2月26日，中慧生物发布盈喜公告：2025年，公司预计实现年度收入4.46亿元至4.93亿元，同比增长 71.8%至89.9%;公司预期当期将录得净亏损约1.57亿元至1.97亿元，同比显著收窄约23.9%至39.3%。 从二级市场角度来看，随着中慧生物被纳入新一轮港股通标的名单，市场对公司的关注度出现明显提 升。智通财经APP观察到，今年1月，国海证券发布研报首次覆盖中慧生物，给予公司"增持"评级;而在 股价层面，在去年股价累涨逾200%后，中慧生物股价今年年初至今的上涨幅度再超30%，反映出场内 持续高涨的交投热情以及投资者对公司长期价值的认可。 而此次中慧生物披露年度业绩盈喜，进一步提高了公司长期增长确定性，表明公司在专注创新疫苗升级 的同时，已进入商业化兑现期，有望迎来业绩与估值双重提升的"戴维斯双击"。 商业化能力再获验证，"投资确定性"进一步提升 今年以来，中慧生物股价走出一段"小高潮"，最高股价达到59.90港元，较公司上市发行价上涨逾 360%，但该表现本质上体现的是中慧生物深耕创新疫苗战略下的阶段性成果。而其中的关键载体，便 是逐渐获得商业化验证的核心品种——四价流感病毒亚单位疫苗慧尔康欣® ...

继今年1月30日宣布公司自主研发的全国首款且唯一的全人群三价流感病毒亚单位疫苗成功获批上市 后，中慧生物-B(02627)近日再传重磅利好。 自2023年9月上市以来，慧尔康欣便凭借自身优异的安全性与免疫原性，始终保持了100%的产品批签发 合格率，并实现了销售网络快速扩张，目前该产品已覆盖国内30个省份、增加覆盖了232个疾控中心以 及2563个接种门诊。而在市场准入与支付端，公司也取得积极进展：该疫苗已通过2025年国家商业健康 保险创新药品目录初步审查，有望进一步加速在公立市场及商业保险渠道的渗透。 根据盈喜公告，报告期内，中慧生物收入同比大幅增长71.8%至89.9%，说明作为公司当前核心收入来 源，慧尔康欣的显著临床价值和产品力获得了终端市场的持续高度认可。 之所以说公司投资确定性正进一步提升，背后的直接原因在于中慧生物已来到一个全年利润转正、创新 商业化品种加速兑现的关键转折点。 首先，对于公司首款商业化品种慧尔康欣而言，公司正持续深化其核心产品价值，积极拓展适用人群。 在已覆盖6月龄以上全人群基础上，针对65岁及以上老年人的佐剂型疫苗已获临床批件，通过添加佐剂 增强老年人群免疫应答;针对孕妇群体 ...

汽车零部件 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn Email：tangsu@zts.com.cn | 总股本(百万股) | 874.49 | | --- | --- | | 流通股本(百万股) | 87.45 | | 市价(元) | 54.91 | | 市值(百万元) | 48,018.00 | | 流通市值(百万元) | 4,801.80 | 相关报告 重视 25 贸易变化后替配加速、26 戴 维斯双击机会》2025-10-28 2、《中策橡胶 25H1 点评：国内逆势 上涨、海外供不应求，Q3 起外因改 善&海外产能放量驱动业绩稳健向 上》2025-09-12 【中泰汽车·公司深度】中策橡胶：国内稳健向上、海外密集投 产、高端配套突破——三箭齐发迎 26 戴维斯双击 中策橡胶（603049.SH） 证券研究报告/公司深度报告 2026 年 02 月 25 日 | 评级： 买入（维持） | | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | ...

Group 1 - The Chinese government announced a 100% zero tariff on goods from 53 African countries starting May 1, 2026, which will reduce import tax burdens for domestic non-ferrous metal companies and enhance customs efficiency [1] - Zimbabwe's Ministry of Mines announced a ban on lithium ore exports, which will tighten short-term supply and potentially drive lithium prices significantly higher, as Zimbabwe accounted for 19% of China's lithium ore imports in 2025 [1] - The metal industry is expected to experience increased price volatility due to supply-side disruptions, with cobalt, tin, lithium, copper, and nickel prices anticipated to rise significantly [2] Group 2 - The Tianhong CSI Industrial Nonferrous Metals Theme Index Fund, established on May 30, 2023, aims to track the CSI Industrial Nonferrous Metals Theme Index closely, investing in non-ferrous metal ETFs [2] - The fund manager believes that the market underestimates the growth potential of industrial non-ferrous metals, which may transition from being viewed as "cyclical" to "growth" assets, leading to a potential "Davis Double Play" scenario [3] - As of February 25, 2026, the top ten weighted stocks in the CSI Industrial Nonferrous Metals Theme Index accounted for 54.46% of the index, with significant representation from companies like Luoyang Molybdenum and Northern Rare Earth [3] Group 3 - The Tianhong CSI Industrial Nonferrous Metals Theme Index Fund had a total scale of 2.308 billion yuan as of December 31, 2025, with A-class and C-class shares at 267 million yuan and 2.041 billion yuan, respectively [3] - The fund's historical performance for 2025 showed impressive returns, with A-class shares at 93.08% and C-class shares at 92.60% [3] - The fund's management and custody fee is set at 0.6%, with a sales service fee of 0.25% for C-class shares, making it suitable for short-term investors [4]

2026 年 02 月 26 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：85 分（过热） 相关研究 ▌ 华鑫市场情绪温度指标：（过热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 85 分，市场情绪处于"过热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：机器人、电网设备、化工 1、机器人主题：2026 年春晚堪称机器人"含量"最高的一 届，标志着中国机器人行业正从"炫技"加速迈向"商 用"。舞台上，宇树机器人完成空翻、武术等高动态集群控 制，技术全球领先。随着量产成本下降，一个规模巨大的增 量市场正加速形成。相关标的：三花智控（002050）、卧龙 电驱（600580） 2、电网设备主题：全球 AI 数据中心（AIDC）耗电量巨大， 催生了对高功率、高稳定性变压器等核心电力设备的刚性需 求。目前全球供需严重失衡，美国市场交货周期已长达 127 周。与此同时，国内"十五五"期间，国家电网 4 万亿元的 巨额投资将重点投向特高压、智能化配电网等新型电力系 统，为行业带来了明确的长期订单支撑。相关标的：中 ...

马年春节开市以来，港股市场震荡调整，科技新势力表现活跃，半导体板块上涨趋势明显。 ● 本报记者 刘英杰 指数成分股中，伟志控股大涨13.79%，兆易创新（603986）涨11.91%，普达特科技涨10.91%，天岳先 进、澜起科技、华虹半导体等跟涨。 对于近期半导体板块走强的原因，中信建投（601066）证券机械首席分析师许光坦认为，主要受多重利 好共振推动：一方面，AI算力需求持续升温，全球半导体景气周期开启，带动设备及零部件需求增 长；另一方面，国内设备及零部件企业持续取得突破，市场对半导体国产化率提升的产能释放预期逐渐 升温。此外，部分龙头企业在高端零部件领域的量产进展也进一步提振了市场信心。 展望2026年，随着国内产业政策持续发力，叠加"反内卷"相关举措有望推动制造业盈利水平修复，行业 景气度或逐步回升，进而带动上游零部件设备整体需求稳步改善。在半导体设备、上游零部件国产化率 持续提升并加速推进的驱动下，半导体设备零部件板块有望迎来业绩与估值双升的"戴维斯双击"。 分析人士认为，随着AI大模型加速落地、人形机器人产业不断催化，叠加上市公司业绩披露期渐近， 中国资产有望持续获得投资者关注。尽管短期市场 ...

从行业板块方面看，马年春节以来，港股市场行业板块普遍上涨，电讯业、能源业、工业领涨市场，分 别累计上涨2.62%、2.48%、2.43%，原材料业累计涨幅超1%，资讯科技业、金融业、非必需性消费等 小幅上涨；而必需性消费、综合企业、医疗保健业下跌。 个股方面，整个港股市场马年春节以来近半数股票上涨，大昌微线集团累计涨幅超100%，玖源集团、 普天通信集团、亚博科技控股等累计涨幅超50%，中国信息科技、迅策、智谱等累计涨幅超20%。 ● 本报记者 刘英杰 马年春节开市以来，港股市场震荡调整，科技新势力表现活跃，半导体板块上涨趋势明显。 分析人士认为，随着AI大模型加速落地、人形机器人产业不断催化，叠加上市公司业绩披露期渐近， 中国资产有望持续获得投资者关注。尽管短期市场有所波动，但在估值优势、产业趋势与资金流向等多 重积极因素共振下，港股春季行情有望渐次展开。 指数震荡分化 马年春节开市以来（2月20日至2月24日）的三个交易日，港股市场主要股指震荡，恒生指数累计下跌 0.43%，恒生中国企业指数累计下跌0.69%，恒生科技指数累计下跌1.80%。但从2026年1月以来，港股 三大指数仅恒生科技指数累计下跌超4 ...

Summary of Dairy Industry Conference Call Industry Overview - The dairy industry in China has experienced cyclical fluctuations in milk prices since 2008, influenced by factors such as seasonal demand during the Spring Festival and supply declines in winter [1][2] - The domestic raw milk supply is affected by the number of dairy cows and their productivity, with feed prices, subsidy policies, environmental regulations, and breeding expectations impacting cow numbers [1][4] - The proportion of large-scale farming has approached 80%, improving production efficiency [1][4] Key Insights and Arguments - Recent trends indicate that while the number of dairy cows has increased since 2023, a decline in embryo numbers suggests a potential slowdown in herd expansion [1][4] - The price of imported dairy products has a substitutive effect on domestic milk prices, with fluctuations in international markets directly impacting local prices [1][4] - The beef price increase has implications for the milk price cycle, but significant recovery in milk prices is not expected in the short term (2026) due to ongoing operational pressures on farms [1][5] - The average milk yield per cow in China has been steadily increasing, but leading dairy companies are nearing biological limits, limiting further productivity gains [1][6][7] Demand Dynamics - Short-term demand for dairy products in China is weak, with a trend towards consumption downgrade; however, long-term prospects remain optimistic due to rising GDP and consumer preferences [9][10] - Structural opportunities exist in low-temperature dairy products, particularly in lower-tier cities, which may support demand in the medium to long term [10][11] - The development of deep processing dairy products is expected to significantly consume raw milk, with capacity releases projected to occur between 2027 and 2028 [11][12] Price Impact on Downstream Companies - Changes in milk prices directly affect the revenue and profitability of downstream dairy companies, with low prices leading to a "Davis double kill" scenario (both revenue and valuation decline) [13][15] - Conversely, during recovery phases, companies may experience a "Davis double hit" (both revenue and valuation increase) [15] - The cost structure of dairy companies, where raw material costs account for 60-70% of expenses, means that fluctuations in milk prices have significant implications for profit margins [14] Recommendations for Investment - Recommended leading dairy companies include Yili as a benchmark, followed by Miaokelando, which is expected to expand its market share through domestic substitution and consumer education [16] - New Hope Liuhe is noted for its strong performance in low-temperature products in lower-tier cities, while Tianrun is highlighted for its potential due to its fully owned raw material base [16]

市场情绪：37 分（较冷） 最近一年大盘走势 25 (%) 沪深300 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 相关研究 2026 年 02 月 24 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn | 1、《双融日报》2026-02-13 | | --- | | 2、《双融日报》2026-02-12 | | 3、《双融日报》2026-02-11 | ▌ 华鑫市场情绪温度指标：（较冷） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 37 分，市场情绪处于"较冷"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：机器人、电网设备、化工 1、机器人主题：2026 年春晚堪称机器人"含量"最高的一 届，标志着中国机器人行业正从"炫技"加速迈向"商 用"。舞台上，宇树机器人完成空翻、武术等高动态集群控 制，技术全球领先。随着量产成本下降，一个规模巨大的增 量市场正加速形成。相关标的：三花智控（002050）、卧龙 电驱（600580） 2、电网设备主题：全球 AI 数据中心（AIDC）耗电 ...

Core Viewpoint - The "Confidence Bull" market, ignited by unprecedented macro policies and the AI revolution since September 2024, is experiencing strong consensus and has led to a short squeeze, but is now facing market fluctuations due to regulatory tightening and mysterious capital outflows [2][12]. Group 1: Market Dynamics - The current bull market began during economic downturns, similar to previous major bull markets, driven by relaxed macro policies and the confidence boost from the AI technology revolution [3][14]. - The market is expected to see increased differentiation and volatility, with incorrect directional bets leading to losses [13]. Group 2: Future Market Outlook - For the bull market to continue, macro policies need to remain accommodative, including interest rate cuts, increased fiscal investment in new infrastructure, and stronger support for the real estate market to stabilize [4][15]. - Protection of the private economy and promotion of private investment recovery are crucial for achieving economic recovery and improving corporate performance, which can help absorb high valuations [4][15]. Group 3: Investment Strategy - Investors are advised to remain rational and cautious, as the current A-share market at 4100 points presents higher risks compared to the initial "Confidence Bull" prediction [5][16]. - The focus should be on identifying strong investment opportunities rather than speculative stocks, emphasizing the importance of long-term fundamental analysis over frequent trading [7][18].