1)国际业务利润贡献愈发突出：样本18家券商国际子公司对券商整体利润贡献从2018年0.7%提升至 1H258.2%，中信证券、中金公司（601995）、华泰证券国际子利润贡献达20%、55%、14%，国际业务 成为头部券商盈利增长主要驱动。2)国际业务在券商发展中战略地位进一步提升：2025年以来中资券商 对国际子公司增资形成明显趋势，广发证券、华泰证券等拟通过增资增强国际业务资本实力，西部证券 （002673）、东北证券（000686）等宣布拟新设国际子公司。 金融强国战略导向下，券商国际化发展是必然之路 国泰海通（601211）发布研报称，国际化发展即是券商自身业务发展的主动选择，也是建设全球一流投 行的题中之义，在金融强国的使命责任下，头部券商需在国际市场中具备资本配置和资产定价的话语 权，为"中国投资"还是"投资中国"贡献中国力量，未来国际业务有望成为券商业绩成长重要驱动。个股 方面推荐国际化业务布局领先的中信证券（600030）(600030.SH)、广发证券（000776）(000776.SZ)、 华泰证券（601688）(601688.SH)等。 国泰海通主要观点如下： 近年来国际业务成为券商 ...

国泰海通主要观点如下： 近年来国际业务成为券商发力重要业务方向 1)国际业务利润贡献愈发突出：样本18家券商国际子公司对券商整体利润贡献从2018年0.7%提升至 1H258.2%，中信证券、中金公司、华泰证券国际子利润贡献达20%、55%、14%，国际业务成为头部券 商盈利增长主要驱动。2)国际业务在券商发展中战略地位进一步提升：2025年以来中资券商对国际子公 司增资形成明显趋势，广发证券、华泰证券等拟通过增资增强国际业务资本实力，西部证券、东北证券 等宣布拟新设国际子公司。 金融强国战略导向下，券商国际化发展是必然之路 智通财经APP获悉，国泰海通发布研报称，国际化发展即是券商自身业务发展的主动选择，也是建设全 球一流投行的题中之义，在金融强国的使命责任下，头部券商需在国际市场中具备资本配置和资产定价 的话语权，为"中国投资"还是"投资中国"贡献中国力量，未来国际业务有望成为券商业绩成长重要驱 动。个股方面推荐国际化业务布局领先的中信证券(600030.SH)、广发证券(000776.SZ)、华泰证券 (601688.SH)等。 多数券商国际业务以投资收益为主，财富管理、投行业务具备一定业务体量 1)财 ...

智通财经APP获悉，广发证券发布研报称，HBF在读为主应用优势显著，商业化进程加速。该技术有效 填补了HBM与传统固态硬盘之间的空白，为对容量和成本敏感的读取密集型应用提供理想的解决方 案。AI记忆持续扩展模型能力边界，AIAgent等应用加速落地。AI记忆相关上游基础设施价值量、重要 性将不断提升。建议关注产业链核心受益标的。 HBF商业化进程正加速 根据trendforce数据，2025年8月，Sandisk宣布与SK hynix合作推进HBF标准化生态建设，根据SK hynix 公众号，2026年2月双方宣布在OCP(开放计算项目)体系下，启动下一代HBF全球标准化进程。根据 trendforce数据，闪迪计划于2026年下半年提供HBF模块样品，并于2027年初推出首批集成HBF的AI推 理服务器;SK hynix在OCP 2025上将HBF纳入其AIN(AI-NAND)产品线中的AINB(Bandwidth)方向;根据 trendforce数据，三星电子于2025年开始对自家HBF产品的早期概念设计工作，显示主流存储厂商对该 技术路径的关注度持续提升。 风险提示 AI产业发展以及需求不及预期;AI服 ...

钧达股份(02865)一度涨超14%，截至发稿，涨10.34%，报35.86港元，成交额3.29亿港元。 申万宏源认为，全球低轨卫星星座建设与太空算力产业正处爆发期，对低成本、高效率、轻量化能源方 案需求迫切。公司此前已与中科院上海光机所背景的尚翼光电（现"星翼芯能"）合作，布局晶硅/钙钛 矿叠层电池及CPI膜等核心技术，有望替代当前主流的砷化镓方案，突破成本瓶颈。该赛道技术壁垒 高、市场空间明确，且独立于地面光伏产业周期，有望为公司打开新的高毛利成长空间。 消息面上，据报道，SpaceX 正在美国打造100GW级光伏产能，预计3–4年完成。蓝色起源、谷歌、中 日欧等龙头厂家开始纷纷布局。广发证券表示，AI巨头群雄逐鹿，"算力上天"已成共识。"算力上天"的 共识推动下，太空光伏作为主要供能形式有望深度受益。预计未来有望累计为光伏设备累计带来千亿级 市场空间。 ...

Core Viewpoint - On February 26, brokerages provided target prices for listed companies, with notable increases for Hongsoft Technology, China Railway, and Yifan Pharmaceutical, showing target price increases of 47.71%, 34.96%, and 32.82% respectively, across the IT services, infrastructure, and chemical pharmaceutical industries [1][2]. Group 1: Target Price Increases - Hongsoft Technology received a target price increase of 47.71%, with a new target price of 71.27 CNY [3]. - China Railway's target price increased by 34.96%, with a new target price of 8.30 CNY [3]. - Yifan Pharmaceutical's target price rose by 32.82%, with a new target price of 17.40 CNY [3]. Group 2: Brokerage Recommendations - A total of 27 listed companies received brokerage recommendations on February 26, with China Railway, Bohui Paper, and Zhujiang Beer each receiving one recommendation [2]. - Bohui Paper's rating was upgraded from "Range Trading" to "Buy" by Guotai Junan Securities [5]. Group 3: Rating Adjustments - Two companies had their ratings downgraded: Baolong Technology from "Buy" to "Hold" by Tianfeng Securities, and Haiguang Information from "Buy" to "Range Trading" by Guotai Junan Securities [6][8]. - The companies involved in the downgrades were Baolong Technology and Haiguang Information [8]. Group 4: First Coverage - Six companies received first coverage on February 26, including Matrix Co. and Anfu Technology, both rated "Outperform" by Guotai Junan Securities [10]. - Other companies receiving first coverage included Aorite with a "Buy" rating from Zhongyou Securities, Delijia with a "Buy" rating from Dongwu Securities, and Hanguo Group with an "Increase" rating from Dongguan Securities [10].

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]

喜相逢集团此前公告，其间接全资附属公司已与旷时科技签订谅解备忘录，喜相逢集团拟通过股权收购 或增资扩股方式，获得旷时科技51%的控股权。公开资料显示，旷时科技是一家拥有"芯片-算法-模组- 整机-系统平台"全链条自主研发能力的毫米波雷达整体方案解决商。喜相逢集团成立于2007年，是国内 知名的综合性汽车服务供应商，2023年成功在香港主板上市，成为中国汽车融资租赁的第一股。 香港联交所最新资料显示，2月26日，喜相逢集团(02473)股东将股票存入广发证券香港，存仓市值1.16 亿港元，占比5.72%。 ...

智通财经APP获悉，香港联交所最新资料显示，2月26日，喜相逢集团(02473)股东将股票存入广发证券 香港，存仓市值1.16亿港元，占比5.72%。 喜相逢集团此前公告，其间接全资附属公司已与旷时科技签订谅解备忘录，喜相逢集团拟通过股权收购 或增资扩股方式，获得旷时科技51%的控股权。公开资料显示，旷时科技是一家拥有"芯片-算法-模组- 整机-系统平台"全链条自主研发能力的毫米波雷达整体方案解决商。喜相逢集团成立于2007年，是国内 知名的综合性汽车服务供应商，2023年成功在香港主板上市，成为中国汽车融资租赁的第一股。 ...

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！ 马年A股"开门红"如期而至，点燃了市场对春季攻势的期待。 事实上，节前就有多家机构提出"春季行情提前启动"的预判。值得注意的是，为了接住这波"春潮"，不少券商研究所春节前后开启了"连轴 转"模式。 春节期间，有券商直接打出"春节不打烊"的口号，路演日程从除夕排到了大年初七。进门APP数据显示，2月16日至23日，券商研究所合计安 排了292场电话会议，日均超32场。 假期刚过，券商春季策略会又提上日程。节后第二天，天风证券（维权）、西部证券同日拉开春季策略会序幕。近两周内，还有开源证券、东 吴证券等多家券商将陆续召开策略会。 从已披露的会议安排来看，各家策略会呈现出鲜明的差异化定位，有的聚焦科技成长与资源周期，主打"小而美"；有的除了传统的宏观经济分 析，还覆盖商业航天、脑机接口等前沿赛道，尽显"全而新"。 展望后市，在市场活跃度进一步提高的共识下，化工、TMT等多个板块的投资线索正成为券商重点挖掘的方向。 图片来源：本报记者 梁远浩 摄 "春节不打烊" "春节八天不打烊，研究相伴不停歇！"春节前夕，一则券商电话会参会邀请截图在社交媒体 ...

据港交所2月26日披露，青岛特锐德（300001）电气股份有限公司(300001.SZ)向港交所主板递交上市申请书，中国银河（601881）国际、广发证券为其联席 保荐人。据招股书，特锐德是全球最大的高压预制舱变电站制造商与中国最大的电动汽车充电设备制造商及充电网运营商。 特锐德的业务全面覆盖高压、中压预制舱变电站、变压器和开关设备以及电动汽车充电设备的研发、制造、销售，以及建设并运营电动汽车充电网。根据灼 识咨询的资料，以2023年及2024年预制舱变电站销售收入计，特锐德是全球最大的预制舱变电站提供商，也是最大的高压预制舱变电站提供商。 ...