2026 年 02 月 24 日 开源晨会 0224 ——晨会纪要 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2025-02 2025-06 2025-10 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 综合 | 2.056 | | 国防军工 | 0.651 | | 食品饮料 | -0.183 | | 电子 | -0.288 | | 房地产 | -0.408 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 有色金属 | -3.356 | | 建筑材料 | -3.099 | | 石油石化 | -3.093 | | 钢铁 | -2.462 | | 电力设备 | -2.026 | | 数据来源：聚源 | | | 吴梦迪（分析师） | | --- | wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】美对等关税被判违法，春晚展示机器人技术突破——春节海内外要 闻-20260223 【宏观经济】地方两会观 ...

综合 海外 2026 年 02 月 22 日 投资评级：看好（维持） 行业走势图 -20% -10% 0% 10% 20% 30% Wind 恒生指数 数据来源：聚源 相关研究报告 Google：近期发布的 Gemini 3.1 Pro，在衡量模型抽象推理能力的 ARC-AGI-2 测 试中，Gemini 3.1 Pro 的得分从前代的 31.1%提升至 77.1%，这一表现显著超越了 市场竞品GPT-5.2与Claude Opus 4.6。延续了100万token的输入窗口与64k token 的大容量输出窗口，显著增强了多模态输出与复杂任务的执行效率。 《AI 入口竞争加剧，关注 Moltbot 带 动的生态机会—行业周报》-2026.2.1 《RoboX 进展顺利，家用机器人新品 密集亮相—行业周报》-2026.1.25 《AI 商业化与反内卷政策共振，关注 电商及 AI 搜索产业变化—行业周报》 -2026.1.18 国产 AI：2 月 20 日，智谱/MiniMax 股价逆势大涨 42.7%/14.5%，足以体现市场 对二者在 2 月发布的新版大模型的认可，从本周的 OpenRouter 大模型排名 ...

社会服务 2026 年 02 月 22 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 2025-02 2025-06 2025-10 社会服务 沪深300 相关研究报告 | 《Spotify2026Q1 指引乐观，海南高端 | | --- | | 酒 旅 消 费 势 头 强 劲 — 行 业 周 报 》 | | -2026.2.15 | | 《国产 AI 应用访问量攀升，关注卡位 | | 瘦 身 需 求 产 品 潜 力 — 行 业 周 报 》 | | -2026.2.1 | | 《锅圈开启"四店齐发"布局，茶饮 | | 龙头强者恒强 — 行业周报》 | | -2026.1.25 | 春节海南高端消费保持快增，iphone 17 Pro Max、黄 金等品类二手交易持续升温 ——行业周报 | 初敏（分析师） | 李睿娴（分析师） | 程婧雅（分析师） | | --- | --- | --- | | chumin@kysec.cn | liruixian@kysec.cn | chengjingya@kysec.cn | | 证书编号：S0790522080008 | 证书 ...

汽车/汽车零部件 松原安全（300893.SZ） 本土汽车被动安全新星，业绩高增迈向全球 2026 年 02 月 23 日 投资评级：买入（首次） | 日期 | 2026/2/13 | | --- | --- | | 当前股价(元) | 23.44 | | 一年最高最低(元) | 41.16/22.45 | | 总市值(亿元) | 110.87 | | 流通市值(亿元) | 58.80 | | 总股本(亿股) | 4.73 | | 流通股本(亿股) | 2.51 | | 近 3 个月换手率(%) | 94.41 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2025-02 2025-06 2025-10 松原安全 沪深300 | 邓健全（分析师） | 赵悦媛（分析师） | 赵旭杨（分析师） | | --- | --- | --- | | dengjianquan@kysec.cn | zhaoyueyuan@kysec.cn | zhaoxuyang@kysec.cn | | 证书编号：S0790525090003 | 证书编号：S0790525100003 | 证书编号：S ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a positive outlook for the semiconductor industry, driven by increasing demand for AI computing power and capital expenditures [7] - Key companies such as Nvidia and Meta are making significant investments in AI chips, indicating strong market growth potential [5] - The report emphasizes the importance of domestic supply chains and price increases in materials like target materials and passive components [7] Market Review - During the Spring Festival holiday (February 16-20, 2026), major overseas technology stocks saw gains, with the Nasdaq index rising by 1.51% and the Philadelphia Semiconductor Index also increasing by 1.51% [3] - Notable stock performances included Nvidia up by 3.83%, Apple up by 3.44%, and Amazon up by 5.69% [3] Industry Updates - The report notes a surge in AI model updates from domestic and international companies, with significant product launches expected from Apple and others [4] - Nvidia's CEO announced a groundbreaking new chip at the upcoming GTC 2026 conference, and a multi-billion dollar chip procurement agreement with Meta was confirmed [5] - Samsung and SK Hynix are accelerating production capacity due to increased storage demand driven by AI [6] Investment Recommendations - The report suggests focusing on sectors benefiting from increased AI computing capital expenditures and domestic supply chain developments [7] - Recommended stocks include Jiangfeng Electronics, with beneficiaries including Jingce Electronics, Chipone Technology, and others [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - 2026 is seen as a pivotal year for AI to achieve value realization and commercialization, with major companies focusing on this transition [4][10] - Anthropic is recognized as one of the fastest commercializing large model companies, recently raising $30 billion in Series G funding, pushing its valuation to $380 billion [4][10] - The ARR (Annual Recurring Revenue) of Anthropic reached $14 billion by February 2026, with significant growth driven by its Claude Code model [4][10] - OpenAI has shifted its focus from AGI ideals to commercial priorities, reducing its computational spending target to $600 billion and projecting total revenue to exceed $280 billion by 2030 [4][10] - The emergence of multimodal models is anticipated to reach a "DS moment" in 2026, enhancing capabilities while significantly reducing costs, benefiting sectors like film, gaming, and advertising [5][11] Summary by Sections Market Review - During the period from February 9 to February 13, 2026, the CSI 300 index increased by 0.36%, while the computer index rose by 4.35% [3][13] Investment Recommendations - Key recommendations for AI applications include companies such as Kingsoft Office, Hehe Information, Dingjie Shuzhi, and others, with beneficiaries in the multimodal field including Wanxing Technology, Huitian Ruisheng, and others [6][12]

Investment Rating - The investment rating for the industry is "Overweight" indicating an expectation for the industry to outperform the overall market performance [74]. Core Insights - The report highlights significant breakthroughs in quantum key distribution networks, with the successful construction of the world's first large-scale quantum key distribution network based on integrated optical quantum chips, supporting 20 chip users and a networking capability of up to 3700 kilometers [13][18]. - Fujida (920640.BJ) is identified as a representative company in the quantum industry chain, having made early investments in quantum technologies and achieving key technical breakthroughs in low-temperature superconducting RF cables, which are essential for stable signal transmission in quantum computing applications [3][25]. - The report notes that Fujida's revenue for the first three quarters of 2025 reached 652 million yuan, a year-on-year increase of 16.62%, with a net profit of 55.93 million yuan, reflecting a growth of 55.38% [30][28]. Summary by Sections Quantum Key Distribution Breakthroughs - The report discusses the advancements in quantum key distribution, emphasizing the development of a scalable quantum relay module that enables long-distance quantum networks and the successful transmission of device-independent quantum key distribution (DI-QKD) over distances exceeding 100 kilometers [18][21]. Industry Performance - The information technology sector experienced an average weekly increase of 1.68%, with the median price-to-earnings (P/E) ratio dropping to 74.1X [4][31]. - The smart manufacturing sector saw its median P/E ratio rise to 42.5X, indicating positive market sentiment [47][54]. Company Announcements - Fujida's core products are being utilized in superconducting quantum computer projects across domestic research institutions, with current operations focused on small-batch supply, contributing to a growing revenue stream [3][25]. - The report also includes performance forecasts for various companies, with notable expected revenue growth for companies like JinHao Medical and North Mining Testing [68][69].

投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 2025-02 2025-06 2025-10 传媒 沪深300 相关研究报告 《《异环》三测及字节 AI 视频模型惊 艳，继续布局游戏/多模态 AI 应用— 行业周报》-2026.2.8 《Moltbook、元宝、Genie3 出圈，继 续布局 AI 社交/游戏/营销—行业点评 报告》-2026.2.2 《AI 入口争夺再升级，继续布局 AI 应用及游戏—行业周报》-2026.1.25 节后继续聚焦 AI 入口商业化、重磅新游及长青游戏 传媒 2026 年 02 月 23 日 请务必参阅正文后面的信息披露和法律声明 1/18 ——行业周报 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 红包等系列春节运营活动或推动豆包/千问/元宝用户量大增及商业化加快 2 月 17 日，豆包宣布通过总台春晚为全国观众送出超过 10 万份科技好礼和现金 红包，帮用户生成了超过 5000 万张新春头像，写下了超过 1 亿条祝福语等，AI 总互动达 19 亿次；豆包视频生成 ...

计算机 2026 年 02 月 23 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2025-02 2025-06 2025-10 计算机 沪深300 相关研究报告 《周观点：2026 年，多模态模型有望 迎来 DS 时刻—行业周报》-2026.2.8 《周观点：SpaceX 申请部署百万颗卫 星，剑指太空算力 — 行 业 周 报 》- 2026.2.1 《AWS 和谷歌拉开"云涨价"序幕， 重视 AI 基建产业链 —行业点评报告》 -2026.1.28 周观点：全年维度看好 AI 的价值落地与商业化 ——行业周报 刘逍遥（分析师） liuxiaoyao@kysec.cn 证书编号：S0790520090001 市场回顾：2026.2.9-2026.2.13 期间，沪深 300 指数上涨 0.36%，计算机指数 上涨 4.35%。 周观点：全年维度看好 AI 的价值落地与商业化 （1）2026 年是 AI 走向价值落地和商业化的关键年 历经 2023-2025 年的发展，海内外 AI 发展已经经历了从模型混战到应用探索的 阶段，我们认为 2026 ...

——北交所策略专题报告 | 诸海滨（分析师） | 余中天（分析师） | | --- | --- | | zhuhaibin@kysec.cn | yuzhongtian@kysec.cn | | 证书编号：S0790522080007 | 证书编号：S0790525050003 | 量子密钥分发网络等方向实现突破，富士达量子低温超导射频缆小批量供货 我国科学家成功构建国际首个基于集成光量子芯片的大规模量子密钥分发网络。 潘建伟等科研人员，在国际上首次构建出可扩展量子中继的基本模块，实现了单 原子节点间的远距离高保真纠缠，同时在此基础上首次将器件无关量子密钥分发 （DI-QKD）的传输距离突破百公里，推进了该技术的实用化进程。现阶段北交 所内富士达（920640.BJ）是具有代表性的量子产业链相关企业。富士达较早开 展量子相关技术布局，核心产品为低温超导射频缆，并同步布局相关连接组件及 低温微波器件，主要用于在极低温环境下实现信号的稳定传输、控制与监测。在 应用方面，富士达产品已用于国内科研院所及相关企业的超导量子计算机项目， 目前以小批量供货为主，已形成一定规模的营业收入。 北证行业：信息技术本周平均涨跌幅+ ...