交银国际研究 每日晨报 2026 年 3 月 2 日 今日焦点 每月金股 三月研选：聚焦"盈利确定性"与"政策共振" 交银国际研究团队 全国"两会"定调与企业年报"大考"交汇，港股交易逻辑由"预期博 弈"转向"盈利验真"。 3 月关注变量： 1）全国"两会"政策兑现成色；2）年报业绩指引与企 业回购力度；3）美联储 3 月 FOMC 会议。 行业配置聚焦"盈利确定性"与"政策共振"，哑铃策略再平衡。1）互 联网与新经济成长；2）硬科技与出海制造；3）全球定价的上游资源 品；4）红利低波资产。 三月金股组合： 置富产业信托（778 HK） | 英伟达 | | NVDA US | | --- | --- | --- | | 长期增长能见度增强，期待 | GTC 产品路线图，上 | 评级: 买入 | | 调目标价 | | | | 收盘价: 美元 184.89 | 目标价: 美元 260.00↑ | 潜在涨幅: +40.6% | | 王大卫, PhD, CFA | Dawei.wang@bocomgroup.com | | FY1Q27 收入指引 780 亿美元：FY4Q26 收入 681 亿美元，高于之前指引 中位 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-03-02 宏观策略 [Table_MacroStrategy] 宏观点评 20260302：伊朗问题对股债商汇等大类资产的影响 事件：2026 年 02 月 28 日，美国和以色列对伊朗发动军事打击，伊朗对 以色列及中东地区多处目标予以还击，阿联酋、巴林、科威特、沙特等中 东多国发生爆炸，中东地缘冲突正在加剧并扩散。 观点：2 月份以来， 地缘政治风险已悄然积聚，全球金融市场通过原油和黄金的联动上涨显 现出强烈的避险情绪。2 月 28 日伊朗地区军事冲突爆发，核心风险主要 体现在三个层面：（1）"能源咽喉"阻塞风险，霍尔木兹海峡是全球石油 运输的咽喉要道，运输量约 2000 万桶/日，约占全球石油总消费量的 20%， 约占全球 1/4 的海运石油贸易量，如果霍尔木兹海峡被实质性封锁，国际 原油价格极可能在短期内持续冲高；（2）化工产业链中断风险，伊朗是全 球第二大甲醇生产国，占全球产能约 10%，而中国超过 60%的进口甲醇 来自伊朗，供应中断将直接冲击下游的烯烃和塑料加工行业；（3）运费与 保险飙升风险，若地区冲突向着失控的局面演化，波斯湾及红海 ...

"木头姐"凯茜·伍德最近在社交媒体上发帖强调了英伟达面临的日益激烈的竞争，她旗下的方舟投资管 理公司（Ark Invest）预测，到本十年末，定制人工智能芯片可能会占据超过三分之一的计算市场份 额。 ARK下一代互联网研究总监弗兰克·唐宁（Frank Downing）在X上发表的一篇帖子中表示，该公司预 计"到2030年，超过三分之一的计算市场将是定制芯片"。 "木头姐"凯茜·伍德最近在社交媒体上发帖强调了英伟达面临的日益激烈的竞争，她旗下的方舟投资管 理公司（Ark Invest）预测，到本十年末，定制人工智能芯片可能会占据超过三分之一的计算市场份 额。 ARK下一代互联网研究总监弗兰克·唐宁（Frank Downing）在X上发表的一篇帖子中表示，该公司预 计"到2030年，超过三分之一的计算市场将是定制芯片"。 他将定制芯片定义为非GPU芯片——实际上是英伟达和AMD产品的替代品——但他同时指出，行业界 限正在"变得模糊"。 "每个人都知道谷歌的TPU，但亚马逊才是正在苏醒的沉睡巨人，"唐宁写道。 唐宁分享的一张图表显示，传统服务器的市场份额正迅速被加速计算蚕食，而专用集成电路（ASIC） 将在2030 ...

Group 1 - Berkshire Hathaway held a total of 42 US stocks with a market value of approximately $274.16 billion at the end of 2025, an increase of over $6.8 billion from the end of Q3 2025 [2] - The company has a significant focus on the financial sector, with a holding value close to $112.2 billion, accounting for about 41% of its total portfolio [2] - At the end of Q4 2025, Berkshire's largest holding remained Apple, valued at approximately $61.96 billion, representing about 23% of its total holdings, with a reduction of about 4.32% in shares [2][3] Group 2 - The second and third largest holdings are American Express and Bank of America, both financial companies, with a combined holding value exceeding $84.5 billion, accounting for about 31% of the total portfolio [2] - In Q4 2025, Berkshire maintained its position in 28 companies, reduced holdings in 9 companies, increased holdings in 4 companies, and initiated a position in 1 new company [2] Group 3 - Duan Yongping's investment firm held 14 US stocks with a total market value of approximately $17.49 billion at the end of 2025, an increase of over $2.8 billion from the end of Q3 2025 [8] - The focus of Duan's investments is primarily in the information technology sector, with a total holding value close to $11 billion, accounting for about 63% of his portfolio [9] - Duan's top three holdings are Apple, Berkshire Hathaway, and Nvidia, with Apple being the largest at approximately $8.8 billion, representing about 50% of his investment portfolio [9][10] Group 4 - Duan significantly increased his stake in Nvidia, with shares rising from approximately 597,800 to 7,237,100, marking an increase of over 11 times, and its market value reaching about $1.35 billion [9] - In Q4 2025, Duan initiated positions in three AI-related companies and increased holdings in six companies, while reducing positions in five [9]

证券代码： 002079 证券简称：苏州固锝 苏州固锝电子股份有限公司投资者关系活动记录表 | 投资者关系活动 | 特定对象调研 分析师会议  □ | | --- | --- | | 类别 | □ 媒体采访 □ 业绩说明会 | | | □ 新闻发布会 □ 路演活动 | | | 现场参观 □ | | | 其他 （请文字说明其他活动内容） □ | | 参与单位名称及 | 西安博成基金管理有限公司 邵嘉斌、中国银河投资管理有限公 | | 人员姓名 | 司 白文昌、国元创新投资有限公司 张长生等 | | 时间 | 年 月 日 下午 2026 2 27 (周五) 13：30~15:00 | | 地点 | 苏州固锝电子股份有限公司会议室 | | 上市公司接待人 | 苏州固锝电子股份有限公司： | | 员姓名 | 董事、总经理 滕有西 | | | 董事、副总经理兼董事会秘书 李莎 | | | 运营副总经理 徐仁庆； | | | 苏州晶银新材料科技有限公司： | | | 副总经理兼技术总监 周欣山 投资者提出的问题及公司回复情况： | | | 1、问：公司在 2025 年经营性现金流明显改善，资产负债率降低， 主要采取了哪 ...

①3月1日据行业知情人士对媒体透露，美国航空航天和半导体公司的供应商当前正面临日益严重的稀土短缺，已 有至少两家供应商开始拒接部分客户订单 ②2月26日媒体报道钨粉一个月上涨超40% 头部刀具企业产能拉满再掀涨价潮 ③稀土：氧化镨钕年内的涨幅已经高达45.92% 章源钨业（7T5B）、江钨装备（7T5B）、中钨高新（7T3B）、华锡有色（3T2B）、翔鹭钨业、东方锆业、成都 路桥、中稀有色、厦门钨业、新 ： ①3月1日据行业知情人士对媒体透露，美国航空航天和半导体公司的供应商当前正面临日益严重的稀土短缺，已 有至少两家供应商开始拒接部分客户订单 ②2月26日媒体报道钨粉一个月上涨超40% 头部刀具企业产能拉满再掀涨价潮 ③稀土：氧化镨钕年内的涨幅已经高达45.92% 章源钨业（7T5B）、江钨装备（7T5B）、中钨高新（7T3B）、华锡有色（3T2B）、翔鹭钨业、东方锆业、成都 路桥、中稀有色、厦门钨业、新金路、锡业股份、贵研铂业、中国瑞林、金钼股份、永兴材料、湖南黄金、华瓷 股份 无 ： ①2月28日国家电网有限公司发布增强电网资源配置能力，提升新能源承载能力等服务新能源高质量发展十项举 措。 "十五五"期 ...

AI人工智能ETF(512930)，场外联接(平安中证人工智能主题ETF发起式联接A：023384；平安中证人工 智能主题ETF发起式联接C：023385；平安中证人工智能主题ETF发起式联接E：024610)。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基金的 风险收益特征和产品特性，并根据自身的投资目的、投资期限、投资经验、资产状况等判断基金是否和 投资人的风险承受能力相适应，理性判断市场，谨慎做出投资决策。本材料中相关信息来源于基金管理 人认为可靠的公开资料，相关观点、评估和预测仅反映当前的判断，后续可能有所变 ...

英大证券研究所证券研究报告 每 周 投 资 早 参 2026 年 3 月 2 日 轮动行情，踏准节奏 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 观点： 总量视角 【A 股大势研判】 上周五 A 股市场延续震荡分化格局。早盘三大指数集体收跌，但午后市场情 绪回暖，沪指及深成指上演 V 型反转，但创指全天弱势震荡。盘面上看，受涨价 逻辑持续催化，小金属板块延续强势表现，并带动有色煤炭油气等周期股走强。 与之形成对比的是，上周四表现强势的光模块、PCB、半导体等科技相关板块则 出现回调，轮动效应明显。 当前 A 股市场呈现出"震荡分化、热点轮动"的运行特征。短期来看，A 股市 场热点轮动速度较快，踏准节奏成为盈利的核心关键，避免盲目追涨杀跌。这种 快速轮动的格局，考验着投资者的择时能力与板块研判能力。 操作上，踏准节奏，逢低布局仍是占优策略。后市仍可逢低关注"资源品+ 科技"方向：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 ...

Report Industry Investment Rating - Not provided in the given content. Core Viewpoints - Overseas, the US initial jobless claims were lower than expected, the labor market showed "low hiring, low layoffs" characteristics, the Fed's dovish stance on interest rate cuts persisted, the US-Iran nuclear talks made progress, and the US PPI was to be watched. In China, the A-share market was in a weak shock, and the market pricing logic might shift as the Two Sessions approached. Different commodities had different trends based on their respective fundamentals and macro factors [2][3]. Summary by Commodity Categories Macro - US initial jobless claims were 212,000, lower than expected. The labor market showed "low hiring, low layoffs" characteristics. The Fed's Milan expected 100bp of rate cuts in 2026 and preferred early action. The US-Iran nuclear talks made progress and another meeting was scheduled next week. The US PPI was to be watched tonight. In China, the A-share market was in a weak shock on Thursday, with the turnover rising to 2.56 trillion and more than 2,800 stocks closing down. The market was in a data and policy vacuum, with short - term safety and a possible shift in pricing logic as the Two Sessions approached [2][3]. Precious Metals - International precious metals futures generally pulled back on Thursday. COMEX gold futures fell 0.47% to $5,201.50 per ounce, and COMEX silver futures fell 3.02% to $88.86 per ounce. The third round of US - Iran nuclear talks ended without intensifying the conflict. Short - term gold faced resistance near the previous high, and silver remained highly volatile [4][5]. Copper - On Thursday, SHFE copper's main contract was in a high - level shock, and LME copper oscillated around $13,200. The spot market trading was light, and downstream restocking willingness was low. The Fed had internal differences on interest rates, and the US - Iran talks had progress but also differences. The Kamoja - Kakula project's copper production in 2025 was 389,000 tons. It was expected that copper prices would remain in a high - level shock in the short term [6][7]. Aluminum - On Thursday, SHFE aluminum's main contract closed at 23,845 yuan/ton, up 0.61%. LME aluminum closed at $3,141.5 per ton, down 1.04%. The electrolytic aluminum ingot inventory increased by 51,000 tons. There were many macro uncertainties, and the inventory was in a normal seasonal accumulation. Overseas, an Icelandic aluminum plant planned to resume production in April, and a Mozambican plant was about to shut down. It was expected that aluminum prices would continue to oscillate within a range [8][9][10]. Alumina - On Thursday, the main alumina futures contract closed at 2,820 yuan/ton, down 1.27%. After the Spring Festival, the supply side changed little, but high - level inventories suppressed prices. It was expected that alumina would oscillate within a range [11]. Cast Aluminum - On Thursday, the main cast aluminum alloy futures contract closed at 22,710 yuan/ton, up 0.89%. The cost was strongly supported due to tight scrap aluminum supply and high aluminum prices. The supply and demand were both weak after the festival. It was expected to oscillate with a bullish bias [12]. Zinc - On Thursday, SHFE zinc's main contract first declined and then rose, and LME zinc's center of gravity slightly decreased. The 3 - month domestic zinc concentrate processing fee increased slightly. The inventory increase slowed, and the cost was still supported. It was expected that zinc prices would oscillate in the short term [13]. Lead - On Thursday, SHFE lead's main contract oscillated narrowly, and LME lead also had a narrow shock. The primary lead smelters had stable production, while the secondary lead smelters had poor profits and slow resumption. The downstream battery enterprises had limited purchasing power, and the inventory continued to rise. It was expected that lead prices would remain in a low - level shock [14][15]. Tin - On Thursday, SHFE tin's main contract slightly adjusted during the day and its center of gravity slightly moved up at night, and LME tin slightly rose. The tin market showed a pattern of weak reality and strong expectation. In the long - term, the supply was restricted, and the demand was boosted. In the short - term, the rise slowed, but the upward trend remained [16]. Steel (Screw and Coil) - On Thursday, steel futures oscillated. The total inventory of five major steel products increased by 1.3427 million tons week - on - week. The steel production decreased after the festival, and the apparent demand gradually recovered. It was expected that the inventory inflection point would appear around four weeks after the festival. The steel prices were expected to oscillate and stabilize in the short term [17]. Iron Ore - On Thursday, iron ore futures oscillated and rebounded. The fundamentals showed strong supply and weak demand, with overseas shipments increasing and port inventories remaining high. The demand recovery was limited due to steel mill restrictions. It was expected that iron ore prices would mainly oscillate [18][19]. Coking Coal and Coke - On Thursday, coking coal and coke futures oscillated and adjusted. The upstream coal mines gradually resumed production, increasing supply pressure. The downstream steel mills had weak procurement, and the demand was restricted due to steel mill restrictions. It was expected that coking coal and coke prices would oscillate, and the subsequent focus was on steel mill profit repair and policy support from the Two Sessions [20]. Soybean and Rapeseed Meal - On Thursday, the soybean meal 05 contract rose 0.35% to 2,834 yuan/ton, and the rapeseed meal 05 contract fell 0.69% to 2,296 yuan/ton. The US soybean export sales slowed, and external institutions lowered Brazil's soybean production forecast. The US bio - fuel policy boosted the market. It was expected that the domestic soybean meal would oscillate strongly in the short term [21][22]. Palm Oil - On Thursday, the palm oil 05 contract fell 1.51% to 8,714 yuan/ton. The Malaysian palm oil production in February 1 - 25 decreased. The US bio - fuel policy boosted the market. The high - frequency data showed weak supply and demand for Malaysian palm oil in February. It was expected that palm oil would oscillate in the short term [23][24].

证券研究报告 | 2026年03月02日 | 晨会纪要 | | --- | | 数据日期:2026-02-27 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 4162.88 | 14495.09 | 4710.64 | 15892.13 | 4230.77 | 1488.02 | | 涨跌幅度（%） | 0.39 | -0.05 | -0.34 | 0.34 | -0.17 | 0.14 | | 成交金额（亿元） | 10723.67 | 14156.55 | 5788.20 | 4842.04 | 6627.58 | 783.94 | $$\overline{{{\mathbb{M}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ 【重点推荐】 宏观与策略 策略专题:两会前后市场如何演绎？ 总量专题（首席经济学家团队）:总量专题研究-从居民资配变迁看资金 入市 【常规内容】 宏观与策略 宏观周报:多资产周报-"暴走 ...