投资者提问：尊敬的董秘，您好！请问贵司的产品在油气和新能源方面主要用于哪些环节？是否应用于 油气开采和储运？在新能源如氢能、核能等领域，公司有何布局？另外，公司的A6资质预计何时能拿 到？ 锡装股份回复：尊敬的投资者，公司主要从事金属压力容器的研发、设计、制造、销售及相关技术服 务，产品广泛应用于石油炼化、基础化工、新能源、化工新材料等领域的换热、反应、分离、储存等场 景。对于新能源领域的业务布局，公司坚持围绕主业，持续研发投入开发新产品和新技术，积极拓展产 品和技术的应用领域，努力扩大客户群，积极开拓新市场。需特别说明的是，新业务市场开拓受技术转 化、客户需求、行业环境等多重因素影响，存在不确定性，敬请您注意投资风险。关于公司A6证书取 得的时间，请以公司正式公告为准。感谢您的关心和支持！ 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，锡装股份(001332)02月25日在投资者关系平台上答复投资者关心的问题。 ...

Group 1: Agriculture Industry Insights - The domestic pet consumption market is evolving from basic needs to emotional narratives, driving upgrades in pet food and medical services, indicating a new growth phase for the industry [6] - The USDA's February report predicts a stable beef price outlook for 2026, with increased global soybean ending stocks due to South American production [9][11] - The domestic pet medical market is expected to expand significantly, driven by pet aging and the need for better healthcare services, with a low current chain rate indicating room for consolidation [7][11] Group 2: Consumer Services Industry Strategy - The Spring Festival holiday data shows a 9.6% year-on-year increase in cross-regional personnel flow, indicating strong demand for travel and services [14] - Hotel industry performance improved significantly during the holiday, with a 30.7% increase in REVPAR, driven by strong demand and price stabilization among leading groups [14] - The domestic retail and catering sectors saw an 8.6% increase in average daily sales during the holiday, reflecting a recovery in consumer spending [14] Group 3: Automotive Industry Analysis - The report highlights Sensata Technologies as a leading global supplier in automotive exterior parts, benefiting from a diversified product range and a strong cash flow for R&D [16] - The company is positioned to capitalize on the growing electric vehicle market, with significant revenue expected from battery box sales in Europe [17] - Sensata is expanding into new sectors such as robotics and liquid cooling, indicating a strategic diversification of its product offerings [18] Group 4: Financial Engineering and Investment Value - The report emphasizes the potential of the non-ferrous metals sector, with macroeconomic conditions favoring price recovery and demand growth driven by emerging industries [19][20] - The Southern China Securities Non-Ferrous Metals ETF is highlighted as a key investment vehicle, with strong liquidity and a comprehensive product line from a leading fund manager [22] - The index's performance is expected to outperform the broader market, supported by strong earnings growth from major companies in the sector [21]

证券分析师 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2026.02.26） 基金研究 权益市场震荡修复，宽基指数多数呈现资金流出态势——公募基金周报 金融工程研究 主要指数多数下跌，两融余额继续下降——融资融券周报 公司研究 以科研为基，轴承+磨料磨具双主业协同发展——国机精工（002046）公司深 度报告 行业研究 证 静待国内需求复苏，关注宏观情绪影响——金属行业周报 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 7 晨会纪要（2026/02/26） 晨会纪要（2026/02/26） 基金研究 权益市场震荡修复，宽基指数多数呈现资金流出态势——公募基金周报 宋 旸（证券分析师，SAC NO：S1150517100002） 张笑晨（证券分析师，SAC NO：S1150525070001） 1、本周市场回顾 节前一周统计区间为 2026 年 2 月 9 日至 2026 年 2 月 13 日，权益市场主要指数多数上涨，其中，涨幅最大 的是科创 50 ...

2月11日，中国汽车工业协会发布2026年1月汽车产销数据及经济运行情况。作为"十五五"开局之年的首 份成绩单，1月车市呈现出鲜明的内外冷热不均：乘用车市场环比、同比双双下降，新能源汽车国内销 量罕见出现近两成同比下滑，但与此同时，商用车延续复苏态势，汽车出口总量同比增长44.9%，其中 新能源汽车出口同比倍增，成为开年车市最大亮点。 外国品牌阵营中，与去年12月相比，五大主要品牌销量均呈两位数下降；与去年同期相比，仅美系品牌 实现两位数增长，德系、日系、韩系、法系品牌均呈不同程度下降。 中国汽车工业协会陈士华在发布会上表示，1月市场下行主要受三方面因素影响：一是新能源汽车购置 税政策切换调整；二是多地购车补贴政策处于年度交替窗口期；三是部分消费需求已在2025年提前释 放。他认为，2026年开年首月，国家已密集推出一系列惠民惠企政策，其中"两新"政策平稳有序衔接， 各地正在陆续跟进发布实施细则；《加快培育服务消费新增长点工作方案》聚焦汽车后市场服务等重点 领域。随着相关政策的细化落实，有助于推动车市需求企稳回升。"'十五五'时期是我国汽车产业向高 质量转型的关键窗口期，需要行业在保持市场稳健运行的同时，着力 ...

华见早安之声 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 投资者押注英伟达强劲业绩将重新点燃对AI交易的热情，推动科技股连续第二个交易日反弹。纳指再涨1%，两个月来首次连续两日涨幅超1%。软件股ETF 也连续第二日反弹，上涨3%。科技七巨头全线上涨，盘后英伟达财报和指引远超预期、股价一度涨约3.5%。 Circle暴涨35%，公司四季度财报好于预期。奈飞涨近6%，市场押注其将放弃对华纳兄弟公司的收购。 美债收益率全线上行。美元跌0.24%。人民币四连涨，日内接连升破6.87、6.86关口，逼近6.85，创2023年4月份以来高点。 加密货币大反弹。比特币大涨近8%，重新逼近7万美元。以太坊飙升13%，一度突破2100美元。 金银延续昨日美股尾盘反弹趋势，黄金涨0.44%，白银涨2.2%。WTI原油跌0.77%，美国原油库存大幅增加给油价带来了压力。 亚洲时段，创业板涨超1%，涨价题材集体爆发，人民币创近三年新高，恒指震荡上涨0.7%，大模型第一股智谱跌超10%。 要闻 中国 中华人民共和国和德意志联邦共和国联合新闻声明。 美贸易代表称继续推进中美第一阶段经贸协议情况301调查，商务部回 ...

来自北京的00后刘嘉是一名人工智能专业的学生，她感觉，过去5年，人工智能的发展给她的生活带来 了很多变化。"很多时候写代码、读论文、想方案，都会用AI大语言模型辅助一下，效率高了很多。" 刘嘉表示，目前AI工具已成为她学习和科研的"全能型好朋友"，未来，她期待具身智能等前沿技术能进 一步落地，让自己的专业能够实实在在地帮助到更多人，比如，让机器人更安全可靠，可以在家庭照 护、制造业、危险环境里真正帮上忙。"许多人都盼望未来能用机器人解决养老问题，希望可以很快成 为现实。"刘嘉笑着说。 "现在家里的智能家居已经让生活变方便了，希望以后这些东西能越来越智能。"来自河北的95后王力更 关注科技对日常生活的全方位赋能。他注意到，近两年春晚亮相的人形机器人发展十分迅速，这让他对 科技普惠更加充满信心。王力相信，未来人工智能等前沿技术会全面渗透进人们日常的生活和工 超六成受访者期待具身智能等前沿技术更快走进日常生活 "十五五"期间，超半数受访者看好年轻人投身人工智能领域 今年是"十五五"的开局之年，围绕高水平科技自立自强、发展新质生产力等国家部署，公众对科技发展 的切身感知与未来展望如何？未来5年，哪些领域蕴藏着青年的发 ...

（来源：新华日报） □ 本报记者 周成瑜 2月24日，苏州国览会展服务有限公司总经理陆亮坐上了前往越南的飞机。与他一道同行的，还有由20 多家苏州企业组成的参展团。这也是马年春节后，苏州市"百团千企"出海行动首批出海团组之一，目标 是即将在胡志明市西贡会展中心举办的越南国际服装、纺织品及纺织技术博览会。 2月22日，苏州市政府召开稳外贸工作专题会议，提出要保持坚定信心，加强分析应对，强化涉企服 务，全力以赴推动外贸高质量发展。作为苏州稳外贸的重要举措之一，"百团千企"出海行动接下来将大 力实施服务伙伴计划，吸引更多专业服务机构加盟，在经贸、金融、知识产权、出口信保、法律、会 展、财税、外事等八大领域，为出海企业提供全链条、国际化、专业化的配套服务。 陆亮透露，在"百团千企"出海行动的带动下，苏州国览会展服务有限公司全年计划链接近30场国际会展 活动资源，除纺织服装、家用消费品等外，还将积极拓展人工智能、新能源、医疗设备等行业领域，预 计服务企业约900家。 今年1月，2026苏州市"百团千企"出海行动正式启航，拉开了新一年苏州外贸企业抱团开拓全球市场的 大幕。政府与会展服务商在签证、物流、展位搭建、现场协调等 ...

Core Viewpoint - Kunlun Wanwei, a company that claims to benchmark against ChatGPT, continues to face significant losses despite its "All in AI" strategy, projecting a net loss of 1.35 billion to 1.95 billion yuan for 2025, extending its previous year's losses [1][4]. Financial Performance - The company expects a revenue increase of over 40% in 2025, with overseas revenue share further rising, contrasting with a 15.20% revenue growth in 2024 [4]. - For 2025, the net profit attributable to shareholders is projected to be between -1.35 billion and -1.95 billion yuan, while the net profit after deducting non-recurring items is expected to be between -1.448 billion and -2.048 billion yuan [1][4]. - In 2025, the sales expenses surged to 2.891 billion yuan, a year-on-year increase of 105.75%, which offset the growth in core business [5]. Business Strategy and Market Position - Kunlun Wanwei has diversified its business across AGI, AIGC, overseas information distribution, short drama platforms, and social entertainment, operating in over 100 countries [4]. - The company has been recognized as a "rare large model and overseas application leader in A-shares" despite its ongoing financial struggles [12]. Investment and R&D - The company has significantly increased its R&D investments, with 2023 expenditures reaching 968 million yuan and projected to rise to 1.543 billion yuan in 2024 [12]. - Marketing expenses remain high to capture overseas market share, contributing to the ongoing financial losses [12]. Product Performance - The short drama platform has emerged as an unexpected growth point, with projected revenues of 1.68 billion yuan in 2025, representing a 900% year-on-year increase [13]. - Despite the growth in internet business revenue by 52.01% in the first half of 2025, the cost of sales increased by 108.98%, leading to a decline in gross margin [12]. Challenges and Future Outlook - The company faces challenges in sustaining its AI strategy amid continuous losses, with the need for substantial commercial viability to support its nearly 100 billion yuan market valuation [13]. - Analysts predict that losses will narrow to 94 million yuan in 2026, with a potential return to profitability in 2027, contingent on effective commercialization [13].

本报记者 刘钊 业绩快报显示，2025年，该公司实现营业总收入20.42亿元，同比大幅增长55.42%；归属于上市公司股东的净利润为1.81亿 元，同比激增94.62%，接近翻倍；基本每股收益1.47元，同比增长93.42%，盈利能力迈上新台阶。扣除非经常性损益后的归母 净利润达1.75亿元，同比增幅高达115.78%，凸显公司主营业务的强劲盈利韧性。 2月25日晚间，青岛达能环保设备股份有限公司（以下简称"青达环保"）发布2025年度业绩快报。该公司去年全年经营业 绩实现跨越式增长，核心财务指标均亮眼。在传统节能环保主业稳健增长的同时，新能源业务成为重要增长极，多元化发展战 略成效显著。 财务状况方面，该公司整体基本面持续优化，股东权益实现稳步增长。截至2025年年末，公司归属于上市公司股东的所有 者权益达11.27亿元，较去年年初增长17.71%；归属于上市公司股东的每股净资产为9.08元，同比增长16.71%，股东价值得到有 效提升。尽管公司总资产较期初略有下降，但权益端的增长反映出公司资产结构更趋合理，经营发展的质量和稳定性持续增 强，加权平均净资产收益率提升至17.36%，较2024年同期增加7.2 ...

Major Announcements - SMIC's application for issuing shares to purchase assets has been accepted by the Shanghai Stock Exchange [2] - Gree Electric's largest shareholder plans to reduce its stake by no more than 2% [35] - Haiguang Information expects a net profit increase of 22.56% to 42.32% in Q1 2026 [18] Company Developments - SMIC plans to issue shares to acquire 49% of the equity in Zhongke North Integrated Circuit Manufacturing [2] - Bona Film Group reports normal operations with no significant changes in the internal and external business environment [2] - ST Xinhua Jin is under investigation by the CSRC for information disclosure violations [3] - Shandong Haihua plans to invest 48.37 billion yuan in a soda ash facility upgrade for energy efficiency [4] - ST Yanshi warns of potential delisting risks due to significant stock price fluctuations and unresolved audit issues [5] - Saifutian's subsidiary has resumed production, stabilizing the supply of photovoltaic battery products [6] - Jin'an Guoji's subsidiary has been recognized as a high-tech enterprise, benefiting from tax incentives [7] - Chuanjinno reports market rumors regarding U.S. national security priorities affecting its operations [8] - Lingyi Zhi Manufacturing plans to invest in a fund focused on advanced equipment manufacturing [9] - Songsheng Co. is establishing a joint venture for digital energy products [10] - Longbai Group's subsidiary has partially resumed production after safety inspections [10] - Tongyuan Petroleum reports no significant changes in its business environment despite stock price fluctuations [11] Financial Performance - Haiguang Information's 2025 revenue reached 14.376 billion yuan, a 56.91% increase, with a net profit of 2.542 billion yuan, up 31.66% [18] - Sainuo Medical's 2025 revenue was 525 million yuan, a 14.53% increase, with a net profit of 47.286 million yuan, up 3057.05% [19] - Koweil's 2025 revenue was 514 million yuan, a 7.39% increase, with a net profit of 64.8996 million yuan, up 32.32% [20] - United Imaging's 2025 revenue reached 13.821 billion yuan, a 34.18% increase, with a net profit of 1.888 billion yuan, up 49.6% [21] - Nanya New Materials reported a 2025 net profit of 241 million yuan, a 378.65% increase [22] - Yanzhou Coal's Australian subsidiary reported a 2025 after-tax profit of 440 million AUD [23] - Lante Optical's 2025 net profit was 388 million yuan, a 76.09% increase [24] - Huafeng Measurement's 2025 net profit was 538 million yuan, a 61.22% increase [26] - Hancable's 2025 net profit was 592 million yuan, a 9.59% decrease [27] - Transsion Holdings reported a 2025 net profit of 2.584 billion yuan, a 53.43% decrease [27] - Aiko Optoelectronics reported a 2025 net profit of 64.0919 million yuan, a 307.63% increase [28] - Huachuang Technology's 2025 net profit was 42.678 million yuan, an 89.45% increase [29] - Honghua Digital's 2025 net profit was 529 million yuan, a 27.63% increase [29] - Zhujiang Beer reported a 2025 net profit of 903 million yuan, an 11.42% increase [30] - Xindong Lian Ke's 2025 net profit was 302 million yuan, a 36.1% increase [31] - Qingda Environmental's 2025 net profit was 181 million yuan, a 94.62% increase [33] - Shenkong Co.'s 2025 net profit was 101 million yuan, a 146.54% increase [34] - Chip Micro's 2025 net profit was 290 million yuan, an 80.42% increase [34]