❑ 一级市场：赴港上市公司背景、投资者结构、行业构成更加多元，香港重登 全球新股市场榜首。25 年港市新上市公司 119 家，募集资金达 2869 亿港元， 为 24 年的 3 倍多；上市后再融资规模达 5146 亿港元，为 24 年度的 2 倍多， 创 21 年以来最高纪录。从上市公司背景看，25 年共有 7 名国际发行人来港 上市，分别来自新加坡、泰国、阿联酋等地；从投资者结构看，主权财富基 金、亚洲/欧洲北美的 LO 投资者在前 20 大最活跃股权资本市场基金投资者中 占据半壁江山；从行业构成看，工业及新能源板块新股集资规模排名全球第 一，TMT 企业在港发行规模创 21 年来新高，医疗保健和生物科技板块股权 资本发行规模位列全球第二。往后看，截至 25 年底，处理中的 IPO 申请数目 增至 345 宗，为 24 年底的 4 倍多。 证券研究报告 | 公司点评报告 2026 年 02 月 26 日 香港交易所（00388.HK） 一二级火热、营收再创新高 总量研究/非银行金融 港交所公布 25 年年报：25 年营业总收入 292 亿港元，同比+30%；归母净利润 为 178 亿港元，同比+36%；EB ...

证券研究报告|行业简评报告 2026 年 02 月 26 日 本季营收与指引均高增，战略备货以满足未来市场需求 英伟达（NVDA.O）FY26Q4 跟踪报告 TMT 及中小盘/电子 事件： 英伟达发布 FY26Q4 季报，本季营收 681 亿美元，同比+73%/环比+20%，创 历史新高；non-GAAP 毛利率为 75.2%，同比+1.7pcts/环比+1.6pcts。综合财 报及交流会议信息，总结要点如下： 评论： 1、FY26Q4 营收高增再超预期，公司开启战略备货以应对未来市场需求。 FY26Q4 营收 681 亿美元，同比+73%/环比+20%，超出此前预期（650 亿美 元），本季营收、营业利润和自由现金流均创历史新高；non-GAAP 毛利率为 75.2%，符合此前指引（74.5%-75.5%），同比+1.7pcts/环比+1.6pcts，环比 增长主要得益于 Blackwell 架构产能持续爬坡；本季库存环比增长 8%，采购承 诺也大幅增加，公司已战略性储备库存并锁定产能，以满足未来数个季度的市 场需求。 2、数据中心营收再创新高网络业务表现亮眼，游戏受供应链影响环比下降。 1）数据中心：营收 ...

证券研究报告 | 策略专题报告 2026 年 2 月 26 日 美元的黄昏：黄金影子锚归来与 A 股地缘新框架 ——A 股投资启示录（三十一） 本文以"黄金定价范式的根本性迁移"为核心议题，系统论证了 2022 年以来黄金 与美元定价体系发生历史性脱钩的深层逻辑，并基于此提出适应地缘新秩序的 A 股 投资新框架。 专题报告 相关报告 《如何看待黄金和黄金珠宝 股的波动及后续走势？—— 黄金联合报告（1027）》 张夏 S1090513080006 zhangxia1@cmschina.com.cn 田登位 S1090524080002 tiandengwei@cmschina.com.cn 杨晨 （研究助理） yangchen4@cmschina.com.cn 敬请阅读末页的重要说明 | 一、 | 引言：黄金定价范式的根本性迁移点 5 | | --- | --- | | 二、 | 货币天然不是金银，但金银天然是货币 8 | | 1、 | 金银是人类历史自古以来交易储备的共同选择 8 | | 2、 | 全球货币体系的演变清晰地呈现出一条从银币到金币再到信用货币的转化路径 8 | | 三、 | 主权信用货币的三重 ...

Report Summary 1. Investment Rating The document does not mention the investment rating of the industry. 2. Core Views The report reviews the fund market in 2025, including the overall situation of the public - offering fund industry, the development of various sub - categories of public - offering funds, and the situation of private - offering securities investment funds. It also provides a market outlook for 2026 and selects several types of funds for attention. In 2025, the public - offering fund market achieved significant positive returns, and the private - offering securities investment fund market expanded in scale. In 2026, with the resonance of China's and the US policies, the A - share market is expected to shift from liquidity - driven to profit - driven, and attention should be paid to specific investment directions and the rhythm of the fixed - income market [2][9]. 3. Summary by Directory 3.1 Public Fund Overall Overview - **Asset Management Market Overview**: By the end of Q3 2025, the total scale of China's asset management business reached 80.03 trillion yuan. Public - offering funds and private - offering funds drove the growth of the asset management scale, with public - offering funds contributing 3.92 trillion yuan to the scale growth. The public - offering fund market maintained strong vitality, with a total scale of 36.67 trillion yuan and a total share of 31.30 trillion shares by the end of 2025, showing year - on - year growth [16][20]. - **Public Fund New - issuance Market**: In 2025, stock - type and bond - type funds were the main new - issuance products. The new - issuance volume of stock - type funds was large, and the new - issuance scale was comparable to that of bond - type funds, mainly relying on passive products [40]. - **Non - monetary Head Managers of Public Funds**: Since 2021, the top - three managers in terms of non - monetary fund scale have been relatively stable. In 2025, E Fund, China Asset Management, and GF Fund had different product line focuses in terms of stock and incremental scale. Huatai - Peregrine Fund and Invesco Great Wall Fund showed good performance [47][48]. - **Performance of Public Fund Products**: In 2025, the public - offering fund market achieved significant positive returns. Commodity - type funds represented by gold performed excellently, and stock - type funds also received good returns with reduced volatility and drawdown [3][56]. 3.2 Hot Topics in the Fund Industry - **Reform of Public - offering Fund Policies**: In 2025, a series of reform measures were introduced to promote the transformation of the public - offering fund industry from "scale - oriented" to "return - oriented" [59]. - **New - style Floating - rate Funds**: In 2025, new - style floating - rate funds were successively launched, which had important impacts on the public - offering fund market, such as guiding long - term holding and strengthening the binding mechanism between fund companies and investors [67][69]. - **Commercial Real Estate REITs**: In 2025, the pilot of commercial real estate REITs was officially launched, and 12 products had been officially declared by February 13, 2026 [73][75]. - **Development of the Fund Investment Advisory Industry**: Policy support, product expansion, and institutional empowerment promoted the development of the fund investment advisory industry. The investment scope of fund investment advisors was gradually broadened, and leading public - offering funds entered the market [77][79]. 3.3 Overview of Sub - categories of Public Funds - **Active Equity Funds**: In 2025, the scale of active equity funds rebounded, with an average return of 33.29%. Funds focusing on the AI industry chain led the gains [101]. - **Industry Theme Funds**: By the end of 2025, there were 2,009 industry theme funds, with a significant increase in scale. Funds in technology communication, large - scale technology, and large - scale manufacturing sectors led the gains [4][150]. - **Active Fixed - income Funds**: In the low - interest - rate environment and the rising equity market in 2025, the management pressure of pure - bond portfolios increased, while the scale of bond - containing funds increased significantly [170][174]. - **Passive Funds**: By the end of 2025, the total scale of passive funds exceeded 7.5 trillion yuan. ETFs continued to expand, and industry themes and bonds frequently created hot topics [205]. - **FOF Funds**: By the end of 2025, the total scale of FOF funds increased significantly, with performance showing significant differentiation. The new - issuance market recovered [296][309]. - **Quantitative Funds**: The scale of quantitative funds expanded rapidly, with index - enhanced funds dominating the scale. The new - issuance market of A500 and ChiNext/Science and Technology Innovation Board index - enhanced funds was hot, and small - cap products had outstanding returns [334][346]. 3.4 Overall Situation of Private - offering Securities Investment Funds - **Existing Situation**: By the end of December 2025, the existing scale of private - offering securities investment funds reached a record high of 7.08 trillion yuan, a year - on - year increase of 35.82%. The number of funds decreased, and fund managers continued to be cleared out [377]. - **New - issuance Market**: In 2025, the number and scale of newly - registered private - offering securities investment funds both increased. The access for new fund managers remained strict [382]. - **Industry Pattern**: The number of private - offering funds with a scale of over 10 billion yuan increased, while the number of those with a scale of less than 500 million yuan decreased significantly [391]. - **Market Trends**: In 2025, the scale of quantitative private - offering funds expanded again, and 14 new quantitative private - offering funds exceeded 10 billion yuan in scale. The regulatory rules for program trading were implemented [394][399]. - **Market Trends**: The number of insurance - funded private - offering securities investment funds increased to 7, and insurance funds increased their layout in the equity market through private - offering funds [400]. 3.5 Market Outlook in 2026 - **Macroeconomic Outlook**: In 2026, China's fiscal policy aims to balance "stable growth" and "structural transformation." If the fiscal space is fully released, a series of positive macroeconomic changes are expected. The total demand growth rate is expected to return to expansion [402][404]. - **Investment Direction**: In the equity market, attention should be paid to computing power, AI applications, AI power, cutting - edge technologies proposed in the 14th Five - Year Plan, pro - cyclical sectors, and domestic demand expansion and consumption recovery. In the fixed - income market, the interest rate center may rise, and the trading rhythm should be grasped [9]. - **Fund Selection**: The report selects several types of funds, including all - market investment equity funds, equity funds under different investment themes, fixed - income funds, and index - enhanced funds [10][11][12].

证券研究报告 | 公司深度报告 2026 年 02 月 25 日 大族激光（002008.SZ） 苹果创新加速+算力 PCB 扩产，激光龙头迎接新一轮高成长 TMT 及中小盘/电子 招商电子团队深度跟踪过大族历史上五轮向上期，我们判断公司正进入新一轮 AI 端侧与算力共振的向上周期：1）AI 端侧：苹果 26-27 年 AI 硬件加速创新， 公司消费电子业务不仅受益于散热/光学等创新，更重要是望在 3D 打印赛道成 为领导者；2）算力：PCB 机械钻孔设备需求旺盛且盈利提升明显，超快钻孔 实现 0-1 突破打开新成长空间；3）其他业务：新能源/半导体/通用等总体稳中 向好，商业航天等新兴行业拓展下游应用领域。考虑到公司再迎新一轮向上周 期，业绩有超预期潜力，且估值向上弹性大，维持"强烈推荐"投资评级。 强烈推荐（维持） 当前股价：63.38 元 基础数据 | 总股本（百万股） | 1030 | | --- | --- | | 已上市流通股（百万股） | 957 | | 总市值（十亿元） | 65.3 | | 流通市值（十亿元） | 60.6 | | 每股净资产（MRQ） | 16.5 | | ROE（TTM） ...

证券研究报告 | 策略定期报告 2026 年 2 月 25 日 春节人员流动或创历史新高，金属价格普遍上涨 ——行业景气观察（0225） 本周景气度改善的方向主要在信息技术、部分资源品和中游制造领域。上游资源 品中，金属、原油和多数化工品价格上涨；中游制造领域，新能源产业链价格多 数上涨，1 月主要企业装载机、叉车销量同比增幅扩大。信息技术中，存储器价 格持续上涨，1 月 MLCC 台股营收同比增幅扩大。消费服务领域，民航飞机利用 率同比明显修复。2026 年春节假期期间居民出行消费回暖，商品和文旅消费持 续亮点纷呈。推荐景气较高或有改善的有色、石油石化、基础化工、锂矿、工程 机械、航空运输、铁路公路、半导体等。 ❑【本周关注】2026 年春节假期期间居民出行消费回暖，商品和文旅消费持续亮点 纷呈。交通运输方面，春节人员流动或创历史新高，自驾游为出行主力，水路客流 同比增长较快，百度迁徙指数好于去年同期水平，大年初三之前县域逆袭特征明 显，三线以及以下城市获得净迁入，初三之后以春节旅行和复工返程为主，仅三线 以及以下城市大幅净流出。民航飞机利用率同比明显修复，国内、国际航班执行数 同比均上行；受益于免签国家扩 ...

证券研究报告 | 行业点评报告 2026 年 02 月 25 日 油气景气度加速发酵，油服装备迎来认知差反转 油服行业点评报告 中游制造/机械 受地缘政治波动影响，油气产业链加速震荡。市场长期以来的认知差在全球 能源需求的持续增长和产能瓶颈下持续存在，行业转向价值与成长共振，看 好油服行业产业链的投资机会。 1）开采端： 2）运输端： 2.1） 供给侧：油运环节的供给结构极度脆弱，超大型油轮老龄化加剧，而 2024-2025 年新船交付量处于历史低位。由于船厂产能已被集装箱船 挤占至 2028 年后，运力缺口在短期内难以弥合，进一步加剧了产业 链的紧张局势。 3）油服装备端： 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 479 | 9.3 | | 总市值（十亿元） | 5741.3 | 5.0 | | 流通市值（十亿元） | 4897.6 | 4.8 | 行业指数 % 1m 6m 12m 绝对表现 2.1 24.3 47.6 相对表现 2.0 16.8 29.0 资料来源：公司数据、招商证券 -40 -20 0 20 40 60 Feb/25 ...

证券研究报告 | 公司深度报告 2026 年 02 月 25 日 飞凯材料（300398.SZ） 半导体材料业务增长可期，屏幕显示材料市场版图有望 扩张 我们认为半导体行业景气度的持续提升，尤其是人工智能技术的快速迭代催生 了相关应用领域需求的持续增长，有望持续带动公司湿电子化学品以及 EMC 环 氧塑封料等材料的营业收入上涨。屏幕显示材料业务市场版图在收购 JNC 株式 会社旗下液晶业务板块后有望扩张。紫外固化光纤涂覆材料有望受益于新型光 纤技术发展。综上，首次覆盖给予 "增持"投资评级。 ❑ 风险提示：宏观经济及产业政策波动风险、新产品研发和技术替代风险、可 增持（首次） 周期/化工 目标估值：NA 当前股价：31.98 元 基础数据 | 总股本（百万股） | 567 | | --- | --- | | 已上市流通股（百万股） | 564 | | 总市值（十亿元） | 18.1 | | 流通市值（十亿元） | 18.0 | | 每股净资产（MRQ） | 8.7 | | ROE（TTM） | 6.7 | | 资产负债率 | 27.4% | | 主要股东 | 飞凯控股有限公司 | | 主要股东持股比例 | 2 ...

证券研究报告 | 公司点评报告 2026 年 02 月 25 日 汇聚科技（01729.HK） 配售募资注入强劲动能，战略投资及海外扩张加速 TMT 及中小盘/电子 事件：汇聚科技于 2026 年 2 月 20 日发布完成根据一般授权配售新股份公告， 合共 108,000,000 股配售股份，已成功配售予不少于六名承配人，配售价为每 股 15.22 港元，配售事项所得款项净额约为 1,634.5 百万港元。我们点评如下： 强烈推荐（维持） 目标估值：NA 当前股价：17.94 港元 基础数据 | 总股本（百万股） | 2091 | | --- | --- | | 香港股（百万股） | 2091 | | 总市值（十亿港元） | 37.5 | | 香港股市值（十亿港元） | 37.5 | | 每股净资产（港元） | 0.9 | | ROE（TTM） | 23.2 | | 资产负债率 | 74.8% | | 主要股东 | 立讯精密有限公司 | | 主要股东持股比例 | 70.7069% | 股价表现 % 1m 6m 12m 绝对表现 7 76 288 相对表现 8 71 274 资料来源：公司数据、招商证券 -10 ...

证券研究报告 | 公司深度报告 2026 年 02 月 25 日 永臻股份（603381.SH） 现有海外边框产能具备稀缺性，有望带来超额回报 中游制造/电力设备及新能源 公司是光伏铝边框领先企业，相较同行有较明显的成本优势。公司较早就前瞻布局 越南、美国产能，主要面向印度、美国等海外市场，其加工费和利润显著高于国内。 考虑 Tesla 将在北美本土扩产，而海外边框产能存在缺口，公司海外产能具备稀缺 性，未来几年现有的海外产能有望带来较大业绩弹性。 ❑ 风险提示：行业需求不及预期、海外基地管理风险，新的贸易政策风险。 财务数据与估值 | 会计年度 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营 业 总 收 入 ( 百 万 | | 5391 | 8183 | 12029 | 13713 | 17621 | | 元) | 同比增长 | 4% | 52% | 47% | 14% | 28% | | 营业利润(百万元) | | 413 | 216 | (234) | 485 | 874 ...