【金融街证券ETF研究】证券研究报告 · 基金研究 | 2026/2/25 ● 铜连接/线缆 一交换机 CPO光模块 · 源杰科技/新易盛 · 华丰科技 /瑞可达 · 紫光股份 / 锐捷网络 · 中际旭创 / 光迅科技 · 宝胜股份 / 鼎通科技 · 星网锐捷 / 菲菱科思 · 天孚通信 / 太辰光 · 沃尔核材 / 金田股份 · 共进股份 · 德科立 / 长芯博创 · 兆龙互联 / 神宇股份 数据来源:Wind数据库,金融街证券研究所梳理 重点 注ETF标的清单 分析师:张一 S0670524030001|张宁 S0670524090001|刘艳平 S0670512050002| 余闵华 S0670524050001 |周晟昂 S0670525050001 | 陈阳 S0670525120001 | 蔡萌萌 S0670524110001 | 徐娜 S0670524020001 "十五五"规划一人工智能(网络设施) · 技术概况: 人工智能(ArtificialIntelligence,Al)是研究、开发 用于模拟、延伸和扩展人类智能的理论、方法、技术及应用系统的一 门技术科学,其核心在于通过计算机系统模拟人 ...

Core Insights - The Chinese inverter market experienced a contraction from 2018 to 2019 due to significant price drops in inverter products and a slowdown in new solar photovoltaic installations, with the market size falling to 10.069 billion yuan in 2019, a year-on-year decrease of 20.47% [1] - Since 2020, the market has rebounded strongly, driven by technological advancements in the photovoltaic industry and the transition to grid parity, with the market size projected to reach 56.17 billion yuan by 2025 [1] - The inverter industry is expected to maintain a growth trend in the context of ongoing green and low-carbon energy transitions [1] Inverter Industry Overview - Inverters convert direct current (DC) from sources like batteries into alternating current (AC) for various applications, including household appliances and renewable energy systems [2] - The inverter industry is categorized by various classifications, including active vs. passive inverters, grid-connected vs. off-grid inverters, and different power levels [2][3] Industry Policies - The photovoltaic industry is a strategically supported sector in China, with numerous policies aimed at promoting growth, including financial subsidies and industry standards [3] - Recent policies encourage the upgrade of old photovoltaic equipment and the development of high-efficiency inverters to enhance energy density and efficiency [3][4] Industry Supply Chain - The inverter supply chain includes upstream raw materials and components, midstream research and manufacturing, and downstream applications in solar and wind energy, UPS systems, and electric vehicles [4] Current Industry Status - The global inverter market is projected to grow from $5.06 billion in 2015 to $21.429 billion by 2025, with a compound annual growth rate (CAGR) of 16% [6] - China's inverter production is expected to increase from 21.4 GW in 2015 to 334.8 GW by 2025, with demand rising from 13.16 GW to 186.9 GW during the same period [9] Competitive Landscape - The Chinese inverter market features a competitive landscape with both domestic and international players, including leading companies like Huawei and Sungrow, which are gaining market share through innovation and cost advantages [10] - Domestic companies are focusing on niche markets such as residential and distributed energy systems, enhancing their market positions through differentiated products [10] Key Companies - Sungrow Power Supply Co., Ltd. specializes in renewable energy equipment, including inverters, and reported a revenue of 15.327 billion yuan for its inverter products in the first half of 2025, a year-on-year increase of 17.06% [11] - Jinlang Technology Co., Ltd. focuses on photovoltaic inverters and reported a revenue of 1.82 billion yuan for grid-connected inverters in the first half of 2025, a decrease of 11.22%, while its energy storage inverters saw a significant increase of 313.51% [12] Industry Development Trends - The inverter industry is evolving towards higher power density and energy conversion efficiency, utilizing new semiconductor materials and advanced technologies [13] - Inverters are transitioning from mere energy conversion devices to integrated energy management nodes, supporting smart grid functionalities [13][14] - Future developments will include multi-energy coupling and system integration, enabling comprehensive energy management systems [15]

2025年，微卡市场走出一个"2连增"+"4连降"+"6连增"的走势，全年累计销量接近43万辆，较2024年净减少约4300辆，最终以累计 下降1%收官，颇为遗憾。 2026年，微卡市场表现会比上年更好吗？请看第一商用车网的分析报道。 第一商用车网最新获悉，根据中汽协数据（企业开票数口径，非终端实销口径，下同），2026年1月份，我国卡车市场（含底盘、牵引 车）共计销售32.35万辆，环比去年12月份下降10%，同比增长28%。这其中，微卡市场销售4.45万辆，环比去年12月份下降1%，同 比大增93%，收获"开门红"。算上去年7-12月份的增长，微卡市场这一轮的连增势头已达"7连增"，1月份，微卡市场93%的同比增速 比卡车市场整体增速（+28%）高出65个百分点，继续跑赢卡车市场"大盘"。 2026年1月份微型卡车市场销量表（单位：辆） 纵观近五年1月份微卡市场销量及增幅走势图可见，近五年的1月份，微卡市场走出一个增-降-增-增-增的趋势，最近五年微卡市场有 四年以增长的方式开局，其中也包括2026年1月份，4.45万辆的销量在最近五年排在第2位，属于高位水准，比五年最高的2022年1月 份少销售约280 ...

Group 1 - Bengaluru is central to the growing India-US partnership in trade, technology, and innovation, housing over 700 American companies and contributing 43% of India's software exports [7] - The city is home to 40% of India's Global Capability Centers (GCCs), driving innovation-led partnerships between the two democracies [5][7] - Tejasvi Surya emphasized Bengaluru's role in India's development, highlighting its blend of tradition and cutting-edge innovation [7] Group 2 - Surya held a review meeting with senior officials of GAIL (India) Limited to discuss the progress of City Gas Distribution works in Jayanagar and Basavanagudi, focusing on seamless execution and inter-agency coordination [7]

Group 1 - The core point of the article is that Baoshen Co., Ltd. (600973) has filed an international patent application for a new type of flame-retardant polyethylene sheath designed for extreme cold conditions, with the application number PCT/CN2024/128340 and an international publication date set for February 5, 2026 [1] - In 2023, Baoshen Co., Ltd. has announced one international patent application [1] - The company invested 351 million yuan in research and development in the first half of 2025, which represents a year-on-year decrease of 1.46% [1]

宝胜科技创新股份有限公司章程 第一章 总则 第一条 为维护宝胜科技创新股份有限公司（以下简称 "公司"）、股东、职工和债权人的合法权益，规范公司的 组织和行为，坚持和加强党的全面领导，坚持权责法定、权 责透明、协调运转、有效制衡的公司治理机制，完善公司法 人治理结构，建设中国特色现代国有企业制度，根据《中华 人民共和国公司法》（以下简称《公司法》）、《中华人民 共和国企业国有资产法》（以下简称《企业国有资产法》） 《中华人民共和国证券法》（以下简称"《证券法》"）和 其他有关规定，制定本章程。 第二条 公司中文名称：宝胜科技创新股份有限公司 英 文 全 称 ： Baosheng Scienceand Technology Innovation Co.,Ltd 公司住所：江苏省宝应县安宜镇苏中路 1 号 生产地址：江苏省宝应县安宜镇苏中路 1 号、江苏省宝 应经济开发区北园路 9 号 邮政编码：225800 公司设立宝胜科技创新股份有限公司贵州航空线束分 公司，地址为贵州省安顺经济技术开发区双阳产业园内。 第三条 公司是由以下股东出资并依照《公司法》和其 他有关规定设立的股份有限公司。 股东以其认缴的出资额为限 ...

| 序号 | 原条款 | 现条款 | | --- | --- | --- | | | | 第二条 公司中文名称：宝胜科技创新股份有限 公司 | | | 第二条 公司中文名称：宝胜科技创新股份有 | 英文全称：Baosheng Scienceand Technology | | | 限公司 | Innovation Co.,Ltd | | | 英文全称：Baosheng Scienceand Technology | 公司住所：江苏省宝应县安宜镇苏中路 1 号 | | 1 | Innovation Co.,Ltd | 生产地址：江苏省宝应县安宜镇苏中路 1 号、江 | | | 公司住所：江苏省宝应县安宜镇苏中路 1 号 | 苏省宝应经济开发区北园路 9 号 | | | 生产地址：江苏省宝应县安宜镇苏中路 1 号、 | 邮政编码：225800 | | | 江苏省宝应经济开发区北园路 9 号 | 公司设立宝胜科技创新股份有限公司贵州 | | | 邮政编码：225800。 | 航空线束分公司，地址为贵州省安顺经济技术开 | | | | 发区双阳产业园内。 | 除上述条款修改外，《公司章程》其他条款不变，此次变更最终以 ...

一、会议以 11 票同意、0 票反对、0 票弃权，审议并通过了《关于修订<公 司章程>的议案》。 根据公司生产经营需要，拟将"宝胜科技创新股份有限公司贵州航空线束分 公司地址：贵州省安顺经济技术开发区双阳产业园内"增加至公司章程中，并对 《公司章程》相关条款进行修订。 具 体 内 容 详 见 公 司 同 日 披 露 于上海证券交易所网站 （www.sse.com.cn）的《宝胜科技创新股份有限公司关于修订<公司章程>的公告》 （公告编号：2026-007）。 证券代码：600973 证券简称：宝胜股份 公告编号：2026-006 宝胜科技创新股份有限公司 第九届董事会第二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 宝胜科技创新股份有限公司（以下简称"公司"）于 2026 年 2 月 1 日以传真、 电子邮件及专人送达等方式向公司全体董事及高级管理人员发出了召开第九届 董事会第二次会议的通知。2026 年 2 月 6 日上午 9:30，第九届董事会第二次会 议在宝胜会议中心 1 号接待室召开。会议应到董 ...

Group 1 - The definition of R&D factor includes both expense and capitalized expenditures, with A-share companies fully disclosing R&D expenses since 2019 [2][6][32] - R&D expenses are analyzed using three factors: R&D expenses/market value, R&D expenses/revenue, and R&D expense growth rate, utilizing data from January 31, 2019, to December 31, 2025 [2][11][42] Group 2 - The R&D expenses TTM/market value factor shows strong predictive ability and stability, with an average IC of 0.04 and a Sharpe ratio of 1.27, indicating high risk-adjusted returns [3][12][43] - The R&D expenses TTM/revenue factor performs well in small-cap stocks, achieving a multi-long annual return of 19.91% in the CSI 1000 index, but carries significant drawdown risk [3][19][51] - The R&D expense growth rate factor has weak stock selection effectiveness, with average IC and Rank IC being very low, indicating it is ineffective in the CSI 300 index [3][22][56] Group 3 - A single-factor strategy using R&D expenses/market value resulted in a total return of 605.36% from January 31, 2019, to January 29, 2026, outperforming the CSI 300 by 556.49% [4][35][28] - The latest selected stocks based on the R&D expenses/market value strategy include China National Petroleum Engineering, BOE Technology Group, and Hisense Home Appliances [4][35][28] Group 4 - The R&D expenses TTM/market value factor is a typical growth style factor, showing positive stock selection effectiveness in most years from 2019 to 2025, particularly in 2022-2023 [17][47][48] - The analysis of factor correlations suggests that the number of rating agencies and operating cash flow/revenue are ideal auxiliary factors to enhance the R&D factor's effectiveness [23][25]

Core Viewpoint - The company, Baoshen Technology Innovation Co., Ltd., anticipates a significant reduction in losses for the fiscal year 2025, with projected net losses decreasing by approximately 84.99% to 90.00% compared to the previous year [1][3]. Financial Performance Forecast - The company estimates a net profit attributable to shareholders for 2025 to be between -30 million and -45 million RMB, representing a reduction in losses of 25.49 million to 26.99 million RMB compared to the previous year [1][3]. - The projected net profit, excluding non-recurring gains and losses, is expected to be between -50 million and -70 million RMB, with a decrease in losses of 41.36 million to 43.36 million RMB year-on-year [1][3]. Previous Year Performance - In the previous year, the total profit was -359.23 million RMB, with a net profit attributable to shareholders of -299.86 million RMB and a net profit excluding non-recurring gains and losses of -483.61 million RMB [5]. Reasons for Performance Changes - Credit impairment losses are expected to be approximately 79.46 million RMB due to the full provision for receivables from Evergrande that have not been processed [7]. - Investment losses from subsidiaries, which are expected to contribute approximately -90 million RMB to the company's earnings due to long production cycles preventing revenue recognition [7]. - The company anticipates stable revenue growth in 2025, and if the impacts of the credit impairment and short-term performance fluctuations from subsidiaries are excluded, the net profit attributable to shareholders is expected to be positive [7].