智通财经APP获悉，东吴证券发布研报称，重点关注2026年 M9产业链、光互联产业链投资机遇。PCB 材料向M9等级升级、光电共封装及"光入柜内"的确定性技术趋势。因此该行建议2026年重点关注 PCB M9 材料产业链投资机遇，以及CPO、光入柜内所对应的光芯片、光器件等领域的投资机遇。 东吴证券主要观点如下： SerDes 代际跃迁，驱动算力互联介质升级 算力芯片的互联带宽已成为衡量其性能的核心指标，而 SerDes(高速串行解串器)作为高速 IO 端口的核 心技术组件，其速率迭代直接决定了芯片互联带宽的上限。以英伟达为例，NVLink SerDes 已从 Ampere 架构的 56Gbps 演进至 Blackwell 架构的 224Gbps，支撑单芯片互联带宽实现代际跨越。然而， SerDes 速率的持续提升对 AI 服务器，交换机的信号传输介质提出严苛挑战。从速率瓶颈看，224G 以 上信号高频衰减剧增，驱动 PCB 覆铜板向 M9 级别升级;从功耗瓶颈看，SerDes 功耗占比随速率攀升， 光互联亟需通过光电近封装、共封装技术缩短与交换芯片的物理距离，以替代传统可插拔方案，实现能 效跃升。 Rubi ...

证券研究报告·行业深度报告·电子 电子行业深度报告 AI 基建，光板铜电—GTC 前瞻 Serdes，Rubin Ultra&CPO 交换机详解 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 建议关注 M9 PCB 产业链：菲利华、东材科技、生益科技、胜宏科技、沪电股 份、深南电路、东山精密等 CPO 产业链：致尚科技、长光华芯、源杰科技、仕佳光子、太辰光、 炬光科技、罗博特科等 ◼ 风险提示：算力互联需求不及预期，客户拓展及份额提升不及预期，产 品研发及量产落地不及预期，行业竞争加剧 2026 年 02 月 25 日 证券分析师 陈海进 执业证书：S0600525020001 chenhj@dwzq.com.cn 研究助理 解承堯 东吴证券研究所 1 / 21 请务必阅读正文之后的免责声明部分 执业证书：S0600125020001 xiechy@dwzq.com.cn 行业走势 -22% -15% -8% -1% 6% 13% 20% 27% 34% 41% 48% 2025/2/25 2025/6/26 2025/10/25 2026/2/23 电子 沪深300 相 ...

瑞财经 王敏 2月23日，杭州可靠护理用品股份有限公司（以下简称"可靠股份"）发布关于解除公司独立 董事职务的公告。 公告显示，独立董事景乃权丧失独立性，未尽到勤勉尽责义务，也缺乏独立董事的职业操守，不适合继 续担任公司独立董事职务，董事会提请解除其独立董事职务。 景乃权原定任期为2024年1月19日至公司第五届董事会届满之日止。解除景乃权独立董事职务后，其第 五届董事会薪酬与考核委员会召集人（主任委员）职务相应解除，亦不在公司担任其他任何职务。 届时，公司董事会成员人数将由7名变为6名，未低于法定最低人数，独立董事人数占比亦未低于董事会 成员的三分之一。 值得注意的是，《关于解除景乃权先生独立董事职务的议案》及《关于召开2026年第二次临时股东会的 议案》两项议案均以5票同意、2票反对的结果获得通过，反对票由董事鲍佳及独立董事景乃权投出。 可靠股份披露了长达20余页的公告附件，详细阐述了双方争议焦点。该议案尚需提交股东大会审议。 时间拉长，争议的导火索源于2025年12月23日召开的薪酬与考核委员会会议。会上讨论了鲍佳2024年薪 酬问题。 据披露，鲍佳2024年税前薪酬为243万元，其中120万元为年薪， ...

Core Viewpoint - The consumer electronics sector is experiencing significant growth, driven by strong demand for smart and green products, particularly during the Chinese New Year holiday, with notable sales increases in smart glasses and water-saving sanitary products [1] Group 1: Market Performance - As of February 25, 2026, the CSI Consumer Electronics Theme Index (931494) rose by 0.71%, with notable increases in component stocks such as Xiamen Tungsten New Energy (up 5.71%), Geke Micro (up 5.70%), and Shanghai Silicon Industry (up 5.69%) [1] - The Consumer Electronics ETF (561600) also saw a rise of 0.72%, with the latest price reported at 1.26 yuan [1] Group 2: Sales Data - According to the Ministry of Commerce, as of February 22, 2026, the "old-for-new" policy in consumer goods has benefited 30.53 million people, generating sales of 204.54 billion yuan [1] - During the Chinese New Year holiday, sales of smart glasses increased by 250% year-on-year, while sales of water-saving sanitary products grew by 23.2% [1] Group 3: Industry Trends - AI glasses and other smart wearable devices are becoming a new trend in holiday consumption, with the "old-for-new" subsidy policy expanding to include smart glasses and other tech products [1] - The CSI Consumer Electronics Theme Index includes 50 listed companies involved in component production and brand design, reflecting the overall performance of the consumer electronics sector [1]

覆铜板顺价电子布，进入良性涨价区间 建滔积层板(1888) 建滔积层板公司更新 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 鲍雁辛(分析师) | 0755-23976830 | baoyanxin@gtht.com | S0880513070005 | | | | 舒迪(分析师) | 021-38676666 | shudi@gtht.com | S0880521070002 | [当前价格 Table_CurPrice] (港元)： | 22.90 | | 花健祎(分析师) | 0755-23976858 | huajianyi@gtht.com | S0880521010001 | | | | 杨冬庭(分析师) | 0755-23976166 | yangdongting@gtht.com | S0880522080004 | [Table_Market] 交易数据 | | 本报告导读： 公司发布 2025 年盈利预喜公告，25H2 以来伴随 ...

李阳 国金证券建材分析师: 各位投资人大家晚上好，我是国金建材分析师李阳，感谢拨冗参会。那今天晚上我们是再 次邀请到一位专家来为我们去分享一下。整个像 CCL，包括电子部铜箔这些细分板块的一 些变化。那其实不少投资人关心，像最近在节前和节后的话，这两波其实行情还是走的比 较坚决的。这个其实还是比较符合预期，因为在最初的时候我们就提示一直要看涨价，价 格才是那个最重要的一个催化剂。所以这个也是可以看到，台面上我们最核心的几个标的 其实都是应该说是走势非常坚决，越来越多的这个板块和这资金段都往这个方向去进行一 个关注。 我觉得从这个时间点来看的话，其实最重要的是接下来会发生哪些变化？还是让我们再次 去点燃那个超预期这三个字，这个还是比较关心的。所以接下来的一些核心的变化、高频 的跟踪还是非常有必要的那我们今天也是请到专家跟我们去再更新一下节后的一些变化吧 我先抛砖引玉，请教，先请教专家几个比较笼统的问题随后我们也开放这个线上的沟通， 也欢迎各位投资人跟我们专家进行互动。专家您好，就是我们先跟您请教一下关于现在这 个 CCR，这个环节，就目前您看，您看到的关注，观察到的这个情况。 我们现在价格在 2 月份涨完之后的 ...

马年A股开盘前夕，可靠股份一则公告引发市场广泛关注。2月23日晚间，这家浙江上市公司披露，董 事会已于2月12日召开第五届董事会第十七次（临时）会议，以5票同意、2票反对的表决结果，通过了 解聘独立董事景乃权的议案，并将提请公司股东大会审议。投反对票的两人分别为公司第二大股东鲍佳 和被解聘的景乃权本人。值得注意的是，鲍佳正是公司实际控制人金利伟的前妻。 作为公司第二大股东及董事，鲍佳也明确表达反对意见，认为解聘景乃权是公司实际控制人、董事长金 利伟对其"敢于直言、坚持原则"的打击报复。 鲍佳于2004年加入可靠股份，2021年1月出任副总经理，2022年9月起担任总经理。2024年1月，鲍佳不 再担任总经理职务，转任公司战略委员会委员及非独立董事。 可靠股份主营一次性卫生用品的研发、生产和销售，2021年6月在创业板上市。上市不到三年，2024年2 月28日，公司披露金利伟与鲍佳解除婚姻关系及财产分割方案。财产分割前，金利伟直接持股1.61亿 股，占总股本59.26%，另有间接持股约1.08%。分割后，金利伟向鲍佳过户7919万股，占总股本 29.13%，鲍佳自愿且不可撤销地放弃其中4%股份的表决权。金利伟持 ...

覆铜板顺价电子布，进入良性涨价区间 建滔积层板(1888) 建滔积层板公司更新 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 鲍雁辛(分析师) | 0755-23976830 | baoyanxin@gtht.com | S0880513070005 | | | | 舒迪(分析师) | 021-38676666 | shudi@gtht.com | S0880521070002 | [当前价格 Table_CurPrice] (港元)： | 22.90 | | 花健祎(分析师) | 0755-23976858 | huajianyi@gtht.com | S0880521010001 | | | | 杨冬庭(分析师) | 0755-23976166 | yangdongting@gtht.com | S0880522080004 | [Table_Market] 交易数据 | | 本报告导读： 公司发布 2025 年盈利预喜公告，25H2 以来伴随 ...

Core Insights - The AI industry is experiencing significant upgrades in major models both domestically and internationally around the Spring Festival period in 2026, indicating a transformative phase in the sector [2][3]. Domestic AI Model Updates - Several domestic AI models have been updated recently: - January 27: Moonlight released the K2.5 model - February 12: Zhipu released the GLM-5 model - February 13: MiniMax released the MiniMax M2.5 model - February 14: ByteDance released the Doubao 2.0 model - February 16: Alibaba released the Qianwen 3.5 model [3]. International AI Model Updates - Internationally, major AI companies have also completed significant model updates: - OpenAI released the GPT-5.3-Codex model designed for real-time programming, capable of generating over 1000 tokens per second - Anthropic launched the Claude Opus4.6/Claude Sonnet4.6 models, supporting 1 million tokens context for better execution of intelligent planning tasks - Google introduced the Gemini3.1Pro model, which has doubled its inference performance [3]. Advancements in AI Applications - The capabilities of AI models are evolving, with the emergence of intelligent agents and multimodal applications: - The OpenClaw open-source intelligent agent tool has gained attention for its ability to assist with specific office tasks, moving beyond simple chat functionalities - ByteDance's SeeDance2.0 has improved video generation efficiency, increasing the usable rate of 15-second videos from 20% to 90%, potentially driving the anime and drama industries towards large-scale development [4]. Pricing Trends in Computing Power - A price increase in computing power has been observed, indicating a supply bottleneck in the computing power industry: - Zhipu's GLM Coding Plan has seen a price adjustment, including a 30% or more increase in package prices, reflecting rising market demand and user engagement [5]. Investment Recommendations - The computing supply chain is expected to experience sustained growth, with investment opportunities identified in: - Computing and storage: Cambrian, Haiguang Information, Moore Threads, Muxi, Zhaoyi Innovation, Baiwei Storage, Jucheng - Advanced manufacturing: SMIC, Huahong, Jinghe Integration, China Resources Micro, Chipone, Changdian Technology, Tongfu Microelectronics - Optical communication: Zhongji Xuchuang, Tianfu Communication, Xinyi Sheng, Changfei Optical Fiber, Zhongtian Technology, Hengtong Optic-Electric, Huaxin Electronics, Jiepte, Dazhu Laser [6][7].

Core Viewpoint - The recent dismissal of independent director Jing Naiquan by Reliable Co., Ltd. is a significant escalation in the ongoing power struggle between Chairman Jin Liwei and his ex-wife Bao Jia, highlighting internal governance issues within the company [1][5]. Group 1: Board Meeting and Dismissal - The board meeting on February 12, 2026, resulted in the dismissal of Jing Naiquan with a vote of 5 in favor and 2 against, with opposition from Bao Jia and Jing Naiquan himself, indicating a clear power struggle [2][4]. - The company cited three main reasons for the dismissal: loss of independence, failure to fulfill duties, and lack of professional ethics [2][3]. Group 2: Allegations and Counterarguments - Jing Naiquan was accused of "performing duties in a perfunctory manner," including leaving meetings early and refusing to sign meeting records, which he vehemently denied, claiming the reasons for his dismissal were unfounded and retaliatory [3][4]. - Bao Jia supported Jing Naiquan's position, arguing that his independence was evident through his consistent dissenting votes on various issues, including a controversial related-party transaction that led to regulatory scrutiny [4][6]. Group 3: Background of the Conflict - The conflict traces back to the personal and professional relationship between Jin Liwei and Bao Jia, who were once business partners and married, but their divorce in February 2024 led to a power imbalance in shareholding, intensifying the governance struggle [6][7]. - Following their divorce, both parties hold nearly equal shares, with Jin Liwei at 30.13% and Bao Jia at 29.13%, leading to a contentious board dynamic [6][7]. Group 4: Financial Impact - The internal conflict has severely impacted the company's market performance, with its stock price dropping over 60% from its listing price, resulting in a market capitalization loss exceeding 5 billion yuan [8]. - The upcoming shareholder meeting on March 12, 2026, will be crucial in determining the future governance structure, as the outcome may hinge on the support of minority shareholders [9].