行 业 及 产 业 机械设备 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 联系人 胡书捷 A0230524070007 husj@swsresearch.com 本期投资提示： 2026 年 02 月 24 日 春晚机器人大放异彩，运控、仿生 和操作的全面进步 看好 ——春晚机器人专题报告 - 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com ⚫ 2026 年央视春晚中，松延动力、魔法原子、宇树科技、银河通用四家企业登台演出。 通过舞蹈、小品、武术、微电影等节目展示了具身智能领域包括硬件本体、运控、群 控、灵巧操作、仿生等方面的前沿成果，呈现了我国机器人产业的技术实力。 ⚫ 2026 年春晚的机器人呈现了哪些前沿技术？1）高难度动作和零误差表演，背后是硬 件本体和运控技术全面升级：宇树科技 G1 机器人快速跑动变换队形，展示了弹射空 翻、连续翻桌、空中大回旋等高难度动作， 表明机器人实现了硬件和软件的全方位迭 代；2）高动态、高协同的全自主集群控制技术应用于集体舞蹈表演， ...

| 指数 涨跌 (%) | | --- | | 名称 | | 上证指数 4082 -1.26 -1.37 0.41 | | 深证综指 2680 -1.05 0.16 1.16 | | 风格指数 (%) | | | --- | --- | | 大盘指数 | 11.32 | | 中盘指数 1.78 | 26.74 | | 小盘指数 | 19.55 | | 涨幅居前 行业(%) | 昨日 | 近１个月 近６个月 | | | --- | --- | --- | --- | | 摩托车及其 114 | 3.01 | -2.59 | 2.47 | | 影视院线 | 2.7 | 15.61 | 28.26 | | 海小 | 2.5 | 1.64 | 11.89 | | 综合II | 2.06 | 11.75 | 55.72 | | 航海装备Ⅱ | 1.87 | 3.91 | -0.69 | | 跌幅居卸 行业(%) | | 昨日 近１个月 近６个月 | | | 玻璃玻纤 | -4.69 | 30.4 | 65.53 | | 工业金属 | -3.82 | 0.19 | ୧୦ ବଟ | | 小尖属工 | -3.8 | 12.8 ...

Investment Rating - The report maintains a "Positive" rating for the chemical industry [4][3]. Core Insights - The macroeconomic outlook for the chemical industry indicates a stable increase in oil demand due to global economic recovery and tariff adjustments, with Brent crude oil expected to remain in the range of $60-75 per barrel [4][5]. - The report highlights a potential spring boom in the chemical sector, driven by the success of domestic robotics showcased during the Spring Festival and favorable export conditions following tariff reductions [4][3]. - Investment opportunities are identified in various chains, including textiles, agricultural chemicals, and overseas real estate, with specific companies recommended for investment [4][3]. Industry Dynamics - Oil supply is tightening due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with improved global economic conditions [5]. - The chemical industry is at a cyclical turning point, with downstream operations gradually resuming post-holiday, indicating a positive demand outlook for the year [4][3]. - The report notes that the Producer Price Index (PPI) for industrial products decreased by 1.4% year-on-year in January, while the manufacturing PMI recorded 49.3, indicating some volatility in manufacturing activity [7][4]. Investment Analysis - The report suggests a diversified investment strategy focusing on four key areas: textiles, agricultural chemicals, export chains, and beneficiaries of "anti-involution" policies [4][3]. - Specific companies to watch include those in the textile chain like Lu Xi Chemical and Tongkun Co., and in the agricultural chain like Hualu Hengsheng and Baofeng Energy [4][3]. - The report emphasizes the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, recommending companies such as Yake Technology and Ruilian New Materials [4][3].

行 业 及 产 业 交通运输/ 航空机场 行 业 研 究 / 行 业 点 评 相关研究 《为何现阶段我们仍看好航空？——航空 迎来黄金时代之周期持续性探讨》 2026/01/30 《航空"反内卷"初见成效——航空迎来 黄金时代系列报告》 2026/01/20 证券分析师 王凯婕 A0230525110001 wangkj@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 郑逸欢 A0230526010001 zhengyh@swsresearch.com 联系人 王凯婕 A0230525110001 wangkj@swsresearch.com 2026 年 02 月 24 日 节中航空量价超预期，飞机供应链 挑战依旧艰巨 看好 ——航空迎来黄金时代之 26 年春运点评 本期投资提示： ⚫ 风险提示：油汇大幅波动、经济增速不及预期、航空安全事故风险。 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 ...

Group 1: IEEPA Tariff Legal Ruling - The U.S. Supreme Court ruled that IEEPA tariffs are illegal, primarily due to violations of the clear authorization principle and significant issues principle [9] - The tariffs affected include a 20% tariff on fentanyl from China, 25% on Canada and Mexico, and global equivalent tariffs [9] - The likelihood of full refunds for the tariffs is low, but partial refunds are more probable, depending on how lower courts handle the relief scope [9] Group 2: Food and Beverage Industry Insights - The overall sales volume in the food and beverage industry during the 2026 Spring Festival decreased by 10%-20%, slightly better than market expectations [10] - High-end liquor brands like Moutai and Wuliangye showed significant sales growth, with Moutai's sales expected to increase by over 30% year-on-year [12] - The industry is entering a significant destocking phase, with first-tier brands' inventory levels notably lower than the previous year [12] Group 3: Health and Nutrition Industry Trends - The health and nutrition sector is experiencing structural growth, with the market size reaching over 100 billion yuan, significantly outpacing traditional food sectors [15] - The company West Health is transitioning from agency operations to a multi-brand strategy, establishing itself as a leader in the sports nutrition and functional food segments [11] - Revenue and profit for West Health are on a stable growth trajectory, with net profit increasing from 94 million yuan in 2023 to 149 million yuan in 2025 [13] Group 4: Semiconductor Industry Developments - Huahong Semiconductor reported a revenue of $659.9 million for Q4 2025, a year-on-year increase of 22.4%, with a gross margin of 13% [19] - The company is expanding its production capacity, with a focus on enhancing its 12-inch wafer production capabilities through the acquisition of Huali Microelectronics [19] - The demand for embedded non-volatile memory products is increasing, driven by the rise in MCU and smart card needs [19] Group 5: Shipping and Transportation Sector - The VLCC freight rates surged by 24% to $146,385 per day during the Spring Festival, indicating strong demand in the oil shipping market [20] - The shipping market is expected to continue its upward trend, with tight capacity and strong demand forecasts for March [20] - The overall energy chain valuation is rising, with long-term cycles influencing high vessel utilization rates [20]

证券分析师 债 券 周 评 相关研究 黄伟平 A0230524110002 huangwp@swsresearch.com 王明路 A0230525060003 wangml@swsresearch.com 徐亚 A0230524060002 xuya@swsresearch.com 联系人 徐亚 A0230524060002 xuya@swsresearch.com 2026 年 02 月 23 日 关税再生波澜，以不变应万变 ——转债周度跟踪 20260213 ⚫ 1. 周观点及展望 ⚫ 节前最后一周转债市场情绪企稳，前期表现较弱的科技制造板块领涨，同时高价、小盘、 长久期转债依旧占优，但整体偏向弱修复，市场仍处宽幅震荡走势中。结构上重点关注两 点，一是百润等超低平价转债超预期下修，下修预期呈现扩散特征，60 元以下低平价转 债估值回升幅度较大，带动 120-130 元转债价格区间表现相对较强；二是权益"慢牛" 预期下，转债市场估值弹性主要由新券次新券和强赎转债决定，分别受科技股走势、强赎 率等因素影响，近期偏低的强赎率形成一定利好，边际上需密切关注上述因素变化。春节 假期期间港股市场整体表现一般，特朗普 ...

"关税压力测试"系列 2026 年 02 月 23 日 IEEPA 关税被判违法，后续如何演绎？ —"关税压力测试"系列之十三 2026 年 2 月 20 日，美国最高法院投票裁定特朗普政府基于 IEEPA 征收的关税非法，包括对等关 税和芬太尼关税。未来，特朗普政府或如何应对，关税格局将产生哪些变化？ 一、美国最高法关税判决：IEEPA 关税被推翻，全面退款概率较低 最高法判定 IEEPA 关税违法的核心理由是：违背清晰授权原则及重大问题原则。被判违法的关税 措施包括：1)芬太尼关税，中国为 20%（其中 10%已在 11 月暂免）、加拿大 25%、墨西哥 25%； 2)全球对等关税，包括 10%的基准关税及国别附加关税。 关税判决实际执行时间或被延后至 3 月下旬至 4 月初。关税判决生效时间为 2 月 20 日，但生效 不等于立即执行。实际执行时间取决于最高法院递送判决文件时间（一般为判决后第 32 天，即 3 月 24 日），特朗普政府可在 25 日内申请复议，复议难以改变结果，但或提供更长的缓冲期。 IEEPA 关税全部退还的概率较低，但局部退税的概率较高。1）退税程序在法律上已被剥离，单独 执行。 ...

证 券 研 究 报 告 节前一周收益率下行为主，二永债表现亮眼 信用债市场周度跟踪（2026.2.9-2026.2.15） 证券分析师：黄伟平 A0230524110002 杨雪芳 A0230524120003 张晋源 A0230525040001 研究支持： 曹璇 A0230125070001 2026.2.23 主要内容 注：受春节假期影响，本期为2026.02.09-2026.02.15，上期为2026.02.02-2026.02.08，收益率和各类利差变动为2.14相对2.6的变动值。 www.swsresearch.com 证券研究报告 2 ◼ 一级市场：本期普通信用债净供给环比下降，二永净供给持续为负。本期（2026.02.09-2026.02.15）普通信用债合计发行/净融资1390亿元/363亿元，上期 （2026.02.02-2026.02.08）分别为3587亿元/2565亿元。其中，产业债发行环比下降至768亿元，净融资环比下降至191亿元；城投债发行环比下降至622亿元，净融 资环比大幅下降至172亿元。本期银行二永债无发行，今年以来连续6周无发行。二级资本债到期1只，净融资为-2亿元 ...

2026 年 02 月 23 日 润泽数据中心 REIT 宣布扩募 ——公募 REITs 周度跟踪（2026.02.09-2026.02.20） 相关研究 《中核水电 REIT 上市——公募 REITs 周度跟踪（2026.02.02- 2026.02.06）》 2026/02/07 《首批 8 单商业不动产 REITs 正式 申报！——公募 REITs 周度跟踪 （2026.01.26-2026.01.30）》 2026/01/31 《四季报出炉，5 单 REITs 申报终 止——公募 REITs 周度跟踪 （2026.01.19-2026.01.23）》 2026/01/24 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(rese ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3][4][60] Core Insights - The report indicates that new home sales during the Spring Festival period saw a year-on-year increase of 5.4%, with a total of 9.3 million square meters sold across 16 major cities [3][14] - The report highlights a significant recovery in the real estate market, with February sales in 34 cities showing an 88.5% year-on-year increase compared to January [9][10] - The report emphasizes the importance of government policies aimed at stabilizing the real estate market, including measures to address local government debt risks and promote housing supply [3][4] Summary by Sections Industry Data - New home sales in 34 key cities decreased by 1.1% week-on-week before the Spring Festival, with a total of 192.3 million square meters sold [4][5] - In February, new home sales in 34 cities increased by 88.5% year-on-year, with first and second-tier cities showing a 96.8% increase [9][10] - The report notes that the inventory of unsold residential properties in 15 cities was 88.7 million square meters, with a slight decrease of 0.1% week-on-week [60] Policy News - The report mentions that the publication "Qiushi" reiterated the need to stabilize the real estate market, with 12 commercial real estate REITs submitted for approval [3][4] - Various local governments have introduced new policies to stabilize the real estate market, including measures to optimize housing supply and activate existing stock [3][4] Company Dynamics - The report tracks sales data from major real estate companies, noting that China Jinmao and China Resources Land reported strong sales figures in January [3][4] - The report highlights the performance of the real estate sector, with the SW Real Estate Index declining by 0.69% compared to a 0.36% increase in the CSI 300 Index [3][4] Investment Analysis - The report recommends investing in high-quality real estate companies and commercial properties, citing an expected recovery in profitability for quality firms as the market stabilizes [3][4] - Specific recommendations include companies such as Jianfa International, Binhai Group, and China Jinmao for quality real estate, and New City Holdings and China Resources Land for commercial real estate [3][4]