三月行情展望 长江证券研究所金融工程研究小组 2026-03-01 %% %% %% %% research.95579.com 1 分析师 覃川桃 SAC执业证书编号：S0490513030001 SFC执业证书编号：BUT353 分析师及联系人 证券研究报告 • 证券研究报告 • %% %% %% %% research.95579.com 2 本轮牛市以来各行业指数弹性回顾 以各行业指数至今为止高点出现的时间看，电信业务和金属材料及矿业仍未刷新一月底二月初出现的高点，但Wind全A 和Wind全A等权已在周五创下本轮行情以来的新高，同样在二月底创下新高的行业主要为周期行业，且均为本轮行情以 来涨幅位于中段或偏后的行业。 表：一级行业指数本轮牛市以来区间最大涨幅（2024年2月5日至2026年2月27日） | 名称 | 起涨日 | 高点 | 涨幅 | 名称 | 起涨日 | 高点 | 涨幅 | | --- | --- | --- | --- | --- | --- | --- | --- | | 电信业务 | 2024-02-05 | 2026-02-02 | 218% | 综合金融 | 2024-07-0 ...

资料显示，天合光能股份有限公司位于江苏省常州市新北区天合光伏产业园天合路2号，成立日期1997 年12月26日，上市日期2020年6月10日，公司主营业务涉及光伏产品、光伏系统、智慧能源三大板块。 光伏产品包括单、多晶的硅基光伏组件的研发、生产和销售;光伏系统包括电站业务及系统产品业务;智 慧能源包括光伏发电及运维服务、智能微网及多能系统的开发和销售以及能源云平台运营等业务。主营 业务收入构成为：光伏产品64.66%，系统解决方案21.23%，其他(补充)5.54%，数字能源服务4.42%，储 能业务4.14%。 2月25日，天合光能盘中上涨2.04%，截至09:48，报19.96元/股，成交1.57亿元，换手率0.34%，总市值 467.58亿元。 资金流向方面，主力资金净流入80.81万元，特大单买入488.69万元，占比3.12%，卖出574.21万元，占 比3.67%；大单买入3641.71万元，占比23.25%，卖出3475.39万元，占比22.19%。 天合光能今年以来股价涨20.60%，近5个交易日跌2.68%，近20日涨15.44%，近60日涨9.97%。 天合光能所属申万行业为：电力设备-光 ...

| 热度排名 | 人气个股 | 热度值 | 所属概念 | 热度标签 | | --- | --- | --- | --- | --- | | 1 | 协鑫集成 | 9.5 | 钙钛矿电池,HJT电池 | 9天5板 | | 2 | 风语筑 | 9.5 | Sora概念(文生视频),文化传媒概念 | 持续上榜 | | 3 | 汉缆股份 | 8.25 | 柔性直流输电, 特高压 | 3天3板 | | 4 | 华工科技 | 8.0 | 共封装光学(CPO), F5G概念 | 首板涨停 | | 5 | 利欧股份 | 6.5 | 小红书概念,快手概念 | 持续上榜 | | 6 | 风华高科 | 6.0 | 超级电容,AI眼镜 | 首板涨停 | | 7 | 华胜天成 | 5.25 | 华为鲲鹏, 智慧政务 | 持续上榜 | | 8 | 亚星锚链 | 4.5 | 国产航母,军民融合 | 2天2板 | | g | 保变电气 | 4.0 | 柔性直流输电,特高压 | 首板涨停 | | 10 | 大位科技 | 3.75 发、动即体与的调公同性、VAA和平守席的人工管组山 场博店等公共10人 工材网书次群的 | 算力租赁,云计算 | ...

Core Viewpoint - The stock price of Lian De Equipment (300545.SZ) has shown volatility over the past week, with a slight overall decline of 0.16% despite a recent rebound on February 13 [1] Stock Performance - On February 9, the closing price was 32.04 yuan, marking a daily increase of 2.69% - The stock experienced three consecutive days of decline, with closing prices of 31.39 yuan (down 2.03%) on February 10, 31.02 yuan (down 1.18%) on February 11, and 30.56 yuan (down 1.48%) on February 12 - A rebound occurred on February 13, with a closing price of 31.25 yuan, reflecting an increase of 2.26% - The price fluctuation over the past week was approximately 6.52%, with a net outflow of about 26.33 million yuan in the last five days, although there was a net inflow of 12.73 million yuan on February 13, ending a streak of outflows - The short-term resistance level is noted at around 35.98 yuan [1] Recent Developments - Lian De Equipment has made progress in the perovskite battery equipment sector, with related equipment entering the pilot testing phase at client sites - According to the company's response on February 10 on the investor interaction platform, core process equipment such as perovskite coating machines and rapid vacuum extraction equipment has been tested by leading domestic manufacturers, indicating that the technology is at an industry-leading level - This advancement may provide long-term growth potential for the company in the new energy equipment sector, although the short-term impact on orders has yet to be realized [1]

经济观察网 根据公开信息，信宇人（688573）近期有以下值得关注的事件，基于最新公告和市场数据 整理： 业绩经营情况 公司状况 公司拟聘任上会会计师事务所为2025年度审计机构，该事项需股东会审议，但相关公告发布日期为2025 年11月23日，后续进展需以最新公告为准。 以上事件基于公开信息总结，具体细节请以公司正式公告为准。 以上内容基于公开资料整理，不构成投资建议。 公司已于2026年1月30日发布业绩预告，预计2025年全年归属于母公司所有者的净利润亏损4亿元至4.8 亿元，扣除非经常性损益的净利润亏损4.1亿元至4.9亿元。正式年报尚未披露，需关注后续审计报告。 公司状况 2026年1月23日，信宇人新增钙钛矿电池概念，原因为其水汽阻隔封装膜在柔性钙钛矿领域进入测试评 估阶段。 ...

来源：新浪证券-红岸工作室 2月13日，晶科能源跌5.48%，成交额18.98亿元，换手率2.46%，总市值759.39亿元。 异动分析 资金分析 今日主力净流入-3.45亿，占比0.18%，行业排名65/70，连续3日被主力资金减仓；所属行业主力净流 入-63.23亿，连续3日被主力资金减仓。 区间今日近3日近5日近10日近20日主力净流入-3.45亿-5.75亿-9.89亿-2.04亿-2.51亿 主力持仓 BC电池+钙钛矿电池+TOPCON电池+光伏概念 1、2023年6月2日公司互动：公司已量产高效电池聚焦N型TOPCon技术，同步积极开展新技术、新工艺 的研发，储备了IBC电池技术和钙钵矿电池技术等。 2、根据2025年12月2日互动易，公司本次钙钛矿/TOPCon叠层电池转换效率世界纪录得益于公司在 TOPCon电池、钙钛矿和叠层技术上的深厚积累和系统性创新，证明了TOPCon与钙钛矿叠层技术的可 行性与巨大潜力。近年来，行业钙钛矿叠层电池稳定性虽已有明显改善，但仍未完全满足商业化量产要 求。预计仍需三年左右时间，钙钛矿叠层电池有望实现一定规模的量产。 3、公司在N型TOPCon领域技术工艺储备丰 ...

Group 1 - The core viewpoint of the article is that Dongwei Technology (688700.SH) currently focuses on photovoltaic equipment products for HJT batteries and does not involve equipment for TOPCon and perovskite batteries [1]

Group 1 - The company currently produces photovoltaic equipment for HJT (Heterojunction Technology) batteries and does not have equipment for topcon and perovskite batteries at this time [2] - An investor inquired about the company's capabilities regarding topcon and perovskite battery equipment on an investor interaction platform [2] - The company's response indicates a focus on HJT technology, suggesting a potential area for future development or investment [2]

Core Viewpoint - JinkoSolar is focusing on advanced battery technologies, particularly N-type TOPCon, and aims to maintain its leadership in the solar energy sector through continuous investment in innovation and production capacity [2][3]. Group 1: Company Performance - On February 11, JinkoSolar's stock fell by 1.48%, with a trading volume of 2.545 billion yuan and a turnover rate of 3.11%, bringing the total market capitalization to 80.042 billion yuan [1]. - For the period from January to September 2025, JinkoSolar reported a revenue of 47.986 billion yuan, a year-on-year decrease of 33.14%, and a net profit attributable to shareholders of -3.92 billion yuan, a significant decline of 422.67% [7][8]. Group 2: Technological Advancements - The company has successfully mass-produced high-efficiency N-type TOPCon batteries and is actively developing new technologies, including IBC and perovskite batteries [2]. - JinkoSolar's advancements in TOPCon and perovskite technologies have led to a world record in conversion efficiency for their stacked battery technology, showcasing the potential for commercial scalability in the coming years [2]. Group 3: Market Dynamics - The main business of JinkoSolar includes the research, production, and sales of solar photovoltaic modules, battery cells, and silicon wafers, providing high-quality solar products globally [3]. - As of September 30, 2025, the number of shareholders in JinkoSolar increased to 77,300, with an average of 129,456 circulating shares per person, reflecting a decrease of 3.97% from the previous period [7].

Core Viewpoint - Mingyang Smart Energy has experienced a significant stock price increase of 65.75% year-to-date, despite a recent decline of 7.16% over the past five trading days [1]. Group 1: Stock Performance - As of February 11, Mingyang Smart Energy's stock price was 24.00 CNY per share, with a market capitalization of 54.276 billion CNY [1]. - The stock has seen a trading volume of 4.09 billion CNY, with a turnover rate of 0.74% [1]. - Year-to-date, the stock has been on the leaderboard twice, with the most recent net purchase of 160 million CNY on January 27 [1]. Group 2: Financial Performance - For the period from January to September 2025, Mingyang Smart Energy reported a revenue of 26.304 billion CNY, reflecting a year-on-year growth of 29.98% [2]. - The net profit attributable to shareholders was 766 million CNY, which represents a year-on-year decrease of 5.29% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Mingyang Smart Energy was 129,300, an increase of 8.84% from the previous period [2]. - The average number of circulating shares per shareholder was 17,564, a decrease of 8.12% [2]. - The company has distributed a total of 2.858 billion CNY in dividends since its A-share listing, with 1.999 billion CNY distributed in the last three years [3].