【中泰机械】量子科技系列：在不确定性中超越未来 1. 量子科技行业整体定位与发展预期 • 行业定位与增速：量子科技是未来产业，2026年为催化大年，2025-2035年预计年均复合增速可达70%甚至80%以 上，以每年翻倍速度增长；商业化窗口期在未来5-10年。 • 国家战略与国际竞争：量子科技是国家定位的战略级产业，中美欧国家级竞赛持续；十五五规划将量子产业发展 提升至高位，政 【中泰机械】量子科技系列：在不确定性中超越未来 1. 量子科技行业整体定位与发展预期 • 行业定位与增速：量子科技是未来产业，2026年为催化大年，2025-2035年预计年均复合增速可达70%甚至80%以 上，以每年翻倍速度增长；商业化窗口期在未来5-10年。 · 稀释制冷机：超导路线核心配套设备，美国2023年后禁止对中国出口；国内量启技术实现突破，25年前半年营收 7000万元，预计25年净利润超5000万元，市占率31%；全球规模约5亿美元，若超导路线爆发，2030年市场空间或 达百亿美元量级。 · 超导量子芯片：加工依赖电子束曝光等设备，物料成本低但研发和工艺维护成本高，若超导路线成为核心，2030 年市场规模或达百亿美元 ...

分红方面，中集车辆A股上市后累计派现26.64亿元。近三年，累计派现16.55亿元。 中集车辆今年以来股价涨8.52%，近5个交易日跌3.03%，近20日涨2.16%，近60日涨2.27%。 资料显示，中集车辆(集团)股份有限公司位于香港湾仔皇后大道东248号大新金融中心40楼,广东省深圳 市南山区蛇口港湾大道2号，成立日期1996年8月29日，上市日期2021年7月8日，公司主营业务涉及半挂 车、专用车上装、冷藏厢式车厢体等生产。主营业务收入构成为：全球半挂车80.61%，上装、底盘及 牵引车17.14%，其他(补充)2.25%。 中集车辆所属申万行业为：汽车-商用车-商用载货车。所属概念板块包括：重卡、中盘均衡、冷链物 流、中盘等。 截至9月30日，中集车辆股东户数2.98万，较上期减少16.07%；人均流通股48786股，较上期增加 19.17%。2025年1月-9月，中集车辆实现营业收入150.12亿元，同比减少5.13%；归母净利润6.22亿元， 同比减少26.23%。 来源：新浪证券-红岸工作室 2月27日，中集车辆盘中下跌2.07%，截至13:02，报9.93元/股，成交6003.15万元，换手 ...

国家知识产权局信息显示，中集车辆（江门市）有限公司、中集车辆（集团）股份有限公司、中国国际 海运集装箱（集团）股份有限公司取得一项名为"罐车及围栏装置"的专利，授权公告号 CN115742934B，申请日期为2022年12月。 天眼查资料显示，中集车辆（江门市）有限公司，成立于2004年，位于江门市，是一家以从事汽车制造 业为主的企业。企业注册资本14421.5315万人民币。通过天眼查大数据分析，中集车辆（江门市）有限 公司共对外投资了2家企业，参与招投标项目10次，专利信息138条，此外企业还拥有行政许可36个。 中集车辆（集团）股份有限公司，成立于1996年，位于深圳市，是一家以从事汽车制造业为主的企业。 企业注册资本187412.442万人民币。通过天眼查大数据分析，中集车辆（集团）股份有限公司共对外投 资了70家企业，参与招投标项目12次，财产线索方面有商标信息12条，专利信息903条，此外企业还拥 有行政许可17个。 中国国际海运集装箱（集团）股份有限公司，成立于1980年，位于深圳市，是一家以从事金属制品业为 主的企业。企业注册资本539252.0385万人民币。通过天眼查大数据分析，中国国际海 ...

目 录 | | 每日报告精选（2026-02-25 09:00——2026-02-26 15:00） | 2 | | --- | --- | --- | |  | 海外策略研究：《关税、地缘与 AI 叙事扰动，春节多数资产收涨》2026-02-25 2 | | |  | 行业跟踪报告：社会服务业《春节消费高景气，关注性价比、情绪价值和体验》2026-02-26 2 | | |  | 行业事件快评：其他小金属《津巴布韦收紧锂精矿出口，供给扰动再现》2026-02-26 3 | | |  | 行业跟踪报告：房地产《期待更强政策干预，推动供需再平衡》2026-02-26 4 | | |  | 行业专题研究：医药《从靶点到管线，FXI 引领抗凝产业新变革》2026-02-25 5 | | |  | 行业跟踪报告：汽车《1 月重卡"开门红"，同环比均有增长》2026-02-25 6 | | |  | 行业跟踪报告：房地产《沪"新七条"发布，小阳春可期》2026-02-25 6 | | |  | 行业专题研究：商业银行《大型银行短贷显著增加，中小银行信贷增长放缓》2026-02-25 7 | | |  ...

Group 1: Non-ferrous Metals - The report emphasizes the importance of the supply-demand balance in the non-ferrous metals sector, highlighting that macroeconomic factors such as monetary policy, geopolitical tensions, and supply disruptions will significantly influence metal prices [2][3] - In the precious metals segment, a decline in risk appetite has led to price adjustments, with the U.S. Treasury Secretary's comments on a strong dollar and expectations of a reduction in the Fed's balance sheet contributing to this trend [2] - For copper, while macro pressures persist, the establishment of a strategic reserve for copper concentrate by the domestic non-ferrous industry association is expected to provide support against overseas supply disruptions [3] Group 2: Energy Metals - The lithium carbonate market has seen strong demand, with a continuous reduction in inventory over the past four weeks, although there are concerns regarding the resumption of production at key mines in Jiangxi [4] - The cobalt sector is facing high prices due to tight raw material supplies, while companies are extending their reach into the electric vehicle supply chain to enhance competitive advantages [4] Group 3: Rare Earths and Strategic Metals - The price of praseodymium and neodymium oxide continues to rise due to a tight supply-demand balance, with pre-holiday stocking needs supporting price increases [5] - Tungsten prices are experiencing upward pressure driven by supply-demand dynamics, with leading companies raising long-term contract prices significantly [5] Group 4: Automotive Industry - The heavy truck market in January showed strong performance, with a year-on-year increase of 46% in domestic heavy truck sales, driven by the successful implementation of the "old-for-new" policy [14][16] - The report forecasts that heavy truck sales in 2026 will reach 760,000 units, with a slight year-on-year decline of 5.3%, while wholesale sales are expected to grow by 1.5% [15] Group 5: Pharmaceutical Industry - The demand for anticoagulant drugs is expanding, with the global market size reaching $52.9 billion in 2023 and projected to exceed $110 billion by 2033, driven by aging populations and increasing cardiovascular disease prevalence [11][12] - The report highlights the emergence of next-generation anticoagulants targeting Factor XI (FXI) as a promising area for development, with several candidates entering clinical trials [12][13] Group 6: Company-Specific Insights - The report on China Giant Glass indicates that the recent price increases in traditional electronic fabrics are expected to significantly enhance the company's profit margins, with a target price adjustment reflecting this trend [27][30] - 聚杰微纤 is positioned to benefit from its transition to high-end industrial applications, with projections indicating substantial revenue growth driven by technological advancements in the ultra-fine fiber sector [31][32]

Macro Insights - The report identifies three historical "great migrations" of Chinese household wealth, with the third migration starting in 2023, indicating a shift in asset allocation trends[3] - The first migration (1998-2018) saw a significant flow of deposits into real estate due to housing market reforms, establishing real estate as a core asset class[4] - The second migration (2018-2023) involved a return to deposits as real estate values declined and risk aversion increased among residents[5] - The third migration reflects a transition to a "deposit+" era, where residents are diversifying into financial products beyond traditional deposits due to lower interest rates and improved returns in bond and equity markets[6] Market Strategy - Foreign capital continues to flow into the market, with a net inflow of $3.7 million in foreign investment as of February 11, 2026, and a significant increase in public fund issuance, reaching 43.63 billion yuan[9] - The average daily trading volume in the A-share market decreased to 2.1 trillion yuan, while the proportion of stocks rising increased to 47.6%[8] - The ETF market experienced a net outflow of 44.18 billion yuan, indicating a shift in investor sentiment towards active management strategies[9] Industry Trends - The pharmaceutical market for anticoagulants is projected to grow from $52.9 billion in 2023 to over $110 billion by 2033, driven by aging populations and increasing cardiovascular disease rates[13] - The heavy-duty truck market in China is expected to see sales of 760,000 units in 2026, a decrease of 5.3% year-on-year, while January 2026 saw a 46% increase in domestic heavy-duty truck sales compared to the previous year[16][17] - The aviation sector is experiencing a resurgence, with a 6% increase in passenger flow during the Spring Festival period, and ticket prices are expected to rise by 3-4% year-on-year due to increased demand[30][32]

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院冷藏车研究小组发布的《中国冷藏车行业市场需求前景与投资规 划分析报告》 行业主要上市公司：中集车辆(301039)、中国重汽(000951)、福田汽车(600166)、东风汽车(600006)、江 淮汽车(600418)、江铃汽车(000550)、一汽解放(000800)、动力新科(600841)等。 本文核心数据：行业整体融资;行业投融资轮次 1、冷藏车行业投融资活跃度呈波动态势 根据IT桔子库，2015-2025年期间，我国冷藏车行业投融资事件数量呈现波动态势，2024年融资事件为8 件，2025年截至12月，投融资事件数量为10件。2018年，冷藏车行业投融资金额较高，达到182亿元， 其余年份较为平均。 注：上述统计时间截至2025年12月5日，下同。 2、冷藏车行业投融资集中于战略投资 从平均单笔融资金额来看，2018-2025年，冷藏车行业平均单笔融资金额呈波动趋势。2024年平均单笔 融资金额仅0.94亿元，2025年中国冷藏车行业平均单笔融资金额略升至1.25亿元。 从冷藏车的投资轮次分析，目前冷藏车行业的融资轮次中，主要集中在A轮、战略 ...

会议助理 1: 在会议开始前，我们即是各位投资者，在主讲嘉宾发言结束后，将留有提问时间。 好的，各位机构投资者大家晚上好，我是国海证券汽车行业的首席分析师戴畅。非常感谢 大家在今天晚上 8:30 的时间加入到我们的电话会议，电话会，电话会议当中。今天我们 的会议是重卡系列，就是整个重卡的高频紧急做的一个分析，包括后续的展望。那跟我一 起的还有我的同事，重卡的资深分析师徐明爽。那重卡这个板块的话，其实我们是持续的 看好的。在我们之前，去年年底发布的 2026 年年度策略里面，我们看好 2026 年四个方 向的机会，包括乘用车里面的超豪华推荐这个江淮汽车，前期的话我们也发布了超豪华的 深度行业报告。 那第二个的话，就是包括重卡整个板块的全面的看好。因为整个我觉得整个重卡 2020 年 的北塔应该会再次的超预期，并且重卡里面的相应的公司，除了重卡本身业务以外，也逐 步的在向一些 AIGC 的细分领域去拓展。这使得板块更加具备一些可比一些可塑性，一些 可看可可可以去关注的亮点。那第三个方向的话是机器人，第四个方向是智能驾驶，你的 智能座舱。就是高通的智能座舱芯片升级带来机会。那这一块的话，我们在 1 月份的时候 也发 ...

Investment Rating - The report assigns an "Overweight" rating for the heavy truck industry, indicating a positive outlook compared to the market benchmark [4]. Core Insights - In January, domestic heavy truck sales reached 105,000 units, representing a year-on-year increase of 46% and a month-on-month increase of 3% [2][4]. - The sales of domestic natural gas heavy trucks in January were 19,000 units, showing a year-on-year growth of 98% and a month-on-month growth of 50% [2][4]. - The sales of domestic new energy heavy trucks in January were 20,000 units, with a year-on-year increase of 102% but a month-on-month decrease of 24% [2][4]. - The report anticipates that the heavy truck sales in China for 2026 will reach 760,000 units, a decrease of 5.3% year-on-year, while wholesale sales are expected to reach 1.16 million units, an increase of 1.5% year-on-year [4]. Summary by Sections Heavy Truck Sales Performance - January's heavy truck sales were driven by corporate demand, with major manufacturers achieving good completion rates for their annual targets, leading to a portion of sales being carried over into 2026 [4]. - The penetration rate of natural gas heavy trucks in January was 18%, with significant growth expected due to lower operating costs for vehicles with high annual mileage [4]. - The penetration rate of new energy heavy trucks was 19% in January, with expectations for continued growth as technology matures and costs decrease [4]. Company Recommendations - The report recommends several companies for investment, including Weichai Power, China National Heavy Duty Truck Group, Foton Motor, CIMC Vehicles, and FAW Jiefang, all rated as "Overweight" [4][5].

Investment Rating - The report assigns an "Overweight" rating for the heavy truck industry, indicating a positive outlook compared to the market benchmark [4]. Core Insights - In January, domestic heavy truck sales reached 105,000 units, representing a year-on-year increase of 46% and a month-on-month increase of 3% [2][4]. - The sales of domestic natural gas heavy trucks in January were 19,000 units, showing a year-on-year growth of 98% and a month-on-month growth of 50% [2][4]. - The sales of domestic new energy heavy trucks in January were 20,000 units, with a year-on-year increase of 102% but a month-on-month decrease of 24% [2][4]. - The report anticipates that the domestic heavy truck sales in 2026 will reach 760,000 units, a decrease of 5.3% year-on-year, while wholesale sales are expected to reach 1.16 million units, an increase of 1.5% year-on-year [4]. Summary by Sections Heavy Truck Sales Performance - January's heavy truck sales were driven by corporate demand, with major manufacturers achieving good completion rates for their annual targets, leading to a portion of sales being carried over into 2026 [4]. - The report highlights that the January sales performance is crucial for boosting confidence among dealers and supply chain partners ahead of the traditional sales peak after the Spring Festival [4]. Natural Gas Heavy Trucks - The penetration rate of natural gas heavy trucks in January was 18%, with a significant increase in sales driven by lower operating costs for vehicles with high annual mileage [4]. - The report suggests that the penetration of natural gas heavy trucks is likely to increase further due to large-scale equipment renewal policies [4]. New Energy Heavy Trucks - The penetration rate of new energy heavy trucks in January was 19%, with the total cost of ownership (TCO) being optimal for annual mileage between 45,000 to 100,000 kilometers [4]. - The report indicates that as technology matures and costs decrease, new energy heavy trucks are expected to have intrinsic growth momentum, with continued focus on the implementation of replacement policies [4]. Company Recommendations - The report recommends several companies for investment, including Weichai Power, China National Heavy Duty Truck Group, Foton Motor, CIMC Vehicles, and FAW Jiefang, all rated as "Overweight" [4][5].