ooo[Table_ReportInfo] 2026 年 03 月 06 日 证券研究报告•宏观定期报告 宏观周报（3.2-3.6） 统一大市场夯实发展新格局，伊朗局势持续紧张 摘要 [Table_Summary] 一周大事记 国内：完善科技保险发展体系，省际贸易要素流动加速。3月 2日，科技部等 三部门印发科技保险高质量发展意见，构建全方位、全周期科技保险体系，拓 展前沿领域风险保障并引导保险资金投向科技企业，为高水平科技自立自强提 供坚实制度保障；同日，发改委召开民营企业座谈会，聚焦扩内需与稳投资， 听取企业相关诉求并明确支持方向，后续融资等针对性政策有望加快落地，助 力民营经济高质量发展；同日，国家税务总局发布税收大数据分析报告，显示 2025 年全国统一大市场建设纵深推进，省际贸易提质扩容、区域辐射带动效 应凸显，要素流动持续加速，为构建新发展格局筑牢基础；5 日，全国人大首 场"部长通道"披露规划，将聚焦科技、产业、国资三大领域攻坚突破，强化 原始创新、制造业升级与国资布局优化，推动高质量发展与科技自立自强。 海外：美以联手打击伊朗，美国制造业延续扩张。当地时间 2月 28日，美以 联合打击伊朗，随 ...

机械设备行业 标配 （维持） 机械设备行业双周报（2026/02/20-2026/03/05） 细分领域分化显著 2026 年 3 月 6 日 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn 相关报告 证 券 研 究 报 告 投资要点： ◼ 行情回顾： 机械设备本周涨跌幅：申万机械设备行业双周上涨0.31%，跑赢沪深300指数 0.58个百分点，在申万31个行业中排第15名；申万机械设备板块本月至今下 跌3.62%，跑输沪深300指数2.28个百分点，在申万31个行业中排名第15名； 申万机械设备板块年初至今上涨9.91%，跑赢沪深300指数9.53个百分点，在 申万31个行业中排名第10名。 机械设备二级板块本周涨跌幅：截至2026年3月5日，申万机械设备行业的5个 二级板块中，从双周表现来看，自动化设备板块涨幅最大，为1.61%。其他板 块表现如下，专用设备板块上涨0.76%，通用设备板块上涨0.66%，轨交设备 Ⅱ板块下跌0.25%，工程机械板块下跌3.08%。 机械设备个股涨跌情况：截至202 ...

记者丨孙燕 编辑丨陶力 张伟贤 在全球经济格局深刻重构的当下，上海浦东正以一种开放包容的姿态，举起全球化的大旗。 不同于以往的企业"单兵"出海、产业链"集群"出海，浦东正在探索一条更深层次、更富韧性的 路径——中外企业协同出海。 作为改革开放的前沿阵地，浦东正以其独特的开放基因和产业生态，将中外企业打造成一艘 艘"联合舰队"。这不仅是中国企业"走出去"的升级版，也是外资企业在华战略的新蓝海。 一幅多元共融的中外企业协同出海画卷正在浦东徐徐展开：罗克韦尔自动化、丹纳赫等生产 性服务外企正以数字化与生态优势赋能中企扬帆远航。与此同时，中建八局则凭借强大的总 包能力"链"动外企共拓海外版图，西门子能源等巨头也通过技术标准与供应链整合引领中企 走向全球。这些双向互动、互利共赢的实践共同交织成中外企业深度融合、协同出海的时代 图景。 " 1 + 1 > 2 " 坐拥全国最密集的跨国公司地区总部和外资研发中心集群，浦东在推动中外企业合作出海方 面有天然优势：截至2025年9月，上海累计认定跨国公司地区总部1060家、外资研发中心631 家，稳居我国内地首位。其中，浦东新区集聚了500家跨国公司地区总部，占上海市近一半。 ...

Market Performance - The A-share market showed positive performance with the Shanghai Composite Index increasing by 1.98%, the CSI 300 rising by 1.08%, and the Wind All A Index up by 2.75% during the period from February 24 to February 27, 2026[23] - The cyclical sector outperformed with an average increase of 1.23%, driven by rising international oil prices and increased demand for precious metals due to geopolitical tensions[13] Geopolitical Impact - The recent US-Iran conflict on February 28 had a limited impact on the market, as it was largely priced in beforehand, with noticeable adjustments in high-valuation sectors like US tech stocks[18] - The conflict is expected to be short-term, with the US likely focusing on limited strikes rather than full occupation, and Iran's economy heavily reliant on oil exports, making long-term blockades impractical[18] Inflation and Monetary Policy - The US January CPI rose by 2.4% year-on-year, with core CPI dropping to 2.5%, the lowest since March 2021, easing inflationary pressures and lowering the threshold for potential Fed rate cuts[20] - Market expectations for Fed rate cuts have increased, with a 63.79% probability of a cut in June and a 98% probability in July 2026[20] Investment Strategy - Focus on technology and advanced manufacturing sectors, particularly electronics, software, and communication services, as well as power equipment and defense industries, due to favorable policy signals from the upcoming "Two Sessions"[24] - Emphasis on boosting domestic demand, with the National Development and Reform Commission planning to enhance the effectiveness of new policies, including a special bond issuance of 625 billion yuan to support consumption[24] Risk Factors - Key risks include economic underperformance, industry-specific risks, exchange rate fluctuations, data inaccuracies, trade protectionism, global liquidity risks, and potential black swan events[39][40]

2025 年业绩快报点评：业绩符合预期，多方 合力加大布局机器人 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,305 | 1,640 | 1,946 | 2,346 | 2,827 | | 同比（%） | 44.03 | 25.70 | 18.66 | 20.54 | 20.53 | | 归母净利润（百万元） | 190.80 | 245.03 | 268.36 | 336.27 | 411.41 | | 同比（%） | 36.38 | 28.42 | 9.52 | 25.31 | 22.34 | | EPS-最新摊薄（元/股） | 0.89 | 1.14 | 1.25 | 1.57 | 1.92 | | P/E（现价&最新摊薄） | 95.48 | 74.35 | 67.88 | 54.18 | 44.28 | [Table_Tag] [Table_Summary] 投资要点 2026 年 03 月 0 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2025 met market expectations, with total revenue of 1.946 billion yuan, a year-on-year increase of 18.66%, and a net profit attributable to shareholders of 268.36 million yuan, up 9.52% year-on-year [8] - The company is actively pursuing its "One Core, Two New" strategy, focusing on industrial automation and green energy, while also expanding its presence in the robotics sector [8] - The domestic market is recovering faster, with a projected revenue growth of 10-20% year-on-year for 2025, while overseas revenue is also expected to grow by 10-20% [8] - The company is enhancing its robotics layout and aims to become a supplier of joint modules and dexterous hand solutions, leveraging its core servo and closed-loop control technology [8] Financial Summary - Total revenue projections for the company are as follows: 1.640 billion yuan in 2024, 1.946 billion yuan in 2025, 2.346 billion yuan in 2026, and 2.827 billion yuan in 2027, with corresponding year-on-year growth rates of 25.70%, 18.66%, 20.54%, and 20.53% respectively [9] - Net profit attributable to shareholders is forecasted to be 245 million yuan in 2024, 268 million yuan in 2025, 336 million yuan in 2026, and 411 million yuan in 2027, with growth rates of 28.42%, 9.52%, 25.31%, and 22.34% respectively [9] - The latest diluted EPS is projected to be 1.14 yuan in 2024, 1.25 yuan in 2025, 1.57 yuan in 2026, and 1.92 yuan in 2027 [9]

Core Viewpoint - The company is progressing with the Nanzhu project as planned, with the main construction completed and production expected to commence in the first half of this year [1] Group 1 - The main construction of the Nanzhu project has been completed [1] - Renovation and acceptance have been passed, allowing for production to begin [1] - The company currently has a high capacity utilization rate [1]

证券日报网讯 2月27日，步科股份发布公告称，公司2025年实现营业总收入72365.48万元，同比增长 32.18%；归属于母公司所有者的净利润7290.78万元，同比增长49.12%。 （文章来源：证券日报） ...

万讯自控（300112）(300112.SZ)披露2025年度业绩快报，公司营业总收入10.32亿元，同比增长0.07%; 实现归属于上市公司股东的净亏损6718.95万元。 报告期内，公司所在行业竞争持续加剧，受市场供需波动及外部环境变化影响，公司部分产品毛利空间 有所收窄、新产品应用拓展的效益尚未充分释放，加之商誉等资产减值导致公司整体业绩面临阶段性压 力。 ...

Economic Outlook - In February, high-performing sectors included certain resource products, utilities, and information technology, with industrial metals and chemical prices rising [1] - The midstream manufacturing sector saw an increase in the photovoltaic price index, while automotive production and sales slowed down [1] - The consumer services sector experienced improved profitability in pig farming, and the decline in retail sales of major appliances narrowed year-on-year [1] - The financial and real estate sectors continued to face sluggish sales of commercial housing, while gas prices in the utilities sector increased [1] Investment Trends - The top five sectors with net inflows included non-ferrous metals, domestic software, photovoltaics, rare earth magnetic materials, and lithium batteries [1] - The leading five concept sectors with net inflows were artificial intelligence, state-owned enterprise reform, big data, digital economy, and the Belt and Road Initiative [1] - The top ten individual stocks with net inflows included Baogang Co., Yunnan Zhiyuan, Xiamen Tungsten, Yongtai Energy, Cambrian, Haiguang Information, BOE Technology Group, China Tungsten High-Tech, Northern Rare Earth, and Kunlun Wanwei [1] Technology Development - Tsinghua University's research team introduced the FLEXI chip, a flexible AI chip designed for edge intelligence, which fills a gap in flexible electronics technology [3] - The global flexible electronics market is projected to grow from $85 billion to over $173 billion between 2025 and 2030, with China's flexible chip industry expected to rise from 50 billion yuan to 150 billion yuan, reflecting a compound annual growth rate of over 25% [3] Semiconductor Demand - NVIDIA's AI inference context storage platform significantly increased eSSD capacity requirements, with demand for H100 GPUs estimated at 4TB and B100/200 at 8TB, potentially reaching 24TB for Rubin [5] - The NAND capacity demand is expected to grow substantially, with a forecast of approximately 336 exabytes if VR200 shipments reach 14 million units [5] Market Sentiment - The overall market trend is currently strong, with no significant increase in incremental capital entering the market [7] - The Shanghai Composite Index showed signs of weakness, and attention is needed for movements in early March, with expectations of preemptive capital entry [11] - The A-share market has seen strong performance from major indices since last year, driven by a combination of capital inflow and external investment [11]