被低估的大模型公司：【中控技术】 （1）什么是TPT大模型：TPT=大规模时序数据（Time-series）基于 Transformer架构预训练（Pre-Trained）。 是中控技术几百人研发团队历时三年多打造的业界首款为连续流程工业（石化、化工、电力、冶金等）设计的预 训练人工智能大模型系统。 目前版本2.0。 （2）TPT大模型为什么可以媲美质谱、 被低估的大模型公司：【中控技术】 （1）什么是TPT大模型：TPT=大规模时序数据（Time-series）基于 Transformer架构预训练（Pre-Trained）。 是中控技术几百人研发团队历时三年多打造的业界首款为连续流程工业（石化、化工、电力、冶金等）设计的预 训练人工智能大模型系统。 目前版本2.0。 （2）TPT大模型为什么可以媲美质谱、Minimax等大模型： 首先，高壁垒：数据壁垒——训练TPT模型需要大量的工厂生产数据，包括每个工厂几万个甚至几百万个传感器的 时间序列数据。 应用壁垒——化工厂安全生产是第一位的，没有行业实施经验的厂商不敢涉足。 比较而言大语言模型的竞争还比较激烈，鹿死谁手尚未可知。 而中控技术的TPT模型基本已经奠 ...

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 ...

每日经济新闻 2026年"机器人春晚"带动具身智能机器人赛道投融资持续火热，多家企业斩获数亿元级别融资：自 变量机器人获上汽金控、中金上汽基金领投及老股东加码，因时机器人完成C1、C2轮数亿元融资，无 界动力也拿下超2亿元天使+轮融资，产业资本与头部机构密集布局，赛道热度持续攀升。 机器人ETF（562500）是全市场唯一规模超两百亿的机器人主题ETF，成分股覆盖人形机器人、工 业机器人、服务机器人等多个细分领域，帮助投资者一键布局机器人上中下游产业链。场外联接（华夏 中证机器人ETF发起式联接A：018344；华夏中证机器人ETF发起式联接C：018345）。 截至2026年2月27日 10点08分，中证机器人指数（H30590）上涨0.01%，成分股云天励飞上涨 16.02%，瑞松科技上涨2.98%，华东数控上涨2.38%，中控技术上涨2.02%，科远智慧上涨1.94%。机器 人ETF（562500）多空胶着，最新报价1.08元。流动性方面，机器人ETF盘中换手0.96%，成交2.57亿 元。拉长时间看，截至2月26日，机器人ETF近1周日均成交14.06亿元，排名可比基金第一。 资金流入方面，机器人ET ...

同壁财经讯，企查查数据显示，根据《青海盐湖镁业有限公司PVC&钾碱厂30万吨乙烯法PVC装置智能 化服务升级改造项目中标结果公示》，中控技术股份有限公司于2026年2月24日公告中标青海盐湖镁业 有限公司采购项目，中标金额为1586.00万元。 相关上市公司：中控技术(688777.SH) 2025年上半年公司营业收入为38.30亿元，营业收入增长率为-9.92%，归属母公司净利润为3.54亿元，归 属母公司净利润增长率为-31.46%。 目前公司属于信息技术行业，主要产品类型为电气仪器仪表、系统集成服务、行业专用软件、专业咨询 服务，2024年报主营构成为控制系统+仪表:24.5%;控制系统+软件+其他:20.9%;S2B平台业务:17.75%;控 制系统:16.35%;工业软件及服务:8.13%;自动化仪表:7.04%;运维服务:4.64%;其他业务:0.59%;其 他:0.11%。 同壁财经讯，企查查数据显示，根据《青海盐湖镁业有限公司PVC&钾碱厂30万吨乙烯法PVC装置智能 化服务升级改造项目中标结果公示》，中控技术股份有限公司于2026年2月24日公告中标青海盐湖镁业 有限公司采购项目，中标金额为 ...

继续坚定看好国产AI&海外发散： 继续坚定看好国产AI&海外发散： 1.国产算力：H和#海光信息，H主要看#华正新材，禾盛新材，IDC：#金开新能 2.存储： 雅克科技、帝科股份、开普云，闪迪美光7709 3.应用：#看好优刻得、首都在线、青云科技、中控技术、合合信息、真爱美家、德才股份（联系岚琪） 4.上游： 宏和科技、东材科技、延江股份 5.液冷： 飞龙股份、华光新材、江南新材 6.OCS：君逸数码（OCS上游透镜阵 ...

Group 1: Macro Insights - The report discusses how AI deflation and balance sheet reduction could reshape asset pricing logic, emphasizing the uncertainty surrounding the Federal Reserve's future policy direction [1][6][7] - It highlights the potential impact of reducing the Fed's balance sheet on dollar asset prices and the importance of maintaining central bank independence [1][6][7] Group 2: Company Analysis - Huahong Semiconductor (688347.SH) - Huahong is projected to achieve revenues of 183.83 billion, 246.57 billion, and 284.07 billion CNY for 2025-2027, with net profits of 6.74 billion, 7.78 billion, and 11.29 billion CNY respectively [2][12] - The company is positioned as a leader in mature process semiconductor manufacturing, benefiting from the global semiconductor industry's recovery [12][13] - Huahong's expansion plans include the ramp-up of FAB9 and the integration of FAB5, which is expected to enhance future growth potential [12][14] Group 3: Company Analysis - Valiant Bio (9887.HK) - Valiant Bio focuses on three core technology platforms targeting oncology and autoimmune diseases, with significant clinical trials underway [3][16] - Revenue forecasts for 2025-2027 are 175.0 million, 196.0 million, and 200.8 million HKD, with a projected increase in profitability as clinical data catalysts emerge [3][16][17] Group 4: Company Analysis - Ningbo Huaxiang (002048.SZ) - Ningbo Huaxiang is expected to see net profits of 5.19 billion, 16.10 billion, and 17.56 billion CNY from 2025 to 2027, with a target market value of 402.39 billion CNY by 2026 [4][18] - The company is expanding into the humanoid robot sector and is anticipated to improve profitability following the divestment of European assets [18][19] Group 5: Industry Insights - Hotel and Catering - The report indicates a significant increase in travel and service consumption during the 2026 Spring Festival, with domestic tourism expected to reach 520 million trips, a 3.8% increase year-on-year [25][26] - The catering sector is benefiting from increased customer flow, particularly in first-tier cities, with notable growth in restaurant bookings and sales during the holiday period [26][27] Group 6: Industry Insights - Gas Turbine - The gas turbine industry is experiencing robust demand, with Siemens Energy reporting record order volumes and plans to increase production capacity significantly by 2027 [29][30][31] - Major companies like GE and Mitsubishi Heavy Industries are also reporting substantial order growth, indicating a strong market outlook for gas turbines [30][31][32] Group 7: Industry Insights - Tooling Industry - The report highlights a rapid increase in tungsten carbide prices, benefiting leading domestic tooling companies amid supply constraints and rising demand in high-value sectors [35][36][37] - The Chinese government's export controls on tungsten resources are expected to further enhance the competitive position of domestic tooling manufacturers [35][37]

Group 1 - The resignation of senior vice president Fang Yongsheng will not impact the company's normal operations, and he will continue to hold other positions within the company [2] - Fang Yongsheng directly holds 416,875 shares and indirectly holds 290,000 shares through a partnership, and he will comply with relevant regulations regarding shareholding [2] - The company expresses gratitude for Fang Yongsheng's contributions during his tenure [2] Group 2 - In 2025, the company reported total revenue of 805,062.53 million RMB, a decrease of 11.90% year-on-year, and a net profit attributable to shareholders of the parent company of 45,009.58 million RMB, down 59.70% year-on-year [5] - The total assets at the end of 2025 were 1,886,572.93 million RMB, an increase of 3.00% year-on-year, while the equity attributable to shareholders of the parent company decreased by 2.87% to 1,001,263.38 million RMB [6] - The decline in revenue and profit is attributed to a slowdown in macroeconomic growth, weak downstream customer demand, and reduced income from bank wealth management and interest, along with increased exchange losses [7][8]

Core Viewpoint - The company announced the resignation of its Senior Vice President, Fang Yongsheng, due to personal reasons, although he will continue to hold other positions within the company [2] Group 1 - The company's board received the resignation report from Fang Yongsheng [2] - Fang Yongsheng will remain with the company in a different capacity after resigning from his role as Senior Vice President [2]

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company has set ambitious revenue targets for 2026-2028, aiming for 10.5 billion, 14.5 billion, and 20 billion yuan respectively, with specific targets for its industrial AI business of 1 billion, 2.5 billion, and 5 billion yuan [5] - The company is expected to achieve a revenue of 7.64 billion to 8.44 billion yuan in 2025, reflecting a year-on-year decrease of 7.60% to 16.40%, and a net profit attributable to shareholders of 426 million to 524 million yuan, down 53.07% to 61.85% [5][2] - The company is focusing on industrial AI, with a "1+2+N" technology system to enhance its core control systems, achieving a 40.4% market share in the domestic DCS market by 2024 [2] - The company has launched a subscription model, signing 938 subscription clients in the first half of 2025, transitioning from traditional hardware sales to ongoing services [2] - The self-developed industrial AI product, TPT, generated 117 million yuan in revenue in the first half of 2025 and has been applied in 110 projects with major clients [2] Financial Projections - Revenue projections for 2025-2027 are 8.12 billion, 9.66 billion, and 11.47 billion yuan, respectively, with a forecasted growth rate of -11.2% in 2025, followed by 18.9% and 18.8% in the subsequent years [3] - The net profit attributable to shareholders is projected to be 495 million yuan in 2025, with a significant decline of 55.7%, followed by a recovery to 838 million and 1.36 billion yuan in 2026 and 2027, respectively [3] - The earnings per share (EPS) is expected to be 0.63 yuan in 2025, increasing to 1.06 yuan in 2026 and 1.71 yuan in 2027 [3]

Core Viewpoint - Zhongkong Technology (688777.SH) reported a decline in both revenue and net profit for the fiscal year 2025, primarily due to external market conditions and a slowdown in macroeconomic growth [2] Financial Performance - The company achieved total operating revenue of 8.051 billion yuan, a year-on-year decrease of 11.9% [2] - The net profit attributable to the parent company's shareholders was 450 million yuan, reflecting a significant year-on-year decline of 59.7% [2] Market Conditions - The decline in revenue and profit was attributed to weak downstream customer demand, reduced bank wealth management and interest income, as well as increased foreign exchange losses [2] Strategic Initiatives - The company is focusing on strengthening internal management and cost control measures [2] - There is a concerted effort to invest in the development of industrial AI business, with innovations such as the time series large model TPT accelerating towards scalable implementation [2]