储能表现持续亮眼，AIDC 相关业务值得期待 阳光电源(300274) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 庞钧文(分析师) | 021-38674703 | pangjunwen@gtht.com | S0880517120001 | | 吴志鹏(分析师) | 021-23215736 | wuzhipeng@gtht.com | S0880525070004 | 本报告导读： 公司是光伏逆变器和储能系统双龙头，SST 产品正积极布局中。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 72,251 | 77,857 | 97,803 | 118,276 | 135,800 | | (+/- ...

天眼查App显示，近日，唐山龛阳新能源科技有限公司成立，法定代表人为杨成，注册资本100万人民 币，经营范围含太阳能发电技术服务、节能管理服务、风力发电技术服务、合同能源管理、光伏发电设 备租赁、智能输配电及控制设备销售等，由阳光电源（300274）旗下合肥春阳新能源投资有限公司全资 持股。 ...

序号 股东名称 合肥春阳新能源投资有限公司 1 控股股东 南方财经2月27日电，天眼查App显示，近日，唐山龛阳新能源科技有限公司成立，法定代表人为杨成，注册资本100万人民币，经营范围含太阳能发电技术 服务、节能管理服务、风力发电技术服务、合同能源管理、光伏发电设备租赁、智能输配电及控制设备销售等，由阳光电源旗下合肥春阳新能源投资有限公 司全资持股。 | | 国家中小企业发展子基金旗下机构 | 唐山龛阳新能源科技有限公司 | | × | | --- | --- | --- | --- | --- | | 基本信息 4 | 法律诉讼 | 经营风险 | | 经营信息 | | 工商信息 ● | | | | | | 工商信息 历史工商信息0 | | | | | | 企业名称 | 唐山龛阳新能源科技有限公司 | | | | | 法定代表人 | 物 杨成 捻关联企业 13 | 登记状态 ② | | 存续 | | | | 成立日期 | | 2026-02-1 | | 统一社会信用代码 2 | 91130283MAK8ACM83J | 注册资本 ② | | 100万人民 | | 工商注册号 | 13028300025791 ...

个股方面，65只个股获融资净买入额超1亿元。寒武纪获融资净买入额居首，净买入13.76亿元；融资净买入额居前的还有阳光电源、芯原股份、宁德时代、 胜宏科技、北方稀土、中国平安、包钢股份、海光信息、华丰科技。 | 序号 | | | | | --- | --- | --- | --- | | | 证券代码 ◆ | 证券简称 = | 交易日期 | | 1 | 688256.SH | 寒武纪 | 2026-02-26 | | 2 | 300274.SZ | 阳光电源 | 2026-02-26 | | 3 | 688521.SH | 芯原股份 | 2026-02-26 | | ব | 300750.SZ | 宁德时代 | 2026-02-26 | | 5 | 300476.SZ | 胜宏科技 | 2026-02-26 | | 6 | 600111.SH | 北方稀土 | 2026-02-26 | | 7 | 601318.SH | 中国平安 | 2026-02-26 | | 8 | 600010.SH | 包钢股份 | 2026-02-26 | | 9 | 688041.SH | 海米信息 | 2026-02-26 | ...

Group 1: China Ping An - The core strategy of China Ping An is "comprehensive finance + medical care and elderly care," which aims to create a new value growth pole through a "product + service" model, leading to long-term stable profit growth [3][4] - The report suggests that the current market valuation of China Ping An is low, with a PEV of 0.75, and recommends a target market value of 1.6 trillion yuan, corresponding to a target price of 88.53 yuan per share [3][4] - The aging population in China and the increasing importance of commercial health insurance in medical payments are expected to enhance the effectiveness of the "product + service" model, positioning it as a new growth driver for the company [3][4] Group 2: Steel Research High Temperature Alloy - Steel Research High Temperature Alloy is a leading company in the high-temperature alloy sector, benefiting from strong demand in the aerospace industry and the trend towards technological self-sufficiency [5][6] - The company is expected to achieve steady growth in net profit, with forecasts of 132 million yuan, 152 million yuan, and 172 million yuan for 2025 to 2027, respectively [5][6] - The report highlights the resilience of the high-temperature alloy industry, driven by increasing defense budgets and the upgrade of aerospace equipment, which supports long-term demand [6][7] Group 3: CSPC Pharmaceutical Group - CSPC Pharmaceutical Group is recognized for its strong innovation capabilities, with a focus on oncology and chronic disease treatment pipelines, and has established an international business development ecosystem [8][9] - The company has entered a strategic collaboration with AstraZeneca to develop innovative long-acting peptide drugs, which is expected to generate significant revenue potential [9][10] - The report predicts EPS growth of 48%, 36%, and -7% for 2025 to 2027, with a target price of 16.58 HKD per share [8][9] Group 4: Real Estate Market - The real estate market in China is currently in a deep adjustment phase, with only 19% of cities showing signs of bottoming out as of Q4 2025 [18][19] - New home prices are experiencing significant fluctuations, particularly in first-tier cities, while second-hand home prices are generally declining [19][20] - The report indicates that the inventory clearance cycle is extending, with first-tier cities reaching 19-28 months and some second-tier cities exceeding 38 months [20] Group 5: Robotics and Automation - The company is actively expanding into the humanoid robotics sector, with new product launches expected to drive growth [21][22] - The report forecasts EPS of 1.14, 1.47, and 1.83 yuan for 2025 to 2027, with a target price of 147.00 yuan per share [21][22] - The company is leveraging its expertise in micro-drive systems to enhance its competitive position in the robotics market [22][23] Group 6: Energy Storage Sector - The energy storage sector is anticipated to see significant growth, with the introduction of capacity pricing mechanisms in provinces like Qinghai [36][37] - The report suggests that the demand for energy storage systems and batteries will increase, recommending several key stocks in this sector [36][37] - The expected growth rate for energy storage demand in 2026 is projected to be around 50% [38]

Investment Rating - The report recommends an "Accumulate" rating for the energy storage sector [1][3]. Core Insights - Qinghai has initiated the first capacity price for energy storage following the implementation of Document No. 114, indicating a positive trend for the economic viability of energy storage across the country as provincial regulations are expected to follow [3][6]. - The demand for energy storage is projected to grow significantly, with expectations of a 50% increase in 2026, driven by favorable capacity pricing and strong market conditions [3][6]. Summary by Sections Investment Recommendations - The report suggests accumulating stocks in the energy storage sector, particularly benefiting from strong demand for storage systems and batteries. Recommended stocks include Haibo Shichuang, Ningde Times, Yiwei Lithium Energy, Zhongchuang Innovation, and Aters. Related stocks include Sunshine Power and Penghui Energy [6][7]. - Following the anticipated demand surge, lithium battery materials are expected to see price increases. Recommended stocks in this category include Hunan Youneng, with related stocks being Wanrun New Energy, Fulian Precision, Tianji Shares, Tianci Materials, Duofluo, Enjie, Fospower, and Xingyuan Materials [6][7]. Economic Viability of Energy Storage - The capacity price calculation method has been established, with a compensation standard of 165 RMB/(kW·year) for 2026, which is more favorable compared to previous standards. The annual compensation price for a 4-hour energy storage station is calculated to be 153.77 RMB/(kW·year) [6][7]. - January data shows a significant increase in installed capacity, with 3.8 GW/10.9 GWh added, representing a year-on-year growth of 62% and 106%, respectively. The sales of energy storage batteries reached 46.1 GWh, marking a year-on-year increase of 164% [6][7].

2026 年 2 月 27 日 晨会速递 分析师点评 市场数据 总量研究 【宏观】特朗普能否开启"黄金时代"？——解构美国系列第十九篇 2 月 25 日，特朗普发布第二任期内首份国情咨文演讲，为 2026 年的中期选举拉开帷 幕，关税，民生、电力是三大重点议题。关税方面，将尽量维持现有关税税率，但尚 未透露退税、232 调查等具体安排；民生方面，为美国工人提供类似 401K 账户的退 休金计划是亮点，但面临财政和国会的约束；电力方面，要求美国大型科技公司自建 电厂，缓解电价担忧，费用由科技公司自行承担。 【电新】碳排放双控转型推动碳成本重估，看好绿电的非电应用——碳中和深度报告 （十四）(买入) 国内从能耗双控向碳排放双控的考核机制转变、欧盟碳关税实质落地，具备低碳或负 碳属性的资产（绿铝、绿氢氨醇、零碳园区等）将获得绿色溢价。综合考虑下游支付 溢价能力、替代经济性等因素，航运燃料绿醇、储氢固碳绿氨、氢冶金领域的非电应 用有望受益。建议关注：1）上游制氢：布局绿色氢醇氨制造的企业：电投绿能、嘉 泽新能、金风科技（A+H）、中国天楹、佛燃能源等。2）化工转型：ST 嘉澳、东华 科技。3）中游设备：华电科工、双良 ...

新春伊始，香港资本市场便上演了一出"一马当先"的开年大戏。 2月24日，华依科技（维权）正式向香港联交所提交了上市申请，成为绿云软件后又一家在马年递表的企业。 尽管春节假期让新股发行短暂"歇脚"，但开年至今港股IPO赛道呈现出的万马奔腾之势，已然为全年市场定下了沸腾的基调。 Wind数据显示，截至2月25日，年内已有24家企业完成港股IPO，融资额合计892.26亿港元，同比增长1013.59%，超过了去年全年IPO募资的三 成。3月19日，岚图汽车也将在港交所上市，不过，由于其采用的是介绍方式，不涉及发行新股和即时融资，对港股IPO融资额不产生影响。 在发行上市持续火爆的同时，港股"后备军"的阵容亦持续扩容，截至目前，剔除失效企业，港交所排队的IPO企业数量仍高达387家（含6家聆 讯通过企业），其中A股上市公司达到110家，不乏立讯精密、阳光电源、胜宏科技等数千亿市值的"巨无霸"企业。 港交所主席唐家成在新春开市仪式上感叹，"大家从来没有这么忙过，但忙得开心，因为这代表市场活跃、货如轮转，希望港股气氛能够一直 延续整个马年"。 港股IPO持续火爆 2026年开年以来，港股IPO市场的氛围较2025年有过之 ...

但即便如此，河南民营企业500强入榜企业数量仅位于全国第九，与全省经济规模位次还不匹配，民营 经济发展的焦虑仍在。 《每日经济新闻·城市进化论》记者了解到，一些短板被频繁提及，比如高价值专利转化效率仍待提 升；传统制造企业转型慢，与现代化产业体系融合深度不足等，也因此不乏诘问，总靠传统产业能撑多 久。 开好局、起好步。近几日，全国多个省份密集召开"新春第一会"。 2月24日，河南纵深融入服务全国统一大市场大会在郑州召开。在当地看来，融入和服务全国统一大市 场，是河南高质量发展的战略机遇，更是激发全省民营经济活力的关键一招。 事实上，在此之前的2月21日，农历正月初五，河南省委书记刘宁、省长王凯就已在郑州与河南省民营 企业家代表餐叙交流。这是河南第二年在这一天邀请民营企业家举行高规格餐叙。 连续将民营企业家奉为座上宾，背后是民营企业对河南经济的突出贡献。2025年，河南入围中国民营企 业500强的企业数量新增2家，达15家，实现近8年来对湖北的首次反超，位居中部六省第一。 开局起步，河南如何打好这场自上而下的民营经济"突围战"？ 发力所向 "民营企业是树，政府就是培土、浇水、保护的人！"2月21日，河南省委书记 ...

1、英伟达第四季度营收超预期 英伟达第四季度营收681亿美元，环比增长20%，同比增长73%。2026财年全年营收2159亿美元， 同比增长65%。GAAP与非GAAP毛利率分别为75.0%和75.2%。2026财年全年，GAAP与非GAAP毛利率 分别为71.1%和71.3%。GAAP与非GAAP摊薄后每股收益分别为1.76美元和1.62美元。2026财年全年， GAAP与非GAAP摊薄后每股收益分别为4.90美元和4.77美元。2026财年期间，英伟达以股票回购+现金 分红形式向股东返还411亿美元。截至第四季度末，公司仍有585亿美元股票回购额度未使用。 2、今日特朗普要闻 1、伊朗：两名知情人士透露，特朗普的高级顾问更希望以色列率先袭击伊朗，随后美国再对后者 发动攻击。美国副总统万斯表示，美国发现证据表明，在6月美国主导对伊朗核设施发动袭击后，伊朗 正试图重建其核计划。他表示，特朗普倾向于通过外交方式解决问题，但如有必要，也将动用美军。美 国中东问题特使威特科夫表示，特朗普政府要求伊朗在未来任何核协议中接受协议"无限期有效"，不得 设定到期条款。伊朗总统佩泽希齐扬表示，特朗普说伊朗必须声明不会拥有核武 ...