2026 年 3 月 6 日 星期五 ➢ 每日大市点评 昨日港股高开，但是其后回吐，表现分化。恒生指数及国企指数分别收报 25,321.34 点及 8,451.43 点，先者上升 0.3%， 后者下跌 0.4%。港股成交合共 3,219 亿港元，较前日的 3,643 亿港元，下跌 11.6%，或反映投资者持观望态度。分类指数 方面，综合企业、金融、医疗保健业指数分别上升 2.2%、1.5%、1.3%；原材料、非必需性消费、必需性消费则分别下跌 1.8%、1.4%、0.5%。蓝筹个股方面，友邦保险(1299 HK)及九龙仓置业(1997 HK)领涨，分别上升 5.1%及 3.6%；京东健康 (6618 HK)及华润啤酒(291 HK)领跌，分别下跌 6.2%及 2.8%。 昨日人大会议开幕，国务院总理李强发表政府工作报告，定下多项今年经济目标。相比 2025 年 GDP 增长为 5%，2026 年 GDP 增长目标定于 4.5%-5%。这类区间目标属于既稳定也弹性的形式。尽管今年增长或低于去年，但是此目标制定也是理 性考虑。工作报告也列出不同行业/范畴的今年工作任务，按内容章节的先后，首先提及"着力建设强大国内 ...

本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 点击注册小程序 查看完整报告 特别申明： 未来能源是未来产业的重要一环，此前二十届四中全会审议通过的《中共中央关于制定国民经济和社会发 展第十五个五年规划的建议》亦提出前瞻布局未来产业，其中包括氢能和核聚变能。 氢氨醇行业顶层政策持续加码、产业落地节奏稳步推进，正迎来政策与产业共振的黄金发展期。看好氢氨 醇统筹、规模化、超前建设，其作为新能源消纳和绿电非电领域应用的重要方向，有望获得更多投资。 我国核聚变领域将迈入技术突破与产业布局的快速发展期，可控核聚变项目招标与工程建设有望加速释 放，长期发展值得期待。 对单位国内生产总值二氧化碳排放提出目标：2026年降低3.8%左右，"十五五"期间累计降低17% 此前《加快构建碳排放双控制度体系工作方案》提出，"十五五"期间，碳排放强度 ...

Core Viewpoint - The government emphasizes the importance of achieving carbon peak and carbon neutrality goals, with specific targets set for carbon dioxide emissions reduction by 2026 and a comprehensive green transition strategy outlined in the government work report [1][2]. Group 1: Green Transition and Carbon Reduction Goals - By 2026, the goal is to reduce carbon dioxide emissions per unit of GDP by approximately 3.8%, considering economic development, green transformation, and energy security [1]. - The government aims to accelerate the comprehensive green transition, focusing on carbon peak and carbon neutrality as key drivers for reducing carbon emissions, pollution, and enhancing green growth [1][2]. - A national low-carbon transition fund will be established to foster new growth points in hydrogen energy and green fuels, while also managing high energy-consuming projects effectively [1][2]. Group 2: Energy and Infrastructure Development - The report highlights the implementation of a dual control system for total carbon emissions and intensity, alongside the expansion of the carbon trading market [2]. - Significant progress has been made in green low-carbon transformation, with over 130 million kilowatts of new energy storage capacity installed and non-fossil energy consumption reaching 21.7% [2]. - The government plans to construct a modern infrastructure system, focusing on a comprehensive transportation network and a new energy system, with specific projects aimed at promoting green low-carbon transformation [3].

2026 年 3 月 5 日 行业研究 《政府工作报告》学习：展望 2026 年我国能源发展 ——碳中和领域动态追踪（一百七十八） 要点 事件： 2026 年 3 月 5 日十四届全国人大四次会议开幕，国务院总理李强向大会 作政府工作报告。 2026 年政府工作任务提出"培育壮大新兴产业和未来产业"，关注氢能和核聚 变能。 未来能源是未来产业的重要一环，此前二十届四中全会审议通过的《中共中央关 于制定国民经济和社会发展第十五个五年规划的建议》亦提出前瞻布局未来产 业，其中包括氢能和核聚变能。 氢氨醇行业顶层政策持续加码、产业落地节奏稳步推进，正迎来政策与产业共振 的黄金发展期。看好氢氨醇统筹、规模化、超前建设，其作为新能源消纳和绿电 非电领域应用的重要方向，有望获得更多投资。 我国核聚变领域将迈入技术突破与产业布局的快速发展期，可控核聚变项目招标 与工程建设有望加速释放，长期发展值得期待。 对单位国内生产总值二氧化碳排放提出目标：2026 年降低 3.8%左右，"十五五" 期间累计降低 17%。 此前《加快构建碳排放双控制度体系工作方案》提出，"十五五"期间，碳排放 强度降低成为国民经济和社会发展约束性指标， ...

每日｜荐读 榜单： 「2026产业投资100强」评选开启 荐读： 告别"DPI焦虑"，一家GP的"多赢"解题思路 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" 3月5日，国务院总理李强在政府工作报告中介绍今年政府工作任务时提出，加快推动全面绿色转 型。以碳达峰碳中和为牵引，协同推进降碳、减污、扩绿、增长，增强绿色发展动能。 大力发展绿色低碳经济。完善促进绿色低碳发展政策，实施重点行业提质降本降碳行动，深入推进 零碳园区和工厂建设。 设立国家低碳转型基金，培育 氢能 、绿色燃料等新增长点。 有力有效管 控高耗能高排放项目，加快淘汰落后产能，支持绿色低碳技术装备创新应用。完善资源总量管理和 全面节约制度，强化再生资源循环利用。 积极稳妥推进碳达峰碳中和。实施碳排放总量和强度双控制度，完善碳排放统计核算、碳足迹管理 体系，进一步扩大碳排放权交易市场覆盖范围。制定能源强国建设规划纲要。着力构建新型电力系 统，加快智能电网建设，发展新型储能，扩大绿电应用。加强化石能源清洁高效利用。 来源：新华网 ...

2月27日，龙腾光电、奥来德、路维光电、莱特光电、晶合集成、纬达光电、八亿时空、天德钰、 世华科技9家显示产业链企业集中发布2025年业绩快报。 | 公司名称 | 营收 (亿元) | 同比增减 | 归母净利润(亿元) | 同比增减 | | --- | --- | --- | --- | --- | | 龙腾光电 | 24.99 | -26.79% | -2.08 | | | 路维光电 | 11.55 | 31.94% | 2.51 | 31.34% | | 菜特光电 | 5.52 | 17.05% | 2.20 | 亏损收窄 | | 與来德 | 5.77 | 8.27% | 0.8 | -11.09% | | 晶合集成 | 108.85 | 17.69% | 6.96 | 30.66% | | 纬达光电 | 2.12 | -2.28% | -0.19 | 1 | | 八亿时空 | 8.71 | 卡升 18.13% CIV | 0.78 | 2.24% | | 天德钰 | 21.90 | 4.17% | 2.34 | -15.05% | | 世华科技 | 10.87 | 36.75% | 3.99 | 42.6 ...

Core Viewpoint - The company, Longteng Optoelectronics, reported a challenging performance in 2025 due to a complex global trade environment and intensified competition in the small-sized display sector, leading to a significant decline in revenue and net profit [1][2] Financial Performance - The total revenue for the company was 2.499 billion yuan, a decrease of 26.79% compared to the same period last year [1] - The net profit attributable to the parent company was -208 million yuan, down 9.40% year-on-year [1] - The net profit attributable to the parent company, excluding non-recurring gains and losses, was -211 million yuan, showing an improvement of 14.61% compared to the previous year [1] - As of December 31, 2025, total assets amounted to 6.712 billion yuan, an increase of 2.00% from the beginning of the reporting period [1] - The equity attributable to the parent company was 4.080 billion yuan, a decrease of 4.86% from the beginning of the reporting period [1] Strategic Initiatives - The company is focusing on strategic upgrades and refined management to adapt to the expanding market for emerging display applications such as smart terminals, smart cockpits, and virtual reality [2] - There is an emphasis on technological innovation and increased investment in green and low-carbon initiatives, health-focused products, electronic paper, smart cockpits, and AI display sectors [2] - The company aims to broaden its business development space while enhancing product value and quality to achieve sustainable high-quality growth [2]

Core Viewpoint - Qinghai is making significant strides in ecological civilization and high-quality development, focusing on green energy, smart manufacturing, and agricultural advancements to enhance the local economy and improve the quality of life for its residents [28]. Group 1: Energy Development - The construction of the Malda Dam hydropower station is progressing steadily, providing stable and clean energy for regional development [28]. - Energy storage stations are playing a crucial role in supporting the consumption of new energy and adjusting the energy structure in Qinghai [3]. Group 2: Agricultural Advancements - The development of green organic agriculture is being prioritized to enhance employment and income for farmers [15]. - Cool-season vegetables are thriving in the plateau region, enriching the local food supply and expanding income opportunities for farmers [28]. Group 3: Technological Innovation - The smart manufacturing industry is emerging through technological innovation, contributing to a "green revolution" in urban construction on the plateau [13]. - Green computing power is leading the digital economy, becoming a strong new engine for development [28]. Group 4: Ecological and Cultural Development - Ecotourism is flourishing, attracting a growing number of visitors and showcasing the region's natural beauty [28]. - The value of precious local literature is being explored to inject new vitality into the integration of culture and tourism in Qinghai [5]. Group 5: Social Development - High-quality development of elderly care services is ensuring that senior citizens enjoy a happy and fulfilling later life [22]. - The harmonious coexistence of people and nature is being emphasized, contributing to a beautiful home environment [9].

Core Insights - The government work report emphasizes the importance of pollution prevention, ecological construction, and the development of a green low-carbon economy, alongside the promotion of carbon peak and carbon neutrality initiatives. Energy Highlights from the Past Year - The production of new energy vehicles exceeded 13 million units [2] - The average concentration of PM2.5 in cities at the prefecture level and above decreased by 2.7%, with the proportion of days rated as good rising to 87.2%, and the proportion of surface water with good quality increasing to 90.4% [2] - The energy consumption per unit of GDP decreased by over 3% [2] - Renewable energy installations increased by 370 million kilowatts [3] Energy Work Highlights for This Year - The target for energy consumption per unit of GDP is a reduction of around 3%, with continuous improvement in ecological environment quality [12] - Structural monetary policy tools will be optimized and innovated to promote healthy development in the real estate and stock markets, with increased support for technological innovation, green development, and small and micro enterprises [12] - The government aims to enhance policy coordination across various sectors, including finance, employment, industry, and environmental protection [12] - The promotion of "Artificial Intelligence+" initiatives will integrate digital technology with manufacturing advantages, supporting the development of smart connected new energy vehicles and intelligent terminals [13][14] - The establishment of a comprehensive standard system for green finance, inclusive finance, and digital finance will be prioritized [15] - The government will continue to advance the construction of high-standard farmland and improve urban renewal projects [15] Green and Low-Carbon Development Initiatives - The government will accelerate the development of a green low-carbon economy and improve the policy and standard system supporting this sector [21][22] - The implementation of advanced technology demonstration projects for green low-carbon initiatives will be prioritized, fostering new growth points such as green buildings [23] - The promotion of waste recycling and the use of recycled materials will be emphasized [24] - A green consumption incentive mechanism will be established to encourage low-carbon production and lifestyle [25] - The government will actively promote carbon peak and carbon neutrality, establishing pilot projects for zero-carbon parks and factories [25] - The construction of a dual control system for carbon emissions will be accelerated, expanding the coverage of the national carbon trading market [26] - Initiatives for low-carbon transformation of coal and electricity will be launched, alongside planning for major projects addressing climate change [27]

Group 1 - The core message emphasizes the importance of high-quality development and the need for collaboration among various districts to achieve economic growth and transformation [1][2][3] - The government report received positive feedback from representatives, highlighting its political significance, clear objectives, and practical measures [1] - Key areas of focus include developing a green low-carbon economy, building air-rail hubs, advancing commercial aerospace, and promoting the integration of culture, commerce, tourism, and sports [1] Group 2 - The city aims to enhance consumer power, solidify investment support, and expand foreign trade to strengthen the real economy [3] - There is a push for technological innovation to rejuvenate traditional industries and foster emerging sectors, with a focus on future industry layout [3] - Urban renewal initiatives are prioritized, aiming to improve governance and enhance living conditions while ensuring safety and stability [3]