优质尼龙切片龙头，布局双 6 迎新增长 聚合顺(605166) ——聚合顺首次覆盖报告 | [table_Authors] 孙羲昱(分析师) | 沈唯(分析师) | 陈浩越(研究助理) | 评级 | 增持 | | --- | --- | --- | --- | --- | | 021-38677369 | 0755-23976795 | 021-38031035 | 目标价格 | 17.42 | | sunxiyu@gtjas.com | shenwei024936@gtjas.com | chenhaoyue028692@gtjas.com | | | | 登记编号 S0880517090003 | S0880523080006 | S0880123070130 | Table_CurPrice] [当前价格： | 12.69 | 本报告导读： 公司是优质的尼龙 6 切片龙头企业，规模持续扩张，产品优势显著，同时积极布局 尼龙 66 赛道，远期成长空间可期。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | ...

Investment Rating - The report initiates coverage with a "Buy" rating for WuXi XDC [1][3][4] Core Insights - The global ADC CRDMO market is expanding, with the company benefiting from a growing order pipeline and a dual-factory strategy that enhances capacity and customer retention. The company is also entering the XDC market to create a second growth curve [3][4][5] Summary by Sections Company Overview - WuXi XDC is a leading end-to-end ADC CRDMO provider, benefiting from high industry demand and a growing order book. The projected EPS for 2024-2026 is 0.89, 1.24, and 1.66 CNY respectively, with a target price of 43.4 CNY based on a 35X PE for 2025 [4][16] Market Dynamics - The global ADC drug market is expected to grow to 64.7 billion USD by 2030, with a CAGR of 30% from 2022 to 2030. The outsourcing market for ADC and broader bioconjugates is projected to reach 11 billion USD by 2030, with a CAGR of 28% [4][40] Financial Performance - The company has shown strong revenue growth, with revenues increasing from 311 million CNY in 2021 to an estimated 2.124 billion CNY in 2023, representing a CAGR of 180.7%. The net profit is expected to grow significantly, reaching 1.067 billion CNY in 2024 [8][31] Production Capacity and Strategy - The company is implementing a dual-factory strategy to enhance global production capacity, with new facilities in Singapore expected to be operational by the end of 2025. The company has 18 clinical stage III projects and is advancing its ADC pipeline [5][19][37] Growth Opportunities - The XDC market is emerging, with significant potential in non-oncological indications. The company is strategically positioned to capitalize on this growth by leveraging its existing technology and expanding its project and client base [5][21][22]

登记编号 S0880513070005 S0880521010001 S0880123070145 建材《价格信号领先需求筑底反弹》2025.03.03 建材《国泰君安证券-建材行业基本面数据大全 _20250303》2025.03.03 建材《消费建材提价信号在近年中领先》 2025.02.24 建材《国泰君安证券-建材行业基本面数据大全 _20250221》2025.02.24 建材《消化开工悲观预期，大宗 Q1 量价分化》 2025.02.17 本报告导读： 价格修复与成本改善提升 Q1 景气预期 [Table_Industry] 建材 | | | [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Report] 相关报告 [table_Authors] 鲍雁辛(分析师) 花健祎(分析师) 巫恺洋(研究助理) 0755-23976830 0755-23976858 0755-23976666 baoyanxin@gtjas.com huajianyi@gtjas.com wukaiyang028675@gtjas.com 建材产品价格信号领先需求筑底反弹，源于长周期激烈竞争下的 ...

深圳打造具身智能机器人先锋城市，工程机械 2 月迎开门红 [Table_Industry] 机械行业 ——机械行业周报 | [Table_Invest] | | --- | | 评级： 增持 | | 增持 | | --- | | 上次评级: | | [table_Authors] 肖群稀(分析师) | 欧阳蕤(分析师) | 刘麒硕(研究助理) | | --- | --- | --- | | 0755-23976830 | 021-38676550 | 0755-23976666 | | xiaoqunxi027589@gtjas.com | ouyangrui029285@gtjas.com | liuqishuo028693@gtjas.com | | 登记编号 S0880522120001 | S0880523120002 | S0880123070153 | 本报告导读： 上周（2025/3/3-2025/3/7）机械设备指数涨跌幅为+6.39%。关注人形机器人等领 域科技创新，工程机械销量回升，半导体设备自主可控需求强化。 投资要点： 风险提示：新技术研发不达预期、产业政策变化、市场竞争加剧等。 [T ...

Investment Rating - The report assigns an "Overweight" rating for the defense industry, consistent with the previous rating [8]. Core Insights - The national defense budget for 2025 is set at 1,784.7 billion yuan, reflecting a year-on-year increase of 7.2%, which is higher than the expected GDP growth target of 5% [3][8]. - The defense budget growth rate has remained stable over the past nine years, with the proportion of defense spending to GDP still having room for improvement compared to countries like the US and Japan [3][8]. - The report emphasizes the importance of the defense budget as a foundation for modernization and equipment development, with a consistent growth trend observed from 2016 to 2024 [3][8]. Summary by Sections National Defense Budget Overview - The 2025 defense budget is 1,784.7 billion yuan, marking a 7.2% increase, which aligns with the stable growth trend observed in previous years [3][8]. - The defense budget growth has been consistent, with annual increases of 7.6%, 7%, 8.1%, 7.5%, 6.6%, 6.8%, 7.1%, and 7.2% from 2016 to 2024 [8]. Comparison with Other Countries - Japan's defense budget for 2025 is projected at 8.7 trillion yen, a 9.4% increase, while the US defense budget for the fiscal year 2024 is approximately 886 billion USD, accounting for 3% of its GDP [8]. - China's defense spending as a percentage of GDP has remained below 1.5%, indicating significant potential for growth compared to global averages and specific countries [8]. Strategic Implications - The report highlights the ongoing modernization of the military and defense capabilities as a priority, with a focus on implementing Xi Jinping's military strategies and enhancing combat readiness [8]. - The year 2025 is seen as a pivotal year for transitioning from the 14th Five-Year Plan to the 15th, with expectations for steady growth in defense spending to support modernization goals [8]. Recommended Investment Targets - The report suggests focusing on companies within the aerospace and aviation supply chain, recommending specific stocks such as AVIC Optoelectronics, Aerospace Electric, AVIC Shenyang Aircraft, and others [8].

中国科技资产的价值觉醒 [Table_Authors] 方奕(分析师) ——科技"转型牛"投资系列二 本报告导读： 大国博弈的竞争，已经从经贸关系的竞争，转向科技创新的竞争，这将驱动投资逻 辑和估值观念的改变。由于商业机会、社会资本与冒险精神的涌现，以及自主可控 从 1.0 追赶到 2.0 创新，2025 年投资的主战场在科技，中国科技资产迎来价值觉醒。 投资要点： 风险提示：国内产业突破不及预期；关税与科技冲突的不确定性。 策略研究 /[Table_Date] 2025.03.13 | | 021-38031658 | | --- | --- | | | fangyi020833@gtjas.com | | 登记编号 | S0880520120005 | | | 田开轩(分析师) | | | 021-38038673 | | | tiankaixuan026724@gtjas.com | | 登记编号 | S0880524080006 | | | 苏徽(分析师) | | | 021-38676434 | | | suhui012865@gtjas.com | | 登记编号 | S0880516080006 ...

需求或触底回升，回购彰显长期发展信心 武进不锈(603878) ——武进不锈更新报告 | | | | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 6.75 | | | 上次预测: | 9.86 | | Table_CurPrice] [当前价格： | | 5.68 | 本报告导读： 受到公司下游石化、煤化工行业景气度下降影响，公司业绩大幅下降。新疆煤化工 投资较大，预期需求逐步触底。公司持续回购彰显对自身长期发展的信心。 [Table_Balance] 资产负债表摘要(LF) | 股东权益（百万元） | 2,667 | | --- | --- | | 每股净资产（元） | 4.75 | | 市净率（现价） | 1.2 | | 净负债率 | -19.73% | [Table_PicQuote] 52周股价走势图 -27% -15% -3% 9% 21% 34% 2024-03 2024-07 2024-11 2025-03 武进不锈 上证指数 | [Table_Trend] ...

Investment Rating - The report assigns an "Overweight" rating for the industry, consistent with the previous rating [2]. Core Insights - OpenAI has launched four AI agent toolkits, including a new Responses API and open-source Agents SDK, which simplify the development of AI agent applications and enhance product development capabilities [4]. - The introduction of new tools accelerates the diverse application of agents, responding to competitors like Google, Microsoft, and Alibaba, while reinforcing OpenAI's competitive edge established by its first AI agent product, Operator [9]. - Recommended stocks include Dingjie Zhizhi, Foxit Software, and iFlytek, with beneficiaries being Fanwei Network, Maifushi, and Rundamedical [9]. Summary by Sections Investment Highlights - The Responses API features web and document search tools, with the web search tool achieving higher accuracy than competitors, significantly reducing manual search costs [9]. - The computer operation tool, supported by the CUA model, automates tasks like clicking and scrolling, enhancing agent interaction with the external world [9]. - The open-source Agents SDK improves agent collaboration, allowing for customizable LLM models and tools, which simplifies multi-threaded task processing and reduces developer workload [9]. - OpenAI employs a "free API + paid tools" business model, expanding its market through free offerings while recouping R&D costs via paid tools, ensuring a sustainable financial foundation for future growth [9].

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [1] Core Insights - The defense sector has shown an upward trend, with significant increases in indices, particularly a 7.44% rise in the national defense and military index, outperforming the broader market by 5.88 percentage points [4][9] - The report emphasizes that the intensification of great power competition is a long-term trend, leading to increased defense spending and a positive long-term outlook for the military industry [10][11] Summary by Sections Market Review - The national defense and military index rose by 7.44% from March 3 to March 7, outperforming the Shanghai Composite Index, which increased by 1.56% [15][16] - The CSI National Defense Index performed the best among military indices, with an 8.98% increase [17][18] - The report highlights strong performances in the national defense information technology and materials processing sectors [19][21] Major News in the Military Industry - President Xi Jinping emphasized the importance of completing the military's "14th Five-Year Plan" during a meeting with military representatives, which is crucial for achieving the centenary goals of the military [26] - SpaceX's eighth test flight of the "Starship" faced setbacks, and Russia conducted strikes on Ukrainian energy facilities, indicating ongoing geopolitical tensions [28] Investment Focus - Key investment areas identified include: 1. Assembly: AVIC Shenyang Aircraft Corporation 2. Components: AVIC Optoelectronics, Aerospace Electrical Equipment 3. Subsystems: AVIC Onboard, North Navigation 4. Materials and Processing: Fushun Special Steel, AVIC Heavy Machinery, Philit, Tunan Co., Huayin Technology, and Plit [11][12]

Investment Rating - The report maintains an "Overweight" rating for the industry, consistent with the previous rating [2]. Core Insights - The report emphasizes that the competitive barriers in the AI application landscape are shifting from public information to private information, highlighting the importance of industry-specific know-how and private data for AI service providers [4][25]. - It identifies that enterprise-level AI agents, built on private information, represent the ultimate form of B2B applications, enabling personalized and efficient business solutions [30][33]. - The report suggests that private information services are poised to become a significant business opportunity as AI applications accelerate in the B2B sector [60]. Summary by Sections 1. Transition from Public to Private Information - The report discusses how the barriers in internet applications were historically based on the openness of information, which has now been disrupted by advanced AI models like DeepSeek [1.1][18]. - It notes that the value of public information is diminishing as AI models can utilize vast amounts of data, leading to a new focus on private information as a competitive advantage [1.3][25]. 2. Enterprise-Level AI Agents - The report outlines that traditional B2B applications are limited by clear functional boundaries and lack collaboration, which AI models can help integrate [30][32]. - It highlights that private information is crucial for developing personalized AI applications that can adapt to specific business needs, thus enhancing operational efficiency [35][36]. 3. Potential of Private Information Services - The report indicates that private information services will play a vital role in helping businesses leverage their unique data and industry knowledge to build customized AI workflows [60][61]. - It emphasizes that as companies accelerate their digital transformation, the demand for private information services will grow, creating new business models and opportunities [61][62].