证券研究报告 2026 年 3 月 2 日 星期一 【A 股市场大势研判】 资料来源：东莞证券研究所，iFinD 数据 后市展望： 周五，A 股 2 月收官，沪指月线斩获 3 连阳。三大指数开盘集体低开，沪指低开 0.43%， 深成指低开 0.89%，创业板指低开 1.23%。随后指数震荡。截至午盘收盘，三大指数震荡 调整，沪指再度翻绿，创业板指跌超 1%。盘面上，算力租赁概念集体爆发；有色金属板 块反复活跃；AI 编程概念走强；太空光伏概念震荡反弹。午后，指数震荡上行，最终收 盘三大指数涨跌不一。总体上个股涨多跌少，钢铁、煤炭、有色金属、公用事业和农林牧 渔等行业表现靠前；建筑材料、通信、电子、汽车和家用电器等行业表现靠后。概念指数 方面，金属铅、金属锌、小金属概念、金属铜和金属钴等板块表现靠前；国家大基金持股、 PCB 概念、中芯国际概念、存储芯片和先进封装等板块表现靠后。 值得关注的是，为促进外汇市场发展，支持企业管理好汇率风险，中国人民银行决定 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。 1 A 股 ...

来源：新浪证券-红岸工作室 2月27日，中芯国际跌1.41%，成交额32.14亿元，换手率1.40%，总市值9200.60亿元。 异动分析 国家大基金持股+存储芯片+中芯国际概念+芯片概念 1、公司获得国家集成电路产业投资基金股份有限公司投资，持股比例占总股本比例为1.61%。 2、2025年9月12日互动易：公司代工MCU芯片和特殊存储芯片。 3、中芯国际是中国内地技术最先进、配套最完善、规模最大、跨国经营的集成电路制造企业集团。 资金分析 今日主力净流入-4.38亿，占比0.14%，行业排名169/173，连续3日被主力资金减仓；所属行业主力净流 入-67.00亿，当前无连续增减仓现象，主力趋势不明显。 区间今日近3日近5日近10日近20日主力净流入-4.38亿-10.19亿-11.99亿-5.57亿-38.08亿 主力持仓 主力轻度控盘，筹码分布较为分散，主力成交额16.24亿，占总成交额的11.24%。 技术面：筹码平均交易成本为122.15元 该股筹码平均交易成本为122.15元，近期该股获筹码青睐，且集中度渐增；目前股价靠近支撑位 111.80，注意支撑位处反弹，若跌破支撑位则可能会开启一波下跌行 ...

Core Viewpoint - The company Meiyai (China) Environmental Technology Co., Ltd. is a leading player in the air purification and atmospheric environmental governance sector, with a focus on high-efficiency filtration products and cleanroom technology for the semiconductor industry [2][3][7]. Group 1: Company Overview - Meiyai specializes in the research, production, and sales of air purification products and atmospheric environmental governance products, with a primary revenue contribution of 90.18% from cleanroom air filtration and clean wall ceiling system products [3][7]. - The company was recognized as a national-level "specialized and innovative" small giant by the end of 2021, establishing itself as a leader in cleanroom equipment for the semiconductor sector in China [3][7]. - As of September 30, 2025, Meiyai reported a revenue of 1.486 billion yuan, reflecting a year-on-year growth of 23.64%, while the net profit attributable to shareholders was 141 million yuan, a decrease of 5.17% compared to the previous year [7][8]. Group 2: Market Position and Products - The company has been a long-term supplier of high-efficiency filters and air purification products to major semiconductor manufacturers, including Intel and ST Microelectronics, positioning itself competitively against international brands [2][3]. - Meiyai's air purification equipment is capable of efficiently removing PM2.5 and bacteria, as well as decomposing formaldehyde and VOCs, which are harmful organic gases [3][4]. - The company has developed products that meet the highest international cleanliness standards (ISO Class 1) for the domestic semiconductor industry, aiding in overcoming critical technological challenges [2][3]. Group 3: Financial and Stock Performance - On February 24, the stock price of Meiyai increased by 2.30%, with a trading volume of 192 million yuan and a turnover rate of 2.13%, bringing the total market capitalization to 8.981 billion yuan [1]. - The main capital inflow for the day was 17.83 million yuan, accounting for 0.09% of the total, indicating a continuous increase in main capital over three days [4][5]. - The average trading cost of the stock is 64.79 yuan, with the current price near a support level of 62.68 yuan, suggesting potential volatility if this support is breached [6].

来源：新浪证券-红岸工作室 2月24日，德明利涨2.69%，成交额20.82亿元，换手率5.06%，总市值580.70亿元。 异动分析 存储芯片+中芯国际概念+AI PC+专精特新+人民币贬值受益 1、公司的主营业务主要集中于闪存主控芯片设计、研发，存储模组产品应用方案的开发、优化，以及 存储模组产品的销售。公司产品主要包括存储卡、存储盘、固态硬盘等存储模组，主要聚焦于移动存储 市场。 2、公司产品生产主要采取委外加工方式进行，公司通过多年的经营形成了完善的供应链体系。公司与 中芯国际（SMIC）、中国台湾联电（UMC）等全球顶级芯片代工制造商及国内外领先的存储卡、存储 盘封装及测试厂商等形成了紧密的合作关系。 3、2024年6月28日微信公众号发布：德明利最新推出针对AI PC的DDR5 SO-DIMM和U-DIMM内存模组 系列产品，单条内存容量高达48GB，理论带宽32GB/s，兼容主流CPU平台与操作系统，为应对复杂计 算挑战提供高效稳定的人工智能存储方案，助力智能计算新时代。 4、专精特新"小巨人"企业是全国中小企业评定工作中最高等级、最具权威的荣誉称号，是指专注于细 分市场、创新能力强、市场占有率 ...

Core Viewpoint - Semiconductor manufacturing company SMIC has received investment from the National Integrated Circuit Industry Investment Fund, holding 1.61% of the total share capital, indicating strong governmental support for the company and the industry [2]. Company Overview - SMIC is the largest integrated circuit manufacturing enterprise group in mainland China, known for its advanced technology and comprehensive support [2]. - The company specializes in wafer foundry services based on various technology nodes and platforms, providing design services, IP support, and photomask manufacturing [2]. - As of September 30, 2025, SMIC reported a revenue of 49.51 billion yuan, a year-on-year increase of 18.22%, and a net profit of 3.82 billion yuan, up 41.09% year-on-year [5]. Market Performance - On February 13, SMIC's stock rose by 0.30%, with a trading volume of 4.02 billion yuan and a turnover rate of 1.72%, bringing the total market capitalization to 935.50 billion yuan [1]. - The stock's average trading cost is 122.58 yuan, with current price levels between resistance at 125.50 yuan and support at 111.80 yuan, suggesting potential for range trading [4]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders of SMIC include several ETFs, with notable reductions in holdings from major funds like E Fund and Huaxia [6][7].

Core Viewpoint - The company Meiyai (China) Environmental Technology Co., Ltd. is a leading player in the air purification and atmospheric environment governance sector, with a focus on providing high-efficiency air filtration products for the semiconductor industry, particularly for clients like SMIC and Intel [2][3]. Company Overview - Meiyai specializes in the research, production, and sales of air purification products and atmospheric environment governance products, with its main offerings including fan filter units, filters, and air purification equipment [3][7]. - The company was recognized as a national-level "specialized and innovative" small giant by the end of 2021, establishing itself as a leader in cleanroom equipment for the electronics semiconductor sector [3]. Financial Performance - For the period from January to September 2025, Meiyai achieved a revenue of 1.486 billion yuan, reflecting a year-on-year growth of 23.64%, while the net profit attributable to shareholders was 141 million yuan, showing a decrease of 5.17% compared to the previous year [7][8]. - The company has distributed a total of 80.64 million yuan in dividends since its A-share listing [9]. Market Position and Shareholder Information - As of September 30, 2025, Meiyai had 5,817 shareholders, an increase of 36.07% from the previous period, with an average of 8,764 circulating shares per person, a decrease of 26.51% [7]. - The top ten circulating shareholders include notable funds, with Huaxia Value Selection Mixed Fund being the sixth largest shareholder, holding 1.0058 million shares, a reduction of 136,100 shares from the previous period [9].

Core Viewpoint - The company Meiyai (China) Environmental Technology Co., Ltd. specializes in air purification products and has established itself as a leader in the domestic semiconductor cleanroom equipment market, with significant growth in revenue despite a slight decline in net profit. Company Overview - Meiyai was founded on June 21, 2001, and went public on November 18, 2022. The company is located in Nanjing, Jiangsu Province, and focuses on the research, production, and sales of air purification and atmospheric environment governance products [7]. - The main revenue source for Meiyai comes from cleanroom air filtration and clean wall ceiling system products, accounting for 90.18% of total revenue, while other products contribute 9.82% [7]. Financial Performance - For the period from January to September 2025, Meiyai achieved a revenue of 1.486 billion yuan, representing a year-on-year growth of 23.64%. However, the net profit attributable to shareholders was 141 million yuan, reflecting a year-on-year decrease of 5.17% [7][8]. - The company has distributed a total of 80.64 million yuan in dividends since its A-share listing [9]. Market Position and Products - Meiyai has been a long-term supplier to SMIC, providing high-efficiency filters and other products essential for maintaining air cleanliness in semiconductor manufacturing [2]. - The company has developed products that meet the highest international cleanliness standards (ISO Class 1) for the domestic 28nm lithography equipment process, contributing to breakthroughs in critical technology for the domestic semiconductor industry [2]. - Meiyai's air purification devices are effective in removing PM2.5, bacteria, and harmful gases such as formaldehyde and VOCs [3]. Shareholder and Market Activity - As of September 30, 2025, Meiyai had 5,817 shareholders, an increase of 36.07% from the previous period, with an average of 8,764 circulating shares per person, a decrease of 26.51% [7]. - The stock has seen a net outflow of 5.4289 million yuan today, with a lack of clear trends in major shareholder activity [4][5].

Core Viewpoint - The company Meiyai (China) Environmental Technology Co., Ltd. is experiencing significant market activity, with a recent stock price increase and notable trading volume, indicating investor interest in its air purification and environmental governance products. Company Overview - Meiyai specializes in the research, production, and sales of air purification products and atmospheric environmental governance products, with its main products including fan filter units, filters, and air purification equipment [3][7]. - The company was recognized as a national-level "specialized and innovative" small giant by the end of 2021, establishing itself as a leading domestic enterprise in cleanroom equipment for the semiconductor industry [3][7]. Financial Performance - For the period from January to September 2025, Meiyai achieved a revenue of 1.486 billion yuan, representing a year-on-year growth of 23.64%, while the net profit attributable to the parent company was 141 million yuan, showing a decrease of 5.17% compared to the previous year [7][8]. - The company has distributed a total of 80.64 million yuan in dividends since its A-share listing [9]. Market Position and Supply Chain - Meiyai has been a long-term supplier to SMIC, providing essential products such as FFUs and high-efficiency filters to meet the air cleanliness requirements for advanced semiconductor manufacturing processes [2]. - The company has also developed the first domestic 28nm lithography equipment, contributing to overcoming critical technology challenges in the domestic lithography machine sector [2]. Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders for Meiyai was 5,817, an increase of 36.07% from the previous period, while the average circulating shares per person decreased by 26.51% [7]. - Notable institutional shareholders include Huaxia Value Selection Mixed Fund and Green High Dividend Preferred Mixed Fund, with some changes in holdings observed [9].

Core Viewpoint - Semiconductor manufacturing company SMIC has shown a positive stock performance with a 1.98% increase, reaching a market capitalization of approximately 919.5 billion yuan [1] Group 1: Company Overview - SMIC is the largest integrated circuit manufacturing enterprise group in mainland China, recognized for its advanced technology and comprehensive support [2] - The company specializes in wafer foundry services across various technology nodes and platforms, providing design services, IP support, and photomask manufacturing [2] - As of September 30, 2025, SMIC reported a revenue of 49.51 billion yuan, marking an 18.22% year-on-year growth, and a net profit of 3.82 billion yuan, reflecting a 41.09% increase [5] Group 2: Investment and Shareholding - The National Integrated Circuit Industry Investment Fund holds a 1.61% stake in SMIC, indicating institutional confidence in the company [2] - As of September 30, 2025, the number of shareholders increased to 336,200, with an average of 6,134 shares held per shareholder, a decrease of 25.41% from the previous period [5] - Major shareholders include various ETFs, with notable reductions in holdings from several funds, indicating a shift in institutional investment [6][7] Group 3: Market Performance - The stock experienced a net outflow of 32.64 million yuan today, with a total of 3.92 billion yuan over the last three days, suggesting a lack of strong buying momentum [3] - The average trading cost of SMIC shares is 123.12 yuan, with the stock currently near a resistance level of 118.00 yuan, indicating potential for a price correction if it fails to break through this level [4]

Core Viewpoint - The company Meiyai (China) Environmental Technology Co., Ltd. is a leading player in the air purification and atmospheric environment governance sector, with a focus on semiconductor cleanroom equipment and air purification products. Group 1: Company Overview - Meiyai specializes in the research, production, and sales of air purification products and atmospheric environment governance products, with its main products including fan filter units, filters, and air purification equipment [3][7]. - The company was awarded the national-level "specialized and innovative" title of "little giant" at the end of 2021, establishing itself as a leader in the domestic semiconductor cleanroom equipment market [3][7]. - As of September 30, 2025, Meiyai achieved a revenue of 1.486 billion yuan, representing a year-on-year growth of 23.64%, while the net profit attributable to the parent company was 141 million yuan, a decrease of 5.17% year-on-year [7][8]. Group 2: Market Position and Products - The company has been a long-term supplier of FFU, high-efficiency/ultra-high-efficiency filters, and chemical filters to SMIC, ensuring the air cleanliness requirements for SMIC's advanced product lines, including the 14nm and 28nm processes [2]. - Meiyai has developed the first domestic 28nm lithography equipment process, providing the necessary clean environment with the highest international cleanliness standards (ISO Class 1) [2]. - The company's air purification devices are capable of efficiently removing PM2.5 and microorganisms, as well as effectively decomposing formaldehyde and VOCs [3]. Group 3: Financial and Stock Performance - On February 3, the stock price of Meiyai increased by 5.06%, with a trading volume of 266 million yuan and a turnover rate of 3.00%, bringing the total market capitalization to 8.906 billion yuan [1]. - The average trading cost of the stock is 64.60 yuan, with recent rapid outflows of shares, suggesting a potential need for portfolio adjustment [6]. - The stock is approaching a resistance level of 67.70 yuan, indicating a cautionary stance against potential pullbacks unless this level is broken [6].