2026 年 02 月 28 日 策略类●证券研究报告 三月延续震荡偏强，成长占优 定期报告 投资要点 分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 分析师 张欣诺 SAC 执业证书编号：S0910525110001 zhangxinnuo@huajinsc.cn 相关报告 节 后 春 季 行 情 延 续 ， 科 技 和 周 期 占 优 2026.2.22 短端情绪面虽有少许扰动，但新股板块结构 性 活 跃 或依 然 可 期 - 华 金 证 券新 股 周 报 2026.2.21 探寻 2026 年新股择股路径（一）：AI 应用春 潮涌动，产业链次新股大盘点 2026.2.15 有 色 、 通 信 四 季 度 外 资 持 仓 规 模 上 升 2026.2.13 主动偏股基金加仓有色、通信，减仓医药 2026.2.12 http://www.huajinsc.cn/ 1 / 24 请务必阅读正文之后的免责条款部分 复盘历史，A 股 3 月表现偏震荡，主要受政策和外部事件、流动性等因素主导，且 两会后基本面因素的影响上升。（1）A 股 3 月表现偏震 ...

相关报告 节 后 春 季 行 情 延 续 ， 科 技 和 周 期 占 优 2026.2.22 短端情绪面虽有少许扰动，但新股板块结构 性 活 跃 或依 然 可 期 - 华 金 证 券新 股 周 报 2026.2.21 2026 年 02 月 28 日 策略类●证券研究报告 三月延续震荡偏强，成长占优 定期报告 投资要点 风险提示：历史经验未来不一定适用，政策超预期变化，经济修复不及预期。 分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 分析师 张欣诺 SAC 执业证书编号：S0910525110001 zhangxinnuo@huajinsc.cn 探寻 2026 年新股择股路径（一）：AI 应用春 潮涌动，产业链次新股大盘点 2026.2.15 有 色 、 通 信 四 季 度 外 资 持 仓 规 模 上 升 2026.2.13 主动偏股基金加仓有色、通信，减仓医药 2026.2.12 http://www.huajinsc.cn/ 1 / 24 请务必阅读正文之后的免责条款部分 复盘历史，A 股 3 月表现偏震荡，主要受政策和外部事件、流动性等 ...

交易台 – 高盛中国市场综述 上证综指+0.39% 科创50+0.15% 上证500+0.14% 创业板指数 -1.04% 沪深300 -0.34%中证500 +1.18% A股总成交额(万亿元人民币) 2.51 今天早盘中国市场表现平淡，但zz局会议通稿发布后，午盘出现走强态势。 关于zz局会议：会议要求增强宏观政策的前瞻性和针对性，继续实施积极的财政政策和稳健的货 交易台 – 高盛中国市场综述 上证综指+0.39% 科创50+0.15% 上证500+0.14% 创业板指数 -1.04% 沪深300 -0.34%中证500 +1.18% A股总成交额(万亿元人民币) 2.51 关于zz局会议：会议要求增强宏观政策的前瞻性和针对性，继续实施积极的财政政策和稳健的货币政策，着力稳 就业，稳企业，稳市场，稳预期。 板块层面，证券板块午盘一度走高反映市场对会议精神的积极解读，但上涨动能未能持续。 全日来看金属板块延续强势表现，全线上涨超3%。 下跌方面，受人工智能板块担忧情绪影响，IGBT，CPO及半导体板块全线下挫。 资金流向：春节后首周交投活跃度显著提升，名义交易量较节前增长30%。 我们在信息技术板块呈现显著 ...

2026年02月26日，瀛通通讯公告全资子公司取得一项发明专利，名称为"一种极细同轴线材定位焊接设 备"，该专利有利于完善公司知识产权保护体系，提升长期核心竞争力，但短期内对生产经营无重大影 响。公司近期持续聚焦无线耳机、AI硬件等新兴赛道，如2025年10月公告的无线耳机产能扩张项目， 为未来增长提供支撑。 近期事件 以上内容基于公开资料整理，不构成投资建议。 经济观察网 2026年02月27日，瀛通通讯股价下跌2.08%，报收19.80元，成交额9635.90万元，换手率 3.24%，总市值36.88亿元。当日主力资金净流出472.93万元，连续3日呈现净流出态势，近5日累计净流 出2443.21万元，显示短期资金面承压。技术面显示，当前股价接近压力位20.12元，筹码平均成本为 19.68元，若突破压力位可能开启上涨行情，但需警惕回调风险。此前于2026年02月24日，股价曾上涨 2.01%，报收19.76元，主力资金小幅净流入8.15万元，但近5日整体跌幅为2.71%，波动较为显著。行业 层面，消费电子板块同期下跌0.54%，公司股价表现与板块走势基本同步。 ...

Group 1 - Nvidia's Q4 performance has exceeded expectations, leading to a surge in AI hardware stocks in the A-share market, with semiconductor ETFs in China and South Korea nearing their daily limit up, and electricity-related ETFs rising by 3% and 2.9% respectively [1] - A significant shift is occurring where technology growth is increasingly reliant on physical assets, marking a departure from the previous dominance of financial assets over physical assets [2][3] - The HALO concept, which combines heavy assets with low obsolescence, is gaining traction, indicating a paradigm shift in investment strategies towards assets that are less susceptible to technological changes [2][3] Group 2 - The rise in physical asset values is driven by geopolitical tensions and resource nationalism, which have made these assets more valuable as a safe haven compared to software and light asset industries [4] - The South Korean stock market has seen unprecedented growth, with the composite index surpassing 6000 points for the first time and achieving a year-to-date increase of 49.67% [4][5] - A-share market trends reflect a similar "physical asset supremacy," with significant gains in sectors such as construction materials, non-ferrous metals, and petrochemicals [7] Group 3 - ETFs with high physical asset content have dominated the performance charts, with several indices, including semiconductor and oil and gas resources, showing gains of over 25% year-to-date [10] - In the first two trading days of the year, A-share financing clients purchased a total of 57.5 billion yuan, indicating strong capital inflow into physical assets [13] - The top sectors for net buying include electronics, non-ferrous metals, and power equipment, highlighting investor interest in HALO stocks [17][18] Group 4 - High inflows into HALO-focused ETFs have been observed, with significant net purchases in gold, semiconductor materials, and electricity equipment ETFs [20] - The macroeconomic environment is favoring heavy asset industries, as manufacturing PMI has rebounded, surpassing service sector PMI [22] - Tech giants are projected to spend approximately $1.5 trillion on capital expenditures from 2023 to 2026, with $650 billion expected this year alone, indicating a strong focus on infrastructure investments [22]

Core Viewpoint - The article highlights the optimistic outlook of foreign investment banks towards China's economy in 2026, suggesting a favorable environment for A-shares and Hong Kong stocks due to policy support, improving corporate profits, and capital inflows [1] Group 1: Market Trends - The A-share market is expected to exhibit a "N" shaped trend in 2026, with a continuation of the upward trend from late last year into the Spring Festival [2] - External liquidity easing may be nearing its end, and while the AI industry shows medium-term promise, short-term discrepancies between reality and expectations may impact the market [2] - Despite potential market fluctuations in the second quarter, the upward trend of the A-share market is likely to remain intact due to the ongoing recovery of domestic demand [2] Group 2: Key Focus Areas - Investors should pay attention to the development of the AI industry, particularly innovations in AI applications, as this is crucial for the A-share market in 2026 [3] - Marginal improvements in China's macroeconomy, including real estate and consumption, are also significant, with indicators showing positive trends [3] - The relationship between global re-inflation and liquidity is important, as the global inflation cycle is ahead of China's, and the Federal Reserve's interest rate decisions will be key indicators to watch [3] Group 3: Capital Inflows - The overall upward trend in the market since the "924" rally has created a profit-making effect, attracting more capital recognition towards A-shares due to China's competitive advantages and economic resilience [3] - There is a clear trend of incremental capital inflows into A-shares, with both domestic and foreign investors viewing opportunities as outweighing risks [3] Group 4: Currency and Asset Revaluation - The trend of RMB appreciation is expected to be sustained, positively impacting the capital market [4] - The expectation of RMB appreciation may lead to a return of funds previously allocated to global assets, contributing to a potential "Asset Revaluation 2.0" in China [5] Group 5: Investment Opportunities - Investment opportunities are concentrated in three areas: the AI industry, particularly infrastructure and hardware; cyclical sectors with ongoing commodity price increases; and the pharmaceutical sector, which may benefit from AI advancements [6] - The technology sector is highlighted as requiring careful selection for investment, with significant opportunities anticipated in technology, cyclical sectors, real estate, and certain consumer segments [6]

利润表现显著改善、盈利质量持续提升，背后是雷神科技多维度系统性优化的结果。供应链端，公司建 立核心原料储备与动态管理机制，通过前瞻备货有效对冲零部件价格波动风险；产品结构端，高附加值 的AI硬件、高端电竞装备营收占比稳步提升，有力推动经营效率与盈利水平的双重优化。 展望2026年，AI PC渗透率有望加速提升，智能眼镜正成为高潜力消费电子新兴赛道；信创替代需求向 央企及地方国企延伸，市场空间持续拓展；电竞产业的体育化、产业化进程加快，生态日趋完善。在此 背景下，雷神科技凭借清晰的战略主线与扎实的基本面，有望在新的一年持续兑现增长预期，迎来盈利 与估值双提升的新周期。 电竞装备板块作为雷神科技核心基本盘，持续巩固全场景领先优势。依托星闪、蜂鸟屏等前沿科技的持 续落地，叠加电竞体育化浪潮持续升温的行业红利，公司全场景电竞产品矩阵市场表现持续强劲，核心 游戏本等产品始终保持高热度与市场认可度。与此同时，公司电竞生态布局逐步深化：电竞酒店全国签 约门店突破225家，规模化效应初显；自主IP赛事"雷神杯·ACL"覆盖150余座城市的1000余所高校，累 计吸引超10万名选手参赛，行业影响力持续扩大。电竞衍生场景的快速发 ...

2026 年 02 月 22 日 策略类●证券研究报告 节后春季行情可能延续，科技和周期占优 定期报告 投资要点 分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 分析师 张欣诺 SAC 执业证书编号：S0910525110001 zhangxinnuo@huajinsc.cn 2026.2.13 主动偏股基金加仓有色、通信，减仓医药 2026.2.12 震荡波动呈现收敛，新股板块向上活跃周期 或依然在途-华金证券新股周报 2026.2.8 http://www.huajinsc.cn/ 1 / 25 请务必阅读正文之后的免责条款部分 节前市场担忧的风险因素在假期期间基本未发生。（1）春节期间出行和消费数据 偏好，对经济和盈利的担忧未出现。一是春节期间出行数据同比增长明显。二是春 节期间消费数据也偏好。（2）美国通胀回落，流动性收紧的担忧未出现。一是美 国 1 月 CPI 同比增速从 2025 年 12 月的 2.7%下滑至 2.4%，同时 1 月非农时薪同 比增速继续下滑至 3.71%，通胀和就业市场继续降温，美联储年内大概率继续降息。 二是美国 ...

Group 1 - The core point of the article is that Shiyida's subsidiary, Shenzhen Shiyida Intelligent Technology Co., Ltd., has obtained a high-tech enterprise certificate, which will allow the company to enjoy a 15% corporate income tax rate for the next three years, positively impacting long-term development [1] - The company indicated that this certification will not have a significant impact on the 2025 performance forecast [1] - Investors have suggested that the company expand into semiconductor packaging equipment, automotive sensors, and AI hardware to address competitive pressures in the automotive electronics sector [1] Group 2 - In the past week, Shiyida's stock price fluctuated between a decrease of 0.42% and a volatility of 5.97% [2] - The closing price on February 11 was 9.51 yuan, a slight decrease from 9.60 yuan on February 5, with a trend of shrinking trading volume [2] - The technical analysis indicates that the stock price is in a consolidation phase, with short-term performance aligning with the electronic sector [2]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：华金证券 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：华金证券 春节前A 股短期走势对节后行情可能有一定影响。2010 年以来的16 年中，有9次春节前5 个交易日内上 证综指走强（弱）而节后1 个交易日上证综指下跌（上涨）；有12 次节前5 个交易日内上证综指涨跌与 节后5 个交易日内涨跌同向。 春季行情未完，春节期间风险可能有限，可持股过节。（1）今年春节期间经济和盈利预期可能改善。 一是春节出行、消费数据可能偏好。二是今年春节地产销售可能有所回暖：首先，低基数效应下今年春 节期间地产销售同比增速可能有所回升；其次，各地刺激地产销售的政策预期较强，春节假期期间地产 销售可能延续回暖趋势。（2）春节期间流动性可能维持宽松。一是春节期间宏观流动性可能维持宽 松：首先，海外方面，2 月11 日美国1 月CPI 数据将公布，2 月17 日美国零售数据将披露，预计美元指 数可能继续维持低位震荡，海外对国内流动性宽松的掣肘有限；其次，国内方面，春节前流动性季节性 紧张下央行可能加大净投放力度。二是春节前 ...