国泰海通晨报 2026 年 02 月 27 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【非银行金融研究】中国平安：中国平安战略定位 "综合金融"+"医疗养老"，依据三大竞 争优势打造的"产品+服务"模式将带来盈利长期的稳定增长，构成中国平安新的价值增长极。 2、【军工研究】钢研高纳：公司是国内高温合金领域龙头，实控人为国务院国资委，核心产品覆 盖航空航天等多领域，受益于航空航天领域需求高景气与技术自主可控，业绩有望稳健增长。 3、【生物医药研究】石药集团：石药集团创新研发实力强劲，近年进入创新药管线的收获期，同 时公司搭建国际化的 BD 生态系统，达成多笔重磅 BD 授权。本篇首次覆盖报告详细梳理了石药 集团在肿瘤与慢病领域，以及基于小核酸技术平台的重点管线。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 刘欣琦(分析师) 021-38676647 liuxinqi@gtht.com S0880 ...

股票研究 /[Table_Date] 2026.02.27 风险提示：储能政策不及预期，原材料涨价超过预期。 青海储能容量电价出台，114 号文后全国首单 储能设备及系统集成 [Table_Industry] [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 牟俊宇(分析师) | 0755-23976610 | moujunyu@gtht.com | S0880521080003 | | 余玫翰(分析师) | 021-23185617 | yumeihan@gtht.com | S0880525040090 | 本报告导读： 青海打响了 114 号文后储能容量电价第一枪，随着未来各省细则落地，全国经济性 走通可期，2026 年储能需求高增可期，我们建议增持储能板块。 投资要点： [Table_Report] 相关报告 储能设备及系统集成《美国缺电，AIDC 配 ...

基本面上，中证电池指数成份股多家企业业绩预喜，受上游材料持续涨价影响，天赐材料、多氟多等盈利大增，净利润增幅230%和190%，头部电池制造企 业同样亮眼，国轩高科净利增幅148%，鹏辉能源增191%。 | 证券简称 | 预告净利润上限(亿元) | 预告净利润变动幅度(%) | 所属中证四 | | --- | --- | --- | --- | | 先导智能 | 18.00 | 529.15 | 其他专用 | | 道氏技术 | 5.80 | 269.76 | 电池部件】 | | 天赐材料 | 16.00 | 230.63 | 电池部件】 | | 鹏辉能源 | 2.30 | 191.11 | 电池 | | 多氟多 | 2.80 | 190.76 | 氟化二 | | 瑞泰新材 | 2.40 | 183.68 | 电池部件2 | | 德福科技 | 1.25 | 151.00 | 电池部件】 | | 国轩高科 | 30.00 | 148.59 | 电池 | | 湖南裕能 | 14.00 | 135.87 | 电池部件】 | | 恩捷股份 | 1.64 | 129.50 | 电池部件入 | | 震裕科技 | 5.50 ...

机构分析指出，关税一旦实施，总统可单方面调整，这使其在政策连续性与执行弹性上更具操作空间。 关税落地将显著增加出口成本，海外客户在预期驱动下加速下单，进一步强化了抢出口的紧迫性。 产业端，申港证券认为，钠电池技术突破及量产落地，展现多元供给韧性。钠电池低温性能优、成本 低，与锂电池互补，在储能、动力电池等场景前景广阔。随着产业规模提升，钠电池成本下降，成本优 势凸显，推动电池行业发展。 碳酸锂价格显著反弹，电池级碳酸锂上周单周涨幅达6.9%，工业级碳酸锂涨幅达7.46%。华鑫证券分析 指出，本轮涨价主要受供需格局阶段性改善驱动，一方面春节后下游排产回暖、3月起动力及储能电池 排产预计环比增长15%以上；另一方面供给端部分锂盐厂检修减产，1月国内碳酸锂产量环比下降 8.63%，叠加外购矿加工企业成本压力缓解但库存偏低，形成较强价格支撑。当前电池级碳酸锂均价已 回升至14.38万元/吨，较年初低点累计上涨超10%。 电池ETF南方(159147)紧密跟踪中证电池主题指数，中证电池主题指数选取业务涉及动力电池、储能电 池、消费电子电池以及相关产业链上下游的上市公司证券作为指数样本，以反映电池主题上市公司证券 的整体 ...

Group 1 - The core viewpoint of the article is that the company, Duo Fluoride, has confirmed its subsidiary Zhongning Silicon Industry's capability to industrialize high-purity silane products, including the production capacity for dichlorosilane (DCS) [2] Group 2 - The company is actively engaging with investors through interactive platforms to provide updates on its projects [2] - The planning of high-purity silane series products indicates the company's strategic focus on expanding its product offerings in the silicon industry [2] - The confirmation of industrialization capability suggests potential growth opportunities for the company in the semiconductor and solar industries, where high-purity silane is a critical material [2]

证券日报网讯2月13日，多氟多（002407）在互动平台回答投资者提问时表示，公司的高纯电子级氢氟 酸、电子级硅烷等产品已在半导体行业供应链中实现了规模化应用；并根据市场需求和客户订单情况， 动态调整生产安排，积极与国内外存储芯片客户沟通合作，加大供货力度。 ...

Group 1 - The lithium battery electrolyte index dropped by 2% at the beginning of trading, with most constituent stocks declining [1] - Tianji Co. hit the daily limit down, while Haike Xinyuan, Duofuduo, Huasheng Lithium Battery, and Shida Shenghua experienced significant declines [1]

Core Viewpoint - The company, Dongfu Duo (002407), is expected to turn profitable in 2025, with plans for capacity expansion in its new energy business and changes in corporate governance [1][2]. Financial Performance - The company forecasts a net profit attributable to shareholders of between 200 million to 280 million yuan for 2025, marking a return to profitability compared to the previous year [2]. Capacity Expansion - By the end of 2026, the battery segment's capacity is projected to reach 50 GWh, with a planned shipment of approximately 30 GWh. Additionally, the shipment volume of lithium hexafluorophosphate is expected to reach 60,000 to 70,000 tons by 2026, indicating ongoing development in the new energy sector [3]. Corporate Structure and Governance - On February 7, 2026, the company announced changes in the controlling shareholder's concerted action, with new directors Yang Huachun and Cheng Lijing joining, which may impact future decision-making structures [4]. Financial Status - The company announced an internal adjustment of its guarantee limit, maintaining a total guarantee limit not exceeding 398.3 million yuan, which accounts for 46.74% of the most recent audited net assets [5].

Group 1 - The core point of the announcement is that the controlling shareholder, Mr. Li Shijiang, has completed the process of releasing part of his pledged shares in the company [1] - The announcement includes details about the share pledge and release situation, indicating that the company is maintaining transparency regarding its shareholder's actions [1] - The company assures that the information disclosed is true, accurate, and complete, with no false records or misleading statements [1] Group 2 - The announcement references the shareholding and pledge status as of February 10, 2026, providing a snapshot of the current situation [1] - It mentions that the pledged shares include those held by the controlling shareholder and their concerted parties, emphasizing the importance of understanding the ownership structure [1] - The company has provided backup documents from the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, to support the information disclosed [1]

Core Viewpoint - The announcement from Duofuduo indicates that the controlling shareholder, Li Shijiang, will release 1.55 million shares from pledge, which represents 1.27% of his holdings and 0.13% of the company's total share capital [1] Summary by Categories Shareholder Actions - Li Shijiang, the controlling shareholder, will unpledge 1.55 million shares on February 10, 2026 [1] - The shares released from pledge account for 1.27% of Li Shijiang's total holdings [1] - The total shares represent 0.13% of the company's overall share capital [1] Financial Institutions - The pledge was held by Guotai Junan Securities Co., Ltd. [1]