证券研究报告 | 策略点评 2026 年 02 月 26 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20260226 今日关注 指数涨跌情况：今日 A 股主要指数涨跌不一。截止收盘，沪指微跌 0.01%，收 报 4146.63 点；深证成指涨 0.19%，收报 14503.79 点；创业板指跌 0.29%， 收报 3344.98 点；科创 50 指数涨 0.85%，收报 1485.86 点。总体上，全天个 股涨跌互现，Wind 数据显示，全市场 2481 只个股上涨，2866 只个股下跌， 130 只个股收平。沪深两市今日成交额合计 25384 亿元，较上个交易日放量 759 亿元。 行业涨跌情况：今日申万一级行业涨少跌多，通信、电子、国防军工、机械 设备、钢铁等行业领涨，涨幅分别为 2.84%、1.98%、1.52%、1.41%、1.33%， 房地产、传媒、非银金融、商贸零售、食品饮料等行业领跌，跌幅分别为 2.25%、 1.45%、1.42%、1.22%、1.20%。 概念板块涨跌情况：今日涨幅居前 ...

21世纪经济报道记者 黄雅琪 春节假期，广东阳江西南端的海陵岛迎来了一年中最繁忙的时节。 这座南海北部区域的岛屿，岛上处处张灯结彩，洋溢喜庆的气息。温暖的阳光和咸咸的海风吸引着来自五湖四海的游客，春节的海陵岛宛如"小川渝"，外地 车牌随处可见，不时能够听到游客用乡音交流，商业街上也布满川菜馆、湘菜馆等外地特色菜。 大年初五，十里银滩的沙滩上，几位来自四川的年轻人正在体验不同的水上项目。这是他们第一次来到海陵岛过春节，却已经被这里丰富的旅游资源所折 服。"这里的海真是太美了，天气也很好，明年我们还要再来，还有很多没有玩的项目，再来几次都不会腻。" 独特的山海资源以及优越的气候条件，使得阳江文旅持续火爆。据初步统计，2月15日至23日，阳江全市接待游客450.13万人次，景区接待人数180.85万人 次，滨海旅游、乡村游、民俗体验等热点项目受到青睐，文旅消费潜力有效释放。 这是海陵岛最"本色"的一面。山海之外，海陵岛也在布局"未来"。商业航天领域，海陵岛规划相关配套装备制造，培育发射观测、海上运维等应用场景，发 射基地的配套基础设施建设项目已经进行招标；风电产业方面，海陵岛也将利用"风电+氢能"、"风电+海洋牧场 ...

Core Insights - The article highlights the accelerated pace of institutional research on A-share listed companies as they prepare for investment opportunities in 2026, with over 700 companies receiving institutional inquiries since the beginning of the year [2] Group 1: Institutional Research Trends - More than 700 A-share listed companies have been visited by institutional investors for research since the start of 2026, with over 20 companies attracting more than 100 institutions each [2] - Key sectors attracting attention include electronics, machinery, pharmaceuticals, power equipment, and non-ferrous metals [2] Group 2: New Product Launches - Several companies have announced timelines for mass production of new products, indicating a strong growth outlook for 2026 [3] - Nepean Mining revealed plans to globally promote its innovative composite lining board, with production ramping up in 2026 [3] - Huajin Technology's robotics division is set to deliver mass-produced robots in 2026, enhancing flexible manufacturing capabilities [3] - Jiemai Technology is investing in a production line for critical products, expected to achieve scale production by mid-2026 [3] Group 3: Brain-Computer Interface Developments - Companies like Xiangyu Medical are focusing on brain-computer interface technologies, with plans to launch nearly 100 products by the end of 2026 [4] - The integration of software with rehabilitation equipment is expected to enhance product offerings and reduce upgrade cycles [4] Group 4: High-Growth Sector Expansion - The demand for AI and computing power is driving growth in sectors like optical communication and liquid cooling, prompting companies to accelerate production capacity [5] - Daikin Heavy Industries reported a tight production schedule for overseas projects, anticipating significant growth in offshore wind energy markets [5] - Zhongji Xuchuang noted a strong order backlog extending into Q4 2026, indicating sustained demand in the optical module sector [5] Group 5: Storage and Liquid Cooling Innovations - Dike Technology plans to increase its storage chip output target to between 30 million and 50 million units in 2026, aiming for significant revenue growth [6] - Dingtong Technology is expanding its liquid cooling production capacity to meet rising customer demand [6] - Haitan Ruisheng is enhancing its overseas operations, planning to establish a second local delivery base in Southeast Asia by the end of 2026 [6] Group 6: Mergers and Acquisitions for Growth - Companies are increasingly pursuing acquisitions to enter new markets and drive business transformation [7] - Yingtang Zhikong plans to acquire Guanglong Integration and Ao Jian Microelectronics to enter the optical communication sector [7] - Dinglong Co. is acquiring Haofei New Materials to expand into the lithium battery materials market, with expected sales growth in 2026 [7] - Tianlu Technology is reallocating funds to projects aimed at enhancing its product offerings in the display industry [8]

Group 1 - The core viewpoint of the article is that Zhongji United (605305) is expanding its product applications beyond wind power generation to 17 other industries [1] - The company's products are currently primarily used in the wind power generation sector [1] Group 2 - The company is also extending its applications to sectors such as power grid, communication, thermal power generation, construction, bridges, fire protection, and warehousing [1] - This diversification indicates a strategic move to tap into various markets and reduce dependency on a single industry [1]

Core Viewpoint - The article highlights the discrepancy between U.S. President Trump's claims about China's wind energy capabilities and the actual facts, emphasizing China's leadership in the global wind power sector [1]. Group 1: China's Wind Power Leadership - China has led the global wind power market for 15 consecutive years [1]. - The country has surpassed 600 GW in installed wind power capacity [1]. - China generates 40 percent of the world's wind energy [1]. Group 2: U.S. Policy and Investment - Trump's comments come amid stalled clean-energy projects in the U.S. due to his own policies [1]. - The article suggests that U.S. policies are pushing clean-energy investment away from domestic projects [1].

Core Insights - Azerbaijan's total electricity generation is projected to reach 28.6575 billion kilowatt-hours in 2025, reflecting a year-on-year increase of 0.9% [1] Generation Breakdown - In 2025, Azerbaijan's electricity generation will consist of: - Thermal power: 24.8234 billion kilowatt-hours - Hydropower: 2.8425 billion kilowatt-hours - Wind power: 0.1697 billion kilowatt-hours - Solar power: 0.5998 billion kilowatt-hours [1] Trade in Electricity - Azerbaijan's electricity export is expected to be 1.1473 billion kilowatt-hours in 2025, while imports will amount to 0.1772 billion kilowatt-hours [1]

Group 1: Nuclear Energy Development - The U.S. is "strongly developing" nuclear energy, with President Trump signing directives to approve multiple nuclear reactors, emphasizing that nuclear energy is now safe and reasonably priced [3][4]. Group 2: Federal Spending and Economic Policies - Trump mentioned plans to reduce federal spending and lay off government employees, while promoting growth in U.S. exports and domestic steel production [4]. - The U.S. oil production has increased by 730,000 barrels per day, and natural gas production is at a historical high [7]. Group 3: Greenland Acquisition - Trump reiterated the desire to control Greenland, stating it is a "core national security interest" for the U.S., and expressed intentions to negotiate for its acquisition [8]. - He criticized Denmark for being "ungrateful" regarding the Greenland issue [8]. Group 4: International Relations and Energy Critique - Trump criticized Europe for its focus on green energy and immigration, claiming that certain areas have drastically changed [9]. - He also pointed out the high energy costs in Europe and targeted wind power as a specific concern [9]. Group 5: NATO and Security Concerns - Trump expressed dissatisfaction with NATO, claiming the U.S. has been treated unfairly and questioned whether NATO would protect the U.S. in case of an attack [10][11].

Group 1 - The core viewpoint of the article is that Northern Rare Earth is expected to achieve a significant increase in net profit for the year 2025, with projections ranging from 2.176 billion to 2.356 billion yuan, representing a year-on-year increase of 116.67% to 134.60% [1] - As of January 16, Northern Rare Earth’s stock price closed at 51 yuan per share, with a total market capitalization of 184.368 billion yuan [3] - The demand for rare earth elements is experiencing sustained growth due to the development of strategic emerging industries such as new energy vehicles, wind power generation, and humanoid robots, which is supported by technological upgrades and expanding application scenarios [3][4] Group 2 - The reasons for the profit increase are attributed to improvements in production marketing, industrial system construction, and research and innovation capabilities [3] - The company emphasizes enhancing research efficiency through reforms in research mechanisms and management systems, as well as developing new processes, equipment, and products to drive performance growth [4] - The rare earth industry is positioned in an upward cycle, with strong resonance between supply-side policies and explosive demand from emerging industries, leading to a favorable supply-demand relationship that is expected to continue into 2026 [4]

Group 1 - The core viewpoint of the article highlights the growth of China's wind power generation, with a production volume of 1,046 billion kilowatt-hours in November 2025, representing a year-on-year increase of 22% [1] - From January to November 2025, the cumulative wind power generation in China reached 9,499 billion kilowatt-hours, showing a cumulative growth of 9.6% [1] - The article references a report by Zhiyan Consulting on the competitive strategies and future development potential of the Chinese wind power industry from 2026 to 2032 [1] Group 2 - The listed companies in the wind power sector include Jinlun Technology, Mingyang Smart Energy, Yunda Co., Shanghai Electric, China National Materials, and others [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and customized services [1]

Industry Overview - The rare earth industry in China is experiencing a simultaneous increase in both volume and price, with exports reaching 5,493.9 tons in November 2025, a 24.4% year-on-year increase from 4,416 tons in November 2024 [1] - Cumulative exports from January to November 2025 totaled 58,193.1 tons, up 11.7% from 52,105 tons in the same period of 2024 [1] - The average export price for rare earths in November was $0.90 per ton, compared to $0.83 per ton in November of the previous year, indicating a significant increase [1] - Supply-side management measures for rare earth mining and separation have been implemented, ensuring long-term supply stability, while demand is driven by industries such as robotics, low-altitude economy, and military applications [1] Company Profile: Jintian Co., Ltd. - Jintian Co., Ltd. has over 20 years of experience in the magnetic materials business and has recently obtained a general export license for rare earth permanent magnets [2] - The company focuses on non-ferrous metal processing and has developed a diverse product matrix centered on copper and rare earth permanent magnet materials, making it one of the largest producers in China [2] - Jintian's subsidiary, Kedian Magnetics, is recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, with an annual production capacity of 9,000 tons for rare earth permanent magnet materials [2] - The company is expanding its international presence through a newly established subsidiary in Germany to enhance its market share [2] Market Dynamics - The Chinese rare earth industry is entering a full-chain control era with the implementation of export controls on rare earth-related technologies [3] - Key companies such as Jintian, Jinli Permanent Magnet, and others have received approval for general export licenses for rare earth permanent magnets [3] - The combination of advanced copper materials and rare earth permanent magnets creates a unique industrial synergy, essential for high-efficiency applications in electric motors, wind power, and low-altitude economy sectors [4] Future Trends - The demand for high-end copper materials and rare earth magnetic materials is expected to grow significantly in emerging sectors such as humanoid robots and AI computing [5] - Jintian has successfully partnered with a leading domestic liquid cooling component manufacturer, indicating its proactive approach to emerging industry needs [5] - The company's comprehensive product structure and complete industrial chain allow it to provide critical material support across various high-tech sectors [6] - Jintian's competitive advantage lies in the deep synergy between advanced copper processing and rare earth permanent magnet materials, enabling efficient fulfillment of diverse customer needs [6]