证券研究报告 | 2026年03月02日 金融工程日报 沪指震荡微涨，油气、黄金股走强 市场表现：20260302 规模指数中沪深 300 指数表现较好，板块指数中上证 综指表现较好，风格指数中中证 500 价值指数表现较好。石油石化、煤炭、 有色金属、国防军工、通信行业表现较好，传媒、消费者服务、计算机、综 合金融、综合行业表现较差。黄金精选、油气开采、高送转、页岩气、可燃 冰等概念表现较好，小程序、WEB3.0、虚拟人、医保支付改革、互联网营 销等概念表现较差。 市场情绪：20260302 收盘时有 98 只股票涨停，有 24 只股票跌停。昨日涨 停股票今日收盘收益为 2.56%，昨日跌停股票今日收盘收益为-4.94%。今日 封板率 74%，较前日下降 4%，连板率 28%，较前日提升 8%。 市场资金流向：截至 20260227 两融余额为 26692 亿元，其中融资余额 26519 亿元，融券余额 173 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 9.7%。 折溢价：20260227 当日 ETF 溢价较多的是中证 500ETF 中银证券，ETF 折价较多的是光伏 ETF ...

证券研究报告 | 策略点评 2026 年 03 月 02 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20260302 今日关注 指数涨跌情况：今日 A 股主要指数多数下跌。截止收盘，沪指涨 0.47%，收报 4182.59 点；深证成指跌 0.20%，收报 14465.79 点；科创 50 跌 1.56%，收报 1464.77 点；创业板指跌 0.49%，收报 3294.16 点。总体上，全天个股涨少跌 多，Wind 数据显示，全市场 1141 只个股上涨，4276 只个股下跌，61 只个股 收平。沪深两市今日成交额合计 30207 亿元，较上个交易日放量 5327 亿元。 行业涨跌情况：今日申万一级行业涨少跌多，石油石化、煤炭、有色金属、 国防军工和通信等行业领涨，涨幅分别为7.95%、3.77%、3.17%、2.47%和1.88%， 传媒、计算机、社会服务、美容护理和商贸零售等行业领跌，跌幅分别为 3.98%、 2.88%、2.68%、2.44%、2.41%。 板块涨跌情况：今日涨幅居前概念板块为油 ...

Core Viewpoint - The company, Zhejiang Zhaolong Interconnect Technology Co., Ltd., is experiencing fluctuations in stock performance and is positioned as a key player in the high-speed cable and optical fiber sectors, benefiting from the depreciation of the RMB and expanding its overseas market presence. Group 1: Company Performance - On February 2, the company's stock fell by 2.89%, with a trading volume of 204 million yuan and a market capitalization of 17.413 billion yuan [1] - For the period from January to September 2025, the company achieved a revenue of 1.518 billion yuan, representing a year-on-year growth of 13.28%, and a net profit attributable to shareholders of 138 million yuan, up 53.82% year-on-year [7] - The company has distributed a total of 113 million yuan in dividends since its A-share listing, with 82.34 million yuan distributed over the past three years [8] Group 2: Market Position and Products - The company has established itself as a core partner in the active cable (AEC) sector for leading international interconnect solution providers, leveraging its technological expertise in high-speed cables [2] - The product range includes optical fiber jumpers, MPO/MTP pre-terminated cables, and LC fiber connectors, primarily serving high-end projects in finance, education, healthcare, and exhibitions, while also expanding into overseas markets [2] - The company is one of the few in China capable of designing and manufacturing data cables exceeding Category 6, 6A, and even Category 8, meeting the new data transmission demands of the 5G era [2] Group 3: Financial and Technical Analysis - The average trading cost of the company's shares is 55.04 yuan, with recent rapid outflows of shares suggesting a potential need for portfolio adjustment [6] - The stock is currently near a support level of 50.64 yuan, and if this level is breached, it may trigger a downward trend [6] - The company’s overseas revenue accounted for 61.93% of total revenue, benefiting from the depreciation of the RMB [3]

Group 1 - The core viewpoint of the news is that Jianglong Shipbuilding has shown significant stock performance fluctuations, with a year-to-date increase of 11.47% but a recent decline of 10.58% over the last five trading days [1] - As of January 19, Jianglong Shipbuilding's stock price was 20.12 CNY per share, with a market capitalization of 7.599 billion CNY and a trading volume of 3.29 billion CNY [1] - The company has experienced net inflows of 11.85 million CNY from major funds, with significant buying activity noted on January 8, where net purchases reached 10.89 million CNY [1] Group 2 - Jianglong Shipbuilding, established on January 21, 2003, and listed on January 13, 2017, specializes in the research, design, manufacturing, and sales of various types of boats, including leisure, law enforcement, and special operation vessels [2] - The company's revenue composition includes 56.43% from law enforcement vessels, 22.58% from leisure vessels, 16.72% from special operation vessels, and 4.27% from other sources [2] - As of September 30, the number of shareholders decreased by 22.78% to 30,300, while the average number of tradable shares per person increased by 29.50% to 7,649 shares [2] Group 3 - Jianglong Shipbuilding has distributed a total of 34.85 million CNY in dividends since its A-share listing, with 15.11 million CNY distributed over the past three years [3]

Core Viewpoint - The company, Zhejiang Zhaolong Interconnect Technology Co., Ltd., is experiencing growth in revenue and profit, driven by its capabilities in high-speed cables and optical products, as well as benefiting from the depreciation of the RMB. Group 1: Company Performance - For the period from January to September 2025, the company achieved a revenue of 1.518 billion yuan, representing a year-on-year growth of 13.28% [7] - The net profit attributable to the parent company was 138 million yuan, showing a significant year-on-year increase of 53.82% [7] - The company has distributed a total of 113 million yuan in dividends since its A-share listing, with 82.34 million yuan distributed over the past three years [8] Group 2: Market Position and Products - The company has established itself as a core partner in the active cable (AEC) sector for leading international interconnect solution providers due to its technological expertise in high-speed cables [2] - It offers a range of optical products, including fiber optic jumpers and connectors, primarily serving high-end projects in finance, education, and healthcare, while also expanding into overseas markets [2] - The company is one of the few in China capable of designing and manufacturing data cables that meet the new data transmission requirements of the 5G era [2] Group 3: Financial Metrics and Shareholder Information - As of September 30, 2025, the company's overseas revenue accounted for 61.93% of total revenue, benefiting from the depreciation of the RMB [3] - The average trading cost of the stock is 55.15 yuan, with the stock price nearing a resistance level of 54.55 yuan, indicating potential for upward movement if this level is surpassed [6] - The company has a total market capitalization of 18.493 billion yuan, with a trading volume of 413 million yuan and a turnover rate of 2.98% on January 14 [1]

Core Viewpoint - The stock of Yunda Co., Ltd. has experienced fluctuations, with a recent decline of 2.06% and a total market capitalization of 14.997 billion yuan, indicating a mixed performance in the stock market [1]. Group 1: Stock Performance - As of January 14, Yunda's stock price is 19.06 yuan per share, with a trading volume of 2.23 billion yuan and a turnover rate of 1.64% [1]. - Year-to-date, the stock price has remained unchanged, with a decline of 4.65% over the past five trading days, a slight increase of 0.53% over the past 20 days, and a rise of 12.45% over the past 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Yunda achieved an operating income of 18.486 billion yuan, representing a year-on-year growth of 32.72%, while the net profit attributable to shareholders decreased by 5.76% to 251 million yuan [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Yunda is 33,400, a decrease of 13.08% from the previous period, with an average of 20,891 circulating shares per shareholder, which is an increase of 15.09% [2]. - The company has distributed a total of 281 million yuan in dividends since its A-share listing, with 153 million yuan distributed over the past three years [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest shareholder with 9.0248 million shares, a decrease of 1.7986 million shares from the previous period [3].

Group 1 - The core viewpoint of the news is that Lihua Co., Ltd. has experienced a decline in stock price and significant changes in shareholder structure, alongside mixed financial performance indicators [1][2][3] Group 2 - As of January 13, Lihua's stock price fell by 2.04% to 20.67 CNY per share, with a total market capitalization of 17.306 billion CNY [1] - The company reported a net outflow of 11.3689 million CNY in main funds, with large orders showing a buy of 18.7462 million CNY and a sell of 31.9656 million CNY [1] - For the year-to-date, Lihua's stock price has decreased by 0.39%, with a 5-day decline of 0.67% and a 60-day drop of 7.06% [1] Group 3 - For the period from January to September 2025, Lihua achieved an operating income of 13.493 billion CNY, representing a year-on-year growth of 6.38%, while the net profit attributable to shareholders decreased by 75.27% to 287 million CNY [2] - The company has distributed a total of 2.063 billion CNY in dividends since its A-share listing, with 1.114 billion CNY distributed in the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 23.50% to 16,000, while the average circulating shares per person increased by 30.72% to 39,351 shares [2][3]

Group 1 - The core viewpoint of the news is that Beishimei's stock has shown a positive trend in early trading, with a 2.05% increase, and the company has experienced significant growth in revenue and net profit year-on-year [1][2] - As of January 12, Beishimei's stock price is 8.96 yuan per share, with a total market capitalization of 3.236 billion yuan and a trading volume of 28.5038 million yuan [1] - The company has a diverse revenue structure, with its main products including dimethenamid-p raw materials (25.95%), trade herbicides (25.54%), and trade insecticides (18.91%) [1] Group 2 - Beishimei belongs to the basic chemical industry, specifically in the agricultural chemical products sector, and is associated with concepts such as biopesticides and specialized new materials [2] - As of September 30, the number of shareholders decreased by 9.41% to 18,000, while the average circulating shares per person increased by 10.39% to 20,046 shares [2] - For the period from January to September 2025, Beishimei achieved an operating income of 1.11 billion yuan, representing a year-on-year growth of 14.29%, and a net profit attributable to shareholders of 31.17 million yuan, reflecting a substantial increase of 1257.94% [2] Group 3 - Beishimei has distributed a total of 62.87 million yuan in dividends since its A-share listing, with 38.52 million yuan distributed over the past three years [3]

Group 1 - The core viewpoint of the news is that Jingjia Micro's stock has shown a positive trend with a 7.24% increase year-to-date and a market capitalization of 40.278 billion yuan as of January 12 [1] - As of December 19, Jingjia Micro reported a decrease in shareholder accounts by 2.43% to 93,600, while the average circulating shares per person increased by 2.49% to 4,343 shares [2] - For the period from January to September 2025, Jingjia Micro achieved a revenue of 495 million yuan, reflecting a year-on-year growth of 12.14%, but reported a net profit loss of 72.5334 million yuan, a significant decrease of 403.81% compared to the previous year [2] Group 2 - Since its A-share listing, Jingjia Micro has distributed a total of 392 million yuan in dividends, with 141 million yuan distributed over the past three years [3] - As of September 30, 2025, major institutional shareholders include E Fund's ChiNext ETF, holding 6.7519 million shares, a decrease of 1.1342 million shares from the previous period, and Southern CSI 500 ETF, holding 4.5606 million shares, down by 96,200 shares [3]

Group 1 - The core viewpoint of the news is that Kanghua Biological has experienced fluctuations in stock price and financial performance, with a notable decrease in revenue and net profit year-on-year [1][2][3] Group 2 - As of January 9, Kanghua Biological's stock price increased by 2.03% to 75.50 CNY per share, with a total market capitalization of 9.811 billion CNY [1] - The company has seen a year-to-date stock price increase of 4.48%, but a decline of 4.50% over the past 20 days and 2.84% over the past 60 days [1] - Kanghua Biological's main business involves comprehensive research, development, and operation of vaccines, with 99.99% of its revenue coming from non-immunization planning vaccines [1] Group 3 - As of September 30, the number of shareholders for Kanghua Biological increased by 6.13% to 18,300, while the average number of circulating shares per person decreased by 8.10% to 6,502 shares [2] - For the period from January to September 2025, Kanghua Biological reported a revenue of 840 million CNY, a year-on-year decrease of 20.78%, and a net profit attributable to shareholders of 189 million CNY, down 53.41% year-on-year [2] Group 4 - Since its A-share listing, Kanghua Biological has distributed a total of 686 million CNY in dividends, with 462 million CNY distributed over the past three years [3] - As of September 30, 2025, the fifth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 1.1826 million shares as a new shareholder [3] - The seventh largest circulating shareholder is Southern CSI 1000 ETF, holding 850,600 shares, which is a decrease of 11,100 shares compared to the previous period [3]