[Table_Tag] [投资要点 Table_Summary] ◼ 事件：公司发布 2025 年度业绩预告 2026 年 1 月 30 日公司发布 2025 年业绩预告。公司预计 2025 年实现归母净 利润 1.65-2.07 亿元，同比+134%~+194%，中值 1.86 亿元，同比+164%；预计 实现扣非归母净利润 1.60-2.02 亿元，同比+152%~+218%，中值 1.81 亿元，同 比+185%。公司全年业绩实现较快增长，主要受益于 AI 算力建设需求爆发， 服务器代工厂 CAPEX 有较大幅度增长，对公司锡膏印刷设备需求快速提升。 2025 年度公司毛利率相对较高的部分产品销售额增加，产品结构有所优化。 证券研究报告·公司点评报告·专用设备 凯格精机（301338） 2025 年业绩预告点评：25 年利润同比高 增，看好产品结构改善带来盈利能力提升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万 ...

证券研究报告·公司点评报告·专用设备 凯格精机（301338） 2025 年业绩预告点评：25 年利润同比高 增，看好产品结构改善带来盈利能力提升 买入（维持） ◼ 事件：公司发布 2025 年度业绩预告 2026 年 1 月 30 日公司发布 2025 年业绩预告。公司预计 2025 年实现归母净 利润 1.65-2.07 亿元，同比+134%~+194%，中值 1.86 亿元，同比+164%；预计 实现扣非归母净利润 1.60-2.02 亿元，同比+152%~+218%，中值 1.81 亿元，同 比+185%。公司全年业绩实现较快增长，主要受益于 AI 算力建设需求爆发， 服务器代工厂 CAPEX 有较大幅度增长，对公司锡膏印刷设备需求快速提升。 2025 年度公司毛利率相对较高的部分产品销售额增加，产品结构有所优化。 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 740.02 | 856.60 | 1,190.15 | ...

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 降息等多因素支持科研上游持续复苏，重点 推荐皓元医药、奥浦迈等 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026 年 02 月 01 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -5% -1% 3% 7% 11% 15% 19% 23% 27% 31% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 医药生物 沪深300 相关研究 《mRNA 疫苗龙头释放积极临床数据 信号，建议关注悦康药业、康希诺等》 2026-01-26 《JPM 2026 最前线观察：中国创新药 再次成为全球焦点！》 2026-01-18 东吴证券研究所 1 / 37 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨幅分别为-3.31%、3.14%，相对沪深 300 的超额收益分别为-0.56%、2.51%；本周、年初至今恒生生物科技指数 涨跌幅分别为-3.24%、8.76%，相对于恒生科技指数跑赢-1.87%、5.09%； ...

证券研究报告·宏观报告·宏观周报 宏观量化经济指数周报 20260201 春节错位对经济数据读数造成扰动 2026 年 02 月 01 日 [Table_Tag] [Table_Summary] 观点 ◼ 经济高频数据： 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 李昌萌 执业证书：S0600524120007 lichm@dwzq.com.cn 证券分析师 王洋 执业证书：S0600524120012 wangyang@dwzq.com.cn 相关研究 《市场短期进入结构混沌期，但大盘 指数仍然稳健》 2026-02-01 《1 月 FOMC：平安夜——2026 年 1 月 FOMC 会议点评》 2026-01-29 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 ◼ 周度 ECI 指数：从周度数据来看，截至 2026 年 2 月 1 日，本周 ECI 供 给指数为 50.09%，较上周回升 0.03 个百分点；ECI 需求指数为 49.86%， 较上周回升 0.02 个百分点。从分项来看，ECI 投资指数为 49.91%，较 上 ...

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the given content. 2. Core Viewpoints - The threat of the US to strike Iran has led to an upward oscillation in international oil prices [1]. - This week, the average weekly prices of Brent and WTI crude oil futures were $68.6 and $63.4 per barrel respectively, up $3.8 and $3.2 from last week [2]. 3. Summary by Directory 1. Crude Oil Weekly Data Briefing - The data sources include Bloomberg, WIND, EIA, TSA, Baker Hughes, and Dongwu Securities Research Institute [8][9]. 2. This Week's Performance Review of the Petroleum and Petrochemical Sector - **2.1 Performance of the Petroleum and Petrochemical Sector**: Information on the sector's performance and the performance of sub - industries, as well as the performance of the sector and the Shanghai - Shenzhen 300 Index, is presented, but specific data is not provided in the text [11][18]. - **2.2 Performance of Listed Companies in the Sector**: - The report provides the latest prices, total market values, and price changes in the past week, month, three months, one year, and since the beginning of 2026 for multiple listed companies such as CNOOC, PetroChina, and Sinopec [23]. - A valuation table shows the stock prices, total market values, net profits attributable to the parent company, PE, and PB of these companies from 2024 to 2027 [25]. 3. Crude Oil Sector Data Tracking - **3.1 Crude Oil Prices**: It includes the prices and price differences of Brent, WTI, Russian Urals, and ESPO crude oils, as well as the relationships between the US dollar index, LME copper price, and WTI crude oil price [29][31][40]. - **3.2 Crude Oil Inventory**: Analyzes the correlations between US commercial crude oil inventory and oil prices, the weekly destocking speed of US commercial crude oil and the increase or decrease of Brent oil prices, and presents the total, commercial, strategic, and Cushing crude oil inventories in the US [43][44][49]. - **3.3 Crude Oil Supply**: Covers US crude oil production, the number of active oil rigs, and the number of active fracturing fleets, as well as their relationships with oil prices [63][64][66]. - **3.4 Crude Oil Demand**: Focuses on US refinery crude oil processing volume, refinery operating rates, Shandong refinery seasonal operating rates, and the operating rates of major refineries in China [71][73][75]. - **3.5 Crude Oil Import and Export**: Details the import, export, and net import volumes of US crude oil and crude oil and petroleum products [79][81]. 4. Refined Oil Sector Data Tracking - **4.1 Refined Oil Prices**: Analyzes the relationship between international oil prices and domestic gasoline, diesel, and aviation kerosene prices and price differences, as well as the price differences between crude oil and refined oil in the US, Europe, and Singapore [86][109][114]. - **4.2 Refined Oil Inventory**: Presents the inventories of gasoline, diesel, and aviation kerosene in the US and Singapore [124][128][136]. - **4.3 Refined Oil Supply**: Covers the production volumes of gasoline, diesel, and aviation kerosene in the US [144][145]. - **4.4 Refined Oil Demand**: Focuses on the consumption volumes of gasoline, diesel, and aviation kerosene in the US and the number of airport security checks for passengers [148][149][153]. - **4.5 Refined Oil Import and Export**: Details the import, export, and net export volumes of gasoline, diesel, and aviation kerosene in the US [161][167][168]. 5. Oil Service Sector Data Tracking - It shows the average daily fees of self - elevating drilling platforms and semi - submersible drilling platforms in the industry [176][181].

Investment Rating - The report maintains a rating of "Buy" for the mechanical equipment industry, with a focus on specific companies such as SANY Heavy Industry and Jiangsu HJT Equipment [1][35]. Core Insights - The report highlights significant opportunities in the photovoltaic equipment sector, particularly due to the dual demand from both ground and space applications, driven by initiatives like SpaceX's satellite deployment [2][25]. - The engineering machinery sector is expected to see a surge in activity as the construction season approaches, with historical data indicating a strong performance in Q1 [3][41]. - The report emphasizes the importance of AI-driven demand in various sectors, including the semiconductor and energy industries, which are expected to experience substantial growth [38][44]. Summary by Sections Photovoltaic Equipment - SpaceX's application for deploying a satellite constellation presents a unique opportunity for equipment manufacturers, with a projected demand for GW-level space photovoltaic solutions [2][25]. - The ground photovoltaic market is also experiencing robust demand, particularly in Europe and the U.S., with expectations of equipment demand reaching 70-90 GW [2]. Engineering Machinery - The report notes that Q1 typically sees a spike in machinery activity due to budget releases and favorable weather conditions, with excavator sales historically accounting for a significant portion of annual sales [3][41]. - Recommended companies in this sector include SANY Heavy Industry, XCMG, and LiuGong [3][41]. AI and Semiconductor Equipment - The report discusses the increasing demand for AI computing power, which is expected to drive growth in the semiconductor equipment market, particularly for companies involved in PCB and PCBA production [19][32]. - Companies like North Huachuang and Zhongwei are highlighted as key players benefiting from this trend [32]. Gas Turbine and Energy Equipment - The report identifies a growing demand for gas turbines due to the increasing electricity needs driven by AI data centers, with a projected supply gap in the market [29][30]. - Recommended companies in this area include Jereh and Yingliu, which are positioned to benefit from this demand surge [30]. Robotics and Automation - The anticipated mass production of Tesla's Optimus robot is expected to create opportunities for domestic component manufacturers, with companies like Hengli Hydraulic and New Coordinates being highlighted [45]. - The report suggests that the automation of assembly lines in the optical module sector is becoming a necessity due to the evolving market demands [20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve significant revenue growth in 2025, with total revenue projected at 921.74 million yuan, representing a year-on-year increase of 41.40%. The net profit attributable to shareholders is forecasted to reach 203.87 million yuan, a substantial growth of 91.28% year-on-year [1][7] - The core product line is expanding, with the company's AI-enabled audio chips gaining traction in the market. The sales of low-latency, high-quality wireless audio products are experiencing rapid growth, and the penetration rate of Bluetooth audio SoC chips among leading audio brands is steadily increasing [7] - The company is increasing its R&D investment, with an estimated R&D expenditure of approximately 240 million yuan in 2025, reflecting an 11.56% year-on-year growth. This investment supports the development of next-generation products and technologies [7] Financial Projections - The company's revenue projections for 2025-2027 are adjusted to 9.22 billion yuan, 12.31 billion yuan, and 15.75 billion yuan, respectively. The net profit attributable to shareholders is expected to be 2.04 billion yuan, 2.73 billion yuan, and 3.76 billion yuan for the same period [7][8] - The net profit margin for 2025 is anticipated to reach 22.13%, an increase of 5.78 percentage points compared to the same period in 2024, indicating a continuous improvement in core profitability [7] - The earnings per share (EPS) for 2025 is projected to be 1.16 yuan, with a price-to-earnings (P/E) ratio of 47.84 based on the latest diluted EPS [1][8]

看好光伏设备出海&太空算力机会；推荐国 内销售旺季来临的工程机械 增持（维持） 机械设备行业跟踪周报 证券研究报告·行业跟踪周报·机械设备 [Table_Tag] [1.Table_Summary] 推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天 国际、柏楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、先导智能、长川科技、 华测检测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精工、杭可科 技、伊之密、新莱应材、高测股份、纽威数控、华中数控。 2.投资要点： 【光伏设备】SpaceX 申请部署百万颗卫星，设备商有望充分受益于海外地面+太空光 伏双重机遇 1 月 30 日，SpaceX 向美国联邦通信委员会（FCC）提交了一项新申请，内容为"一个 拥有前所未有的计算能力的卫星星座，可为先进的 AI 模型及其相关应用提供支持"。 这一卫星系统将最多包含 100 万颗卫星，主要通过新一代重型运载火箭"星舰"发射， 建立一个环绕地球的轨道数据中心网络。 1、太空：全球卫星发射数量指数级增长，硅基 HJT 是最优太空光伏方案。中国无线电 创新院向国际电信联盟申请 20 万颗低轨轨道权 ...

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [51]. Core Insights - The automotive parts sector saw a weekly decline of 5.74%, ranking 4th within the SW automotive sector, while the robot sector declined by 6.16%, with a year-to-date performance of +0.48% [2][24]. - Key developments include Tesla's transition of the Model S/X production line to Optimus manufacturing and Li Auto's entry into the humanoid robot market [34]. - Investment recommendations focus on identifying structural opportunities in the automotive parts sector and certainty opportunities in the robotics sector, particularly with the anticipated release of Optimus V3 [2][46]. Summary by Sections Automotive Parts Sector Weekly Review - The SW automotive parts index is down 5.74% this week, with a year-to-date increase of 2.85%, ranking 4th among automotive sectors [2][11]. - The latest trading day PE (TTM) for the SW automotive parts sector is at 82.67% historical percentile, while the PB (LF) is at 77.62% [22]. - Notable stock movements include significant gains for Xingyu Co. (+11.19%) and Beite Technology (+3.75%) [2][40]. Humanoid Robot Sector Weekly Review - The humanoid robot index decreased by 6.16% this week, with a year-to-date increase of 0.48% [24]. - The latest trading day PE (TTM) for the humanoid robot sector is at 66.92% historical percentile, and the PB (LF) is at 77.19% [33]. - Key events include the announcement of Tesla's production shift and Li Auto's entry into humanoid robotics [34]. Core Coverage Stock Tracking - Key stocks in the automotive parts sector include Fuyao Glass, Top Group, and Xingyu Co., with notable performance and strategic developments [40][44]. - New strategic partnerships and performance forecasts indicate potential growth for companies like New Spring Co. and Blue Dai Technology [44]. Investment Recommendations - For the automotive parts sector, focus on companies with strong product offerings and those expanding into high-value markets, particularly in Europe, North America, and Southeast Asia [46]. - In the robotics sector, prioritize companies benefiting from advancements in technology and manufacturing synergies, with recommendations for Top Group and Junsheng Electronics [46].

证券研究报告 大炼化周报： 春节前终端需求减弱叠加工人返乡增多，织机开机率下滑 石化化工分析师：周少玟 执业证书编号：S0600525070005 联系方式：zhoushm@dwzq.com.cn 2026年2月1日 请务必阅读正文之后的免责声明部分 投资要点 大化工首席分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn ◼ 【国内外重点炼化项目价差跟踪】国内重点大炼化项目本周价差为2404元/吨，环比-32元/吨（环比-1%）；国外 重点大炼化项目本周价差为1092元/吨，环比-44元/吨（环比-4%）。 ◼ 【聚酯板块】本周POY/FDY/DTY行业均价分别为6900/7143/8064元/吨，环比分别+179/+179/+207元/吨， POY/FDY/DTY行业周均利润为-66/-171/-156元/吨，环比分别-37/-37/-18元/吨，POY/FDY/DTY行业库存为 14.0/15.7/20.0天，环比分别+0.1/-0.8/-1.2天，长丝开工率为86.1%，环比-2.5pct。下游方面，本周织机开工率 为42.4%，环比-8. ...