格隆汇2月27日丨腾景科技(688195.SH)公布2025年度业绩快报，报告期内，公司实现营业总收入 58,554.31万元。实现归属于母公司所有者的净利润7,059.40万元；实现归属于母公司所有者的扣除非经 常性损益的净利润6,725.16万元。 报告期内，公司依托完善的精密光学与先进光电技术产品矩阵、行业头部客户资源优势，营业收入实现 快速增长：①光通信领域，受益于AI算力需求的爆发式增长，高速光模块无源元组件、OCS光交换机大 尺寸纯钒酸钇晶体产品量产规模持续提升，北美控股子公司光测试仪器业务亦实现稳步增长；②新兴应 用领域中的半导体设备方面，重点攻克高精度光学模组生产与测试的关键工艺，本年度订单交付量大幅 提升；③工业激光领域，叠加下游行业需求回暖，公司聚焦的高激光损伤阈值元器件业务实现稳步增 长。 ...

光模块龙头中际旭创2025年实现业绩大幅跃升，净利润增幅逾一倍，印证全球算力基础设施建设热潮对高端光互联器件的旺盛需求。 光模块为公司核心盈利来源，业绩快报对该业务单独披露利润数据。报告期内，光模块业务实现净利润约117.6亿元；扣除股权激励费用对净利润 的影响约2.22亿元后，该业务净利润约119.9亿元，较2024年度同口径净利润56.6亿元增长逾一倍。 公司表示，受益于终端客户对算力基础设施的强劲投入，产品出货快速增长，高速光模块占比持续提高，并通过产品方案不断优化和运营效率持 续提升，带动收入与净利润较上年同期均实现较大幅度增长。 业绩提升的核心驱动来自终端客户持续加码算力基础设施投入，推动公司高速光模块出货量快速攀升，产品结构中高速品类占比持续提高，叠加 产品方案优化与运营效率改善，盈利能力显著增强。 公司2月27日发布业绩快报： 2025年营业总收入达382.4亿元，同比增长60.25%； 归属于上市公司股东的净利润约108亿元，同比增长108.81%， 基本每股收益达9.80元，较上年的4.72元增长107.63%。 光模块业务贡献主要利润 利润增速大幅超越收入，盈利质量改善 从利润结构看，20 ...

报告期内，受益于终端客户对算力基础设施的强劲投入，公司产品出货快速增长，其中高速光模块占比 持续提高，且随着产品方案不断优化、运营效率持续提升，公司营业收入与净利润较去年同期均实现较 大增长。 智通财经APP讯，中际旭创(300308.SZ)披露2025年度业绩快报，公司实现营业收入382.4亿元，与2024 年度相比增长60.25%;归属于上市公司股东的净利润107.99亿元，与2024年度相比增长108.81%;实现归属 于上市公司股东的扣除非经常性损益的净利润107.1亿元，与2024年度相比增长111.32%。基本每股收益 9.8元。 ...

证券日报网讯 2月27日，仕佳光子发布2025年年度业绩快报公告称，公司2025年实现营业收入212889.48 万元，同比增长98.12%；归属于上市公司股东的净利润34164.38万元，同比增长426.15%。 （文章来源：证券日报） ...

Core Viewpoint - The A-share market has shown a continuation of the risk appetite recovery observed before the Spring Festival, characterized by "increased volume and structural differentiation" in the first trading week after the holiday [1][3]. Market Performance - The overall market trend is influenced by rising overseas uncertainties, with geopolitical and tariff narratives resurfacing, leading to a pullback in the Hong Kong stock market while energy and resource sectors perform relatively well [1][3]. - A-shares exhibit a stronger internal momentum, maintaining high trading volumes with total turnover exceeding 2 trillion yuan [1][3]. Market Structure - The market style has shifted from a focus on "pure software/AI applications" to "hard technology + cyclical stocks" [1][3]. - The cyclical sector has shown a phase of strength, driven by geopolitical risk premiums pushing up energy prices and uncertainties around tariffs leading to "re-inflation trades" [1][3]. - The hard technology sector is characterized by a "discerning" approach, with funds favoring companies with verifiable orders and performance in the computing hardware chain (e.g., optical communication, PCB, liquid cooling), while being sensitive to AI software themes lacking performance validation [1][3]. Investment Strategy - The first week after the holiday has reinforced market risk appetite, but variables such as overseas geopolitical issues, tariffs, and interest rate expectations may amplify volatility [4]. - The current investment focus is clear, transitioning from narrative-driven to performance-driven, with attention on the following areas: - Emphasis on "performance verification" and "domestic substitution," particularly in AI computing hardware chains, semiconductor equipment, and materials, while avoiding high-volatility stocks without performance support [4]. - Focus on cyclical and resource sectors, leveraging the "hedging attributes" of geopolitical premiums and re-inflation, with potential value in energy, precious metals, and non-ferrous metals, while also considering traditional industries benefiting from "anti-involution" [4]. - Defensive and thematic directions, suggesting high-dividend sectors may offer some "anti-volatility" value amid increased fluctuations, with recommendations to base themes on policy documents and industry progress, avoiding purely conceptual extrapolations [4].

国外 1. 瑞银：下调美股配置至中性，资金全球化分散趋势渐显 金十数据2月27日讯，瑞银表示，已将美国股票的投资建议下调至中性，因美股在其他地区增长加速之 际恐将落后。策略师列举的原因包括：美国企业盈利对全球增长的敏感度相对较低、估值偏高、资金向 美国以外分散的趋势以及美元的下行风险等。他们表示："美国是各主要地区中经营杠杆最低的，因此 若全球增速升至3.5%以上，从历史看美股表现将落后。"瑞银预计2026年全球GDP增速为3.4%。随着科 技巨头回报减弱及国内政策制定陷入混乱，全球投资者正从美股撤离，寻求替代选择。美元疲软是另一 个推动因素。策略师表示，从我们在北美市场的营销情况看，资金无疑将流向全球。ETF资金流显示分 散化正在发生。尽管如此，美国市场规模庞大，即使是中性配置也仍将占较大比重，美国股票在MSCI 全球股票指数中占比超过70%。(金十数据APP) 2. 高盛：英伟达强劲财报难阻股价下跌，利好兑现压力显现 高盛指出，尽管英伟达(NVDA.O)营收同比增长73%，且对人工智能业务前景给出乐观指引，但该股仍 下跌4.5%，拖累半导体板块及标普500指数走低。分析师称，这反映出"卖事实"行情、获利了 ...

每经AI快讯，2月27日，德科立(688205.SH)发布业绩快报，2025年实现营业收入9.34亿元，同比增长 10.99%；归属于母公司所有者的净利润7316.87万元，同比下降27.16%。报告期内，受电信传输市场结 构性需求放缓及部分产品竞争加剧影响，公司对成熟产品线进行价格策略调整，导致产品毛利率同比下 降，经营业绩阶段性承压。与此同时，公司在数据通信市场取得有效突破。公司在成功切入多家头部企 业具体项目的基础上，带动DCI产品订单快速增长，高速率数通光模块产品保持行业技术领先，数通产 品线整体展现出强劲的发展潜力。 ...

Market Performance - The Hong Kong stock market showed an upward trend on February 27, with the Hang Seng Index rising by 0.95% to close at 26,630.54 points, the Hang Seng Tech Index increasing by 0.56% to 5,137.84 points, the National Enterprises Index up by 0.51% to 8,859.49 points, and the Red Chip Index gaining 0.63% to 4,439.65 points [1] Sector Performance - Strong performance was observed in sectors such as optical communication, steel, non-ferrous metals, rare earths, and innovative pharmaceuticals. Notable individual stock performances included Longi Green Energy rising nearly 10%, CanSino Biologics up by 7%, and China Shenhua Energy increasing by nearly 6% [1] - The steel sector was particularly active, with Asia Pacific Resources rising nearly 12% and Angang Steel up over 5% [1] - The biopharmaceutical sector also showed strength, with WuXi AppTec rising over 3% [1] Company Earnings - Baidu Group reported total revenue of 129.1 billion yuan for 2025, with AI business revenue reaching 40 billion yuan and a fourth-quarter revenue of 32.7 billion yuan, reflecting a 5% quarter-on-quarter growth [2] - BeiGene achieved its first annual profit with total revenue of 38.205 billion yuan, marking a 40.4% year-on-year increase [2] - CanSino Biologics reported total revenue of 1.068 billion yuan for 2025, a 26.18% year-on-year growth, and a net profit of 27.8727 million yuan, indicating a return to profitability [2] - Sun Hung Kai Properties announced a mid-year revenue of 52.705 billion HKD for the six months ending December 31, 2025, a 31.98% year-on-year increase, and a profit of 10.247 billion HKD, up 36.21% [2] Analyst Insights - According to a report from China Merchants Securities, the current valuation of the Hong Kong tech sector has dropped to historical lows. The Hang Seng Tech Index compared to the A-share ChiNext Index indicates that the tech sector is significantly undervalued. The report suggests a high probability of success in investing in Hong Kong tech stocks in the context of AI development and national technological advancement [2]

智通财经2月27日讯（编辑 胡家荣）港股三大指数本月交易结束，全月整体震荡调整。恒生指数围绕27000点区间反复波动，恒生科技指数回调尤为显著， 月内累计跌幅超10%。 截至收盘，恒生指数累计下跌2.76%，报26630.54点；恒生科技指数累计下跌10.15%，报5137.84点；恒生国企指数累计下跌4.91%，报8859.49点。 值得关注的是，恒生科技指数本月创下2024年1月以来最大单月跌幅纪录。同期的恒生指数也领跌全球主要指数。 此轮调整，本质上反映出市场对当前估值水平与盈利预期的重新定价，投资者风险偏好趋于谨慎，整体资金配置策略更趋审慎。 机构称基本面修复支撑结构性机会 驱动逻辑切换：从业绩修复到政策催化 光大证券指出，当前港股处于"基本面温和修复、流动性内外共振、情绪中性偏暖"格局，市场正由资金驱动向业绩驱动切换，一季度结构性反弹可期。 布局三大主线：政策与季节性机会并重 中信证券指出，2025年四季度压制因素逐步消化，参考历史春季躁动规律，建议重点关注："十五五"政策主线(生物制造、具身智能、6G)；政策催化预期逆 转领域(外卖平台、地产)；春季躁动受益板块(非银金融)。 月度个股表现：景气赛 ...

每经AI快讯，2月27日，港股收盘，恒生指数收涨0.95%，恒生科技指数收涨0.56%，光通信、钢铁、有 色、稀土、创新药板块集体大涨。长飞光纤光缆涨近10%，马鞍山钢铁涨6.6%，金力永磁涨6.7%，中国 神华涨近6%，昭衍新药涨6%，康希诺生物涨7%，药明生物涨超3%。 ...