Group 1: Key Insights - The report highlights the strong growth potential of the semiconductor industry, particularly driven by the demand for high-speed optical chips due to the ongoing upgrades in overseas computing power, catalyzed by events like the NVIDIA GTC conference [4] - The report emphasizes the transition of the defense industry towards intelligent and information-based munitions, with the company being a key player in the production of solid rocket engines, which positions it well for future growth [4] - The real estate sector is currently in an adjustment phase, with expectations of increased industry concentration and a shift from scale to quality, benefiting leading companies like the one analyzed [5] - The automotive sector is seeing advancements in intelligent driving solutions, with the company positioned as a core supplier for L3 autonomous driving technology, indicating a strong growth trajectory [5] - The chemical industry is experiencing a tightening supply of refrigerants, with the company expected to benefit significantly from this trend, as well as from its leadership in fluoropolymer materials [6] - The agricultural sector is projected to see stable growth despite recent price declines, with the company actively increasing its arable land and benefiting from rising grain prices [7] - The logistics sector is expanding its capacity through new shipbuilding initiatives, with a strong dividend policy and low valuation enhancing its attractiveness [8] - The machinery sector is recovering, with significant growth in excavator sales, positioning the company to capitalize on the industry's resurgence [8] - The hotel industry is entering a phase of accelerated expansion, with a focus on quality and quantity in new openings, indicating a positive outlook for the company [9]

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [7]. Core Insights - The report highlights a significant growth in both domestic and export sales of construction machinery in January, indicating a strong upward trend in demand [4][5]. - Domestic sales of key products such as excavators and loaders saw substantial year-on-year increases, with excavator sales reaching 8,723 units, up 61.4%, and loader sales at 5,293 units, up 42.8% [4]. - Export sales also showed robust growth, with excavator exports at 9,985 units, a 40.5% increase, and loader exports at 6,466 units, up 53.4% [5]. - The report anticipates continued improvement in the industry driven by favorable policies in real estate and infrastructure, alongside a renewal cycle for construction machinery [4]. Summary by Sections Domestic Sales Performance - In January, domestic sales of construction machinery experienced high growth, with notable increases in excavators (61.4%) and loaders (42.8%) [4]. - The overall domestic market is expected to continue its upward trajectory due to improved funding and supportive policies [4]. Export Sales Performance - All categories of machinery exports showed year-on-year growth in January, with excavators and loaders seeing increases of 40.5% and 53.4%, respectively [5]. - The report suggests that as overseas market conditions improve, domestic brands will gain further market share internationally [5]. Investment Recommendations - The report recommends a positive outlook for the construction machinery sector, highlighting companies such as SANY Heavy Industry, Hengli Hydraulic, and LiuGong as key investment opportunities [5].

2026 年 02 月 25 日 行业日报 看好/维持 医药 医药 太平洋医药日报（20260225）：酶替代疗法 Loargys 获 FDA 批准 ◼ 走势比较 (10%) (2%) 6% 14% 22% 30% 25/2/25 25/5/9 25/7/21 25/10/2 25/12/14 26/2/25 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | 相关研究报告 <<太平洋医药日报（20260224）： Molbreevi 获 FDA 授予优先审评资 格>>--2026-02-25 <<太平洋医药日报（20260213）：安进 Inebilizumab 获欧盟批准>>--2026- 02-15 <<太平洋医药日报（20260212）：默沙 东 Keytruda 获 FDA 批准新适应症>>- -2026-02-15 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 电话： E-MAIL：zha ...

2026 年 02 月 25 日 公司深度研究 买入/维持 小商品城(600415) 目标价: 昨收盘:15.02 小商品城深度报告：锚定数贸枢纽 贸易综合服务筑长期价值 走势比较 (10%) 8% 26% 44% 62% 80% 25/2/25 25/5/8 25/7/19 25/9/29 25/12/10 26/2/20 小商品城 沪深300 股票数据 总股本/流通(亿股) 54.84/54.84 总市值/流通(亿元) 823.63/823.63 12 个月内最高/最低价 (元) 23.4/11.71 相关研究报告 投资建议：预计 2025-2027 年小商品城将实现营业收入 203.75/ 267.99/344.55 亿元，同比增速分别为 29.47%/31.53%/28.57%;归母净利 <<小商品城 2025Q3 点评：三季度业 绩超预期 增长动能强劲>>--2025- 12-06 证券分析师：王湛 电话： E-MAIL：wangzhan@tpyzq.com 分析师登记编号：S1190517100003 报告摘要 小商品城依托义乌全球最大小商品集散中心，从"市场运营商"加速 升级为"数智外贸基础设施 ...

农林牧渔 农业周报 20260208-20260214：猪价快速调整，粮价稳步上涨 2026 年 02 月 23 日 行业周报 看好/维持 农林牧渔 走势比较 (10%) (2%) 6% 14% 22% 30% 25/2/24 25/5/5 25/7/14 25/9/22 25/12/1 26/2/9 子行业评级 | 种植业 | 无评级 | | --- | --- | | 畜牧业 | 无评级 | | 林业 | 无评级 | | 渔业 | 无评级 | | 农 产 品 加 工 | 无评级 | | Ⅱ | | 推荐公司及评级 | 中宠股份 | 买入 | | --- | --- | | 牧原股份 | 买入 | | 苏垦农发 | 买入 | 相关研究报告 <<登海业绩预告点评：降本+转基因 驱动，业绩拐点基本确立>>--2026- 02-11 <<天康业绩预告点评：全产业链韧性 支撑底部企稳，并购驱动扩张>>-- 2026-02-10 <<农业周报 20260201-20260207：一 号文发布，重视农业投资机会>>-- 2026-02-10 证券分析师：程晓东 电话：010-88321761 E-MAIL：chengx ...

金融工程 证券研究报告 |深度研究报告 2026/2/25 金融工程指数量化系列—— 高值偏离修复模型（突破型双位点） 证券分析师: 刘晓锋 执业资格证书编码: S1190522090001 证券分析师: 孙弋轩 执业资格证书编码: S1190525080001 P2 目录 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 1、分档止损策略（突破型单位点） 2、分档止损策略（双位点） 3、后续展望 4、风险提示 1、分档止损策略（突破型单位点） 分档止损策略（突破型单位点）： 8、X取5-10分别进行测试。 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 1、计算单个行业指数相对沪深300收盘价cl，以及cl对应的回撤曲线W。 2、使用迭代法计算cl的有效回撤V，若无法得到V，则直接判定该行业不适合此策略。 3、选取V的最大值的80%作为阈值T（T为正数），当W值大于T时，信号值s为1（看多），当W值 为0时，信号值s为0（平仓），当W为其他值时，信号值s等于前值。 4、将每次买入点b0与前高h0之间的空间化为X等分，则每一等分的空间为s0。 5、买入后，当收盘价cl首次高于b0+2*s0时 ...

2026 年 02 月 24 日 行业日报 看好/维持 医药 医药 太平洋医药日报（20260224）：Molbreevi 获 FDA 授予优先审评资 格 ◼ 走势比较 (10%) (2%) 6% 14% 22% 30% 25/2/24 25/5/8 25/7/20 25/10/1 25/12/13 26/2/24 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | 相关研究报告 <<太平洋医药日报（20260213）：安进 Inebilizumab 获欧盟批准>>--2026- 02-15 <<太平洋医药日报（20260212）：默沙 东 Keytruda 获 FDA 批准新适应症>>- -2026-02-15 <<太平洋医药日报（20260211）：礼来 米吉珠单抗在华获批新适应症>>-- 2026-02-13 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：张崴 电话： E-MAIL： ...

2026 年 02 月 24 日 行业日报 中性/维持 房地产 房地产 太平洋房地产日报（20260224）：义乌节后首场土拍成交一宗地块 <<商业不动产 REITs 获受理，助力房 企盘活存量资产>>--2026-02-11 <<太平洋房地产日报（20260210）：南 通海门北部新城 3 宗宅地以底价成 交>>--2026-02-11 <<太平洋房地产日报（20260209）：重 庆实施首次购房补贴和人才购房补 贴>>--2026-02-10 证券分析师：徐超 走势比较 (20%) (10%) 0% 10% 20% 25/2/12 25/4/26 25/7/8 25/9/19 25/12/1 子行业评级 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 推荐公司及评级 相关研究报告 电话：18311057693 E-MAIL：xuchao@tpyzq.com 分析师登记编号：S1190521050001 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com 分析师登记编号：S1190524110003 报告 ...

2026 年 02 月 23 日 公司点评 增持/维持 建发股份(600153) 目标价: 昨收盘:9.28 ■ 事件 2026 年 1 月，建发股份发布业绩预告。预计 2025 年度实现归母净 利润为-100 亿元至-52 亿元。2024 年全年归母净利润为 29.5 亿。 ■ 点评 经公司初步测算披露，2025 年度实现营业收入 6,736 亿元到 6,936 亿元之间。其中三个子板块，拆分情况如下： >>供应链板块，营收约 5200 亿元，利润盈利约+33 亿； 建发股份，2025 业绩预告点评，供应链盈利稳，地产亏损减值 ◼ 走势比较 总股本/流通(亿股) 29/29 总市值/流通(亿元) 269.08/269.08 12 个月内最高/最低价 (元) 11.71/8.68 证券分析师：程志峰 电话：010-88321701 E-MAIL：chengzf@tpyzq.com 分析师登记编号：S1190513090001 >>房地产板块：营收约 1570 亿元，同比 2024 年下降约-15%，主要 系子公司建发房产和联发集团因交付项目减少导致结转收入减少利润减 少；利润约-65 亿至-53 亿元，主要系 ...

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next six months [10]. Core Insights - The real estate sector is experiencing a positive market trend, with the Shanghai Composite Index and Shenzhen Composite Index rising by 0.87% and 1.23% respectively on February 24, 2026. The Shenwan Real Estate Index also increased by 0.28% [3]. - A recent land auction in Yiwu saw a small residential plot sold at a total price of 116 million yuan, with a premium rate of 22.14%. The plot covers an area of 4,120.58 square meters and has a planned construction area of 10,301.45 square meters [5]. - The top five performing stocks in the real estate sector included Phoenix Holdings, Jingneng Real Estate, Ningbo Fuda, Hefei Urban Construction, and Beijing Investment Development, with respective increases of 9.63%, 8.37%, 6.44%, 6.17%, and 5.96% [4]. Market Trends - The Guangzhou Housing and Urban-Rural Development Bureau, along with six other departments, is conducting a two-month campaign to regulate real estate media, aiming to reduce false advertising and malicious speculation [6][7]. - Shenzhen Overseas Chinese Town Holdings has initiated a non-public offering of corporate bonds, with a scale of 2.5 billion yuan, which has been accepted for review [8].