[Table_Reportdate] 2026年03月05日 [证券分析师： Table_Authors] [晨会纪要 Table_NewTitle] 20260305 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.淡季回落，关注两会定调——国内观察：2026年2月PMI ➢ 2.肉奶周期共振，盈利改善可期 ➢ 3.半导体行业涨价蔓延未止，关注AI驱动下细分赛道结构性机会——半导体行业2月份月 报 ➢ 1.美国2月ADP就业人数增加6.3万人 高于市场预期 ➢ 2.美财长称美对全球15%关税预计本周生效 ➢ 3.十四届全国人大常委会举行第六十四次委员长会议 ➢ 4.美国2月ISM服务业指数升至56.1创2022年以来最大增幅 陈芯楠 S0630525090001 cxn@longone.com.cn 证券分析师： 李嘉豪 S0630525100001 lijiah@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone. ...

[Table_Reportdate] 2026年03月04日 [证券分析师： Table_Authors] 陈芯楠 S0630525090001 cxn@longone.com.cn 证券分析师： 李嘉豪 S0630525100001 lijiah@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn [晨会纪要 Table_NewTitle] 20260304 [table_summary] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 ➢ 1.餐饮消费回暖，需求韧性凸显——食品饮料行业周报（2026/2/23-2026/3/1） ➢ 2.英伟达业绩继续超预期，关注GTC大会新品发布——电子行业周报2026/2/23-2026/3/1 ➢ 1.欧元区CPI同比增长1.9%，超出预期 ➢ 2.中国人民银行：2月公开市场国债买卖净投放500亿元 ➢ 3.工信部等六部门：到2027年光伏组件绿色生产水平进一步提高 再生材料使用比例有效 提升 ➢ 4 ...

[Table_Reportdate] 2026年03月03日 陈芯楠 S0630525090001 cxn@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 李嘉豪 S0630525100001 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20260303 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] [证券分析师： Table_Authors] ➢ 1.英伟达业绩继续超预期，关注GTC大会新品发布——电子行业周报2026/2/23-2026/3/1 ➢ 2.把握商品周期与科技赋能主线，关注油价变量——资产配置周报（2026/02/23- 2026/02/27） ➢ 1.央行：有序推进金融高水平对外开放 ➢ 2.郑栅洁主持召开民营企业座谈会，听取关于扩内需稳投资等意见建议 | 1.1. 英伟达业绩继续超预期，关注 GTC 大会新品发布——电子行业周报 ...

【华福大科技&海外】千问AI眼镜即将发布，端侧AI拐点将至 #阿里千问： 据报道，千问将在西班牙巴塞罗那举行的2026年MWC上发布首款同名AI眼镜，并于3月2日开启线上 线下全渠道预约。 除AI眼镜之外，千问还会在年内陆续发布AI指环、AI耳机等产品，并面向全球市场发售。 #字节： 据报道，字节跳动旗下的AI眼镜敲定了"春节前后"的时间节点。 但不同 【华福大科技&海外】千问AI眼镜即将发布，端侧AI拐点将至 但不同于小米、阿里等大厂的高举高打，字节此次将采取"悄悄滴进村"的策略。 #行业情况： 出货量从1000w（2025年）增至3000w（2026年），远期10亿。 25年10m，其中meta-rayban有7m，显示款里面meta、rokid、雷鸟均卖了差不多20-30w，生命周期预计50w估计明年 就迭代新的产品，阿里夸克是去年底的爆款，到现在还缺货。 #行业拐点： 大模型逐渐变的成熟可用后，我们认为AI硬件是26年接下来的重头戏，眼镜是最佳agent硬件载体， 产业链建议重点关注 相关标的： #【字节眼镜链】： 龙旗科技（标签感强，独家代工，150元）/康耐特光学（主业和消费电子无关，平光镜50 ...

2026 年 2 月 27 日 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 报 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：东莞证券研究所，iFind 究 超配（维持） 半导体行业双周报（2026/02/13-2026/02/26） 英伟达超预期财报彰显 AI 高景气 行 业 周 投资要点： 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。 半导体行业 半导体行业指数近两周涨跌幅：截至2026年2月26日，申万半导体行业指 数近两周（2026/02/13-2026/02/26）累计上涨2.86%，跑赢沪深300指 数2.71个百分点；2026年以来申万半导体行业指数累计上涨17.18%，跑 赢沪深300指数15.09个百分点。 SAC 执业证书编号： 行业新闻与公司动态：（1）机构：涨价效应带动2025年第四季度 ...

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index fell by 2.65% as of February 27, 2026, with major declines in stocks such as Shengmei Shanghai down 8.19% and Jingyi Equipment down 5.43% [1] - The Sci-Tech Semiconductor ETF (588170) also decreased by 2.52%, while it recorded a net inflow of 172 million yuan, with a total of 3.08 billion yuan net inflow over the past 17 trading days, averaging 18.13 million yuan per day [1] - In the week of February 16 to 22, 2026, China's model usage reached 51.6 trillion tokens, a 127% increase over three weeks, surpassing the U.S. model's 27 trillion tokens for the first time [1] Group 2 - The Sci-Tech Semiconductor ETF (588170) tracks the only semiconductor equipment theme index on the Sci-Tech Board, with advanced packaging content being the highest in the market at approximately 50% [2] - The Huaxia Semiconductor Equipment ETF (562590) tracks the CSI semiconductor materials and equipment theme index, with semiconductor equipment content being the highest in the market at around 63%, benefiting from the global chip price surge [2]

2026年春节期间，AI眼镜销售呈现爆发式增长态势：深圳华强北AI眼镜销量较平日激增70%至 80%，全域科技类产品营收同比增长35%，AI眼镜成为最热门的"科技年货"之一；苏宁易购数据显示， 1月以来AI眼镜销量实现翻倍增长，春节假期智能眼镜等可穿戴装备销售环比增长62%，叠加国家以旧 换新补贴政策，中高端AI眼镜消费需求持续释放。 技术进步推动AI眼镜在多场景实现深度落地，彰显产业价值。消费端，华为、小米等企业的产 品，实现了日程提醒、实时翻译、快捷支付等生活辅助功能；光粒科技的AR智能泳镜、形意医疗的医 用眼镜，分别在运动健身、医疗手术等领域实现突破，解决了传统场景的痛点。行业端，中国移动的入 境游解决方案，为外国游客提供多语种导航、翻译等一站式服务，推动技术转化为实际生产力。 我国AI眼镜产业凭借供应链优势与技术创新，正加速扩大全球影响力，华为、Rokid等本土品牌， 推出的轻量化、高性价比产品，覆盖消费级与行业级场景，形成了技术、产品与生态三位一体的竞争 力。预计2026年，关键组件良率将稳步改善，成本持续下降，为产业规模化落地提供更有力支撑。 然而，产业快速发展的同时，监管短板也日益凸显，成为制约 ...

Core Viewpoint - On February 26, brokerages provided target prices for listed companies, with notable increases for Hongsoft Technology, China Railway, and Yifan Pharmaceutical, showing target price increases of 47.71%, 34.96%, and 32.82% respectively, across the IT services, infrastructure, and chemical pharmaceutical industries [1][2]. Group 1: Target Price Increases - Hongsoft Technology received a target price increase of 47.71%, with a new target price of 71.27 CNY [3]. - China Railway's target price increased by 34.96%, with a new target price of 8.30 CNY [3]. - Yifan Pharmaceutical's target price rose by 32.82%, with a new target price of 17.40 CNY [3]. Group 2: Brokerage Recommendations - A total of 27 listed companies received brokerage recommendations on February 26, with China Railway, Bohui Paper, and Zhujiang Beer each receiving one recommendation [2]. - Bohui Paper's rating was upgraded from "Range Trading" to "Buy" by Guotai Junan Securities [5]. Group 3: Rating Adjustments - Two companies had their ratings downgraded: Baolong Technology from "Buy" to "Hold" by Tianfeng Securities, and Haiguang Information from "Buy" to "Range Trading" by Guotai Junan Securities [6][8]. - The companies involved in the downgrades were Baolong Technology and Haiguang Information [8]. Group 4: First Coverage - Six companies received first coverage on February 26, including Matrix Co. and Anfu Technology, both rated "Outperform" by Guotai Junan Securities [10]. - Other companies receiving first coverage included Aorite with a "Buy" rating from Zhongyou Securities, Delijia with a "Buy" rating from Dongwu Securities, and Hanguo Group with an "Increase" rating from Dongguan Securities [10].

Core Insights - The AI glasses market in 2026 is characterized by intense competition, with numerous companies, including major tech giants and startups, launching new products and strategies, marking a shift from niche gadgets to essential tools for various applications [1][2][4] Group 1: Market Dynamics - The AI glasses market is witnessing a "full-scale war" with major players like Meta, Google, Apple, and domestic companies like Huawei and ByteDance all actively participating [1][2] - The CES 2026 event served as a platform for companies to showcase their innovations, with significant product announcements from various manufacturers [2][4] - The trend of "lightweight" and "independence" is evident, as companies prioritize user comfort and reduce reliance on smartphones through features like eSIM and independent processing capabilities [9][10] Group 2: Product Launches and Innovations - Key product launches include: - XGIMI's MemoMind brand entering the smart glasses market [8] - Thunderbird's X3 Pro Project eSIM, the first dual-lens AR glasses with independent connectivity [8] - Rokid's ultra-light AI glasses weighing only 38.5 grams, emphasizing comfort and audio interaction [8] - Modular AR glasses M6 from Xuanjing, designed for hardware upgrades [3][8] - Meta plans to enhance its Ray-Ban Meta glasses, aiming for improved optical comfort and AI interaction [4][8] - Google's three-step strategy includes launching audio smart glasses and collaborating on Project Aura with XREAL [4][8] - Apple is expected to release Apple Glasses by the end of 2026, focusing on a lightweight design and AI integration [4][8] Group 3: Industry Trends and Drivers - The industry is driven by three main factors: cost reduction in the supply chain, advancements in AI interaction, and growing market demand [10][11] - The rapid decrease in component costs, particularly in chips and optical displays, has made AI glasses more affordable for consumers, with prices now in the 2000-3000 yuan range [11] - The introduction of national subsidies for smart glasses is expected to boost market penetration and consumer adoption [14][15] Group 4: Future Competition Landscape - The competition is shifting from hardware specifications to user experience, ecosystem integration, and technological innovation [16][17] - Companies are focusing on creating compelling reasons for daily use, with examples like Rokid's integration of AI glasses into automotive systems and educational tools [17][18] - The future of the industry will depend on ecosystem development, with companies like Google and Huawei aiming to create comprehensive platforms that integrate AI capabilities and user data [20][21]

2月26日，恒玄科技（上海）股份有限公司发布2025年度业绩快报公告。公告显示，2025年公司实现营业收入352,478.21万元，同比增长8.02%；实现归属于 母公司所有者的净利润58,825.56万元，同比增长27.75%；归属于母公司所有者的扣除非经常性损益的净利润：51,991.01万元，同比增长31.76%；基本每股 收益3.49元，同比增长26.45%。 截至报告期末，公司总资产为751,166.23万元，较报告期初增长6.48%；归属于母公司的所有者权益为704,733.14万元，较报告期初增长8.35%。 | | | | | 早少:人民用刀儿 | | --- | --- | --- | --- | --- | | 项目 | | 本报告期 | 上年同期 | 增减变动幅度 | | 营业总收入 | | 352,478.21 | 326.313.92 | 8.02% | | 营业利润 | | 58.832.14 | 46.105.58 | 27.60% | | 利润总额 | | 58.862.85 | 46.193.01 | 27.43% | | 归属于母公司所有者的 | 净利润 | 58.825. ...