2022年，谷歌将一个专注于高速通信网络的项目分拆为一家名为Aalyria的初创公司。不到四年后，在新 一轮融资中，投资者对Aalyria的估值达到13亿美元，这反映出市场对可靠、高速通信服务的需求急剧攀 升。 Aalyria的软件可帮助网络在陆地、海洋和太空提供更优质的服务。该公司获得1亿美元新融资之时，正 值美国政府加大对国防科技和国家安全卫星的投入。 太空探索技术公司（SpaceX）的星链（Starlink）已接连拿下政府合同，同时在消费者中越来越受欢 迎，尤其是在传统高速互联网覆盖不足的地区。欧洲通信卫星公司（Eutelsat）、亚马逊等竞争对手也 在大力投资自身相关服务。 谷歌仍持有Aalyria的股份。Battery Ventures领投了此轮新融资，J2Ventures、DYNE等机构参与跟投。 Battery风险投资公司普通合伙人迈克尔·布朗表示，SpaceX凭借星链成功实现近地轨道卫星商业化，"引 发了卫星供应商的竞争焦虑"。在俄乌冲突初期，SpaceX关闭克里米亚地区的星链服务后，美国和欧洲 国家希望服务供应商能更多元化。 "他们认可星链，但也想要替代方案，"布朗称，"这正是Aalyria ...

Investment Rating - The report maintains a "Hold" rating for the communication industry [2] Core Insights - The communication industry is experiencing robust growth across the entire value chain, with a high level of activity in the computing power sector [1][5] - Domestic advancements include the development of 5G-A technologies and the integration of AI applications, indicating a strong focus on enhancing computational resources [1][5] - Internationally, collaborations such as the partnership between STMicroelectronics and AWS highlight the industry's shift towards AI and cloud computing, with significant investments in data center infrastructure [1][5] Summary by Sections Domestic Developments - The report emphasizes the progress in 5G-A technologies and the ongoing research in 6G, focusing on seamless integration between optical and wireless communication systems [1] - The demand for computational resources is increasing, indicating that the computing power industry remains in a high-growth phase [5] International Collaborations - Notable partnerships, such as META's agreement with NVIDIA, showcase the industry's commitment to advancing AI capabilities and enhancing computational efficiency [1] - The construction of data centers in the U.S. by major companies like Facebook and OpenAI reflects ongoing investments in infrastructure to support growing computational needs [1][5]

春节假期最后一天港股的亮眼表现，令机构们对A股马年"开门红"充满期待。 "2026年的春晚是AI含量浓度最高的一年，也是AI应用的重要分水岭与节点。"华鑫证券传媒新消费首席 分析师朱珠在研报中称，AI未来的竞争将更加激烈，各家将持续推出新模型、新产品，春节后的AI板 块有望持续演绎，传媒有望承接AI应用新红利。 机构普遍指出，春节后A股科技行情的驱动核心主要来自两方面：一是节后将迎来政策的密集落地，例 如"人工智能+"、数字经济发展规划等节后预期将加速推进；二是美股与港股的映射效应显著，春节期 间海外市场表现强势的科技板块，节后通常能带动A股相关标的走强。 此外，春节后短期市场风格往往向科技成长倾斜。据华金证券统计，春节后5或10个交易日内科技成长 行业走势相对占优。近10年内春节后5个交易日内涨幅进入前三次数最多的行业主要为计算机（5次）、 电子（4次）、通信（3次）、传媒（3次）等科技成长行业，春节后10个交易日内的涨幅榜也由科技成 长行业主导。 2月23日，恒生指数、恒生科技指数双双走强。截至收盘，恒生指数上涨2.53%，报27081.91点；恒生科 技指数涨3.34%，报5385.35点。港股科技股、 ...

中国这几年变化大得让人眼花缭乱，从手机支付普及到电动车到处跑，再想想从现在到2035年也就十来 年，速度只会更快。 国家规划里头那些目标不是随便说说，而是实打实影响大家日常的。过去十年从4G跳到5G，就已经让 生活不一样了，接下来科技和民生结合得更紧，目标也更明确。 这些规划基于实际执行力，过去证明中国速度靠谱，到时候变化可能超出预期。 首先， 从国家 的十四五规划和2035远景目标纲要 来看， 已经设定了到2035年基本 完成社会主义现代 化 的目标。 我们需要在经济、科技 和国力 上取得显著的进步， 使人均GDP达到中等发达国家 的标准， 并显著增 加中等收入 人群。 这不 仅仅是 一个数字 化的游戏， 它真正地帮助了普通民众过上更好 的生活。 到2030年 ，城市化率将接近70%，城市 集群 将像京津冀、长三角、粤港澳大湾区 那样更紧密地融合， 高铁 的速度将像地铁一样 快，从苏州到上海 只需几十分钟。 该产业的生态环境已得到完善，企业间的合作频繁，合作场景也相当丰富。减轻劳动市场的压力，特别 是在人口老龄化的社会背景下。机器人已经变成了经济链条中的助手。 航天项目表现出色。中国载人航天办公室已经确认， ...

Investment Rating - The investment rating for the industry is "Overweight" indicating an expectation for the industry to outperform the overall market performance [74]. Core Insights - The report highlights significant breakthroughs in quantum key distribution networks, with the successful construction of the world's first large-scale quantum key distribution network based on integrated optical quantum chips, supporting 20 chip users and a networking capability of up to 3700 kilometers [13][18]. - Fujida (920640.BJ) is identified as a representative company in the quantum industry chain, having made early investments in quantum technologies and achieving key technical breakthroughs in low-temperature superconducting RF cables, which are essential for stable signal transmission in quantum computing applications [3][25]. - The report notes that Fujida's revenue for the first three quarters of 2025 reached 652 million yuan, a year-on-year increase of 16.62%, with a net profit of 55.93 million yuan, reflecting a growth of 55.38% [30][28]. Summary by Sections Quantum Key Distribution Breakthroughs - The report discusses the advancements in quantum key distribution, emphasizing the development of a scalable quantum relay module that enables long-distance quantum networks and the successful transmission of device-independent quantum key distribution (DI-QKD) over distances exceeding 100 kilometers [18][21]. Industry Performance - The information technology sector experienced an average weekly increase of 1.68%, with the median price-to-earnings (P/E) ratio dropping to 74.1X [4][31]. - The smart manufacturing sector saw its median P/E ratio rise to 42.5X, indicating positive market sentiment [47][54]. Company Announcements - Fujida's core products are being utilized in superconducting quantum computer projects across domestic research institutions, with current operations focused on small-batch supply, contributing to a growing revenue stream [3][25]. - The report also includes performance forecasts for various companies, with notable expected revenue growth for companies like JinHao Medical and North Mining Testing [68][69].

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 ...

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]

近日，海格通信(002465.SZ)公告称，公司收到公司股东杨海洲出具的《股份减持计划告知函》。 拟减持原因系个人资金规划，减持股份来源为公司首次公开发行股票前持有的股份以及因资本公积转增股本方式取得的股份。 海格通信称，杨海洲为公司控股股东广州数字科技集团有限公司的一致行动人，其本次减持计划的实施不会导致公司控制权发生变更，也不会对公司治理 结构及持续经营产生重大影响。 公告显示，持有公司股份24,425,125股(约占剔除回购专用账户股份后公司总股本的0.9920%)的股东杨海洲，计划在本公告披露之日起15个交易日后的3个 月内，以集中竞价交易方式减持本公司股份不超过4,000,000股(约占剔除回购专用账户股份后公司总股本的0.1624%)。 按照海格通信最新股价16.73元/股粗略计算，杨海洲此次减持或将套现约6692万元。 值得注意的是，杨海洲此前曾多次减持公司股票。 1月5日，海格通信发布公告，目前公司收到杨海洲出具的《关于股份减持计划实施完成的告知函》，截至本公告披露日，杨海洲本次股份减持计划已实施 完成，以集中竞价交易方式累计减持3,499,950股，约占公司总股本(已剔除公司回购专用证券账户 ...

一、 别被"完美表象"迷惑，交易行为才是核心 最近看到一份市场梳理，不少连续保持高净资产收益率（ROE）的公司被看作长期布局的优质标的，像食品饮料、电子、通信等行业里，不少公司不仅过往 ROE表现亮眼，还有机构预测未来三年相关数据能稳定在高位。但不少股民照着选，却没拿到预期的结果，甚至陷入被动——明明是财报亮眼的好公司，价 格却反复波动，或者看似要启动，结果又陷入调整。 为啥会这样？因为多数人靠主观感觉和表面信息选股：看走势、读财报、听消息，却忽略了这些都可 能是"刻意呈现的表象"。股市是博弈场，真实的交易行为才是决定结果的核心，而这恰恰是普通股民看不到的。这就是量化大数据的核心优势：能帮我们穿 透表面信息，还原真实的交易行为，避开那些"精心设计"的表象陷阱，让投资更理性。 股市里最容易犯的错，就是把看到的表象当成真相。比如有两只标的，一只在价格走高过程中出现多次大幅波动，一只在价格回落过程中出现多次快速回 升，回头看这些波动都是"作秀"，但身处其中时，很容易被表象带偏判断。 但如果用量化大数据的「机构库存」数据来看，一切就清晰了。「机构库存」 是反映机构资金是否积极参与交易的量化数据，它不代表资金的进出，只 ...

Core Insights - The article emphasizes the importance of strategic foresight in business, highlighting that successful companies balance short-term profits with long-term goals [1][4] - Huawei is presented as a case study of a company that effectively integrates strategic thinking into its operations, particularly in its entry into the automotive industry [1][2] Group 1: Strategic Decision-Making - Companies must have a clear understanding of their strategic direction and the balance between immediate financial gains and future growth [1][4] - Effective strategic decisions are based on thorough analysis rather than impulsive actions, especially for larger enterprises where mistakes can lead to significant waste [1][2] - The ability to adapt and maintain a long-term vision is crucial for companies to avoid becoming obsolete in competitive markets [3][4] Group 2: Research and Development - The article underscores the necessity of R&D investment for maintaining competitiveness, particularly in high-tech industries [2][3] - Companies that previously relied on resource integration are now recognizing the importance of R&D, influenced by Huawei's approach [2][3] - Huawei's strategy in the automotive sector includes making its technology accessible to partners, thereby establishing a competitive edge without disrupting market rules [2][3] Group 3: Market Positioning - Companies should focus not only on sales figures but also on their market share and positioning within the industry [4] - The article warns against short-sightedness, using the example of the once-popular PHS (Personal Handy-phone System) to illustrate the risks of neglecting long-term strategy [4] - Strategic leaders must navigate the complexities of balancing short-term and long-term interests, which requires a nuanced understanding of market dynamics [4][5]