投资建议：第一条线推荐壁垒最高的电池环节，首推宁德时代，关注国轩高科，金龙羽等；第二条线推 荐设备端，推荐先惠技术，纳科诺尔，先导智能，联赢激光，关注宏工科技，灵鸽科技，利通科技，海 目星，利元亨，松井股份等；第三条线推荐材料端，首推硫化锂+电解质，推荐上海洗霸，厦钨新能， 当升科技，天赐材料，恩捷股份，华盛锂电，关注博苑股份，海辰药业，其次推荐天奈科技，容百科技 等；第四条线推荐新技术，关注中一科技，远航精密，英联股份等。 25年看，固态电池产业化加速，H1车规级电芯下线，H2中试线落地，带来两轮主升浪行情。26年看， 固态电池进入关键期，H1车规级Pack下线，开启装车路试验证，H2预计量产线落地。该行认为26年核 心催化点在于GWh级量产线的招标+固态相关车型的路试，有望带来类比25年两轮大级别的行情，建议 重点关注头部企业的产线招标情况，以及后续亮相工信部申报名录的新车型。 具备宽温域+高能量+安全性，固态电池天然适配太空领域 太空体系具备真空、极端温差、高辐射等特点，环境温度在-200℃~+150℃，液态电池工作温度 在-20℃~+60℃，而固态电池具备宽温域的属性，此外安全性高不起火，抗辐射不产气 ...

AI应用的落地离不开端侧硬件支撑，其快速发展也持续抬升端侧硬件需求，豆包手机形态、Openclaw 带火的Mac Mini均是端侧AI终端落地的标志性案例。AI应用对端侧硬件算力与效率提出明确要求，推 动传统手机、PC芯片加速向高端化升级，也推动相关芯片在制程工艺与架构设计上持续革新。PC和手 机作为核心用户入口，是大模型从算力中心走向物理世界、触达C端与B端用户的第一入口，也是端侧 AI最大的落地载体；该赛道亦吸引各大云厂商跨界布局，新兴力量的突围进一步重塑市场竞争格局。 抓住端侧入口的大厂，以及积极适配新型AI应用、重新定义PC和手机芯片产品的公司将在AI竞争中占 据优势。行业巨头虽坐拥深厚的端侧芯片技术壁垒，可满足低功耗与高端算力的核心要求，但仍需与时 俱进，以软件模型驱动硬件产品创新，方能持续稳固行业领先地位。 车载场景是端侧AI落地的最佳实践场景，车载芯片的迭代升级与国产生态构建将迎来重要发展机遇 智通财经APP获悉，东吴证券发布研报称，互联网与云算力大厂加速布局端云协同硬件生态、筑牢AI转 型硬件底座，云算力企业与互联网大厂均在持续加大端侧布局力度，通过搭建端云协同的闭环硬件生态 体系，夯实自身向 ...

智通财经APP获悉，东吴证券发布研报称，当前时点，中国经济进入存量时代，但检测服务市场成长性 仍有支撑，且格局将持续优化。龙头企业强者恒强，成长空间广阔：1）AI、新能源汽车、人形机器 人、商业航天等新兴技术的发展将带来新的检测需求，并且抬高检测服务市场的门槛，2）中国产业和 经济结构的转型，将继续提高对产品品质、品牌等的要求，公信力更强的龙头企业将脱颖而出。 东吴证券主要观点如下： 检测服务行业与宏观经济增速强相关，空间大、增速稳、格局散 2024年全国检验检测市场规模约4876亿人民币，2015-2024年CAGR约10.5%。2023年以来，受宏观经济 增速放缓等影响，检验检测行业增速放缓。2025年前三季度，我国检测服务板块实现营收304亿元，同 比下降7%（剔除医学检测占比较高的金域医学、迪安诊断后，同比增长3%，增速有所放缓），龙头企 业华测检验、广电计量和苏试试验下游较为分散，品牌和服务α属性明显，2025年前三季度营收同比增 长分别为7%、12%、9%，显著领先于行业。2025年前三季度，我国检测服务板块实现归母净利润20亿 元，同比下降6%。剔除医学检测占比较高的金域医学、迪安诊断后，板块归 ...

中信证券首席经济学家明明、创金合信基金首席经济学家魏凤春、粤开证券首席经济学家罗志恒、川财 证券首席经济学家陈雳、东吴证券首席经济学家芦哲等五位资深专家普遍认为，面对国内外复杂的经济 金融环境，进一步巩固市场稳中向好的势头，需要市场多维发力、综合施策，既要以"稳"化解内外风 险，又要以"改"激发市场活力，持续引"长钱"入市降低市场非理性波动，同时提升市场回报能力增强投 资者信心，通过系统施策，夯实市场长期健康发展根基，更好助力经济高质量发展。（证券日报） ...

智通财经APP获悉，东吴证券发布研报称，政策端是固态电池产业化的核心驱动力，国家多部门重点支 持固态电池，技术聚焦硫化物全固态，剑指27年装车示范性运营。固态电池在国家的大力支持下，25年 来产业链发展迅速。26年看，固态电池进入关键期，H1车规级Pack下线，开启装车路试验证，H2预计 量产线落地。该行认为26年核心催化点在于GWh级量产线的招标+固态相关车型的路试，有望带来类比 25年两轮大级别的行情，建议重点关注头部企业的产线招标情况，以及后续亮相工信部申报名录的新车 型。 东吴证券主要观点如下： 固态26年进入路试阶段，边际变化从电芯转为Pack，重点关注车型路试进展。25年看，固态电池产业 化加速，H1车规级电芯下线，H2中试线落地，带来两轮主升浪行情。26年看，固态电池进入关键期， H1车规级Pack下线，开启装车路试验证，H2预计量产线落地。该行认为26年核心催化点在于GWh级量 产线的招标+固态相关车型的路试，有望带来类比25年两轮大级别的行情，建议重点关注头部企业的产 线招标情况，以及后续亮相工信部申报名录的新车型。 具备宽温域+高能量+安全性，固态电池天然适配太空领域。太空体系具备真空、极 ...

Core Viewpoints - The report highlights a positive outlook for the non-bank financial sector, driven by favorable policies and continued capital inflow, suggesting potential for sector rebound [1][6]. - The report maintains a "Buy" rating for the sector, indicating expected strong performance relative to the market [2]. Market Performance - As of February 14, 2026, the Shanghai Composite Index rose by 0.41%, while the Shenzhen Component Index increased by 1.39%. The CSI 300 Index saw a modest gain of 0.36% [12]. - The average daily trading volume in the Shanghai and Shenzhen markets was 2.11 trillion yuan, reflecting a 12.3% decrease week-on-week [6]. Industry Dynamics and Weekly Commentary Insurance Sector - The report indicates that listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest margins. The insurance fund utilization scale reached 38.5 trillion yuan in Q4 2025, up 15.7% year-on-year [18]. - The report suggests that the upcoming spring market rally may drive better-than-expected performance for insurance companies in Q1 2026, supported by a stable long-term interest rate and an upward trend in the equity market [18]. Securities Sector - The report discusses the recent optimization measures for refinancing announced by the three major exchanges, which aim to enhance financing efficiency and support high-quality enterprises [19]. - The new refinancing rules are expected to create structural opportunities for securities firms, shifting the focus from compliance to the ability to identify and serve quality clients [20]. - The report emphasizes that the optimization of refinancing will lead to a more differentiated regulatory system, benefiting quality companies while tightening controls on weaker entities [22]. Key Company Valuations and Financial Analysis - The report provides detailed valuations for several key companies in the sector, including: - China Ping An (601318.SH) with a target price of 85.17 yuan and a "Buy" rating [7]. - New China Life (601336.SH) with a target price of 94.21 yuan and a "Buy" rating [7]. - China Life (601628.SH) with a target price of 55.47 yuan and a "Buy" rating [7]. - The report also highlights the expected earnings per share (EPS) growth for these companies, indicating a positive outlook for their financial performance in 2025 and 2026 [7].

电子皮肤&3D视觉建议关注：【汉威科技】【福莱新材】【奥比中光】 东吴证券主要观点如下： 事件：人形机器人全面进军春晚，松延动力、宇树科技、魔法原子、银河通用四家机器人公司分别亮相 小品、武术、歌曲及微电影四大类节目 智通财经APP获悉，东吴证券发布研报称，机器人核心能力的长足进步是机器人春晚再度出圈的关键， 也是机器人能够真正从实验室走向工厂的关键。21-25年机器人产业链完成从0-1的发展，而展望26年特 斯拉&国内头部企业将同时开启大规模量产，开启1-10的新篇章。而在投资标的方面也会进一步收敛， 建议关注真正具备量产能力&进链的头部标的。 T链核心建议关注：①总成：【三花智控】【拓普集团】；②丝杠：【恒立液压】【浙江荣泰】【新坐 标】【五洲新春】；③谐波减速器：【绿的谐波】【斯菱智驱】 宇树链核心建议关注：【首程控股】【长盛轴承】【美湖股份】 银河通用链核心建议关注：【天奇股份】 机器人在空中的每一秒都需要精确计算，包括旋转速度、角度调整以及落地缓冲等环节。通过融合视觉 传感器、六维力传感器和惯性测量单元，机器人能在空中实时计算重心偏移量，以每秒上百次的频率调 整全身关节的角度，并保持良好的误差控制。 ...

Core Viewpoint - The article discusses various grassroots financial education activities organized by multiple securities firms during the Spring Festival, aiming to enhance investor awareness and participation in financial literacy while addressing the rise of illegal financial activities during this period [1][2]. Group 1: Financial Education Activities - Securities firms have organized community events such as Spring Festival garden parties, where residents engage in games like financial knowledge quizzes and anti-fraud knowledge contests to learn about financial concepts [2][4]. - Activities include interactive elements like writing Spring Festival couplets and financial knowledge spinning wheels, making the learning process enjoyable and culturally relevant [4][5]. - Over a dozen securities firms, including Dongwu Securities and Huabao Securities, have launched similar festive educational activities targeting grassroots communities since late January [4]. Group 2: Innovative Approaches - Some firms, like Kaisheng Securities, have integrated traditional crafts with financial education, creating themed events that promote anti-fraud awareness and rational investment concepts through hands-on activities [5]. - The use of MBTI personality tests in investment profiling has been introduced by firms like Zhongxin Jianshe Securities, allowing investors to receive personalized investment reports based on their preferences and behaviors [7][8]. Group 3: Online and Offline Integration - Firms are leveraging both online and offline channels to maximize the reach and impact of their educational initiatives, ensuring comprehensive coverage of their activities [9]. - Zhongxin Jianshe Securities has developed a mini-program for investment education, enhancing accessibility and engagement through digital platforms [7][9]. Group 4: Challenges and Future Directions - Despite the success of these initiatives, there are challenges in making financial education sustainable and effective, particularly in adapting content to meet the diverse needs of different community demographics [10][12]. - Suggestions for improvement include establishing fixed educational service points in community centers and enhancing collaboration among various stakeholders to create a more integrated approach to financial education [12].

Core Viewpoint - Chinese securities firms are increasingly expanding their overseas operations, with multiple major and mid-sized firms announcing initiatives for international capital operations at the beginning of the year [1][2]. Group 1: Recent Developments - On February 13, major firms including CITIC Securities, CICC, and Zhongtai Securities announced guarantees for their overseas subsidiaries [2]. - GF Securities reported a change in registered capital from 7.606 billion RMB to 7.825 billion RMB due to a completed H-share placement, with funds aimed at enhancing overseas subsidiary capital [2]. - GF Securities plans to list its zero-interest convertible bonds on the Vienna MTF [3]. Group 2: Industry Trends - GF Securities is not the first to pursue overseas financing; Huatai Securities recently issued 10 billion HKD in zero-interest convertible bonds for international business support [5]. - Since 2025, over ten securities firms have made significant strides in international business, with firms like Western Securities and Dongwu Securities establishing wholly-owned subsidiaries in Hong Kong [6]. - The push into overseas markets represents a shift for Chinese securities firms from local intermediaries to global traders, driven by the need for risk hedging and capital flow [6]. Group 3: Performance Metrics - As of mid-2025, 13 out of 16 comparable A-share listed securities firms reported over 10% year-on-year growth in overseas business revenue [7]. - Notable revenue figures include CITIC Securities at 6.912 billion RMB (up 13.57%), CICC at 4.024 billion RMB (up 75.66%), and Haitong Securities at 2.459 billion RMB (up 76.21%) [8]. Group 4: Future Outlook - Experts predict that a significant number of quality domestic enterprises will connect with global markets through Hong Kong, creating opportunities for IPOs and cross-border capital services [9]. - The competitive edge in overseas business will increasingly focus on cross-border derivatives and FICC (Fixed Income, Currency, and Commodity) operations [10]. - Chinese securities firms are expanding beyond Hong Kong to Southeast Asia and the Middle East, establishing a comprehensive international business landscape [10]. Group 5: Strategic Considerations - The future growth potential for Chinese securities firms lies in cross-border wealth management, offshore RMB-related businesses, and investment banking in emerging markets [11]. - Firms are advised to build a composite team that understands both international rules and Chinese industries, while also enhancing cross-cultural integration [12].

东吴证券研报指出，君亭酒店作为中高端精选服务酒店龙头，实现中高端和高端商务、度假品牌全覆 盖，直营为基、轻资产实现全国化扩张。预测君亭酒店2025-2027年归母净利润分别为0.2/0.7/1.1亿元， 对应PE估值为317/88/57倍。君亭酒店作为弹性标的，定位高端市场，直营门店爬坡有望释放业绩，湖 北文旅成为控股股东后打开成长空间，资源整合增厚利润，首次覆盖给予"增持"评级。 ...