[Table_Page] 金融工程|专题报告 2026 年 3 月 2 日 证券研究报告 [Table_Title] 金融工程 高波动环境下如何捕捉热点板块的投资机会？ [Table_Summary] 报告摘要： 图：合成因子在万得光通信指数成分 股中多头组合净值走势 [分析师： Table_Author]安宁宁 SAC 执证号：S0260512020003 SFC CE No. BNW179 0755-23948352 anningning@gf.com.cn 分析师： 陈原文 SAC 执证号：S0260517080003 0755-82797057 chenyuanwen@gf.com.cn 分析师： 王小康 SAC 执证号：S0260525020002 无 wangxiaokang@gf.com.cn 请注意，陈原文,王小康并非香港证券及期货事务监察委员 会的注册持牌人，不可在香港从事受监管活动。 972918116公共联系人2026-03-02 22:00:33 1 / 22 识别风险，发现价值 请务必阅读末页的免责声明 [Table_Contacts] 0.9 1.4 1.9 0.9 1.9 2.9 ...

行业研究 证 券 研 究 报 告 机械行业周报（20260223-20260301） 推荐（维持） 建议关注商业航天、液冷 重点公司盈利预测、估值及投资评级 | | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 代码 | 股价（元） 2025E | | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 汇川技术 | 300124.SZ | 72.92 | 2.11 | 2.54 | 3.00 | 34.58 | 28.75 | 24.32 | 6.07 | 强推 | | 法兰泰克 | 603966.SH | 13.45 | 0.60 | 0.77 | 0.94 | 22.44 | 17.58 | 14.26 | 3.06 | 强推 | | 信捷电气 | 603416.SH | 56.14 | 1.83 | 2.30 | 2.78 | 30.63 | 24.44 | 20. ...

南财智讯2月27日电，苏试试验公告，公司控股股东苏州试验仪器总厂于2026年2月26日通过大宗交易方 式减持公司股份852.45万股，占公司总股本的1.68%。本次权益变动完成后，苏州试验仪器总厂持有公 司股份比例由31.93%下降至30.26%，权益变动已完成。 ...

证券代码：300416 证券简称：苏试试验 公告编号：2026-004 苏州苏试试验集团股份有限公司 关于控股股东权益变动触及 1%整数倍的公告 公司控股股东苏州试验仪器总厂保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 2026 年 2 月 27 日 | 1.基本情况 | | | | | | --- | --- | --- | --- | --- | | 信息披露义务人 | | 苏州试验仪器总厂 | | | | 住所 | | 苏州高新区鹿山路 | 号 369 | | | 权益变动时间 | | 2026 年 2 月 26 | 日 | | | 权益变动过程 | | 年 月 2026 2 26 份 8,524,500 变动比例触及 | 股，持股比例由 1%的整数倍。 | 日，苏试总厂通过大宗交易方式减持公司股 31.93%下降至 30.26%，权益 | | 股票简称 | 苏试试验 | | 股票代码 | 300416 | | 变动类型 （可多选） | 增加□ | 减少 | 一致行动人 | 有□ 无 | | 是否为第一大股东或实际控制人 | | 是 | 否□ | | | | ...

MACD金叉信号形成，这些股涨势不错！ 机构专用席位卖出额排名：南芯科技(1286.09万元)、金正大(564万元)、花园生物(522万元)、罗博特科 (218.17万元)、山子高科(191.88万元)。 (本文来自第一财经) 今日(2月26日)A股共53只个股发生大宗交易，总成交14.0亿元，其中芯原股份、苏试试验、中颖电子成 交额居前，成交额依次为3.34亿元、1.41亿元、1.04亿元。 成交价方面，共9只股票平价成交，7只股票溢价成交，37只股票折价成交；万事利、巨人网络、荣泰健 康溢价率居前，溢价率依次为4.99%、3.81%、1.2%；温氏股份、奕瑞科技、艾布鲁折价率居前，折价 率依次为20.79%、20.58%、20.34%。 机构专用席位买入额排名：芯原股份(1.84亿元)、中颖电子(1.04亿元)、苏试试验(5363.06万元)、天孚通 信(2117.82万元)、数据港(2074.2万元)、长光华芯(1962.79万元)、兴福电子(1795.2万元)、哈焊华通 (886.37万元)、盛弘股份(625.67万元)、润都股份(606.39万元)、科林电气(542.5万元)、怡合达(403.55万 ...

分红方面，苏试试验A股上市后累计派现3.67亿元。近三年，累计派现2.11亿元。 机构持仓方面，截止2025年9月30日，苏试试验十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股431.63万股，相比上期减少442.41万股。南方中证1000ETF（512100）位居第八大流通股 东，持股325.27万股，为新进股东。富国稳健增长混合A（010624）位居第十大流通股东，持股280.01 万股，为新进股东。天弘永利债券A（420002）、兴业兴睿两年持有期混合A（013910）退出十大流通 股东之列。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 资料显示，苏州苏试试验集团股份有限公司位于江苏省苏州工业园区中新科技城唯亭镇科峰路18号,苏 州工业园区方园街51号，成立日期2007年12月29日，上市日期2015年1月22日，公司主营业务涉及一家 工业产品环境与质量可靠性试验验证与综合分析服务解决方案 ...

Investment Rating - The industry investment rating is "Outperform the Market" [5][33] Core Insights - As of February 15, 2026, 42 out of 85 listed companies in the social services sector have released their 2025 earnings forecasts, resulting in a disclosure rate of 49%. The overall pre-profit rate for the sector is 45%, ranking sixth among eight major consumer sectors. The consumption structure in China is shifting from goods to a balanced focus on both goods and services, with experience-based service consumption expected to be a major growth driver. For 2026, stable consumer policy guidance is anticipated, but recovery in the fundamentals will take time due to adjustments in household balance sheets. The first half of 2026 is expected to present mainly structural opportunities [2][3][30]. Summary by Sections Disclosure and Performance - The social services sector has a disclosure rate of 49%, ranking fifth among eight major consumer sectors. Among the 42 companies that have released forecasts, only 19 are expected to be profitable, leading to a pre-profit rate of 45%, which is the sixth highest among consumer sectors. Compared to 2024, the performance of the social services sector is under pressure, with only 14% of companies expected to see year-on-year profit growth, a decrease of 4% from the previous year. The proportion of companies turning losses into profits and those continuing to incur losses has increased to 10% and 48%, respectively, with nearly half of the companies continuing to report losses [3][11][30]. Subsector Performance - Most subsectors have a disclosure rate exceeding 50%, with the tourism and scenic spots sector showing signs of recovery. Among 13 companies that have disclosed forecasts in this sector, 8 are expected to be profitable. The professional services sector remains stable with over half expected to be profitable, while the sports sector is expected to incur losses. The tourism and scenic spots sector continues to face pressure, but there are positive signals of recovery, with the proportion of companies turning losses into profits increasing from 8% to 23%. The hotel and restaurant sector is performing well, with two companies expecting profit increases and a decrease in loss ratios. The education sector, however, is underperforming, with 7 out of 10 companies continuing to report losses [4][15][16][30]. Investment Recommendations - The report suggests focusing on companies in the travel chain sector that will benefit from the implementation of the spring and autumn holiday system and the gradual recovery of consumer confidence. Additionally, attention should be given to leading chain restaurants that are in a critical phase of scaling up and increasing market share, as well as the early-stage value of emerging experience-based sectors such as sports events and concerts [2][30].

智通财经APP获悉，东吴证券发布研报称，当前时点，中国经济进入存量时代，但检测服务市场成长性 仍有支撑，且格局将持续优化。龙头企业强者恒强，成长空间广阔：1）AI、新能源汽车、人形机器 人、商业航天等新兴技术的发展将带来新的检测需求，并且抬高检测服务市场的门槛，2）中国产业和 经济结构的转型，将继续提高对产品品质、品牌等的要求，公信力更强的龙头企业将脱颖而出。 东吴证券主要观点如下： 检测服务行业与宏观经济增速强相关，空间大、增速稳、格局散 2024年全国检验检测市场规模约4876亿人民币，2015-2024年CAGR约10.5%。2023年以来，受宏观经济 增速放缓等影响，检验检测行业增速放缓。2025年前三季度，我国检测服务板块实现营收304亿元，同 比下降7%（剔除医学检测占比较高的金域医学、迪安诊断后，同比增长3%，增速有所放缓），龙头企 业华测检验、广电计量和苏试试验下游较为分散，品牌和服务α属性明显，2025年前三季度营收同比增 长分别为7%、12%、9%，显著领先于行业。2025年前三季度，我国检测服务板块实现归母净利润20亿 元，同比下降6%。剔除医学检测占比较高的金域医学、迪安诊断后，板块归 ...

Core Insights - The report emphasizes the strong growth potential in the testing services industry, particularly driven by emerging sectors such as commercial aerospace and new technologies [4][6] - The testing services sector is closely linked to macroeconomic growth, with a projected global market size of approximately 2.3 trillion RMB by 2024, reflecting a CAGR of about 6% from 2021 to 2024 [4][24] - In China, the testing services market is expected to reach around 487.6 billion RMB by 2024, with a CAGR of approximately 10.5% from 2015 to 2024, indicating a robust growth trajectory [5][24] Industry Overview - The testing, inspection, and certification (TIC) industry serves various sectors including consumer goods, industrial products, and pharmaceuticals, covering all stages from R&D to production and distribution [16][24] - The industry is characterized by a large market space and stable growth, with demand closely tied to macroeconomic trends and government regulations [20][24] - Emerging technologies such as AI, electric vehicles, and commercial aerospace are expected to create new testing demands, raising the entry barriers for new players [6][20] Company Performance - The report analyzes 19 listed companies in the testing services sector, highlighting their revenue and profit performance, with notable companies including Huace Testing, Guangdian Measurement, and Su Testing [2][11] - In the first three quarters of 2025, the testing services sector in China reported a revenue of 30.4 billion RMB, a decline of 7% year-on-year, but a growth of 3% when excluding companies heavily involved in medical testing [5][57] - Leading companies such as Huace Testing, Guangdian Measurement, and Su Testing demonstrated superior performance, with revenue growth rates of 7%, 12%, and 9% respectively, significantly outpacing the industry average [5][62] Market Dynamics - The testing services market is experiencing a structural shift, with a trend towards consolidation as larger firms gain market share and smaller firms face challenges [44][50] - The report notes that the majority of testing institutions in China are small and micro-sized, which limits their ability to withstand economic pressures [50][51] - Government policies are increasingly supporting the marketization and consolidation of testing institutions, aiming to enhance the overall quality and efficiency of the industry [51][53] Financial Metrics - The report indicates that the average gross margin for the testing services sector has improved, reaching 26.2% in the first three quarters of 2025, reflecting a recovery in profitability [63] - The accounts receivable turnover days have increased from 90 days in 2019 to 176 days in 2025, indicating a slowdown in cash flow and potential credit risks within the industry [67][68] - The report highlights that the proportion of accounts receivable in relation to revenue has risen to 50%, suggesting increasing challenges in managing receivables [71]

Investment Rating - The report recommends focusing on leading companies in the testing service industry, particularly those with strong capital, management, and research capabilities, such as Huace Testing, Guangdian Measurement, and Sutest [7] Core Insights - The testing service industry is closely related to macroeconomic growth, with significant market space and stable growth. The global testing service market is projected to reach approximately 2.3 trillion RMB by 2024, with a CAGR of about 6% from 2021 to 2024 [4][24] - China's testing service industry is expected to outpace GDP growth, with a projected market size of around 487.6 billion RMB in 2024, reflecting a CAGR of approximately 10.5% from 2015 to 2024 [5][24] - The industry is experiencing a structural shift, with emerging sectors such as AI, new energy vehicles, and commercial aerospace driving new demand for testing services [6][33] Summary by Sections Industry Overview - The testing, inspection, and certification (TIC) industry serves various sectors, including consumer goods, industrial products, and pharmaceuticals, covering all stages from R&D to production and distribution [16] - The demand for testing services is highly correlated with macroeconomic trends, with growth driven by global trade, increasing quality and safety standards, and stricter regulations [20][24] Market Performance - In 2025, the testing service sector in China reported revenues of 30.4 billion RMB, a year-on-year decline of 7%. Excluding companies with high medical testing proportions, the sector saw a 3% growth [5][57] - Leading companies like Huace Testing, Guangdian Measurement, and Sutest outperformed the industry average, with revenue growth rates of 7%, 12%, and 9% respectively in the first three quarters of 2025 [57][62] Emerging Opportunities - New technologies and industries, such as low-altitude economy and semiconductor sectors, are rapidly developing, creating new testing service demands. The investment threshold for laboratories in these areas is significantly higher than traditional sectors [6][33] - The report emphasizes the importance of focusing on leading companies that possess brand, capital, and management advantages to capitalize on these emerging opportunities [6][7] Competitive Landscape - The testing service market in China is characterized by a large number of small and medium-sized enterprises, with over 96% of testing institutions being micro-sized, which poses risks due to their limited capacity to withstand economic fluctuations [50][51] - The report predicts a trend towards consolidation in the industry, with resources increasingly concentrating in leading firms as smaller entities face challenges [50][51]