我们不是资讯的搬运工 而是有态度的发现者 万和财富早班车 2026年3月4日 · 国内金融市场 · | | | | 品种 | 收盘 | 涨跌幅 | 品种 | 收盘 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 上证指数 | 4122. 68 | -1. 43% | 上证当月连续 | 3019 | -0. 83% | | 深证成指 14022.39 | | -3.07% | 沪深当月连续 | 4651.4 | -1.29% | | 创业板指 | 3209. 48 | -2.57% | 恒生期货指数 | 32987.91 | -0. 9% | 宏观消息汇总 1 科技部、金融监管总局、工信部、国家知识产权局发布《关 于加快推动科技保险高质量发展有力支撑高水平科技自立自强 的若干意见》。 2.市场监管总局印发《检验检测智慧监管能力提升攻坚行动方 案》， 明确到2027年底基本建成全国统一的检验检测智慧监管 全面推动检验检测监管业务与数智化技术深度融合。 平台, 二、行业最新动态 1.转换效率突破口, 钙钛矿光伏组件有望规模化生产, 相关个股: 帝科股份(300842) ...

Core Viewpoint - Wanrun Co., Ltd. (002643) is actively engaged in the production of perovskite photovoltaic materials, which include hole transport layer materials, electron transport layer materials, perovskite layer materials, and SAMs materials, with existing capacity meeting downstream demand [1] Group 1 - The company has developed over 100 types of compounds in the perovskite photovoltaic materials sector [1] - Although the industry has not yet reached large-scale commercial application by 2025, the technology level of downstream perovskite photovoltaic components is continuously improving and moving towards industrialization [1] - The efficiency levels of perovskite photovoltaic materials are consistently increasing, and the company aims to support the development of downstream enterprises with high-quality materials [1]

格隆汇2月27日丨万润股份(002643.SZ)在投资者互动平台表示，公司钙钛矿光伏材料主要包括空穴传输 层材料、电子传输层材料、钙钛矿层材料、SAMs材料等，各类材料均有产品销售，公司现有产能能够 满足相关产品下游需求。目前公司在钙钛矿光伏材料领域，已开发了超100种化合物。2025年情况来 看，虽然行业下游尚未达到大规模商业化应用阶段，但下游钙钛矿光伏组件技术水平持续进步且向着产 业化迈进，效率水平持续提升，我们将继续以高品质的钙钛矿光伏材料助力下游企业更好发展。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：证券市场周刊 文丨张桔 编辑丨谢长艳 春节前股市经历了一轮4000点之上的强势震荡，而假期中国外国内皆是重重利好萦绕，叠加神州大地处 处展现的硬科技元素，节后股市新一轮科技热浪悄然来袭。如是背景下，节后投资何处亮剑成为马年伊 始的热议话题。 而作为机构旗手的公募基金，其关注的方向成为焦点中的焦点，其中节前调研的公司能够部分传递他们 的最新思路。Wind资讯显示，从开年到春节前，恰好10家公募基金公司的调研总次数超过了100次，其 中排在前三位的分别是博时基金（176次）、华夏基金（142次）、易方达基金（134次）。换一个角度 看被调研标的，同期被基金公司调研前三位的公司分别是天顺风能、大金重工、海天瑞声。 尤其是明星基金经理的调研引发建仓遐想。上述统计时间段中，易方达基金的萧楠、睿远基金的赵枫、 汇添富基金的劳杰男、鹏华基金的闫思倩等都出现在了调研榜上，其中劳杰男和闫思倩所调研的均是海 天瑞声。 | 附表: 2026年年初到春节前 | | | | | | --- | --- | --- | --- | --- | | 公募调研情 ...

工业硅：处于相对低估值区间 多晶硅：情绪或提振盘面 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2605收盘价（元/吨） | 8,410 | 15 | -40 | -320 | | | | Si2605成交量（手） | 134,782 | -73,273 | -65,318 | -101,060 | | | | Si2605持仓量（手） | 293,851 | 7,958 | -1,059 | 63,131 | | 工业硅、多晶硅期货市场 | | PS2605收盘价（元/吨） | 47,000 | -2,305 | -2,370 | - | | | | PS2605成交量（手） | 8,503 | 4,716 | 3,797 | - | | | | PS2605持仓量（手） | 37,729 | 885 | -618 | - | | | | 工业硅：近月 ...

证券日报网讯 2月12日，万润股份在互动平台回答投资者提问时表示，公司钙钛矿光伏材料主要包括空 穴传输层材料、电子传输层材料、钙钛矿层材料、SAMs材料等，各类材料均有产品销售。目前公司在 钙钛矿光伏材料领域，已开发了超100种化合物。从2025年情况来看，虽然行业下游尚未达到大规模商 业化应用阶段，但下游钙钛矿光伏组件技术水平持续进步且向着产业化迈进，效率水平持续提升，公司 将继续以高品质的钙钛矿光伏材料助力下游企业更好发展。 （文章来源：证券日报） ...

Group 1 - The current A-share market is likely to enter a favorable upward cycle, with the Shanghai Composite Index returning to around 4000 points, indicating a potential "timing, location, and human factors" opportunity for growth in the next 1-2 months [1] - The "spring market" period starting in February has historically shown high probabilities of upward movement, with small-cap indices having a 100% chance of rising between the Spring Festival and the Two Sessions, and an 87.5% chance of rising in February [1][2] - The annual report forecasts suggest that negative disturbances in the fundamentals are coming to an end, providing a more stable environment for investment [2] Group 2 - In a bullish market trend, every time the All A Index falls below the 20-day moving average, it often presents a good opportunity for accumulation [3] - The correlation between the "spring market" gains and the growth rate of the first quarter reports is strengthening, with key investment themes including the Byte industry chain and space photovoltaics [3][4] Group 3 - The perovskite solar industry is transitioning from megawatt-level research to gigawatt-level production, with leading companies like JinkoSolar and GCL-Poly Energy ramping up capacity [7] - Recent data shows that the laboratory efficiency of single-junction perovskite cells has reached 27.3%, and perovskite-silicon tandem cells have surpassed 35.0%, significantly exceeding the efficiency limits of crystalline silicon cells [7] - The global perovskite production capacity is expected to exceed 5GW by 2027 and potentially surpass 30GW by 2030, with the investment cost for a single GW production line decreasing from 1.5 billion yuan to around 1 billion yuan [7]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 10.01 CNY [5][21]. Core Insights - The company is a long-established leader in the glass industry, accelerating its transformation with a focus on automotive glass and TCO (Transparent Conductive Oxide) glass production [2][11]. - The automotive glass market is rapidly expanding, with the company achieving nationwide operational rights and accelerating new vehicle partnerships, which is expected to enhance both volume and profitability [16][24]. - The TCO glass production is nearing mass production, with the company having a leading position in online coating technology, poised to benefit from the upcoming demand surge [17][18]. Financial Summary - The company’s total revenue is projected to reach 5.588 billion CNY in 2023, with a growth forecast of 10.3% to 6.418 billion CNY by 2027 [4][18]. - Net profit is expected to recover from a loss of 125 million CNY in 2023 to a profit of 279 million CNY by 2027, reflecting a significant turnaround [4][18]. - Earnings per share (EPS) are forecasted to increase from -0.13 CNY in 2023 to 0.29 CNY in 2027 [4][18]. Company Overview - The company, established in 1983, is a Sino-British joint venture, with major shareholders including Shanghai Building Materials Group and NSG Group [23][15]. - The governance structure is stabilizing, with Shanghai Building Materials Group increasing its shareholding over the years [31][15]. - The company is focusing on upgrading its deep processing capabilities through targeted fundraising for technological improvements [30][2]. Automotive Glass Market - The automotive glass segment is projected to grow significantly, with revenue expected to reach 20.86 billion CNY in 2025, driven by increased demand for electric and smart vehicles [18][19]. - The gross margin for automotive glass is anticipated to improve from 10.25% in 2023 to 15.00% by 2027, reflecting enhanced product offerings and customer partnerships [16][18]. - The competitive landscape in the automotive glass market is limited due to high capital requirements and operational complexities, favoring established players [39][41]. TCO Glass Production - The TCO glass segment is approaching a production ramp-up, with significant demand expected from downstream clients in the 2025-2027 period [17][18]. - The company’s acquisition of Dalian Yao Pi has improved its online coating utilization, contributing significantly to its profitability [17][18]. - The TCO glass production is supported by advancements in coating technology and resource availability, positioning the company favorably for future growth [17][18].

Core Viewpoint - The company is currently focused on lithium battery intelligent equipment and e-cigarette related businesses, and has not yet provided coating machines required for perovskite photovoltaic fields [1] Group 1: Business Focus - The company's main business areas are lithium battery intelligent equipment and e-cigarette related businesses [1] - The company is monitoring industry technology development trends to strategically plan its business direction [1] Group 2: Future Outlook - The company will continue to pay attention to industry trends and will cautiously layout its business direction in line with its strategic planning [1]

Group 1: LCD TV Product Price Trends - The demand for TV products has increased due to preparations for upcoming sporting events, leading to higher procurement by brand manufacturers since December 2025 [1] - The overall production rate in the industry remains high as manufacturers adopt a "production based on demand" strategy [1] - As of January 2026, prices for mainstream TV products across various sizes have risen significantly [1] Group 2: OLED Technology Development - AMOLED technology is becoming a key choice for high-end IT products due to its high picture quality and lightweight characteristics [2] - The company's 8.6 generation AMOLED production line was successfully lit up five months ahead of schedule on December 30, 2025, marking a significant breakthrough in mid-size OLED technology [2] - Mass production of this line is expected to begin in the second half of 2026, enhancing the company's competitiveness in the display industry [2] Group 3: Depreciation and Capital Expenditure Trends - The depreciation of existing production lines is continuously decreasing, with capital expenditures expected to peak in 2025 [3] - From 2027 onwards, a significant decline in capital expenditures is anticipated [3] Group 4: Perovskite Project Progress - The company is leveraging its long-term experience in the display industry to advance the research and production of perovskite solar cells [4] - The efficiency of perovskite photovoltaic components has reached industry-leading levels, with rigid single-junction components achieving a champion efficiency of 27.61% [4] - The company is focused on improving the efficiency and lifespan of perovskite products to address industrialization challenges [5] Group 5: Glass-Based Packaging Technology - The company has completed the construction of a pilot line for large glass-based packaging boards and has initiated technical and product development collaborations with leading domestic and international clients [5] Group 6: Shareholder Return Planning - In May 2025, the company completed the cancellation of inventory shares valued at nearly 1 billion yuan and distributed approximately 1.87 billion yuan in cash dividends in June 2025 [5] - The company plans to execute a share repurchase scheme exceeding 1.5 billion yuan within the year and is committed to its shareholder return plan for 2025-2027 [5]