[Table_Page] 跟踪研究|计算机设备 证券研究报告 | [Table_Title] 锐明技术（002970.SZ） | | --- | | 主业高增持续兑现，服务器电源代工等新 | | 成长曲线逐步成型 | [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位:人民币百万元 Finance] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 1,699 | 2,777 | 2,682 | 3,514 | 4,361 | | 增长率（ % ） | 22.8% | 63.5% | -3.5% | 31.0% | 24.1% | | EBITDA | 207 | 390 | 440 | 585 | 705 | | 归母净利润 | 102 | 290 | 387 | 504 | 619 | | 增长率（ % ） | -169.5% | 184.5% | 33.5% | 30.2% | 22.8% | | EPS（元/股） | 0.59 | 1.64 | ...

[Table_Page] 公司深度研究|电子 证券研究报告 [Table_Title] 京仪装备（688652.SH） 半导体专用设备领军者，打破垄断构筑核心壁垒 [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | | 742 | 1,026 | 1,430 | 2,350 | 3,068 | | 增长率（ ） | % | 11.8% | 38.3% | 39.3% | 64.4% | 30.6% | | EBITDA | | 142 | 187 | 230 | 407 | 597 | | 归母净利润 | | 119 | 153 | 202 | 358 | 522 | | 增长率（ ） | % | 30.7% | 28.4% | 32.2% | 77.2% | 45.7% | | EPS（元/股） | | 0.71 | 0.91 | 1.20 | 2.13 ...

[Table_Title] 九号公司（689009.SH） 新国标后电摩增量明显，割草机延续高增 [Table_Summary] 核心观点： [Table_Page] 公告点评|耐用消费品与服装 证券研究报告 | [Table_Finance] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 10222 | 14196 | 21579 | 28378 | 35275 | | 增长率（ % ） | 1.0% | 38.9% | 52.0% | 31.5% | 24.3% | | EBITDA（百万元） | 541 | 1437 | 2281 | 3020 | 3767 | | 归母净利润（百万元） | 598 | 1084 | 1746 | 2307 | 2892 | | 增长率（ % ） | 32.5% | 81.3% | 61.1% | 32.1% | 25.4% | | EPS（元/股） | 8.37 | 15.32 | 24.21 | 31.97 | 40.09 | ...

[Table_Page] 投资策略周报|纺织服饰 证券研究报告 [Table_Title] 纺织服饰行业 纺织服装与轻工行业数据周报 1.31-2.6 [Table_Summary] 核心观点： [Table_Gr ade] 行业评级 买入 前次评级 买入 报告日期 2026-02-09 [Table_Author] 分析师： 糜韩杰 SAC 执证号：S0260516020001 SFC CE No. BPH764 021-38003650 mihanjie@gf.com.cn 分析师： 曹倩雯 SAC 执证号：S0260520110002 SFC CE No. BWW545 021-38003621 caoqianwen@gf.com.cn 分析师： 左琴琴 SAC 执证号：S0260521050001 SFC CE No. BSE791 021-38003540 zuoqinqin@gf.com.cn 分析师： 李悦瑜 SAC 执证号：S0260524120002 021-38003784 liyueyu@gf.com.cn 分析师： 董建芳 SAC 执证号：S0260525060002 dongjian ...

[Table_Page] 跟踪分析|传媒 证券研究报告 [Table_Title] 游戏行业 从"观看"到"推动"：《异环》有望重塑二次元开放世界体验 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-09 | [Table_PicQuote] 相对市场表现 -20% -7% 6% 18% 31% 44% 02/25 04/25 07/25 09/25 11/25 02/26 传媒 沪深300 | [分析师： Table_Author]旷实 | | --- | | SAC 执证号：S0260517030002 | | SFC CE No. BNV294 | | 010-59136610 | | kuangshi@gf.com.cn | | 分析师： 廖志国 | | SAC 执证号：S0260525060001 | | 021-38003665 | | liaozhiguo@gf.com.cn | | 分析师： 章驰 | | SAC 执证号：S0260523080001 | ...

[Table_Page] 年报点评|媒体Ⅱ 证券研究报告 [Table_Title] 谷歌（GOOGL） 云营收加速增长，资本开支指引激进 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 -40% -20% 0% 20% 40% 60% 80% 100% 02/25 04/25 06/25 08/25 10/25 12/25 02/26 谷歌 标普500 | [分析师： Table_Author]旷实 | | --- | | SAC 执证号：S0260517030002 | | SFC CE No. BNV294 | | 010-59136610 | | kuangshi@gf.com.cn | | 分析师： 廖志国 | | SAC 执证号：S0260525060001 | | 021-38003665 | | liaozhiguo@gf.com.cn | | 分析师： 宾特丽亚 | | SAC 执证号：S0260526010003 | | 021-38003624 | | binteliya@gf.com.cn | | 请注意，廖志国,宾特丽亚并非香港证券及期货事 ...

[Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 -40% -20% 0% 20% 40% 60% 80% 100% 02/25 04/25 06/25 08/25 10/25 12/25 02/26 谷歌 标普500 | [分析师： Table_Author]旷实 | | --- | | SAC 执证号：S0260517030002 | | SFC CE No. BNV294 | | 010-59136610 | | kuangshi@gf.com.cn | | 分析师： 廖志国 | | SAC 执证号：S0260525060001 | | 021-38003665 | | liaozhiguo@gf.com.cn | | 分析师： 宾特丽亚 | | SAC 执证号：S0260526010003 | | 021-38003624 | | binteliya@gf.com.cn | | 请注意，廖志国,宾特丽亚并非香港证券及期货事务监察委 | [Table_ 相关研究： DocReport] 盈利预测： [Table_Page] 年报点评|媒体Ⅱ 证券研究报告 [Ta ...

Core Viewpoints - The communication industry is expected to enter a new prosperity cycle due to significant improvements in supply and demand relationships, particularly in the fiber optic cable sector [1][14]. Industry Overview - In January 2026, the average price of G.652.D single-mode fiber in China exceeded 40 CNY per core kilometer, reaching a seven-year high, with some manufacturers quoting prices as high as 50 CNY per core kilometer. The price increase in January alone exceeded 75% [7][14]. - Demand is surging from data centers and special products, with a notable recovery trend in telecom demand. AI data center requirements are driving both volume and price increases for fiber optic cables, as they are widely used in data center scale-out scenarios [15][16]. - The ongoing Russia-Ukraine conflict has led to a rapid increase in demand for fiber optic drones, with deployment expected by mid-2024. These drones typically require fiber optics as consumables, indicating a significant demand increase [15][16]. Supply Dynamics - The utilization rate of optical preforms remains high, with AI and special products occupying traditional G.652.D fiber production capacity. The production of optical preforms is the longest cycle in the fiber optic cable industry, and most capacity is controlled by leading domestic and international manufacturers [16]. - The production capacity of major fiber optic manufacturers is currently at full capacity, making it difficult to alleviate supply-demand imbalances in the short term, which is likely to keep prices high [16]. Investment Recommendations - The report emphasizes the importance of the improving supply-demand relationship in the fiber optic cable sector and the layout of high-value products. Both data communication and telecom demand are expected to benefit fiber manufacturers, with prices likely to continue rising in the short term [17]. - There is a significant increase in demand for fiber optics from data centers in North America, Europe, and the Middle East, with domestic manufacturers expected to gain market share due to limited capacity from existing overseas suppliers [17]. - The report suggests focusing on leading companies in the fiber optic cable sector, including Yangtze Optical Fibre and Cable Joint Stock Limited Company, Hengtong Optic-Electric Co., Ltd., Zhongtian Technology Co., Ltd., and FiberHome Technologies Group [17].

[Table_Title] 建筑材料行业 25Q4 基金加仓水泥玻璃，板块整体配置仍在低位 [Table_Summary] 核心观点： [Table_Page] 深度分析|建筑材料 证券研究报告 | [Table_Grade] 行业评级 | 持有 | | --- | --- | | 前次评级 | 持有 | | 报告日期 | 2026-02-09 | [分析师： Table_Author]谢璐 SAC 执证号：S0260514080004 SFC CE No. BMB592 021-38003688 xielu@gf.com.cn 分析师： 张乾 SAC 执证号：S0260522080003 021-38003687 gzzhangqian@gf.com.cn 分析师： 陈琳云 SAC 执证号：S0260526010002 -10% 1% 12% 22% 33% 44% 02/25 04/25 07/25 09/25 11/25 02/26 建筑材料 沪深300 chenlinyun@gf.com.cn 请注意，张乾,陈琳云并非香港证券及期货事务监察委员会 的注册持牌人，不可在香港从事受监管活动。 [Table ...

[Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 跨境流动性跟踪 20260208 贸易回流比率再度回正，服务逆差大幅收窄 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 -10% -3% 4% 10% 17% 24% 02/25 04/25 07/25 09/25 11/25 02/26 银行 沪深300 | [分析师： Table_Author]倪军 | | --- | | SAC 执证号：S0260518020004 | | 021-38003646 | | nijun@gf.com.cn | | 分析师： 林虎 | | SAC 执证号：S0260525040004 | | SFC CE No. BWK411 | | 021-38003643 | | gflinhu@gf.com.cn | | 请注意，倪军并非香港证券及期货事务监察委员会的注册 | 跟踪分析|银行 重点公司估值和财务分析表 | DocReport] [Table_ 相关研究： | | | --- | --- | | 银行行业:春节临近大行收票 | 2026-0 ...