证券研究报告 | 2026年02月12日 2026年02月13日 金融工程日报 沪指震荡微升，算力产业链走强 市场表现：20260212 大部分指数处于上涨状态，规模指数中中证 500 指数 表现较好，板块指数中科创 50 指数表现较好，风格指数中中证 500 成长指 数表现较好。电子、电新、计算机、通信、机械行业表现较好，消费者服务、 农林牧渔、纺织服装、综合金融、银行行业表现较差。光模块(CPO)、光芯 片、智谱 AI、靶材、钨矿等概念表现较好，影视、动漫、谷子经济、建筑节 能、旅游出行等概念表现较差。 市场情绪：20260212 收盘时有 70 只股票涨停，有 23 只股票跌停。昨日涨 停股票今日高开高走，收盘收益为 2.45%，昨日跌停股票今日收盘收益为 -5.42%。今日封板率 78%，较前日提升 3%，连板率 35%，较前日提升 13%。 市场资金流向：截至 20260211 两融余额为 26444 亿元，其中融资余额 26278 亿元，融券余额 166 亿元。两融余额占流通市值比重为 2.5%，两融 交易占市场成交额比重为 9.0%。 折溢价：20260211 当日 ETF 溢价较多的是大盘价值 ...

Market Overview - The A-share market saw all major indices close higher today, with the Shanghai Composite Index up 0.05% at 4134.02 points, the Shenzhen Component Index up 0.86% at 14283.00 points, the Sci-Tech 50 Index up 1.78% at 1480.99 points, and the ChiNext Index up 1.32% at 3328.06 points [1][12] - Overall, there were 2107 stocks that rose and 3273 stocks that fell, with a total trading volume of 21,417 billion yuan, an increase of 1,575 billion yuan compared to the previous trading day [1][12] Industry Performance - Among the Shenwan first-level industries, the top gainers included the comprehensive sector (up 5.31%), electronics (up 1.73%), electric equipment (up 1.65%), and computers (up 1.58%). The sectors that saw the largest declines were beauty care (down 1.77%), retail (down 1.57%), textiles and apparel (down 1.49%), and agriculture, forestry, animal husbandry, and fishery (down 1.49%) [1][12] Concept Sector Performance - The leading concept sectors today included optical modules (CPO), optical chips, optical communications, AI computing power, IDC (computing power leasing), ultra-high voltage, GPU, selected rare metals, fiberglass, cloud computing, DeepSeek, liquid-cooled servers, East Data West Computing, Huakun Zhenyu, and charging piles [2]

Group 1 - The A-share market saw all three major indices rise collectively, with the Shanghai Composite Index increasing by 0.12%, marking a potential four-day rally, and over 2,700 stocks in the market showing gains [1] - In terms of sector performance, the CPO, optical chips, and optical communication sectors led the gains, while cultural media, short drama games, catering and tourism, and banking sectors experienced declines [1] - The ChiNext Index rose by 1.2%, while the CSI 300 Index increased by 0.2%, and the STAR Market 50 Index saw a rise of 0.6%. Conversely, the Hang Seng China Enterprises Index fell by 1.0% [1] Group 2 - The ChiNext Index is composed of 100 stocks from the ChiNext market that have large market capitalization and good liquidity, with a high proportion of strategic emerging industries, particularly in power equipment, communication, and electronics [3] - The STAR Market 50 Index consists of 50 stocks from the STAR Market with large market capitalization and good liquidity, prominently featuring "hard technology" leaders, with over 65% in semiconductors and a combined 80% in medical devices, software development, and photovoltaic equipment [3]

2026年2月，光通信行业迎来业绩集中兑现期。以中际旭创、新易盛、天孚通信三家被市场戏称为 "易 中天"的组合，凭借2025年业绩预告的亮眼表现，成为资本市场焦点。 三家公司均在业绩预告中明确指出，业绩增长的核心驱动力是终端客户对算力基础设施的强劲投入，尤 其是AI集群建设带来的800G、1.6T等高速率光模块需求爆发式增长。 业绩爆发：头部企业利润翻倍，技术卡位成关键 国内市场同样火热。据悉，中国厂商字节跳动、阿里巴巴、腾讯的800G需求逐步起量，三家合计可达 几百万只。值得注意的是，字节跳动跳过传统800G模块，直接推进LPO（线性直驱光学）技术，若验 证成功，可能成为800G领域的"黑马"路线。 挑战与机遇：供应链博弈与新兴技术布局 尽管行业景气度持续攀升，但光芯片供应短缺仍是主要瓶颈。根据野村估算，2025年全球先进光芯片产 能同比增长80%，仍落后需求5%-15%，导致部分企业交付延迟。例如，剑桥科技因硅光引擎供应问 题，将1.6T光模块量产时间推迟。 头部企业通过垂直整合与技术创新破局。中际旭创通过自研光芯片降低对外部供应商依赖，新易盛则通 过收购硅光企业完善技术布局。天孚通信凭借1200+项专利 ...

Market Overview - The A-share market indices all experienced gains today, with the Shanghai Composite Index rising by 1.41% to close at 4123.09 points, the Shenzhen Component Index increasing by 2.17% to 14208.44 points, the Sci-Tech 50 up by 2.51% to 1458.16 points, and the ChiNext Index climbing by 2.98% to 3332.77 points [1][10] - Overall, 4609 stocks rose while 756 stocks fell, with a total trading volume of 22495 billion yuan, an increase of 1038 billion yuan compared to the previous trading day [1] Industry Performance - All primary industries in the Shenwan classification saw gains today, with notable increases in the telecommunications, comprehensive, media, electronics, and computer sectors, which rose by 5.17%, 4.70%, 3.50%, 2.97%, and 2.88% respectively [1][10] - Conversely, the oil and petrochemical, banking, and food and beverage sectors had lower gains, with increases of only 0.21%, 0.36%, and 0.37% respectively [1][10] Concept Sector Performance - The leading concept sectors today included optical modules (CPO), perovskite batteries, optical communications, short drama games, cultivated diamonds, optical chips, Kimi, virtual humans, BC batteries, rare earths, photovoltaic glass, Chinese corpus, multimodal models, AIGC, and WEB3.0 [2]

- Quantitative model and factor construction - Model name: None mentioned - Factor name: None mentioned - Model backtesting results - None mentioned - Factor backtesting results - None mentioned

Market Overview - The A-share market saw a majority of indices decline today, with the Shanghai Composite Index falling by 0.96% to close at 4117.95 points, and the Shenzhen Component Index down by 0.66% at 14205.89 points. The ChiNext Index, however, increased by 1.27% to 3346.36 points [1]. - Overall, there were 2449 stocks that rose and 2892 that fell, with a total trading volume of 28355 billion yuan, which is a decrease of 3945 billion yuan compared to the previous trading day [1]. Industry Performance - Among the Shenwan first-level industries, the leading sectors included Communication, Electronics, Agriculture, Forestry, Animal Husbandry, and Fishing, with respective gains of 3.44%, 0.68%, 0.65%, 0.54%, and 0.21%. Conversely, the sectors that experienced the largest declines were Non-ferrous Metals, Steel, Food and Beverage, Real Estate, and Computers, with declines of 7.80%, 2.83%, 2.78%, 2.47%, and 1.96% respectively [1]. Concept Sectors - The top-performing concept sectors today included Optical Modules (CPO), Optical Communication, Optical Chips, Biological Breeding, Advanced Packaging, and others, while Industrial Metals, Rare Earths, and Gold Jewelry saw a pullback [2][11].

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - The focus is on uncovering investment value from significant events, analyzing industry chain companies, and interpreting key points of major policies [1] - The company has expanded from fiber optic cables into the entire industry chain of optical chips and modules, successfully validating products compatible with 400G optical modules [1] Group 2 - The company has participated in several demonstration projects, including the 863 high-temperature superconducting tape project [1] - Key clients in the superconducting field include Energy Singularity and Star Ring Energy [1]

Core Viewpoint - Tianfu Communication's stock has shown fluctuations with a recent increase of 2.00%, while the company has experienced a year-to-date decline of 4.96% in stock price [1] Group 1: Stock Performance - As of January 26, Tianfu Communication's stock price reached 192.95 yuan per share, with a trading volume of 2.363 billion yuan and a turnover rate of 1.61% [1] - The stock has seen a 10.17% decline over the past 20 days, but a 12.17% increase over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Tianfu Communication reported a revenue of 3.918 billion yuan, marking a year-on-year growth of 63.63%, and a net profit attributable to shareholders of 1.465 billion yuan, up 50.07% year-on-year [2] Group 3: Shareholder Information - As of January 9, the number of shareholders for Tianfu Communication increased to 136,400, a rise of 7.31%, while the average number of tradable shares per person decreased by 6.81% to 5,686 shares [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 14.8 million shares, a decrease of 3.17 million shares from the previous period [3]

Core Viewpoint - Anfu Technology forecasts a net profit of 220 to 250 million yuan for 2025, representing a year-on-year increase of 28.6% to 50.9% [1] - The company expects to exceed performance commitments related to Nanfu Battery, driven by significant quarterly growth in Q4 2025 [2] Financial Performance - For Q4 2025, Anfu anticipates a net profit of 40 to 80 million yuan, with a year-on-year increase of 129.2% to 335.4% [1] - The non-recurring net profit for the same quarter is projected to be 40 to 70 million yuan, with a year-on-year increase of 111.5% to 319.0% [1] - Nanfu Battery's estimated net profit for Q4 2025 is between 150 to 230 million yuan, exceeding the performance commitment of 91 million yuan [2] Business Expansion and Strategy - Nanfu Battery has potential for price increases and overseas expansion, as it has not adjusted prices in the past two years due to macroeconomic conditions [3] - The company is actively pursuing OEM business expansion through partnerships with overseas brands and aims to enhance its brand presence internationally [3] - Anfu has invested in a startup, Suzhou Yilong Micro, which is expected to produce 1.6T products by 2026, indicating a strategy for diversification and growth [3] Investment Outlook - The company maintains a strong cash position and high profitability, with expectations for significant growth from overseas expansion and increased equity in Nanfu [3] - Adjustments to net profit forecasts for 2025-2027 are made to 240 million, 440 million, and 480 million yuan respectively, reflecting the potential for continued growth [3] - Anfu is assigned a target price of 67.6 yuan based on a 40x price-to-earnings ratio for 2026, maintaining a "strong buy" rating [3]