我国发电量已经10多年稳居世界第一。2023年，中国发电量达9.4万亿千瓦时，占全球30%，是印度的5倍、 美国的2倍，且连续十余年稳居世界第一。马斯克甚至预测，到2026年，中国的发电量可能达到美国的3倍。 （图片来源：摄图网） 2月26日，在英伟达财报电话会议上，CEO黄仁勋就埃隆·马斯克提出的太空数据中心计划发表了自已的见 解。黄仁勋指出，太空环境与地球截然不同，虽然拥有丰富的太阳能和充裕的空间，温度极低，但是没有空 气流动，因此散热的唯一途径是通过传导，这意味着我们必须建造相当大的散热器。 液冷散热在太空中显然不可行，系统过于沉重且复杂，黄仁勋明确表示："我们在地球上使用的方法，在太 空环境中需要有所调整。" 此前，马斯克公开表示，把数据中心送上太空，核心原因是电力的增量跟不上芯片的产出。他警告称，芯片 产能正以指数级增长，但地球电力增量已无法匹配，按照他的预测，36个月内太空将成为部署AI的最便宜 去处，否则将面临芯片堆积如山却无法运行的窘境。 发展AI，太费电力了，以GPT-4为例，其训练一次需消耗约1.2亿度电，相当于3000户家庭一年的用电量。而 随着大模型参数突破万亿级，算力需求每3-4个月 ...

2月27日，和讯投顾王川表示，近期市场资金摇摆不定、站队不清晰，导致盘面轮动极快，主要受两大 因素影响：一是中东局势持续动荡，金融市场反应真实——期货原油等大宗商品大涨，地缘风险升温使 得资金更倾向于避险的"资源线"（如原油、黄金等）；二是科技领域两大重磅会议引发资金博弈，3月 16日英伟达GTC大会（全年核心会议）吸引资金关注AI算力龙头，而国内DeepSeek V4与华为合作（华 为链）则因宣称绕开英伟达、海力士垄断而冲击其销量，形成"国外科技（英伟达系）与国内科技（华 为链）"的跷跷板效应——午后英伟达相关标的拉升时，国产算力板块随即跳水。当前资金主要在这三 条线（资源避险、国外科技、国内科技）间快速切换，因各方向均存在不确定性，导致市场风格频繁轮 动。 ...

| A股锂矿部分标的一览 | | | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 相关业务 | 滚动市盈率 | 六个月内 评级"买入" | | | | | (倍) | | | | | | | 券商家数 | | 000792.SZ | 盐湖股份 | 国内盐湖提锂龙 | 31.80 | 16 | | ポ | | | | | | 000408.SZ 藏格矿业 | | 铜、锂增量规划 | 38.45 | 10 | | 明确 | | | | | | 002738.SZ | 中矿资源 | 锂、铜、铯翅、 | 159.71 | 9 | | 铸猪多极增长 | | | | | | 002497.SZ 雅化集团 | | 民爆与锂业务双 | 76.52 | 7 | | 轮驱动 | | | | | | 002460.SZ | 赣锋锂业 | 锂产业规模化龙 头,先进电池技 | -106.21 | 5 | | 术研发加持 | | | | | | 001203.SZ 大中矿业 | | 鸡脚山、加达锂 | 89.39 | 4 | | 矿赋予高弹性 | | | | | | 00224 ...

卢玉珊倾向于从更长远的视角观察市场。她将寻找"主航道"视为决策的起点，即关注那些在经济结构变 化、技术演进和社会发展中，可能具备较长期趋势的领域，而非仅聚焦于短期热点。 在市场波动中寻找"主航道" 在复杂多变的市场中，南方基金卢玉珊的投资方法体现出一种追求均衡与持续的风格。她的思路侧重于 构建一个能够适应多种情景的体系，以应对未来的不确定性，核心在于辨识趋势、精选企业和分散风 险。 通过分散与均衡管理风险 在她的投资方法中，对风险的关注与对收益的追求同样重要，这通常表现为"均衡成长"的风格： ·保持行业分散：单一行业在她的组合中配置通常不会太高，以降低对单一领域的依赖。 ·适时灵活调整：她会根据市场情况，动态评估股票和债券等资产的性价比，对仓位进行相应管理。 ·注重控制回撤：上述方法的一个目标是使组合在市场调整时，净值波动能够相对平缓一些。 总结 总体而言，卢玉珊的投资方法可以被看作是一套构建长期稳健性的体系。它不依赖于对短期行情的精准 判断，而是通过"把握趋势方向、聚焦企业价值、做好风险管理"三方面的结合，形成一套旨在穿越周 期、可持续增值的思路。对于投资者而言，理解这样的方法，或许有助于从一个更平和的视角 ...

英大证券研究所证券研究报告 2026 年 2 月 25 日 A 股马年开门红，逢低关注"科技+资源品"双主线 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 观点： 周二晨报提醒，节后随着资金回流、政策预期升温，市场活跃度有望提升， 行情值得期待。市场走势如我们预期，A 股马年首个交易日如期迎来"开门红"。 上证指数重新站上 4100 点整数关口，深证成指涨幅超 1%，为节后市场走势奠定 了初步向好的基调。 不过，虽实现开门红，但结构性分化特征明显。春节假期期间，AI 与人行机 器人相关话题持续升温，但周二人行机器人板块表现平淡，AI 板块则呈现高开低 走态势，与之形成对比的是，石油化工、有色金属等周期类品种领涨，背后既受 益于海外美伊局势升级的外部催化，也源于周期板块自身的涨价逻辑。 资金面的表现则基本符合节后回流预期，成为支撑市场走强的重要力量。周 二两市成交额显著回升，交投活跃度明显提升，显示节前离场避险的资金正有序 回流市场，市场流动性得到有效补充。但需要警惕的是，港股表现疲软，一定程 度上影响了 A 股 ...

Core Viewpoint - The technology sector has experienced a convergence of excess returns over the past month (January 15, 2026 - February 13, 2026), but not all sub-sectors are weakening uniformly. The excess drag is attributed to AI applications influenced by overseas SaaS, while optimistic earnings guidance from recent financial reports has stabilized SaaS stock prices, indicating that the phase of panic may be nearing its end [1][3][9]. Group 1: Market Performance and Trends - Since mid-January, the technology sector has shown relative convergence with the broader market, but not all sub-sectors are experiencing weakness. AI computing reached new highs in the last trading week before the holiday, while AI applications have shown deeper corrections and weaker recoveries, remaining over 5% below their mid-January peak [3][10]. - The software development sector in A-shares has retreated over 13% from its January 14 high, influenced by rapid declines in U.S. SaaS stocks on January 12 and January 25 due to the impact of ClaudeCowork and OpenClaw [3][10]. - The technology sector's ability to remain a key theme for the year will depend on industry trends and actual earnings performance, with a dual drive from technology and cyclical recovery expected to favor technology if earnings verification occurs [3][10]. Group 2: Sector Allocation and Configuration - The current allocation in the electronics industry exceeds 20%, with the overall TMT sector over-allocated by more than 17 percentage points. However, the current level of allocation does not directly impact future excess returns [4][11]. - The marginal changes in allocation are more closely linked to the current quarter's excess, with limited significance for the next quarter's guidance. The excess return convergence threshold for technology sub-sectors is at 2.5 or higher, with most sub-sectors below this level [4][11]. Group 3: Identifying Certainty in Technology - To identify certainty within the technology sector, two dimensions can be explored: forward-looking financial indicators and industry cycle trends. The "deferred revenue + contract liabilities" metric can provide insights into order conditions, highlighting sectors with accelerating improvements or sustained high growth over the past two quarters [5][12]. - Key sectors showing accelerated improvement include semiconductors, communication equipment, and digital chip design, while those with sustained high growth include consumer electronics and optical components. The DRAM and NAND Flash contract prices have been rising rapidly since Q4 2025, supported by long-term demand in AI servers and enterprise storage [5][12].

在经历了春节长假的休整之后，2月24日A股市场量价齐升，资金入场意愿较为强烈。 与此同时，结构性分化的暗流也在涌动。油气、有色、化工等资源品板块全线走强，影视院线、AI应 用等题材则显著回调。这种"冰火两重天"的格局，使得A股在马年的平稳开局中暗藏分歧。多家一线私 募机构在接受中国证券报记者采访时表示，马年A股首日走势验证了节前的乐观预期，但市场主线也在 逐步切换，投资者需要在"科技"与"资源"的双线逻辑中重新校准攻守节奏。 双轮驱动特征明显 "A股马年首个交易日整体呈现出全线高开、放量走强的行情，上证指数等主要指数同步走高，市场交 投活跃度显著提升。"畅力资产董事长宝晓辉表示，结合春节假期外围市场整体偏暖、资金回流预期较 强的大背景，A股的表现基本符合市场的普遍预期。 奶酪基金投资经理李铭洛则观察到盘面的双轮驱动特征，24日盘面呈现清晰的"资源品+科技成长"双轮 驱动格局——油气能源、贵金属等资源板块与AI算力、半导体、机器人等硬科技赛道领涨，前期涨幅 较大的影视、短剧游戏等题材则有所回调。"这一表现基本兑现了节前市场对'红包行情'的预期，主要 驱动力来自假期期间海外科技股上涨、地缘风险推升避险资产价格以及 ...

Group 1 - The core viewpoint of the article emphasizes the transition of China's capital market from liquidity recovery to structural pricing, highlighting a year of stabilization and differentiation in 2025 [2] - The macro environment in 2025 saw marginal improvements in global liquidity, with the Federal Reserve's multiple interest rate cuts providing external support for risk assets, while domestic policies continued to stabilize the market [2] - The market structure in 2025 was characterized by a focus on a few sectors with medium to long-term logic, such as AI computing power, self-controllable technologies, and high-end manufacturing, while traditional real estate and some cyclical industries were still in a clearing and bottoming phase [2] Group 2 - In 2026, the Chinese economy is expected to experience a weak recovery with structural upward trends, driven by a new round of technological and industrial cycles [3] - The focus on new technologies, renewable energy, digital economy, and biomedicine is reshaping production relationships and capital return structures, while traditional economic sectors are gradually declining [3] - The economic growth model is shifting from total expansion to quality enhancement, with stable growth policies expected to continue [3] Group 3 - The capital market in 2026 will shift its core variable from liquidity recovery to profitability, with a focus on fundamental performance rather than speculative narratives [4] - High-quality companies, particularly in the Hong Kong stock market and technology manufacturing sectors, are anticipated to reach profitability turning points between 2025 and 2026 [4] - The investment logic will increasingly return to fundamentals, leading to a more rational pricing system [4] Group 4 - The capital market is expected to exhibit three main characteristics: a higher probability of structural bull markets over broad bull markets, a balance between growth and value investments, and continued volatility with an upward shift in market stability [5] - Investors will prioritize company quality and industry dynamics, with high-growth sectors requiring caution regarding valuations, while traditional value assets regain significance [5] Group 5 - The investment strategy for 2026 is termed "Double Horses Running Together," focusing on both growth and stable assets [6] - Growth sectors, particularly those related to AI and new productive forces, are seen as long-term investment themes, while stable assets in finance, resources, and consumption are being revalued as quasi-debt equities [6] - The investment approach will involve a dynamic adjustment of asset allocation, favoring growth in the first half of the year and gradually shifting towards value in the second half [7]

公司基本面 公司基本面因素：根据2025年第三季度财报，公司归母净利润为-1793.6万美元，净利率为-15.12%。尽 管营收同比增长82.08%，但持续亏损状态可能加剧了市场对高估值股票的担忧，在整体市场调整时放 大了波动。 以上内容基于公开资料整理，不构成投资建议。 科技股整体回调压力：2月12日，美股三大指数集体下跌，纳斯达克指数跌幅达2.03%。科技板块承 压，尤其是AI算力相关股票在前期大幅上涨后出现获利了结，市场情绪转向谨慎。 股价异动原因 板块与个股技术性调整：尽管AI算力与光通信板块近期是市场热点，但应用光电股价在2月11日收于 48.40美元，年初至当日涨幅达38.61%。短期累计涨幅较大后，部分资金选择在高位兑现收益，导致股 价回调。 经济观察网应用光电(AAOI.OQ)股价在2026年2月12日出现大幅波动，当日收盘价为43.99美元，较前一 日下跌9.11%，振幅达13.31%。此次波动主要受以下因素影响： 股票近期走势 ...

Group 1 - The top-performing stocks in the A-share market during the Year of the Snake include Shangwei New Materials, which saw an increase of over 18 times, and Tianpu Co., which surged by 942% [1] - A total of seven stocks achieved a fivefold increase, while one stock reached a tenfold increase during the Year of the Snake [1] Group 2 - Yunhe Technology (603256.SH) has a current price of 71.60 yuan and a total market capitalization of 62.9 billion yuan, with a growth of 781% [3] - Dingtai Gaoke (301377.SZ) has a market capitalization of 73.6 billion yuan and a current price of 179.57 yuan, showing a growth of 729% [3] - Feiwo Technology (301232.SZ) has a market capitalization of 18.149 billion yuan and a current price of 136 yuan, with a growth of 649% [3] - Shengtong Energy (001331.SZ) has a current price of 52.00 yuan and a market capitalization of 14.6 billion yuan, with a growth of 80% [4] - Chaojie Co. (301005.SZ) has a market capitalization of 21.1 billion yuan and a current price of 157.52 yuan, with significant annual growth [4] - Xianglu Tungsten Industry (002842.SZ) has a current price of 36.38 yuan and a market capitalization of 11.9 billion yuan, with a growth of 467% [4] - Xinyuan Co. (688521.SH) has a market capitalization of 144.8 billion yuan and a current price of 275.50 yuan, with a growth of 462% [4]