东吴证券晨会纪要2026-02-27-20260227

Macro Strategy - The market is showing a stable trend, with a shift in industry allocation towards upstream sectors, driven by liquidity returning after the Spring Festival. As of February 26, 2026, the market turnover has rebounded by nearly 30% from the pre-holiday low, indicating a relatively loose liquidity environment [1][8] - The upcoming Two Sessions are expected to confirm the annual economic growth target, leading to more stable growth policies and a higher probability of gains in cyclical sectors, suggesting a market style shift from small-cap growth to large-cap value stocks [1][8] - The overseas market has performed strongly during the Spring Festival, providing a favorable external environment for the A-share market. The focus is shifting towards price-increasing commodities in the upstream sectors such as oil, non-ferrous metals, chemicals, and utilities [1][8] Fixed Income Strategy - The semiconductor industry faces significant financing challenges due to its high capital intensity, long investment cycles, and technological barriers. The report reviews the bond financing paths of three leading semiconductor companies: SK Hynix, ASML, and Broadcom, highlighting their strategies in different development stages [2][9] - The report emphasizes the need for a structural match between the bond market's service capabilities and the semiconductor industry's financing demands, particularly for private companies that struggle to optimize their capital structure through bond markets [2][4] Company Recommendations - Delijia (603092): A leading player in wind power gearboxes, with a projected net profit growth of 53%/32%/24% for 2025-2027, corresponding to PE ratios of 33.4/25.3/20.3. The company is rated "Buy" [6][15] - Jinpan Technology (688676): The company expects a net profit of 6.6 billion yuan in 2025, reflecting a 15% year-on-year increase. The rating remains "Buy" due to the high growth potential in its transformer business and AIDC sector [7][16]