炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：独角兽IPO 主要业务围绕室内空间场景下的实时渲染、工业生产制造以及虚拟物理世界训练展开。 公众号回复"群核科技"获取最新招股书 本文为独角兽IPO编辑撰写 作者 | 独角君 2026年2月25日，群核科技日前向港交所主板递交上市申请书，这是群核科技第三次向港交所递表，摩 根大通与建银国际担任联席保荐人。 群核科技已于2026年2月获得中国证监会境外发行上市备案通知书，拟发行不超过约3.12亿股境外上市 普通股。 1► | 讓]項下的[編纂]數目 : [編纂]股(視乎[編纂] | | --- | | 獲行使與否而定) | | [編纂]數目 . [编纂]股(可予重新分配) | | : [编纂]股(可予重新分配 [编纂]數目 | | 及視乎[編纂]獲行使與否而定) | | 最高[編纂] : 每股[編纂][編纂]港元,另加1.0%經 | | 紀佣金、0.0027％證監會交易徵 | | 費、0.00015%會財局交易徵費及 | | 0.00565%聯交所交易費(須於[編纂] | | 時以港元繳足,多繳款項可予退還) | | 面值 : 每股 ...

Group 1: Transportation Industry Insights - The Spring Festival travel peak has shown a significant increase in passenger volume and ticket prices, indicating an industry turning point. The total inter-regional passenger flow reached 5.08 billion, with a year-on-year growth of 5.5% [3][4] - During the first 20 days of the Spring Festival, the civil aviation passenger volume increased by 6.0% year-on-year, with an average ticket price of 943 yuan, up 3.5% year-on-year [3][4] - The civil aviation industry is expected to maintain a growth rate of over 5% in passenger volume for 2026, supported by a recovery in business travel and a high seat occupancy rate [5] Group 2: Chemical Industry Outlook - The chemical industry is entering a favorable cycle with rising prices due to the upcoming peak season and a global trend of reducing overcapacity. The focus is on the recovery of demand and the potential for increased dividend yields from leading companies [6][8] - Key sectors to watch include coal chemical, oil refining, and agricultural chemicals, with specific companies highlighted for their strong performance potential [8][9] - The industry is expected to benefit from a reduction in supply and increased demand, particularly in sectors like PTA and tire manufacturing, as well as in the context of AI-driven demand [8][9] Group 3: Coal Market Dynamics - The price of thermal coal has risen to 718 yuan per ton, reflecting a week-on-week increase of 23 yuan, driven by supply constraints and increased demand from power plants [45][46] - The competitiveness of imported coal has diminished, leading to a favorable outlook for domestic coal prices as supply tightens and demand remains stable [45][46] - The overall coal mining industry is expected to see a long-term upward trend in prices due to rising operational costs and regulatory pressures, with a focus on maintaining high-quality assets and cash flow [47]

GDP跨越3个千亿元台阶、人均GDP增长约25%、创新能力综合指标全国排名跃升7位、粮食总产量连续5年稳定在800亿斤以上、保护性耕作面积位居全国首 位……"十四五"时期，吉林经济社会发展成绩斐然。 编者按：乘势而上，阔步向前。2026年是"十五五"开局之年，是全面建设社会主义现代化国家新征程的关键起步期。开局即发力，各地动能澎湃，锐意进 取。央广网特别策划推出《行稳致远开新局》，讲述过去五年来各地迎难而上、砥砺奋进的万千气象，呈现经济实力、科技实力、综合国力跃上新台阶背后 的发展肌理，以走在前、作示范、挑大梁的责任担当和发展韧性，为"十五五"开好局、起好步凝心聚力，不断开创中国式现代化建设新局面。 站在"十五五"开局的新起点上，白山松水再启壮阔新程。吉林的发展既绘就于宏伟蓝图，也体现在生动实践中，正积蓄起一股无声却强劲的向上力量。 这力量，源于"十四五"磨炼出的四双"隐形翅膀"——它们分别在天际、在大地、在冰湖、在田野，从低空翱翔的无人机组成智慧天网，到钢铁巨龙将长白秘 境接入全国高铁版图；从千年冬捕的冰湖腾鱼，到激光精准唤醒黑土潜能，共同编织着吉林全面振兴的壮丽图景。 低空经济 跑出吉林发展加速度 2月1 ...

Core Insights - The company, SUTENG, has established itself as the leading supplier of laser radar in the high-potential unmanned delivery vehicle market, with over 90% market share among top players like JD.com and Meituan [1] - SUTENG's recent profit forecast indicates it will achieve its first quarterly profit in Q4 2025, with an expected profit of at least 60 million RMB, significantly exceeding previous break-even expectations [2] - The company's robot business is a key driver of growth, with laser radar sales expected to exceed 303,000 units in 2025, marking an over 11-fold increase year-on-year [2] - SUTENG's proprietary SPAD-SoC and VCSEL digital chip architecture provide significant advantages in integration, cost control, and production efficiency, creating a technological gap that enhances its product uniqueness [3] - The company is transitioning from a laser radar hardware supplier to a core enabler across intelligent driving and robotics sectors, showcasing a clearer growth trajectory [6] Market Position and Performance - SUTENG's laser radar products have achieved global leadership in sales, particularly in robotic applications, including lawn mowing and humanoid robots [2][6] - The company has secured 144 pre-installation orders for ADAS (Advanced Driver Assistance Systems) and anticipates over 2 million new orders in 2025, which will convert into revenue in 2026 [2] - The recent positive market response to SUTENG's profit forecast led to a stock price increase of over 15%, indicating strong investor confidence [2] Strategic Development - The company is focused on enhancing its robot business, aiming to integrate advanced technologies like "hand-eye coordination" to support practical applications in logistics and industrial sectors [3] - Major financial institutions have rated SUTENG with "buy" or "increase" recommendations, with target prices ranging from 47 to 60 HKD, suggesting that the company's market value may still be underestimated [3]

Market Overview - The total scale of equity ETFs in the market reached 44,587.78 billion yuan, with an increase of 85.20 billion yuan in total scale over the past week, while total shares decreased by 154.37 billion shares, resulting in a net outflow of 351.82 billion yuan [1] - The Hong Kong and overseas ETF segment saw the highest net inflow of 95.37 billion yuan, primarily driven by inflows into the Hong Kong technology sector, while the broad-based and strategy ETF segment experienced the largest net outflow of 420.79 billion yuan [1] Fund Positioning - In the broad-based and strategy ETF segment, the top three inflow sectors were Free Cash Flow, CSI 2000, and CSI 1000, while the top three outflow sectors were CSI A500, CSI 300, and Sci-Tech 50 [2][3] - The industry and thematic ETF segment saw net inflows in the top five sectors including Robotics, Military Industry, Non-ferrous Metals, Internet, and Chemicals, while the top five outflow sectors included Semiconductor Chips, New Energy, Battery Storage, Innovative Drugs, and Banking [2][4] Key Focus Areas - The Robotics ETF from Penghua (159278) is showing upward momentum, with the founder of Yushu Technology predicting that the future heat of the robotics industry could be 100 to 1000 times greater than the current level, driven by AI advancements [5] - The year 2026 is highlighted as a critical milestone for humanoid robots, with expectations for mass production and significant supply chain developments [5] - The semiconductor sector is experiencing positive momentum, with significant advancements in quantum communication technology and record sales reported by Huahong Semiconductor [7][8] - The storage chip market is anticipated to enter a new growth cycle driven by AI, with increased capital expenditures from global cloud service providers expected to boost demand for servers and upstream components [9]

截至2026年2月24日收盘，机器人ETF(159770)换手5.4%，成交5.62亿元。跟踪的中证机器人指数(H30590)下跌0.51%。成分股方面涨跌互现，景业智能 领涨8.19%，大族激光上涨7.94%，中信重工上涨4.35%。 值得一提的是，机器人ETF(159770)获资金逆势布局，全天净申购2.12亿份。 业内消息，荣耀确认将于2026年巴塞罗那世界移动通信大会（MWC2026，2月26日-29日）正式发布旗下首款消费级人形机器人，成为全球首家正式进 军人形机器人赛道的手机终端厂商。据了解，该产品定位家庭服务与智能陪伴场景，并非实验室样机，而是依托成熟消费电子供应链推进的落地级产 品。 业内指出，荣耀此次跨界是AI终端生态的关键布局，其将通过集成AI手机、具身智能与高清摄像三大能力，重构人机交互方式，也标志着手机厂商正式 从硬件内卷切入下一代机器人产业赛道。 截至2月24日，机器人ETF(159770)最新规模达105.52亿元，最新份额达94.77亿份，均创近1月新高。 资金流入方面，机器人ETF(159770)最新资金净流入2.37亿元。拉长时间看，近10个交易日内有7日资金净流入，合计"吸 ...

春节的喜庆氛围还未散去，具身智能赛道就传来多个好消息。2月24日，具身智能头部企业千寻智能宣布，于近日完成两轮近20亿元融资，创下2026年以来 具身智能领域新高。 值得一提的是，近一年内，智平方已累计完成12轮融资，是全球融资节奏最快的具身智能企业。 图片来源："千寻智能"公众号截图 而千寻智能并非个例。2026年以来，具身智能领域融资热度持续攀升，不仅有多家企业获得了巨额融资，还有一些企业正在筹备IPO。随着资本加速布局， 具身智能赛道的机遇和挑战也愈发清晰。 1.机器人舞台"炫技"，资本加速布局 千寻智能20亿元融资背后，投资者的阵容堪称豪华。不仅有云锋基金、混沌投资（葛卫东）等超一线机构，还有Synstellation Capital、TCL创投、明荟致远 等产业资本，重庆产业投资母基金、杭州金投等国有资本，以及360基金、厚雪资本等战投机构。与此同时，顺为资本、Prosperity7、达晨财智、柏睿资本 等老股东也在持续加码。 该轮融资之后，千寻智能估值将突破百亿元。 前一天，2月23日，全球机器人基础模型龙头企业智平方宣布完成B轮融资，规模超过10亿元。智平方表示，该轮融资之后，公司估值超过百亿， ...

Core Insights - The report highlights the significant advancements in robotics showcased during the 2026 CCTV Spring Festival Gala, emphasizing the progress in hardware, control systems, and bionic technologies [2][11] - The polyester industry is experiencing a recovery, with leading companies benefiting from an integrated supply chain and improved demand dynamics [3][12] Mechanical Industry - The 2026 Spring Festival Gala featured performances by four companies, demonstrating cutting-edge achievements in embodied intelligence, including hardware, control, and bionic operations [2][11] - The performance of robots exceeded expectations, serving as a catalyst for the sector, with recommendations to focus on domestic robot supply chain companies [2][11] Polyester Industry - The polyester supply chain is witnessing a recovery, with profits shifting towards the filament segment due to improved supply-demand dynamics [3][12] - Zhejiang Petrochemical is expected to contribute stable investment returns, with projected annual contributions exceeding 1.5 billion yuan from 2025 to 2027, significantly smoothing out the cyclical fluctuations of the filament business [3][12] - The report forecasts a steady increase in net profit for the company, with estimates of 2.046 billion yuan, 3.693 billion yuan, and 4.987 billion yuan for 2025, 2026, and 2027 respectively, indicating a strong growth potential [3][12]

Economic Policies and Market Trends - The Chinese government emphasizes the development of the silver economy and elderly care services, aiming to enhance consumption capacity and create new consumption scenarios for the aging population [1] - The People's Bank of China plans to conduct a 600 billion yuan MLF operation to maintain liquidity in the banking system, marking a net injection of 300 billion yuan through MLF in February [1] - The domestic fuel prices have increased, with gasoline and diesel prices rising by 175 yuan/ton and 170 yuan/ton respectively, leading to retail prices of 6.7-6.9 yuan/liter for diesel and 7.0-7.1 yuan/liter for 92-octane gasoline [2] Capital Market Developments - Insurance institutions are optimistic about domestic investment assets, particularly stocks and securities investment funds, with a slight increase in A-share allocation expected by 2026 [4] - The Hong Kong stock market shows signs of recovery, with a notable performance in the semiconductor sector, driven by AI advancements and upcoming earnings disclosures [4] - Bitcoin and other cryptocurrencies have seen a decline, with Bitcoin dropping below $63,000 and the overall cryptocurrency market losing over $48 billion in value [6] Industry Highlights - The lithium carbonate market experienced a significant surge, with prices rising over 11%, attributed to bullish reports from top investment research firms [9] - The robotics sector is advancing with the launch of a new quadruped robot by Yushu Technology, showcasing enhanced performance and capabilities [9] - The storage chip market is expected to see price increases throughout the year, driven by AI and computing demands, with China's industry growth playing a crucial role [10] Company-Specific News - Dongyangguang is planning to acquire control of Yichang Dongshu No.1 Investment Co., with the transaction expected to constitute a major asset restructuring [11] - Tongwei Co. is set to purchase 100% of Qinghai Lihua Qing Energy Co. through a share issuance and cash payment, without changing its controlling shareholder [11] - AMD's stock surged over 7% following a significant chip agreement with Meta, involving the deployment of high-performance GPUs in AI data centers [6]

"电子年货"的热度持续几年后，2026年的春节消费迎来了新主角——机器人。春节期间，有机器人租赁 从业者向《华夏时报》记者透露，自己的机器人在春节前就已经排满租赁行程，场景主要聚焦在娱乐表 演和商业营销。而根据各大社交平台上网友们晒出的视频，这股潮流已迅速下沉，众多城市乃至县城都 出现了机器人的身影。 本报（chinatimes.net.cn）记者石飞月 北京报道 过去一年机器人产业持续升温，今年春晚各厂商又大力营销，2026年春节便演变为机器人租赁行业的一 次"压力测试"。2月24日，据机器人租赁服务平台擎天租公布的数据，今年春节期间（初一至初七）平 台订单环比增长近70%。在擎天租CEO李一言看来，当前机器人的技术能力和社会预期之间有窗口期， 而租赁是这个窗口期里最好的呈现方式。 "年货"架上的新品类 2月24日，从事机器人租赁业务的白先生向《华夏时报》记者展示了两张春节期间的"成绩单"：一张来 自成都，单台机器人两场活动收割了央视报道、上万围观和上百万全网观看；另一张来自无锡，13场活 动、6个点位、32天连轴转，机器人写书法、跳群舞、当迎宾，从古镇景区一直忙到政府大楼。"这个春 节，我们的机器人几乎没 ...