证券研究报告 2026年03月01日 汽车零部件 禾赛-W(02525.HK)公司深度报告： 乘具身智能之东风，激光雷达由"上车"走向"泛机器人" | 表现 | 1M | 3M | | --- | --- | --- | | 禾赛-W | 6.2% | 51.1% | | 恒生指数 | -1.8% | 2.6% | 请务必阅读报告附注中的风险提示和免责声明 2 评级：买入(首次覆盖) 陈梦竹(证券分析师) 詹广鹏(证券分析师) S0350521090003 S0350524030005 chenmz@ghzq.com.cn zhangp03@ghzq.com.cn 最近股价走势 -50% -38% -27% -16% -5% 6% 2025/09/16 2025/11/16 2026/01/16 禾赛-W 恒生指数 | 市场数据 | 2026/02/27 | | --- | --- | | 当前价格（港元） | 219.60 | | 52周价格区间（港元） | 116.30-244.00 | | 总市值（百万港元） | 34,508.43 | | 流通市值（百万港元） | 34,508.43 | | 总股本（ ...

2026 年 03 月 01 日 行业研究 评级：推荐(维持) | 研究所： | | | --- | --- | | 证券分析师： | 董伯骏 S0350521080009 | | | dongbj@ghzq.com.cn | | 证券分析师： | 李永磊 S0350521080004 | | | liyl03@ghzq.com.cn | | 证券分析师： | 李振方 S0350524080003 | | | lizf@ghzq.com.cn | [Table_Title] 关注油价上涨，关注化工旺季到来—看好全球化 工反内卷大周期+AI 需求大周期 ——基础化工行业周报 最近一年走势 2026 年 2 月 26 日，国海化工景气指数为 94.19，较 2026 年 2 月 19 日上升 0.22。 投资建议： 从全球范围看，中国化工优势企业的成本和效率优势已经非常稳固，龙 头企业已经进入了业绩长周期向上的阶段。同时，对于部分供给端受限 的行业，随着需求的回升，这部分行业的景气度有望持续提升，值得重 点关注。碳排放管控下的反内卷有望重估中国化工行业，后续措施有望 使全球以及中国化工行业产能扩张大幅放缓，并对部 ...

2026 年 03 月 01 日 行业研究 评级：推荐(维持) | 1 研 2 1 2 C | | --- | | œ | | 研究所： | | | --- | --- | | 证券分析师： | 董伯骏 S0350521080009 | | | dongbj@ghzq.com.cn | | 证券分析师： | 李永磊 S0350521080004 | | | liyl03@ghzq.com.cn | | 证券分析师： | 杨仁文 S0350521120001 | | | yangrw@ghzq.com.cn | | 证券分析师： | 王鹏 S0350525090001 | | | wangp05@ghzq.com.cn | [Table_Title] 中国 2026 年计划实施 2 次载人飞行、1 次货运 飞船补给任务 ——新材料产业周报 最近一年走势 | 行业相对表现 | | | 2026/02/27 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 6.0% | 26.1% | 52.2% | | 沪深 300 | 0.1% | 4.3% ...

2026 年 03 月 01 日 策略周报 研究所： 证券分析师： 赵阳 S0350525100003 zhaoy05@ghzq.com.cn [Table_Title] 近期涨价链行情观点及 3-4 月布局思路 最近一年走势 相关报告 《流动性周报 2 月第 3 期：社融同比增速放缓，权 益基金发行回暖*赵阳》——2026-02-24 《年报预报落地后，市场如何演绎？*赵阳》—— 2026-02-01 《流动性周报 1 月第 3 期：宏观资金均衡偏松，ETF 继续大幅净流出*赵阳》——2026-01-28 本篇报告解决了以下核心问题：1、怎么看待近期涨价链行情；2、即将 到来的三月该配置什么风格和主题。 | 2、 | 三月中旬开始可能要关注风格切换 6 | | --- | --- | | 3、 | 三月的三个配置思路 8 | | 4、 | 风险提示 14 | 核心要点: 国海证券研究所 请务必阅读正文后免责条款部分 《流动性周报 2 月第 2 期：宽基流出明显收窄*赵 阳》——2026-02-10 《流动性周报 2 月第 1 期：宽基 ETF 继续大幅流 出*赵阳》——2026-02-02 2 月份涨价是 ...

2026 年 03 月 01 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn 联系人 ： 张益 S0350124100016 zhangy33@ghzq.com.cn 联系人 ： 徐萌 S0350125070001 xum02@ghzq.com.cn 最近一年走势 | 行业相对表现 | | 2026/02/27 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 煤炭开采 | 11.2% | 11.3% | 24.5% | | 沪深 300 | 0.1% | 4.3% | 18.7% | 相关报告 《煤炭开采行业周报：进口煤性价比已不在，节后 煤价预期向上（推荐）*煤炭开采*陈晨》—— 2026-02-24 《煤炭开采行业周报：本周煤价继续上涨，印尼煤 炭减产信息扰动（推荐）*煤炭开采*陈晨》—— 2026-02-08 《能源开采行业深度报告：解构国内用电结构，探 寻电力需求增长引擎（推荐）*煤炭开采*陈晨》— —2026-02-03 《煤炭开采行业周报：煤价本周开启 ...

| 研究所： | | | | --- | --- | --- | | 证券分析师： | | 李航 S0350521120006 | | | | lih11@ghzq.com.cn | | 证券分析师： | | 邱迪 S0350522010002 | | | | qiud@ghzq.com.cn | | 证券分析师： | | 王刚 S0350524020001 | | | | wangg06@ghzq.com.cn | | 证券分析师： | | 李昂 S0350525030002 | | | | lia@ghzq.com.cn | | 联系人 | ： | 吴亦辰 S0350125030017 | | | | wuyc@ghzq.com.cn | [Table_Title] 储能需求有望持续超我们预期，Rubin 全液冷 方案有望逐步起量 ——新能源行业周报 最近一年走势 | 行业相对表现 | | 2026/02/27 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 电力设备 | 1.9% | 12.4% | 48.1% | | 沪深 300 | 0. ...

研究所： 2026 年 02 月 28 日 公司研究 评级：买入(维持) | | chenm | | --- | --- | | E券分析师: E券分析师: | 陈梦竹 张娟娟 | 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 张娟娟 S0350523110004 zhangjj02@ghzq.com.cn [Table_Title] 延续高质量增长，入境游成为强劲增长引擎 ——携程集团-S（9961.HK）2025Q4 及全年财 报点评 最近一年走势 | 相对恒生指数表现 | | | 2026/02/27 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 携程集团-S | -17.6% | -23.2% | -8.9% | | 恒生指数 | -1.8% | 2.6% | 12.3% | | 市场数据 | | | 2026/02/27 | | 当前价格（港元） | | | 411.40 | | 52 周价格区间（港元） | | | 397.20-613.00 | | 总市值（百万港元） | | | ...

2026 年 02 月 28 日 公司研究 评级：买入(维持) 研究所： 《百度集团-SW（9888.HK）2025Q4 财报前瞻： 昆仑芯等智能云基础设施业务促进公司云业务稳 健发展（买入）*数字媒体*陈梦竹，陈重伊》—— 2026-02-01 《百度集团-SW（9888.HK）2025Q3 财报点评： AI 业务商业化加速落地，同比实现高速增长（买入） *数字媒体*陈梦竹，陈重伊》——2025-11-21 《百度集团(9888.HK)公司报告：全栈 AI 构筑竞争 壁垒，AI 云国内市占率领先（买入）*数字媒体*陈 事件： 百度集团于 2026 年 2 月 26 日发布 2025 第四季度及全年业绩公告：2025 年，公司实现收入约 1291 亿元，同比下滑 3%；non-GAAP 经营利润约 150 亿元，同比下滑 43%；non-GAAP 净利润 189 亿元，同比下滑 30%。 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 陈重伊 S0350525010002 chency@ghzq.com.cn ——百度集团-SW（9888.HK）2025 ...

Group 1: Online Subscription Revenue Growth and AI Development - NetEase Cloud Music - Adjusted operating profit increased by over 30% year-on-year, indicating continuous improvement in profitability [3][4] - In 2025, revenue reached 7.759 billion yuan, a decrease of 2.4% year-on-year, primarily due to a more cautious operational strategy in social entertainment services [3] - The number of paid users increased, driving online music subscription revenue growth, with 2025 online music business revenue at 5.994 billion yuan, up 12.0% year-on-year [5][6] Group 2: Price Increase in Overseas MDI and Polyurethane Market Outlook - Wanhua Chemical - Major overseas manufacturers have raised MDI prices, indicating a potential price increase trend in the market [9][10] - As of February 24, 2026, domestic MDI prices were 13,900 yuan/ton, with TDI prices at 14,900 yuan/ton, showing stability compared to pre-Spring Festival levels [10] - The report anticipates a recovery in polyurethane demand post-Spring Festival, supported by low inventory levels [12] Group 3: Motorcycle Industry Analysis - Suzuki - From FY2014 to FY2024, Suzuki's motorcycle production increased from 1.799 million units to 2.042 million units, with a CAGR of approximately 1.3% [14] - The company's motorcycle revenue grew from 250.5 billion yen to 398.1 billion yen during the same period, with a CAGR of approximately 4.7% [15] - Suzuki's global motorcycle market share for FY2023 is estimated at around 4% [18] Group 4: Movie Industry Performance and Trends - The 2026 Spring Festival box office reached 5.69 billion yuan, a year-on-year decrease of 39.9% due to high base effects [20][21] - The number of attendees during the Spring Festival was 119 million, down 36.3% year-on-year, with an average ticket price of 47.8 yuan, a decrease of 6.1% [21] - The report highlights strong performance in lower-tier markets, with a significant share of box office revenue coming from these areas [21] Group 5: Motorcycle Industry Analysis - Honda - Honda's motorcycle sales revenue increased from 1.85 trillion yen to 3.22 trillion yen from FY2015 to FY2024, with a CAGR of approximately 6.37% [25] - The company's motorcycle sales volume grew from 17.59 million units to 18.82 million units during the same period, with a CAGR of approximately 0.75% [26] - Honda's global motorcycle market share is approximately 40% [29] Group 6: Express Logistics Industry Trends - In the first eight weeks of 2026, the total express delivery volume reached 32.734 billion pieces, a year-on-year increase of 5.4% [36][37] - YTO Express led the growth in business volume, with a year-on-year increase of 29.75% in January [38] - The report maintains a "recommended" rating for the express logistics sector, anticipating steady growth in business volume [40] Group 7: Engineering Machinery - Shantui - Shantui is positioned as a leading enterprise in bulldozers, focusing on smart, high-end, and globalized products [45][46] - The company expects revenue growth driven by increased infrastructure investment in Southeast Asia and mining capital expenditure in Africa [46][47] - Revenue forecasts for 2025-2027 are projected at 15.4 billion, 17.4 billion, and 20.2 billion yuan, respectively, with corresponding net profits of 1.25 billion, 1.61 billion, and 1.93 billion yuan [49]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The report addresses key aspects of the company's development history, industry analysis of its core products (bulldozers and excavators), and the company's competitive advantages in these areas [3]. - The company is positioned as a leading player in the bulldozer market, advancing towards smart, high-end, and global operations [3]. - The report highlights the stable industry structure and the potential benefits from increased capital expenditure in mining and accelerated infrastructure projects [3]. Summary by Sections Company Overview - The company has evolved from its inception, fulfilling the mission of domesticating high-power bulldozers in China, thus eliminating reliance on imports for bulldozers over 180 horsepower [12][13]. - The company has a stable shareholding structure, with significant stakes held by Shandong Heavy Industry Group and Weichai Power [20][24]. - The company has seen a steady increase in overseas revenue, with the proportion rising from 38.7% in 2022 to 55.7% in the first half of 2025 [34]. Bulldozer Market Analysis - The global bulldozer market is expected to grow from 33.6 billion yuan in 2020 to 53.9 billion yuan by 2024, driven by infrastructure development and mining activities [45]. - The report indicates that the market concentration is high, with the top five manufacturers expected to hold a 66% market share by 2024 [45]. - The domestic market is projected to recover in 2024, with the company maintaining a leading market share of 64.7% [48]. Competitive Advantages - The company is recognized as the leader in the domestic bulldozer market, having maintained a market share above 60% since 2010 [49]. - The report suggests that the company's bulldozers are likely to benefit from a structural supply-demand imbalance, leading to potential price increases [3][6]. - The company has a unique position in the excavator market, with a focus on internal and external demand recovery, supported by various factors such as policy stimulation and large-scale engineering projects [4][6]. Financial Projections - Revenue is projected to grow from 14.22 billion yuan in 2024 to 20.16 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 19% from 2020 to 2024 [5]. - The net profit attributable to shareholders is expected to increase from 1.10 billion yuan in 2024 to 1.93 billion yuan in 2027, reflecting a strong growth trajectory [5]. - The report anticipates a stable gross margin and improved profitability due to effective cost control measures [29].