深 度 研 汽车行业 买入（维持） 汽车电子多点开花，营收利润稳健增长 华阳集团（002906.SZ）深度报告 2026 年 2 月 26 日 投资要点： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn SAC 执业证书编号： S0340124020014 电话：0769-22117626 邮箱：wuzhenjie@dgzq.com.cn | 邮箱：wuzhenjie@dgzq.com.cn | | | --- | --- | | 研 | | | 主要数据 | 2026 年 2 月 25 日 收盘价（元） 32.70 | | 总市值（亿元） | 171.65 | | 总股本（百万股） | 524.92 | | 流通股本（百万股）524.73 | | | ROE(TTM) | 11.04% | | 12 | 月最高价（元） 35.94 | | 证 | 12 月最低价（元） 26.82 | | 券 | | | 究 报 告 | 股价走势 | | 资料来源：东莞证券研究所，iFind | | 股价走势 资料来源：东莞证券研究所，iFind 究 报 ...

买入（维持） 强化产业链协同，推进全球化战略 金发科技（600143）深度报告 2026 年 2 月 26 日 分析师：苏治彬 SAC 执业证书编号： S0340523080001 电话：0769-22110925 邮箱： suzhibin@dgzq.com.cn | 主要数据 2026 年 | 2 | 月 25 | | 日 | | --- | --- | --- | --- | --- | | 收盘价(元) | | | 19.34 | | | 总市值（亿元） | | | 509.58 | | | 总股本(亿股) | | | 26.35 | | | 流通股本(亿股) | | | 26.35 | | | ROE（TTM） | | | 6.32% | | | 12 月最高价(元) | | | 24.08 | | | 12 月最低价(元) | | | 8.75 | | 股价走势 资料来源：iFinD，东莞证券研究所 相关报告 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 基础化工 深 度 研 究 公 司 ...

Market Overview - The market opened high and closed strong, with the ChiNext Index and Shenzhen Component Index both rising over 1% [2][3] - Major indices showed positive performance, with the Shanghai Composite Index closing at 4147.23, up 0.72%, and the Shenzhen Component Index at 14475.87, up 1.29% [2] Sector Performance - The top-performing sectors included Steel (up 4.69%), Non-ferrous Metals (up 3.48%), and Building Materials (up 2.75%) [2] - Conversely, sectors such as Media (down 1.15%) and Banking (down 0.46%) lagged behind [2] Concept Indices - Concept indices that performed well included Zinc Metals, Titanium Dioxide, and Phosphate Chemicals, with gains of 4.94%, 4.85%, and 4.51% respectively [2][3] - Underperforming concepts included Sora Concept (down 0.91%) and Military Restructuring Concept (down 0.89%) [2] Future Outlook - The market is expected to enter a high-probability window for upward movement post-holiday, supported by macro policies and industry catalysts [4] - The anticipated return of capital from pre-holiday cashing out is expected to provide ongoing momentum for future increases [4] - Key sectors to focus on include Dividends, TMT (Technology, Media, and Telecommunications), and Power Equipment [4]

美容护理行业 买入 （首次） 母婴赛道新声，润物生长 润本股份（603193）深度报告 2026年2月25日 魏红梅 SAC执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 研究助理：陈姿倩 SAC执业证书编号： S0340125070028 电话：0769-22119430 邮箱chenziqian@dgzq.com.cn | 主要数据 2026年2月24日 | | | --- | --- | | 收盘价(元) | 23.44 | | 总市值（亿元） | 93.84 | | 总股本(亿股) | 4.05 | | 流通股本(亿股) | 1.03 | | ROE（TTM） | 14.05% | | 12月最高价(元) | 43.43 | | 12月最低价(元) | 23.20 | 股价走势 资料来源：东莞证券研究所，ifind 相关报告 投资要点： ◼ 风险提示。市场竞争风险、投流税政策变化风险、新品推广不及预 期风险、产品质量与合规风险。 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断 ...

农林牧渔行业 买入 （维持） 一体化龙头 竞争优势显著 深 度 研 深 度 研 牧原股份（002714）深度报告 2026 年 2 月 25 日 | 魏红梅 邮箱：whm2@dgzq.com.cn 公 公 司 司 研 研 究 究 主要数据 2026 | | --- | | SAC 执业证书编号： | | S0340513040002 | | 电话：0769-22119410 | | 年 2 月 24 日 | | 收盘价（元） 44.56 | | 总市值（亿元） 2,556.28 | | 总股本（百万股） 5,736.72 | | 流通股本（百万股） 4,082.75 | | ROE(TTM) 29.24% | | 12 月最高价（元） 58.65 | | 12 月最低价（元） 35.01 | 资料来源：iFinD，东莞证券研究所 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： 公司是我国生猪养殖一体化龙头。公司始创于1992年，于2012年养猪事 业走出河南，2014年在深交 ...

Group 1: Core Insights - The steel industry in 2025 is characterized by supply contraction, export growth, price stabilization at low levels, and gradual improvement in profitability, with crude steel and pig iron production decreasing by 4.4% and 3.0% respectively, while steel output increased by 3.1% to 1.446 billion tons [2][10][81] - Steel exports reached a record high of 11.9 million tons in 2025, reflecting a 7.5% year-on-year increase, while the average export price fell by 8.1% to 694 USD per ton [10][81] - The China Steel Price Index (CSPI) averaged 93.19 points in 2025, down 9.1% year-on-year, indicating a narrow fluctuation range and a balance in market supply and demand [11][81] Group 2: Supply and Demand Dynamics - The raw material prices for iron ore and coking coal showed a mixed trend in 2025, with expectations for stable supply and weak price fluctuations in 2026 [2][19][81] - The steel supply side is constrained by government policies, leading to further reductions in pig iron and crude steel production capacity, while steel mills adopted a "production based on demand" strategy [2][23][81] - The demand structure for steel is shifting, with manufacturing steel usage surpassing construction steel for the first time, accounting for 51% of total demand, while construction steel dropped to 49% [2][44][82] Group 3: Industry Transformation and Profitability - The steel industry is expected to focus on "controlling total volume, optimizing supply, increasing efficiency, and promoting transformation" as it enters the 14th Five-Year Plan period [12][82] - Profitability is anticipated to stabilize and improve, supported by structural optimization and cost control, with special steel and green steel sectors likely to benefit from industry development [12][82] - Investment recommendations include companies such as CITIC Special Steel, Hualing Steel, Jiuli Special Materials, Yongjin Co., and Yongxing Materials, which are expected to perform well in the evolving market [81][83]

食品饮料行业 超配（维持） 顺应趋势，开拓创新 预调酒行业深度报告 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 深 度 研 究 行 业 研 究 2026 年 2 月 25 日 分析师：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 食品饮料行业指数走势 资料来源：东莞证券研究所，同花顺 相关报告 投资要点： 证 | 1. 预调酒简介 | 4 | | --- | --- | | 1.1 预调酒口感丰富，酒精含量适中 | 4 | | 1.2 预调酒行业产业链 | 4 | | 2. 我国预调酒行业市场规模稳步增长，消费群体以年轻女性为主 | 5 | | 2.1 我国预调酒行业市场规模稳步增长 | 5 | | 2.2 预调酒市场集中在一二线城市，消费群体以年轻女性为主 | 6 | | 2.3 我国预调酒渠道结构以 KA 为主 | 8 | | 3. 我国预调酒市场呈寡头垄断竞争格局 | 8 | | 4. 我国预调酒 ...

Group 1: Overall Industry Outlook - The semiconductor industry is experiencing an upward trend in performance, driven by strong demand in storage, equipment, and foundry sectors [1] - The report maintains an overweight recommendation for the semiconductor sector due to the overall industry recovery and growth potential [1] Group 2: Performance of Overseas Listed Companies - North American cloud service providers, including Microsoft, Amazon, Google, and Meta, reported significant year-on-year growth in cloud revenues, driven by AI demand, with capital expenditures expected to increase substantially in 2026 [14][15][16][17] - TSMC, the global leader in foundry services, reported a 25.5% year-on-year increase in Q4 2025 revenue, reaching $33.73 billion, with net profit growing over 40% [21] - Micron Technology's Q1 FY26 revenue reached approximately $13.64 billion, benefiting from rising storage prices driven by AI demand [31] - Texas Instruments and Analog Devices showed signs of recovery in the analog chip sector, with Texas Instruments reporting a 10% year-on-year revenue increase in Q4 2025 [39][41] Group 3: Performance of Domestic Listed Companies - SMIC reported a Q4 2025 revenue of 17.81 billion yuan, a year-on-year increase of 11.9%, with net profit growing by 23.2% [57] - The semiconductor packaging and testing sector is recovering, with several companies reporting improved profitability and growth driven by AI demand [60] - The analog chip sector is also showing signs of recovery, with many companies reporting improved performance compared to 2024 [62] Group 4: Investment Recommendations - The report suggests focusing on high-growth segments driven by AI, such as computing chips, storage, advanced packaging, and semiconductor equipment [7]

北交所 万源通：昆山万源通电子科技股份有限公司的主营业务是印刷电路 板的研发、生产和销售。2025年上半年，公司多层板、双面板和单 面板产品收入占比分别为43.54%、29.70%、18.72%。 许昌智能：许昌智能继电器股份有限公司的主营业务是智能配用电 产品、新能源产品和系统的研发、设计、组装、销售和服务，以及 电力工程总承包业务。2025年上半年，公司配用电自动化系统及智 能元件、高低压成套开关设备及智能开关元件、电力工程总承包项 目和新能源业务收入占比分别为35.41%、30.79%、18.50%、12.07%。 ◼ 风险提示。原材料价格波动风险；算力中心建设不及预期；市场竞 争加剧的风险。 北 交 所 研 究 2026 年 2 月 25 日 电源设备需求持续增长 北交所专题报告 投资要点： ◼ 关注2家电源行业相关企业 证 券 研 行业指数走势 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 -20% 0% 20% 40% 19/09 19/11 20/01 20/03 20/05 20/07 券商 ...

证券研究报告 2026 年 2 月 25 日 星期三 【A 股市场大势研判】 A 股马年开门红 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 4117.41 | 0.87% | 35.34 | | | 深证成指 | 14291.57 | 1.36% | 191.38 | | | 沪深 300 | 4707.54 | 1.01% | 47.14 | | | 创业板 | 3308.26 | 0.99% | 32.31 | | | 科创 50 | 1465.37 | -0.34% | -4.97 | | | 北证 50 | 1535.43 | 0.37% | 5.66 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万一级涨幅前五 | | | 申万一级跌幅前五 | 热点板块 n | 涨幅前五 | 热点板块跌幅前五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 石油石化 | 5.53% | 传媒 | -3.20 ...