2月26日，隔夜美股三大指数收涨，英伟达财报亮眼，港股三大指数追随亚太股市高开后震荡下挫，截 止午盘，恒生指数跌0.39%报26661.2点，恒生科技指数跌1.65%报5173.65点，国企指数跌1.29%报 8918.15点，红筹指数跌0.6%报4439.45点。 大型科技股中，阿里巴巴跌2.09%，腾讯控股跌0.77%，京东集团跌1.97%，小米集团跌0.17%，网易跌 1.63%，美团跌1.51%，快手跌2.41%，哔哩哔哩跌2.27%；芯片股走弱，华虹半导体跌超5%，上海复旦 跌近3%。大金融股(保险、银行、券商)等权重低迷拖累大市下行，非洲最大锂矿出口国宣布"断供"，锂 电池股走势分化，赣锋锂业、天齐锂业走强，宁德时代、中创新航下挫。另外，机构看好国内内燃机及 相关产业链出海，电力设备股拉升明显，军工股、光通讯概念股部分活跃。 盘面表现：板块涨跌互现 科网股多数走低 科网股整体表现不佳，跌多涨少。快手、阿里巴巴、百度集团等知名科网股纷纷走低，对市场人气形成 一定压制。在科技行业竞争日益激烈的当下，这些企业面临着来自国内外同行的多重挑战，业绩增长压 力凸显，导致股价表现疲软。 锂电池板块先扬后抑 万咖 ...

盘面上，英伟达炸裂业绩带动算力板块上攻，算力硬件股持续活跃，光纤光缆、光模块、PCB、液冷服 务器等方向震荡拉升，沪电股份、广合科技、深南电路等封板；算力租赁概念震荡走强，中贝通信、奥 飞数据涨停或涨超10%；燃气轮机、电网设备、电力股集体拉升，神马电力封涨停；有色金属板块延续 强势，云南锗业涨停；染料、化工股活跃，金正大、海翔药业封板；商业航天概念延续强势，航天动力 一度触及涨停；锂矿股开盘领涨，金圆股份涨停。 2月26日，市场震荡分化，三大指数涨跌互现。截至午间收盘，上证指数跌0.08%，深证成指涨0.28%， 创业板指跌0.39%。沪深两市半日成交额1.64万亿，较上个交易日放量1173亿。 跌幅方面，影视院线板块持续调整，博纳影业跌近9%；地产股震荡下挫，华联控股、城投控股跌逾 5%；油服概念走低，石化油服、中曼石油跌超3%；保险股震荡走弱，中国太保领跌；储能板块多数走 低，德龙汇能、鹏辉能源逼近跌停。 展望后市，多家外资机构普遍持乐观态度，认为A股已进入"慢牛"新阶段，市场驱动逻辑正在发生深刻 转变。机会方面，国泰海通证券表示，随着AI焦虑情绪短期充分PRICE IN，随着美国宽松预期的再次 升温， ...

Group 1: Industry Overview - The U.S. government plans to convene leading data center and AI companies, including Microsoft and Anthropic, on March 4 to sign an agreement aimed at protecting consumers from rising electricity costs. This indicates a proactive approach to address electricity supply issues for rapidly expanding data centers and AI infrastructure [3] - The current method to quickly resolve electricity issues in the U.S. is primarily through gas turbine power generation and increasing energy storage facilities. The supply capacity of related facilities in the U.S. is already saturated, leading to a positive outlook for domestic power and energy storage equipment demand [3] Group 2: Mining and Resource Sector - Zimbabwe's Ministry of Mines announced an immediate suspension of all raw mineral and lithium concentrate exports, allowing only companies with valid mining rights and approved processing plants to export. This ban is expected to positively impact lithium prices in the short term due to the current slight supply-demand balance in the global lithium market [4] - The trend of mining-producing countries seeking greater benefits is evident, as seen with recent regulations in Congo and Indonesia. This trend, combined with issues surrounding the credibility of the U.S. dollar, supports a long-term bullish outlook on resource prices [4] Group 3: Consumer Sector - During the 2026 Spring Festival, overall consumer spending continued the recovery trend observed since the New Year, with key retail and catering enterprises reporting a daily average sales growth of 8.6% year-on-year in the first four days of the holiday, significantly higher than the same period in 2025 [6] - Travel activity showed strong performance, with inter-regional movement increasing by approximately 11%. All modes of transportation, including rail, road, water, and air, experienced double-digit growth in passenger numbers, indicating high demand for long-distance travel [6] - The tourism sector benefited from increased foot traffic and supply-side optimization, with core scenic spots reporting revenue growth of 30% to 80% year-on-year, and some attractions reaching historical highs in visitor numbers [6] - The restaurant sector also showed improvement, with reduced price competition and leading brands achieving record turnover rates, indicating a steady recovery in customer spending [6]

消息面上，中信建投研究报告分析认为，AIDC建设进入高速增长期，测算2025-2028年美国AI需求带来 的电力容量需求期间CAGR约55%，未来三年累计需求超150GW，带来大量电力需求，配套设备迎来机 遇，而北美目前缺电问题凸显，自建电源成为大趋势，燃气轮机凭借快速响应、高功率适配性、较低发 电成本，高可靠性成为AIDC主电源优先解。 东吴证券指出，2025年，公司3台G50出海哈萨克斯坦，整机组的单台价值量预计约3亿元，毛利率有望 超30%，相比传统的合资产品毛利率有大幅的提升。该行认为，随着公司产业链、全球售后运维体系的 进一步完善，有望以AIDC"抢燃机"的契机加快出海步伐，切入欧洲、中东、美国等高端市场，实现燃 机业务的量利双升。 （原标题：港股异动 | 东方电气(01072)涨超5% 北美自建电源成大趋势 公司有望以AIDC"抢燃机"契机 加快出海步伐） 智通财经APP获悉，东方电气(01072)涨超5%，月内股价累计涨超四成。截至发稿，涨3.37%，报36.24 港元，成交额8934.77万港元。 ...

Group 1: Gold Price Predictions - Morgan Stanley predicts that gold prices will reach $6,300 per ounce by the end of 2026, raising its long-term forecast to $4,500 per ounce [1] - UBS expects gold prices to touch $6,200 per ounce in the coming months, driven by persistent geopolitical risks and continued support from the Federal Reserve's easing policies [1] Group 2: Copper Price Outlook - Citigroup holds a bullish outlook on copper prices, forecasting a rise to $14,000 per ton in the next three months, citing strong demand from China and limited downside risks [1] - The bank maintains a long-term average copper price forecast of $13,000 per ton for 2026, indicating a balanced global copper market [1] Group 3: AI Impact on GDP - Goldman Sachs reports that AI contributed nearly zero to the U.S. GDP last year, as investments were offset by imports of chips and hardware [2] - A survey of executives revealed that while 70% of companies are actively using AI, about 80% believe it has not impacted employment or productivity [2] Group 4: S&P 500 Index Forecast - A Reuters survey indicates that the S&P 500 index is expected to rise nearly 10% to around 7,500 points by the end of 2026, supported by strong earnings and stable economic growth [3] - Despite a resilient market, risks remain from inflation trends, Federal Reserve policies, and geopolitical tensions [3] Group 5: Bond Market Dynamics - Societe Generale highlights that geopolitical uncertainties are supporting the safe-haven demand for bonds, leading to a dovish shift in market expectations for central bank interest rate paths [4] Group 6: UK Interest Rate Expectations - ING analysts suggest that the British pound may decline if the Bank of England's Governor hints at a potential rate cut in March [5][6] Group 7: Canadian Interest Rate Outlook - Scotiabank anticipates that the Bank of Canada will keep interest rates unchanged until the outcome of the USMCA negotiations becomes clearer [7] Group 8: Domestic AI Developments - CITIC Securities reports a surge in the usage of domestic AI models, indicating a significant expansion in AI inference demand and investment opportunities in domestic computing power [8] Group 9: Electronic Fabric Demand Cycle - CITIC Securities notes that the current electronic fabric demand cycle, driven by AI, may be more intense than previous storage cycles, with a projected 100% increase in demand for specialty fabrics by 2026 [9] Group 10: AI Industry Chain Outlook - CITIC JianTou expresses optimism about the AI industry chain, highlighting strong demand for computing power and the transition of large models towards monetization [10] Group 11: AIDC Growth and Equipment Demand - CITIC JianTou indicates that the AIDC construction phase will lead to significant demand for power capacity and related equipment, with a projected CAGR of 55% from 2025 to 2028 [11] Group 12: AIDC Sector Performance - Founder Securities anticipates continued high growth in the AIDC sector, driven by increased capital expenditures from leading internet companies and a growing demand for power equipment in the U.S. [12] Group 13: New Energy Vehicle Market Recovery - Galaxy Securities predicts a recovery in the automotive market post-Spring Festival, with several flagship new energy vehicle models set to launch, potentially boosting market demand [13]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Qingdao TGOOD Electric Co., Ltd. 青島特銳德電氣股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向青島特銳德電氣股份有限公司（「本公司」）、其聯席保薦人、聯席 整體協調人、顧問、或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長 登記的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士提供。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根 據本文件中的資料作出任何投資決定； (b) 在聯交 ...

| | | 【2月25日晚间重要公告一览】 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 业绩精选 | 海光信息 | 李度净利润同比预增22.56%-42.32% | | | 南亚新材 | 业绩快报:2025年度净利润同比增长378.65% | | | 埃科光电 | 业绩快报:2025年度净利润同比增长307.63% | | | 神工股份 | 业绩快报:2025年度净利润同比增长146.54% | | | 青达环保 | 业绩快报:2025年度净利润同比增长94.62% | | | 华强科技 | 业绩快报:2025年度净利润同比增长89.45% | | | 芯春微装 | 业绩快报:2025年度净利润同比增长80. 42% | | | 联影医疗 | 业绩快报:2025年度净利润同比增长49.6% | | | 心动联科 | 业绩快报:2025年度净利润同比增长36.1% | | | 宏华数科 | 业绩快报:2025年度净利润同比增长27.63% | | | 珠江啤酒 | 业绩快报:2025年度净利润同比增长11.42% | | 定增&重组 | 智洋创新 | 终止筹划重大资产重 ...

Group 1 - A-shares have seen a significant capital inflow after the Spring Festival, with margin financing returning 346 billion yuan on the first trading day after the holiday, indicating a shift in market sentiment [2][3] - The preference for leveraged funds has changed dramatically, with sectors that were previously sold off seeing substantial buying, particularly in technology-related stocks [4][5] - Despite the inflow of margin funds, main capital has continued to flow out, indicating a shift from high valuation sectors to cyclical and undervalued sectors [7][8] Group 2 - On February 24, 26 sectors received capital replenishment from leveraged funds, with significant inflows into electronics, computers, and defense industries, while sectors like utilities and oil & gas saw reductions [5][6] - The overall market sentiment has improved, with major indices showing gains, yet main capital has been net outflowing, particularly from high valuation sectors like media and computing [7][8] - Analysts suggest that the liquidity environment may remain loose post-holiday, with multiple factors such as household savings moving into the market and increased foreign investment potentially benefiting A-shares [9]

"我们的电网设备老化严重。它永远无法承受那样的极端数字——即所需要的天量级别电量规模。所以 我在告诉他们，他们可以自己建电厂。他们将自己发电，自行单独用电。这将确保公司获得足够电力的 能力，同时也会降低你们的电价，"他表示。 他没有点名涉及哪些科技或者电力基础设施相关公司，也没有说明该计划将如何实施或如何执行。有媒 体报道称，白宫预计将在3月初邀请相关公司，正式落实这项重大举措。 智通财经APP获悉，美国总统唐纳德·特朗普表示，在他所称美国政府新近谈妥的"电价缴费者保护承 诺"(rate protection pledge)之下，建设超大规模人工智能数据中心的美国科技巨头们将不得不自行承担其 电力需求以及相关费用。特朗普在向国会发表国情咨文演讲时表示，科技企业们将被政府要求为其不断 扩张的AI基础设施版图建设专用级别的电力供应系统，而不是从地方电网额外取电以及大幅增加负 荷。 特朗普在国情咨文中抛出的消费者电力费率保护承诺，本质上是在把AI数据中心新增负荷的"成本归 因"重新写进政策框架，大型科技公司要么自建/自备电源类大型基础设施(on-site / behind-the-meter generation) ...

Report Industry Investment Rating No information provided in the report about the industry investment rating. Report's Core View The report analyzes the investment value of the Bank of China GEM 50 Index (026770/026771). It points out that the GEM 50 Index features high - tech growth and high - quality fundamentals, and performs well in growth - dominant environments and market rebounds. The Bank of China Fund, as the fund manager, has rich experience in managing passive index products [2]. Summary According to the Directory 1. Highlight the Characteristics of the Growth Enterprise Market and Focus on the Broad - based Index of New - Quality Productivity - **Index Compilation Method**: Composed of the 50 stocks with the largest average daily trading volume in the GEM market, it focuses on the liquidity of sample stocks and combines industry coverage, using free - float market capitalization weighting and adjusting every six months [5][6]. - **Index Weight and Market Value Distribution**: As of January 31, 2026, the index has 50 constituent stocks. The weight is concentrated in the top ten constituent stocks, accounting for 65.27%. The average free - float market value is 9.0192 billion yuan, and the average total market value is 14.3456 billion yuan. Both are mainly concentrated between 2 billion and 5 billion yuan [7][10]. - **Index Industry Characteristics**: The constituent stocks are concentrated in the power equipment and communication industries, with a high degree of industry concentration. Compared with the GEM Index, it has more prominent high - tech growth attributes and is highly compatible with new - quality productivity [14][21]. - **Fundamental Characteristics**: The R & D investment as a proportion of operating income is close to 6%, higher than that of other broad - based indexes. The annual return on net assets from 2020 to 2024 is between 14% and 20%, showing high - quality characteristics [22][26]. 2. Index Investment Value Analysis: Prominent Growth Style and Elasticity - **Outstanding Performance in Growth - Dominant Environments**: The GEM 50 focuses on GEM stocks with high - tech growth attributes. In growth - dominant environments, its cumulative return far exceeds that of the Guozheng Growth Index, and the weekly average return since 2014 is 2.56% [27][31]. - **Superior Rebound Strength**: Due to the wider daily price limit of GEM constituent stocks, in several market rebounds since 2022, the GEM 50 Index shows high rebound strength, and the rebound interval returns generally exceed those of comparable indexes [35]. 3. Bank of China GEM 50 Index (026770/026771) It is an over - the - counter passive index product of the Bank of China Fund, which started raising funds on February 24, 2026, with a raising period until March 13, 2026. The current fund managers are Ms. Li Nian and Mr. Yao Jin. The management fee rate is 0.50%, and the custody fee rate is 0.10% [38]. 4. Fund Manager and Fund Manager Information - **Fund Manager Introduction**: The Bank of China Fund is a Sino - foreign joint - venture fund management company jointly established by the Bank of China and BlackRock. It currently manages 14 passive index products with a total scale of 10.043 billion yuan [40]. - **Fund Manager Introduction**: Ms. Li Nian has 9 years of securities experience, and the total scale of her managed products is 299 million yuan. Mr. Yao Jin has 12 years of securities experience, and the total scale of his managed products is 278 million yuan [42][43].