Group 1: PMI Data Overview - The manufacturing PMI for February is 49.0%, down from 49.3% in the previous month, indicating a slight contraction in the manufacturing sector[1] - The production index decreased to 49.6%, a drop of 1.0 percentage points from 50.6%[1] - The new orders index fell to 48.6%, down from 49.2%, while the new export orders index dropped to 45.0% from 47.8%[1] Group 2: Price and Sales Insights - The manufacturing PMI's factory price index stands at 50.6%, remaining above the threshold for two consecutive months, indicating price increases for several goods[2] - The enterprise sales forward-looking index reached 69.12%, an increase from 64.71% in the previous month, suggesting improved sales expectations[3] - The BCI enterprise profit forward-looking index is at 51.16%, remaining above the threshold for two months, indicating positive profit expectations[3] Group 3: Sector-Specific Trends - The construction business activity index for February is 48.2%, a decrease of 0.6 percentage points from the previous month, influenced by the Spring Festival holiday[2] - The service sector's business activity index rose to 49.7%, up by 0.2 percentage points from the previous month, reflecting growth in consumer-related industries[1] - The comprehensive PMI output index for February is 49.5%, down 0.3 percentage points from the previous month, indicating a slowdown in overall production activities[1]

证券研究报告·宏观报告·宏观深度报告 宏观深度报告 20260303 企业出海：破除内卷、提振内需与文化输出 2026 年 03 月 03 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 李昌萌 执业证书：S0600524120007 lichm@dwzq.com.cn 相关研究 《伊朗冲突还有哪些变数？——海外 周报 20260302 》 2026-03-02 《伊朗问题对股债商汇等大类资产的 影响 》 2026-03-02 东吴证券研究所 1 / 18 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 核心观点：受国内部分行业产能过剩、全球贸易保护主义抬头以及供应 链重构等多重因素影响，近些年我国越来越多的企业选择通过出海寻求 破局的机会。一方面，高技术企业的加速出海使得我国企业利润率整体 有所提升，同时也部分缓解了国内"内卷式"竞争的局面；而另一方面， 服务和文化的加速出海正成为传播中国历史文化，向全球讲好中国故事 的重要载体。在双循环新发展格局下，出海已经成为了企业发展和竞争 增长的"必选项"。 ...

根据喜娜AI异动分析，哈森股份涨停原因可能如下，股权收购+业务转型+亏损收窄： 1、公司近期公告 显示，收购苏州郎克斯45%股权，该标的公司2024年净利润4755.85万元，此次收购将显著增厚上市公 司业绩，增强公司盈利能力，这是刺激股价涨停的一个重要因素。 2、公司正处于业务转型关键阶段， 业务向精密五金、消费电子和3D打印等新兴领域拓展，降低单一业务风险，完善产业链布局，增强业 务协同，这种多元化转型为公司带来了新的发展机遇，吸引投资者关注。 3、公司2025年预计净亏损 2400 - 3600万元，较2024年9640万元显著减少，亏损同比收窄显示出公司经营有改善趋势，给市场传递 了积极信号。在市场资金流向方面，可能有资金看好公司转型前景而流入，推动股价涨停。从同板块来 看，当新兴消费电子、精密五金概念板块活跃时，哈森股份也会受到带动。技术面上，若股价此前调整 充分且MACD等指标出现向好信号，也会助力股价涨停。 2026年2月26日，哈森股份（sh603958）触及涨停，涨停价20.75元，涨幅10.02%，总市值45.52亿元，流 通市值45.52亿元，截止发稿，总成交额2.10亿元。 责任编辑： ...

Industry Policy and Environment - The Indonesian Ministry of Communication and Information Technology issued Ministerial Regulation No. 469 on December 7, 2025, mandating that 187 types of telecommunications products must obtain DJID certification to enter the market, affecting smart appliances, IoT devices, and consumer electronics. This regulation will be enforced in 2026, impacting compliance progress and market adaptability of telecom equipment suppliers [1]. - Indonesia's GDP growth was 5.11% in 2025, with Q4 growth reaching 5.39%, exceeding expectations. Economic performance in 2026 will be influenced by the effectiveness of fiscal policies, commodity price fluctuations, and central bank monetary policies. Capital Economics predicts a potential 75 basis point rate cut by the central bank, which could enhance market liquidity [3]. - A trade agreement between Indonesia and the United States has reduced some export uncertainties, but concerns over commodity price volatility and fiscal sustainability may still affect market sentiment. Continuous monitoring is required to assess whether infrastructure investments, including telecommunications, are supported by fiscal expansion policies [5]. Company Project Progress - The Silangan copper-gold project under First Pacific is expected to commence production in Q1 2026, potentially releasing profit elasticity during a strong cycle in non-ferrous metal prices. Additionally, PLDT's fintech platform, Maya, achieved semi-annual profitability in 2025, with a focus on user growth and commercialization deepening in 2026 [2]. Industry Status - Global operators are accelerating resource allocation towards emerging fields such as computing networks and 6G research. As an emerging market in Southeast Asia, Indonesia's telecom operators need to be closely monitored for their progress in 5G coverage, green data center initiatives (e.g., PUE below 1.25), and AI computing power deployment [4].

Core Viewpoint - The company focuses on industrial control, high reliability, and consumer electronics, with ongoing expansion in various applications such as new energy vehicles, photovoltaic energy, rail transit, and smart grids [1] Group 1 - The company's products are primarily concentrated in the industrial control sector [1] - The company is actively pursuing product series development and further market expansion based on its core technologies [1] - The company is involved in several niche application scenarios, including new energy vehicles and smart grids [1]

2月5日，深康佳A盘中大跌超8%，收跌6.79%，公司股价已经连续7个交易日下跌，期间两日跌停，累计跌幅近30%。前一日盘后，因连续3个交易日收盘价 格跌幅偏离值累计超过20%，触发股票异常交易波动公告。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 | 亏损:1,557,300万元 至 1,258,100 | 亏损:329,558.87 万元 | | 股东的净利润 | 力元 | | | 扣除非经常性损 | 亏损:1,026,300万元 至 995,300万 | 亏损:320.550.41万元 | | 益后的净利润 | 元 | | | 基本每股收益 | 亏损:6.4674元/股 至 5.2246元/股 | 亏损:1.3686元/股 | | 营业收入 | 900,000 万元 至 1,050,000 万元 | 1.111.476.40 万元 | | 扣除后营业收入 | 850,000 万元 至 1,000,000 万元 | 1,051,236.57 万元 | | 项目 | 本会计年度末 | 上年末 | | 归属于上市公司 股东的净资产 | -533.400 ...

康佳集团公告称，2025年预计营收9-105亿元，较上年的111.15亿元有所下滑；归属于上市公司股东的 净利润亏损125.81-155.73亿元，上年亏损32.96亿元；期末净资产预计为-53.34至-80.01亿元，上年末为 23.70亿元。业绩变动主因是计提减值准备及确认预计负债大幅增加，且消费电子业务受产品竞争力不 足影响，营收下滑且仍处亏损状态。若经审计后2025年末净资产为负，公司股票交易将被实施退市风险 警示。 ...

以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 100 ହ୍ତ ୨୦ 80 70 65021 63p31 60 50 43d9 41o93 42o12 40 39 33-98 30 30.08 20 10 0 2020-12-37 1 2021-06-30 ' 2021-12-37 ' 16-30 022-12-37 2n- 公司 -○- 行业均值 制图数据来自恒生聚源数据库 市净率(LF)历史分位(%) 资料显示，公司主要从事消费电子产品的自主研发、设计及自有品牌的全球化运营。 据公告，公司业绩变动原因为，本报告期内，公司持续加大线上销售渠道拓展力度，深化营销模式创新与资源投入，持续提升对消费者的触达效率，销售费 用同比增长约32%；受汇率市场波动影响，公司汇兑损失同比大幅增加；公司一长期合作客户因经营状况恶化，已向法院提交破产清算申请，公司对该客户 对应的应收账款全额计提坏账准备。 历年净利、扣非同比增长情况(%) 150 - 120.75 జ100 50 15 0 -763 -- 13:32 -- 14:18 -50 -100 112.79 -150 -200 2021 2022 20 ...

Core Viewpoint - The company expects to achieve a net profit of between 78 million to 103 million yuan for the year 2025, marking a significant turnaround from a loss of 73.47 million yuan in the previous year, indicating a strong recovery in financial performance [1] Group 1: Financial Performance - The projected net profit for 2025 is between 78 million to 103 million yuan, compared to a loss of 73.47 million yuan in the same period last year, demonstrating a year-on-year improvement [1] - The company has successfully turned around its financial performance, moving from a loss to profitability [1] Group 2: Business Operations - The main business in the consumer electronics sector has shown steady growth, contributing to the significant improvement in operational efficiency [1] - The impairment losses related to sodium-ion battery business assets have decreased compared to the same period last year, indicating better asset management [1]

格隆汇1月28日丨*ST高斯(002848.SZ)发布2025年度业绩预告，报告期内，归属于上市公司股东的净利 润为亏损7,000万元—8,400万元，上年同期亏损13,089.88万元；扣除非经常性损益后的净利润为亏损 7,800万元—9,200万元，上年同期亏损13,790.26万元；基本每股收益为亏损0.4188元/股–0.5025元/股。 报告期内，公司紧抓行业发展机遇，积极推进市场拓展、深化战略合作落地、加快业务结构优化升级， 各项经营举措落地见效，公司营业收入较上年同期实现大幅提升。本期公司核心主营的消费电子产品、 覆铜板新材料等业务综合毛利率较上年同期呈明显提升态势，一方面系核心产品订单规模扩大带来显著 的规模效应，另一方面得益于公司核心产品技术体系成熟、生产工艺稳定可控，同时公司通过持续优化 供应链管理体系、提升生产运营效率，实现了对生产成本的精细化管控，有效提升了整体盈利水平。 ...