金 点 策 略 晨 报 2026 年 2 月 27 日 英大证券研究所证券研究报告 总量视角 【A 股大势研判】 周四沪深三大指数涨跌不一。经历短期持续回升后，周四深成指率先创下阶 段新高，但沪指与创业板指表现略有疲软，未能同步跟进，其中创业板指走弱与 权重股的下跌直接相关，形成分化格局。 资金面的表现则基本符合节后回流预期，周二周三周四两市成交额连续回 升，显示节前离场避险的资金正有序回流市场，市场流动性得到有效补充。后市 继续关注增量资金进场情况。 展望后市，国内方面，重要会议临近，"十五五"开局之年的政策导向将逐 步明确，政策利好有望逐步落地，市场大概率将维持震荡上行格局。国外方面， 还需重点关注海外美伊局势演变。 操作上，在沪深三大指数震荡上行的慢牛格局下，逢低布局仍是占优策略。 后市可逢低关注"资源品+科技"双主线：一是受益于涨价逻辑和地缘政治催化的 周期板块，如石油化工、有色金属等；二是具备长期产业趋势的科技板块，如 AI 算力、半导体、人形机器人等，待估值回归合理区间后，择机逢低布局，兼顾安 全性与成长性。 请务必阅读最后一页的免责条款 1 指数震荡上行的格局下，逢低布局仍是占优策略 分析师：惠 ...

Group 1 - Zhishang Technology experienced a decline of 12.32% [1] - Robotec saw a drop of 9.75% [1] - Taicheng Light fell by 8.09% [1] - Guangku Technology, Hengtong Optic-Electric, and Changfei Optical Fiber all dropped over 6% [1]

Core Viewpoint - The company emphasizes that its optical module products are customized and developed according to the specific needs of CSP customers for data center networks, requiring advanced R&D capabilities and mature manufacturing processes [1] Group 1 - The optical module manufacturers must possess efficient R&D technology, mature manufacturing processes, sufficient production capacity, and large-scale manufacturing and delivery capabilities [1] - CSP customers conduct strict product testing, qualification certification, and factory audits before a supplier can be considered qualified in their supply chain [1] - The business model remains unchanged, where CSP customers place orders directly with the company, which then manufactures and delivers the products directly to them [1] Group 2 - There is no scenario where CSP customers place orders with upstream optical chip manufacturers, bypassing the company and directing orders to designated module/assembly factories [1]

Group 1 - The optical communication module sector leads the market with an increase of 1.83% [1] - Tongding Interconnection saw a significant rise of 10.06% [1] - Hangzhou Dianzi Stock increased by 9.96% [1] - NewEase Technology experienced a growth of 9.66% [1] - Other companies such as Qianzhao Optoelectronics, Pengding Holdings, and Tongyu Communication also saw gains exceeding 2% [1]

Group 1 - The optical communication module sector experienced a decline, falling by 1.78% [1] - Tengjing Technology saw a significant drop of 6.24% [1] - Xinyi Technology decreased by 6.1% [1] - Zhongji Xuchuang fell by 5.25% [1] - Yuanjie Technology, Dongtianwei, and Guangku Technology all dropped over 3% [1]

Core Viewpoint - A survey of approximately 3,600 companies with a market capitalization exceeding $5 billion indicates a significant increase in the number of companies whose stock prices are expected to double by the end of 2025, driven by sectors such as technology, defense, and resources [2][4]. Group 1: Stock Performance - As of December 24, 2023, there are 389 companies whose stock prices are projected to double compared to the end of 2024, marking a substantial increase [4]. - The number of major stocks expected to double by 2025 is around 390, reflecting a tripling from 2024 [2]. - The technology sector accounts for 20% of these doubling stocks, with a notable shift from the dominance of the "Magnificent 7" to AI infrastructure and related component companies [4]. Group 2: Notable Stocks and Sectors - Specific stocks that have shown remarkable growth include: - Kioxia Holdings (Japan) with a 6.5x increase - Zhongji Xuchuang (China) with a 5.3x increase - Bloom Energy (USA) with a 4.1x increase - SK Hynix (South Korea) and Micron (USA) both with a 3.4x increase [5]. - Defense stocks have also seen significant increases, with Rheinmetall (Germany) rising 2.8x and Rolls-Royce (UK) and Leonardo (Italy) both increasing by 2.2x [5]. Group 3: Market Trends and Analysis - The rise in defense stocks is attributed to increased defense spending across European countries, with Japan also focusing on strengthening its defense capabilities under the new administration [8]. - The overall global stock index (MSCI ACWI) has only seen a 20% increase, yet the number of doubling stocks has tripled, indicating a concentration of funds in specific high-growth areas like AI [8]. - The investment landscape is influenced by geopolitical risks and economic uncertainties, leading to a preference for stocks with strong growth expectations, particularly in AI and related sectors [8].

Group 1 - The optical communication module sector experienced a decline of 1.06% [1] - Dongtian Micro fell by 3.78% [1] - Yuanjie Technology decreased by 2.36% [1] - Zhongji Xuchuang dropped by 1.7% [1]

Core Insights - The report indicates a strong rebound in the A-share market, with the Shanghai Composite Index recovering the 3900-point mark and the ChiNext Index showing a gain of over 2% [2][9] - The increase in market activity is attributed to a significant easing of global liquidity concerns, driven by a lower U.S. core CPI of 2.6% year-on-year, the lowest since March 2021, which has led to increased bets on earlier interest rate cuts in 2026 [2][9] - The report highlights the potential for structural and policy-driven investment opportunities in the upcoming cross-year market, despite underlying economic growth constraints due to declining fixed asset investment [2][9] Market Overview - On the trading day, the three major indices opened strongly, with the Shanghai Composite Index returning to the 3900-point level. Key sectors such as Hainan Free Trade Zone, optical communication modules, and semiconductor equipment saw significant gains [5][6] - The overall market sentiment was positive, with a total trading volume approaching 1.9 trillion yuan, indicating a release of market energy [6][9] Sector Analysis - The Hainan Free Trade Zone concept stocks experienced a substantial rise following the official launch of the free trade port operations on December 18, which is seen as a significant step towards high-level openness in China [7] - Optical communication module stocks also surged, driven by their critical role in modern communication networks, including 5G and data centers. The sector is expected to remain in a high prosperity cycle, supported by advancements in AI computing and data center upgrades [8] Investment Strategy - The report suggests maintaining a consistent investment approach, focusing on sectors with strong earnings support, including technology growth areas (semiconductors, AI themes, robotics), cyclical industries (solar, batteries, chemicals), and dividend stocks (banks, utilities) [3][10] - Investors are advised to avoid high-valuation stocks lacking earnings support and to consider opportunities in sectors that are expected to perform well in the current market environment [10]

Market Overview - On December 22, A-shares opened higher across the board, with the Shanghai Composite Index rising by 0.26% to 3900.54 points, the Shenzhen Component Index increasing by 0.65% to 13225.4 points, and the ChiNext Index up by 1.01% to 3153.75 points [1] Sector Performance - The Hainan sector, robotics actuators, Beidou navigation, satellite internet, precious metals, optical communication modules, and civil explosives concepts were notably active at the market open [1] - Haiqi Group surged over 8%, with Hainan Ruize, Hainan Airport, Haixia Co., Caesar Travel, and Haide Co. also experiencing gains [1] Key Stocks - Victory Energy, a focus stock, reached its price limit for the sixth consecutive trading day [1] - Commercial aerospace concept stocks such as Western Materials opened 6.07% higher and Shenjian Co. opened 10.04% higher [1] - Intelligent driving concept stocks like Weiti Co. opened 4.14% higher, while Zhejiang Shibao hit its price limit [1] - Local stocks in Fujian, such as Jiumuwang, opened 6.01% higher, and Luyan Pharmaceutical opened 4.51% higher [1] - Controlled nuclear fusion concept stocks like Xue Ren Group opened 0.69% lower, while Wangzi New Materials opened 3.99% higher [1] - The consumer sector saw Zhuangyuan Pasture opening 0.29% higher and Shanghai Jiubai opening 7.12% higher [1]

Core Viewpoint - The rapid increase in stock prices of Tengjing Technology is driven by the booming demand for AI computing power and the strong performance of the optical communication module sector, which has seen an overall price increase of over 60% this year [2][5]. Company Performance - Tengjing Technology's revenue for 2022, 2023, and 2024 was 344 million, 340 million, and 445 million yuan respectively, with net profits of 58 million, 42 million, and 69 million yuan. In 2024, revenue and net profit are expected to grow by 30.96% and 66.53% year-on-year [3]. - For the first three quarters of 2025, the company reported revenues of 425 million yuan and net profits of 64 million yuan, reflecting year-on-year growth of 28.11% and 15% respectively [3][4]. Stock Performance - Tengjing Technology's stock price surged by 64.59% within eight trading days, reaching a closing price of 186 yuan on November 26, 2025, compared to 113.01 yuan on November 14, 2025 [2]. - The stock has shown a cumulative increase of nearly 70% in November alone and over 360% year-to-date [2]. Market Dynamics - The optical communication module sector has become a "star track" in the capital market, with multiple companies, including Source Jie Technology and Yongding Co., seeing their stock prices double this year [2][5]. - The growth in the optical communication module market is attributed to the explosive demand for AI computing power, technological advancements, and supportive policies [8]. Investor Sentiment - Investor sentiment regarding Tengjing Technology's stock performance is mixed, with some expressing concern over the rapid price increase while others remain optimistic about further growth potential [9].