"嫦娥六号"实现人类首次月球背面采样返回，"天问二号"踏上小行星探测的"追星"之旅；福建舰劈波斩 浪，国产大型邮轮扬帆远航；CR450动车组刷新中国速度，全球首座第四代核电站正式商运投产，"祖 冲之三号"再次打破超导体系量子计算优越性世界纪录…… "十四五"以来，面对纷繁复杂的国际形势和国内转型升级的发展要求，我国坚定实施创新驱动发展战 略，持续加大关键核心技术攻关力度，抢占科技发展制高点。 "大国重器"接连落地，不断刷新中国创新的新高度—— 这些"首次""首座"，不仅见证着我国科技实力从跟跑到并跑、再到部分领跑的历史性跨越，更推动我国 产业发展不断向全球价值链中高端迈进。 亮眼成绩单的背后，是我国持续稳定的创新投入与日益完善的创新体系。"十四五"时期，全社会研发经 费投入年均增长10%，2025年全社会研发经费投入强度提升至2.8%，首次超过经济合作与发展组织国家 平均水平。我国创新根基越扎越牢，发展底气愈发充沛。 战略科技力量逐步壮大，不断拓展中国创新的新厚度—— 载人登月任务取得重要阶段性突破，"洪荒70"高温超导托卡马克装置创全球商业聚变新纪录，宇树机器 人再登春晚展现高超"武功"……新年以来，我国科 ...

市公司 防疫 公司古 | 公 | | --- | | 司 | | 研 | | 究 | | / | | 公 | | 司 | | 市场数据: | 2026年02月26日 | | --- | --- | | 收盘价（元） | 73.18 | | 一年内最高/最低(元) | 97.00/46.15 | | 市净率 | 5.8 | | 股息率%（分红/股价） | 1.23 | | 流通 A 股市值 (百万元) | 1.464 | | 上证指数/深证成指 | 4,146.63/14,503.79 | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产 (元) | 12.59 | | 资产负债率% | 31.07 | | 总股本/流通 A 股 (百万) | 100/20 | | 流通 B 股/H 股 (百万) | -/- | -年内股价与大需对 | 信势： 相关研究 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 程恺雯 A02305240800 ...

报告导读： 1、 市场回顾与展望：①假期间海外市场表现来看，美股表现相对偏强，尤以此前下跌的科技指数反 弹更为明显。日韩等市场当中韩国股市持续创高。整体上，外盘表现平稳，略有上涨。中国香港股市在假 期间短暂交易，先涨后跌，略有回落。核心拖累还是在于以恒生科技为首的国内平台型企业的下跌。②从 后期展望来看，首先，考虑到假期间全球地缘事件及金融市场整体平稳，未出现明显超预期黑天鹅事件冲 击，对风险偏好有正向积极影响，有利于节后股市的开门红。③其次，从驱动来看，外部方面，假期间美 国关税事件出现新的变化。包括美国大法官对此前特朗普关税的违宪认定，以及特朗普重新宣布施加先 10%、后 15%关税的消息。虽然关税本身理论上对行情会有扰动，但自 2025 年以来，市场对于关税问题已 "身经百战"，尤其是形成 TACO 交易预期，因此关税问题不会对整体股市构成大扰动。④国内方面，主要 变化是假期出行、电影票房和春晚呈现的中国机器人产业快速崛起。尤其是后者，我们认为短期将掀起新 一轮 A 股机器人板块的交易热情，提振风险偏好，成为带动市场支撑的重要力量，对指数有望带来科技风 格的强势。⑤后期，临近两会召开，预计两会政策预期在 ...

据南方日报消息，2月10日，南方日报记者从广东省工业和信息化厅独家获悉，2025年全省超高清视频产业集群营业收入达10803.06亿元，成为全省第十 个万亿级产业集群、全国首个该领域的万亿级产业集群，为广东现代化产业体系再添新支柱。 "缺芯少屏"曾严重制约我国电子信息产业发展，显示面板一度成为第四大进口商品。瞄准这一赛道，广东依托完备的制造业产业链和超大规模市场，自 2017年起在全国率先布局，全力推进超高清视频产业发展。 如今，广东已构建起覆盖内容生产、网络传输、终端呈现、核心器件、行业应用的全产业链体系，集聚相关企业超6万家，面板产能、电视产量、4K节目 供给量、5G基站数量均居全国第一。 解读：万亿级产业集群具有规模效应显著、创新能力突出、产业链韧性强劲等特点，既能通过上下游协同降低成本、提升效率，又能依托集群生态加速技 术迭代与成果转化，是一个地区经济发展竞争力的重要体现。 回顾过去三年，作为制造业大省，广东基本保持着一年一个万亿级产业集群的突破速度——2023年汽车产业成为广东第八个万亿级的产业集群；2024年广 东省新能源产业集群实现营业收入突破一万亿元；2025年全省超高清视频产业集群营业收入达 ...

Core Insights - The third Xiong'an Future City Scene Conference has officially released its first batch of scene demands, encompassing 564 items across nine cutting-edge areas, with a total investment of 9.29 billion yuan [1][3]. Group 1: Event Overview - The Xiong'an Future City Scene Conference is an innovative project initiated by the Hebei Provincial Party Committee and Government in 2023, aimed at accommodating the decongestion of non-capital functions from Beijing and promoting the incubation and transformation of cutting-edge technologies [2]. - The event has established a comprehensive innovation service system, attracting 51 participating companies to settle in Xiong'an by 2025, with over 110 companies landing in the province and generating more than 30 projects with investments exceeding 10 million yuan [2]. Group 2: Scene Demand Details - The 564 scene demands are designed to address industrial transformation pain points, urban governance bottlenecks, and to seize new market opportunities, with a total investment of 9.29 billion yuan [3]. - The scene demands cover nine areas, including: - Aerospace information: 41 items, investment of 1.06 billion yuan [4] - Low-altitude transportation: 55 items, investment of 750 million yuan [4] - Robotics: 69 items, investment of 400 million yuan [4] - Healthcare: 37 items, investment of 220 million yuan [4] - Smart agriculture: 61 items, investment of 870 million yuan [4] - Safety and emergency: 62 items, investment of 390 million yuan [4] - Green energy: 59 items, investment of 2.52 billion yuan [4] - Smart city: 68 items, investment of 960 million yuan [4] - Artificial intelligence: 112 items, investment of 2.12 billion yuan [4] Group 3: Future Plans - The third Scene Conference is set to launch in December 2025, themed "Scene-Driven Innovation, New Quality Leading the Future," with preliminary competitions planned between April and June 2026, introducing two new fields: green energy and smart express logistics [5].

按照北京城市总体规划，平原新城是指顺义、大兴、亦庄、昌平、房山的新城及地区，是首都面向区域 协同发展的重要战略门户，是承接中心城区适宜功能、服务保障首都功能的重点地区，也是构建现代化 首都都市圈的重要一环。 日前，由北京市、天津市、河北省联合编制的《现代化首都都市圈空间协同规划（2023—2035年）》 （以下简称《规划》）发布，《规划》提出，全面提升平原新城综合承载能力。实施战略赋能，依托资 源禀赋，抢抓发展先机，打造特色鲜明、有影响力的新城名片。实施要素赋能，围绕产业链统筹布局人 才链，营造良好人才生态和发展环境，加大人才、资金、土地等要素倾斜支持，提升资源配置能力。实 施功能赋能，打造便捷高效的交通通道，加快布局优质教育、医疗、养老、托育等公共服务资源。实施 政策赋能，加强用地功能兼容与建筑复合利用。 为将提升平原新城综合承载能力的部署落到实处，破解各区发展难题，推动政策红利精准释放，2025年 初，北京市政府根据各平原新城特点和实际，"一区一策"批复了各具特色的高质量发展实施方案，进一 步明确了平原新城各区发展定位、发展目标和具体任务。顺义区聚焦国际化水平提升，重点建设临空经 济先行区、产城融合国际新 ...

| 生板股 | 1.27 | | | --- | --- | --- | | | | 截至收盘斩获连板个股 | | 股票名称 | 连板天数 | 所属概念 | | 白银有色 | 6 | 黄金+日银 | | *ST铖昌 | ম | 商业航天 | | 四川黄金 | 3 | 黄金 | | 拓日新能 | 3 | 商业航天 | | 中农联合 | 3 | 供销社 | | 豫米金铝 | 3 | 黄金+日银 | | 中国黄金 | 3 | 重要 | | 招金黄金 | 2 | 黄金 | | 天奇股份 | 2 | 人形机器人 | | 达安基因 | 2 | 流感检测 | | 湖南黄金 | 2 | 重等 | | 米正眼科 | 2 | Al医疗 | | 天地在线 | 2 | Al营销 | | 凯普生物 | 2 | 体外诊断 | | 金徽股份 | 2 | 有色金属 | 一图速览今日连板股>> 1月27日，Wind数据显示，A股市场共计59只个股涨停。其中黄金概念多股连板，白银有色收获6连板， 四川黄金3连板。一图速览今日连板股>> ...

Group 1 - The spring market is transitioning to the next phase without disrupting the established path of the spring market performance, characterized by incremental games and favorable conditions for long positions, which lays the foundation for a perfect spring market with widespread profit effects [1][5] - Short-term, the focus is on cyclical Alpha investments expanding towards more cyclical turning points, with deepening exploration of bottom assets and short-term stock price elasticity [1][3] - The overall profit effect is nearing a high point, and the time and space for the post-New Year market rally are gradually limited [1][5] Group 2 - The spring market is essentially an extension and expansion phase of the high valuation area of the 2025 technology structural market, with some investment directions entering a high volatility phase [2][6] - After the spring market, a correction phase is likely, focusing on waiting for clearer clues in the next phase of industrial trends and the digestion of performance to ease valuation and structural contradictions [2][6] - The second half of 2026 is expected to see a new upward phase driven by cyclical improvements in fundamentals, new phases in technology industry trends, and increased visibility of China's influence [2][6] Group 3 - Short-term, cyclical Alpha is the key focus for market exploration of low positions, with the cyclical Alpha market (non-ferrous metals, chemicals) expanding towards cyclical turning points (construction materials, oil, steel) [3][7] - The cyclical Alpha market is showing a significant resonance effect with the expansion of industry ETF scales, becoming a strong momentum direction after industrial trend themes [3][7] - However, the profit effects of non-ferrous metals, chemicals, and oil are nearing high points, indicating increasing resistance in the short-term cyclical market [3][7] Group 4 - The market is expected to see a rotation in sectors, with opportunities for rebounds in previously strong sectors where profit effects have contracted, such as commercial aerospace and AI applications [2][6] - There is a focus on sectors with relatively low profit effects for rotation and supplementary gains, including high-dividend sectors, pharmaceuticals, and brokerage firms [2][6] - The long-term outlook remains positive for both cyclical Alpha and technology sectors, with a focus on overseas computing chains, AI applications, semiconductors, energy storage, robotics, and commercial aerospace [3][7]

1月21日午后，港股持续震荡走强。截至15:18，恒生科技指数、中证港股通互联网指数均上涨1.7%。资 金近期大举借道相关ETF进行布局。Wind数据显示，截至昨日，港股通互联网ETF易方达（513040）、 恒生科技ETF易方达（513010）年内累计净流入均超过14亿元。 恒生科技指数由港股上市公司中与科技主题高度相关的、市值最大的30只股票组成，聚焦半导体、机器 人、软件、互联网、智能驾驶等科技板块；中证港股通互联网指数则由港股通范围内30家涉及互联网相 关业务的股票组成，AI应用占比较高。从估值来看，恒生科技指数和中证港股通互联网指数的滚动市 盈率均在25倍左右，分别位于指数发布以来34.5%和30.7%分位处。 看好港股AI应用的投资者，可通过港股通互联网ETF易方达（513040）、恒生科技ETF易方达 （513010）等产品便捷布局行业龙头。 近日，多家互联网龙头在AI应用落地方面取得显著进展，为港股科技板块注入强劲动能。AI智能体平 台"扣子"已完成2.0品牌升级，并同步推出技能调用、办公编程相关的多项新功能；"千问App"上线仅两 个月即实现月活跃用户破亿，增速领跑国内市场；可灵新发布的运动 ...

Core Insights - The M&A market at the Beijing Stock Exchange (BSE) is experiencing significant growth in both the number of cases and transaction scale, driven by companies focusing on core business enhancement and new production capabilities [1][2][6] - The introduction of a "small and fast" review mechanism has improved efficiency, supporting the active market environment [3][4][6] M&A Activity Overview - In 2025, notable M&A activities included Keda Control's acquisition of 51% of Haitou Technology for 209.1 million yuan, marking the first case of a BSE company acquiring a New Third Board enterprise [2][4] - Other significant transactions included Donghe New Materials' planned acquisition of 51% of Anshan Fuyu Mining Sales for 255 million yuan and Wuxin Tunnel's approval for a 2.65 billion yuan acquisition of two companies [2][3] Strategic Focus - BSE-listed companies are pursuing M&A activities closely aligned with their main business, aiming for strong synergies and upgrades in production capabilities [4][5] - Keda Control's acquisition of Haitou Technology exemplifies this strategy, allowing for expansion into military and petrochemical markets through existing sales channels [4][5] Payment Methods - Cash payments are the predominant method for M&A transactions on the BSE, which streamlines the process and avoids complications associated with share dilution [4][5] Risk Management - BSE companies are increasingly focusing on the operational quality and performance commitments of target companies, with many recent acquisitions featuring clear profit guarantees [5][6] Policy Support and Future Outlook - The BSE is expected to maintain its active M&A market in 2026, bolstered by supportive policies and growing market demand [6][7] - The Beijing Municipal Financial Committee's guidelines encourage M&A activities in strategic emerging industries, which aligns with national goals for industrial upgrading [6][7] - Analysts predict that as the quality of BSE-listed companies improves, larger-scale M&A projects will emerge, focusing on resource integration and expansion strategies [6][7]