[Table_StockNameRptType] 策略研究 月度报告 外部扰动与内部支撑的对决，波动加剧 [Table_RptDate] 报告日期： 2026-3-1 [Table_Author] 分析师：郑小霞 执业证书号：S0010520080007 电话：13391921291 邮箱：zhengxx@hazq.com 分析师：刘超 执业证书号：S0010520090001 电话：13269985073 邮箱：liuchao@hazq.com 分析师：张运智 执业证书号：S0010523070001 电话：13699270398 邮箱： zhangyz@hazq.com 分析师：陈博 执业证书号：S0010525070002 电话：18811134382 邮箱：chenbo@hazq.com 相关报告 1.策略月报《藏锋守拙—2026 年 2 月 A 股市场研判及配置机会》2026-02-01 2.策略月报《春风送暖—2026 年 1 月 A 股市场研判及配置机会》2026-01-04 3.策略季报《万境皆含春意—2026 年 一季度 A 股投资策略》2025-12-28 主要观点： 内需尚待提振。春节数 ...

（记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经讯，广咨国际2月27日发布公告称，2025年，公司营业收入为5.9亿元，上年同期为5.61亿元，同比 上升5.13%。归属于上市公司股东的净利润为1.08亿元，上年同期为9792万元，同比上升10.65%。 ...

Core Viewpoint - On February 26, brokerages provided target prices for listed companies, with notable increases for Hongsoft Technology, China Railway, and Yifan Pharmaceutical, showing target price increases of 47.71%, 34.96%, and 32.82% respectively, across the IT services, infrastructure, and chemical pharmaceutical industries [1][2]. Group 1: Target Price Increases - Hongsoft Technology received a target price increase of 47.71%, with a new target price of 71.27 CNY [3]. - China Railway's target price increased by 34.96%, with a new target price of 8.30 CNY [3]. - Yifan Pharmaceutical's target price rose by 32.82%, with a new target price of 17.40 CNY [3]. Group 2: Brokerage Recommendations - A total of 27 listed companies received brokerage recommendations on February 26, with China Railway, Bohui Paper, and Zhujiang Beer each receiving one recommendation [2]. - Bohui Paper's rating was upgraded from "Range Trading" to "Buy" by Guotai Junan Securities [5]. Group 3: Rating Adjustments - Two companies had their ratings downgraded: Baolong Technology from "Buy" to "Hold" by Tianfeng Securities, and Haiguang Information from "Buy" to "Range Trading" by Guotai Junan Securities [6][8]. - The companies involved in the downgrades were Baolong Technology and Haiguang Information [8]. Group 4: First Coverage - Six companies received first coverage on February 26, including Matrix Co. and Anfu Technology, both rated "Outperform" by Guotai Junan Securities [10]. - Other companies receiving first coverage included Aorite with a "Buy" rating from Zhongyou Securities, Delijia with a "Buy" rating from Dongwu Securities, and Hanguo Group with an "Increase" rating from Dongguan Securities [10].

在本次公告中，中设咨询表示，去年营业收入的变动原因是：2024年受行业与宏观环境影响，公司业绩基数处于低位；2025年公司新签订单较上年增长近 一倍，营业收入同比有所增长，但受项目执行周期、收入确认节奏等因素限制，本期新签订单转化率下降，导致营业收入增幅低于订单增幅，业绩规模尚 未恢复至正常水平。 去年该公司净利润变动原因是：(1)公司营业收入较上年同期增加17843777.44元，同比增长24.50%；但通过严格控制人工成本等措施，本期营业成本同比 基本持平，成本增幅显著低于收入增幅，毛利贡献同比增加。(2)公司持续推进降本增效，本期期间费用总体同比有所下降，其中：①鉴于募投项目-中设 智慧云平台建设项目已于2024年结项，本期研发费用较上年同期大幅下降；②公司优化组织架构、提升管理效率，本期管理费用较上年同期有所下降；③ 受公司跨区域、跨领域的业务布局以及积极拓展海外市场的影响，本期销售费用有所增长。(3)公司强化应收账款回款管理，应收账款期末余额逐年减 少；本期信用减值损失较上年度大幅减少。 公司扣非净利润变动原因是：本期归属于上市公司股东的净利润较上年同期减亏，同时因债务重组损失减少，本期非经常性损益 ...

2月25日，华设集团涨0.37%，成交额1.08亿元。两融数据显示，当日华设集团获融资买入额2281.38万 元，融资偿还1485.66万元，融资净买入795.72万元。截至2月25日，华设集团融资融券余额合计2.92亿 元。 融资方面，华设集团当日融资买入2281.38万元。当前融资余额2.92亿元，占流通市值的5.28%，融资余 额低于近一年50%分位水平，处于较低位。 融券方面，华设集团2月25日融券偿还0.00股，融券卖出500.00股，按当日收盘价计算，卖出金额 4040.00元；融券余量1.54万股，融券余额12.44万元，低于近一年30%分位水平，处于低位。 资料显示，华设设计集团股份有限公司位于江苏省南京市秦淮区紫云大道9号，成立日期2005年8月12 日，上市日期2014年10月13日，公司主营业务涉及勘察设计、规划研究、试验检测、工程管理等工程咨 询服务。主营业务收入构成为：勘察设计49.75%，低碳及环保业务12.81%，综合检测11.14%，数字及 智慧业务9.99%，规划研究8.72%，项目全过程管理及商业运营6.28%，其他(补充)1.31%。 截至1月20日，华设集团股东户数2. ...

证券日报网讯 2月25日，中设咨询发布公告称，公司2025年实现营业收入90677648.87元，同比增长 24.50%；归属于上市公司股东的净利润-62635891.31元，较上年同期减亏42393977.67元；基本每股收 益-0.41元。 （文章来源：证券日报） ...

Core Viewpoint - The A-share market is expected to experience a new round of upward momentum after the Spring Festival, driven by improving macroeconomic fundamentals and positive market sentiment [2][3][4]. Group 1: Market Trends and Historical Data - Historical data from 2006 to 2025 shows a significant "Spring Festival effect," with the Shanghai Composite Index having an 80% probability of rising in the first five days and a 75% probability in the following five days after the festival [2]. - Research from multiple brokerages indicates that the market typically sees a surge in risk appetite and a transition from emotional-driven rallies to trend continuation in the weeks following the Spring Festival [3][4]. Group 2: Sector Focus and Investment Opportunities - Brokerages recommend focusing on high-quality blue-chip stocks and low-volatility sectors before the festival, while suggesting a shift towards technology growth, small-cap stocks, and policy beneficiaries (such as TMT and consumer sectors) after the festival [6][7]. - The semiconductor and AI-related sectors are highlighted as key areas of interest, with expectations of continued performance due to favorable industry trends [4][8]. Group 3: Economic Indicators and Policy Impact - The upcoming Two Sessions are expected to catalyze policy changes that will positively impact market performance post-festival [4]. - The first two months of the year are typically a data vacuum period, but current trends indicate a positive outlook for performance improvements in various industries [4][5]. Group 4: Risks and Market Dynamics - While there are short-term risks such as overseas market fluctuations and sector rotation, these are viewed as temporary disturbances that are unlikely to alter the overall positive trend for February [5][6]. - The white liquor sector is anticipated to see a valuation recovery as consumer demand rebounds, supported by favorable policies and improving fundamentals [7][8].

Group 1 - The core viewpoint of the article is that 甘咨询 (Gansu Consulting) is optimizing its management structure through an internal equity transfer of its subsidiary, which has led to a positive market reaction and strong stock performance [1][7]. Group 2 - The company announced on February 3, 2026, that it would transfer 80% of the equity of 甘肃华顺交通科技咨询有限责任公司 (Gansu Huashun Transportation Technology Consulting Co., Ltd.) from its wholly-owned subsidiary 甘肃省交通工程建设监理有限公司 (Gansu Provincial Transportation Engineering Supervision Co., Ltd.) to another wholly-owned subsidiary, 甘肃省建设监理有限责任公司 (Gansu Provincial Construction Supervision Co., Ltd.), with a valuation of 20.07 million yuan [2]. - The equity transfer is part of the company's internal resource integration aimed at improving management efficiency and decision-making effectiveness. After the transfer, the existing 57 employees of Huashun Transportation will be fully received by the Construction Supervision company, with labor relations inherited and seniority calculated continuously [3]. Group 3 - Following the announcement of the equity transfer, 甘咨询's stock price showed an upward trend, closing at 10.06 yuan on February 13, with a single-day increase of 3.82% and a trading volume of 477 million yuan, resulting in a turnover rate of 10.15%. From February 2 to February 13, the stock price increased by 15.37%, reaching a peak of 10.39 yuan, significantly outperforming the market [4]. - The number of shareholders has been decreasing, with 27,500 shareholders as of February 10, a reduction of 2.44% from the previous period. The average circulating shares per person increased to 16,892, indicating a rise in shareholding concentration, which may reflect market expectations for improved operational efficiency following the internal restructuring [5]. Group 4 - In the first three quarters of 2025, 甘咨询 achieved a revenue of 1.415 billion yuan, a year-on-year increase of 3.24%, while the net profit attributable to shareholders decreased by 12.54% to 158 million yuan. The company's main business is engineering consulting services, covering various industries including construction, planning, municipal, water conservancy, and transportation [6].

Group 1 - The stock price of Surveying Co., Ltd. (300826) remained relatively stable over the past week, with a price increase of 1.05% and a fluctuation range of 2.64% [1] - As of February 11, the latest stock price is 17.25 yuan, showing a slight increase from the closing price of 17.12 yuan on February 5 [1] - The trading volume was moderate, with a turnover rate maintained between 0.91% and 1.90%, indicating no abnormal volatility [1] Group 2 - Institutional monitoring indicates that the current market attention on Surveying Co., Ltd. is average, with overall sentiment being neutral [2] - There have been no recent changes in institutional ratings, with a neutral rating comprising 100% of the assessments [2] - Profit forecasts suggest a projected net profit growth of 20.62% and revenue growth of 16.65% for 2025, although there are pressures on fundamental indicators such as cash flow and accounts receivable [2]

Core Viewpoint - The company will hold its first extraordinary general meeting on February 12, 2026, with specific agenda details yet to be disclosed [1][2]. Stock Performance - The company's stock has shown a volatile trend over the past week (February 5 to 11, 2026), with a notable single-day increase of 4.68% on February 9, closing at 44.27 yuan and a trading volume of 53.35 million yuan. However, it experienced declines of 1.82% and 0.77% on February 5 and 10, respectively. The overall increase during this period was 2.07%, with a volatility of 8.54%, underperforming the Shanghai Composite Index, which rose by 0.89%. On February 11, there was a net inflow of 693,200 yuan in main funds, contrasting with a net outflow of 1.86 million yuan on February 5, indicating short-term capital divergence. The current price-to-earnings ratio (TTM) stands at -138.09, reflecting profit pressure [3]. Institutional Perspective - Institutional interest in the company is currently low, with no new research reports released recently. Market sentiment analysis indicates that institutional ratings are predominantly neutral, with no clear target price provided. In the industry context, the engineering consulting service sector has experienced stable fluctuations, but the long-term viability of the company's transformation to a "design + technology + capital" model remains to be observed [4].