策 略 研 究 春节旅游景气提升，科技和资源涨价 [Table_Authors] 方奕(分析师) 春节中观景气跟踪 本报告导读： 2026 年超长春节假期提振出行需求，春运客流显著提升，但居民消费内生动能仍偏 弱；存储等科技硬件及化工/有色等资源品延续涨价。 投资要点： 策略研究 /[Table_Date] 2026.02.28 | | 021-38031658 | | --- | --- | | | fangyi2@gtht.com | | 登记编号 | S0880520120005 | | | 陶前陈(研究助理) | | | 0755-23976164 | | | taoqianchen@gtht.com | | 登记编号 | S0880125070014 | | | 张逸飞(分析师) | | | 021-38038662 | | | zhangyifei@gtht.com | | 登记编号 | S0880524080008 | [Table_Report] 相关报告 外资延续流入，公募新发积极 2026.02.24 主动外资加速流入 A 股与港股 2026.02.10 成交活跃度下降，万得全 A 估值微 ...

#字节seedance2.0应用爆发&自研芯片突破，国产算力需求提升带动AI基建需求 1）2月12日，字节跳动正式发布了新一代AI视频生成模型Seedance 2.0。 2）2月14日，字节跳动发布了豆包大模型2.0系列，包含Pro、Lite、Mini三款通用模型和一款专为编程场景设计的 Code模型。 3）#字节跳动芯片研发团队目前总人数 重视国内液冷&制冷产业链！ 2）2月14日，字节跳动发布了豆包大模型2.0系列，包含Pro、Lite、Mini三款通用模型和一款专为编程场景设计的 Code模型。 3）#字节跳动芯片研发团队目前总人数逾千人，其中 AI 芯片方向研发人员超过 500 人，CPU 团队约 200 人，VPU（视频处理单元）与 DPU（数据处理单元）团队亦同步扩容。 除受益海外CSP大厂数据中心基建爆发外， 【飞荣达】：液冷领先企业，#全面布局海内外头部大厂，且25年已经实现服务器液冷批量供货，且同步布局交换 机散热，26年从散热材料、模组供应商往整体液冷解决方案供应商转型，价值量与产业地位提升。 【高澜股份】：特高压纯水冷却设备龙头，#数据中心液冷绑定国内头部客户（字节、H等客户），设立海外 ...

转自：新华财经 2月以来，各类机构调研上市公司动作频频。数据显示，截至2月26日记者发稿时，2月以来已有近240家 公司接待各类机构调研。2月以来，A股整体维持高位震荡态势，前述被机构调研公司中，过半数在同 时期取得正收益，部分标的2月以来累计涨幅超过80%，表现远超市场主要股指。从行业分布情况看， 机械设备、电子行业继续成为机构2月重点调研的方向，基础化工等周期风格板块同样获得机构高度关 注。对于相关领域后市投资机遇，当前机构较为看好人形机器人、上游AI基建核心赛道、兼具高弹性 和高股息优势的部分化工板块标的等。 中国汽车工业协会最新发布的数据显示，2026年1月国内汽车销售总量达234.6万辆，其中销量排名前十 位的企业（集团）合计销售196.2万辆，占汽车销售总量的83.6%，创下近年同期头部集中度新高，"强 者恒强"的马太效应持续凸显。中汽协常务副会长付炳锋表示，2026年1月车市呈现"平稳开局、结构分 化"的特征，行业集中度进一步提升。从具体表现看，前十车企内部"五增五降"的格局清晰，反映出市 场竞争的加剧。随着各家车企密集推进新品投放与技术落地，2026年汽车产业的竞争将更趋激烈。 数据显示，截至 ...

Core Viewpoint - The mechanical industry has shown strong performance in December 2025, with a focus on three high-growth areas: AI infrastructure, humanoid robots, and commercial aerospace, while also highlighting structural opportunities in engineering machinery recovery, self-sufficiency, and export chains [1][7]. Group 1: Industry Performance - In December 2025, the mechanical industry performed exceptionally well, with the Shenwan Mechanical Index rising by 8.59%, significantly outperforming the CSI 300 Index by 6.31 percentage points [1]. - Key sub-sectors such as photovoltaic equipment, semiconductor equipment, and coal machinery saw substantial gains, with increases of 22.20%, 13.63%, and 13.30% respectively [1]. - Individual stocks also performed well, with Haozhi Electromechanical leading the industry with a 117.85% increase, and several other companies exceeding 50% growth [1]. Group 2: Valuation and Macro Data - As of December 31, 2025, the mechanical industry's TTM price-to-earnings ratio was 39.31 times, and the price-to-book ratio was 3.18 times, indicating a valuation in the upper-middle range over the past five years [2]. - The manufacturing PMI rose to 50.10%, marking the first expansion since April, while the equipment manufacturing PMI reached 50.40%, and the high-tech manufacturing PMI remained high at 52.50% [2]. - Industrial robots showed significant growth, with a cumulative production of 673,800 units from January to November 2025, representing a year-on-year increase of 29.20% [2]. Group 3: Industry Opportunities - The mechanical industry is currently experiencing three major opportunities: domestic industrial upgrading, self-sufficiency, and accelerated overseas expansion [3]. - High-end equipment self-sufficiency is becoming a cornerstone of industry development, with ongoing breakthroughs in core components and high-end equipment [3]. - The industry is transitioning from "Made in China" to "Created in China," driven by the deep application of industrial interconnectivity and AI [3]. Group 4: Investment Focus - The investment strategy for January 2026 emphasizes three high-growth areas: AI infrastructure, humanoid robots, and commercial aerospace, each with clear driving logic and growth potential [4][5]. - In the AI infrastructure sector, the demand for AI computing power is driving upgrades in the infrastructure supply chain, with gas turbines and liquid cooling becoming key focus areas [4]. - Humanoid robots are moving towards commercial mass production, with several manufacturers receiving large orders, indicating significant long-term growth potential [5]. Group 5: Structural Opportunities - Beyond the three high-growth areas, other structural opportunities in the mechanical industry are also worth exploring, such as the recovery of the engineering machinery sector and the focus on low domestic localization rates in core segments [6]. - The detection services industry is stable with strong cash flow, and current valuations are at historical lows, presenting potential investment opportunities [6]. - Companies in the tool and kitchen equipment sectors are benefiting from overseas replenishment cycles, while engineering machinery and injection molding machines continue to expand into emerging markets [6].

Investment Rating - The industry investment rating is upgraded to "Overweight" [3] Core Insights - The chemical industry is expected to experience a recovery driven by both cyclical and growth factors, with a focus on organic silicon, PTA, polyester filament, caprolactam, spandex, vitamins, sweeteners, refrigerants, and phosphorus chemicals [7] - The organic silicon industry is entering a recovery phase, with new applications becoming the core growth driver. From 2019 to 2024, domestic DMC capacity expanded rapidly, leading to temporary oversupply and declining prices. However, with no new capacity expected in 2025 and increasing demand from sectors like new energy vehicles and photovoltaics, the supply-demand balance is improving [7] - The PTA and polyester filament industries are approaching a turning point, with the expansion cycle nearing its end. The demand side is expected to continue growing, supported by easing trade tensions and improved external demand [7] - The introduction of quota policies is expected to lead refrigerants into a high prosperity cycle, with supply constraints and stable demand growth from markets like heat pumps and cold chain logistics [9] - The synthetic biology sector is poised for explosive growth, driven by the transition to low-energy products and breakthroughs in non-grain bio-based materials [9] - OLED technology is accelerating its penetration into various display sizes, supported by policy measures aimed at fostering the new display industry [10] - The demand for high-frequency and low-loss electronic resins is increasing due to the rise of AI infrastructure, with AI server shipments expected to grow significantly [11] - The electronic chemicals sector is benefiting from the expansion of wafer production capacity, with increasing demand for key materials like photoresists and packaging materials [12] Summary by Sections Industry Performance - The chemical sector's overall performance ranked 14th with a weekly change of 0.78%, outperforming the Shanghai Composite Index by 0.38 percentage points [6][21] - Key stocks such as Honghe Technology and Zhongcai Technology saw significant price increases due to rising demand in AI servers and high-speed network equipment [6] Supply-Side Tracking - A total of 155 companies in the chemical industry had their production capacities affected, with 4 new repairs and 7 restarts reported [14] Key Industry Dynamics - BlueStar announced the acquisition of Elkem's core organic silicon assets, marking a strategic move to enhance its position in the global organic silicon industry [34] - The first biofuel blending policy in China was approved, allowing for local blending and reducing reliance on imports [34]

截至2026年2月26日 10:08，中证国防指数(399973)上涨0.40%，成分股应流股份上涨7.51%，钢研高纳上 涨7.23%，菲利华上涨3.66%，高德红外上涨2.78%，鸿远电子上涨2.00%。国防ETF(512670)上涨 0.58%， 冲击5连涨。最新价报1.04元。 国防ETF紧密跟踪中证国防指数，中证国防指数选取隶属于十大军工集团公司旗下的上市公司证券，以 及为国家武装力量提供武器装备，或与军方有实际装备承制销售金额或签订合同的相关上市公司证券作 为指数样本，以反映国防产业上市公司证券的整体表现。 数据显示，截至2026年1月30日，中证国防指数(399973)前十大权重股分别为航天电子、航发动力、中 航沈飞、中航光电、睿创微纳、菲利华、中航西飞、西部超导、中航机载、臻镭科技，前十大权重股合 计占比42.4%。 消息面上，AI基建带动配套设备需求，燃气轮机再度受到市场关注，Gartner预测，人工智能与生成式 AI将导致全球数据中心用电量在2027年相较2023年激增160%，新增AI优化服务器年耗电量达500太瓦 时，是2023年的2.6倍。 长江证券指出，电力需求爆发正倒逼能源基础设 ...

如果你只看这些数字，结论很简单：AI还在狂飙，英伟达还是那个印钞机。 但你得看清几个细节。 悬了半个月的石头，终于落地了。 英伟达第四财季业绩出炉：每股收益1.62美元，预期1.53；总营收681.3亿，预期662.1亿；数据中心营收 623亿，同比增长75%。下季度指引780亿，远超预期的726亿。 数据一出，盘后股价直接拉升。 短期，股价已经涨了这么多，获利盘随时可能砸盘。追高的人，要做好波动的准备。 长期，AI基建的故事还没讲完。瑞银说得对，英伟达的业绩决定了未来几天市场的信心。但如果把周 期拉长到一年、两年，决定股价的，是云厂商的钱还会不会继续烧，是Rubin架构能不能如期落地，是 存储芯片短缺会不会影响出货。 第一个细节：数据中心营收占比已经超过91%。游戏业务只占5%，汽车业务不到1%。英伟达已经从一 家"显卡公司"，彻底变成"AI基建公司"。它的命运，完全系于AI资本开支的持续性。 第二个细节：网络部件营收同比增长263%。这是什么概念？NVLink和Spectrum-X以太网交换机正在被 大规模采用。Meta刚下的订单，就包含这些。卖芯片的同时卖"连接"，英伟达正在把护城河挖得更深。 第三个细 ...

证券研究报告·行业深度报告·电子 电子行业深度报告 AI 基建，光板铜电—GTC 前瞻 Serdes，Rubin Ultra&CPO 交换机详解 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 建议关注 M9 PCB 产业链：菲利华、东材科技、生益科技、胜宏科技、沪电股 份、深南电路、东山精密等 CPO 产业链：致尚科技、长光华芯、源杰科技、仕佳光子、太辰光、 炬光科技、罗博特科等 ◼ 风险提示：算力互联需求不及预期，客户拓展及份额提升不及预期，产 品研发及量产落地不及预期，行业竞争加剧 2026 年 02 月 25 日 证券分析师 陈海进 执业证书：S0600525020001 chenhj@dwzq.com.cn 研究助理 解承堯 东吴证券研究所 1 / 21 请务必阅读正文之后的免责声明部分 执业证书：S0600125020001 xiechy@dwzq.com.cn 行业走势 -22% -15% -8% -1% 6% 13% 20% 27% 34% 41% 48% 2025/2/25 2025/6/26 2025/10/25 2026/2/23 电子 沪深300 相 ...

来源：新浪证券-红岸工作室 2月24日，汇成股份涨0.64%，成交额5.78亿元，换手率3.50%，总市值164.49亿元。 异动分析 存储芯片+先进封装+OLED+芯片概念+人民币贬值受益 1、2025年10月14日公司，合肥新汇成微电子股份有限公司举办特定对象调研活动，向舟资本、兴全基 金、平安资管等多家机构投资者披露重磅布局：公司通过直接与间接投资相结合，拿下合肥鑫丰科技有 限公司（简称 "鑫丰科技"）27.5445% 股权，并与鑫丰科技股东华东科技（苏州）有限公司（简称 "华 东科技"）达成战略合作，共同拓展 3D DRAM 等存储芯片封测业务，瞄准 AI 基建时代下存储芯片的爆 发式需求。 2、据2023年2月投资者关系活动记录表： Chiplet先进封装技术是凸块制造、Fan-out、3D、SiP等高端先 进封装技术的集合，公司掌握的凸块制造技术是Chiplet的基础之一。在研发端，公司将以客户需求为导 向，基于凸块制造技术，纵向拓展技术边界，积极布局Fan-out、2.5D/3D、SiP等高端先进封装技术。 3、2024年7月3日公司投资者关系活动记录表：公司目前OLED客户主要包括联咏、瑞鼎、 ...

兴业证券此前发布研报称，重庆日立能源是日立全球750KV以上特高压变压器主要生产基地之一，受益 于海外高压电网建设；重庆康明斯为康明斯中国唯一的大缸径发动机企业，由于行业供应紧张，公司也 在积极扩充产能，数据中心和其他领域用大马力发动机预期未来几年还将持续增长。 消息面上，电力供给不足已成为制约AI算力扩张的核心瓶颈。有机构表示，北美发展AI需要大规模建 设数据中心，考虑到其电网薄弱&基础设施供应链紧缺状态会一直持续到2028年，看好中国供应链(燃 机、变压器等)。 重庆机电(02722)尾盘涨超5%，高见3.11港元，再创历史新高。截至发稿，涨5.07%，报3.11港元，成交 额5267.37万港元。 ...