资料来源：Wind，国泰君安期货研究 3 月 2 日，四大期指当月合约涨跌互现。IF 上涨 0.07%，IH 上涨 0.08%，IC 下跌 0.07%，IM 下跌 1.15%。 本交易日来看，期指总成交回升，显示投资者交易热情有所升温；具体来看，IF 总成交增加 46751 手，IH 总成交增加 18781 手，IC 总成交增加 49152 手。IM 总成交增加 70153 手。持仓方面，IF 总持仓增 加 13048 手，IH 总持仓增加 4743 手，IC 总持仓增加 12026 手；IM 总持仓增加 17661 手。 请务必阅读正文之后的免责条款部分 1 金 融 期 货 研 究 | | | 毛磊 | | | 投资咨询从业资格号：Z0011222 | | maolei@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 【期指期现数据跟踪】 | | | | | | | | | 期指数据 | | | | | | | | | | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期：2026/3/3 隔夜夜盘市场走势 1. 国际油价全线上涨，美油主力合约涨 5.98%，报 71.03 美元/桶。布油主力合 约涨 6.82%，报 77.85 美元/桶。美以联合空袭伊朗引发中东局势急剧升温，市 场担忧霍尔木兹海峡航运安全及伊朗报复性减产。 2. 国际贵金属期货收盘涨跌不一，CO ...

大年的说法，源于中国连续十数年对航天产业的支持与促进，也与21世纪前 25年的国际局势息息相关。当有着改天换地，万象更新的期待时，"大年" 二字很恰如其分的符合普通人心里的预期； 大年的说法，也源自于航天产业的庞大。全球顶尖科技与工程水平的结合， 超出日常所见之物数倍的航天器尺寸，与产业资源需求，也使得"大"这个 字天生的与航天相吻合； 大年的说法，还源自航天产业每一年给民众带来的不可思议。无论火箭发射 数量，还是航天器的复杂程度，大工程上马的频次与力度，都是常规产业难 以企及的恢弘气象。 但根本上，真正促进"大年"之后每一年都是"大年"的原因，归根结底只 有一个朴素的逻辑——随着技术的进步，人类对于空间的诉求在增大。从利 用轨道到控制轨道，想走出地球摇篮，人类必将频繁的进出大气。在此基础 上涉猎的能源问题、通信问题、物流问题等，都是这几年才逐渐被普罗大众 理解到的星际拓荒应该有的样子。 基于以上判断，本报告旨在理清未来航天产业可以看清的发展重点，让航天 大年不再只停留在新闻和媒体宣传里，为真正关心中国航天产业发展的朋友， 对航天有更实在的认知。 为全人类II 2026年中国商业航天发展趋势研究报告 © 20 ...

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 ...

国内市场综述 探底回升 走势分化 海外市场综述 美国三大股指收盘涨跌不一，英伟达涨近 3% 周一（3 月 2 日），美国三大股指收盘涨跌不一，道 指跌 0.15%，标普 500 指数涨 0.04%，纳指涨 0.36%。 万得美国科技七巨头指数涨 0.56%，英伟达涨近 3%， 微软涨超 1%。纳斯达克中国金龙指数跌 1.08%。 新闻精要 1. 商务部：坚决反对英方以涉俄为由制裁中国企业 2. 伊朗关闭霍尔木兹海峡 中方回应 3. 四部门发文，推动科技保险高质量发展 4. 东吴证券 3 月 2 日起停牌 筹划取得东海证券控制 权 5. 美法院驳回特朗普政府有关推迟启动退还关税程 序请求 周一（3 月 2 日）大盘探底回升，走势分化。截至收 盘，上证综指收于 4182.59 点，上涨 0.47%；深成指 收于 14465.79 点，下跌 0.2%；科创 50 下跌 1.56%； 创业板指下跌 0.49%，万得全 A 成交额共 30458 亿元， 较前一日明显上升。 行业方面，30 个中信一级行业有 10 个上涨，其中石 油石化、煤炭及有色金属涨幅居前，而传媒、消费者 服务及计算机跌幅较大，概念方面，油气开采、天 ...

Summary of Teradyne Conference Call Industry Overview - The semiconductor test market is projected to reach approximately $9 billion by 2025, with a notable increase in test intensity driven by AI compute and memory sectors [1][3][19] - The current cycle differs from the 2020-2021 SoC boom, as it is driven by sustainable factors rather than temporary pandemic-related demand [11][15] Key Drivers of Growth - Increased capital intensity in AI compute, particularly in high-margin memory and AI accelerator segments, is driving demand for semiconductor testing [3][5] - The growth in AI revenue is expected to sustain capital expenditures over the midterm, contrasting with the previous mobile boom which was more concentrated and temporary [15][17] Market Dynamics - Teradyne's revenue growth is linked to broader market trends, with significant growth anticipated in networking and VIP compute segments [21][22] - The company is well-positioned in the networking market, with increased test intensity expected due to denser data center architectures [21][22] Memory Market Insights - Teradyne has a strong share in HBM memory testing, particularly in stack testing, with expectations of increased test intensity as memory technology evolves [43][44] - The DRAM market is experiencing strong demand, with expectations of continued growth driven by unit volume and complexity [50][68] HDD and SSD Market Trends - The HDD market is showing signs of recovery, with new customer acquisitions expected to drive growth [54][70] - The SSD market is currently experiencing a disconnect between demand for flash storage and manufacturers' capacity investments, which may lead to future TAM increases [62][66] Mobile Market Outlook - The mobile market is influenced by device complexity, unit volume, and tester utilization, with expectations for a strong 2026 driven by technological transitions [74][78] - There are concerns about unit volume due to price elasticity, as higher memory costs may reduce consumer demand for new phones [76][78] Supply Chain and Capacity Readiness - Teradyne is focusing on supply chain resilience through dual sourcing strategies to meet anticipated demand in 2026 [79][80] - The company is prepared to respond to increased tester demand with competitive lead times [81][83] Demand Environment - The demand environment is expected to be front-half weighted in 2026, with significant capacity additions anticipated in the first half of the year [84][86] - The market is characterized by a four-quarter boom cycle, indicating ongoing growth potential [87][89]

THIS IS "BALANCE OF POWER" LIVE FROM WASHINGTON, D. C. KAILEY: WELCOME TO "BALANCE OF POWER." I AM KAILEY LEINZ.WHATEVER IT TAKES. STRIKES CONTINUE FOR A THIRD DAY. PRESIDENT TRUMP SIGNALING THE CAMPAIGN COULD STRETCH BEYOND EXPECTATIONS.PRESIDENT TRUMP: FROM THE BEGINNING, WE PROJECTED FOUR TO FIVE WEEKS BUT WE HAVE THE CAPABILITY TO GO FAR LONGER AND WE WILL DO IT. TODAY, SOMEBODY SAID THE PRESIDENT WANTS TO DO IT QUICKLY, AFTER THAT HE WILL GET BORED. I DON'T GET BORED.KAILEY: OIL SHOCKS ACROSS GLOBAL MA ...

Core Insights - The company is excited about a long-term partnership with NVIDIA, which has resulted in a multibillion-dollar purchase commitment [1] Group 1: Partnership and Investment - The partnership with NVIDIA has been in development for many years, culminating in significant investment and purchase commitments [1] - The company has been collaborating with NVIDIA on its laser roadmap, indicating a strong alignment in technological development [1] Group 2: Product Differentiation - The company has been developing high-powered lasers for optical scaling, which they believe have significant differentiation in the market [2] - The company claims advantages in reliability over the 400-milliwatt high-powered laser, which is a key product in their portfolio [3]

目 录 | | 每日报告精选（2026-02-27 09:00——2026-03-02 15:00） 3 | | | --- | --- | --- | |  | 宏观周报：《节后生产修复》2026-03-01 3 | | |  | 宏观周报：《中东冲突再起，通胀苗头初现》2026-03-01 3 | | |  | 策略专题报告：《资源品普涨与 Token 出海新叙事》2026-03-02 4 | | |  | 策略周报：《稳定是如今中国股市的底色》2026-03-01 5 | | |  | 策略观察：《资产概览：中东紧张局势推升贵金属/原油价格》2026-03-01 6 | | |  | 策略观察：《春节旅游景气提升，科技和资源涨价》2026-02-28 7 | | |  | 行业跟踪报告：钢铁《第一批引领性钢企公布》2026-03-02 8 | | |  | 行业周报：物流仓储《中蒙业务复苏，物流春意渐浓》2026-03-01 9 | | |  | 行业专题研究：海运《中东局势再度升级，关注油运灰色市场变化》2026-03-01 9 | | |  | 行业专题研究：基础化工《PVC 长 ...

目 录 | | 每日报告精选（2026-02-27 09:00——2026-03-02 15:00） 3 | | | --- | --- | --- | |  | 宏观周报：《节后生产修复》2026-03-01 3 | | |  | 宏观周报：《中东冲突再起，通胀苗头初现》2026-03-01 3 | | |  | 策略专题报告：《资源品普涨与 Token 出海新叙事》2026-03-02 4 | | |  | 策略周报：《稳定是如今中国股市的底色》2026-03-01 5 | | |  | 策略观察：《资产概览：中东紧张局势推升贵金属/原油价格》2026-03-01 6 | | |  | 策略观察：《春节旅游景气提升，科技和资源涨价》2026-02-28 7 | | |  | 行业跟踪报告：钢铁《第一批引领性钢企公布》2026-03-02 8 | | |  | 行业周报：物流仓储《中蒙业务复苏，物流春意渐浓》2026-03-01 9 | | |  | 行业专题研究：海运《中东局势再度升级，关注油运灰色市场变化》2026-03-01 9 | | |  | 行业专题研究：基础化工《PVC 长 ...