分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 证券研究报告-晨会聚焦 发布日期：2026 年 03 月 02 日 2、当地时间 2 月 28 日，根据国际油轮流量监测系统的实时数据显示， 目前位于霍尔木兹海峡周边海域的油轮航行速度已普遍降至零，显示该 地区的航运已陷入停滞状态。 3、2 月 28 日，国家发改委价格监测中心称，2025 年 9 月至今，受需求 "爆发式"增长、产能"断崖式"紧缺等因素影响，全球存储器市场缺口 扩大，存储芯片价格持续上涨，近 1 个月多以来，涨幅呈现扩大态势，建 议关注存储芯片对下游价格的影响。 资料来源：央视网，央视新闻，财联社 【宏观策略】 资料来源：聚源，中原证券研究所 -12% -5% 2% 9% 16% 22% 29% 36% 2025.03 2025.07 2025.10 2026.02 上证指数 深证成指 | 国内市场表现 | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- ...

Group 1: Macro and Strategy Insights - The macro view for March indicates a gradual improvement in risk appetite, influenced by external factors such as the Iran conflict and expectations surrounding the US-China summit, which may lead to a more neutral market impact [7] - The strategy perspective suggests that the market lacks a clear main line, with a tendency for continued oscillation, recommending a flexible approach while waiting for trend opportunities [8] - The quantitative view highlights the absence of a main line in March, with market capitalization expected to decline further, presenting a potential opportunity for positioning [9] Group 2: March Gold Stock Portfolio - The selected gold stock portfolio for March includes: - Electronics: Shiyun Circuit - Consumer Electronics: Hongrida - Communication: Kexin Innovation Source - Media: Perfect World - Light Industry: Yingke Regeneration - Chemicals: Xinfengming - Coal: Hengyuan Coal Power - Non-ferrous: Salt Lake Co. - Machinery: Zoomlion - Agriculture: Youran Animal Husbandry [11] - The rationale for Shiyun Circuit is its deep ties with Tesla and potential benefits from emerging fields such as commercial aerospace and intelligent driving, which could lead to significant growth opportunities [11] - Hongrida is transitioning its focus towards AI chip cooling and optical communication, with expectations for substantial production scale in 2026, driven by recent advancements in 3D printing technology [14][15] - Kexin Innovation Source is positioned to capitalize on the growing demand for AI liquid cooling solutions, with anticipated breakthroughs in both domestic and international markets [18][19] - Perfect World is expected to see revenue growth from its game "Yihuan," with projections indicating potential earnings exceeding market expectations [22][24] - Yingke Regeneration is forecasted to experience accelerated revenue growth due to the rising demand for easy-install plastic wall panels and the operational efficiency of its Vietnamese base [26][29] - Xinfengming is anticipated to benefit from a recovery in polyester filament profitability, supported by a slowdown in industry capacity expansion [32] - Hengyuan Coal Power is viewed as a premium coking coal asset, with expected price increases driven by global supply constraints [36][39] - Salt Lake Co. is expected to benefit from rising lithium prices and strong demand for potassium fertilizers, enhancing its market valuation [43][44] - Zoomlion is positioned for growth through its diversified machinery offerings and global expansion strategies, with a focus on non-excavation machinery [48][50] - Youran Animal Husbandry is set to benefit from a cyclical recovery in raw milk prices and beef cattle, with significant growth potential in both its raw milk and cattle businesses [55][56]

汽车行业周报 车市回归常态，人形机器人首份全产业链标准体系发布 中游制造/汽车 2 月 23 日至 3 月 1 日，汽车行业整体上涨+0.6%。本周，随着春节假期结束， 车市逐步回归常态，部分新车型逐步开启预热。《人形机器人与具身智能标准 体系（2026 版）》正式发布，该体系是我国首个覆盖人形机器人全产业链及全 生命周期的标准顶层设计，为基础共性、关键技术到应用落地提供了统一规范。 宝马在德国工厂启动人形机器人试点项目，将在高压电池组装与零部件生产环 节测试人形机器人。 ❑ 市场板块行情回顾 本周 CS 汽车+0.6%。本周（2 月 23 日至 3 月 1 日，下同）上证 A 指周度涨 跌幅为+2.0%，深证 A 指涨跌幅为+3.1%，创业板涨跌幅为+1.0%。本周各行 业板块上涨居多，涨幅较大的行业板块为 CS 钢铁（+11.8%）、CS 有色金 属（+9.7%）和 CS 基础化工（+6.2%），下跌幅度较大的行业板块为 CS 传 媒（-4.4%）、CS 消费者服务（-4.0%）和 CS 食品饮料（-1.5%）。 汽车产业链各板块行情：本周，汽车行业二级板块多数上涨，其中汽车零部 件和摩托车及其他板块周度 ...

今年春节自驾回乡，小王在高速路上有了个新发现——路上的 "小蓝灯" 越来越多了，几百公里路程中，他看到至少十几辆尾灯或 后视镜处亮着蓝光的车从车旁闪过，在一片红彤彤的车流中这些闪着蓝色灯光的车显得格外扎眼。这些车中数量比较多的品牌是 问界和理想，也有阿维塔、零跑、比亚迪等。懂行的知道，这并不是什么改装车新潮流，而是车主打开了辅助驾驶功能，车正 在"自动驾驶"。 小王一路观察这些"小蓝灯"——它们基本全程都能稳稳地待在车道中间，速度稳得像老司机，而车内的驾驶员，有的手轻轻搭在 方向盘上跟副驾聊天，有的在伸懒腰、打哈欠，还有的干脆撒开双手喝起了饮料。这让开了好几个小时、腰酸背痛的小王羡慕得 不行："下次换车，必须整一个带智驾的，我也要亮上小蓝灯！"在社交平台上，有相似经历的车主也是一片"羡慕嫉妒恨"。 "小蓝灯"成被调戏的受气包 虽然销量增速迅猛，但从当前的保有量看，"小蓝灯"仍属于道路车辆中的"异类"，吸引着众多非智驾车主的关注。根据经济观察 报的调查，在驾驶行为上，非智驾车车主对"小蓝灯"的心态基本可分成三个类别。 一类是避之不及的"怀疑派"。这类车主遇到"小蓝灯"就敬而远之，觉得智能驾驶功能就像个不靠谱的" ...

与此同时，雷军也在社交媒体正式公布新一代SU7全新颜色：赤霞红。雷军表示，相信新一代SU7依然 是一台值得期待的Dream Car，新一代SU7一定会给小米带来马年开门红。 此前，雷军在直播中曾透露，新一代SU7全系标配V6s Plus超级电机，全系标配激光雷达、700TOPS辅 助驾驶算力、4D毫米波雷达、Xiaomi HAD端到端辅助驾驶，全面提升智能驾驶能力。 0:00 21世纪经济报道记者易思琳、视频编辑杨浩凯报道 马年开工第一天，小米汽车创始人雷军和高管团队一起，给小米同学们发开工红包，并祝福大家新一年 红红火火，万事大吉。 在安全方面，新一代SU7还将全系标配2200MPa小米超强钢"内嵌式防滚架"，进一步强化车身结构安 全。 新一代小米SU7预售价22.99万-30.99万元，预计4月上市。 ...

日前，德国总理默茨就任后首次访华。记者注意到，默茨这次访华的随访成员包括多家德系车企，大 众、梅赛德斯-奔驰、宝马等，他们纷纷表示，将加强与中国的长期合作。 德系车企集中释放 对中国长期合作信号 在默茨访华期间，他在北京试乘了新一代奔驰S级轿车，与以往不同的是，这辆S级轿车采用的是中国 一家科技公司生产的"智能驾驶系统"。梅赛德斯-奔驰同时宣布，与中国的这家科技公司签署了升级战 略合作谅解备忘录，未来将深化双方的合作伙伴关系。 不仅如此，宝马与中国的宁德时代也签署合作谅解备忘录，将推动动力电池供应链协同降碳，系统性降 低电动汽车整车碳足迹。大众集团负责人同时表示，中国对大众集团而言远不只是销售市场，更是全球 核心创新中心与技术策源地，只有在中国成功，才能在其他市场成功。 中国汽车工业协会副秘书长李邵华：这一现象并非偶然，而是全球经济格局、中国综合优势与各国发展 需求共同作用的结果，既体现了中国市场的全球吸引力，也映射出国际经贸合作互利共赢的必然趋势。 中国汽车产业出海迎来新机遇 中国汽车工业协会相关负责人同时表示，近年来，中国汽车产业在对外贸易上展现出较强韧性，2025年 汽车出口超700万辆，出口规模再上新 ...

Core Viewpoint - The emergence of the Leap A10 aims to redefine the perception of entry-level electric SUVs by integrating higher-end features and technology into the 100,000 RMB price segment, targeting young families as a primary vehicle choice [3][4][6]. Group 1: Market Changes - The 100,000 RMB electric SUV market is evolving, with increasing consumer expectations for comfort, family usability, and smart driving experiences [6]. - Leap A10 introduces features traditionally found in mid to high-end models, challenging the long-standing notion that lower-priced vehicles must compromise on quality and technology [6][12]. Group 2: Product Features - The A10 maximizes interior space efficiency with an 88.1% effective room rate, offering innovative storage solutions and a comfortable cabin experience [8]. - The vehicle incorporates advanced materials and design elements, such as OEKO-TEX certified seating and eco-friendly interior materials, aligning with global health and sustainability standards [8][9]. Group 3: Technological Advancements - Leap A10 is equipped with high-performance components, including laser radar and Qualcomm 8650 chips, which are typically reserved for higher-priced models, enhancing its smart driving capabilities [11][12]. - The vehicle's intelligent driving features provide seamless navigation and parking assistance, significantly reducing driver fatigue and improving safety in complex scenarios [12][13]. Group 4: Global Strategy - The A10 is designed for global markets, adhering to international regulations and standards, which positions it for scalability and adaptability across different regions [13][16]. - The launch of the A10 at international events, such as the Brussels Motor Show, underscores Leap's commitment to establishing a global presence and redefining value standards in the compact SUV market [13][17]. Group 5: Market Potential - The A10 is expected to become a best-selling model in the 100,000 RMB electric SUV segment, driven by its competitive pricing and enhanced technological offerings [17]. - The vehicle represents a shift in market dynamics, where success will depend on delivering higher technical density and comprehensive user experiences rather than merely competing on price [17].

格隆汇2月27日丨华依科技（维权）(688071.SH)公布2025年度业绩快报，报告期内，公司实现营业收入 5.17亿元，同比增长21.99%；归属于母公司所有者的净利润-5751.24万元；总资产23.40亿元，较本报告 期初增长7.00%，归属于母公司的所有者权益10.26亿元，较本报告期初增长4.34%。 影响经营业绩的主要因素：本年度公司新能源动力总成测试服务能力继续扩大，业务收入增长，智能驾 驶业务逐步投产放量收入增长较大，同时新投入测试及生产设备产能释放是一个渐进的过程，投入初期 固定成本较高，市场开发及经营管理成本增加，设备折旧等固定类成本及费用增长幅度较大导致利润不 达预期，随着生产及测试规模放大持续摊薄单位固定成本，未来盈利可期。 报告期内，公司研发费用持续保持，财务费用受汇兑损益影响较上期有所下降，但由于销售收款受行业 影响，回款不理想，对当期利润下降影响较大。 ...

汽车行业 超配（维持） 汽车行业双周报（2026/2/13-2026/2/26） 行 今年春节假期新能源汽车出行创新高 2026 年 2 月 27 日 投资要点： 究 资料来源：iFinD，东莞证券研究所 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 申万汽车行业指数涨跌幅：截至2026年2月26日，申万汽车板块近两周 上涨0.72%，跑赢沪深300指数0.56个百分点，在申万31个行业中排名第 17名；申万汽车板块从2月初至今上涨3.11%，跑赢沪深300指数2.67个 百分点，在申万31个行业中排名第11名；申万汽车板块从2026年初至今 上涨3.38%，跑赢沪深300指数1.28个百分点，在申万31个行业中排名第 22名。 业 周 报 行 业 研究助理：吴镇杰 SAC 执业证书编号： S0340124020014 电话：0769-22117626 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][11]. Core Insights - The company is expected to see significant growth in HSD (High-level Driving System) in 2026, with the demand for Level 3 (L3) autonomous driving solutions anticipated to increase, suggesting a strong market opportunity [7][9]. - The company has a robust product portfolio that includes multiple solutions for mid to high-level autonomous driving, actively expanding its partnerships with automotive manufacturers [7][9]. - The report forecasts net profits for the company to reach -57.7 million RMB in 2025, -29 million RMB in 2026, 2 million RMB in 2027, and 21 million RMB in 2028, with corresponding EPS of -0.39, -0.20, 0.01, and 0.14 RMB respectively [9][10]. Summary by Sections Company Overview - The company operates in the machinery and equipment industry, with a current H-share price of 8.16 HKD as of February 26, 2026, and a market capitalization of 0 billion [3]. Recent Ratings - The last rating update was on June 24, 2025, with a closing price of 6.37 HKD and a "Buy" recommendation [4]. Financial Projections - The projected net profit for 2024 is 2,347 million RMB, with subsequent years showing a decline into losses before returning to profitability in 2027 and 2028 [10]. - Revenue from product sales is expected to grow from 2,384 million RMB in 2024 to 18,543 million RMB in 2028, indicating a strong upward trend in sales [12]. Market Trends - The report highlights that the penetration rate of vehicles equipped with urban NOA (Navigation on Autopilot) reached 15.1% in 2025, up by 5.6 percentage points from 2024, reflecting a growing acceptance of advanced driving technologies [9]. - The commercial rollout of L3 autonomous driving technology is expected to accelerate, with a projected market size for autonomous driving chips exceeding 100 billion RMB [9].