北交所 万源通：昆山万源通电子科技股份有限公司的主营业务是印刷电路 板的研发、生产和销售。2025年上半年，公司多层板、双面板和单 面板产品收入占比分别为43.54%、29.70%、18.72%。 许昌智能：许昌智能继电器股份有限公司的主营业务是智能配用电 产品、新能源产品和系统的研发、设计、组装、销售和服务，以及 电力工程总承包业务。2025年上半年，公司配用电自动化系统及智 能元件、高低压成套开关设备及智能开关元件、电力工程总承包项 目和新能源业务收入占比分别为35.41%、30.79%、18.50%、12.07%。 ◼ 风险提示。原材料价格波动风险；算力中心建设不及预期；市场竞 争加剧的风险。 北 交 所 研 究 2026 年 2 月 25 日 电源设备需求持续增长 北交所专题报告 投资要点： ◼ 关注2家电源行业相关企业 证 券 研 行业指数走势 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 -20% 0% 20% 40% 19/09 19/11 20/01 20/03 20/05 20/07 券商 ...

证券研究报告 2026 年 2 月 25 日 星期三 【A 股市场大势研判】 A 股马年开门红 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 4117.41 | 0.87% | 35.34 | | | 深证成指 | 14291.57 | 1.36% | 191.38 | | | 沪深 300 | 4707.54 | 1.01% | 47.14 | | | 创业板 | 3308.26 | 0.99% | 32.31 | | | 科创 50 | 1465.37 | -0.34% | -4.97 | | | 北证 50 | 1535.43 | 0.37% | 5.66 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万一级涨幅前五 | | | 申万一级跌幅前五 | 热点板块 n | 涨幅前五 | 热点板块跌幅前五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 石油石化 | 5.53% | 传媒 | -3.20 ...

医药生物行业 增持（首次） 全国 MRI 超导磁体独立供应龙头 2026 年 2 月 24 日 分析师：谢雄雄 SAC 执业证书编号： S0340523110002 电话：0769-22110925 邮箱： xiexiongxiong@dgzq.com.cn 主要数据 2026 年 2 月 13 日 | 收盘价（元） | 44.00 | | --- | --- | | 总市值（亿元） | 73.78 | | 总股本（亿股） | 1.68 | | 流通股本（亿股）0.32 | | | ROE(TTM) | 10.43% | | 12 月最高价（元）58.12 | | | 12 月最低价（元）41.40 | | 股价走势 资料来源：东莞证券研究所，iFind 相关报告 公 司 研 究 证 券 研 究 报 告 健信超导（688805）深度报告 投资要点： ◼ 投资建议：预计公司2025年和2026年每股收益分别为0.42元和0.49元， 对应估值分别为105倍和89倍。公司作为全国MRI超导磁体独立供应龙 头，在超导磁体和永磁领域优势突出。首次覆盖，给予公司"增持"评 级。 ◼ 风险提示。研发进度不及预期风险、技术 ...

Market Performance - The A-share market experienced a decline, with major indices falling over 1%, and the Shanghai Composite Index closing at 4082.07, down 1.26% [2][4] - The Shenzhen Component Index closed at 14100.19, down 1.28%, while the CSI 300 Index ended at 4660.41, down 1.25% [2][4] - The ChiNext Index and the STAR 50 Index also saw declines of 1.57% and 0.72%, respectively [2] Sector Performance - The top-performing sectors included Comprehensive (+2.06%) and Defense Industry (+0.65%), while the worst-performing sectors were Non-ferrous Metals (-3.36%) and Building Materials (-3.10%) [3] - Concept sectors that performed well included Digital Watermarking (+1.09%) and Ride-hailing (+0.80%), whereas F5G Concept (-2.56%) and Special Steel Concept (-2.47%) lagged [3] Future Outlook - The report indicates that despite the recent market downturn, the long-term outlook for the A-share market remains positive due to reasonable valuations and supportive policy signals [4][5] - The macroeconomic recovery is expected to strengthen, with potential for the market to stabilize and rebound as favorable factors materialize [5] - Investors are advised to maintain rational judgment and adopt a balanced strategy, focusing on core assets with solid fundamentals and high profit certainty [5]

Investment Rating - The report maintains a "Market Weight" rating for the building materials industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [46]. Core Insights - The building materials industry is experiencing an optimization in supply and demand dynamics due to the "anti-involution" policies, with expectations for price increases in electronic fabrics [2][4]. - The cement sector is anticipated to see a further contraction in total production capacity in 2026, driven by regulatory measures and a potential recovery in real estate sales in key cities [4][39]. - The flat glass market is showing signs of recovery with a slight increase in production and prices, although short-term demand remains weak due to seasonal factors [4][40]. - The photovoltaic glass market is facing challenges with excess supply and ongoing losses, but long-term demand is expected to be supported by the development of new energy bases [4][40]. - The glass fiber industry is in a structural recovery phase, with increasing demand for high-end products driven by advancements in AI and 5G technologies [4][40]. Summary by Sections Cement - The Ministry of Industry and Information Technology has implemented measures to control cement production capacity, leading to an expected reduction in total capacity in 2026 [4][39]. - Recent data indicates a recovery in real estate sales, which, combined with major infrastructure projects, may improve the supply-demand balance in the cement industry [4][39]. - Recommended stocks include Shangfeng Cement, Taipai Group, and Huaxin Cement, which have favorable fundamentals and high dividend yields [4][39]. Glass and Fiberglass - The flat glass production in 2025 is projected to be 97,591 million weight boxes, a 3% decrease year-on-year, but December 2025 saw a 3.4% increase compared to the previous year [4][40]. - The price of float glass has shown a slight recovery, with expectations for price stabilization due to supply-side adjustments [4][40]. - The fiberglass market is benefiting from increased demand for low-DK glass fabrics, with Taiwanese manufacturers shifting production to meet this demand [4][40]. - Recommended stocks in the fiberglass sector include China Jushi, which is expected to benefit from the structural recovery in the industry [6][40]. Consumer Building Materials - Leading companies like Keshun and Sankeshu have announced price increases due to rising raw material costs, indicating a trend of price stabilization in the industry [6][42]. - The demand for new construction is weakening, but renovation and urban renewal projects are expected to drive growth [6][42]. - Recommended stocks include Beixin Building Materials, Tubaobao, and Sankeshu, which are well-positioned to recover ahead of their peers [6][42].

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by over 10% in the next six months [30]. Core Insights - The report highlights the recent surge in AI-related activities, particularly the "Spring Festival Treat Plan" by Alibaba's Qianwen APP, which led to a significant increase in AI-driven orders, indicating a growing demand for AI computing power [3][27]. - The report emphasizes the potential investment opportunities in the AI computing power supply chain, driven by the increasing adoption of AI applications by major tech companies [3][27]. Summary by Sections 1. Industry Performance Review - The SW computer sector experienced a cumulative decline of 0.49% over the past two weeks, outperforming the CSI 300 index by 0.23 percentage points, ranking 20th among 31 sectors [11]. - In February, the sector rose by 1.50%, surpassing the CSI 300 index by 1.22 percentage points, and has increased by 8.55% year-to-date, outperforming the CSI 300 index by 6.61 percentage points [11][16]. 2. Valuation Situation - As of February 12, 2026, the SW computer sector's PE TTM (excluding negative values) stands at 59.40 times, placing it in the 96.39th percentile over the past five years and the 91.04th percentile over the past ten years [21][22]. 3. Industry News - Key developments include the launch of the Seedance 2.0 video generation model by Doubao, which enhances video content creation capabilities [22]. - Alibaba's Qianwen APP achieved over 1.2 billion AI-driven orders within six days of launching its promotional campaign, highlighting the rapid growth in AI application usage [22]. - Major tech companies, including Amazon, Google, Microsoft, and Meta, are projected to increase their capital expenditures to $660 billion in 2026, a 60% increase from 2025 [22]. - MiniMax introduced its M2.5 model, significantly reducing operational costs while maintaining competitive performance [22]. - Google is integrating AI shopping features into its search engine, allowing direct purchases through AI-driven interactions [22]. 4. Company Announcements - Notable company announcements include: - Guiding Compass reported a 40.39% increase in revenue for 2025, reaching 2.146 billion yuan [25]. - Zhongke Shuguang plans to raise up to 8 billion yuan through convertible bonds for AI-related projects [25]. - Unisplendour announced a plan to raise up to 5.57 billion yuan for acquisitions and R&D [26]. 5. Weekly Perspective - The report suggests continued monitoring of Alibaba and other AI giants' strategies in the AI application space, as their growth is expected to drive demand for computing power [27]. 6. Recommended Stocks - The report lists several companies to watch, including: - GuoDianYunTong (002152.SZ) for its stable growth in fintech and AI sectors [28]. - Digital China (000034.SZ) as a key player in the domestic computing demand [28]. - Inspur Information (000977.SZ) for its leadership in AI server markets [28].

有色金属行业 标配（维持） 有色金属行业双周报（2026/01/30-2026/02/12） 行 业 市场博弈加剧，金属价格涨跌互现 2026 年 2 月 13 日 S0340523120001 电话：0769-23320072 邮箱： xuzhengkun@dgzq.com.cn 有色金属行业重要新闻及观点 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 资料来源：东莞证券研究所，iFind 投资要点： 分析师：许正堃 SAC 执业证书编号： 行情回顾。截至2026年2月12日，申万有色金属行业近两周下跌11.23%，跑输 沪深300指数10.51个百分点，在申万31个行业中排名第31名。截至2026年2 月12日，近两周有色金属行业子板块中，小金属板块上涨0.19%，金属新材料 板块下跌2.30%，能源金属板块下跌6.11%，工业金属板块下跌13.51%，贵金 属板块下跌23.49%。 周 报 申万有色金属行业指数走势 小金属。稀土方面，随着供需格局逐步优化，且人形机器人有望在今年打开 稀土需求第二增长极， ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [25]. Core Insights - The basic chemical industry index increased by 0.1% in the last two weeks, outperforming the CSI 300 index by 0.8 percentage points, ranking 16th among 31 Shenwan industries. Year-to-date, the index has risen by 13.1%, surpassing the CSI 300 index by 11.2 percentage points, ranking 6th [2][9]. - Among the sub-sectors, non-metallic materials rose by 6.9%, rubber by 1.7%, plastics by 1.5%, and chemical products by 1.3%. Conversely, agricultural chemicals fell by 2.5%, chemical fibers by 2.1%, and chemical raw materials by 0.8% [10][12]. - A total of 408 listed companies are included in the Shenwan basic chemical index, with 197 companies seeing stock price increases, led by Baichuan Co., Ltd. (61.7%), Wanlang Magnetic Plastic (42.8%), and Vinegar Chemical (35.9%). Conversely, 209 companies experienced declines, with Zhongnong United (20.8%), Qicai Chemical (15.6%), and Longgao Co., Ltd. (15.3%) showing the largest drops [12][10]. - Key industry news includes the launch of a new water-based adhesive by SABA, which is expected to significantly impact the mattress recycling sector. Additionally, Guangxi Huayi Chlor-Alkali Chemical Co., Ltd. has successfully transitioned its 300,000 tons/year epoxy propane facility into production [17][18]. Summary by Sections Market Review - As of February 12, the Shenwan basic chemical index has shown a 0.1% increase over the past two weeks, outperforming the CSI 300 index by 0.8 percentage points, and has risen 13.1% year-to-date, outperforming the CSI 300 by 11.2 percentage points [9][2]. Important Company Announcements - Various companies, including Fule New Materials and Foshan Plastics Technology, have made announcements regarding internal investment structure adjustments and property leasing [18]. Key Industry News - The report highlights significant developments such as the introduction of a new adhesive product by SABA and the successful transition of major chemical production facilities into operational phases [17][18]. Weekly Industry Perspective - The report notes that the Producer Price Index (PPI) for January showed a year-on-year decrease of 5.0% in the chemical raw materials and products manufacturing sector, while it increased by 0.6% month-on-month. Additionally, BASF is restructuring its global business services to enhance efficiency [21][22].

食品饮料行业 超配（维持） 食品饮料行业双周报（2026/01/30-2026/02/12） 预制菜国标公开征求意见，关注春节需求表现 2026 年 02 月 13 日 投资要点： ◼ 风险提示：原材料价格波动、产品提价不及预期、渠道开展不及预期、 行业竞争加剧、食品安全风险、宏观经济波动风险等。 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 周 报 分析师：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn ◼ 行情回顾：1月30日-2月12日，SW食品饮料行业指数整体下跌0.95%，板 块涨幅位居申万一级行业第二十四位，跑输同期沪深300指数约0.23个 百分点。细分板块中，多数细分板块跑输沪深300指数。其中，调味品板 块上涨0.64%，板块涨幅最大；其他酒类板块跌幅最大，为6.40%。 ◼ 行业周观点：预制菜国标公开征求意见，关注春节需求表现。白酒板块： 受房地产政策、飞天动销、市场风格切换等因 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Insights - The State Council issued the "Implementation Opinions on Improving the National Unified Electricity Market System," aiming to establish a unified electricity market by 2030, with market transactions accounting for about 70% of total electricity consumption [4][40] - The report highlights the performance of the power equipment sector, which has seen a year-to-date increase of 9.76%, outperforming the CSI 300 index by 7.82 percentage points [11][14] - The report emphasizes the importance of new operational entities like virtual power plants and smart microgrids in participating flexibly in the electricity market [45] Summary by Sections Market Review - As of February 12, 2026, the power equipment sector rose by 4.97% over the past two weeks, ranking third among 31 sectors [11] - The wind power equipment sector decreased by 3.07%, while the photovoltaic equipment sector increased by 3.93% [18][20] Valuation and Industry Data - As of February 12, 2026, the price-to-earnings (PE) ratio for the power equipment sector is 36.66 times, with sub-sectors like the battery sector at 33.19 times and the photovoltaic sector at 34.99 times [25] - The report provides detailed valuation metrics for various sub-sectors, indicating significant variations in PE ratios compared to their historical averages [25] Industry News - The report discusses the significant growth in renewable energy installations, with a total installed capacity of 2.34 billion kilowatts by the end of 2025, accounting for 60% of the national power generation capacity [40] - It also notes the government's focus on upgrading traditional industries and promoting new energy sectors, including hydrogen energy [40] Company Announcements - The report includes recent announcements from companies in the sector, such as government subsidies received by various firms, indicating ongoing support for the industry [43]