马年春节后，A股连阳两天，第三个交易日略有调整，窄幅震荡分化，但成交活跃度不错，杠杆资金热度较年前回暖。 2月26日，A股赚钱效应一般，结构性特征明显：2485只个股收涨，通信、电子、军工等科技股亮眼；电源设备下跌，有色、煤炭回调，但钢铁、化工仍 受青睐；大消费、传媒持续弱势。 受访人士告诉记者，A股当天行情主要是获利盘兑现与政策预期博弈共振的结果。行业轮动加速印证存量博弈特征，资金抢先布局通信、电子等科技主 线；地产消费走低暴露内需分歧，科技成长正从主题炒作转向业绩验证。预计3月底至4初中美关系观察窗口期，市场可能演绎震荡市中的反弹波段，而科 技新方向将是最佳机会。 两融余额增至2.65万亿元 早盘指数低开，全天窄幅震荡。截至收盘，沪指微跌0.01%报4146.63点，创业板指收跌0.29%报3344.98点，深证成指收红0.19%。沪深300、上证50、北证 50微跌，科创50收涨0.85%。 交易量能连续三个交易日放大，今日三市日成交额增加756亿元，达2.56万亿元。杠杆资金热度回暖，截至2月25日，沪深京两融余额增至2.65万亿元。 市场赚钱效应不强，个股涨跌互现。2485只个股收涨，涨停股78只； ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 通信电子行业领涨 A 股震荡整固 ——市场分析 投资要点： ◼ A 股市场综述 相关报告 《市场分析：资源电池行业领涨 A 股震荡上 行》 2026-02-25 《市场分析：通信资源行业领涨 A 股震荡上 行》 2026-02-24 《市场分析：航天传媒行业领涨 A 股小幅上 行》 2026-02-10 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2026 年 02 月 26 日 周四（02 月 26 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指高 开后震荡回落，盘中沪指在 4127 点附近获得支撑，午后股指维持震 荡，盘中电子元件、通信设备、电源设备以及电网设备等行业表现 较好；影视院线、旅游零售、保险以及房地产等行业表现较弱，沪 指全天基本呈现小幅震荡整理的运行特征。创业板市场周四震荡回 落，创业板成分指数全天表现弱于主板市场。 ◼ 后市 ...

Market Performance - The A-share market showed mixed performance with the Shanghai Composite Index down 0.01% at 4146.63 points, the Shenzhen Component Index up 0.19% at 14503.79 points, and the ChiNext Index down 0.29% at 3344.98 points [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 25,568 billion yuan, an increase of 756 billion yuan compared to the previous day [1] Sector Performance - The electronic components, wind power equipment, communication equipment, power supply equipment, electronic chemicals, and power grid equipment sectors saw the largest gains [1] - The film and television, rare earth, insurance, and real estate development sectors experienced the largest declines [1] Investment Insights - According to institutional views, the overall market trend remains upward, with resource stocks like energy metals, steel, and rare earths undergoing corrections while sectors like computing hardware and commercial aerospace are gaining traction [3] - Investors are advised to focus on low-entry opportunities in previously popular sectors after corrections, with a long-term view on high-growth areas such as semiconductors, consumer electronics, artificial intelligence, and robotics [3] Lithium Market Impact - Zimbabwe's Ministry of Mines announced a ban on lithium ore exports, which is expected to significantly impact lithium prices as 19% of China's lithium concentrate imports come from Zimbabwe [3][5] - Companies with lithium mining interests in Zimbabwe, such as Shengxin Lithium Energy and Yahua Group, have stated that they are currently assessing the impact of this ban on their operations [5] Nvidia Financial Performance - Nvidia reported record revenue for the fourth quarter and the entire fiscal year 2026, with fourth-quarter revenue reaching 68.1 billion USD, a 20% increase from the previous quarter and a 73% increase year-over-year [6] - The company's full fiscal year revenue was 215.94 billion USD, a 65% increase from fiscal year 2025, with net profit for the fourth quarter at 42.96 billion USD, up 94% year-over-year [6] - Nvidia's data center business was a significant driver of this growth, with expectations for first-quarter revenue in fiscal year 2027 projected at 78 billion USD [6]

北交所 万源通：昆山万源通电子科技股份有限公司的主营业务是印刷电路 板的研发、生产和销售。2025年上半年，公司多层板、双面板和单 面板产品收入占比分别为43.54%、29.70%、18.72%。 许昌智能：许昌智能继电器股份有限公司的主营业务是智能配用电 产品、新能源产品和系统的研发、设计、组装、销售和服务，以及 电力工程总承包业务。2025年上半年，公司配用电自动化系统及智 能元件、高低压成套开关设备及智能开关元件、电力工程总承包项 目和新能源业务收入占比分别为35.41%、30.79%、18.50%、12.07%。 ◼ 风险提示。原材料价格波动风险；算力中心建设不及预期；市场竞 争加剧的风险。 北 交 所 研 究 2026 年 2 月 25 日 电源设备需求持续增长 北交所专题报告 投资要点： ◼ 关注2家电源行业相关企业 证 券 研 行业指数走势 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 -20% 0% 20% 40% 19/09 19/11 20/01 20/03 20/05 20/07 券商 ...

"折价拿票、到期套利"曾是A股定增市场最朴素的生存法则。但开年至今，越来越多的定增项目跳出了 传统折价区间，以显著的高溢价成功发行。一批溢价率超20%的定增项目正在颠覆"不折价不参与"的惯 性思维。 那么，究竟是谁在高溢价抢筹定增？显然，本轮高溢价定增并非散户或单一机构的冲动行为，核心主力 仍是公募基金，由私募机构、券商及券商资管、保险及保险资管、外资机构、具有央国企背景的产业资 本以及牛散构成的多元资本阵容也参与其中。 从行业分布来看，汽车产业链个股开年新一轮定增溢价发行尤为突出。 据公开信息，国内工程机械轮胎生产龙头企业风神股份新一轮定增总募资11亿元，发行价格为每股6.85 元，与发行底价的比率为125%。 老牌整车制造商江淮汽车新一轮定增以23.93%的溢价率发行，最终以每股49.88元的价格发行7016.84万 股，总募资35亿元。此外，新能源乘用车整车企业北汽蓝谷新一轮定增总募资60亿元，发行溢价率为 15.77%。 汽车部件与材料个股中，中高端电子级玻璃纤维制品厂商宏和科技新一轮定增共募资9.95亿元，发行溢 价率23.15%。汽车零部件个股德尔股份新一轮定增虽然仅募资9270万元，但发行溢价率 ...

中国经济网北京2月16日讯英可瑞（300713）(300713.SZ)近日发布2026年度向特定对象发行股票预案， 本次发行募集资金总额不超过37,859.96万元(含本数)，在扣除相关发行费用后的募集资金净额将全部用 于智能高频开关电源系统生产项目、智能高频开关电源模块生产线自动化及技术升级改造项目、营销网 络及信息化建设项目、智能高频开关电源系统研发中心项目、补充流动资金。 英可瑞本次向特定对象发行股票的发行对象不超过35名(含本数)，为符合中国证监会规定的证券投资基 金管理公司、证券公司、保险机构投资者、信托公司、财务公司、合格境外机构投资者，以及中国证监 会规定条件的其他法人、自然人或者其他合格投资者。 英可瑞本次发行定价基准日为公司本次发行股票的发行期首日，发行价格不低于定价基准日前二十个交 易日公司股票交易均价的80%(定价基准日前20个交易日公司股票交易均价=定价基准日前20个交易日股 票交易总额/定价基准日前20个交易日股票交易总量)。 英可瑞本次发行股票数量不超过47,616,243股(含本数)，不超过本次发行前公司总股本的30%，最终发行 数量由公司股东会授权董事会在本次发行取得中国证监会 ...

Market Overview - The market is experiencing a defensive adjustment ahead of the holiday, with increased capital speculation, indicating preparation for new capital inflows post-holiday [2][11][13] - Major indices closed lower, with the Shanghai Composite Index down 1.26% at 4082.07 points, and the ChiNext Index down 1.57% at 3275.96 points, reflecting a general downward trend [4] Sector Performance - Resource and technology stocks led the decline, with significant drops in sectors such as non-ferrous metals, construction materials, and oil and petrochemicals, all falling over 3% [5][8] - Conversely, sectors like aerospace equipment and film and animation showed positive performance, indicating sector-specific resilience [5] Trading Volume and Market Sentiment - Trading volume decreased significantly, with a total daily turnover of 161.9 billion yuan, marking a drop below 2 trillion yuan across the three major markets [4][7] - The market sentiment is cautious, with a notable retreat of leveraged funds as investors seek to avoid risks associated with the long holiday [12][13] Investment Recommendations - Analysts suggest focusing on technology growth sectors, particularly AI and power equipment, which are expected to benefit from global capital expenditure expansion and domestic infrastructure investments [16][17] - There is a recommendation to adopt a balanced investment strategy, combining offensive positions in technology with defensive assets like high-dividend stocks to mitigate volatility [17]

Group 1 - The company, Sungrow Power Supply (300274.SZ), is actively communicating and collaborating with leading global internet and cloud service companies [1] - Product development is proceeding as planned, with the company aiming for product rollout and small-scale delivery by 2026 [1]

Company Overview: VRT (维谛) Key Points Industry and Company Performance - VRT reported a remarkable Q4 performance driven by a surge in AI infrastructure demand, with organic order growth reaching 252% [1] - The current backlog has increased to $15 billion, reflecting a significant demand for the company's products [1] - Q4 revenue reached $2.88 billion, representing a year-over-year growth of 23% [1] - The projected organic sales growth rate for the full year 2025 is estimated at 26% [1] - The organic order growth of 252% also indicates a sequential increase of 117% compared to Q3 [1] - The backlog at the end of the period reached $15 billion, showing a substantial year-over-year increase of 109% [1] Regional Performance - The Americas region is the primary revenue driver, with Q4 revenue growth of 50.2% year-over-year and organic growth of 46.2% [1] - In contrast, the Asia-Pacific and EMEA regions experienced declines in Q4 revenue, with decreases of 9.6% and 8.2% respectively; however, the Asia-Pacific region is expected to maintain a growth rate of 17.5% for the full year 2025 [1] Additional Insights - The focus on AIDC (Automatic Identification and Data Capture) power solutions is highlighted as a key area for VRT's future growth [1]

英可瑞（300713）(300713.SZ)发布2026年度向特定对象发行股票预案，本次发行募集资金总额不超过 3.79亿元(含本数)，在扣除相关发行费用后的募集资金净额将全部用于以下项目：智能高频开关电源系 统生产项目、智能高频开关电源模块生产线自动化及技术升级改造项目、营销网络及信息化建设项目、 智能高频开关电源系统研发中心项目以及补充流动资金。 ...