股 票 研 股票研究 /[Table_Date] 2026.03.03 2025 年计算机业绩快报总结：业绩正向 占比过半，但结构呈现明显分化 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 吕浦源(分析师) | 021-23183822 | lvpuyuan@gtht.com | S0880525050002 | | 张盛海(研究助理) | 021-23183956 | zhangshenghai@gtht.com | S0880125042247 | 本报告导读： 2025 年计算机业绩快报中，正向增长公司占比过半，呈现增长与下滑并存的两极分 化格局，利润端改善强于营收端，高增长主要集中在硬件与 AI 应用相关方向。 投资要点： [Table_Report] 相关报告 计算机《计算机 2026 年 3 月研究观点：中国模型 领跑全球调用量，软件吞噬情绪 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 1、据央视新闻，石油输出国组织（欧佩克）1 日发表声明说，8 个主要产 油国决定 4 月日均增产 20.6 万桶。沙特阿拉伯、俄罗斯、伊拉克、阿联 酋、科威特、哈萨克斯坦、阿尔及利亚和阿曼的代表当天举行线上会议， 讨论国际石油市场形势及前景。 2、2 月 28 日，人形机器人与具身智能标准化（HEIS）年会在北京经济 技术开发区举办。会上，我国首个国家级人形机器人与具身智能标准体系 ——《人形机器人与具身智能标准体系（2026 版）》正式发布。该体系紧 扣产业发展现状与未来趋势，覆盖基础共性、类脑与智算、肢体与部组件、 整机与系统、应用、安全等全产业链环节，填补了国内人形机器人与具身 智能领域标准体系的空白，引领人形机器人与具身智能产业标准化发展。 3、3 月 2 日，千问首款 AI 硬件"千问 AI 眼镜"正式上线，开启线上线 下全渠道预约。该产品将于 3 月 8 日在中国市场现货发售，并于 2026 年 内登陆全球市场。据悉，千问 AI 眼镜还将全面接入千问 APP，首批点外 ...

证 券 研 究 报 告 "制造强国"实干系列周报(26/03/01期) www.swsresearch.com 证券研究报告 2 ◼ 燃气轮机：海外供应链深度切入+国产航改燃双重逻辑共振 ◼ 商业航天：1）制造及发射端关注份额或价值量在降本趋势下有望维持相对稳定或具备提升潜力的核心标的；2）应用端 关注通信终端基带、射频芯片及相控阵天线配套标的；3）航天科技集团拥有较多体外资产，有较强并购重组预期 ◼ 3D打印：1）工业级：材料降本与设备提效，共启3D打印放量奇点；2）消费级：AI赋能+生态强化+供应链降本 ，加速 全民创作时代到来 ◼ 刀具：原料供给偏紧+刚需基础稳定，钨矿价格大幅上涨；原材料大幅涨价，刀具企业向下游推动涨价，刀具行业格局有 望改善 ◼ 群核科技：杭州六小龙之一，从室内设计软件迈向空间智能 ◼ 风险提示：市场竞争加剧的风险；原材料价格波动风险；经济周期波动的风险 主要内容 3 核心观点 证券分析师： 韩强 A0230518060003 屠亦婷 A0230512080003 王珂 A0230521120002 刘正 A0230518100001 马天一 A0230525040004 戴文杰 A ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views of the Report - From February 24 to February 27, 2026, all major equity market indices rose, with the CSI 500 having the largest increase of 4.32%. Among the 31 Shenwan primary industries, 25 industries rose, with the top five gainers being steel, non-ferrous metals, chemicals, environmental protection, and coal; the top five decliners were media, commercial trade, food and beverages, non-bank finance, and banks [1][12]. - The CSRC issued the "Administrative Measures for the Supervision of Information Disclosure of Private Investment Funds", which takes effect on September 1, 2026. The Shanghai Stock Exchange and China Securities Index Co., Ltd. announced the adjustment of constituent stocks of key indices such as the STAR 50, to be implemented after the close on March 13, 2026 [2][31][33]. - In terms of fund performance, quantitative funds had the largest increase, with an average increase of 2.22% and a positive return ratio of 92.26%. Fixed - income + funds rose 0.30% on average, with a positive return ratio of 73.12%. Pure - bond funds rose 0.01% on average, with a positive return ratio of 60.51%. Pension target FOFs rose 0.93% on average, with a positive return ratio of 99.50%. QDII funds fell 0.11% on average, with a positive return ratio of 58.16% [2][34]. - The top three sectors with the largest increase in positions of active equity funds last week were media, commerce and retail, and real estate; the top three sectors with the largest decrease in positions were electronics, non - ferrous metals, and pharmaceutical biology. As of February 27, 2026, the overall position of active equity funds was 77.23%, an increase of 0.81 pct from the previous period [2][40][42]. - Last week, the overall ETF market had a net capital outflow of 22.828 billion yuan. Stock - type ETFs had a relatively large net outflow of 36.286 billion yuan. The daily average trading volume of the overall ETF market reached 476.804 billion yuan, the daily average trading volume reached 168.72 billion shares, and the daily average turnover rate was 7.40%. The Hang Seng Technology, power grid equipment, securities, and Internet sectors had net capital inflows, with the Hang Seng Technology having a capital inflow close to 10 billion yuan. Broad - based indices such as the CSI 1000, CSI A500, CSI Small Cap 500, CSI 300, and SSE STAR 50 were the main varieties with capital outflows [3][46][49]. - Last week, 36 new funds were issued, an increase of 28 from the previous period; 5 new funds were established, a decrease of 59 from the previous period. New funds raised a total of 1.451 billion yuan, a decrease of 56.879 billion yuan from the previous period [4][54][59]. 3. Summary According to Relevant Catalogs 3.1 Market Review 3.1.1 Domestic Market Situation - From February 24 to February 27, 2026, all major equity market indices rose, with the CSI 500 rising 4.32%. Among the 31 Shenwan primary industries, 25 industries rose, and 6 industries fell. The top five gainers were steel, non - ferrous metals, chemicals, environmental protection, and coal; the top five decliners were media, commercial trade, food and beverages, non - bank finance, and banks. In the bond market, the ChinaBond Composite Full - Price Index fell 0.14%, and the total full - price indices of ChinaBond Treasury bonds, financial bonds, and credit bonds fell between 0.01% and 0.31%. The CSI Convertible Bond Index fell 0.23%. In the commodity market, the Nanhua Commodity Index rose 3.56% [12]. 3.1.2 European, American, and Asia - Pacific Market Situation - Last week, most major indices in European, American, and Asia - Pacific markets rose. In the US stock market, the S&P 500 rose 0.21%, the Dow Jones Industrial Average rose 0.34%, and the Nasdaq rose 0.18%. In the European market, the French CAC40 rose 0.98%, and the German DAX rose 1.17%. In the Asia - Pacific market, the Hang Seng Index fell 1.67%, and the Nikkei 225 rose 3.56% [20]. 3.1.3 Market Valuation Situation - Last week, the valuation quantiles of most major market indices rose. In terms of the historical quantile of price - to - earnings ratio, the CSI All - Share Index had the largest increase of 8.6 pct. In terms of the historical quantile of price - to - book ratio, the CSI 1000 had the largest increase of 5.4 pct. Among industries, the top five industries with the highest historical quantiles of price - to - earnings ratio of the Shenwan primary index were real estate, electronics, building materials, comprehensive, and chemicals. The price - to - earnings ratio quantile of real estate remained at a high level, and that of electronics reached 96.9%. The bottom five industries with the lowest historical quantiles of price - to - earnings ratio were non - bank finance, agriculture, forestry, animal husbandry and fishery, food and beverages, beauty care, and pharmaceutical biology. The valuation of the non - bank finance industry was close to its historical low since 2013 [23]. 3.2 Active Public - Offering Fund Situation - Market hotspots: The CSRC issued the "Administrative Measures for the Supervision of Information Disclosure of Private Investment Funds", which takes effect on September 1, 2026. The Shanghai Stock Exchange and China Securities Index Co., Ltd. announced the adjustment of constituent stocks of key indices such as the STAR 50, to be implemented after the close on March 13, 2026 [31][33]. - Fund performance: Quantitative funds had the largest increase, with an average increase of 2.22% and a positive return ratio of 92.26%. Fixed - income + funds rose 0.30% on average, with a positive return ratio of 73.12%. Pure - bond funds rose 0.01% on average, with a positive return ratio of 60.51%. Pension target FOFs rose 0.93% on average, with a positive return ratio of 99.50%. QDII funds fell 0.11% on average, with a positive return ratio of 58.16% [34]. - The top three sectors with the largest increase in positions of active equity funds last week were media, commerce and retail, and real estate; the top three sectors with the largest decrease in positions were electronics, non - ferrous metals, and pharmaceutical biology. As of February 27, 2026, the overall position of active equity funds was 77.23%, an increase of 0.81 pct from the previous period [40][42]. 3.3 ETF Fund Situation - Last week, the overall ETF market had a net capital outflow of 22.828 billion yuan. Stock - type ETFs had a relatively large net outflow of 36.286 billion yuan. The daily average trading volume of the overall ETF market reached 476.804 billion yuan, the daily average trading volume reached 168.72 billion shares, and the daily average turnover rate was 7.40%. The Hang Seng Technology, power grid equipment, securities, and Internet sectors had net capital inflows, with the Hang Seng Technology having a capital inflow close to 10 billion yuan. Broad - based indices such as the CSI 1000, CSI A500, CSI Small Cap 500, CSI 300, and SSE STAR 50 were the main varieties with capital outflows [3][46][49]. 3.4 Fund Issuance Statistics - Last week, 36 new funds were issued, an increase of 28 from the previous period, including 15 active equity - biased funds and 10 passive index funds. The 10 passive index funds were all stock - type, mainly tracking indices such as the CSI Battery Theme, Hang Seng Biotechnology, ChiNext 50, and agriculture, forestry, animal husbandry and fishery. Currently, the issuance share of active equity funds is still at a historical low, but there has been an obvious upward trend since this year. - Five new funds were established last week, a decrease of 59 from the previous period. New funds raised a total of 1.451 billion yuan, a decrease of 56.879 billion yuan from the previous period. The E Fund CSI Battery Theme ETF managed by Li Xu had the largest raised scale of about 859 million yuan [54][59].

据交易所数据显示，截至3月2日开盘一小时，主力资金流入前20的股票分别为： 比亚迪（14.27亿元）、 中国卫星（7.97亿元）、 雷科防务（7.30亿元）、 特变电工（6.51亿元）、 亨通光电（5.04亿元）、 飞龙股份（4.93亿元）、 东山精密（3.93亿元）、 中际旭创（3.81亿元）、 罗博特科（3.62亿元）、 长江 电力（3.56亿元）、 航天彩虹（3.46亿元）、 特发信息（2.84亿元）、 京东方Ａ（2.46亿元）、 长飞光纤（2.35亿元）、 天孚通信（2.33亿元）、 中科星图 （2.24亿元）、 华工科技（2.21亿元）、 中无人机（2.19亿元）、 东方电气（2.17亿元）、 宝丰能源（2.12亿元）。 | 股票名称 | 涨跌幅 (%) | 主力资金流向 | 所属行) | | --- | --- | --- | --- | | 比亚迪 | 3.55 | 14.27亿元 | 汽车 | | 中国卫星 | 7.71 | 7.97亿元 | 国 防军_ | | 雷科防务 | 10.02 | 7.30亿元 | 国防军_ | | 特变电工 | 3.76 | 6.51亿元 | 电力设备 | | 亨 ...

AI人工智能ETF(512930)，场外联接(平安中证人工智能主题ETF发起式联接A：023384；平安中证人工 智能主题ETF发起式联接C：023385；平安中证人工智能主题ETF发起式联接E：024610)。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基金的 风险收益特征和产品特性，并根据自身的投资目的、投资期限、投资经验、资产状况等判断基金是否和 投资人的风险承受能力相适应，理性判断市场，谨慎做出投资决策。本材料中相关信息来源于基金管理 人认为可靠的公开资料，相关观点、评估和预测仅反映当前的判断，后续可能有所变 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 证券研究报告-晨会聚焦 发布日期：2026 年 03 月 02 日 2、当地时间 2 月 28 日，根据国际油轮流量监测系统的实时数据显示， 目前位于霍尔木兹海峡周边海域的油轮航行速度已普遍降至零，显示该 地区的航运已陷入停滞状态。 3、2 月 28 日，国家发改委价格监测中心称，2025 年 9 月至今，受需求 "爆发式"增长、产能"断崖式"紧缺等因素影响，全球存储器市场缺口 扩大，存储芯片价格持续上涨，近 1 个月多以来，涨幅呈现扩大态势，建 议关注存储芯片对下游价格的影响。 资料来源：央视网，央视新闻，财联社 【宏观策略】 资料来源：聚源，中原证券研究所 -12% -5% 2% 9% 16% 22% 29% 36% 2025.03 2025.07 2025.10 2026.02 上证指数 深证成指 | 国内市场表现 | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- ...

PEEK材料，人形机器人轻量化的核心；低成本 +低能耗，近存计算将成为AI时代芯片性能提升的 主流方案——0226脱水研报 2025/02/26 19:43 1、PEEK材料：浙商证券研报指出，PEEK材料是"以塑代钢"的绝佳材料，预计2027年全球 PEEK产能仅能基本满足人形100万台需求，且国内产能仅占49%，未来如人形大批量量产， PEEK产能存在供需缺口快速放大，带来行业高景气。 2、存储：开源证券指出，HBM历经多次迭代，已成为高性能计算、数据中心主流近存计算架 构。未来随AI手机等AI端侧设备以及机器人等新型AI终端发展，CUBE有望成为端侧AI主流近 存计算架构。 3、铬：广发证券研报指出，谐波减速器更适用于人形机器人等领域，其由柔轮、刚轮、波发 生器三个基本构件组成。而铬元素具备高强度、耐腐蚀性及抗疲劳性，已验证广泛应用于谐 波减速器柔轮、刚轮、波发生器部位。行业扩产壁垒高，供给偏紧且集中。 4、军工AI：国盛证券指出，AI+军工已成为大势所趋，美国Palantir在AI浪潮下，市值破万亿 已超越洛马等传统军工巨头。国内军工产业也在加速进化，中游拥有稀缺数据资源和拥抱AI 技术的企业，和下游 ...

计算机 2026 年 03 月 01 日 ——行业周报 刘逍遥（分析师） liuxiaoyao@kysec.cn 周观点：继续看好 AI Infra 投资机会 （1）Seedance 2.0、OpenClaw 等迅速出圈，带来算力需求激增 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-03 2025-07 2025-11 计算机 沪深300 相关研究报告 《周观点：全年维度看好 AI 的价值落 地与商业化—行业周报》-2026.2.23 《周观点：2026 年，多模态模型有望 迎来 DS 时刻—行业周报》-2026.2.8 《周观点：SpaceX 申请部署百万颗卫 星，剑指太空算力 — 行 业 周 报 》- 2026.2.1 周观点：继续看好 AI Infra 投资机会 年初以来字节跳动推出的 Seedance 2.0 模型在即梦 AI 平台上线后引起广泛关 注，被称为"地表最强视频生成模型"。该模型支持图像、视频、音频、文本 四模态混合输入，实现"电影级"生成效果，同时也带来了海量的算力消耗。 Seedance 2.0 模型上线后，即梦 AI ...

Xml [Table_Title] 国防军工行业 商业航天景气抬升，看好 AIDC 供电&服务器、军贸、大飞机等 [Table_Summary] 核心观点： [Table_Page] 投资策略周报|国防军工 证券研究报告 | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-01 | | [分析师： Table_Author] 孟祥杰 | SAC 执证号：S0260521040002 | | | --- | --- | --- | | SFC CE No. BRF275 | | | | 010-59136693 | | | | mengxiangjie@gf.com.cn | 分析师： | 吴坤其 | | SAC 执证号：S0260522120001 | | | | SFC CE No. BRT139 | | | | 010-59133689 | | | | wukunqi@gf.com.cn | 分析师： | 邱净博 | | SAC 执证号：S0260522120005 | | | | 010-59136685 | ...