增持 （首次） 国产家居五金龙头，设计+智造+渠道构建竞争护城河 深 度 研 悍高集团（001221）深度报告 2026 年 2 月 26 日 S0340513040001 电话：0769-22177163 邮箱：hmy@dgzq.com.cn | 分析师：何敏仪 SAC 执业证书编号： S0340513040001 | | | --- | --- | | 电话：0769-22177163 | 公 | | 邮箱：hmy@dgzq.com.cn | 司 研 | | 主要数据 2026 年 2 月 | 究 25 日 | | 收盘价(元) | 74.44 | | 总市值（亿元） | 297.77 | | AH 股总股本(亿股) | 4.00 | | AH 股流通股本(亿股) | 0.36 | | ROE（TTM） | 24.26% | | 12 个月最高价(元) | 79.64 | | 12 个月最低价(元) | 44.66 | | 股价走势 | 证 券 | | 资料来源：iFind，东莞证券研究所 | 研 究 | | 相关报告 | | 券 研 究 报 告 资料来源：iFind，东莞证券研究所 | 2. | 产品矩 ...

公 司 研 究 新拓电子布领域，半导体无尘耗材亦高增 聚杰微纤(300819) ——聚杰微纤更新 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 花健祎(分析师) | 0755-23976858 | huajianyi@gtht.com | S0880521010001 | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 巫恺洋(分析师) | 0755-23976666 | wukaiyang@gtht.com | S0880525080008 | 本报告导读： 公开工商信息显示公司通过收购拓展电子布领域，设备灵活升级能力或是特色，公 司半导体无尘擦拭耗材也在快速发展阶段。 投资要点： 风险提示：原材料成本暴涨，下游需求不及预期，竞争格局恶化。 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- ...

Core Insights - The article highlights the collaboration between Shandong Xinya Green Power Fuel System Co., Ltd. and Postal Savings Bank of China, emphasizing how financial support is accelerating the company's growth in the domestic substitution market [1][3]. Company Overview - Shandong Xinya Green Power Fuel System Co., Ltd. was established in 2017 and specializes in the research, production, and sales of high-pressure common rail injectors for internal combustion engines [3]. - The company's products are widely used in heavy trucks and engineering machinery, serving well-known domestic manufacturers such as China National Heavy Duty Truck Group, Weichai Power, and FAW Jiefang [3]. - The company aims to replace imports with its cost-effective products, which have successfully penetrated markets in Southeast Asia, the Middle East, and Africa [3]. Financial Collaboration - The partnership with Postal Savings Bank began in 2023, focusing on various business areas including small enterprise credit, payroll services, and cash settlement [3][5]. - A loan of 10 million yuan from Postal Savings Bank has significantly supported the company's steady development, enhancing its financing channels and optimizing cash flow management [3][5]. Business Performance - The company projects nearly 200 million yuan in revenue for 2024, with tax contributions of 15 million yuan and the creation of over 200 jobs [5]. - The diesel engine electronic control high-pressure common rail technology developed by the company is recognized as one of the 35 critical technologies in China, receiving national support [5]. Strategic Focus - Postal Savings Bank emphasizes its commitment to supporting "specialized, refined, distinctive, and innovative" enterprises like Shandong Xinya, aiming to be a growth partner throughout the company's lifecycle [7]. - The collaboration exemplifies the synergy between finance and technology, showcasing the bank's role in facilitating the company's international market expansion and technological advancements [7].

眼科器械龙头爱博医疗（688050）拟通过并购切入运动医学领域。在前次披露投资意向一个月后，公司于2月26日发布具体 收购方案，拟以6.83亿元收购德美联合（重庆）医疗科技有限公司（以下简称"德美医疗"）68.31%股权。交易作价较净资 产账面值溢价约3倍，预计将形成约5亿元商誉。资金方面，约70%至80%来自银行并购贷款。 针对市场对杠杆收购的关注，爱博医疗相关负责人于2月26日向北京商报记者回应称，目前公司账面自有资金较为充裕，回 款情况良好，且国家对并购贷款有相应的支持政策，合理使用财务杠杆不会构成较大压力。 近年来，德美医疗所处的运动医学赛道发展迅速。经营数据显示，2025年，德美医疗营收和净利润均实现较快增长。在当 前爱博医疗业绩增速放缓的背景下，此次收购能否为公司注入新的增长动力，记者将持续关注。 爱博医疗最新公告显示，公司拟使用并购贷款及自有资金收购德美医疗68.31%股权，本次交易对价为6.83亿元。公司支付 第一期股转款后，本次交易涉及的德美医疗股权将全部完成办理工商变更登记，公司将享有作为目标公司股东的全部权利 和权益，德美医疗将成为公司控股子公司，纳入公司合并报表范围。 公告显示，德美医 ...

2月26日午后，半导体设备、芯片设计等板块强势走高。截至发稿，设备+材料+设计含量超90%的半导体设备ETF（561980）上涨1.13%、此前一度涨超 2%，实时成交额2.58亿元。 成份股表现活跃，寒武纪大涨7%，长川科技、京仪装备涨超5%，芯源微、神工股份、华峰测控、拓荆科技等多股涨超3%。 分析指出，设备与设计板块今日强势拉升或出于以下产业催化密集共振。 催化一：中日关系趋紧，国产替代逻辑再强化 东吴证券指出，日本大选后中日关系进一步紧张，中国驻大阪总领馆已提醒公民避免前往日本。在此背景下，"去日化"有望继"去美化"后提上日程。日本半 导体设备龙头集中于测试机、涂胶显影设备、切磨抛设备、清洗设备等领域，利好相对应的国产设备商。 截至2月25日，该ETF最新规模35.27亿元，标的指数2020年以来上涨超290%，大幅领先科创芯片、半导体材料设备等同类指数，凸显更强反弹锐度，或在 新一轮半导体上行周期中更具弹性。 数据来源：Wind，2020.1.1-2026.2.25。 2月25日，盛合晶微科创板IPO成功过会，拟募集资金48亿元，投向三维多芯片集成封装、超高密度互联三维多芯片集成封装项目。东吴证券指 ...

Core Viewpoint - The semiconductor equipment and materials market is expanding into AI chip design, with strong performance from companies like Nvidia and domestic players such as Haiguang Information and Cambrian, indicating a robust growth trajectory in the sector [1][4]. Group 1: Company Performance - Nvidia reported a revenue of $68.1 billion, a 73% year-over-year increase, with strong growth in its data center business and a positive outlook extending to 2027 [4]. - Haiguang Information expects a revenue increase of 62.91% to 75.82% year-over-year for Q1 2026, building on a 57% increase in 2025 [1]. - Cambrian anticipates a net profit increase of 575% for 2025, showcasing the strong demand for domestic AI chips [1][4]. Group 2: Market Trends - The semiconductor equipment ETF (561980) has shown resilience, recovering from a 2% dip to gain over 2% during the day, reflecting investor confidence in the sector [1]. - The semiconductor theme index has outperformed other indices since 2020, with a significant increase of 290.72% compared to other chip-related indices [2][3]. - The supply-demand dynamics in the storage chip market have shifted, with SK Hynix indicating a transition to a seller's market, leading to expected price increases [4]. Group 3: Industry Outlook - The growth in semiconductor equipment, materials, and design is expected to continue until at least 2027, driven by strong demand and capacity expansion in the industry [4]. - The domestic semiconductor industry is benefiting from increased localization, with the localization rate for wafer manufacturing equipment expected to rise from 25% in 2024 to 30% in 2026 [4]. - The increasing demand for AI computing power, coupled with rising storage prices and accelerated domestic substitution, is favorable for the equipment, materials, and design sectors [4].

Core Insights - Meta and AMD have announced a collaboration to deploy a total of 6,000 megawatts of AMD chips (MI450), which is expected to generate over $100 billion in revenue for AMD in the coming years [1] Group 1: Company Impact - Tongfu Microelectronics, as AMD's core packaging and testing manufacturer, is expected to benefit significantly from the increased business scale with major clients, leading to a 5% upward revision in profit forecasts for 2027 [1] - The total order value from this collaboration is anticipated to exceed $100 billion, positively impacting Tongfu Microelectronics [1] - Tongfu Microelectronics has stakes of 15% in AMD's Penang and Suzhou factories, which will contribute to increased revenue for the company [1] Group 2: Strategic Opportunities - Through a private placement, the company aims to seize strategic opportunities in AI and domestic substitution, further enhancing its influence in the packaging and testing sector [1] - The long-term outlook for the company remains positive due to these developments [1] Group 3: Valuation Metrics - The current stock price corresponds to a price-to-earnings (PE) ratio of 40 times for 2026 and 26 times for 2027, with a "buy" rating recommended [1]

群益证券(香港)研报指出，Meta与AMD宣布合作，将部署总计六千兆瓦AMD的晶片（MI450）。预计 未来数年内将为AMD带来超千亿美元规模的收入。通富微电作为AMD的核心封测厂商，有望深度受益 于大客户业务规模的提升，上调2027年盈利预测5%。就金额来看，预计订单总金额将超千亿美金。此 次合作利好通富微电，通富微电是AMD的核心封装厂（通富微电收购AMD的海外封测业务），通富微 电槟城及苏州厂AMD均参股15%，因此公司收入端有录得较多增量，长期影响正面。另外，通过定 增，公司将抓住AI、国产替代的战略机遇期，将进一步扩大公司在封测领域的影响力，长期影响正 面。目前股价对应2026-2027年PE分别为40倍和26倍，予以"买进"评级。 ...

Core Viewpoint - The semiconductor industry is experiencing a significant upturn, driven by the demand for AI-related chips, with several leading companies reporting substantial revenue growth and profitability improvements [3][11]. Group 1: Company Performance - Haiguang Information reported a revenue of 14.376 billion yuan for 2025, a year-on-year increase of 56.91%, with a net profit of 2.542 billion yuan, up 31.66% [11]. - Cambrian's earnings forecast indicates expected revenue between 6 billion to 7 billion yuan for 2025, representing a year-on-year growth of 410.87% to 496.02%, with a projected net profit of 1.85 billion to 2.15 billion yuan [11]. - Lanke Technology anticipates a net profit of 2.15 billion to 2.35 billion yuan for 2025, reflecting a year-on-year increase of 52.29% to 66.46% [11]. Group 2: Industry Trends - The semiconductor industry is currently experiencing a rising demand due to AI's influence on computing power chips, storage chips, and wafer foundry sectors [11]. - Dongguan Securities highlights that the semiconductor equipment sector is entering a historic development window, suggesting a focus on performance realization in the equipment and storage sectors [11]. - The "super cycle" in the chip industry is being emphasized, with a recommendation to select high-growth stocks [11]. Group 3: ETF Performance - The Huabao Sci-Tech Chip ETF (589190) has shown a year-to-date price increase of over 2%, with significant contributions from leading companies like Cambrian and Xinyuan Micro [1][10]. - The Shanghai Stock Exchange Sci-Tech Chip Index has an annualized return of 17.93%, outperforming similar indices and demonstrating a better risk-return profile [13][14]. - The index has shown a maximum drawdown of -56.81%, indicating a relatively lower risk compared to other indices [14].

科创芯片设计ETF天弘（589070）精准卡位云端训练芯片、边缘推理芯片、国产GPU三大高增长细 分赛道，完美契合AI算力爆发与国产替代的行业趋势。从数据来看，68%的AI芯片设计市场增速、12% 的国产GPU市场份额，为产品提供了坚实的业绩支撑；而40~45倍的合理估值与赛道协同优势，又平衡 了35%~45%的高波动风险。对于看好半导体设计赛道长期发展的投资者，科创芯片设计ETF天弘 （589070）是一站式捕捉细分赛道红利的高效工具。 科创芯片设计指数当前PE-TTM为254.79倍，处于近三年估值历史30.67%分位，低于近七成时间的 估值水平。当前区域具备较高性价比，估值压力相对较小，对长期配置资金具备一定吸引力。 消息面上，据凤凰网科技，AI芯片巨头英伟达公布2026财年第四季度财报，营收达创纪录的681亿 美元，同比增长73%，净利润暴涨94%。其核心数据中心业务收入同比增长75%至623亿美元，凸显AI 算力需求持续强劲。据智通财经，公司同时给出超预期的下一季度营收指引780亿美元。此外，英伟达 CEO黄仁勋指出，智能体AI的拐点已至，搭载NVLink的Grace Blackwell平台显著降低 ...