证券研究报告 | 策略点评 2026 年 02 月 26 日 策略点评 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 相关研究 深证成指年内新高 [Table_Summary] 投资要点： 摘要。2026 年 2 月 26 日周四，A 股市场震荡分化，深证成指盘中创年内新高；国 债期货市场延续调整；商品指数小幅回调，碳酸锂大涨。 一、市场行情分析 1）股票市场：震荡分化，深证年内新高 震荡分化，深证年内新高。今日 A 股市场呈现震荡分化格局，主要指数涨跌互现， 上证指数全天围绕平盘震荡，最终微跌 0.01%收于 4146.63 点；深证成指表现相 对强势，上涨 0.19%收于 14503.79 点，盘中创年内新高；创业板下跌 0.29%收于 3344.98 点；万得全 A 指数上涨 0.21%。全市场 2481 只个股上涨，2866 只下跌， 反映市场 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The communication sector saw a 2.35% increase in the 6th-7th week of 2026, ranking 6th among primary industries in the Yangtze River region; since the beginning of 2026, it has risen by 0.44%, ranking 27th [2][6] - Tower's silicon photonics revenue doubled, with a high demand for 1.6T, and capacity expansion plans have been adjusted with prepayments secured; silicon photonics modules continue to penetrate the market [2][10] - Vertiv's orders and backlog reached new highs, with a shipment-to-order ratio rising to 2.9 times [2][10] - ByteDance's Seedance 2.0 has industry-leading generation availability, while Google's Gemini 3.1 Pro tops the charts, and Anthropic's annual revenue is growing rapidly at $14 billion [2][10] - OpenAI's cumulative computing expenditure is expected to exceed $600 billion by 2030, with an upward revision of revenue forecasts [2][10] Summary by Sections Market Performance - In the 6th-7th week of 2026, the communication sector increased by 2.35%, ranking 6th among primary industries; since the start of 2026, it has risen by 0.44%, ranking 27th [2][6] - Among companies with a market capitalization above 8 billion, the top three gainers this week were Dawei Technology (+39.4%), Shengke Communication (+31.7%), and Shenling Environment (+29.6%); the top three decliners were Tongyu Communication (-11.7%), Dingtong Technology (-9.7%), and Xinke Mobile (-9.3%) [6] Company Highlights - **Tower**: In Q4 2025, revenue reached $440 million, a year-on-year increase of 13.7%, with GAAP net profit of $80 million, up 45.3%. The company expects silicon photonics revenue to reach $228 million in 2025, doubling from 2024, and has raised its capacity target from 3 times to over 5 times the Q4 2025 shipment [7] - **Vertiv**: In Q4 2025, revenue was $2.88 billion, a year-on-year increase of 22.7%, with GAAP net profit of $450 million, up 203.1%. The company reported a significant increase in organic orders, with a year-on-year growth of 252% [7] AI Model Developments - On February 12, ByteDance launched Seedance 2.0, achieving industry-leading performance in complex scenarios with a high generation availability rate [8] - Anthropic completed a $30 billion Series G financing round with a post-money valuation of $380 billion, reporting an annual revenue of approximately $14 billion [8] - On February 19, Google released Gemini 3.1 Pro, which ranked first in AI analysis, showing significant improvements in reasoning capabilities [8] Future Projections - OpenAI updated its financial outlook, projecting cumulative computing-related expenditures to exceed $600 billion by 2030, with training costs expected to rise significantly in 2025 and 2026 [9]

Market Overview - The market showed mixed performance with the three major indices fluctuating, where the ChiNext index fell over 1% at one point. The total trading volume in the Shanghai and Shenzhen markets reached 2.54 trillion yuan, an increase of 759 billion yuan from the previous trading day [1] - The overall market sentiment was weak, with over 2800 stocks declining. However, sectors such as computing hardware, power generation, and gas turbine concepts saw significant gains, with several stocks hitting the daily limit [1][2] Sector Performance - The computing hardware sector performed strongly, led by CPO and PCB stocks. Notable gainers included Deep South Circuit, Dazhu Laser, and Guanghe Technology, all reaching their daily limit [2] - Liquid cooling servers also saw robust performance, with stocks like High Cloud and Chuanrun reaching their daily limit. This was supported by Nvidia's recent showcase of the next-generation Vera Rubin computing system, which features advanced cooling technology [2][3] - The power sector showed strength, with Ganneng Co. and Huayin Power hitting their daily limit. Environmental stocks also rallied towards the end of the trading session, with Zhongke Environmental Protection and Qidi Environment reaching their daily limit [1][4] Individual Stock Highlights - Nvidia reported a fourth-quarter revenue of $68.1 billion, a 73% year-over-year increase, with data center revenue reaching $62.3 billion, exceeding market expectations. This strong performance alleviated concerns regarding the growth potential of AI hardware companies in the A-share market [3] - The NAND flash memory market continues to experience shortages and price increases, prompting major manufacturers like Phison to require prepayments from customers to secure stable supply [11] Future Market Analysis - The market is expected to continue its oscillation, with the potential for short-term rebounds. However, the indices are approaching previous highs, which may lead to selling pressure from trapped investors. The overall market is characterized by a lack of momentum for price chasing, with a focus on sector rotation [8]

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]

CPO（共封装光学）是将交换芯片和光引擎共同装配在同一个Socketed（插槽）上，形成芯片和模组的共封装，可以尽可能地降低网络设备的自身工作功 耗以及散热功耗。 亨通光电：国内光通信、通信电缆、电力电缆产品最齐全的综合性线缆公司 根据南方财富网产业链数据显示，公司产品线涵盖光通信、智能电网、海洋能源与通信、工业与新能源智能、铜导体等产品；产品广泛应用于通信网络、 能源互联领域。 近年来，公司营业收入、归母净利润、毛利率与净利率情况如下： 亨通光电2025年第三季度报告显示（如上图），公司实现主营业务收入175.72亿元，较去年同期增长11.32%。 2025年第三季度季报显示，亨通光电公司实现净利润7.63亿，同比上年增长率为8.1%，毛利率12.92%，归属净利润7.63亿，同比增长8.1%。 中天科技：国内光电缆品种最齐全的企业，拥有海底光缆制造的核心技术 根据南方财富网产业链数据显示，公司产品线涵盖光通信及网络、电网建设、海洋系列、新能源、铜产品、其他等产品；产品广泛应用于海洋通信、智慧 城市、轨道交通、矿井通信等领域。 近年来，公司营业收入、归母净利润、毛利率与净利率情况如下： 中天科技2025年第 ...

来源：上海证券报·中国证券网 2月26日，ETF收盘涨跌不一，中韩半导体ETF(513310)涨9.64%，国证2000ETF博时(159505)涨5.04%， 5GETF博时(159811)涨3.41%，恒生医药ETF(159892)跌3.89%，港股通医疗ETF富国(159506)跌3.67%， 港股通生物科技ETF(159102)跌3.51%。 2月26日日间盘，国内商品期货主力合约涨跌互现，其中碳酸锂主力合约涨幅居前。截至15:00收盘，菜 籽、碳酸锂、沪锡涨超3%，锰硅涨超2%，燃油涨超1%，硅铁、苹果、白糖等微涨。 2月26日，国债期货收盘全线下跌，30年期主力合约跌0.53%，10年期主力合约跌0.10%，5年期主力合 约跌0.08%，2年期主力合约跌0.03%。 2月26日，中证转债指数收跌1.03%，报525.93点。其中，佳力转债涨6.53%，奥飞转债涨6.45%，广联转 债涨6.24%；睿创转债跌7.78%，微导转债跌7.42%，亿纬转债跌6.15%。 【资金风向标】 Choice数据显示，2月26日，资金净流入额排名前十的个股依次是沪电股份、胜宏科技、亨通光电、华 胜天成、润泽科技、航 ...

消息面上，有券商研究员表示，商业航天板块仍是市场主线。近期更是有四大驱动突现：一是央地协同 发力，红利持续释放；二是融资IPO双爆发；三是高频发射序幕将启；四是技术突破催生大运力时代来 临。 2月26日，三大指数涨跌不一，创业板指盘中一度跌超1%，黄白线分化。板块方面，商业航天概念股狂 欢，春晖智控、中科环保双双20cm涨停，华丰科技、钢研高纳、电科蓝天等多股涨超10%，航天动 力、中天科技、烽火通信等多只概念股涨停。 华龙证券认为，我国商业火箭发射进入规模化阶段，政策持续加码，市场规模快速提升。截至2025年 底，中国商业火箭累计发射95次，标志着国家级星座开始进入规模化发射阶段。我国商业航天市场规模 2025年已突破2.5万亿元，从投资端来看，火箭和卫星制造为主要投资领域。2025年末，中国多型可回 收火箭密集进入回收验证阶段，为后续降本和高频发射奠定基础。 （文章来源：21世纪经济报道） ...

Market Overview - The A-share market showed mixed performance on February 26, with the Shanghai Composite Index down 0.01% to 4146 points, the Shenzhen Component Index up 0.19%, and the ChiNext Index down 0.29% [1] - The total market turnover reached 2.56 trillion yuan, an increase of 757 billion yuan compared to the previous trading day, with over 2800 stocks declining [1] Sector Performance - AI hardware sectors, including CPO concepts, copper cable high-speed connections, and liquid-cooled servers, experienced significant gains, with multiple stocks hitting the daily limit [2][4] - The PCB and electronic components sectors also saw increases, with several stocks reaching their daily limit [2] - The controllable nuclear fusion sector strengthened, with stocks like Dongfang Electric hitting the daily limit [2] - Fertilizer, wind power, and rare metals sectors performed well, while the real estate sector opened high but closed lower, with Huazhong Holdings down over 7% [2] - The film and media sector continued to decline, with Bona Film Group hitting the limit down [2] Notable Stocks - Stocks such as Jieput, Juchang Optoelectronics, and Hengtong Optoelectronics saw significant gains, with Jieput rising 20% to 242.46 yuan [5] - The wind power equipment sector also showed strength, with Feiwo Technology rising over 7% [7] - The lithium mining sector surged, with Jinyuan Holdings hitting the daily limit and other stocks like Yalake Holdings and Rongjie Holdings also rising [9] External Influences - Nvidia reported a record quarterly revenue of $68.127 billion, with a year-on-year growth of 73%, significantly exceeding its guidance [4] - Zimbabwe announced an immediate suspension of all lithium ore and concentrate exports, which is expected to reduce global lithium supply and increase prices [8] - Goldman Sachs raised its forecast for global data center electricity demand growth from 175% to 220% by 2030, indicating a "super cycle" in infrastructure reliability driven by AI investments [6] Future Outlook - Dongguan Securities noted that A-shares often see a high win rate window after the Spring Festival, with expectations of policy support ahead of the Two Sessions [18] - The report suggests focusing on sectors such as dividends, TMT (Technology, Media, and Telecommunications), and power equipment for potential investment opportunities [18]

专题：A股节后迎高胜率窗口 新一轮上行可期 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 2．电网设备 北京科锐、神马股份、杭电股份等多股涨停。 截至收盘，沪指报4146.63点，跌0.01%；深证成指报14503.79点，涨0.19%；创指报3344.98点，跌 0.29%。 盘面上，元件、CPO、铜缆高速连接板块涨幅居前；影视院线、保险、房地产板块跌幅居前。 热点板块： 1．算力芯片 寒武纪涨近10%，聚飞光电、杰普特20cm涨停，中天科技、烽火通信等多股涨停。 消息面上，国产算力芯片龙头海光信息公告，预计一季度实现归属于母公司所有者的净利润6.2亿元— 7.2亿元，同比增长22.56%—42.32%。 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！ 2月26日消息，市场全天探底回升，三大股指涨跌不一。板块方面，算力芯片股午后拉升，明阳电路、 聚飞光电、杰普特20cm涨停；电网设备板块震荡走强，北京科锐、神马股份、杭电股份等多股涨停； 商业航天概念持续走高，抚顺特钢涨停；下跌方面，影视院线板块持续调整，博纳影业领跌；房地产板 块表现低迷，华联控股领跌；创新药板 ...

据交易所数据显示，截至2月26日收盘，主力资金流入前20的股票分别为： 沪电股份（15.53亿元）、 胜宏科技（13.99亿元）、 亨通光电（10.93亿元）、 华胜天成（9.40亿元）、 润泽科技（8.43亿元）、 航天动力（8.12亿元）、 聚飞光电（8.09亿元）、 中天科技（7.05亿元）、 芯原股份（6.60亿元）、 高澜 股份（6.50亿元）、 东方电气（6.33亿元）、 华银电力（6.09亿元）、 东山精密（5.95亿元）、 世运电路（5.55亿元）、 川润股份（5.04亿元）、 赛微电子 （4.81亿元）、 永鼎股份（4.56亿元）、 光迅科技（4.51亿元）、 豪威集团（4.31亿元）、 华丰科技（4.19亿元）。 | 华银电力 | 10.06 | 6.09亿元 | 公用事』 | | --- | --- | --- | --- | | 东山精密 | 8.01 | 5.95亿元 | 电子 | | 世运电路 | 4.95 | 5.55亿元 | 电子 | | 川润股份 | 10.02 | 5.04亿元 | 机械设备 | | 赛微电子 | 4.95 | 4.81亿元 | 电子 | | 永鼎股份 | ...