智通财经APP获悉，浙商证券发布研报称，首次覆盖，给予超盈国际控股(02111)"买入"评级，公司作为 弹性面料制造商龙头，成立以来凭借强大的制造效率逐步深入绑定维密等内衣品牌龙头，12年切入 FILA、Lululemon等运动品牌，东南亚化纤弹性面料产能稀缺，以全球化产能布局+强大研发创新能力 逐步提升运动品牌订单份额，未来增长潜力巨大。预计公司25-27年归母净利润分别为6.0/6.5/6.9亿港 元。 浙商证券主要观点如下： 全球弹性面料龙头，切入运动服装面料打造发展新动能 公司作为全球弹性化纤面料龙头制造商，于1994年创立，以内衣织带业务起家，2003年切入内衣弹性织 物面料市场，到2014年港股上市时已成长为全球内衣面料龙头，并开启切入运动服装市场打造第二成长 曲线。 2023年运动服装弹性织物面料、内衣弹性织物面料、弹性织带、蕾丝收入占比分别为 51.9%/26.7%/19.9%/1.5%，14-23年收入CAGR分别为32%、1%、3%、5%，运动服装弹性面料成为收入 增长主引擎。 从产能布局来看，前瞻性海外布局响应客户偏好，越南产能建设加码。公司在全球有三大生产基地，国 内与国外产能保持1： ...

1、 公告基本信息 ■ 注：管理人在每个收益集中支付日起两个交易日内，根据公告分配方案，以现金分红的形式向投资者支 付收益。 2、与收益支付相关的其他信息 公告送出日期：2026年02月25日 一、基金份额持有人可通过下列渠道了解相关信息： （1）官方网站：www.stocke.com.cn； （2）客服电话：95345； （3）本基金销售机构：浙商证券股份有限公司 ■ 注：（1）本基金收益支付方式暂不包括红利再投，因此不存在收益结转基金份额的情况。 （2）本基金采用摊余成本法估值，并通过计算暂估收益率的方法每日确认各类金融工具的暂估收益。 基金每万份基金暂估净收益和7日年化暂估收益率，与分红日实际每万份基金净收益和7日年化收益率存 在差异，原因是银行存款估值时以成本列示，每日按照约定利率预提收益，直至分红期末按累计收益除 以累计份额确定实际分配的收益率，具体的差异金额以公司官网展示为准。 （3）投资者当日申购的基金份额应当自下一个交易日起享有基金的分配权益；当日赎回的基金份额自 下一个交易日起不享有基金的分配权益。 （4）本基金收益每月集中支付一次。如投资者的累计实际收益为负，则为份额持有人缩减相应的份 额 ...

【资料图】 标签： 公司天茂新材 新三板 浙商证券 中泰证 新三板创新层公司天茂新材登龙虎榜：2026年2月10日至2026年2月24日涨跌幅累计达到-61.90% 每 经讯，2026年2月24日，新三板创新层公司天茂新材（834727，收盘价：1.52元）登上龙虎榜，交易方 式是集合竞价，披露原因是2026年2月10日至2026年2月24日涨跌幅累计达到-61.90%，成交数量1.73万 股，成交金额3.43万元。买一席位为浙商证券股份有限公司宁波四明中路证券营业部，买入1.43万元； 卖一席位为中泰证券股份有限公司淄博桓台中心大街证券营业部，卖出3.33万元。（记者曾健辉）免责 声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。每日经济新闻 ...

从区域分布来看，下沉市场观影热情持续高涨，成为支撑电影票房市场的核心力量。山东滨州、辽宁阜 新、内蒙古赤峰等三四线城市影院跻身全国影院票房榜前六名，展现出了不俗的消费潜力，印证"观影 新年俗"在基层市场的深入普及。 虽然2026年春节档影片数量创近五年新高，但缺失真正能够引发全民讨论的现象级作品。相比之下， 2025年春节档《哪吒2》豆瓣评分高达8.4分，形成了强大的口碑传播矩阵。现象级爆款的缺失，市场热 度或难形成共振效应。 智通财经APP获悉，浙商证券发布研报称，2026年春节档票房表现低于预期。该行此前预测2026年春节 档票房有望对标2024年80亿元的水平。目前根据猫眼专业版预测，2026年春节档总票房预计56.83亿 元，形成较大的预估偏差。主要原因如下：1)缺乏现象级爆款;2)题材圈层化影响;3)口碑传播节奏滞 后;4)碎片化娱乐方式分流。重点关注影视标的中，与短剧、漫剧、IP相关的标的如跟随影视板块调整， 可以考虑底部布局，AI应用方向不乏催化。 浙商证券主要观点如下： 春节档整体表现：缺乏"春节合家欢"爆品，票房不及预期 2026年春节档票房表现低于预期，截至2月23日11时，总票房(含预售 ...

Group 1: Core Insights - The large model industry is evolving towards reasoning and multi-modality, emphasizing the feasibility of commercial application and improving ROI efficiency [1] - The new Qwen3.5-Plus model from Alibaba has significantly improved reasoning efficiency, with a total parameter count of 397 billion and a 60% reduction in deployment memory usage [2] - During the Spring Festival, the DAU of Qianwen reached 73.52 million, indicating a competitive edge in capturing C-end traffic [3] Group 2: Industry Trends - Since 2025, the development of large models has shown trends such as evolution from "generation" to "reasoning," emphasis on native multi-modality, and a focus on commercial scene implementation and ROI returns [1] - The AI application landscape is shifting from "buying traffic" to "buying mindset" and "buying pathways" to achieve customer retention [3] Group 3: Recommended Stocks - Companies to focus on include Zhizhu (02513), MiniMax-WP (00100), and Alibaba-W (09988) [2] - Additional recommendations include Cao Cao Travel (02643), SF Express City (09699), Damai Entertainment (01060), Focus Media (002027), and Bilibili-W (09626) [2]

Core Viewpoint - The implementation of equity incentives at Fudan Microelectronics is expected to accelerate high-quality development, positioning the company as a leader in the domestic integrated circuit industry, with stable growth prospects driven by commercial aerospace and FPGA expansion [1] Financial Performance - The company's net profit attributable to shareholders is projected to be 232 million yuan, 937 million yuan, and 1.296 billion yuan for the years 2025, 2026, and 2027 respectively [1] - Adjusted net profit estimates for the same years are 657 million yuan, 983 million yuan, and 1.297 billion yuan [1] - Corresponding earnings per share (EPS) are expected to be 0.28 yuan, 1.14 yuan, and 1.57 yuan for 2025, 2026, and 2027 respectively [1] Valuation Metrics - The price-to-earnings (PE) ratios are projected to be 304, 75, and 54 for the years 2025, 2026, and 2027 respectively [1] - The company maintains a "Buy" rating based on these projections [1]

天岳先进(02631)涨超6%，截至发稿，涨6.25%，报63.75港元，成交额2.05亿港元。 中邮证券表示，在核心应用领域，公司前瞻性布局电动汽车赛道，于2022年较早通过车规级IATF16949 体系认证，碳化硅衬底产品经国际一线领先功率半导体厂商严苛验证后，已实现持续大规模批量供货； 同时凭借前瞻性技术布局与创新能力，深度切入可再生能源及AI两大高增长赛道。此外，公司积极开 拓光学等新兴领域，已与全球头部光学厂商达成合作并斩获多个订单。 消息面上，浙商证券（601878）此前指，AI服务器机柜算力迭代驱动单机柜功率密度快速攀升，直接 拉动功率半导体需求扩容，而SiC凭借高耐高压、低损耗特性，在高功率场景的渗透率有望加速提升。 公司是全球少数能够实现8英寸碳化硅衬底量产、也是率先推出12英寸碳化硅衬底的公司。公司有望凭 借在大尺寸衬底的先发优势和技术积累，有望进一步抢占市场份额。 ...

Core Viewpoint - Insurance capital's increased investment in bank stocks aligns with long-term trends, with an estimated total of 400 billion yuan expected to be allocated to bank stocks in 2026 and 2027, starting from Q2 2026 [1] Group 1: Reasons for Increased Investment - Internal drivers include the long-term preference of insurance capital for bank stocks due to high dividends, stable operations, and better capital utilization compared to other stocks [1] - External catalysts involve policy guidance and regulatory changes that expand the investment space for insurance capital, encouraging long-term funds to enter the market [1] Group 2: Methods of Investment - Insurance capital primarily increases its holdings in bank stocks through secondary market acquisitions, with additional methods including agreement transfers and convertible bond conversions [2] - The investment accounting methods for insurance capital include TPL, OCI, and long-term stock investments, focusing on price differences, dividends, and equity returns [2] Group 3: Investment Space Outlook - The estimated new inflow of insurance capital into the stock market is projected to be 1.34 trillion yuan in 2026 and 1.41 trillion yuan in 2027 [3] - It is anticipated that 197.7 billion yuan and 207.6 billion yuan will be allocated to bank stocks in 2026 and 2027, respectively [3] - High-quality regional city commercial banks are expected to be a key focus for insurance capital, with major insurance companies already recognizing these banks as viable investment options [3] Group 4: Monitoring Investment Allocation - The current phase is seen as a reasonable entry point for insurance capital into the banking sector, with attention on upcoming changes in policy and premium growth [4] - The valuation comparison between banks and other asset classes is crucial, with the current PB ratio of the Shenwan Bank Index at 0.51x, indicating a favorable investment opportunity [4] - Key events such as insurance companies' announcements regarding shareholding and approvals will signal potential future increases in insurance capital holdings [4]

Core Insights - The animation drama market is expected to exceed 20 billion by 2025, driven by support plans from major platforms and AI significantly reducing production costs, leading to high ROI and increased profitability [1][2] - The commercialization path of the industry is evolving from a single revenue-sharing model to a multi-level monetization structure centered around intellectual property (IP) [4] Group 1: Market Growth and Trends - The animation drama market is rapidly expanding, transitioning from a new attempt within short dramas to a content track with independent user recognition, mature supply structure, and sustainable business model [1] - By 2025, Douyin is projected to launch approximately 60,947 animation dramas, with total views exceeding 70 billion, and the most popular drama, "Under the Slaughtering Stage, I Shocked the Gods," achieving over 1 billion views [1] - The number of animation dramas on WeChat's ecosystem is expected to increase by 3,380% year-on-year, indicating explosive demand for animation dramas [1] Group 2: AI Impact on Production - AI has significantly reduced production costs for animation dramas, enabling low-cost and high ROI, with the production team for "Under the Slaughtering Stage" consisting of only 12 people and taking just 30 days to complete, achieving an ROI of over 110 [2] - Major companies like ByteDance and Kuaishou are actively promoting AI animation dramas, creating a closed-loop ecosystem of AI content and downstream platform traffic [2] Group 3: Competitive Landscape - Top 20 companies currently capture one-third of the total market share, with leading firms benefiting from their industry position to attract talent skilled in prompt engineering and content creation [3] - The ROI for paid animation dramas has decreased to 1.1, with only the top five companies achieving an ROI of over 1.2, indicating pressure from high streaming costs and content homogenization [3] Group 4: IP and Monetization Strategies - The role of IP is evolving from a content source to a hub connecting content consumption, commercial conversion, and long-term value, with over 60% of recent hit animation dramas originating from popular IP adaptations [4] - Successful cases, such as the gamification of the animation drama "The Happy Life of Wang Blueberry," demonstrate the systematic release of IP's downstream value [4] Group 5: Investment Recommendations - The animation drama market is still a blue ocean, with key companies to watch including Kunlun Wanwei, Zhongwen Online, Rongxin Culture, and others involved in AI animation [5] - Companies with rich IP resources such as Zhongwen Online and Tencent Holdings are also recommended for investment [5]

每日经济新闻 港股国企ETF国泰（159519）跟踪的是内地国有指数（H11153），该指数主要涵盖在A股上市的大型国 有企业，选取具有较大市值和较强行业影响力的上市公司证券作为指数样本，覆盖金融、能源、工业等 多个关键领域，以反映中国国有企业整体市场表现及经济结构特点。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 浙商证券指出，2026年初以来银行股AH溢价趋势性收窄，港股银行显著跑赢A股。截至2026年2月20 日，AH溢价较2025年末进一步收敛，处于最近10年较低分位数。港股银行表现较优，主要源于交投活 跃、资金持续买入：一方面，美元走弱推动外资回流；另一方面，南向资金持续加码，其中国有大型银 行更受青睐。板块层面，持续看好2026年银行股的绝对收益行情。当下银行板块已经进入配置区间，主 要考虑：①即 ...