2026 年 03 月 01 日 叶诗人之分堂 -2026/2/24-2026/3/1 汽车周报 《春晚机器人亮相、首台 Cybercab 下 线,继续看好 AI 应用方向 -- 2026/2/9-2026/2/15 汽车周报》 2026/02/23 本期投资后了 请务必仔细阅读正文之后的各项信息披露与声明 shaoyi@swsresearch.com 观点：①小鹏 VLA 2.0 下周发布，有望重归智驾 top 榜，推荐小鹏、理想，关注小马智 ○ 行等。②比亚迪技术发布会在即，有望解决高速+冬季用车痛点，巩固全系产品竞争， 推荐比亚迪。③英伟达 GTC 预热,全 ai 战略引燃智驾+机器人+工业 ai，推荐恒勃、银 轮、隆盛、福达、岱美，关注拓普、三花等。④我国养路费 2009 年并入成品油消费 税,随新能源渗透率提升,财政资金缺口扩大,"里程税"应运而生,但目前仅有海南 因特殊的政策环境，有望在今年落地试点，关注信息发展。 ● 行业情况更新: 根据乘联会周度数据，2 月第一周全国乘用车市场日均零售 4.1 万辆，同比去年 2 月同期 ○ 增长 54%，较上月同期增长 37%。 ● 最近一周传统原材料价格指 ...

证券研究报告|行业研究周报 [Table_Date] 2026 年 3 月 1 日 [Table_Author] 分析师：赵琳 邮箱：zhaolin@hx168.com.cn SAC NO：S1120520040003 请仔细阅读在本报告尾部的重要法律声明 [Table_Title] 2 月 152 款游戏版号落地，Anthropic 指控国 产模型"蒸馏" [Table_Title2] 传媒行业周报系列 2026 年第 8 周 [Table_Summary] ►市场行情回顾 2026 年第8周（实际交易日为 2026.2.23-2026.2.27）上证 指数上涨 1.98%，沪深 300 指数上涨 1.08%，创业板指数上 涨 1.05%。恒生指数上涨 0.82%，恒生互联网指数下跌 2.49%，行业落后恒生指数 3.31pct。SW 传媒指数下跌 5.1%，跑输创业板指数 6.15pct，在申万一级 31 个行业涨 跌幅排名中位列第 31 位。子行业中影视、游戏和广告营销 位 列 前 三位，分别为上涨 4.26%、上涨 0.37%和下跌 0.17%。 ►核心观点&投资建议 2 月 152 款游戏版号落地， ...

行 业 研 究 / 行 业 点 《春晚机器人亮相、首台 Cybercab 下 线，继续看好 AI 应用方向 —— 2026/2/9-2026/2/15 汽车周报》 2026/02/23 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 邵翼 A0230524120001 2026 年 03 月 01 日 小鹏比亚迪新技术发布，投资进入 事件催化密集期 行 业 及 产 业 看好 ——2026/2/24-2026/3/1 汽车周报 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 评 证 券 研 究 报 告 汽车 shaoyi@swsresearch.com ⚫ 观点：①小鹏 VLA 2.0 下周发布，有望重归智驾 top 榜，推荐小鹏、理想，关注小马智 行等。②比亚迪技术发布会在即，有望解决高速+冬季用车痛点，巩固全系产品竞争， 推荐比亚迪。③英伟达 GTC 预热，全 ai 战略引燃智驾+机器人+工业 ai，推荐恒勃、银 轮、隆盛、福达、岱美，关注拓普、三花等。④我国养路费 2009 年并入成品油消费 ...

证券研究报告 | 2026年02月27日 电影专题系列——2026 年春节档回顾与展望 中性 2026 年春节档票房 51.66 亿，看好 AI 应用推动的内容供给转型 内容供给不足，2026 年春节档票房 51.66 亿。2026 年中国春节档票房 51.66 亿（不含服务费），在高基数下同比下滑 39.6%，主要是由于内容供给的不 足。拆分量价来看，2026 年春节档平均票价 42.9 元，同比下滑 5.9%，主要 是由于特效片的缺乏；观影人次 1.2 亿，同比下滑 35.8%。 内容端：缺乏头部 IP 和特效大片，《飞驰人生 3》相对领先。1）今年春节 档共有 6 部影片上映，其中《飞驰人生 3》贡献总票房 50.8%、《惊蛰无声》 《镖人：风起大漠》分别贡献档期票房的 15.1%/14.0%，头部效应显著；2） 春节档票房贡献绝对值、集中度均较高，反映出观众对优质影片需求较高。 但整体而言，本次春节档的影片供给略显不足，导致春节档票房表现平淡。 渠道端：万达系维持市占率第一，中小影院持续出清，竞争结构持续改善。 从渠道来看，1）Top1 和 Top2 的万达、中影院线市占率呈提升趋势，万达的 市占率从 ...

证券研究报告：家用电器 | 公司点评报告 发布时间：2026-02-26 股票投资评级 买入 |首次覆盖 公司基本情况 | 最新收盘价（元） | 10.45 | | --- | --- | | 总股本/流通股本（亿股）45.27 | / 45.24 | | 总市值/流通市值（亿元）473 | / 473 | | 52 周内最高/最低价 | 11.50 / 4.17 | | 资产负债率(%) | 43.7% | | 市盈率 | 29.86 | | 第一大股东 | 南昌兆驰投资合伙企业 | | (有限合伙) | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:陈天瑜 SAC 登记编号:S1340125090015 Email:chentianyu@cnpsec.com 兆驰股份(002429) 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 个股表现 2025-02 2025-05 2025-07 2025-09 2025-12 2026-02 -24% -11% 2% 15% 28% 41% 54% 67% 80% ...

Group 1 - The media industry is expected to be driven by AI applications and IP ecosystems, with a positive outlook for fundamentals, maintaining a "leading the market - A" rating, and recommending Kunlun Wanwei, Shanghai Film, and Deyuan Network as key investment targets [1][3] - In 2025, the media industry achieved a cumulative index increase of 27.17%, ranking 9th among 31 primary sub-industries, with the gaming and television broadcasting sectors leading with increases of 60.50% and 20.80% respectively [1][21] - The industry generated revenue of 387.28 billion yuan and a net profit of 32.11 billion yuan in Q1-Q3 2025, representing year-on-year growth of 5.75% and 37.88% respectively, with notable profit growth in the film and gaming sectors at 108.5% and 88.6% [1][26] Group 2 - The AI sector is becoming a core growth engine, with global AI application MAUs exceeding 1.5 billion and domestic MAUs reaching 540 million in 2025, with a projected global market size of over $1.8 trillion by 2030, growing at a CAGR of 37.3% [2][40] - The film industry is expected to progress steadily in 2025, with total box office revenue reaching 51.82 billion yuan, a year-on-year increase of 21.65%, driven by animated films, particularly "Nezha: Birth of the Demon Child," which grossed 15.4 billion yuan [2][59] - The gaming industry continues its growth trend, with a record 1,711 game licenses issued in 2025, and domestic market revenue of 350.79 billion yuan, a year-on-year increase of 7.68%, while overseas revenue reached $20.45 billion, up 10.23% [3][21] Group 3 - The report highlights three core investment targets: Kunlun Wanwei, which maintains a leading position in AI technology; Shanghai Film, which is enhancing its market share in cinema operations and IP development; and Deyuan Network, which has a stable performance in classic IP and a rich pipeline of new products [3][21][57] - The gaming sector is benefiting from AI technology across all stages of development, with an application rate of 86.36%, leading to cost reductions and innovative gameplay experiences [3][21] - The report emphasizes the transition in the film industry from quantity to quality, with an increase in high-quality content supply expected for the 2026 Spring Festival [2][59]

行业研究 | 传媒 证券研究报告/行业研究 2026 年 02 月 10 日 多模态突破+AI 红包大战，双重催 化下 AI 应用赛道价值有望重估 智能科技行业 1 月报（20260101-0131） 中性（维持) 行业指数与大盘走势对比 -10% 0% 10% 20% 30% 40% 08-11 09-11 10-11 11-11 12-11 01-11 传媒 沪深300 研报摘要 行情回顾：智能科技类 ETF 整体呈现普涨态势。近一月市场表现，传媒 ETF（512980）涨幅居首 22.14%；科创人工智能 ETF（588760）、信创 ETF （159537）等涨幅分别为 17.39%、17.21%；人工智能、云计算、软件等核 心科技细分赛道亦均实现正增长，科技板块整体处于上行通道。 数据跟踪：1）开年新游市场回暖，国内与海外新游供给节奏显著提速。 国内市场由腾讯、三七互娱等头部厂商主导，推出《逆战：未来》《全明 星觉醒》《生存 33 天》等端游 IP 及创新品类新游，海外市场辐射全球区 域，涵盖 MMO、IP 改编等多种类型。流水收入方面，国内腾讯《逆战： 未来》预估收入 779W+美元、鹰角网络《明 ...

Investment Rating - The investment rating for Bilibili-W (09626.HK) is "Outperform the Market" [1][4][13] Core Views - 2026 is expected to be a significant year for the gaming industry and AI application advertising, which will likely lead to increased advertising revenue and profits for Bilibili [2][3][5] - Bilibili is anticipated to capture more advertising budgets from gaming and AI application advertisers, driving revenue and profit growth [3][5] Revenue and Profit Forecast - Revenue projections for Bilibili are estimated at 30.2 billion, 32.6 billion, and 36.5 billion for the years 2025, 2026, and 2027 respectively [4][13] - Adjusted net profits are forecasted to be 2.5 billion, 3.4 billion, and 4.6 billion for the same years [4][13] Industry Insights - The gaming industry is expected to see a rapid increase in game approvals, with a nearly 60% year-on-year growth in the number of game approvals in 2025, excluding casual games [3][5] - Bilibili's gaming advertising is projected to achieve over 30% year-on-year growth in 2026 due to increased competition among top game publishers [3][5] - AI application advertising budgets are expected to increase significantly in 2026, with Bilibili's user base overlapping with core AI application audiences [3][5] User Engagement and Advertising Metrics - Bilibili's Daily Active Users (DAU) is expected to maintain a growth rate of over 5% in 2026, with improvements in AI technology enhancing ad load from 6.7% to 7.1% and a projected 5% increase in ECPM [6][7] - The advertising revenue growth for native and brand ads is expected to be in single digits due to macroeconomic influences [7]

Market Overview - On February 9, the market opened high and closed higher, with the Shanghai Composite Index rising by 1.41%, the Shenzhen Component Index by 2.17%, and the ChiNext Index by 2.98%[3] - The total trading volume reached 2.27 trillion, an increase of approximately 110 billion compared to the previous trading day, indicating a market recovery[1] Sector Performance - Major sectors such as communication, media, electronics, and computers saw significant gains, particularly in AI applications where many stocks hit the daily limit up[1] - The top three sectors for net capital inflow were communication equipment, photovoltaic equipment, and semiconductors, while the sectors with the highest outflows were energy metals, oil service engineering, and agricultural chemicals[4] Investment Trends - The overall market remains cautious, with many stocks experiencing limit-up openings but also significant pullbacks, particularly in the space photovoltaic sector[1] - The current market characteristics suggest stabilization rather than aggressive buying, presenting a potential opportunity for early positioning[1] AI Sector Insights - AI application companies in the U.S. are showing high revenue growth, with domestic models like seedance 2.0 gaining traction, indicating a focus on AI applications in the market[2] Fundraising Activity - A total of 43 funds are set to be launched in February, with 33 being equity funds, accounting for nearly 80% of the total, indicating strong interest in new investment opportunities[13]

光大期货金融期货日报 光大期货金融期货日报（2026 年 02 月 10 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 昨日，A 股市场高开高走，Wind 全 A 上涨 1.89%，成交额 2.27 万亿元，通 | | | | 信板块领涨。中证 1000 指数上涨 2.26%，中证 500 指数上涨 2.02%，沪深 300 | | | | 指数上涨 1.63%，上证 50 指数上涨 1.45%。近期各部位密集出台经济调控政 | | | | 策，对指数形成基本面支撑。近日，发改委召开国新办发布会，表示：（1） | | | | 研究设立国家级并购基金 加强政府投资、基金布局规划；（2）综合整治"内 | | | | 卷式"竞争，将进一步规范地方经济促进行为；（3）正在谋划推进一批"十 | | | | 五五"时期高技术产业标志性引领性重大工程等内容。上周，央行将下调各 | | | 股指 | 类结构性货币政策工具利率 25BP。结构性货币政策工具以定向支持社会特 | 震荡 | | | 定融资需求为主，科技创新、普惠养老、碳减排等近期股市热点题材均涵盖 | | | ...