【一周一议】 首先，电子通胀链方面，3 月内外需开启共振，成本端价格传导持续，对比 2 月的预期占主导，3 月基本面更重要。 3 月初有望看到多个品种调涨（行业是月初定价机制），例如电子布、铜箔，一方面 AI 材料下游需求强劲，另一方面 非 AI 方面的需求、3 月并非验证期（新机发布较多），因此 3 月初的电子链议价我们认为会较为顺利传导。此外，我 们一直提示的 AI 挤占逻辑在更多领域得到验证，例如 2 月 27 日，日本三井金属对外发函，继续转产能给高端铜箔和 薄铜（载体铜箔），马来西亚子公司控制常规产品的供应。我们也发布了报告《谁的产能被 AI 挤占？从电子布出发， 看好电子通胀强周期》，我们认为在存储/电子布/光纤之后，铜箔、CTE 布、MLCC（被动元件）、CCL 等环节有相似的 提价背景。以及 hrsg 管作为北美缺电背景下的材料品类，强需求有望带动量价齐升。 第二，油链方面，油价上涨对我们板块的影响分为 2 个部分，一是成本加成顺价，例如东方雨虹在 3 月 1 日发布提价 函，提及成本端沥青价格从 1 月 3000 元/t 涨至 3350 元/t，公司决定自 3 月 15 日起工程端沥青类卷材 ...

证券研究报告 电力设备与新能源 旺季效应显著，3月电池排产环增22% 华泰研究 2026 年 2 月 28 日│中国内地 动态点评 旺季到来，3 月锂电排产强劲 鑫椤锂电发布锂电产业链 3 月预排产数据，样本企业中电池排产 145.5GWh， 环比+21.7%，正极 19.5 万吨，环比+23.3%，负极 16.3 万吨，环比+16.4%， 隔膜 20.6 亿平，环比+8.7%，电解液 10.8 万吨，环比+18.8%，旺季效应明 显，国内外储能需求维持强劲，商用车（包含工程机械船舶等）电动化提速。 动力储能电池持续涨价传导上游压力，六氟磷酸锂（简称 6F）在 1-2 月淡季 下有所降价累库，我们预计随着旺季到来有望实现去库提价，隔膜、铜箔从 25 年末至今也开始陆续涨价。看好锂电产业链企业实现出货与盈利改善，推 荐宁德时代、亿纬锂能、新宙邦、湖南裕能、富临精工。 储能：国内容量电价落地理顺收益机制，美国关税边际降低刺激需求 国内方面，144 号文出台明确各省逐步建立容量电价机制，据 CNESA，26 年 1 月国内新增新型储能装机 3.78GW/10.90GWh，同比+62%/+106%。欧 洲方面，匈牙利 ...

关于我们 今日指数震荡走高延续强势，因触及压力位午后略有回落，好在这个位置的压力并不算太强，短期简单震荡调整后有望突破 新高。情绪端相对偏弱但也有所回暖，尤其是下午指数走弱的情况下短线情绪并未跟随回落，航天发展的涨停是一个比较明 显的信号,所以明天以传媒影视为首的Al应用、算力租赁等应该会有明显的亏钱效应修复,关注豫能控股(收购先天算力) 的 反馈。当然主线还是围绕涨价和AI硬件没有变化，早盘涨价高潮之后正常分化，明天大概率会延续分化 --- 前排加速后排淘 沐。从今天油气率先走弱的角度来看，涨价仍然要选择景气度比较高的品种，所以叠加涨价和AI硬件的MLCC、电子布、铜 箔、钻针等是首选，其次就是上游的钨、钢、稀土,再往后是行业反转预期的锂电、化工等。今年AI硬件最大的变量应该还是 CPO, 英伟达的规模部署或许只是一个开始, 随着单芯片算力逼近物理极限、超节点规模成为主流后，系统瓶颈正从"计算密 度"转向"通信带宽"，硅光集成和CPO技术的成熟，通信领域即将迎来价值重估和技术爆发。 联系方式 网站声明 用户反馈 网站地图 ID: 100104 COUNT 首页 电影 FM terfir t # N the ...

证券日报网讯2月26日，宝鼎科技（002552）在互动平台回答投资者提问时表示，根据2024年报，公司 覆铜板年产1909万张，销量1922万张，铜箔年产1.56万吨，主要用于通信、人工智能、大数据及汽车电 子等领域，无锂电方面的应用。 ...

Group 1 - The core viewpoint of the news highlights the recent trading performance of Hangzhou Cable Co., Ltd., indicating a decline in stock price and significant trading volume on February 25, with a net financing purchase of 52.42 million yuan [1] - As of February 25, the total margin trading balance for Hangzhou Cable is 374 million yuan, which represents 3.56% of its circulating market value, indicating a high level of margin trading activity [1] - The company reported a total revenue of 6.887 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 6.89%, while the net profit attributable to shareholders was -219 million yuan, a significant decrease of 281.19% compared to the previous period [2] Group 2 - Hangzhou Cable has cumulatively distributed 440 million yuan in dividends since its A-share listing, with 118 million yuan distributed over the past three years [3] - The number of shareholders for Hangzhou Cable increased to 85,400, a rise of 79.56% compared to the previous period, while the average circulating shares per person decreased by 44.31% to 8,095 shares [2]

Financial Data Summary - The company reported preliminary financial data for the year 2025, with total revenue of 964,572.74 million RMB, representing a year-on-year increase of 47.89% [2] - The total profit reached 8,656.61 million RMB, an increase of 37,035.03 million RMB compared to the previous year [2] - The net profit attributable to the parent company was 5,912.49 million RMB, up by 29,795.60 million RMB year-on-year [2] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 1,128.23 million RMB, an increase of 29,547.72 million RMB [2] Financial Position - As of the end of the reporting period, total assets amounted to 1,479,151.47 million RMB, reflecting a growth of 13.39% from the beginning of the period [3] - The equity attributable to the parent company was 694,206.46 million RMB, showing a slight increase of 0.58% [3] - The net asset value per share attributable to the parent company was 16.29 RMB, which is a 0.59% increase [3] Operational Performance Factors - The company focused on its annual development strategy and operational goals, enhancing its core copper foil business through quality improvement, R&D innovation, and cost reduction, leading to a turnaround from loss to profit [4] - The significant increase in revenue was attributed to the recovery of downstream market demand, allowing the company to capitalize on market opportunities and achieve substantial growth in copper foil product sales [5] - The company expanded its product matrix based on customer demand, increasing the proportion of high-value-added products, which contributed to rising average processing fees and improved gross margins [5] - Enhanced production capacity utilization and ongoing cost reduction efforts positively impacted overall profitability [5][6]

（来源：价值研学社） 今天，A股市场呈现量价齐升态势，全天成交额达2.46万亿，较前一交易日增加2605亿，流动性显著改 善。主要指数表现亮眼，创业板指、深证成指涨幅均超1%，市场红盘个股数量达3700多只，连续两天 有超100只涨幅超10%，赚钱效应凸显。但市场热点轮动速度较快，行业间切换频繁，操作难度提升。 磷化工行业今天同步走强，受美国将磷及草甘膦列入国防物资的消息催化，行业关注度提升，需求预期 得到强化。 不过需警惕行业短期风险，午后半导体、商业航天等板块资金回流，对小金属、磷化工等板块形成资金 分流，同时油运油气行业已出现分歧迹象，前期涨幅较快的周期类行业需防范短期抛压。 3. PCB产业链 PCB产业链今天整体表现强势，行业景气度持续提升。其中，电子布、铜箔、钻针等上游原材料环节表 现最为突出，成为带动产业链上涨的核心动力。 行业上涨的核心逻辑的是需求预期向好，英伟达今天晚间将发布财报，且3月GTC大会计划推出新芯 片，高阶PCB产品作为芯片配套核心部件，需求预期被持续拉满。 涨价概念成为今日市场核心亮点，多个周期类行业齐头并进。化工、有色金属行业表现强势，钢铁、建 材等前期处于低位的周期性行业同 ...

智通财经APP讯，嘉元科技(688388.SH)发布2025年度业绩快报，报告期内，公司实现营业收入96.46亿 元，同比增长47.89%;实现归属于母公司所有者的净利润5912.49万元。2025年，公司紧密围绕年度发展 战略和经营目标，深耕铜箔主业，开展质量提升、研发创新、降本增效等工作，使得公司经营业绩实现 了扭亏为盈。 ...

2025年，公司紧密围绕年度发展战略和经营目标，深耕铜箔主业，开展质量提升、研发创新、降本增效 等工作，使得公司经营业绩实现了扭亏为盈。 格隆汇2月25日丨嘉元科技(688388.SH)公布2025年度业绩快报，报告期内，公司实现营业收入 964,572.74万元，同比增长47.89%；实现利润总额8,656.61万元，同比增加37,035.03万元；实现归属于 母公司所有者的净利润5,912.49万元，同比增加29,795.60万元；实现归属于母公司所有者的扣除非经常 性损益的净利润1,128.23万元，同比增加29,547.72万元。 ...

Core Viewpoint - The company reported significant growth in revenue and profit for the fiscal year 2025, indicating a successful turnaround in its financial performance [1] Financial Performance - The company achieved operating revenue of 964,572.74 million yuan, representing a year-on-year increase of 47.89% [1] - The total profit reached 8,656.61 million yuan, an increase of 37,035.03 million yuan compared to the previous year [1] - The net profit attributable to the parent company's shareholders was 5,912.49 million yuan, up by 29,795.60 million yuan year-on-year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 1,128.23 million yuan, reflecting a year-on-year increase of 29,547.72 million yuan [1] Strategic Focus - In 2025, the company focused on its annual development strategy and operational goals, emphasizing its core business in copper foil [1] - The company undertook initiatives in quality improvement, research and development innovation, and cost reduction to enhance operational efficiency [1] - These efforts contributed to the company's successful turnaround from losses to profitability [1]