证券研究报告 | 2026年03月03日 金融工程日报 市场放量下挫，科技股回调显著 核心观点 金融工程日报 折溢价：20260302 当日 ETF 溢价较多的是石油 ETF，ETF 折价较多的是 红利国企 ETF 银河。近半年以来大宗交易日均成交金额达到 23 亿元， 20260302 当日大宗交易成交金额为 15 亿元，近半年以来平均折价率 7.05%，当日折价率为 5.78%。近一年以来上证 50、沪深 300、中证 500、 中证 1000 股指期货主力合约的年化贴水率中位数分别为 0.68%、3.88%、 11.11%、13.50%，当日上证 50 股指期货主力合约年化升水率为 3.02%， 处于近一年来 95%分位点，当日沪深 300 股指期货主力合约年化贴水率为 1.86%，处于近一年来 76%分位点；当日中证 500 股指期货主力合约年化贴 水率为 3.58%，处于近一年来 85%分位点；当日中证 1000 股指期货主力合 约年化贴水率为 3.08%，处于近一年来 92%分位点。 机构关注与龙虎榜：近一周内调研机构较多的股票是百济神州-U、斯菱智驱、 容知日新、华明装备、荣信文化、中国天楹、海 ...

2月27日，派克新材盘中上涨2.04%，截至10:00，报116.77元/股，成交1.74亿元，换手率1.24%，总市值 141.49亿元。 资金流向方面，主力资金净流入327.13万元，特大单买入865.91万元，占比4.99%，卖出959.49万元，占 比5.53%；大单买入4150.84万元，占比23.92%，卖出3730.12万元，占比21.50%。 派克新材今年以来股价涨12.39%，近5个交易日涨0.34%，近20日涨5.95%，近60日涨70.84%。 今年以来派克新材已经1次登上龙虎榜，最近一次登上龙虎榜为1月12日。 资料显示，无锡派克新材料科技股份有限公司位于江苏省无锡市滨湖区胡埭工业安置区北区联合路30 号，成立日期2006年6月29日，上市日期2020年8月25日，公司主营业务涉及金属锻件的研发、生产和销 售。主营业务收入构成为：电力锻件收入38.84%，航空航天锻件收入24.63%，石化锻件收入16.15%， 废料销售收入9.69%，其他类锻件收入9.39%，受托加工收入1.16%，受托研发及检测收入0.12%，其他 收入0.02%。 责任编辑：小浪快报 派克新材所属申万行业为：国防 ...

2月26日，A股三大指数震荡，上证指数微跌，全市场成交额超2.55万亿元，较昨日放量超700亿元。板块题材上，CPO、铜缆高速连接、光纤、PCB、液冷 服务器、风电设备、航空发动机、培育钻石、半导体、代糖概念股涨幅居前，影视院线、保险、房地产、短剧游戏、汽车整车、贵金属、免税店、白酒、零 售板块跌幅居前；港股全线调整，创新药板块下挫，科技股走弱。 截至收盘，中证A500指数下跌0.1%，沪深300指数下跌0.2%，创业板指数下跌0.3%，上证科创板50成份指数上涨0.9%，恒生中国企业指数下跌2.4%。 创业板大盘宽基:创业板ETF易方 跟踪创业板指数 该指数由创业板中市值大、 流动性好的100只股票组成, 战略新兴产业占比较高,电 力设备、通信、电子行业合 计占比近60% � 该指数 科创板大盘宽基:科创50ETF易方 跟踪上证科创板50成份指数 该指数由科创板中市值大、流 动性好的50只股票组成,"硬 科技"龙头特征显著,半导体 占比超65%,与医疗器械、软 件开发、光伏设备行业合计占 比沂80% 法股大盘雷基:恒牛中国企业 � 该指数 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考 ...

A股三大指数今日涨跌不一，截至收盘， 上证指数跌0.01%，深成指涨0.19%， 创业板指跌0.29%， 北 证50指数跌0.15%，沪深京三市成交额25566亿元，较上日放量757亿元，三市超2400只个股上涨。 板块 题材上，CPO、铜缆高速连接、光纤、PCB、液冷 服务器、 风电设备、 航空发动机、 培育钻石、半导 体、 代糖概念股涨幅居前； 影视院线、 保险、 房地产、短剧 游戏、 汽车整车、贵金属、 免税店、 白 酒、零售板块跌幅居前。 AI硬件股全线领涨， 中韩半导体ETF逼近涨停，5GETF博时、通信ETF嘉实、通信ETF、通信ETF华夏 涨3.41%、2.78%、2.58%和2.54%。电网板块走高，电网ETF、 电网设备ETF涨3.23%和2.91%。 科创机 械ETF嘉实涨3.31%。=0.0331 责任编辑：磐石 医疗板块走低，恒生医药ETF、港股通医疗ETF富国、恒生医疗ETF博时、港股通医药ETF鹏华均跌逾 3%。地产板块回调，地产ETF跌3%。 财经频道更多独家策划、专家专栏，免费查阅>> ...

证券研究报告 | 2026年02月13日 金融工程日报 沪指震荡下行收跌逾 1%，存储器、半导体设备逆势拉升 核心观点 金融工程日报 市场表现：20260213 市场全线下跌，规模指数中中证 2000 指数表现较好， 板块指数中科创100指数表现较好，风格指数中沪深300成长指数表现较好。 国防军工、消费者服务、食品饮料、电子、农林牧渔行业表现较好，有色金 属、石油石化、建材、钢铁、电新行业表现较差。中航系、航空发动机、半 导体设备、通用航空、航母等概念表现较好，光纤、玻璃纤维、钨矿、PTA、 稀土等概念表现较差。 市场情绪：20260213 收盘时有 46 只股票涨停，有 17 只股票跌停。昨日涨 停股票今日表现低迷，赚钱效应较弱，高开低走，收盘收益为-1.10%，昨日 跌停股票今日收盘收益为-2.67%。今日封板率 78%，较前日提升 0%，连板 率 16%，较前日下降 20%。 市场资金流向：截至 20260212 两融余额为 26456 亿元，其中融资余额 26293 亿元，融券余额 163 亿元。两融余额占流通市值比重为 2.5%，两融 交易占市场成交额比重为 10.0%。 折溢价：20260212 ...

《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 机器人+航空发动机+业绩预增，人形机器人产品和客户正在开发中，全资子公司航空发动机控制系统小批 列装，细分产品全球市场市占率75%，2025年净利预计扭亏为盈，这家公司细分产品是唯一国内自主研 发并大批量配套的自主品牌。 前言 ...

Core Viewpoint - The stock of Aviation Power Control has shown a significant increase in price this year, despite a recent decline in the last five trading days, indicating potential volatility in the market [1]. Financial Performance - For the period from January to September 2025, Aviation Power Control reported a revenue of 3.968 billion yuan, a year-on-year decrease of 5.75% [2]. - The net profit attributable to shareholders for the same period was 401 million yuan, reflecting a year-on-year decline of 36.25% [2]. Stock Market Activity - As of February 12, the stock price of Aviation Power Control was 27.25 yuan per share, with a market capitalization of 35.839 billion yuan [1]. - The stock has increased by 27.87% year-to-date, with a 2.43% decline over the last five trading days, a 24.66% increase over the last 20 days, and a 43.80% increase over the last 60 days [1]. Shareholder Information - As of January 30, the number of shareholders for Aviation Power Control was 88,500, a decrease of 3.32% from the previous period [2]. - The average number of circulating shares per shareholder increased by 3.43% to 14,865 shares [2]. Dividend Distribution - Aviation Power Control has distributed a total of 900.3 million yuan in dividends since its A-share listing, with 514 million yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, the fifth largest circulating shareholder was Huaxia Military Industry Safety Mixed A, holding 26.1391 million shares, an increase of 14.3277 million shares from the previous period [3]. - The seventh largest circulating shareholder was Fortune Zhongzheng Military Industry Leader ETF, holding 17.8382 million shares, an increase of 2.6773 million shares [3].

2月4日，三大指数早盘集体收跌。截至午间收盘，沪指平盘报收，深证成指跌0.92%，创业板指跌 1.74%。沪深两市半日成交额1.62万亿，较上个交易日放量116亿。 值得注意的是，盘面上AI应用概念全线回调，值得买、开普云等多股跌超10%；游戏、腾讯概念股走 低，利通电子、引力传媒跌停；光模块、PCB、液冷等算力硬件概念全线走低；算力租赁、云服务、云 计算等国产算力概念集体下行，宏景科技等多股跌超10%；半导体、存储芯片、光刻机等国产硬科技概 念集体弱势。消息面上，AI明星公司Anthropic发布的一款AI法律插件，引发隔夜美股软件公司暴跌， 传导至一系列可能被AI取代的软件公司。 涨幅榜方面，太空光伏、钙钛矿电池概念持续走强，双良节能、亚玛顿等多股涨停；机场航运、酒店餐 饮、免税店、乳业等大消费概念拉升，中国东航、友好集团等涨停；煤炭、化工、天然气、电力等顺周 期概念全线走高，陕西黑猫、美锦能源等多股涨停；房地产概念反弹，财信发展、荣安地产等涨停；成 飞概念、大飞机、航空发动机概念走强，博云新材涨停；雄安概念持续强势，韩建河山等涨停；中字 头、银行、央企国资改革等概念集体护盘。 展望后市，华泰证券表示，节 ...

Group 1 - The core point of the article is that Hangfa Technology (sh600391) reached its daily limit with a price of 53.12 yuan, reflecting a 10% increase and a total market capitalization of 17.536 billion yuan, driven by governance optimization and business growth in the aviation engine sector [1] Group 2 - The company is undergoing a governance structure transformation and business adjustment, implementing multiple governance systems and eliminating the supervisory board, which is expected to benefit long-term development despite potential short-term execution challenges [1] - The expected scale of related transactions for 2026 is 5.87 billion yuan, indicating business growth, with a focus on the core aviation engine business supported by 12 technical teams dedicated to research and development [1] - The aviation engine industry is experiencing sustained demand growth, with increasing national emphasis and investment in the aerospace sector, providing a favorable external environment for the company's business development [1] Group 3 - Technical analysis shows that on January 20, 2026, the stock was included in the "Dragon and Tiger List," with a transaction volume of 747 million yuan, indicating significant buying interest from retail investors, institutions, and foreign capital [1] - The stock price is expected to break through previous resistance levels, attracting more capital inflow [1]

Core Viewpoint - The stock of Aviation Power experienced a decline of 2.03% on January 26, 2023, with a trading price of 46.73 CNY per share and a total market capitalization of 124.56 billion CNY [1] Group 1: Stock Performance - Year-to-date, Aviation Power's stock price has increased by 16.74%, with a 4.71% rise over the last five trading days, a 13.04% increase over the last 20 days, and a 17.95% increase over the last 60 days [1] - As of October 31, 2023, the number of shareholders for Aviation Power is 130,800, with an average of 20,376 circulating shares per person, showing no change from the previous period [2] Group 2: Financial Performance - For the period from January to September 2025, Aviation Power reported operating revenue of 22.91 billion CNY, a year-on-year decrease of 11.73%, and a net profit attributable to shareholders of 108 million CNY, down 85.13% year-on-year [2] Group 3: Shareholder and Dividend Information - Since its A-share listing, Aviation Power has distributed a total of 4.06 billion CNY in dividends, with 1.07 billion CNY distributed over the last three years [3] - As of September 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 35.84 million shares, a decrease of 37.62 million shares from the previous period [3]