双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：87 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 2026 年 02 月 25 日 ▌ 华鑫市场情绪温度指标：（过热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 87 分，市场情绪处于"过热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：机器人、电网设备、化工 1、机器人主题：2026 年春晚堪称机器人"含量"最高的一 届，标志着中国机器人行业正从"炫技"加速迈向"商 用"。舞台上，宇树机器人完成空翻、武术等高动态集群控 制，技术全球领先。随着量产成本下降，一个规模巨大的增 量市场正加速形成。相关标的：三花智控（002050）、卧龙 电驱（600580） 2、电网设备主题：全球 AI 数据中心（AIDC）耗电量巨大， 催生了对高功率、高稳定性变压器等核心电力设备的刚性需 求。目前全球供需严重失衡，美国市场交货周期已长达 127 周。与此同时，国内"十五五"期间 ...

证 券 研 究 报 告 行业周报 机器人春晚表现亮眼，我国首次完成一级箭体海上回收 汽车行业周报 ◼ SAC编号：S1050523090001 投 资 要 点 ▌机器人春晚表现超预期，T链继续关注Optimus Gen3发布催化 宇树科技三登总台春晚，完成全球首次全自主人形机器人集群武术表演。在《武BOT》节目中，其24台机 器人G1完成了包括花式翻桌跑酷、单脚连续空翻、两步蹬墙后空翻、大回旋七周半等复杂动作。王兴兴采 访中强调，运动能力是所有的机器人或者具身智能落地的必要条件。目前G1机器人最快移动速度可达4米/ 秒，春晚展现的其集群控制技术、快速走位能力都可以迁移到工厂场景中，有利于未来的机器人大规模集 群化干活。据王兴兴预计，2026年宇树的出货量或将达到一到两万台左右。 投资评级： （ ） 报告日期： 推荐 维持 2026年02月24日 ◼ 分析师：林子健 魔法原子多款机器人协同亮相，银河通用和松延动力展示各自特色。魔法原子Z1完成了单手倒立支撑跳、 托马斯、踢月腿360°特技等一系列高难度动作展示；上百台由魔法原子四足机器人MagicDog穿戴熊猫外 观改造而成的"机器熊猫"同时登场，在城市广场完成 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Xin Yang Feng, Sen Qi Lin, Rui Feng New Material, Sinopec, Ju Hua Co., Yang Nong Chemical, China National Offshore Oil Corporation, Tong Kun Co., and Dao Tong Technology [11]. Core Insights - The report highlights significant price increases for industrial-grade lithium carbonate (up 7.58%) and battery-grade lithium carbonate (up 7.46%), while liquid chlorine and nitric acid experienced substantial declines [4][18]. - The report suggests focusing on investment opportunities in areas such as import substitution, domestic demand, and high-dividend stocks, particularly in light of fluctuating international oil prices [6][18]. - The chemical industry is currently facing a mixed performance, with some sectors showing resilience while others struggle due to overcapacity and weak demand [21]. Summary by Sections Chemical Industry Investment Recommendations - The report emphasizes the importance of monitoring price trends in key chemical products, noting both significant increases and decreases in various sectors [4][18]. - It recommends focusing on sectors like glyphosate, fertilizers, and companies with strong domestic demand and import substitution potential [21]. Price Trends - Key products that saw price increases include industrial-grade lithium carbonate, battery-grade lithium carbonate, PVC, and ammonium chloride, while products like liquid chlorine and nitric acid saw significant price drops [4][5][18]. - The report indicates that the overall chemical industry remains weak, with performance varying across sub-sectors due to past capacity expansions and weak demand [21]. Market Outlook - The report predicts that international oil prices will stabilize around $65 per barrel, influenced by geopolitical uncertainties and expectations of price declines [6][18]. - It highlights the potential for certain sectors, such as the lubricants and chemical fertilizers, to benefit from domestic demand and import substitution strategies [21].

2026 年 02 月 24 日 假期海外资产上涨，国内消费出行量增，把握春季红 包的两大方向 —策略周报 分析师：杨芹芹 S1050523040001 yangqq@cfsc.com.cn 分析师：孙航 S1050525050001 sunhang@cfsc.com.cn 联系人：卫正 S1050124080020 weizheng2@cfsc.com.cn 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 1、《ETF 流出风险整体可控，A 股 延续震荡上行》2026-01-26 2、《短期降温不改 A 股上行，关注 产业催化和业绩支撑》2026-01-19 3、《A 股部分情绪指标已处高位， 但尚未极端过热》2026-01-13 投资要点 ▌ 假期要闻与资产表现回顾 宏观热点： 1）美国最高院裁定 IEEPA 紧急关税违法，特朗 普加征 15%临时关税，巴西、中国和印度相对受益。2）美伊 谈判一波三折，伊朗地缘担忧加剧，大宗商品先跌后涨。3） 美国 Q4GDP 远低于预期，核心 PCE 高于预期，滞胀担忧升 温，但仍押注 6 ...

市场情绪：37 分（较冷） 最近一年大盘走势 25 (%) 沪深300 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 相关研究 2026 年 02 月 24 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn | 1、《双融日报》2026-02-13 | | --- | | 2、《双融日报》2026-02-12 | | 3、《双融日报》2026-02-11 | ▌ 华鑫市场情绪温度指标：（较冷） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 37 分，市场情绪处于"较冷"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：机器人、电网设备、化工 1、机器人主题：2026 年春晚堪称机器人"含量"最高的一 届，标志着中国机器人行业正从"炫技"加速迈向"商 用"。舞台上，宇树机器人完成空翻、武术等高动态集群控 制，技术全球领先。随着量产成本下降，一个规模巨大的增 量市场正加速形成。相关标的：三花智控（002050）、卧龙 电驱（600580） 2、电网设备主题：全球 AI 数据中心（AIDC）耗电 ...

2026 年 02 月 22 日 春晚节点重燃 AI 传媒有望承接 AI 应用新场景 推荐(维持) 投资要点 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 传媒(申万) | 2.4 | 20.8 | 31.0 | | 沪深 300 | -1.3 | 4.6 | 17.1 | 市场表现 资料来源：Wind，华鑫证券研究 -30 -20 -10 0 10 20 30 40 50 (%) 传媒 沪深300 相关研究 1 、 《 传 媒 行 业 点 评 报 告 ： Seedance2.0 推动 AIGC 进入卡尔达 肖夫指数》2026-02-10 2、《传媒行业周报：从春节档到 AI 春晚迎 2026 年新篇章关注 AIGC》 2026-02-08 3、《传媒行业周报：迎2026春节档 看 AI 春晚》2026-01-25 ▌本周观点更新 2026 年春晚是 AI 含量高浓度的一年，也是 AI 应用的重要分 水岭与节点，春晚后，AI 的竞争也将更加热烈，各家持续推 出 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [10]. Core Insights - The company has experienced a significant increase in new orders, driven by the demand for new drug research, with total new orders reaching 1.135 billion yuan in 2025, a year-on-year increase of 38.62% [5]. - The company is expected to incur a net loss attributable to shareholders of between -39.85 million yuan and -26.79 million yuan for the fiscal year 2025 [4]. - The company is in the process of acquiring a controlling stake in its subsidiary, which will enhance its capabilities in safety evaluation and clinical CRO services [9]. Summary by Sections Market Performance - The company’s stock price is currently at 57.99 yuan, with a total market capitalization of 8.2 billion yuan [1]. Order Growth - As of the end of 2025, the company’s backlog of orders increased to 1.248 billion yuan, a growth of 28.23% compared to the end of 2024 [5]. - The increase in orders is attributed to a recovery in the global and Chinese biopharmaceutical investment environment, with the healthcare sector seeing a financing amount of 122.779 billion yuan, up 46.41% year-on-year [5]. Financial Performance - The company’s net profit for Q4 2025 is projected to be between -25.06 million yuan and -12 million yuan, primarily due to the execution of low-price contracts from previous periods [6]. - The gross margin is expected to recover to over 30% as the industry’s demand and supply dynamics improve [6]. Strategic Projects - The company’s strategic project in Nantong has successfully launched, covering an area of 24,000 square meters and planning to build 130 international standard animal rooms [7]. - The Shanghai project is expected to complete its construction by Q1 2026, significantly enhancing the company’s order capacity [7]. Acquisition and Collaboration - The acquisition of the subsidiary will facilitate the integration of safety evaluation and clinical CRO services, creating a comprehensive service solution [9]. - The company has established a strategic partnership with YaoKang Bio to explore joint international pathways for animal and drug evaluation [9]. Earnings Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 792 million yuan, 1.098 billion yuan, and 1.402 billion yuan, respectively, with corresponding EPS of -0.23 yuan, 0.90 yuan, and 1.63 yuan [10].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [10] Core Insights - The company expects a significant increase in new orders driven by the demand for new drug research, with total new orders reaching 1.135 billion yuan in 2025, a year-on-year increase of 38.62% [5] - The company is set to recover from previous losses, with a projected net profit range for 2025 of -39.85 million to -26.79 million yuan, influenced by the execution of low-price contracts from prior periods [4][6] - The company is expanding its capacity with strategic projects, including a new facility in Nantong and ongoing construction in Shanghai, which will enhance its order-taking capabilities [7][9] Summary by Sections Financial Performance - The company reported a net profit of 5.52 million yuan in Q1 2025, a loss of 20.71 million yuan in Q2, and a profit of 0.40 million yuan in Q3, with an expected Q4 net profit ranging from -25.06 million to -12.00 million yuan [6] - The total revenue forecast for 2025-2027 is 792 million, 1.098 billion, and 1.402 billion yuan respectively, with EPS projected at -0.23, 0.90, and 1.63 yuan [10][12] Market Dynamics - The company is benefiting from a recovering investment environment in the biopharmaceutical sector, with a 46.41% year-on-year increase in financing in the healthcare sector, amounting to 122.779 billion yuan in 2025 [5] - The company has also strengthened its overseas market presence, with new orders from international markets totaling 74.772 million yuan, accounting for 6.59% of total orders [5] Strategic Initiatives - The company plans to acquire a controlling stake in its subsidiary, Yilin Si, which will enhance its capabilities in safety evaluation and clinical research, creating an integrated service solution [9] - A strategic partnership was established with YaoKang Bio in November 2025 to explore joint international pathways for animal testing and drug evaluation [9]

Core Insights - The report indicates a "relatively hot" market sentiment with a composite score of 66, suggesting strong investor confidence [4][7]. - Key investment themes identified include power grid equipment, banking, and consumer sectors, driven by macroeconomic policies and market trends [4]. Group 1: Power Grid Equipment - The global demand for high-power and high-stability transformers is surging due to the massive energy consumption of AI data centers, leading to a significant supply-demand imbalance, particularly in the U.S. market where delivery times have reached 127 weeks [4]. - China's State Grid is set to invest 4 trillion yuan during the 14th Five-Year Plan, focusing on ultra-high voltage and smart distribution networks, providing long-term order support for the industry [4]. - Relevant stocks in this sector include China Western Power (601179) and TBEA Co., Ltd. (600089) [4]. Group 2: Banking Sector - Bank stocks are characterized by high dividend yields, with the China Securities Bank Index yielding 6.02%, significantly above the 10-year government bond yield [4]. - In a slowing economy with increased market volatility, bank stocks are becoming important investment targets for long-term funds such as insurance and social security due to their stable dividend capabilities [4]. - Key banking stocks mentioned are Agricultural Bank of China (601288) and Ningbo Bank (002142) [4]. Group 3: Consumer Sector - The macroeconomic policy for 2026 emphasizes expanding domestic demand and promoting consumption, which is expected to positively influence market sentiment [4]. - The consumer market is undergoing profound changes, characterized by three new trends: "emotional value" in self-consumption (e.g., gold and jewelry), "extreme value-for-money" in bulk snacks and discount stores, and "efficiency innovation" in AI e-commerce and brand expansion [4]. - Notable consumer stocks include Yonghui Superstores (601933) and Wangfujing (600859) [4].

Investment Rating - The report maintains a recommendation for investment [2] Core Insights - The essence of business is driven by human needs, which include both practical and emotional aspects, leading to the creation of commercial activities [14][15] - The commercial world operates under clear rules of competition, elimination, evolution, and continuous change, emphasizing the importance of adaptability for survival [14][15] - The primary focus for business operators is on initial investment and cash flow returns, ultimately aiming for maximization of shareholder equity [20][21] Summary by Sections 1. Fundamental Laws: The Cycle of Change - All entities in nature, including human society, undergo a cycle of birth, growth, decline, and extinction, which is a natural law that cannot be altered by individual will [11] - Continuous observation and adaptation to changes are essential for survival and development [11] 2. The Business World: Demand, Transactions, and Returns - The core of business is transactions, which have evolved from barter to complex financial systems, aimed at maximizing efficiency and sustainable compound growth [17] - A simplified example of a baozi shop illustrates the relationship between initial investment and cash flow, highlighting the importance of understanding these dynamics for business success [22][20] 3. Stock Market Mapping: Rules, Emotions, and Value Exploration - The stock market is governed by rules set by the government, with companies raising funds through public offerings while participants include institutions, retail investors, and experts [30][31] - Stock price fluctuations reflect the varying perceptions and expectations of participants, emphasizing the need to focus on value rather than short-term price movements [33]