1、美媒：哈梅内伊及其子成为美国考虑的打击目标 美国阿克西奥斯新闻网站20日报道，美国国防部已向美国总统特朗普提供了打击伊朗的多种方案， 其中之一是"清除"伊朗最高领袖哈梅内伊及其儿子穆杰塔巴。报道援引特朗普的一名顾问的话说，五角 大楼针对各种情况都准备了方案，"其中一个方案是'清除'伊朗最高领袖哈梅内伊及其子穆杰塔巴，以 及所有毛拉"。这名顾问还说，"总统会选择什么，没人知道。我想他自己也不知道"。另有消息人士 称，数周前有人向特朗普提出了"刺杀"哈梅内伊及其子的计划。该报道还援引美国高级官员的话说，特 朗普政府准备考虑允许伊朗进行"象征性"铀浓缩的方案，但前提是该方案不会为伊朗制造核武器留下任 何可能性。（新华社） 2、2月21日隔夜要闻一览 1、美国最高法院于周五驳回了总统特朗普依据一项应急法案实施的全面关税政策。2、在最高法院 推翻了美国总统特朗普去年实施的大部分关税政策后，特朗普表示，他将签署一项命令，征收10%的全 球基准关税，此外还将启动一系列调查，为征收更多进口关税做准备。3、欧盟议员将于周一召开紧急 会议，重新评估欧盟与美国的贸易协议。4、据报道，美军"杰拉尔德·R·福特"号航母打击群目前已 ...

简评 核心观点 公司在高速线模组产品领域处于国内头部地位，2025 年一季度开始，公司高速线模组产品逐步上量， 成为增长重要拉动。公司预告，2025 年全年预计实现归母净利润3.38 亿-3.88 亿元， 同比扭亏。国内云 厂商持续加大资本开支投入，服务器、交换机等算力设备需求预计持续高增。并且国内多家CSP 客 户、服务器厂商、芯片厂商推广超节点方案，高速连接方案是实现超节点互联的重要支撑之一，需求展 望乐观。公司一方面与主要客户持续加深合作，此外与浪潮、超聚变、曙光、华勤、中兴、新华三等设 备制造商以及阿里、腾讯、字节等互联网应用客户正在推动或开展项目合作，未来有望持续充分受益国 内算力建设。 事件 公司发布2025 年年度业绩预告。2025 年全年，预计实现归母净利润3.38 亿-3.88 亿元，上年同期为亏损 0.18 亿元。 国内云厂商持续加大资本开支投入，服务器、交换机等算力设备需求预计持续高增。并且国内多家CSP 客户、服务器厂商、芯片厂商推广超节点方案，高速连接方案是实现超节点互联的重要支撑之一，需求 展望乐观。公司在高速连接产品领域处于国内头部地位，相继开发多款56G、112G 背板及模组产 ...

Group 1 - Semiconductor chips are gaining strength, with OpenAI launching its first AI model GPT-5.3-Codex-Spark based on Cerebras Systems' chips, aimed at competing in the AI programming assistant market [1] - Wanlian Securities indicates that the demand for computing power is on the rise, with the PCB and storage sectors expected to maintain a favorable cycle. The development of AI is driving upgrades in PCB technology, increasing demand for high-layer and HDI PCBs [1] - China's PCB industry leads globally, with major domestic PCB manufacturers accelerating capital expenditures to expand high-end PCB production capacity. The demand for copper-clad laminates (CCL) is expected to benefit from PCB expansion, with recent price increases likely to enhance corporate profitability [1] Group 2 - As of February 13, 2026, the STAR Market Composite Index (000680) saw significant gains in component stocks, with Jingjin Electric up 12.77% and Fuchuang Precision up 12.11% [2] - The STAR Market Composite Index ETF (Penghua, 589680) closely tracks the STAR Market Composite Index, reflecting the overall performance of STAR Market listed companies, including dividend income [2] - The top ten weighted stocks in the STAR Market Composite Index as of January 30, 2026, include Haiguang Information and Cambrian, accounting for 22.79% of the index [2]

2026年初，全球人工智能（AI）算力建设正以前所未有的速度推进。从硅谷到长三角，从数据中心到超算中心，高密度、高功率的算力集群对稳定电力 供应提出了极致要求。在这一背景下，作为电力系统核心组件的变压器，正从传统电力设备跃升为支撑数字时代的关键基础设施。而在这场全球算力竞赛 中，中国制造——尤其是变压器产业——正以惊人的产能与技术实力，成为世界不可或缺的"电力心脏"。 算力爆发催生变压器"供不应求" 随着大模型训练、云计算和边缘计算需求激增，全球数据中心建设进入高峰期。这些设施动辄耗电数十兆瓦，对供电系统的稳定性、效率和安全性提出极 高要求。变压器作为连接电网与用电设备的核心枢纽，其性能直接决定算力集群能否持续高效运行。 记者近期在广东佛山、江苏等地调研发现，大量变压器工厂已处于满产状态。在佛山某电气设备企业，仓库与停车场堆满待交付产品，生产线自年初起便 24小时连轴运转。企业负责人透露，仅开年不到一个月，订单量同比激增70%至80%。更令人瞩目的是，部分面向数据中心的高端变压器订单已排至2027 年底。 这种"爆单"现象并非个例。在长三角地区，一家江苏变压器制造商刚刚将国内首台全绝缘超高压大容量变压器发往北 ...

Group 1: Market Overview - The market opened lower influenced by external factors, with the Shanghai Composite Index down 0.66%, Shenzhen Component down 0.96%, and ChiNext down 1.02% [1] - The coal and banking sectors showed resilience, while precious metals, photovoltaic, computing hardware, and semiconductors faced declines [1] Group 2: Industry Insights - The coal sector is experiencing a favorable environment due to multiple supportive policies aimed at energy security and new energy system construction, enhancing efficiency in capacity approval and project development [3] - Demand for coal is increasing due to the rapid growth in global AI computing infrastructure, with coal power being a core support for computing supply [3] - The macroeconomic environment is characterized by a loosening of global liquidity, which, combined with energy supply guarantees and economic recovery, supports the valuation uplift of the coal sector [3] Group 3: Restaurant Industry Outlook - The restaurant industry is at a critical turning point, with expectations for valuation recovery driven by fundamental improvements, ongoing policy support, and price mechanism restoration [2] - The sector is benefiting from a strong focus on service consumption, making it a clear beneficiary of consumption stimulus policies [2] - Continued recovery in restaurant revenue and same-store performance is anticipated from the second half of 2025 [2]

国家统计局：2026年1月份中国制造业采购经理指数为49.3% 比上月下降0.8个百分点 国家统计局、中国物流与采购联合会31日发布2026年1月份中国采购经理指数。数据显示，1 月我国制造业市场需求有所收紧，但企业生产保持扩张态势，产业结构继续优化；服务业运行 态势相对稳定，企业预期持续向好。2026年1月份中国制造业采购经理指数为49.3%，比上月 下降0.8个百分点。1月份装备制造业采购经理指数为50.1%，高技术制造业采购经理指数为 52%，装备制造业和高技术制造业稳中向好发展，制造业产业结构持续优化。 北京经济技术开发区：推进数模混合、存算一体等芯片架构研发创新 延伸场景定义芯片、行 业专用芯片、使能软件等产业链条 北京经济技术开发区管理委员会印发《关于进一步加快建设全域人工智能之城的实施方案 （2026—2027年）》。其中提到，夯实智能原生基础能力。发挥集成电路制造能力优势，推 动"设计-制造-封测-算力"一体化协同发展，牵引算力基础设施与高性能智算产业持续迭代。推 进数模混合、存算一体等芯片架构研发创新，延伸场景定义芯片、行业专用芯片、使能软件等 产业链条。推动通用与垂类模型协同发展，加快认知 ...

Group 1 - The core viewpoint of the article highlights that Meike Home (美克家居) is proactively optimizing its operations by shutting down two underperforming subsidiaries in Tianjin, which have been operating at less than 20% capacity utilization and incurred a combined loss of 0.68 billion yuan in the first three quarters of 2025 [1][2] - The shutdown is aimed at cutting losses and reallocating resources to core domestic retail and strategic transformation areas, thereby enhancing efficiency through a "subtract to add" approach [1] - Meike Home's overseas business, which accounts for over 56% of its operations, has smoothly transitioned production to Vietnam, ensuring stable delivery while avoiding international trade barriers [1] Group 2 - The anticipated loss for 2025 is attributed to cyclical adjustments in the home furnishing industry rather than a decline in the company's core competitiveness [2] - Positive signals are emerging in the industry, with furniture retail sales revenue increasing by 33.2% year-on-year in the first three quarters of 2025, driven by demand for home renovations and upgrades [2] - Meike Home is strategically positioning itself to benefit from policy incentives aimed at green home products and smart solutions, with a focus on intelligent design services and partnerships with leading real estate developers [2] Group 3 - Meike Home is planning to acquire 100% of Shenzhen Wandeng Technology Co., Ltd. through a combination of stock issuance and cash payment, which specializes in high-speed copper cable products essential for AI data centers [2][3] - The acquisition is seen as a strategic extension of Meike Home's global supply chain management experience, aiming to diversify its business model beyond home furnishings [3] - The company is expected to benefit from a dual-driven growth model, combining a recovery in its home furnishing business with rapid growth in the computing power sector, potentially overcoming previous growth bottlenecks [3]

Summary of Key Points from Conference Call Industry Overview - The solar industry is currently experiencing a reversal of "involution," aimed at avoiding price competition and achieving reasonable profitability, which is driving a comprehensive price recovery across the industry chain [1][2] - Despite a potential temporary decline in global solar installations in 2026, multiple factors such as AI and IDC electricity demand, overseas power shortages, and domestic policy expectations may support overall demand, potentially exceeding market expectations [1][3] Core Insights and Arguments - Recent price increases in the solar sector are primarily driven by the reversal of involution, which is expected to gradually expand profitability across various segments of the industry [2] - The sixth round of power transmission and distribution bidding is progressing steadily, with a total bid amount of approximately 13 billion RMB, indicating ongoing development in ultra-high voltage distribution network renovations [3][10] - The solar industry chain's value recovery presents certain investment opportunities, with the main industry chain's price-to-book ratio currently at a low level, indicating potential for systematic value reconstruction [4] Key Companies to Watch - Recommended companies in the solar sector include Tongwei Co., GCL-Poly Energy, LONGi Green Energy, Tianhe Energy, JA Solar, JinkoSolar, Daqo New Energy, and GCL New Energy, all of which possess strong competitiveness and growth potential within the main industry chain [5] Data Center Developments - The recent release of H200 chip supply is expected to significantly drive domestic AIGC (Artificial Intelligence Generated Content) construction, supported by government policies aimed at enhancing computing power [6] - Companies such as Zhongheng Electric, Shenghong Co., Magpow and Oulu Tong are highlighted for their advantageous positions in HVDC and server power supply sectors [6] Lithium Battery Materials - The lithium battery materials segment is experiencing price recovery due to supply-demand dynamics, with advancements in solid-state battery materials and new equipment such as sulfide electrolytes and voltage devices [7] - Companies to focus on include Xiapu New Energy, Zhongyi Technology, and equipment providers like Lacnor and Xian Dao Intelligent, as well as traditional material companies like Enjie [7] Energy Storage Sector - There is a high and reasonable market expectation for future large-scale energy storage demand, particularly for AIDC (Artificial Intelligence Data Center) applications, which can enhance power supply stability and emergency response [8] - Companies such as Sungrow Power, Canadian Solar, and De Ye Co. are noted for their strong development potential in the energy storage field [8] Wind Power Industry - The wind power sector saw a 110% year-on-year increase in installations in November, benefiting from strong installation expectations as the 14th Five-Year Plan concludes [9] - Companies to watch include Goldwind Technology, Mingyang Smart Energy, and Yunda Co., with additional opportunities in overseas markets for companies like Dayin Heavy Industry and Zhenjiang Co. [9] Grid Investment Dynamics - The ongoing sixth round of power transmission and distribution bidding, with a total bid amount of approximately 13 billion RMB, indicates a steady development trajectory for ultra-high voltage distribution network renovations [10]

在论坛主旨报告环节，九位知名学者与专家分享了前沿见解。主旨报告第一阶段，南通大学原党委书 记、江苏长江经济带研究院院长成长春以《教育科技人才一体融通赋能数字中国建设》为题，系统阐释 了三者协同对数字中国的基石作用与实施路径；盐城师范学院党委副书记、校长张宏如对"数字经济提 升了就业数量？还是就业质量？"命题进行了剖析，并代表江苏沿海人才发展研究院现场发布了《中国 就业量质协调发展指数》；浙江工商大学副校长陈衍泰以浙江民营企业45年转型为例，生动阐述了从生 存型创业到数智化转型的"技术+模式"双轮驱动路径。 中新网江苏新闻12月22日电(殷凤春 许彤彤)12月20日，数字经济政产学研合作论坛暨首届经管学科青年 学者学术论坛在盐城举办。活动由盐城师范学院主办，中国科学学与科技政策研究会期刊工作委员会、 全国师范大学经济与管理学院(商学院)院长联席会协办。来自政府部门、高校、科研院所及行业企业的 100余名知名专家与青年学者，围绕"教育科技人才一体融通赋能数字经济高质量发展"主题，共商数字 经济发展大计，共绘政产学研协同发展新篇章。 活动现场。陈明明 摄 组建。陈明明 摄 主旨报告第二阶段，北京理工大学经济学院院长 ...

江苏长江经济带研究院院长成长春认为，数字中国建设是新时代我国推动高质量发展的核心战略之一。 教育、科技、人才作为支撑数字经济的三大核心要素，其一体融通是破解数字经济建设瓶颈、提升国际 竞争力的关键所在。北京理工大学经济学院院长王兆华认为，当前在数字经济领域的校企合作动力与能 力依旧失衡，需要构建"政—校—企—研—用"深度融合的生态体系。盐城师范学院校长张宏如通过调研 得出结论，在数字经济背景下实现就业量质显著提升，既要做好区域协同，强化产业链协同，更要完善 制度环境，优化市场竞争与数据治理制度，健全社会安全网与公共服务体系，完善适应产业链发展的劳 动保障制度。 本报讯(记者叶真)12月20日，数字经济政产学研合作论坛暨首届经管学科青年学者论坛在盐城举行。来 自全国高校的专家学者就数字经济高质量发展、就业、生产要素变革、人工智能和算力建设等关键词展 开讨论。在论坛上，沿海地区区域数字经济政产学研联盟启动，江苏沿海人才发展研究院发布《中国就 业量质协调发展指数》，盐城师范学院数字经济学院揭牌。 ...