2026 年 02 月 10 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 1、《双融日报》2026-02-09 2、《双融日报》2026-02-06 3、《双融日报》2026-02-05 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 77 分，市场情绪处于"较热"。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：电网设备、银行、消费 宏观经济意外下滑、地缘政治风险、流动性收紧超预期、行 业政策低于预期。 c 策 略 研 究 证 券 研 究 报 告 1、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 ...

面向汽车与工业领域的芯片巨头安森美半导体(ON.US)北京时间周二晨间公布最新季度业绩数据以及未来展望，数据显示，安森美半导体截至 2025年12月31日的第四季度业绩高于华尔街分析师平均预期，但是该公司对于当前季度(第一季度)的最新展望不及华尔街预期，导致该芯片 巨头的股价在美股盘后交易中一度大跌超8%。 为何安森美半导体今年以来股价大涨? 今年以来，安森美半导体股价跟随史无前例AI大浪潮所驱动的模拟芯片/数据中心电力链条相关芯片需求强劲复苏预期持续上涨，自 2026年以来的涨幅高达20%，作为对比，2025年该芯片巨头全年股价跌幅高达15%。 财报数据显示，安森美半导体第四季度总营收约15.3亿美元，意味着同比下滑11%，Non-GAAP准则下的调整后每股收益为0.64美 元，远远低于上年同期的约0.95美元，不过两项业绩数据均高于华尔街分析师们平均预期的约15.2亿美元与0.62美元。安森美半导 体Q4营业利润率约13.1%，低于上年同期的约23.7%，Non-GAAP准则下的营业利润率约19.8%，同样低于上年同期的约26.7%。 按业务部门划分，安森美第四季度电源方案部(PSG)业务营收为7.24亿 ...

智通财经APP获悉，面向汽车与工业领域的芯片巨头安森美半导体(ON.US)北京时间周二晨间公布最新 季度业绩数据以及未来展望，数据显示，安森美半导体截至2025年12月31日的第四季度业绩高于华尔街 分析师平均预期，但是该公司对于当前季度(第一季度)的最新展望不及华尔街预期，导致该芯片巨头的 股价在美股盘后交易中一度大跌超8%。 作为对比，在上年同期，安森美半导体整体营收约为14.5亿美元，调整后每股收益约为0.55美元;这也意 味着，在经历了长达两年多的同比下滑阶段之后，安森美半导体第一季度的总营收和每股收益有望恢复 增长轨迹。 为何安森美半导体今年以来股价大涨? 这家聚焦于模拟芯片与功率半导体领域的芯片巨头业绩自2025年下半年以来可谓持续受益于AI数据中 心建设进程如火如荼带来的强劲电力链条相关芯片需求，尤其是其聚焦AI基础设施的电源管理产品增 长对冲了电动汽车端(尤其SiC与EV相关)更谨慎的开支以及自2022年末以来电动汽车需求持续疲软态 势，这也说明市场并非凭空想象"AI拉动安森美半导体业绩"，而是已有订单/营收端的体现。 安森美主营业务的上述三大分部决定了该芯片公司"更像电力/功率与能效类半导体 ...

Core Viewpoint - Feikai Materials focuses on the development of coating materials for optical fibers and cables, which are essential for protecting optical glass fibers from environmental impacts while maintaining mechanical strength and optical performance [2] Group 1: Company Overview - The company's coating materials are primarily used in the manufacturing process of optical fibers and cables [2] - The products are designed to meet the stringent requirements of multi-mode specialty fibers needed for AI data centers, particularly in terms of temperature resistance and refractive index stability [2] Group 2: Industry Application - The application of the coating materials depends on the specific process requirements of downstream customers [2]

Core Viewpoint - The company, Feikai Materials (300398.SZ), specializes in coating materials for optical fibers and cables, which are essential for protecting optical glass fibers from environmental impacts while maintaining mechanical strength and optical performance [1] Group 1: Product Application - The coating materials are primarily used in the manufacturing process of optical fibers and cables [1] - For AI data centers requiring multimode specialty fibers, the coating materials must meet stricter requirements for temperature resistance and refractive index stability [1] - The company's coating materials have potential for adaptation, depending on the process requirements of downstream customers [1] Group 2: Market Impact - Currently, hollow-core fibers have not been widely adopted in industrial applications, which means they do not significantly impact the sales of the company's optical fiber coating materials [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][9]. Core Insights - The company has shown steady revenue growth, with a reported revenue of 233 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 3.48%. However, net profit attributable to shareholders decreased by 4.79% to 14 million yuan due to short-term impacts from share-based payments [4]. - The company focuses on independent innovation, with its products filling domestic technological gaps. Key technology indicators of its products are at a leading domestic and advanced international level, showcasing strong potential for domestic substitution [5]. - The company is expanding its market presence through collaborations with leading international and domestic firms, enhancing its core competitive barriers. Notable products like the QT-8400 series have made significant technological breakthroughs and are entering important customer supply chains [6]. - The company is accelerating the development of high-performance SoC testing machines, capitalizing on the growing demand for domestic alternatives in the high-end SoC testing market [7]. Financial Projections - Revenue projections for the company are estimated at 360 million yuan in 2025, 600 million yuan in 2026, and 1 billion yuan in 2027, with corresponding net profits of 36 million yuan, 122 million yuan, and 246 million yuan respectively [8][11]. - The company is expected to achieve a significant growth rate of 66.94% in 2026 and 65.46% in 2027 [11]. - The earnings per share (EPS) is projected to increase from 0.51 yuan in 2025 to 3.49 yuan in 2027 [11]. Relative Valuation - The company is positioned in the semiconductor backend testing equipment sector, with a focus on automated testing systems and laser marking equipment. It has successfully achieved import substitution in power semiconductor testing systems and is among the few Chinese semiconductor equipment companies to penetrate the international testing market [14]. - The report references a relative valuation analysis with a projected price-to-sales (P/S) ratio of 23.04x for 2025, supporting the "Buy" rating [14][15].

Group 1 - The core viewpoint of the article is that Guangxin Microelectronics has obtained the IATF16949:2016 certification, indicating its capability to produce automotive-grade products [1] - Guangxin Microelectronics' products are primarily aimed at high-demand downstream sectors such as AI data center high-power power supplies, ultra-high voltage power facilities, light storage and industrial inverters, automotive electronics, and large industrial control motors [1]

Group 1 - The core viewpoint of the article highlights that Changfei Optical Fiber and Cable (06869) has seen a significant stock price increase, reaching a new high of 106.20 HKD, with a current price of 105.10 HKD, reflecting a 15.75% rise and a trading volume of 2.095 billion HKD [1] - Huayuan Securities notes that fiber optic prices have been steadily increasing for about six months, with G.652.D bare fiber prices rising from less than 20 RMB per core kilometer, and are expected to accelerate after 2026 due to a reversal in supply and demand dynamics [1] - The increase in fiber optic prices is driven by a supply-side capacity reduction and accelerated demand from AI data center construction, leading to a supply shortage across various types of fiber optics [1] Group 2 - Changfei Optical Fiber and Cable's subsidiary announced the completion of over 1 billion RMB in A+ round equity financing on February 6, with investments led by Jiangcheng Fund and Changjiang Industrial Group, among others [1] - The financing will primarily be used for the technological layout of the silicon carbide power semiconductor full industry chain, aiming to accelerate the company's entry into emerging global markets [1]

Market Sentiment - The current market sentiment score is 44, indicating a "neutral" stance [6][9][21] - Historical trends suggest that when the sentiment score is below or close to 50, the market tends to find support, while scores above 80 may indicate resistance [9][21] Hot Themes Tracking Electric Grid Equipment - The global demand for high-power and high-stability transformers is driven by the significant energy consumption of AI data centers, leading to a severe supply-demand imbalance, particularly in the U.S. where delivery times have reached 127 weeks [6] - China's State Grid is set to invest 4 trillion yuan during the 14th Five-Year Plan, focusing on ultra-high voltage and smart distribution networks, providing long-term order support for the industry [6] - Related stocks include China Western Power (601179) and TBEA Co., Ltd. (600089) [6] Banking Sector - Bank stocks are characterized by high dividend yields, with the CSI Bank Index yielding 6.02%, significantly higher than the 10-year government bond yield [6] - In a slowing economy with increased market volatility, bank stocks are becoming important investment targets for long-term funds such as insurance and social security [6] - Related stocks include Agricultural Bank of China (601288) and Ningbo Bank (002142) [6] Consumer Sector - The macro policy for 2026 emphasizes expanding domestic demand and promoting consumption, which is viewed positively by the market [6] - The consumer market is undergoing significant changes, characterized by three new trends: "emotional value" (self-consumption in gold and jewelry), "extreme cost-performance ratio" (bulk snacks and discount stores), and "efficiency innovation" (AI e-commerce and brand expansion) [6] - Related stocks include Yonghui Superstores (601933) and Wangfujing (600859) [6]

Investment Rating - The industry investment rating is Neutral (maintained) [6] Core Insights - The upcoming release of Tesla's Optimus V3 is expected to catalyze the industry, with a focus on companies involved in the humanoid robot supply chain and those with significant advancements in autonomous driving technology [9] - The demand for gas turbines and generator sets is anticipated to surge due to increased overseas data center construction, benefiting companies in the gas turbine and robotics supply chains [9] - Companies with strong alpha characteristics in the automotive and parts sector are expected to withstand industry risks and achieve revenue and profit growth [3] Summary by Sections Investment Recommendations and Targets - Strong alpha automotive and parts companies are expected to resist industry risks and achieve revenue and profit growth; focus on advanced autonomous driving supply chains, data center liquid cooling, and gas turbine industries [3] - Suggested companies to watch include: - Humanoid robot-related: Xinquan Co., Ltd. (603179, Buy), Top Group (601689, Buy), Yinlun Co., Ltd. (002126, Buy), and others [4] - Gas turbine-related: Yinlun Co., Ltd. (002126, Buy) [4] - Liquid cooling-related: Yingweike (002837, Not Rated), Yinlun Co., Ltd. (002126, Buy), Top Group (601689, Buy), and others [4] - Autonomous driving-related: Jingwei Hengrun-W (688326, Buy), Bertley (603596, Buy), Desay SV (002920, Buy) [4]