国内新闻 市场监管总局：到2027年底，全国统一检验检测智慧监管平台基本建成 在2月27日举行的新闻发布会上，生态环境部有关负责人介绍，"十五五"期间的大气污染防治工作仍然面临挑战，今后将继 续以PM2.5浓度下降为主线，大力推动结构优化调整和污染精细化治理，推动空气质量全面改善。 上海市2026年第三批节能减排专项资金和超长期特别国债安排计划发布 2月27日，据"上海发展改革"公众号消息，上海市2026年节能减排专项资金和超长期特别国债安排计划(第三批)发布，支持 方向为国家汽车报废更新、汽车置换更新(燃油车、新能源)，计划下达市节能减排专项资金4323.2万元。 国际新闻 起亚美国公司正在召回85448辆美国市场汽车 2月27日，市场监管总局办公厅印发《检验检测智慧监管能力提升攻坚行动方案》，力争到2027年底，全国统一的检验检测 智慧监管平台基本建成，数据集成共享全面实现，人工智能、大数据等新技术深度应用，智慧化审评、穿透式监管等新方式广 泛推行，上下贯通、左右联通的智慧监管格局有效建立，检验检测监管效能显著提升。 1月底我国电动汽车充电基础设施（枪）同比增长49.6% 2月27日，国家能源局发布202 ...

Investment Rating - The investment rating for the company is "Buy" with a target price raised to $260, indicating a potential upside of 40.6% from the current price of $184.89 [5][16]. Core Insights - The report highlights enhanced visibility for long-term growth, particularly with the upcoming GTC product roadmap, which has led to an upward revision of the target price [2][12]. - The company is expected to achieve significant revenue growth, with projected revenues of $215.94 billion in 2026, reflecting a year-on-year increase of 65.5% [3][18]. - The management has indicated strong demand visibility for several quarters ahead, particularly in the AI sector, which is expected to drive further revenue growth [9][10]. Financial Overview - Revenue projections for the fiscal years are as follows: - 2025: $130.50 billion - 2026: $215.94 billion - 2027E: $354.50 billion - 2028E: $455.76 billion - 2029E: $500.56 billion - Year-on-year revenue growth rates are projected at 114.2% for 2025, 65.5% for 2026, and 64.2% for 2027 [3][18]. - Net profit is expected to grow from $74.27 billion in 2025 to $116.99 billion in 2026, with a projected EPS of $4.77 for 2026, reflecting a 59.4% increase [3][18]. - The company maintains a strong gross margin, with a Non-GAAP gross margin forecasted at 75.2% for FY1Q27 [8][12]. Market Position and Competitive Landscape - The report notes that the top five cloud service providers (CSPs) are expected to exceed $700 billion in capital expenditures for CY26, which is significantly higher than market expectations [9]. - The company is positioned to benefit from a diversified customer base, with non-CSP clients growing faster than cloud vendor revenues, enhancing long-term growth confidence [10][12]. - The upcoming GTC event is anticipated to showcase new products, including CPUs, GPUs, and DPUs, which will help maintain a competitive edge in the market [11][12].

证券之星消息，根据企查查数据显示盛美上海（688082）公布了一项国际专利申请，专利名为"清洗装 置及电镀装置"，专利申请号为PCT/CN2025/103394，国际公布日为2026年2月26日。 数据来源：企查查 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 图片来源：世界知识产权组织（WIPO） 今年以来盛美上海已公布的国际专利申请18个，较去年同期增加了80%。结合公司2025年年报财务数 据，2025年公司在研发方面投入了10.03亿元，同比增37.64%。 专利详情如下： ...

Core Viewpoint - The company,拓荆科技, reported significant growth in its 2025 financial performance, driven by advancements in semiconductor technology and increased demand in emerging fields such as AI and high-performance computing. Financial Data and Indicators - The company achieved an operating revenue of approximately 6.519 billion RMB, representing a year-on-year increase of about 58.87% [4] - The net profit attributable to the parent company was approximately 929 million RMB, up by about 35.05% year-on-year [4] - The net profit attributable to the parent company after deducting non-recurring gains and losses was approximately 726 million RMB, showing a substantial year-on-year growth of about 103.79% [4] Operating Performance and Financial Condition Operating Situation - The company’s total assets at the end of 2025 were approximately 19.825 billion RMB, reflecting a growth of about 29.45% compared to the beginning of the reporting period [5] - The equity attributable to the parent company was approximately 6.612 billion RMB, which is an increase of about 25.23% from the beginning of the reporting period [5] Factors Influencing Operating Performance - The rapid development and demand surge in emerging fields such as AI, high-performance computing, automotive electronics, and robotics have accelerated the technological iteration and capacity expansion in chip manufacturing [6] - The company has effectively seized opportunities in semiconductor technology upgrades and domestic substitution, establishing a comprehensive product matrix in thin film deposition and 3D integration equipment [6] - Significant breakthroughs in technology and scale production in PECVD, ALD, SACVD, HDPCVD, and Flowable CVD have enhanced the company's core competitiveness in advanced processes, leading to substantial business growth [6] Major Innovations and Product Development - The company has maintained a high level of R&D investment and independent innovation, achieving significant breakthroughs in new product development and industrialization [7] - New equipment platforms and advanced process machines have been validated by customers, leading to accelerated industrialization and substantial revenue growth [7] - The company has expanded its customer base in hybrid bonding equipment, maintaining a trend of rapid revenue growth [7] Changes in Key Financial Metrics - The operating revenue growth of 58.87% was primarily due to the continuous improvement in product competitiveness and the scale production of advanced process equipment [8] - The net profit growth of 35.05% was attributed to increased revenue and a decrease in expense ratios due to scale effects [8] - The net profit after deducting non-recurring gains and losses saw a remarkable increase of 103.79%, mainly due to significant growth in regular operating activities and a reduction in non-recurring losses [8] - Basic earnings per share increased by 34.27%, reflecting the substantial growth in net profit attributable to the parent company [8]

来源：华西研究 不过受地产新政影响，债市全线调整。早盘股市高开高走，叠加上海地产消息面扰动，市场空头情绪明 显升温，长端利率开盘便开启上行行情，10年国债收益率随之站上1.80%关口，30年国债活跃券也震荡 上行0.6bp。午后，随着上海楼市新规正式出台，债市收益率加速上行，10年、30年国债纷纷触及 1.81%、2.23%的日内高点，尽数回吐春节前一周的全部涨幅。直至尾盘，债市情绪才逐步企稳，二者 分别收于1.80%、2.23%。 市场成交量回升，交易盘明显止盈。节后第二个交易日，市场交投显著升温，主要交易品种成交量明显 回升，10年国债、30年国债、10年国开债等活跃券成交笔数分别升至516、1600、1754笔（24日分别为 394、902、634笔）。然而，交易量激增的背后，是交易盘在消息面的影响下集中出货。据经纪商利率 债成交势力图显示，券商和基金是此次卖出主力，其中券商大额减持超长国债和7-10年政金债，基金也 主要卖出7-10年政金品种。 市场受地产新政扰动而调整，或也是两会政策博弈的开端。不过债基的负债端还相对稳定，今日仅小级 别的短债基金被赎回。往后看，继续关注基金负债端的变化，如果没有出现 ...

中微半导体设备（上海）股份有限公司 2025年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688012 证券简称：中微公司 公告编号：2026-014 ● 中微半导体设备（上海）股份有限公司（以下简称"公司"）2025年营业收入约123.85亿元，较2024年 增加约33.19亿元，同比增长约36.62%。 ● 根据市场需求，公司加大研发力度，新产品数量快速增加。2025年全年公司研发投入约37.44亿元， 较2024年增长12.91亿元（增长约52.65%），研发投入占公司营业收入比例约为30.23%。 ● 公司预计2025年度实现归属于母公司所有者的净利润约为21.11亿元，与上年同期（法定披露数据） 相比，增加约4.96亿元，同比增加约30.69%。 ● 公司2025年度实现归属于母公司所有者的扣除非经常性损益的净利润约为15.50亿元，与上年同期 （法定披露数据）相比，增加约1.62亿元，同比增加约11.64%。 ● 公 ...

格隆汇2月27日丨精智达(688627.SH)公布，拟向特定对象发行股票募集资金总额不超过人民币29.59亿元 （含本数），扣除发行费用后的募集资金净额投入半导体存储测试设备研发及产业化智造项目、高端芯 片测试设备及前沿技术研发中心项目、补充流动资金。 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the fiscal year 2025, driven by advancements in semiconductor technology and increased demand in emerging fields such as AI and automotive electronics [1] Financial Performance - The company achieved an operating revenue of approximately 6.519 billion yuan, representing a year-on-year increase of about 58.87% [1] - The net profit attributable to the parent company's shareholders was approximately 929 million yuan, reflecting a year-on-year growth of about 35.05% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was approximately 726 million yuan, showing a substantial year-on-year increase of about 103.79% [1] Industry Trends - The rapid development and demand surge in emerging fields such as artificial intelligence (AI), high-performance computing (HPC), automotive electronics (smart driving, vehicle networking), robotics, and wearable devices are driving the semiconductor industry [1] - Chip manufacturers are accelerating the technological iteration of advanced processes and continuously expanding production capacity to meet market demands [1] Company Strategy - The company is actively seizing opportunities presented by the technological iteration and domestic substitution in the semiconductor chip sector [1] - A comprehensive product matrix has been established in thin film deposition equipment and three-dimensional integration field equipment [1] - The company has significantly enhanced its core competitiveness in advanced processes through technological breakthroughs and large-scale production in areas such as PECVD, ALD, SACVD, HDPCVD, and Flowable CVD [1]

Core Viewpoint -拓荆科技 reported significant growth in its 2025 financial performance, driven by advancements in semiconductor technology and increased demand in emerging fields such as AI and high-performance computing [1] Financial Performance - The company achieved an operating revenue of approximately 6.519 billion yuan, representing a year-on-year increase of about 58.87% [1] - The net profit attributable to the parent company was approximately 929 million yuan, reflecting a year-on-year growth of about 35.05% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was approximately 726 million yuan, showing a substantial year-on-year increase of about 103.79% [1] Industry Trends - The rapid development and surging demand in emerging fields such as artificial intelligence, high-performance computing, automotive electronics, robotics, and wearable devices are driving the semiconductor industry [1] - Chip manufacturers are accelerating the technological iteration of advanced processes while continuously expanding production capacity [1] Company Strategy - The company is actively seizing opportunities presented by the technological iteration and domestic substitution in the semiconductor chip sector [1] - It has established a comprehensive product matrix in thin film deposition equipment and 3D integration field equipment [1] - The company has significantly enhanced its core competitiveness in advanced processes through technological breakthroughs and large-scale production in various deposition equipment fields [1]

证券研究报告|宏观研究报告 [Table_Date] 2026 年 02 月 27 日 [Table_Title] 电网设备 ETF 价升量增 [Table_Title2] 权益 ETF 周度跟踪 [Table_Summary] 截至 2 月 27 日的行情，结合"涨跌幅-拥挤度"象限图和 ETF 资金流向来看，电网设备板块关注价值仍高。 整体来看，2 月 24-27 日，资源品和电网设备涨幅靠前，拥挤 度均有所上升。其中，资源品作为本周市场主线，热度与价格 共同上升；电网设备拥挤度在高位进一步升温，短期行情取决 于资金走向。同时，化工和半导体设备板块走强，拥挤度有所 增加，但仍未过热。而游戏、传媒、旅游和白酒跌幅较大， 板块热度出现不同程度的下降。游戏板块显著调整，热度随 之降温。 进一步结合 ETF 资金流向，资金追涨电网设备意愿较强，后 续行情仍然值得跟踪；资源品板块资金动向不明显，或处 于观望状态；化工和半导体设备板块部分资金获利了结， 博弈情绪升温，短期或将出现震荡。此外，游戏资金兑现 情绪有所缓解,出现企稳迹象。 风险提示 基金过往业绩不代表未来收益，本报告不涉及证券投资基金评 价业务，不涉及对基 ...