Investment Rating - Industry rating: Recommended [3] Core Insights - During the Spring Festival of 2026, the global technology sector is characterized by AI-driven deepening, accelerated hard technology transformation, and a bipolar leadership between China and the US, with the practical application and commercialization of technology becoming the core theme [1] - The AI and large model fields have become the absolute core, with global capital and technology intensifying. OpenAI secured a financing round exceeding $100 billion, locking in computational power advantages, while Google is pushing large models deeper into research scenarios [1][6] - The humanoid robot industry is undergoing a critical transformation, with international leading companies completing the transition to fully electric drive, while Chinese companies are seizing opportunities in practical scenarios like "human-machine collaboration" [1][8] - The aerospace and low-altitude economy sectors are showing a trend towards scaling, with both US-China competition and China leading. SpaceX is consolidating its Starlink advantages through high reuse launches, while China's commercial space launch success rate remains at 100% [1][11] Summary by Sections AI - OpenAI finalized a new financing round exceeding $100 billion during the Spring Festival, marking the largest single financing in AI history, which will significantly impact the global AI industry's computational power landscape and competitive dynamics [6] - Google upgraded its flagship large model Gemini 3 Deep Think, enhancing its reasoning capabilities for scientific and engineering scenarios, achieving notable performance in various tests [7] Robotics - Boston Dynamics announced a complete switch of its Atlas humanoid robot to fully electric drive, marking a significant shift towards industrialization and scalability [8][9] - The industry consensus indicates that the core bottleneck for humanoid robots is not mobility or balance but the technology of dexterous hands, which remains a challenge [9] Commercial Aerospace - SpaceX completed its 600th Falcon 9 rocket launch, successfully deploying 24 upgraded Starlink V2 Mini satellites, further expanding the Starlink constellation and enhancing polar coverage and direct mobile communication capabilities [11][12] Semiconductor Storage - Samsung achieved mass production of the HBM4 chip, with a significant price increase of 20%-30% compared to the previous generation, highlighting the high demand for high-end storage chips driven by AI [10] Beneficiary Targets - AI Computing and Applications: Companies such as Cambricon, Industrial Fulian, and Inspur Information [2] - Robotics: Companies like Joyson Electronics and New Spring Co [2] - Large Models: Companies including Zhipu AI and iFLYTEK [2] - Semiconductor Storage: Companies like Zhaoyi Innovation and Changjiang Electronics [2] - Commercial Aerospace: Companies such as Western Materials and Reascend Technology [2]

2026 年 02 月 22 日 策略类●证券研究报告 节后春季行情可能延续，科技和周期占优 定期报告 投资要点 分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 分析师 张欣诺 SAC 执业证书编号：S0910525110001 zhangxinnuo@huajinsc.cn 2026.2.13 主动偏股基金加仓有色、通信，减仓医药 2026.2.12 震荡波动呈现收敛，新股板块向上活跃周期 或依然在途-华金证券新股周报 2026.2.8 http://www.huajinsc.cn/ 1 / 25 请务必阅读正文之后的免责条款部分 节前市场担忧的风险因素在假期期间基本未发生。（1）春节期间出行和消费数据 偏好，对经济和盈利的担忧未出现。一是春节期间出行数据同比增长明显。二是春 节期间消费数据也偏好。（2）美国通胀回落，流动性收紧的担忧未出现。一是美 国 1 月 CPI 同比增速从 2025 年 12 月的 2.7%下滑至 2.4%，同时 1 月非农时薪同 比增速继续下滑至 3.71%，通胀和就业市场继续降温，美联储年内大概率继续降息。 二是美国 ...

私募春节长假后的进攻方向，可从节前的调研路径窥得端倪。私募排排网最新统计数据显示，截至2026年2月14日，今年以来共有超800家私募参与到A股 调研活动中，合计调研次数超过2800次。从行业分布来看，机械设备、计算机、电子等板块是私募调研的"心头好"。与此同时，淡水泉、景林资产、高毅 资产、复胜资产等知名百亿级私募也密集调研机械设备、电子、计算机等板块个股。 在业内人士看来，中国经济周期见底叠加流动性充裕是资本市场的有力支撑，结构性行情在节后有望进一步延续，在场远比择时重要。从投资机会来看， 成长空间广阔的AI相关标的以及全球市占率提升的中国制造企业，均值得关注。 私募调研青睐三大板块 私募排排网最新数据显示，截至2026年2月14日，今年以来共有874家私募参与到A股调研活动中，覆盖到28个申万一级行业中的501只个股，合计调研次 数达2845次。 从行业分布来看，机械设备行业最受私募青睐，被调研频次高达452次，被调研个股数量达67只。紧随其后的是计算机行业，今年以来该行业被私募调研 个股数量达40只，合计调研次数达432次。电子行业以374次的私募调研频次排名第三，但该行业被调研个股数量达78只之多， ...

Market Trends - After the Spring Festival, the market shows a pattern where small-cap stocks outperform large-cap stocks, with a higher probability of market gains over 5, 10, and 20 trading days[2] - The CSI 2000 index has a significant increase of 10.4% with a 91% probability of rising in the 20 trading days post-holiday[14] Sector Performance - Technology and cyclical sectors are expected to lead, with notable gains in computer, communication, environmental protection, non-ferrous metals, steel, and textile sectors[2] - Consumer staples like food and beverage, banking, and household appliances are expected to lag behind[2] Spring Rally Dynamics - Historical data from 2016 to present indicates that 6 out of 10 spring rallies have led to a second wave of gains after an initial pullback[3] - The second wave of gains is often more profitable and closely tied to the prevailing market themes, which currently favor technology[3] Investment Strategy - Investors are advised to maintain confidence in the bull market, as the core drivers remain intact, with a suggested securities ratio of over 1.1 as a bullish signal[6] - Recommended sectors include military, media (gaming), AI applications, and core AI hardware, alongside materials benefiting from PPI improvements[33] Risk Factors - Potential risks include unexpected macroeconomic policy changes, geopolitical tensions, and shifts in industrial policy[7][34][35]

来源：熊园观察 国盛证券首席经济学家，熊园 博士国盛证券宏观首席分析师，张浩；宏观分析师，薛舒宁 事件：2月20日，美国最高法院判决特朗普IEEPA关税违宪，当天特朗普签署行政令，新增10%的122关 税作为替代措施；2月21日，特朗普称将把新关税税率由10%提高至15%，具体是否落地仍待正式文件 确认。 核心结论：对等关税和芬太尼关税被判违宪，特朗普当即援引122条款新增10%关税（后又宣称将税率 提升至15%）。122条款仅提供临时征税权、最多征收150天、且法理依据不足，同样可能面临司法挑 战，因此122条款仅可作为短期政策过渡，为其他调查争取时间，中期预计转向以301和232为主的关税 框架。资产影响看，美股受益于关税下降后的盈利改善，有所上涨；市场对美国财政状况恶化的担忧加 剧，美债收益率上行，美元走弱；关税不确定性下降压制黄金价格，同时美元走弱支撑黄金价格，黄金 先跌后涨。 1、最高法院宣布特朗普败诉，对等关税和芬太尼关税立即终止征收，符合市场此前预期；已征收关税 是否退还并未明确提及，将由下级法院处理。 2、判决结果公布后，特朗普当即做出回应，新增10%的122关税作为替代措施（针对所有国家、部 ...

上市公司：中国长城（000066），浪潮信息（000977），新大陆（000997），魅视科技（001229），智 微智能（001339），纳思达（002180），证通电子（002197），大华股份（002236），电科网安 （002268），中威电子（300270），智迪科技（301503），中润光学（688307），萤石网络 （688475），三未信安（688489） 2016-2025年计算机、通信和其他电子设备制造业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国通信设备行业市场行情监测及发展趋向研判报告》 2025年1-12月，计算机、通信和其他电子设备制造业企业数（以下数据涉及的企业，均为规模以上工业 企业，从2011年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务 ...

Market Outlook - The A-share market is expected to experience a low-volatility trend with a long-term decline in market volatility [2] - The upward trend in the stock market is not yet over, indicating further potential for growth [2] - A-shares are anticipated to maintain a fluctuating upward trend, with the importance of fundamentals increasing after a valuation adjustment [2][3] Capital Flow - The demand for asset allocation among domestic residents has been activated by profit effects, with various medium- to long-term funds entering the market, suggesting an active capital flow in 2026 [2][3] - Incremental capital is expected to cover a broader range, driven by increasing motivation among individual investors to enter the market [3] - Public funds and insurance capital are likely to continue increasing their allocation to equity assets, reshaping global capital flow logic [4] Key Investment Sectors - Key sectors to focus on include: - Non-ferrous metals, chemicals, and new energy [2] - Technology growth, manufacturing expansion, cyclical consumption transformation, and U.S. stocks [2] - New energy, non-ferrous metals, basic chemicals, oil and petrochemicals, non-bank financials, military industry, and machinery [3] - AI, new energy, military industry, innovative pharmaceuticals, price increase chains, and overseas expansion chains [4] - Technology innovation themes and consumption sectors [4] - TMT and advanced manufacturing sectors, with potential shifts towards cyclical and financial sectors [4]

Core Viewpoint - The recent appreciation of the Renminbi (RMB) against the US dollar is driven by factors such as a weakening dollar index, expectations of interest rate cuts by the Federal Reserve, steady recovery of the domestic economy, and sustained high trade surpluses [1] Group 1: RMB Appreciation and Market Impact - The RMB has appreciated approximately 1.3% since early February, breaking the 6.89 mark and reaching a three-year high [1] - Analysts from Huatai Securities and Galaxy Securities predict a prolonged appreciation cycle for the RMB, with the current phase marking the beginning of this trend [1][2] - The appreciation of the RMB is expected to enhance the attractiveness of RMB-denominated assets, particularly benefiting the A-share and H-share markets [2] Group 2: Equity Market Insights - The equity market is anticipated to perform well during the RMB appreciation cycle, with Hong Kong stocks being the primary beneficiaries due to higher foreign capital participation [2][4] - A-share market performance is expected to be more differentiated, with growth-oriented sectors likely to outperform [2][3] - Key sectors benefiting from RMB appreciation include real estate, advanced manufacturing, and non-bank financials, which are expected to see improved market risk preferences [2][3] Group 3: Sector-Specific Opportunities - Industries with high foreign debt exposure, such as motorcycles, automotive parts, and photovoltaic equipment, will benefit from reduced debt pressure and exchange rate gains [2][3] - Sectors with high import dependency, like electronic chemicals and steel raw materials, will see improved profit margins due to lower costs from RMB appreciation [2][3] - The technology sector, particularly in Hong Kong, is expected to experience a rebound as foreign capital flows increase [4] Group 4: Bond Market Dynamics - The bond market is experiencing mixed influences from RMB appreciation, with downward pressure on short-term yields and upward pressure on long-term yields due to increased risk appetite in the equity market [5] - Analysts predict that the 10-year government bond yield will fluctuate within a narrow range of 1.7% to 2.1% [5] Group 5: Commodity Market Trends - The commodity market is showing significant differentiation, with industrial metals like copper being highlighted as having strong upward potential [6] - Other commodities lack clear trends, and their future performance will depend on the recovery of domestic demand [6] Group 6: Strategic Asset Allocation - Analysts recommend focusing on high-probability sectors during the current weak appreciation phase of the RMB, emphasizing growth-oriented industries such as technology and communication [7][9] - Key investment themes include sectors benefiting from foreign capital inflows, cost improvements, and holding quality RMB-denominated assets like A-shares and government bonds [9]

昨天和老杨喝茶，他还在念叨最近盯某AI芯片企业的消息闹心——这家做超节点互联的楠菲微刚提交IPO辅导，前阵子融了10亿多，背后有国资和上市 公司参投，主打超节点板间互联技术，连AI智算中心的万卡集群都能用，行业前景看着亮眼，但对应的关联个股走势忽上忽下，他拿了半个月，上周看 到大盘回调，手里的票跟着跌了两个点，吓得赶紧清仓，结果转天就拉涨，连涨三天，悔得拍大腿都拍红了。其实不光老杨，最近不少朋友都在说，明 明是好赛道的企业，怎么股价就这么磨人？以前大家只能靠感觉猜，涨了怕跌，跌了怕套，现在有了量化大数据，就能把那些藏在波动里的门道扒得明 明白白，再也不用被来回洗得晕头转向。 | 辅导对象 | 深圳市楠菲徽电子股份有限公司 | | | | --- | --- | --- | --- | | 成立日期 | 2015年11月13日 | | | | 注册资本 | 41.407.4074 万元 | 法定代表人 | 曾 南 | | 注册地址 | 深圳市南山区西丽街道松坪山社区高新北六道25号风云大厦2层 | | | | 控股股东及 持 股 比 例 | 公司控股股东为普雨,直接持有公司 17.82%的股份,并通过深圳 币楠 ...

长假前三日，本市市场监管领域公众诉求渠道保持畅通，消费者权益保护总体平稳有序。为保障市民群 众度过一个平安祥和的春节，市市场监管部门加大监管执法和维权服务力度，通过加强12315热线平台 值守、做好公众诉求咨询解答引导、完善一窗式话务转接和在线纠纷解决（ODR）机制、强化投诉举 报实时监测等，切实回应社会关切，助力营造假日良好消费环境。 二、线上消费诉求占比较高，服装鞋帽等诉求量相对集中 长假前三日，市市场监管投诉举报系统共受理登记投诉举报9184件，解答各类咨询28401件，其中服装 鞋帽、食品、家居用品、通讯产品、化妆品、家用电器、计算机产品等诉求量居前。 一、节日消费维权 【下载黑猫投诉客户端】畅通有序，诉求总量保持平稳态势 长假前三日，涉及年夜饭消费诉求27件（与去年长假前三日相比基本持平），主要反映年夜饭订购纠 纷、配送延迟、商家歇业、菜品欠佳等。如消费者张女士称，除夕夜在某连锁超市线上订购年夜饭餐 食，商家迟迟不予配送。 四、绿色消费诉求有所增多，低碳环保理念持续增强 长假前三日，涉及绿色消费相关诉求198件，主要反映共享消费、环保促销（以旧换新等）、环保商品 （新能源汽车、绿色食品等）、餐饮行业 ...