+852-2532 1954 行业评论 第一上海研究部 research@firstshanghai.com.hk 2026 年 3 月 2 日 星期一 【行业评论】 科技行业周报：重视国产算力产业链，AI 应用强化算力 CAPEX 趋势 chen.huang@firstshanghai.com.hk 行业 TMT 我们继续提示国产算力的确定性机会，预计 H 公司新一代改款算力芯片 950 系列即 将发布，实现量产落地。产业链调研情况看，互联网公司对 950 芯片的评价正面， 采购意愿积极，我们重申 2026 年将是国产算力放量年。上周，关于寒武纪的小作 文也在各种媒体流传，我们认为这是下游客户端旺盛需求的一个印证。随着 AI 推 理应用逐步推广，算力瓶颈开始凸显。近日，字节 Seedance 视频生成任务开始拥 堵，反映了用户端爆发的需求与有限的算力之间的供需差。 推荐国产算力的核心标的包括寒武纪（688256）为代表的国产算力卡供应商，以及 中芯国际（981.HK）为代表的上游晶圆代工厂。此外，华虹集团在先进制程上进展 积极，建议关注旗下子公司华虹半导体（1347.HK）的投资机会。以及 H 公司产业 链 ...

达华智能（维权）即将 被实施其他风险警示 达华智能（002512）2月27日晚间发布公告，公司及相关责任人收到福建证监局出具的《行政处罚事先 告知书》，福建证监局拟对公司罚款600万元。具体来看，福建证监局表示，经查明，达华智能及相关 责任人涉嫌违法事实如下：一是达华智能未按规定披露重大合同及其履行进展情况；二是达华智能2021 年至2023年年度报告存在重大遗漏；三是达华智能2023年年度报告存在虚假记载。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 随着AI技术的不断发展和普及，AI智能眼镜赛道正吸引着众多企业的密集涌入。 公司股票将自2026年3月2日（星期一）开市起停牌1天，自2026年3月3日（星期二）开市起复牌。公司 股票将自2026年3月3日（星期二）开市起被实施其他风险警示，股票简称由"达华智能"变更为"ST达 华"，股票交易日涨跌幅限制为5%。 据悉，达华智能以"通信网"（一网）和"数字屏"（一屏）为核心战略，是一家专注于信息通信、光电显 示与数字应用业务的企业。公司预计2025年净利润亏损1.9亿元至2.9亿元。截至2月27日收盘，公司A股 市值为67.08亿 ...

Group 1 - China Satcom (601698) is a key player in satellite communication, holding scarce orbital positions and spectrum resources, crucial for commercial space ventures. The demand for satellite communication and data services is rapidly increasing due to the acceleration of low-orbit satellite networks and mobile direct satellite connections [1][44] - The company has a complete ground station network and high-throughput satellite resources, deeply integrated with national satellite internet projects, ensuring stable and sustainable cash flow [1][45] - With the ongoing scale-up of commercial space, the demand for satellite operation, data distribution, and industry applications continues to grow, supported by favorable policies for satellite internet [1][45] Group 2 - China Satellite (600118) focuses on the entire satellite manufacturing and application chain, covering communication, navigation, and remote sensing, making it a core player in satellite manufacturing [2][46] - The demand for small satellite launches is surging as low-orbit satellite constellations reach their peak, leading to explosive growth in satellite assembly and core component supply [2][46] - The company leverages its technological and resource advantages from the Aerospace Science and Technology Corporation, participating in major national space projects and expanding its service offerings [2][46] Group 3 - Aerospace Electronics (600879) specializes in aerospace measurement and control, covering key areas such as rocket control and satellite attitude control, with a supply rate exceeding 90% [3][47] - The demand for aerospace measurement and satellite electronics is increasing due to the rise in commercial rocket launches and large-scale low-orbit satellite networks [3][47] - The company has a strong order backlog and is actively expanding into the commercial space market, providing services to private rocket and satellite companies [3][47] Group 4 - ZTE Corporation (000063) is a global leader in communication equipment, deeply involved in the ground core network and terminal equipment for satellite internet, making it a key participant in commercial space ground systems [4][48] - The demand for satellite communication ground stations, core network equipment, and terminal chips is surging due to the acceleration of low-orbit satellite construction [4][48] - The company is leveraging its 5G and communication technology expertise to quickly enter the satellite communication field, participating in national satellite network projects and expanding into overseas markets [4][48] Group 5 - AVIC Optoelectronics (002179) focuses on high-reliability connectors and cable components, widely used in rockets, satellites, and spacecraft, making it a core supplier in commercial aerospace connection systems [5][49] - The demand for high-reliability connectors is growing as the complexity and reliability requirements of commercial aerospace equipment increase [5][49] - The company is actively expanding into the private aerospace market, providing services to commercial rocket and satellite companies, enhancing its market share [5][49] Group 6 - Aerospace Development (000547) is the only publicly listed platform for commercial aerospace under the Aerospace Science and Industry Corporation, covering the entire satellite manufacturing, operation, and ground terminal chain [6][50] - The company has seen a significant increase in commercial aerospace orders, leveraging its military qualifications and resource advantages [6][50] - With the gradual establishment of the "Tianmu-1" low-orbit meteorological satellite constellation, the company is enhancing its satellite data service capabilities [6][50] Group 7 - Guangqi Technology (002625) specializes in metamaterials, widely used in aerospace equipment for stealth and structural enhancement, making it a core player in the new materials sector of commercial aerospace [7][51] - The demand for metamaterials is continuously increasing as commercial aerospace equipment requires lightweight, stealthy, and high-performance materials [7][51] - The company is actively expanding into the civilian commercial aerospace market, providing metamaterial solutions to private rocket and satellite companies [7][51] Group 8 - Chengchang Technology (001270) is a leading supplier of spaceborne T/R chips, with a market share exceeding 70%, making it a core supplier in the commercial aerospace RF chip sector [8][53] - The demand for spaceborne T/R chips is experiencing exponential growth due to the large-scale networking of low-orbit constellations [8][53] - The company is expanding into overseas markets and entering the global commercial satellite supply chain, further enhancing its market share [8][53] Group 9 - Tianyin Electromechanical (300342) specializes in satellite attitude control star sensors, holding a market share exceeding 60%, making it a leading enterprise in core components for commercial aerospace satellites [9][54] - The demand for star sensors is robust, with each satellite requiring one, and the company is seeing significant growth in order volume due to the batch launch of low-orbit satellites [9][54] - The company is actively expanding its product layout to include other core satellite components, further enhancing its market share [9][54]

2026 年 2 月 27 日 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：iFind，东莞证券研究所 超配（维持） 电子行业双周报（2026/02/13-2026/02/26） 行 业 英伟达业绩超预期，"算力即营收"加速需求落地 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。 电子行业 SAC 执业证书编号： 行情回顾及估值：申万电子板块近2周（02/13-02/26）累计上涨4.52%， 跑赢沪深300指数4.36个百分点，在申万行业中排名第4名；板块2月累 计上涨2.83%，跑赢沪深300指数2.39个百分点，在申万行业中排名第12 名；板块今年累计上涨13.63%，跑赢沪深300指数11.54个百分点，在申 万行业中排名第8名。估值方面，截至2月26日，SW电子板块PE ...

前海联合价值优选混合A（009312）基金经理为张永任。 截至发稿，张永任累计任职时间5年293天，现任基金资产总规模1.45亿元，任职期间最佳基金回报 47.46%， 任职期间最差基金回报-20.97%。 2月27日，鹏鼎控股跌5.05%，截至发稿，报58.84元/股，成交11.49亿元，换手率0.83%，总市值1363.94 亿元。 资料显示，鹏鼎控股(深圳)股份有限公司位于广东省深圳市宝安区新安街道海滨社区海秀路2038号鹏鼎 时代大厦A座27层，成立日期1999年4月29日，上市日期2018年9月18日，公司主营业务涉及主要从事各 类印制电路板的设计、研发、制造与销售业务。主营业务收入构成为：通讯用板62.70%，消费电子及 计算机用板31.60%，汽车/服务器用板4.92%，其他(补充)0.78%。 从基金十大重仓股角度 数据显示，新疆前海联合基金旗下1只基金重仓鹏鼎控股。前海联合价值优选混合A（009312）四季度 持有股数11万股，占基金净值比例为3.87%，位居第七大重仓股。根据测算，今日浮亏损失约34.43万 元。 前海联合价值优选混合A（009312）成立日期2020年7月7日，最新规模6 ...

PCB的催化又来了，LPU板层数又翻一倍 先看英伟达怎么说，"多跨越一个芯片，就多跨越一个接口，多跨越一个接口，就多增加延迟"。 所以LPU架构、正交背板架构、COWOP架构，还有一些现在并不知道的技术升级，是必然会发生的。 每个架构背后的逻辑，都是尽可能去减少芯片之间的传输距离，芯片堆叠多了，必然管脚会变得极其复杂，PCB 的加工难度、层数、精密度会极大程度增加，价值 PCB的催化又来了，LPU板层数又翻一倍 先看英伟达怎么说，"多跨越一个芯片，就多跨越一个接口，多跨越一个接口，就多增加延迟"。 每个架构背后的逻辑，都是尽可能去减少芯片之间的传输距离，芯片堆叠多了，必然管脚会变得极其复杂，PCB 的加工难度、层数、精密度会极大程度增加，价值量也会极大程度增加。 所以LPU用的50多层板单价至少四五万，70多层的正交背板单价能到三四十万。 PCB在整机柜中的价值量，从最初8卡服务器的1.5%，逐步提高到5%以上，未来有望到8%以上。 行业观点保持不变：产能极度紧缺，格局非常稳定。 #重点推荐：胜宏科技、沪电股份、鹏鼎控股、生益科技、生益电子等 新逻辑：载板今年必然还会涨价，已经成为制约芯片生产的有一大瓶颈，台 ...

证券日报网讯2月26日，鹏鼎控股（002938）在互动平台回答投资者提问时表示，公司目前暂无量子科 技相关具体项目，但对包括量子科技在内的新兴技术及行业发展动态始终保持积极关注。公司将始终结 合行业趋势、市场需求及自身技术布局，持续跟进客户新产品创新与落地。 ...

格隆汇2月26日丨鹏鼎控股(002938.SZ)在投资者互动平台表示，公司目前暂无量子科技相关具体项目， 但对包括量子科技在内的新兴技术及行业发展动态始终保持积极关注。公司将始终结合行业趋势、市场 需求及自身技术布局，持续跟进客户新产品创新与落地。 ...

Group 1 - Zhongji Xuchuang (300308) is a leading global player in the high-speed optical module sector, deeply tied to major North American cloud providers like Nvidia, Microsoft, and Google, making it a core beneficiary during the AI computing power explosion [1][24] - The company maintains a strong position in the global market for 800G and 1.6T high-speed optical module shipments, with a continuous upgrade in product structure towards high-end offerings, leading to steady improvements in gross margin and profitability [1][24] - With the large-scale rollout of Nvidia's GB300 and Rubin next-generation computing platforms, the demand for optical modules per machine has significantly increased, driving a sustained high growth in orders for the company [1][24] Group 2 - Xinyi Technology (300502) focuses on the research, production, and sales of high-speed optical modules, ranking among the few domestic companies with global competitiveness, particularly in the 400G and 800G high-end module sectors [2][25] - The company has a high proportion of overseas revenue and is closely tied to major global cloud providers and equipment manufacturers, resulting in high order visibility and outstanding delivery capabilities [2][25] - Benefiting from the accelerated construction of AI data centers and the explosive demand for high-speed interconnects, the company is seeing a continuous increase in the proportion of high-end products and an ongoing optimization of profitability [2][25] Group 3 - Luxshare Precision (002475) has rapidly entered the high-speed optical module market, becoming an important partner for leading international companies like Nvidia, leveraging its advanced manufacturing and supply chain integration capabilities [3][26] - The company has significant advantages in optical module structural components, packaging processes, and thermal solutions, allowing it to quickly respond to large-volume orders from major clients [3][26] - As AI computing demand continues to surge, the optical module business is emerging as a new growth curve for the company, supported by stable cash flow and technological synergies from its experience in consumer and automotive electronics [3][26] Group 4 - Shengyi Technology (600183) is a global leader in the field of copper-clad laminates and high-frequency materials, serving as a core upstream supplier for optical modules, servers, and data center hardware [4][27] - The demand for high-frequency and high-speed copper-clad laminates is continuously increasing due to the growth of high-speed optical modules, with the company maintaining a leading position in related materials technology and comprehensive customer coverage [4][27] - The company benefits from the accelerated construction of AI computing infrastructure and the rapid iteration of data center hardware, leading to a steady improvement in profitability [4][27] Group 5 - Pengding Holdings (002938) is a global leader in high-end printed circuit board (PCB) research, production, and sales, holding a significant position in the PCB market for high-speed communication, servers, and optical modules [5][28] - The requirements for PCB layers, precision, and signal integrity have significantly increased due to 800G and 1.6T high-speed optical modules, with the company demonstrating industry-leading technical strength and process levels [5][28] - The company is experiencing rapid growth in high-speed PCB demand as AI data center construction accelerates, leading to improvements in revenue and gross margin [5][28] Group 6 - Hengtong Optic-Electric (600487) has become a domestic industry leader by leveraging its advantages across the entire optical communication industry chain, with core competitiveness in optical modules, optical fibers, and marine communications [6][29] - The company’s high-speed optical module products cover 400G and 800G high-speed rates, achieving bulk shipments in data centers and computing interconnect scenarios [6][29] - With significant investments in silicon photonics and CPO co-packaging optical technology, the company is well-positioned to benefit from the increased global investment in computing infrastructure and the explosive demand for optical modules [6][29]

数据显示，截至2026年1月30日，中证消费电子主题指数(931494)前十大权重股分别为寒武纪、立讯精 密、中芯国际、工业富联、兆易创新、澜起科技、京东方A、豪威集团、东山精密、生益科技，前十大 权重股合计占比53.34%。 消费电子ETF(561600)，场外联接(平安中证消费电子主题ETF发起式联接A：015894；平安中证消费电 子主题ETF发起式联接C：015895；平安中证消费电子主题ETF发起式联接E：024557)。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基金的 风险收益特征和产品特性，并根据自身 ...