidenced by the recent financial performance of global liquid cooling company, Vidi, which reported a sales figure of $2.88 billion for Q4 2025, marking a 23% year-over-year increase [3] Group 2 - Nvidia's acquisition of Groq for $20 billion highlights its commitment to the inference market and LPU products, with plans to integrate Groq's LPU technology into future platforms [3] - The strong performance and rapid growth of Vidi's orders confirm the robust trends in the liquid cooling industry, leading to recommendations for various companies benefiting from this trend, including Yinvike and Chuanrun Co., Ltd. [3]

Market Overview - The market experienced a rebound after a dip, with mixed performance across the three major indices. Notable gains were seen in computing hardware stocks, particularly in CPO, PCB, and liquid cooling servers, with companies like Fenghuo Communication, Chuanrun Co., and ShenNan Circuit hitting the daily limit up. Conversely, the film industry continued to decline, with Bona Film Group facing a three-day limit down. Overall, approximately 2,900 stocks in the Shanghai and Shenzhen markets declined, with a total trading volume of 2.56 trillion yuan [1]. Key Sectors Optical Communication - The optical communication sector saw significant gains, with stocks like Farsens and Tongding Interconnection hitting the daily limit up. The surge was catalyzed by a 5.83% increase in Corning, a major player in the fiber optics market, which reached a historical high. Additionally, CPO leader Lumentum rose by 5.1%, also setting a new record [4][6]. Liquid Cooling - The liquid cooling sector strengthened, with companies such as Jialitu and Chuanrun Co. achieving daily limit up. This was influenced by NVIDIA's showcase of its next-generation Vera Rubin computing system, which is the first to utilize 100% liquid cooling technology [8][10]. Analysts predict that the liquid cooling server market in China will experience a compound annual growth rate of 46.8% from 2024 to 2029, reaching a market size of $16.2 billion by 2029 [10]. PCB (Printed Circuit Board) - The PCB sector also saw a notable increase, with stocks like ShenNan Circuit and Guanghe Technology hitting the daily limit up. Market expectations are high for the upcoming GTC conference, where the Feynman chip utilizing LPU low-latency architecture is anticipated to be showcased, potentially boosting PCB demand [10][12]. Analysts from Zheshang Securities believe that the upgrade of NVIDIA's GPU architecture will increase both the quantity and value of PCB used in their servers [12]. Company Highlights - Farsens, a leader in optical communication, has seen a four-day consecutive limit up, indicating strong market confidence [4][6]. - Jialitu and Chuanrun Co. are recognized for their advancements in liquid cooling technology, with Jialitu's stock rising by 9.98% [9]. - ShenNan Circuit, a key player in the PCB market, has also experienced a 10% increase in stock price, reflecting positive market sentiment [11].

Currency and Market Overview - The offshore RMB exchange rate surged by 200 points on February 26, breaking the 6.83 mark, reaching its highest level in nearly three years [3] - The central parity rate of RMB against USD was adjusted up by 93 basis points to 6.9228 on the same day [3] - Analysts attribute the RMB appreciation to strong settlement demand, improved China-US relations, and a weakening dollar [5] A-Share Market Performance - On February 26, the A-share market experienced fluctuations, with the Shanghai Composite Index down by 0.01%, the Shenzhen Component Index up by 0.19%, and the ChiNext Index down by 0.29% [6] - The STAR Market Index performed well, increasing by over 1% [6] - A total of 2,485 stocks rose, with 78 hitting the daily limit up, while 2,870 stocks declined [6] Sector Performance - Significant gains were observed in computing hardware stocks, with companies like Fenghuo Communication, Chuanrun Co., and Shennan Circuit hitting the daily limit up [7] - Electric power and grid equipment stocks also saw a rise, with companies such as Shenneng Electric and Xinlian Electronics reaching the daily limit up [12] Declining Sectors - The film and entertainment sector continued to adjust, with Bona Film Group experiencing a three-day limit down [13] - Other notable declines included Hengdian Film and Light Media, which saw significant drops in their stock prices [13]

Group 1 - The top 20 stocks with significant capital inflow as of February 26 include: Huadian Co., Ltd. (1.55 billion), Shenghong Technology (1.40 billion), Hengtong Optic-Electric (1.09 billion), and others [1] - Huadian Co., Ltd. experienced a price increase of 10% with a capital inflow of 1.55 billion [2] - Shenghong Technology saw a price rise of 7.75% with a capital inflow of 1.40 billion [2] Group 2 - Hengtong Optic-Electric had a 10% increase in stock price with a capital inflow of 1.09 billion [2] - Huasheng Technology's stock rose by 10% with a capital inflow of 940 million [2] - Runze Technology achieved a significant price increase of 17.71% with a capital inflow of 843 million [2] Group 3 - Aerospace Power's stock increased by 10.02% with a capital inflow of 812 million [2] - Jufei Optoelectronics saw a remarkable 20% increase in stock price with a capital inflow of 809 million [2] - Zhongtian Technology's stock rose by 10.01% with a capital inflow of 705 million [2] Group 4 - Chipone Technology experienced a 4.26% increase with a capital inflow of 660 million [2] - Gaolan Co., Ltd. had a significant price increase of 20.01% with a capital inflow of 650 million [2] - Dongfang Electric's stock rose by 10.01% with a capital inflow of 633 million [3] Group 5 - Huayin Electric saw a 10.06% increase with a capital inflow of 609 million [3] - Dongshan Precision's stock increased by 8.01% with a capital inflow of 595 million [3] - Shiyun Circuit experienced a 4.95% increase with a capital inflow of 555 million [3] Group 6 - Chuanrun Co., Ltd. had a 10.02% increase with a capital inflow of 504 million [3] - Saiwei Electronics saw a 4.95% increase with a capital inflow of 481 million [3] - Yongding Co., Ltd. experienced a 5.34% increase with a capital inflow of 456 million [3]

Core Viewpoint - The market experienced a mixed performance with the three major indices showing varied results, indicating a volatile trading environment [1] Market Overview - The total trading volume in the Shanghai and Shenzhen markets reached 2.54 trillion yuan, an increase of 759 billion yuan compared to the previous trading day [1] - Over 2800 stocks in the market experienced declines, highlighting a broad market weakness despite some sector-specific gains [1] Sector Performance - The computing hardware sector showed strong gains, with significant performances from PCB, CPO, liquid cooling servers, and computing chip concepts, leading to stocks like Shenzhen South Circuit and Dazhu Laser hitting the daily limit [1] - The power sector also performed well, with Ganneng Co. achieving two consecutive limit-ups and Huayin Power hitting the daily limit [1] - The gas turbine concept saw a collective surge, with stocks such as Yingliu Co., Wanze Co., Dongfang Electric, and Changbao Co. all reaching the daily limit [1] - The small metals sector was active, with Yunnan Zhenye and Zhangyuan Tungsten both achieving two consecutive limit-ups [1] - Environmental stocks saw a late rally, with Zhongke Environmental and Qidi Environment hitting the daily limit [1] Declining Sectors - The film and television industry, insurance, and real estate sectors faced significant declines, with the film and television concept stocks experiencing continuous drops, including Bona Film Group hitting the daily limit down [1] - The Shanghai Composite Index fell by 0.01%, while the Shenzhen Component Index rose by 0.19%, and the ChiNext Index decreased by 0.29% [1]

川润股份、中天科技、亨通光电涨停，高澜股份涨超15%，方盛股份、申菱环境、依米康、飞龙股份等 跟涨。 ...

液冷服务器概念震荡走强，川润股份反包涨停，佳力图回封涨停，高澜股份涨超10%，方盛股份、申菱 环境、依米康、飞龙股份等跟涨。 ...

Group 1: Market Performance - The stock price of Chuanrun Co., Ltd. (002272) declined due to profit-taking pressure after a significant increase, particularly following a historical high on February 12 [1] - On February 12, four institutional seats showed a net sell-off of 140 million yuan, while retail investors actively bought at the limit up, indicating a divergence between institutional withdrawal and retail uptake [1] - On February 13, the main funds experienced a net outflow of approximately 93.09 million yuan, further intensifying selling pressure [1] Group 2: Company Valuation - As of the close on February 12, the company's dynamic price-to-earnings ratio was -304 times due to net profit losses, while the price-to-book ratio reached 5.89 times, significantly higher than the average of approximately 2.5 times in the machinery equipment industry [2] - The stock price has seen a substantial short-term increase, with a cumulative rise of 10.46% over five days, indicating a potential need for technical correction [2] Group 3: Financial Performance - The company expects a net profit loss of 19 million to 27 million yuan for the full year of 2025, although the loss margin is expected to narrow year-on-year, the continuous loss status undermines the high valuation's fundamental support [3] Group 4: Market Environment - On February 13, the overall A-share market adjusted, with the Shanghai Composite Index falling by 0.64%, and the liquid cooling sector showed a divergence in heat, with some funds shifting to other hot sectors [4] - The financing balance has decreased for two consecutive days, indicating a cautious attitude among leveraged funds [4]

Group 1 - The A-share market saw a strong performance in robotics-related stocks, with notable gains in several companies [1] - Jingzhu Technology (精锻科技) increased by over 17%, while Yimikang (依米康) rose by over 11% [1] - Other companies such as Bohai Automotive (渤海汽车), Chuanrun Co. (川润股份), and Dongyangguang (东阳光) reached the daily limit of 10% increase [1] Group 2 - The following table summarizes the performance of key stocks in the robotics sector, including their percentage increase and market capitalization: - Jingzhu Technology (300258): +17.52%, Market Cap: 9.419 billion [2] - Yimikang (300249): +11.51%, Market Cap: 7.849 billion [2] - Bohai Automotive (600960): +10.10%, Market Cap: 5.389 billion [2] - Chuanrun Co. (002272): +10.02%, Market Cap: 8.786 billion [2] - Dongyangguang (600673): +10.02%, Market Cap: 110.1 billion [2] - Other notable stocks include Bojie Co. (博杰股份), Rifa Precision Machinery (日发精机), and Changhua Group (长华集团) with increases around 10% [2]