证券研究报告 | 2026年02月27日 热点追踪周报 由创新高个股看市场投资热点（第 232 期） 乘势而起：市场新高趋势追踪：截至 2026 年 2 月 27 日，上证指数、深证 成指、沪深 300、中证 500、中证 1000、中证 2000、创业板指、科创 50 指数 250 日新高距离分别为 0.06%、0.06%、1.67%、0.00%、0.00%、0.00%、 2.30%、4.37%。中信一级行业指数中机械、电力及公用事业、钢铁、基 础化工、建筑行业指数距离 250 日新高较近，食品饮料、银行、医药、 非银行金融、综合金融行业指数距离 250 日新高较远。概念指数中，储 能、万得全 A 等权、金属非金属、万得全 A、钢铁、电子设备和仪器、 光伏等概念指数距离 250 日新高较近。 见微知著：利用创新高个股进行市场监测：截至 2026 年 2 月 27 日，共 1370 只股票在过去 20 个交易日间创出 250 日新高。其中创新高个股数量最多的 是机械、基础化工、电子行业，创新高个股数量占比最高的是有色金属、石 油石化、钢铁行业。按照板块分布来看，本周制造、周期板块创新高股票数 量最多；按照指数 ...

Group 1 - The China Securities 1000 ETF (159845) opened down 0.83% at 3.469 yuan [1] - Major holdings in the ETF experienced declines, including Xiangnong Chip Innovation down 1.83%, Dongxin Co. down 1.63%, and Yuanjie Technology down 3.28% [1] - The ETF's performance benchmark is the China Securities 1000 Index return, managed by Huaxia Fund Management Co., with a return of 45.08% since its inception on March 18, 2021, and a return of 1.47% over the past month [1]

Group 1: Key Insights - The report highlights the strong growth potential of the semiconductor industry, particularly driven by the demand for high-speed optical chips due to the ongoing upgrades in overseas computing power, catalyzed by events like the NVIDIA GTC conference [4] - The report emphasizes the transition of the defense industry towards intelligent and information-based munitions, with the company being a key player in the production of solid rocket engines, which positions it well for future growth [4] - The real estate sector is currently in an adjustment phase, with expectations of increased industry concentration and a shift from scale to quality, benefiting leading companies like the one analyzed [5] - The automotive sector is seeing advancements in intelligent driving solutions, with the company positioned as a core supplier for L3 autonomous driving technology, indicating a strong growth trajectory [5] - The chemical industry is experiencing a tightening supply of refrigerants, with the company expected to benefit significantly from this trend, as well as from its leadership in fluoropolymer materials [6] - The agricultural sector is projected to see stable growth despite recent price declines, with the company actively increasing its arable land and benefiting from rising grain prices [7] - The logistics sector is expanding its capacity through new shipbuilding initiatives, with a strong dividend policy and low valuation enhancing its attractiveness [8] - The machinery sector is recovering, with significant growth in excavator sales, positioning the company to capitalize on the industry's resurgence [8] - The hotel industry is entering a phase of accelerated expansion, with a focus on quality and quantity in new openings, indicating a positive outlook for the company [9]

Core Viewpoint - The China Securities 1000 ETF (159845) experienced a slight increase of 0.46% to reach a price of 3.494 yuan, with a trading volume of 2.051 billion yuan as of the midday close on February 26 [1] Group 1: ETF Performance - The China Securities 1000 ETF (159845) has a performance benchmark based on the return rate of the China Securities 1000 Index [1] - Since its establishment on March 18, 2021, the fund has achieved a return of 43.98%, while its return over the past month has been -0.59% [1] Group 2: Top Holdings Performance - Among the top holdings, Xiangnong Chip Innovation rose by 2.05%, Dongxin Co. increased by 3.12%, Yuanjie Technology gained 1.04%, and Cambridge Technology went up by 2.06% [1] - Conversely, O-film Technology fell by 0.71%, Changxin Bochuang decreased by 1.26%, Chunzong Technology dropped by 4.00%, while Demingli increased by 0.10%, Yongding Co. rose by 5.98%, and Yahua Group declined by 8.42% [1]

Group 1 - The core point of the article highlights the performance of the 中证1000ETF (159845), which opened with a slight increase of 0.09% at 3.425 yuan [1] - The major holdings of 中证1000ETF include 香农芯创, 东芯股份, 源杰科技, 剑桥科技, 欧菲光, 长芯博创, 淳中科技, 德明利, 永鼎股份, and 雅化集团, with varying performance among these stocks [1] - The fund's performance benchmark is the 中证1000 index return, managed by 华夏基金管理有限公司, with a return of 41.84% since its establishment on March 18, 2021, and a recent one-month return of -2.07% [1]

CPONPO 行业加速落地，如何看待节后投资机会？ 20260223 摘要 AI 算力需求驱动 CPU 行业发展，英伟达 Rubin Ultra 对芯片带宽提出 更高要求，加速 CPO 技术应用，台积电 CPO 交换机良率提升至 30%， 为大规模量产奠定基础。 CPO 交换机通过高密度集成、节能和提高信号传输质量等优势，解决数 据中心算力瓶颈，能耗降低 20%-40%，成为未来发展趋势。 台湾和中国模块产业链已具备 CPU 大规模量产基础，2026-2027 年行 业加速落地，技术需求推动产业发展，产业链配置初步具备。 CPU 交换机由 ASIC 芯片和光模块构成，ASIC 负责信号处理，光引擎负 责电光信号转换，外置光源提供光信号，无源器件连接芯片与光纤。 中国企业在光引擎组装、外置光源和无源器件领域具有发展潜力，天孚 通信、源杰科技等有望受益于 CPU 量产推进。 英伟达 Quantum X 交换机光引擎系统成本占比超 50%，FAU 占比约 10%，未来封装环节可能转移至国内厂商，如天孚通信、新易盛。 英伟达新产品 Rubin Ultra 对 CPU 技术的发展有什么影响？ 英伟达新产品 Rubin ...

Core Viewpoint - The article discusses the current funding logic in the market, highlighting the significant movements of public funds in the technology sector, particularly in the semiconductor and biopharmaceutical industries, as they adjust their portfolios based on performance and valuation metrics [3][8]. Group 1: Public Fund Movements - Public funds have shown a notable shift in their holdings, particularly in the STAR Market, with the STAR 50 Index rising by 12.1% this year [3][4]. - The total market capitalization of STAR Market companies reached 10.4 trillion yuan, with the technology sector dominating, accounting for 62.1% of the total market cap [5][6]. - The semiconductor industry remains the core focus for fund allocation, with 12 companies in the sector having a market capitalization exceeding 10 billion yuan [9][11]. Group 2: Semiconductor Sector Insights - The market's pricing anchor for the semiconductor sector has shifted from "valuation expansion" to "performance realization," emphasizing the importance of actual earnings [13][14]. - Key drivers for future growth in the semiconductor sector include strong order backlogs, profit growth through acquisitions and expansions, and sustained price increases in advanced processes [13][14]. - Public funds have significantly increased their holdings in semiconductor materials, chip design, and equipment, with companies like ShenGong Co. seeing an 11% increase in fund holdings [15][21]. Group 3: Biopharmaceutical Sector Insights - The biopharmaceutical sector is a critical area for public funds, with major holdings in companies like BeiGene and United Imaging Healthcare, although the sector has faced a reduction in holdings for several key companies [24][26]. - The article notes that innovative drug companies are currently under pressure, with significant reductions in holdings observed in companies like BaiLi TianHeng and RongChang Biopharma [26][28]. - Despite the challenges, companies with strong earnings potential and innovative drug pipelines are still attracting interest from public funds, indicating a selective investment approach [35][40].

业内分析认为，中兴通讯的市场需求优势与源杰科技的技术实力形成强协同，基金将推动双方从产品供 应升级为资本绑定的战略伙伴。3 亿元资金将精准投向 "卡脖子" 技术环节，依托两大企业资源实现 "投 资 - 孵化 - 产业化" 良性循环。当前 AI 算力爆发带动高速光模块需求激增，光芯片供需缺口持续，此次 基金成立既是双方深化合作的重要举措，更是产业链核心企业赋能新质生产力的实践，为我国高端制造 业高质量发展注入新动能。 近日，企查查 APP 公示显示，陕西建兴湛卢股权投资合伙企业（有限合伙）正式成立，基金规模 3 亿 元，聚焦股权投资、投资管理等业务，重点布局新一代信息技术、新能源、人工智能、先进制造等前沿 领域。股权穿透显示，该基金由通信龙头中兴通讯与高速光芯片领军企业源杰科技等共同出资，标志着 两大产业链核心企业开启深度资本协同，助力国产高端制造升级。 中兴通讯此次出资 1.17 亿元，延续其加码产业投资的战略。此前本月初，公司已出资 2 亿元参与粤港 澳大湾区创投引导基金，形成 "双基金并行" 格局。中兴通讯相关负责人表示，基金将依托公司通信设 备、网络技术领域的产业资源，挖掘产业链优质标的，通过资本赋能推 ...

企查查APP显示，近日，陕西建兴湛卢股权投资合伙企业（有限合伙）成立，出资额3亿元，经营范围 包含：以私募基金从事股权投资、投资管理、资产管理等活动。企查查股权穿透显示，该企业由中兴通 讯、源杰科技等共同出资。 ...

证券代码：688498 证券简称：源杰科技 陕西源杰半导体科技股份有限公司 2026 年第一次临时股东会 会议资料 陕西源杰半导体科技股份有限公司 2026 年 3 月 陕西源杰半导体科技股份有限公司 2026 年第一次临时股东会资料 目 录 | 2026 年第一次临时股东会会议须知 1 | | | | --- | --- | --- | | 2026 年第一次临时股东会会议议程 3 | | | | 议案一：关于公司拟投资建设光电通讯半导体芯片和器件研发生产基地二期项目的议案 | | | | 5 | | | | 议案二：关于调整募投项目内部投资结构、使用超募资金及自筹资金增加募投项目投资 | | | | 额的议案 6 | | | | 议案三：关于 7 | 2026 | 年度向银行申请授信额度的议案 | 陕西源杰半导体科技股份有限公司 2026 年第一次临时股东会资料 陕西源杰半导体科技股份有限公司 2026 年第一次临时股东会会议须知 为了维护全体股东的合法权益，保证股东在陕西源杰半导体科技股份有限公 司（以下简称"公司"）依法行使股东权利，确保股东会的正常秩序和议事效率， 根据《中华人民共和国公司法》《中华 ...