每日经济新闻消息，2月24日，市场冲高回落，创业板指盘中一度涨超2%。截至收盘，沪指涨0.87%，深成指 涨1.36%，创业板指涨0.99%。 市场热点快速轮动，板块来看，油气股集体上涨，化工板块爆发，玻纤概念反复活跃。下跌方面，影视院线、 AI应用等板块跌幅居前。 全市场超4000只个股上涨，其中109只个股涨停。沪深两市成交额2.2万亿元，较上一个交易日放量2194亿元。 今天，你收获A股马年"开门红"了吗？ Wind数据显示，截至收盘，三大指数虽冲高回落，但仍然飘红；全市场更有超4000只个股上涨。 但，几家欢喜几家愁。 如果今天你错失了开门红包，很可能源于两件事——持仓下跌，或早盘追高被套。 尤其对节前一两天才入场埋伏的资金来说，超短线的波动今天体现得淋漓尽致。以下图所示的近几日热点板块 为例—— 全A平均股价上涨0.64%，且从分时走势来看：早盘高开后，市场立刻经历了埋伏资金的集中兑现，但该指标 短暂翻绿后就再度走强。 这意味着，多数股民今天应该是赚钱的；若能踩准节奏，短线客还能"赚两份钱"。 押中了贵金属、油气方向的，几乎无悬念大赚甚至爆赚； 选择军工、AI硬件等方向的，持有ETF可以小赚，抓住板 ...

分析人士指出，随着手机业务回归正常产品发布的节奏，华为营收逐步回到历史高位，但也意味着后续 面临较大的增长压力。相较2024年22.4%的同比增速，2025年仅微增2.18%。未来，华为能否突破营收 9000亿元大关，实现对历史峰值的超越，仍有待AI算力（核心股）、智能汽车（核心股）等新业务成 长为关键增长极。 鸿蒙终端设备数突破4000万 华为董事长梁华今日在2026广东省高质量发展大会上透露，2025年华为销售收入超过8800亿元。此前已 有消息称2025年华为销售收入的具体数字为8809亿元，同比增长2.18%。据悉，华为于每年的4月对外 披露正式财务数据。 对比华为历年营收数据：历史峰值出现在2020年，达到8914亿元。此后，由于2020年5月美国对华为的 制裁进一步升级，其手机业务遭受重创，并被迫拆分出售荣耀，导致随后几年营收大幅下滑。最新公布 的2025年超8800亿元，已成为华为历史上销售收入第二高的年份。 梁华透露，目前，鸿蒙生态正在从可用走向好用，搭载HarmonyOS 5和HarmonyOS 6的终端设备数突破 4000万，可获取的原生应用和云服务超过7.5万个，在金融、电力、能源、交通 ...

通信行业周报 AI 算力投资与变革加速，智谱 GLM-5 适配主流国产芯片 2026 年 02 月 24 日 【投资要点】 【市场回顾】 1）通信行业整体下跌：通信（申万）指数节前两周（2026.2.2- 2026.2.13）下跌 4.3%，涨幅排名第 30；2）板块估值水平偏高：申 万通信板块 2026 年 2 月 13 日整体动态市盈率约为 24.07 倍 PE；3） 细分领域涨跌幅：海光缆、信息安全、工业互联网板块节前两周涨幅 分别为 20.0%、4.3%、4.2%，军工通信、北美 AI 板块分别下跌 7.3%、 7.1%；4）个股表现：申万通信板块成分股 78 家上涨、49 家下跌，特 发信息、长飞光纤、天孚通信、国盾量子、通鼎互联节前两周涨幅分 别为 47.5%、43.1%、25.4%、20.7%、18.0%。 【配置建议】 算力中长期旺盛需求持续验证，应用端落地进一步加速需求增长，当 前时点，建议关注算力产业链核心环节新技术渗透及国产链景气度提 升：光模块（中际旭创、新易盛、天孚通信、华工科技、光迅科技、仕 佳光子、光库科技、嘉元科技、优迅股份等）、铜互连（瑞可达、兆龙 互连等）、交换机（锐捷网络 ...

诚通证券认为，发达经济体电网设备老旧，超过20年使用年限设备占比高，更新换代需求迫切。国内电 网设备公司将受益于电网投资增速中枢上移，同时海外出口业务有望保持稳定增长。 全市场最纯——电网设备ETF（159326）：是全市场唯一跟踪中证电网设备主题指数的ETF，申万二级 行业中电网设备含量超78%，为全市场最纯的电网指数，从申万三级行业分类上看，指数成分股的行业 分布以输变电设备、电网自动化设备、线缆部件及其他、通信线缆及配套、配电设备为主，拥有较强的 代表性。智能电网权重占比高达90%，特高压权重占比高达67%，均为全市场最高。 （文章来源：每日经济新闻） 2月24日，A股市场迎来开门红，三大指数集体上涨，电网设备板块表现强势。截至14:30，全市场规模 最大的电网设备ETF（159326）涨幅4.37%，二级市场价格创成立以来新高，成交额已达13.37亿元，稳 居同类第一，持仓股保变电气、白云电器、汉缆股份、大连电瓷等股涨停，明阳电气涨超18%，安靠智 电涨超12%。 电网设备ETF今年以来持续获资金关注，今年以来净流入合计达126.79亿元，最新规模超180亿元，创 成立以来新高，为全市场规模最大的电网 ...

国海证券研报指出， 联德股份传统主业根基稳固，制冷+发电成长加速。全球 工程机械行业拐点将 至。Off-HighwayResearch预测2025-2027年全球 建筑设备销量逐年递增，且中国市场有明显上升趋势， 公司工程机械版块业务有望提升。AI 算力时代催生"冷"与"电"双轮驱动，打开全新成长空间。公司已 成功切入卡特彼勒等全球知名能源设备企业供应链，其能源设备业务将显著受益于AIDC扩张带来的增 量市场。公司传统主业根基稳固，制冷+发电成长加速，首次覆盖，给予"买入"评级。 ...

格隆汇2月24日｜国海证券研报指出，联德股份传统主业根基稳固，制冷+发电成长加速。全球工程机 械行业拐点将至。Off-HighwayResearch预测2025-2027年全球建筑设备销量逐年递增，且中国市场有明 显上升趋势，公司工程机械版块业务有望提升。AI算力时代催生"冷"与"电"双轮驱动，打开全新成长空 间。公司已成功切入卡特彼勒等全球知名能源设备企业供应链，其能源设备业务将显著受益于AIDC扩 张带来的增量市场。公司传统主业根基稳固，制冷+发电成长加速，首次覆盖，给予"买入"评级。 ...

最近华工科技涨得有点猛，身边不少人问我是不是又在炒概念。其实吧，这次真不是瞎炒，背后有实打 实的订单撑着。还有几个没完全公开的信号，可能影响二季度走势。 早几年我踩过类似的坑，某家光模块公司看着热度高，宣传得天花乱坠，结果没实际订单，套了我大半 年，当时懵的一逼，后悔没多查点实际情况。 最该关注的，就是中移动马上要搞的光模块招标。业内都说，华工能拿到超预期份额的概率有七成。不 过这事，我个人还是偏向谨慎，毕竟招标变数多。 要是常参与投标的话，标探云脑能帮上忙～ 它靠 AI 语义分析匹配招标信息，不用纠结关键词对不对， 就算信息里没写你搜的词，也能精准找出来，既不会错过好机会，还能省好多找信息的时间。无需安装 任何应用，微信搜索标探云脑公众号，直接使用，上手零成本。 我前公司就是做通信设备的，当时对接过中移动的招标，流程巨繁琐，能不能中真不好说死，当时我们 为了投标，天天加班搬砖，最后还是黄了，挺后悔没提前预判风险。 市场从来不等消息落地，消息灵通的资金早开始动了。近期华工成交量明显放大，资金抢筹的痕迹很明 显。别人我不知道，反正我这次不敢随便冲了。上次跟风追了一只热门股，没看实际逻辑，结果直接被 套，现在想起 ...

Core Viewpoint - The metal market experienced a strong opening on the first trading day after the Spring Festival, driven by optimistic macro liquidity expectations, short-term stimulus from downstream inventory replenishment, and long-term changes in global supply-demand dynamics and geopolitical risks [1]. Group 1: Copper - The average price of 1 copper reached 101,970 yuan/ton, increasing by 1,500 yuan, breaking the 100,000 yuan mark and setting a recent high, driven by a tight supply-demand balance and market expectations [2]. - Global copper mine production growth is slowing, with major producers like Chile and Peru facing resource depletion and policy disruptions, tightening supply and supporting price increases [2]. - Strong demand from sectors such as electric grid investment, renewable energy, and infrastructure is expected to surge post-holiday, bolstered by policies promoting appliance upgrades [2]. Group 2: Tin - The average price of 1 tin surged to 387,250 yuan/ton, a rise of 9,000 yuan, marking a 2.38% increase, driven by a combination of supply contraction and explosive demand [3]. - Slow recovery of tin production in Myanmar and tightening export policies from Indonesia and Peru are contributing to a constrained supply environment [3]. - The semiconductor industry's recovery and increased demand from the photovoltaic sector are significant drivers for tin consumption [3]. Group 3: Aluminum - The average price of A00 aluminum rose by 230 yuan to 23,390 yuan/ton, supported by supply constraints, high costs, and recovering demand [4]. - Domestic electrolytic aluminum production is nearing capacity limits, with limited new capacity and production cuts in regions like Yunnan and Sichuan due to power supply issues [4]. - Demand is gradually recovering in construction, automotive, and packaging sectors, with policies promoting appliance upgrades enhancing aluminum consumption [4]. Group 4: Zinc - The average prices for 1 and 0 zinc increased by 320 yuan to 24,590 yuan/ton and 24,690 yuan/ton, respectively, due to tight supply and recovering demand [5]. - Global zinc mine production growth is slowing, and overseas smelter reductions are tightening refined zinc supply [5]. - Post-holiday recovery in galvanized demand from construction, automotive, and home appliance sectors is driving zinc consumption growth [5]. Group 5: Lead - The average price of 1 lead fell by 25 yuan to 16,750 yuan/ton, influenced by a loose supply-demand balance and slow recovery in downstream sectors [6]. - Stable supply from primary and recycled lead, along with inventory accumulation during the holiday, has increased supply pressure [6]. - Slow recovery in lead-acid battery production and cautious purchasing behavior from downstream users are contributing to weak demand [6]. Group 6: Nickel - The average price of nickel rose by 2,700 yuan to 142,750 yuan/ton, driven by tightening supply and increasing demand [7]. - Uncertainty in Indonesia's nickel export policies and seasonal weather impacts in the Philippines are tightening nickel supply [8]. - Recovery in stainless steel production and surging demand from the renewable energy sector are significant factors driving nickel consumption growth [8]. Group 7: Market Outlook - The strong opening of the metal market is a result of multiple factors, with expectations for a short-term upward trend and internal differentiation [9]. - Copper and tin, characterized by tight supply and emerging demand, are expected to lead the market, while lead may continue to face pressure due to weak fundamentals [9]. - Key variables influencing future metal market trends include actual recovery progress in downstream sectors, inventory depletion rates, global macroeconomic conditions, and geopolitical developments [9].

大陆玻纤布业再掀涨价潮 月度调整 10% 至 15% 到年底价格可能翻倍 玻璃布供应持续吃紧，业者计划启动第二轮涨价。 陆媒引述供应商和业内人士预计，由于成本上升和供应紧张，大陆玻璃纤维（玻纤布）制造商将启动新一轮涨价 潮，计划月度调价幅度为10% 至 15%，若按此节奏推进，到 2026 年底价格可能较当前翻倍，并将对电子产品及 PCB 产业链带来连锁影响。 值得注意 大陆玻纤布业再掀涨价潮 月度调整 10% 至 15% 到年底价格可能翻倍 玻璃布供应持续吃紧，业者计划启动第二轮涨价。 陆媒引述供应商和业内人士预计，由于成本上升和供应紧张，大陆玻璃纤维（玻纤布）制造商将启动新一轮涨价 潮，计划月度调价幅度为10% 至 15%，若按此节奏推进，到 2026 年底价格可能较当前翻倍，并将对电子产品及 PCB 产业链带来连锁影响。 值得注意的是，这一轮预期涨价并非从低位起步。 2025 年以来，玻璃纤维累计年涨幅已超过50%，新一轮涨价潮是在前期大幅上涨基础上的再次加码。 卓创资讯数据显示，2025 年 10 月、12 月及 2026 年 1 月、2 月，普通电子布已经经历四次涨价，涨价周期由季度 缩短至月度。 ...

Summary of Conference Call Records Industry Overview - The focus is on the **building materials and new materials** industry, particularly in relation to AI computing and electronic materials, with a notable emphasis on special electronic fabrics and PCB substrates [1][2]. Key Insights and Arguments 1. **AI-Driven Growth**: - The main growth drivers in the building materials sector are AI computing-related electronic materials, with special electronic fabrics leading the fiberglass segment. In the new materials sector, PCB substrates and semiconductor packaging materials are at the forefront [1]. 2. **Supply-Demand Dynamics**: - The electronic fabric market is experiencing a supply-demand imbalance, with an overall industry supply gap of approximately **20%**. Since January 2026, all categories of electronic fabrics have faced supply tightness, with companies holding orders for about **2 months** [1]. - The production capacity for standard electronic fabrics is shifting towards high-end products, resulting in a **60%** loss in capacity. This ongoing contraction in supply is expected to persist [1]. 3. **Price Increases**: - The electronic fabric industry has seen a price increase of **10%** in 2026, following **4-5** price hikes in 2025. High-end products like DK fabric, Q fabric, and CTE fabric are still in an upward price trend [1]. 4. **Production Bottlenecks**: - High-end product production relies on Toyota's advanced weaving machines, which have a delivery cycle of **1-2 years**. However, breakthroughs in pool kiln methods could lead to increased supply by 2029, potentially resulting in oversupply [1]. 5. **Inventory Levels**: - Inventory levels for CCL and electronic fabric factories are at historical lows, approximately **one week**, with PCB manufacturers extending their stocking period from the usual **1 month** to over **2 months** [1]. 6. **Profitability**: - High-end specialty electronic fabrics can achieve gross margins of **40%-50%**, with potential increases beyond **50%** as yield rates improve [1]. Recommendations 1. **Key Companies to Watch**: - Recommended companies include **Macro Technology**, **International Composites**, **China Jushi**, and **China National Materials**. Other notable mentions are **Philips**, **Gobi Technology**, and PCB-related firms like **China Tungsten High-Tech**, **Lianrui New Materials**, and **Dongcai Technology** [2]. 2. **Consumer Building Materials**: - The industry is nearing a bottoming phase, with significant price wars easing. Leading companies are shifting focus from price competition to quality and profitability recovery, with expectations for stabilization in 2026 and performance elasticity in 2027 [2]. 3. **Segment Differentiation**: - The waterproof segment shows signs of ending price wars, while the renovation of existing properties is becoming a core growth driver. Leading firms are enhancing their C-end and overseas strategies [2]. 4. **Strategic Focus**: - Major companies are prioritizing profitability recovery, channel optimization, and product diversification, while also accelerating overseas expansion to create a second growth curve [2]. 5. **Recommended Stocks**: - Elastic stocks include **Keshun Co.**, **Oriental Yuhong**, and **Hankao Group**. Stable stocks to consider are **Rabbit Baby**, **Sankeshu**, **Dongpeng Holdings**, **Monalisa**, and **China Liansu** [2]. Additional Insights - Traditional cyclical products are highlighted, with a focus on local state-owned enterprises like **Sichuan Road and Bridge**, **Shandong Road and Bridge**, and **China Railway**. The steel structure sector is represented by companies like **Honglu Steel Structure** and **Jinggong Steel Structure** [3]. - The cement sector is advised to focus on regional leaders such as **Western Cement**, **Huaxin Cement**, and **Shangfeng Cement** [3]. - Other new materials and robotics sectors are also mentioned, with companies like **Pana Micro透**, **TianYue Advanced**, and **Jing Sheng Co.** being noted [3].