但逻辑没有发生任何变化，电子纱供给偏紧+织布环节硬缺口， 普通电子布涨价逻辑硬、真实涨价正在发生，硬约束在，空间就在。 【中泰建材】普通电子布：涨价逻辑硬，回调是机会 今日电子布板块调整，主要随NV链普调。 电子布现已进入月度调价节奏，#3月初或再次提价。 主流企业26年销量：#中国巨石 （11-12亿米）、 （折布4-5亿米）、 （折布6亿米）。 业绩 【中泰建材】普通电子布：涨价逻辑硬，回调是机会 今日电子布板块调整，主要随NV链普调。 但逻辑没有发生任何变化，电子纱供给偏紧+织布环节硬缺口， 普通电子布涨价逻辑硬、真实涨价正在发生，硬约束在，空间就在。 电子布现已进入月度调价节奏，#3月初或再次提价。 主流企业26年销量：#中国巨石 （11-12亿米）、 （折布4-5亿米）、 （折布6亿米）。 业绩可算、估值可锚，跌下来反而是性价比。 #我们前期测算了各家电子布企业业绩弹性，欢迎详聊。 ...

2026年的A股市场，指数在震荡中缓慢上行，但个股行情却冰火两重天。 很多散户朋友每天追逐涨停板、跟风热门题材，结果往往是高位被套、来回亏损。 然而，就在市场喧嚣的背后，一股"聪明钱"正在悄然行动。 以社保、公募、外资为代表的主力资金，正避开人声鼎沸的热门股，默默建仓一批看似低调、 实则内核强大的公司。 这些公司不是靠故事和概念炒作，它们普遍拥有五大特征：身处国家重点支持的高景气赛道、近三年业绩持续增长、当前估值处于 历史低位、拥有难以替代的技术壁垒、并且获得了中长期机构的持续加仓。 它们就像武侠小说里的"扫地僧"，平时不显山露水，却身怀绝技。 本文将为你 揭开这10只被主力悄悄看中的"隐形冠军"面纱，看看它们究竟凭什么能成为穿越市场周期的底气。 厦门钨业是一家拥有钨、稀土、锂电材料三大主业的资源巨头。 市场通常把它看作传统的周期品公司，忽视了其在新材料领域的成长性。 2025年，公司实 现营业收入464.69亿元，同比增长31.37%；归母净利润23.11亿元，同比增长35.08%。 在钨业务上，它是全球APT产能第一的企业，光伏切割用的钨丝全球 市占率超过80%。 在新能源材料领域，它的子公司厦钨新能是宁 ...

2026 年 02 月 27 日 "申万宏源十大金股组合" —— 2026 年第 3 期：3 月 1 日-3 月 31 日 组合说明： ⚫ "金股组合"一方面体现申万宏源未来 1 个月的大势研判观点及风格判断结论，另一方面 体现我们申万宏源整体研究团队的研究能力与市场竞争力，在严格的申报筛选流程下，我 们从全行业的角度为投资者精选个股，力求为投资者提供踏实的研究支持。本次报告对上 期金股组合进行更新。 上期组合回顾： 本期策略判断： 本期金股组合：(具体推荐逻辑详见正文第 3 部分十大金股组合) 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 证券分析师 王胜 A0230511060001 wangsheng@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 王雪蓉 A0230523070003 wangxr@swsresearch.com 联系人 王雪蓉 A0230 ...

2026 年 2 月 27 日 总量研究 节后表现值得期待 ——2026 年 3 月 A 股及港股月度金股组合 要点 2 月 A 股港股出现分化 2月A股主要指数涨多跌少，行业端分化明显，综合、建筑材料、国防军工涨幅 居前。受市场情绪积极、风险偏好维持高位等因素影响，2月（截至26日），A 股主要指数大多出现上涨，其中中证1000涨幅最大，2月份累计上涨了2.9%，而 科创50跌幅最大，累计下跌了1.6%。 2月港股市场出现回调。2月受外围市场波动、市场情绪回落等因素影响，港股 市场整体走势偏震荡。截至2026年2月26日，恒生香港35、恒生指数、恒生综合 指数、恒生中国企业指数、恒生科技的涨幅分别为3.9%、-3.7%、-3.8%、-5.4%、 -10.6%。 A股观点：表现值得期待，把握成长与顺周期两条主线 未来将进入到经济数据与政策验证阶段，市场表现值得期待。在春节之后，市场 交易热度会出现季节性回升，奠定了未来市场表现的基础。同时，未来一个月市 场将进入到密集的数据与政策验证期。1、2 月份的一系列经济金融数据将会逐 步披露，奠定市场对于全年经济的基础预期。总体来看，3 月份权益市场机会仍 然大于风险 ...

目 录 | | 每日报告精选（2026-02-25 09:00——2026-02-26 15:00） | 2 | | --- | --- | --- | |  | 海外策略研究：《关税、地缘与 AI 叙事扰动，春节多数资产收涨》2026-02-25 2 | | |  | 行业跟踪报告：社会服务业《春节消费高景气，关注性价比、情绪价值和体验》2026-02-26 2 | | |  | 行业事件快评：其他小金属《津巴布韦收紧锂精矿出口，供给扰动再现》2026-02-26 3 | | |  | 行业跟踪报告：房地产《期待更强政策干预，推动供需再平衡》2026-02-26 4 | | |  | 行业专题研究：医药《从靶点到管线，FXI 引领抗凝产业新变革》2026-02-25 5 | | |  | 行业跟踪报告：汽车《1 月重卡"开门红"，同环比均有增长》2026-02-25 6 | | |  | 行业跟踪报告：房地产《沪"新七条"发布，小阳春可期》2026-02-25 6 | | |  | 行业专题研究：商业银行《大型银行短贷显著增加，中小银行信贷增长放缓》2026-02-25 7 | | |  ...

（来源：淘金ETF） 1. 先导智能（300450） 作为高端智能装备领域的重要企业，公司在精密制造与自动化方案上具备较强竞争力，业务覆盖新能源 装备与电子制造装备。公司为PCB行业提供高精度裁切、成型、检测等自动化生产设备，助力高多层 板、HDI板等高端产品提升生产效率与良率。随着AI服务器与数据中心建设加速，PCB行业对高端制程 装备需求持续提升，公司凭借在运动控制、精密集成方面的技术积累，不断优化适配通信板、汽车板的 装备方案。相关产品可满足头部PCB厂商扩产与技术改造需求，在电子制造装备国产化过程中保持稳定 迭代，与行业高端化、智能化发展方向高度契合，为PCB产业链提供可靠的制程装备支持，在高端制造 环节形成自身独特的行业价值。 2. 方正科技（600601） 公司背景具有国资属性，在电子信息领域拥有长期产业积淀。公司主营印制电路板的研发、生产与销 售，产品覆盖通信基站板、工业控制板、消费电子板等，广泛应用于网络设备、工业终端、智能家居等 场景。企业持续推进PCB产线工艺升级，重点提升高多层板与高频高速板占比，强化产品可靠性与信号 传输性能，以适配5G通信、工业互联网等领域的升级需求。在行业向集中化、 ...

Investment Rating - The industry investment rating is upgraded to "Overweight" [3] Core Insights - The chemical industry is expected to experience a recovery driven by both cyclical and growth factors, with a focus on organic silicon, PTA, polyester filament, caprolactam, spandex, vitamins, sweeteners, refrigerants, and phosphorus chemicals [7] - The organic silicon industry is entering a recovery phase, with new applications becoming the core growth driver. From 2019 to 2024, domestic DMC capacity expanded rapidly, leading to temporary oversupply and declining prices. However, with no new capacity expected in 2025 and increasing demand from sectors like new energy vehicles and photovoltaics, the supply-demand balance is improving [7] - The PTA and polyester filament industries are approaching a turning point, with the expansion cycle nearing its end. The demand side is expected to continue growing, supported by easing trade tensions and improved external demand [7] - The introduction of quota policies is expected to lead refrigerants into a high prosperity cycle, with supply constraints and stable demand growth from markets like heat pumps and cold chain logistics [9] - The synthetic biology sector is poised for explosive growth, driven by the transition to low-energy products and breakthroughs in non-grain bio-based materials [9] - OLED technology is accelerating its penetration into various display sizes, supported by policy measures aimed at fostering the new display industry [10] - The demand for high-frequency and low-loss electronic resins is increasing due to the rise of AI infrastructure, with AI server shipments expected to grow significantly [11] - The electronic chemicals sector is benefiting from the expansion of wafer production capacity, with increasing demand for key materials like photoresists and packaging materials [12] Summary by Sections Industry Performance - The chemical sector's overall performance ranked 14th with a weekly change of 0.78%, outperforming the Shanghai Composite Index by 0.38 percentage points [6][21] - Key stocks such as Honghe Technology and Zhongcai Technology saw significant price increases due to rising demand in AI servers and high-speed network equipment [6] Supply-Side Tracking - A total of 155 companies in the chemical industry had their production capacities affected, with 4 new repairs and 7 restarts reported [14] Key Industry Dynamics - BlueStar announced the acquisition of Elkem's core organic silicon assets, marking a strategic move to enhance its position in the global organic silicon industry [34] - The first biofuel blending policy in China was approved, allowing for local blending and reducing reliance on imports [34]

Investment Rating - The investment rating for the company is "Buy" [6][19]. Core Insights - The report highlights that the traditional electronic fabric prices are expected to rise significantly in February, driven by a shortage of traditional fabric due to the conversion of weaving machines to produce AI specialty fabrics. As the largest producer of traditional fabric, the company stands to benefit greatly, with every 1 yuan increase in electronic fabric prices potentially adding 1 billion yuan to the company's profits [2][12]. - The company is projected to see a significant increase in earnings per share (EPS) for 2025-2027, with estimates raised to 0.88 yuan, 1.24 yuan (+0.19), and 1.39 yuan (+0.19) respectively. The target price has been adjusted to 37.16 yuan based on a comparable company PE of 29.97 times for 2026 [12][14]. Financial Summary - Total revenue is forecasted to grow from 14,876 million yuan in 2023 to 23,351 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.7% [4]. - Net profit attributable to the parent company is expected to recover from 3,044 million yuan in 2023 to 5,552 million yuan in 2027, with a notable increase of 44.8% in 2025 and 40.1% in 2026 [4]. - The company's earnings per share (EPS) is projected to increase from 0.76 yuan in 2023 to 1.39 yuan in 2027 [4]. - The return on equity (ROE) is expected to improve from 10.6% in 2023 to 14.6% in 2027 [4]. Market Data - The current stock price is 27.62 yuan, with a target price of 37.16 yuan, indicating a potential upside [6][7]. - The company has a total market capitalization of 110,567 million yuan and a total share capital of 4,003 million shares [7][8]. - The stock has shown a significant absolute increase of 149% over the past 12 months [11].

Investment Rating - The investment rating for the company is "Buy" [6][19]. Core Insights - The report highlights that the traditional electronic fabric prices are expected to rise significantly in February, driven by a shortage of traditional fabric due to the conversion of weaving machines to produce AI specialty fabrics. As the largest producer of traditional fabric, the company stands to benefit, with every 1 yuan increase in electronic fabric prices potentially adding 1 billion yuan to the company's profits [2][12]. - The company is projected to see a substantial increase in earnings per share (EPS) for 2025-2027, with estimates raised to 0.88 yuan, 1.24 yuan (+0.19), and 1.39 yuan (+0.19) respectively. The target price has been adjusted to 37.16 yuan based on a comparable company PE of 29.97 times for 2026 [12][14]. Financial Summary - Total revenue is forecasted to grow from 14,876 million yuan in 2023 to 23,351 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.7% [4]. - Net profit attributable to the parent company is expected to recover from 3,044 million yuan in 2023 to 5,552 million yuan in 2027, with a notable increase of 44.8% in 2025 and 40.1% in 2026 [4]. - The company's earnings per share (EPS) is projected to increase from 0.76 yuan in 2023 to 1.39 yuan in 2027 [4]. - The return on equity (ROE) is expected to improve from 10.6% in 2023 to 14.6% in 2027 [4]. Market Data - The current stock price is 27.62 yuan, with a target price of 37.16 yuan, indicating a potential upside [6][7]. - The company has a total market capitalization of 110,567 million yuan and a total share capital of 4,003 million shares [7][8]. - The stock has shown significant performance, with a 52-week price range of 11.01-28.30 yuan and an absolute increase of 149% over the past 12 months [11][12].

会议助理: 本会议信息仅供参考，不代表任何投资建议。 孙颖 中泰证券分析师: 好的。那个各位投资者大家晚上好那个我和我的团队的这个同事，然后一起来给大家，就 是再拆一下，细化的拆一下，就是各个公司的这个模型，那个这个网络参会的可以看到我 们那个列磊投的这个 PPT 然后我这边。列磊，我们先把 PPT 翻到那个巨石的那个拆分那 一页。在讲各家公司的这个具体的业绩拆分之前，我先做一下这个简单的这个说明。就是 为了让大家更清楚去看到各个产品，然后以及后续的这个价格的这个变化，然后包括盈利 的这个贡献，我们把就是所有跟这个玻纤相关的东西，我们分成三类。 一类就是传统的玻纤粗纱，这个粗纱它的需求，就是我们是把就是跟电子相关的，不管是 普通的这个消费电子、汽车电子，还是跟 AI 相关的，我们全部都踢到、踢掉。那它就是 普通的这个粗纱，普通的这个粗纱的这个需求正常来讲是跟全球，GDP 的这个 1.5 倍，基 本上是全球 GDP 的这个 1.5~2 倍。然后是跟经济相关的，当然它的这个成长性会更强， 因为它跟国内地产的敞口大概只有 15%，然后跟海外大概这个地产的场口大概是 15%， 然后剩下来的就是包括像这个风电。 然后包 ...