金融工程丨深度报告 [Table_Title] 量化角度看可转债（十）：回测代码框架构建 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 本报告构建了一套可转债数据库更新及回测代码工具化方案，涵盖数据更新、衍生指标计算、 理论定价模型及策略回测执行等核心环节。系统通过模块化封装，有效解决数据口径碎片化的 问题，确保了研究过程的规范性与可拓展性，为可转债策略开发提供了高效稳健的技术支持。 分析师及联系人 [Table_Author] 刘胜利 SAC：S0490517070006 SFC：BWH883 请阅读最后评级说明和重要声明 2 / 22 [Table_Summary2] 工具化模块功能综述 模块概述：构建以 Python 为核心的量化投研框架，采用模块化设计思想，将数据更新和策略 回测两大环节进行了函数化封装与标准化存储，形成了数据库搭建到回测结果输出的自动化闭 环工具，实现了研究过程的规范化与系统化。 数据获取与更新模块：自动更新全市场转债列表，批量获取转债静态属性、指数利率数据、时 序行情数据，自动计算转债估值和定价等核心衍 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The communication sector saw a 2.35% increase in the 6th-7th week of 2026, ranking 6th among primary industries in the Yangtze River region; since the beginning of 2026, it has risen by 0.44%, ranking 27th [2][6] - Tower's silicon photonics revenue doubled, with a high demand for 1.6T, and capacity expansion plans have been adjusted with prepayments secured; silicon photonics modules continue to penetrate the market [2][10] - Vertiv's orders and backlog reached new highs, with a shipment-to-order ratio rising to 2.9 times [2][10] - ByteDance's Seedance 2.0 has industry-leading generation availability, while Google's Gemini 3.1 Pro tops the charts, and Anthropic's annual revenue is growing rapidly at $14 billion [2][10] - OpenAI's cumulative computing expenditure is expected to exceed $600 billion by 2030, with an upward revision of revenue forecasts [2][10] Summary by Sections Market Performance - In the 6th-7th week of 2026, the communication sector increased by 2.35%, ranking 6th among primary industries; since the start of 2026, it has risen by 0.44%, ranking 27th [2][6] - Among companies with a market capitalization above 8 billion, the top three gainers this week were Dawei Technology (+39.4%), Shengke Communication (+31.7%), and Shenling Environment (+29.6%); the top three decliners were Tongyu Communication (-11.7%), Dingtong Technology (-9.7%), and Xinke Mobile (-9.3%) [6] Company Highlights - **Tower**: In Q4 2025, revenue reached $440 million, a year-on-year increase of 13.7%, with GAAP net profit of $80 million, up 45.3%. The company expects silicon photonics revenue to reach $228 million in 2025, doubling from 2024, and has raised its capacity target from 3 times to over 5 times the Q4 2025 shipment [7] - **Vertiv**: In Q4 2025, revenue was $2.88 billion, a year-on-year increase of 22.7%, with GAAP net profit of $450 million, up 203.1%. The company reported a significant increase in organic orders, with a year-on-year growth of 252% [7] AI Model Developments - On February 12, ByteDance launched Seedance 2.0, achieving industry-leading performance in complex scenarios with a high generation availability rate [8] - Anthropic completed a $30 billion Series G financing round with a post-money valuation of $380 billion, reporting an annual revenue of approximately $14 billion [8] - On February 19, Google released Gemini 3.1 Pro, which ranked first in AI analysis, showing significant improvements in reasoning capabilities [8] Future Projections - OpenAI updated its financial outlook, projecting cumulative computing-related expenditures to exceed $600 billion by 2030, with training costs expected to rise significantly in 2025 and 2026 [9]

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 整治无 AI 标识不实信息传播，关注 AI 内容审查 赛道投资机遇 报告要点 [Table_Summary] 近期，部分网络账号发布 AI 生成合成信息时，不添加 AI 标识，存在利用虚假不实内容欺骗误 导公众的问题，破坏网络生态，造成恶劣影响。网信部门督促网站平台深入排查整治，依法依 约处置账号 13421 个，清理违法违规信息 54.3 万余条。当前时点，在生成式 AI 技术的不断发 展的同时，AI 生成内容也成为部分网络生态乱象的源头。随着监管层面对 AI 生成内容监管力 度的不断加强，AI 内容审查等相关领域将迎来增量需求。建议关注：1）AI 标识、深度伪造检 测、数字水印等关键技术服务商；2）AI 反诈、AI 内容安全审查相关企业。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [ ...

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 特斯拉 Cybercab 正式下线，自动驾驶商业化有 望进入实车落地阶段 报告要点 [Table_Summary] 2026 年 2 月 18 日，特斯拉在官方社交平台确认，首辆专为无人出租场景打造的 Cybercab 已 在美国得州超级工厂正式下线。这标志着其自动驾驶商业化战略从概念验证与测试阶段，进入 实车落地阶段。此次特斯拉 Cybercab 的下线或标志着其 Robotaxi 业务将逐步开启大规模落 地。作为产业龙头，其商业化落地进度将对 Robotaxi 产业整体的发展起到重要的带动作用。建 议关注：1）Robotaxi 运营商；2）无人驾驶相关硬件配套厂商；3）车路云一体化建设企业。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary2] 事件描述 2026 年 2 月 18 日，特斯拉在官 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The 2026 Spring Festival Gala showcased advancements in humanoid robot technology, highlighting the commercial viability of the industry and the potential for accelerated commercialization [2][4] - The report emphasizes the importance of focusing on the entire robot industry chain, particularly on suppliers of robot "brains" and software-related companies [2][4] Summary by Sections Event Description - The Spring Festival Gala featured performances by companies such as Songyan Power, Yushu Technology, Magic Atom, and Galaxy General, marking a significant moment for the integration of modern technology and cultural elements [4] Event Commentary - The presence of multiple robot brands at the gala indicates a shift from experimental concepts to practical applications in various scenarios, supported by a mature supply chain and a complete industrial ecosystem in China [4] - The report notes a significant increase in online sales and interest in humanoid robots, with search volume on platforms like JD.com rising over 300% during the gala [4] Market Performance - According to Omdia's report, the global humanoid robot market shipped 13,000 units in 2025, with Zhiyuan Robotics holding a 39% market share, followed closely by Yushu Technology, together accounting for 71% of the market [4]

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 2026 年特殊再融资债披露发行近 7000 亿 ——政府债周报（02/22） 报告要点 [Table_Summary] 2 月 23 日-3 月 1 日地方债披露发行 2564.20 亿元。其中新增债 1397.40 亿元（新增一般债 125.00 亿元，新增专项债 1272.40 亿元），再融资债 1166.80 亿元（再融资一般债 210.80 亿 元，再融资专项债 956.00 亿元）。 2 月 9 日-2 月 15 日地方债共发行 3221.36 亿元。其中新增债 2566.07 亿元（新增一般债 615.93 亿元，新增专项债 1950.14 亿元），再融资债 655.29 亿元（再融资一般债 208.84 亿元，再融 资专项债 446.45 亿元）。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Ta ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [11][13]. Core Insights - The company, Frontier Biotech, focuses on innovative drug development with a strong emphasis on technology and patent barriers, establishing a product portfolio that includes long-acting HIV drugs, new technology small nucleic acid drugs, and high-end generics [5][8]. - The company has developed a robust pipeline of small nucleic acid drugs targeting chronic diseases such as IgA nephropathy and dyslipidemia, with promising candidates FB7013 and FB7011 showing first-in-class (FIC) potential [9][31]. - The long-acting HIV drug, Aikening (ABT), has shown steady growth since its conditional approval in 2018 and received regular approval in 2023, with additional long-acting HIV products in development to strengthen the company's competitive position in the HIV treatment market [10][20]. Summary by Sections Company Overview - Frontier Biotech was established in 2013 and went public on the Shanghai Stock Exchange in 2020, focusing on unmet clinical needs in chronic disease treatment and building a dual-driven development model of innovative drugs and high-end generics [20][28]. Product Pipeline - The company has a diverse pipeline that includes long-acting HIV treatments and a variety of small nucleic acid drugs targeting diseases such as IgA nephropathy, high uric acid, and metabolic disorders [30][52]. - The small nucleic acid drugs are designed to regulate mRNA and have the potential to treat previously untreatable diseases, marking a significant advancement in drug development [31][35]. Financial Projections - Revenue forecasts for the company are projected at CNY 145 million, CNY 173 million, and CNY 210 million for the years 2025 to 2027, with net losses expected to decrease over the same period [11].

Investment Rating - The report indicates a positive outlook for the cleanroom sector, suggesting that the demand for cleanrooms is expected to continue increasing due to the semiconductor industry's growth [10]. Core Insights - The cleanroom shortage has garnered attention from various stakeholders in the semiconductor supply chain, including storage, wafer foundries, and equipment manufacturers, indicating a rising demand for cleanroom facilities [8][10]. - Major companies like Micron and Samsung are planning to invest in additional cleanroom capacity to meet the growing demand for advanced memory technologies, particularly HBM, which has a higher wafer consumption ratio compared to DDR5 [10]. - TSMC is also facing capacity constraints in its 3nm production due to high demand from companies like NVIDIA and AMD, leading to an anticipated increase in monthly production capacity despite cleanroom space limitations [10]. - Equipment manufacturers such as ASML, Lam Research, and KLA have reported that the physical capacity of wafer fabs is a significant constraint on expanding production to meet customer demand, with many fabs nearing full operational capacity [10]. Summary by Sections Semiconductor Storage Companies - Micron is shifting memory demand from DDR5 to HBM, which requires more cleanroom space, prompting plans for additional cleanroom investments [10]. - Samsung anticipates supply expansion limitations in 2026 and 2027 due to the scarcity of cleanroom space and is planning to invest in new wafer fabs to secure cleanroom capacity [10]. Wafer Foundries - TSMC is expected to increase its 3nm capacity by an additional 20,000 wafers per month, but is constrained by cleanroom space [10]. Equipment Manufacturers - ASML reported a revenue of €7.2 billion in Q4 2025, with CEO emphasizing that many fabs are operating at near full capacity, limiting new capacity releases due to land, power, and cleanroom space constraints [10]. - Lam Research achieved revenue of $5.1 billion, with management noting that existing fabs have little excess capacity, and new factory construction typically takes over two years [10]. - KLA reported a record revenue of $2.9 billion, with the CEO highlighting customer efforts to increase equipment density and process efficiency within limited space [10]. Market Outlook - The cleanroom sector is expected to see growth in both scale and profitability driven by AI-related semiconductor demand, with recommended investments in companies like Axiom Integration and Shenghui Integration overseas, and Deep Sanda A and Bocheng Co. domestically [10].

Investment Rating - The report maintains a "Positive" investment rating for the industry [9]. Core Insights - In the short term, the electricity gap in North America continues to widen, leading to a supply-demand imbalance for gas turbines, which presents an opportunity for gas generator sets to become the primary power source [3][8]. - In the medium to long term, gas generator sets are expected to be a superior choice for small to medium-sized data centers due to their advantages in mid-speed parallel operation and lower redundancy costs [6][52]. - Domestic companies like Weichai Power and Yinlun Co. are well-positioned to benefit from this opportunity due to their production capacity and quick delivery capabilities [3][8]. Summary by Sections Background - The demand for AI computing power has surged, resulting in a projected electricity gap of approximately 73.2 GW in the U.S. from 2025 to 2030, which could increase to 201 GW if data center growth exceeds expectations [5][22]. Demand - Gas generator sets are expected to experience explosive growth in the short term due to the electricity shortage, with a significant demand for approximately 9 GW of gas engines in North America by 2026 [6][49]. - The medium to long-term outlook indicates that gas generator sets will become the preferred choice for data centers, particularly those in the 100 MW range, due to their operational efficiency and cost advantages [52]. Supply - There is a notable shortage of gas generator capacity from overseas suppliers, while domestic companies like Weichai Power can deliver quickly and meet the growing demand [7][63]. - The current market leaders in gas engines include Caterpillar and Yanmar, with Caterpillar holding a significant market share [55][58]. Investment Recommendations - The report suggests a strong growth cycle for gas generator sets in North America, driven by the ongoing electricity shortage and the transition from gas turbines to gas generator sets as the primary power source [8][49].

Investment Rating - The report maintains a "Positive" investment rating for the industry [11]. Core Insights - The year 2025 marks a significant milestone for liquid cooling, with major manufacturers achieving substantial revenue growth and profitability due to the scale of liquid cooling product shipments [3][5]. - The AI wave, combined with the initial volume of liquid cooling, has led to record-high revenues for cooling-related manufacturers in Taiwan and Europe, with a notable increase in the proportion of liquid cooling-related income [30]. - The focus for 2026 will shift towards system integration, with major manufacturers expanding production capacity and emphasizing the need for complete solutions rather than just supply capabilities [6][32]. Summary by Sections Financial Overview - In 2025, AVC (奇鋐) achieved a revenue of 139.6 billion NTD, a 95% year-on-year increase, marking a historic high. The revenue for Q4 2025 was 47.8 billion NTD, up 129% year-on-year [16]. - Auras (双鸿) reported a revenue of 23.3 billion NTD for 2025, a 48% increase, with liquid cooling revenue accounting for over 30% of total income [18]. - Delta (台达电) reached a revenue of 554.9 billion NTD in 2025, a 32% increase, driven by the growth of liquid cooling products [24]. - Vertiv (维谛) generated a revenue of 10.23 billion USD in 2025, reflecting a 28% year-on-year growth, with significant contributions from the US market [28]. 2026 Outlook - The liquid cooling market is expected to continue its growth trajectory, with major manufacturers indicating that order visibility has extended to 2028 [6][32]. - The primary growth driver for liquid cooling in 2026 will be the demand for fully liquid-cooled NVIDIA products [33]. - Companies are focusing on enhancing their liquid cooling product offerings to transition into complete solution providers, shifting competition from supply capability to system integration [33]. Innovations and Trends - Current liquid cooling solutions predominantly utilize single-phase cold plates, but there is growing interest in innovative technologies such as micro-channel lids, which may offer improved cooling efficiency [51][52]. - The industry is exploring new cooling technologies, but single-phase cold plates are expected to remain the mainstream solution for the next few years due to their established supply chain and reliability [59]. Mergers and Acquisitions - The report notes ongoing mergers and acquisitions in the liquid cooling sector, with North American firms focusing on data center infrastructure while mainland Chinese firms are primarily involved in consumer electronics [8]. Investment Recommendations - The report recommends focusing on mainland manufacturers with unique capabilities that can leverage the growth in liquid cooling, particularly in the ASIC segment, which is expected to see increased penetration starting in Q3 2026 [9][39].