东兴晨报 P1 经济要闻 | 本期编辑 | | | --- | --- | | 分析师：刘嘉玮 | | | 010-66554043 | liujw_yjs@dxzq.net.cn | | 执业证书编号： | S1480519050001 | 东兴证券研究所金股推荐 | 证券代码 | 证券简称 | | --- | --- | | 002392.SZ | 北京利尔 | | 002991.SZ | 甘源食品 | | 300619.SZ | 金银河 | | 300627.SZ | 华测导航 | | 300666.SZ | 江丰电子 | | 300810.SZ | 中科海讯 | | 603209.SH | 兴通股份 | | 603239.SH | 浙江仙通 | | 688095.SH | 福昕软件 | | 688627.SH | 精智达 | 数据来源：《二月金股汇》 2026 年 02 月 02 日，东兴证券研究所 东 兴 晨 报 东 兴 证 券 股 份 有 限 公 司 敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 2026 年 2 月 27 日星期五 1. 中国人民银行：发布关于银行业金融机构人民币跨境同业融资 ...

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 ...

2月27日，截止午间收盘，中证2000ETF嘉实（159535）跌0.06%，报1.596元，成交额99.25万元。中证 2000ETF嘉实（159535）重仓股方面，炬光科技截止午盘跌3.01%，天际股份跌1.14%，顺灏股份跌 0.24%，平潭发展跌2.81%，隆盛科技跌1.44%，信息发展涨0.14%，振华股份跌6.00%，华通线缆跌 2.06%，精智达跌2.73%，腾景科技跌5.80%。 中证2000ETF嘉实（159535）业绩比较基准为中证2000指数收益率，管理人为嘉实基金管理有限公司， 基金经理为李直，成立（2023-09-14）以来回报为60.07%，近一个月回报为1.96%。 来源：新浪基金∞工作室 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

Core Insights - The report highlights the performance of various sectors and companies, indicating potential investment opportunities in the market. [2][5] Economic News - The People's Bank of China conducted a 7-day reverse repurchase operation of 320.5 billion yuan at an interest rate of 1.4%, resulting in a net withdrawal of 79.5 billion yuan from the market. [3] - The overnight SHIBOR rate reported at 1.3680%, down by 1 basis point, while the 7-day SHIBOR rate decreased by 4 basis points to 1.4570%. [3] - The Supreme People's Court reported over 27,000 cases related to cross-border fraud, with significant sentences handed down to key criminal groups. [3] - The Ministry of Industry and Information Technology discussed the feasibility of new frequency bands for IMT and future 6G technology at a recent international meeting. [3] - Heilongjiang Province's government report emphasized the reform of state-owned enterprises and support for private sector development. [3] - The establishment of a national quality inspection center for rare earth permanent magnet motors in Liaoning Province aims to enhance quality assurance in high-end manufacturing. [4] Company News - Wens Foodstuff Group announced a share buyback plan of 800 million to 1.2 billion yuan at a maximum price of 24.00 yuan per share. [5] - Jiangxi Tungsten Holdings is planning to issue A-shares to specific investors to enhance its core competitiveness and fund acquisitions totaling up to 1.882 billion yuan. [5] - Huylon New Materials is undergoing a significant change that may affect its control, leading to a temporary suspension of its stock. [5] - Fangzheng Valve reported a revenue of 733 million yuan for 2025, a decrease of 2.98%, with net profit down by 6.34%. [5] - Nanya New Materials achieved a revenue of 5.228 billion yuan, a year-on-year increase of 55.52%, with net profit rising by 378.65% due to market demand recovery. [5] Transportation Industry Insights - In January 2026, domestic airline capacity decreased by approximately 4.3% year-on-year, but increased by 5.8% compared to December 2025, as airlines prepared for the Spring Festival. [7] - The overall passenger load factor for airlines improved by about 1.6 percentage points year-on-year, although it decreased by 0.4 percentage points compared to December. [7] - During the Spring Festival holiday, national civil aviation transported 22.05 million passengers, with a flight completion rate of 95.8%, indicating growth compared to the previous year. [8] - International flight capacity increased by 2.6% year-on-year in January, with a slight improvement in load factors, although some airlines faced challenges due to changes in the Japanese route. [9] - Baiyun Airport reported a significant increase in passenger throughput, while Shanghai Airport experienced a decline, attributed to shifts in travel demand. [10] - The report suggests focusing on large airlines for their earnings elasticity, as the industry moves towards a more balanced supply-demand dynamic. [11]

中证2000ETF国泰（561370）业绩比较基准为中证2000指数收益率，管理人为国泰基金管理有限公司， 基金经理为麻绎文、刘昉元，成立（2023-09-13）以来回报为57.24%，近一个月回报为0.11%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 来源：新浪基金∞工作室 2月26日，截止午间收盘，中证2000ETF国泰（561370）涨0.32%，报1.570元，成交额62.71万元。中证 2000ETF国泰（561370）重仓股方面，嘉美包装截止午盘跌9.32%，平潭发展涨2.36%，航宇科技涨 2.28%，天际股份跌4.13%，振华股份涨4.45%，智光电气涨5.09%，精智达跌1.96%，帝科股份跌 1.98%，中际联合涨2.52%，亚太股份跌1.07%。 ...

国投瑞银上证科创板200指数发起式A（023518）基金经理为赵建、钱瀚。 2月26日，精智达跌5.01%，截至发稿，报297.32元/股，成交3.32亿元，换手率1.52%，总市值279.52亿 元。 资料显示，深圳精智达技术股份有限公司位于广东省深圳市龙华区龙华街道清湖社区清湖村富安娜公司 1号101工业园D栋1楼东，成立日期2011年5月31日，上市日期2023年7月18日，公司主营业务涉及新型 显示器件检测设备的研发、生产和销售业务。主营业务收入构成为：光学检测及校正修复系统 52.16%，半导体存储器件测试31.06%，老化系统10.51%，信号发生器4.17%，触控检测系统1.36%，检 测系统配件0.64%，其他(补充)0.11%。 从基金十大重仓股角度 数据显示，国投瑞银基金旗下1只基金重仓精智达。国投瑞银上证科创板200指数发起式A（023518）四 季度减持1000股，持有股数5626股，占基金净值比例为1.47%，位居第二大重仓股。根据测算，今日浮 亏损失约8.82万元。 国投瑞银上证科创板200指数发起式A（023518）成立日期2025年3月18日，最新规模3642.55万。今年以 ...

在AI算力（核心股）需求爆发、高带宽存储器（HBM）技术迭代加速的背景下，A股HBM（高带宽存 储器）产业链今日迎来集体爆发，从上游材料、设备到封装测试，各环节个股纷纷走强，资金关注度持 续提升。拓荆科技、宏昌电子、精智达、联瑞新材、芯碁微装领涨，板块产业链相关企业整理如下： 拓荆科技（688072.SH） 宏昌电子（603002.SZ） 最新股价：11.54元 日涨幅：+8.97% 核心看点：国内电子级环氧树脂龙头，电子级环氧树脂是HBM建设所需材料环氧塑封料的上游，为 HBM封装提供关键基材支撑。 精智达（688627.SH） 最新股价：313.00元 日涨幅：+7.28% 最新股价：360.00元 日涨幅：+9.98% 核心看点：拟减持；国内ALD设备主要供应商之一，ALD沉积在HBM工艺中不可或缺，设备广泛应用 于HBM制造的关键环节。 核心看点：根据新技术和新应用在半导体（核心股）存储器方面的新要求，配合客户业务稳步推进开发 针对如HBM等新一代半导体存储器测试需求的测试技术和设备，为客户提供可应用于HBM领域的完整 测试方案。 联瑞新材（688300.SH） 最新股价：68.50元 日涨幅：+6. ...

Core Insights - The report highlights the strategic initiatives of the company to expand its product lines in the refractory materials sector and emerging technologies, particularly through a planned capital increase of up to 1.034 billion RMB for new projects and overseas expansion [6][11]. Company Developments - Changxin Bochuang signed a letter of intent to acquire 93.81% of Shanghai Honghui Light Communication Technology Co., Ltd. for approximately 375 million RMB, aiming to enhance its product line in the optical communication field [5]. - Tongwei Co., Ltd. is planning to acquire 100% of Qinghai Lihua Qingneng Co., Ltd. through a combination of share issuance and cash payment, with the transaction expected to not alter the control of the company [5]. - Yutong Optical received acceptance from the Shenzhen Stock Exchange for its application to issue shares to specific investors, pending further approvals [5]. - Maoyan Entertainment forecasts a revenue of up to 4.7 billion RMB for the fiscal year 2025, representing a growth of approximately 15.1% compared to 2024 [5]. - Conch Cement's major shareholder plans to increase its stake in the company by investing between 700 million and 1.4 billion RMB within six months [5]. Industry Insights - The report emphasizes the resilience of small and medium-sized enterprises (SMEs) in China's industrial economy, with a 6.9% year-on-year increase in value added for SMEs in 2025, outperforming the overall industrial growth rate by 1.0 percentage points [2]. - The construction of a new production line for zirconia and zircon-based materials is expected to yield a post-tax internal rate of return of 29.35% and a payback period of 4.89 years, indicating strong potential for profitability [7][8]. - The establishment of a production base in Vietnam is part of the company's strategy to enhance its overseas operations, targeting the growing demand in Southeast Asia, particularly in Vietnam [9].

Group 1: Overall Industry Outlook - The semiconductor industry is experiencing an upward trend in performance, driven by strong demand in storage, equipment, and foundry sectors [1] - The report maintains an overweight recommendation for the semiconductor sector due to the overall industry recovery and growth potential [1] Group 2: Performance of Overseas Listed Companies - North American cloud service providers, including Microsoft, Amazon, Google, and Meta, reported significant year-on-year growth in cloud revenues, driven by AI demand, with capital expenditures expected to increase substantially in 2026 [14][15][16][17] - TSMC, the global leader in foundry services, reported a 25.5% year-on-year increase in Q4 2025 revenue, reaching $33.73 billion, with net profit growing over 40% [21] - Micron Technology's Q1 FY26 revenue reached approximately $13.64 billion, benefiting from rising storage prices driven by AI demand [31] - Texas Instruments and Analog Devices showed signs of recovery in the analog chip sector, with Texas Instruments reporting a 10% year-on-year revenue increase in Q4 2025 [39][41] Group 3: Performance of Domestic Listed Companies - SMIC reported a Q4 2025 revenue of 17.81 billion yuan, a year-on-year increase of 11.9%, with net profit growing by 23.2% [57] - The semiconductor packaging and testing sector is recovering, with several companies reporting improved profitability and growth driven by AI demand [60] - The analog chip sector is also showing signs of recovery, with many companies reporting improved performance compared to 2024 [62] Group 4: Investment Recommendations - The report suggests focusing on high-growth segments driven by AI, such as computing chips, storage, advanced packaging, and semiconductor equipment [7]

科创200ETF鹏华紧密跟踪上证科创板200指数，上证科创板200指数从上海证券交易所科创板中选取市 值较小且流动性较好的200只证券作为样本。 半导体、商业航天领涨市场，消息面上，中国商业航天企业代表蓝箭航天宣布，我国重复使用火箭朱雀 三号计划今年第二季度再次开展回收试验。此外，美股台积电市值突破2万亿美元，再创历史新高。 中信建投证券指出，半导体设备零部件板块正处于双重自主可控趋势叠加的背景下：一方面AI驱动下 游扩产景气周期开启，中国大陆半导体设备整机端要求自主可控，设备端国产化率提升背景下，零部件 市场整体空间打开；另一方面，关键零部件整体国产化率偏低，高端产品国产替代尚处于早期。建议关 注①低国产化率品类的国产替代与突破进展；②国产化进展顺畅品类的快速放量带动上市公司业绩改 善。 截至2026年2月25日 14:04，上证科创板200指数(000699)强势上涨1.54%，成分股和林微纳上涨20.00%， 星环科技上涨13.56%，高测股份上涨11.68%，长光华芯，精智达等个股跟涨。科创200ETF鹏华 (588240)上涨1.48%，最新价报1.64元。 数据显示，截至2026年1月30日，上证 ...