股 票 研 究 燃机巨头订单旺盛，机器人基础模型 Pi 06 鲁棒性提升 [Table_Industry] 机械行业 机械行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 刘麒硕(分析师) | 0755-23976666 | liuqishuo@gtht.com | S0880525080005 | 本报告导读： 上周（2026/2/24-2026/2/27）机械设备指数涨跌幅为+4.40%。燃机巨头订单旺盛，GEV 排产达 2029 年，地缘政治动荡推升油服设备景气上行。 投资要点： [Table_Report] 相关报告 机械行业《春节后气体整体表现偏弱；广钢气体 中标海南商业航天发射场氦气采购项目》 2026.03.01 机械行业《具身模型 Pi 06 鲁棒性大幅提升，国 内人形初创百亿估值俱乐部增加至 6 家》 2026.02.28 机械行业《出口链月度跟踪：主要航线海运费同 ...

Economic Stability - Stability is the current foundation of the Chinese stock market, with the Shanghai Composite Index recently stabilizing and showing positive momentum[11] - The geopolitical situation in the Middle East has limited impact on the Chinese market, with expectations quickly forming and digesting after recent developments[11] - China's internal stability and accelerated development are increasingly necessary amid external uncertainties, supported by rising national strength and governance levels[11] Fiscal Policy and Economic Outlook - The upcoming National People's Congress is expected to lead to better-than-expected arrangements for deficit rates and special bonds, which will stabilize the real estate market[12] - In January and February 2026, the issuance of new special bonds reached CNY 830 billion, a year-on-year increase of 39.6%, likely boosting economic activity[12] - The recovery rates for construction sites and funding availability have increased by 1.5% and 3.7% respectively compared to the previous lunar year[12] Sector Recommendations - Emerging technology is a key focus, with recommendations for sectors such as machinery, electronics, and defense, emphasizing self-sufficiency and AI applications[13] - Financial stability is highlighted, with banks and non-bank financial institutions recommended for investment due to their role as market stabilizers[13] - Resource sectors, including metals and oil transportation, are expected to benefit from global security changes and domestic investment recovery[13] Risk Factors - Risks include potential overseas economic downturns and geopolitical uncertainties, as well as individual stock performance not meeting expectations[14]

国泰海通晨报 2026 年 03 月 03 日 国泰海通证券股份有限公司 研究所 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_Summary] 1、【策略研究】：热点主题交易热度节后回升，金属资源品主题普涨，AI 应用主题回调。中东战 火强化能源资源价格，Token 出海成为 AI 投资新叙事，重视两会内需方向增量政策。 2、【汽车研究】汽车：展望 2026 年，乘用车销量预计温和增长，新能源高端化趋势明确，细分 市场供给加速释放。我们看好全球化布局领先、高端化表现亮眼、智能化能力突出的车企。 3、【固定收益研究】：战争冲击对债券的影响往往呈现"短期避险—中期再定价"的阶段切换， 判断持续性需同时跟踪通胀/财政路径与尾部风险指标，而非仅看单一期限利率点位。 4、【食品饮料研究】海天味业：引领"餐饮解决方案"及"复调"商业模式并举将保障公司中长 期超额收益，同时我们预计新一轮提价潮即将到来，顺势而为有望实现"量价齐升"。 5、【海外科技研究】MINIMAX-WP：极致性 ...

Current Strategy Viewpoints - The capital market experienced fluctuations in early February but rebounded later in the month, primarily due to reduced trading activity before the Spring Festival and short-term policy guidance [1] - The market is expected to enter a phase of economic data and policy verification, with a seasonal increase in trading activity post-Spring Festival, laying a foundation for future market performance [1] - Upcoming economic and corporate profit data, along with the National People's Congress in March, will be crucial for setting the annual policy tone and economic targets, which are significant for the capital market [1] Sector Focus - Short-term focus on safe-haven assets and resource products due to tensions in the Middle East, including precious metals and oil sectors [2] - Long-term focus on growth and cyclical sectors, with particular attention to small-cap stocks that typically perform well in spring [2] - Key sectors to watch include humanoid robots, computing, and AI, benefiting from sustained industry enthusiasm and increased risk appetite among investors [2] Macro Overview - The upcoming National People's Congress will set the tone for the annual economy, with GDP growth targets expected to be set between 4.5% and 5% [8] - Fiscal policy is anticipated to include a deficit rate of 4.0% and new special bonds totaling 5 trillion yuan, indicating a significant increase in fiscal deficit compared to last year [8] Financial Engineering - The A-share market has seen a rise in industry crowding, particularly in media and resource sectors, with the media sector showing a crowding degree of 98.25% [12][14] - The resource sector continues to perform well, with price fluctuations leading to a decrease in crowding indicators, suggesting a potential for continued upward movement [13] Electronic Communication Industry - The upcoming GTC conference is expected to showcase new chip developments from NVIDIA, reinforcing AI as a core investment theme [24] - The demand for storage products is projected to rise significantly, driven by strong AI customer needs and price increases in the DRAM market [25] Computer Industry - The rapid iteration of domestic AI large models is expected to drive significant growth in computing power investments, with a focus on world model technology advancements [28] - The demand for AI-driven applications is anticipated to increase, leading to a surge in computing needs and infrastructure investments [29] New Energy Industry - Focus on hydrogen and ammonia projects, with government support for integrated energy bases expected to drive growth in this sector [32] - The electric power equipment sector is poised for growth due to ongoing global energy demands and potential easing of import restrictions in India [32] High-end Manufacturing Industry - The humanoid robot sector is entering a phase of mass production, with significant advancements showcased during the Spring Festival [35] - The North American AI supply chain remains robust, with ongoing demand for advanced equipment and materials expected to drive growth [36]

制程迭代推动设备结构升级，刻蚀与薄膜沉积价值量提升。先进制程结构复杂化带动图形化环节投资强 度提升。逻辑端GAA结构、存储端高层数3D堆叠，对高深宽比刻蚀(HAR)、高选择比刻蚀(ALE)以及 ALD等原子级沉积技术提出更高要求。刻蚀与薄膜沉积在前道设备中的价值占比位居前三，且随制程 演进呈提升趋势。多重曝光、先进金属材料替代及新型结构引入，使设备数量与工艺复杂度同步提升， 设备投资呈现"技术节点越先进、单位投资越高"的乘数效应，核心平台型设备商与细分龙头有望持续受 益。 外部制裁强化自主可控逻辑，国产替代进入加速阶段。美国、荷兰、日本持续强化对14nm及以下先进 制程设备出口限制，中国大陆作为全球最大设备需求市场，进口依赖度较高的涂胶显影、清洗、量检 测、光刻等环节国产化率仍低于25%。在政策支持与大基金三期落地背景下，国内晶圆厂扩产将更加倾 向国产设备采购。测算显示半导体设备整体国产化率已由2017年的13%提升至2024年的20%，预计2025 年达22%，仍具备广阔提升空间。平台型厂商覆盖面扩大、技术持续突破，将在先进制程与先进封装领 域获得更大份额。 东吴证券近日发布2026年度半导体设备行业策略： ...

www.leadleo.com 2025年中国真空泵机行业概览：外资 占据高端市场，国产化时代迎来多领 域渗透发展期 China Vacuum Pump Industry 中国真空ポンプ産業 概览标签：真空泵、通用设备制造业 2025/11 1 www.leadleo.com 400-072-5588 ©2025 LeadLeo 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均 系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外 ）。未经头豹研究院事先书面许可，任何人不得以任何方式擅自复制 、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述 约定的行为发生，头豹研究院保留采取法律措施，追究相关人员责任 的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹 "的商号、商标，头豹研究院无任何前述名称之外的其他分支机构， 也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 研究目的&摘要 研究目的 本报告为2025年中国真空泵行业概览报 告，将梳理中国真空泵行业的相关生产及 发展情况，对该行业的产业链，竞争格局 做出具体分析。 此研究将会回答的关键问题 ①中国真空泵 ...

今年以来，外资机构积极调研A股上市公司，截至2月25日，累计调研频次已超过600次，Point72资产管 理公司、贝莱德、高盛、千禧年基金等华尔街知名机构均现身调研名单。从调研方向来看，外资高度聚 焦于高端制造与科技创新赛道。多家机构认为，当前A股市场的驱动逻辑正逐步从估值修复转向盈利主 导，除了科技创新与高端制造领域外，出海、消费、金融、医疗、电力设备等多个板块同样蕴藏着丰富 的投资机会。 Wind数据显示，截至2月25日，今年以来外资机构合计调研A股上市公司608次。其中，被称为华尔 街"最疯狂的赚钱机器"的Point72资产管理公司，以及摩根资产管理、瑞银资产管理、贝莱德、富达国 际、高盛、摩根士丹利、美银证券等知名资管公司和国际投行均出现在调研名单上。 值得一提的是，在这份调研名单上，还出现了多策略对冲基金巨头千禧年基金（Millennium Partners）。资料显示，千禧年基金于1989年创立，总部位于纽约，是全球对冲基金领域的巨头之一。 该基金以其极度的稳定性著称，在1990年至2023年的34年间，其实现了33年的正收益，仅在2008年全球 金融危机时出现亏损。在刚刚过去的2025年，千禧年 ...

相关上市企业：汉钟精机（002158）、鑫磊股份（301317）、雪人股份（002639）、格力电器 （000651） 相关企业：南京磁谷科技股份有限公司、卧龙电气驱动集团股份有限公司、宁波金力永磁股份有限公 司、北京中科三环高技术股份有限公司、韦尔半导体股份有限公司、歌尔微电子股份有限公司、汉威科 技集团股份有限公司、深圳市汇川技术股份有限公司、深圳市英威腾电气股份有限公司、台达电子工业 股份有限公司、万国数据服务有限公司、光环新网科技股份有限公司 关键词：磁悬浮离心压缩机、磁悬浮离心压缩机市场规模、磁悬浮离心压缩机行业现状、磁悬浮离心压 缩机发展趋势 一、行业概述 磁悬浮离心压缩机是融合磁悬浮轴承技术与离心压缩原理的高端流体机械。磁悬浮离心式压缩机主要由 2级压缩部分、变频控制部分、磁浮轴承、永磁同步电机、轴承控制以及用于控制的压力和温度传感器 和扩大运行范围的进气导叶组成。其核心在于，压缩机转子并非由传统机械轴承支撑，而是通过电磁力 （基于"同性相斥，异性相吸"原理）使其稳定悬浮于半空中，实现无机械接触、无油、无摩擦的高速旋 转。 磁悬浮离心压缩机结构图 内容概况：作为支撑"双碳"战略和数字经济的关键装 ...

Group 1 - China National Airlines reported a 3% year-on-year increase in passenger turnover for January 2026, despite a 0.9% decrease in passenger capacity [1] - China National Airlines' cargo capacity decreased by 3.9%, but cargo turnover increased by 4.4% [1] - The cargo load factor improved by 2.8 percentage points to 35.6% [1] Group 2 - Dongfang Chuangye obtained a loan commitment letter from China Minsheng Bank for up to 90 million yuan, intended for share repurchase [2] - China Merchants Port reported a 2.2% year-on-year increase in container throughput for January 2026, totaling 18.083 million TEUs [3] - ST Yigou announced a plan by a major shareholder to reduce holdings by up to 2.5% of the company's shares [4] Group 3 - Southwest Securities plans to raise up to 6 billion yuan through a private placement to supplement its capital [5] - Hanzhong Precision reported a 45.54% year-on-year decline in net profit for 2025, with revenue down 20.32% [6] - SF Holding's total revenue from express logistics, supply chain, and international business grew by 2.22% year-on-year in January 2026 [12] Group 4 - Yunda Holdings reported an 18.01% year-on-year increase in express service revenue for January 2026, amounting to 4.802 billion yuan [18] - High德红外 signed a contract worth 1.851 billion yuan for a complete equipment system, significantly impacting its Q1 2026 performance [19] - SanSheng Guojian received approval for the market launch of its new drug, Anmu Qita monoclonal antibody injection [27] Group 5 - Nanjing Chemical Fiber plans to acquire 100% of Nanjing Gongyi through asset swaps and share issuance [33] - Runze Technology intends to purchase 42.56% of Guangdong Runhui through convertible bonds [35] - ST Xintong's subsidiary signed a server procurement contract worth approximately 400 million yuan [25]

特别提示： ■ 注：上述数据以公司合并报表数据填列。 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 本公告所载2025年度的财务数据仅为初步核算数据，已经公司内部审计部门审计，未经会计师事务所审 计，与2025年度报告中披露的最终数据可能存在差异，请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：万元 五、其他说明 不适用。 六、备查文件 1、经公司法定代表人、主管会计工作的负责人、会计机构负责人（会计主管人员）签字并盖章的比较 式资产负债表和利润表。 二、经营业绩和财务状况情况说明 1、报告期内，公司营业收入较上年同期下降20.32%，主要系光伏行业处于深度调整阶段，整体开工率 偏低，终端需求下滑，公司应用于光伏领域的真空泵产品收入相应减少。 2、报告期内，公司归属于上市公司股东的净利润较上年同期下降45.54%，主要系营业收入下降及毛利 率下滑所致。此外，受台币兑美元汇率波动的影响，公司产生相应汇兑损失，进而影响2025年度整体盈 利表现。 三、与前次业绩预计的差异说明 本次业绩快报披露前 ...