Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase of over 15% compared to the relevant market index within the next 6-12 months [37]. Core Insights - The company, Aisheren (920050.BJ), specializes in the research, production, and sales of disposable medical consumables in the rehabilitation and medical protection fields. It has established itself as a leading player in the domestic medical dressing industry and has significant competitive advantages in specific segments like medical care pads [2][30]. - The company reported revenues of CNY 574 million in 2022, with a slight growth forecast to CNY 691.6 million in 2024, representing a year-over-year growth of 20.36%. The net profit attributable to the parent company is expected to grow from CNY 63 million in 2022 to CNY 81 million in 2024, with a projected growth rate of 20.54% [8][4]. - The company has a strong partnership with Medline Group, which has been its largest customer since 2007, contributing over 70% of its revenue. This long-term relationship is expected to remain stable [30][31]. Financial Performance - The company achieved revenues of CNY 573.6 million, CNY 574.7 million, and CNY 691.6 million for the years 2022, 2023, and 2024, respectively, with year-over-year growth rates of 0.03%, 0.19%, and 20.36% [4][8]. - The net profit attributable to the parent company for the same years was CNY 62.8 million, CNY 67 million, and CNY 80.7 million, with year-over-year growth rates of -37.12%, 6.62%, and 20.54% [4][8]. Industry Overview - The medical dressing industry is a significant segment of the low-value medical consumables market, accounting for approximately 21%. The global market for medical dressings is projected to grow from USD 9 billion in 2011 to USD 23.5 billion by 2026, driven by increasing demand due to an aging population and rising healthcare expenditures [15][18]. - In China, the medical dressing market is expected to grow from CNY 7 billion in 2011 to CNY 33.3 billion by 2026, indicating a robust growth trajectory supported by improved healthcare infrastructure and rising health awareness among the population [20][18]. Competitive Positioning - Aisheren is positioned among the top ten domestic medical dressing companies and is the largest manufacturer of medical care pads in China. The company differentiates itself through a focus on product research and development, automation in production, and a global supply chain strategy [30][31]. - The company plans to expand its product line to include OTC products and medical collection bags, which are expected to enhance future revenue streams significantly [31][32]. Investment Projects - The company plans to invest CNY 30 million in the construction of a public health medical supplies industrial park, which aims to enhance production capacity and quality control [33][32].

Group 1 - The new active cycle for new stocks is expected to have commenced after the holiday, although there are signs of overheating in short-term sentiment [1][2][12] - The average increase for new stocks listed since 2025 is approximately 6.8%, with about 89.0% of these stocks achieving positive returns [1][6][12] - The technology sector remains a focal point for long-term investment, particularly in areas such as AI, robotics, and commercial aerospace, which have significant growth potential [3][12] Group 2 - Upcoming new stocks include ZhiXin Co., Ltd. and KeMa Materials, with the former having a projected P/E ratio of 24.3X based on 2024 net profit [4][30][33] - Recent new stock performance indicates a first-day average increase of 64.1%, with a notable decrease in trading enthusiasm compared to previous weeks [5][24][26] - The report suggests monitoring specific new stocks such as Tongyu New Materials and Fengbei Biological for potential investment opportunities due to their valuation and thematic catalysts [8][35]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][41]. Core Insights - The report highlights significant advancements in AI and semiconductor sectors, particularly with NVIDIA's launch of the Vera Rubin platform, which includes various high-performance computing products designed to meet advanced model requirements and reduce computing costs [4][7]. - Samsung Electronics reported a substantial increase in Q4 2025 operating profit, reaching 20 trillion KRW, a year-on-year growth of 208.2%, driven by surging AI demand and rising global memory chip prices [8][9]. - TSMC's revenue for December 2025 was approximately 335 billion TWD, marking a year-on-year increase of 20.4%, benefiting from strong AI demand for advanced processes and packaging [9]. Summary by Sections Industry Dynamics - NVIDIA introduced several new products at CES 2026, including the Vera Rubin POD AI supercomputer and Spectrum-X Ethernet co-packaged optical devices, which are designed to enhance performance and efficiency in AI applications [7][8]. - Samsung's strategy has shifted towards high-margin products like HBM and DDR5, leading to significant price increases in memory products, with DDR5 prices rising by 307% since September 2025 [9][22]. Market Review - The electronic industry saw a weekly increase of 7.74% from January 5 to January 9, 2026, with all sub-sectors in the electronics industry showing positive performance [10][13]. High-Frequency Data Tracking - Memory prices have shown an upward trend, with DDR5 16G prices increasing from $30.544 to $31.781 between January 5 and January 9, 2026 [22]. - Panel prices for TVs are expected to see a mild increase in January 2026 due to supply constraints and rising material costs [17][19]. Investment Recommendations - The report suggests a positive outlook for the semiconductor industry driven by AI advancements, recommending a focus on the entire semiconductor supply chain, including key companies like SMIC and Huahong [37]. - It also highlights the storage industry, recommending companies such as Zhaoyi Innovation and Demingli, as well as AI PCB industry players like Shenghong Technology and Huitian Technology [37].

Group 1: Market Trends - The spring market's main rising phase may see a rebound in growth sectors, particularly those with low valuation sentiment and significant future financing inflows[1] - Historical data shows that during the main rising phases, the Shanghai Composite Index has increased by approximately 4% to 22%, averaging around 19 trading days[10] - Key sectors that performed well during previous main rising phases include media, electronics, and non-ferrous metals, which experienced substantial financing inflows[1] Group 2: Sector Performance - In the current spring market, technology growth sectors such as media, computing, and pharmaceuticals are expected to rebound due to low valuations and sentiment[2] - Financing inflows since December 17, 2025, have been significant in sectors like electronics, non-ferrous metals, and defense, driven by ongoing industry trends[18] - The main rising phase typically sees theme indices outperforming primary industry indices, with notable gains in sectors like integrated circuits and digital marketing[42] Group 3: Economic Indicators - Short-term economic recovery remains weak, with CPI growth recorded at 0.8% and PPI at -1.9%, indicating a gradual improvement in industrial profitability[23] - The short-term liquidity environment is expected to loosen further, with potential interest rate cuts from the Federal Reserve and domestic central bank actions[31] - Risk appetite is likely to increase due to positive policy implementations and limited overseas risks, such as the anticipated Fed rate cut[38]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 3.369 billion yuan for the first three quarters of 2025, a year-on-year decrease of 1.19%. However, the third quarter alone saw a revenue of 1.445 billion yuan, representing a year-on-year increase of 25.12% [3] - The company's net profit attributable to shareholders for the first three quarters of 2025 was 732 million yuan, down 7.48% year-on-year, but the third quarter net profit was 336 million yuan, up 30.21% year-on-year [3] - The company is experiencing a recovery in overseas electricity business and is accelerating the expansion of distribution and new energy products [3] - The company has successfully launched its smart ultrasonic water meter factory in South Africa, marking a significant step in localizing its smart water business in Africa [3] - The company has won several bids for its distribution network products across Asia, Africa, and Latin America, enhancing its collaborative development capabilities across multiple markets and product categories [3] Financial Data and Valuation - The projected revenue for 2025 is 4.953 billion yuan, with a year-on-year growth of 5.0%, and net profit is expected to be 1.049 billion yuan, reflecting a year-on-year increase of 4.7% [4] - The company’s earnings per share (EPS) for 2025 is projected to be 2.16 yuan, with a price-to-earnings (P/E) ratio of 16.5 times [4] - The gross profit margin is expected to be 45.3% in 2025, with a net profit margin of 21.2% [4] - The company’s return on equity (ROE) is projected to be 13.4% in 2025, increasing to 15.3% by 2027 [4]

Investment Rating - The industry investment rating is maintained as "Outperform the Market" [2] Core Insights - The report highlights the rise of commercial aerospace and emphasizes the importance of lightweight and efficient space photovoltaic technology, particularly gallium arsenide (GaAs) batteries, which dominate the aerospace sector with over 90% market share [1] - The global market for GaAs batteries is projected to reach USD 425 million by 2024 and grow to USD 590 million by 2031, with a compound annual growth rate (CAGR) of 4.3% [1] - In China, the market for GaAs batteries was approximately CNY 5 billion in 2022 and is expected to exceed CNY 12 billion by 2025 [1] - The report discusses the advantages of P-type ultra-thin heterojunction (HJT) cells, which are particularly suitable for cost-sensitive applications like low Earth orbit satellites, as they reduce launch weight and save fuel [1] - The report also notes significant advancements in perovskite solar cells, which are breaking traditional limitations in space photovoltaic technology, offering lightweight and high-efficiency solutions [7] Summary by Sections Market Overview - The GaAs battery market is expected to expand into new fields and applications due to ongoing technological advancements and cost reductions [1] - The report indicates that the efficiency of GaAs solar cells has reached 47.1% under concentrated conditions, showcasing the potential for further improvements [1] Technological Developments - The report mentions that the thickness of P-type ultra-thin HJT cells is around 50-70 micrometers, which allows for further reduction and enhances flexibility for applications in space [6] - Perovskite solar cells have demonstrated efficiencies exceeding 25% and show superior radiation resistance compared to traditional III-V multi-junction cells [7] Investment Recommendations - The report suggests tracking companies involved in the development of P-type ultra-thin HJT and perovskite photovoltaic products, highlighting firms such as Dongfang Risen, Aerospace Hongtu, and GCL-Poly Energy [8] - It also recommends paying attention to the supply chain and related enterprises benefiting from the expansion of space computing and commercial aerospace [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This year after the New Year's Day, the A - share spring market is underway and may be volatile and bullish, affected by factors such as policy implementation, liquidity, and the performance of the Hong Kong stock market [1][4][7]. - After the holiday, technology growth and some cyclical industries may be relatively dominant, with continuous upward industrial trends and policy support [1][26]. - After the holiday, it is recommended to continue to allocate industries such as technology, some cyclical and consumer sectors on dips [1][38][46]. 3. Summary by Relevant Catalogs 3.1 Post - holiday Spring Market is Underway 3.1.1 Factors Affecting Post - holiday A - share Movement - Since 2010, in 11 out of 16 years, the Shanghai Composite Index showed the same upward or downward trend in the 10 trading days before and after the holiday. The post - holiday short - term market performance is affected by policies, external events, liquidity, and the performance of the Hong Kong stock market [1][4]. - Positive policies and external events may lead to a short - term rise in the post - holiday A - shares, while tight policies or negative external events may result in weak performance. Liquidity also plays a key role, and the performance of the Hong Kong stock market during the holiday has a certain impact on the post - holiday A - shares [4]. 3.1.2 This Year's A - share Spring Market is Underway and May be Volatile and Bullish - Positive policies may continue to be implemented after the holiday, and external risks may be limited. The "two new" policies are accelerating implementation, local two - sessions may be held intensively, and consumption - stimulating policies may be introduced. Externally, the Fed may cut interest rates in January, Sino - US relations may remain stable, and geopolitical conflicts may ease [7][8]. - Post - holiday short - term liquidity may be further relaxed. Overseas, the Fed is likely to cut interest rates, and the RMB exchange rate may be strong. Domestically, the central bank may cut interest rates and reserve requirements. Also, stock market funds may accelerate inflow [9]. - The Hong Kong stock market performed strongly during the New Year's Day holiday, which may boost the post - holiday A - shares. The correlation coefficient between the Hong Kong stock market's rise and fall during the New Year's Day holiday and the Shanghai Composite Index's rise and fall in the 10 trading days after the holiday is about 0.5 [18][19]. - The post - holiday economy and corporate profits are still in weak recovery. The economy is in a weak recovery state, and corporate profits may continue to recover, although the industrial enterprise profits in November continued to decline [21]. 3.2 Industry Allocation: Focus on Growth after the Holiday 3.2.1 Technology Growth and Some Cyclical Industries May be Relatively Dominant after New Year's Day - Historically, policy and industrial trends drive pre - holiday strong industries to maintain their strength after the holiday. Pre - holiday leading industries may switch due to high sentiment or market adjustments. Industries with continuous strength around the New Year's Day usually have a relatively low historical quantile of trading volume [26]. - This year, the industrial trends of technology growth and some cyclical industries may continue to rise after the holiday. The pre - holiday leading cyclical industries have neutral - low sentiment, while the technology growth industries have high sentiment [26]. 3.2.2 Currently, the PEG of Electric Power, Media, and Automobile is Low - Among the primary growth industries, the predicted PEG of electric power equipment, media, and automobile is relatively low, at 0.64, 0.86, and 1.13 respectively. The historical quantiles of trading volume of medicine, computer, media, and automobile are low [40]. - Among the secondary growth industries, the sentiment of traditional Chinese medicine, biological products, automobile services, and chemical pharmaceuticals is low. The predicted PEG of nautical equipment, games, commercial vehicles, and wind power equipment is relatively low [44]. 3.2.3 After the Holiday, it is Recommended to Continue to Allocate Industries such as Technology, Some Cyclical and Consumer Sectors on Dips - It is recommended to allocate industries with upward policy and industrial trends, such as machinery (robotics), military (commercial aerospace), electric power (nuclear fusion, energy storage), media (AI applications, games), computer (AI applications, satellite Internet), electronics (semiconductors, AI hardware), communication (AI hardware), and medicine (innovative drugs) on dips [46]. - In the short term, it is recommended to allocate sectors that may make up for lost ground and have potentially improved fundamentals, such as securities and consumer sectors (food, retail, social services) on dips [56].

Investment Rating - The industry investment rating is maintained as "Outperform the Market" [2] Core Insights - The 2026 automotive subsidy policy continues the previous framework, providing support for scrapping and replacing vehicles, with subsidies set at 12% of the price for new energy vehicles (up to 20,000 yuan) and 10% for fuel vehicles (up to 15,000 yuan) for scrapping [5][6] - The policy aims to stabilize the automotive market and alleviate consumer hesitation, with a focus on companies in the new car cycle and those making breakthroughs in mid-to-high-end markets and overseas expansion [5][6] Summary by Sections 1. Automotive Subsidy Policy - The new policy maintains the same conditions for purchasing new cars, subsidy standards, and application requirements as in 2025, with an expansion of the old vehicle scrapping range [6][7] - The scrapping threshold for gasoline vehicles has been relaxed from before June 30, 2012, to before June 30, 2013, and for diesel vehicles from before June 30, 2014, to before June 30, 2015 [6][7] 2. Subsidy Structure - The subsidy structure has shifted from fixed amounts to percentage-based subsidies, with the maximum limits remaining the same as in 2025 [5][8] - The scrapping subsidy for new energy vehicles is now 12% of the vehicle price (up to 20,000 yuan), while for fuel vehicles it is 10% (up to 15,000 yuan) [5][8] 3. Market Impact - The continuation of the subsidy policy is expected to provide a safety net for demand, helping to stabilize the automotive market and reduce consumer hesitation [5][6] - The first batch of 62.5 billion yuan in special long-term bonds has been allocated to local governments to ensure the policy can be implemented from January 1 [5][6]

Core Insights - The report emphasizes that the automotive industry will experience new growth driven by "smart driving and overseas expansion" in 2026, with L3-level autonomous driving penetration expected to continue increasing and new energy vehicle (NEV) exports maintaining high growth [2][3] - The report anticipates that the overall export of vehicles will exceed expectations in 2025, with strong momentum for NEV exports in regions such as Europe, the Middle East, and North America, indicating a new growth phase for domestic brands [2] - The report highlights that the L3 window period is clearly defined, with multiple domestic manufacturers set to mass-produce vehicles equipped with advanced driving assistance systems, leading to increased penetration of intelligent components [2] Vehicle Sector - The overall demand in the vehicle market remains stable, with a projected retail sales volume of 2,494 million units in 2026, reflecting a year-on-year growth rate of 1% [45] - NEV sales are steadily increasing, with a retail penetration rate exceeding 50%, and a cumulative retail sales volume of 10.15 million units from January to October 2025, representing a year-on-year growth of 21.9% [13] - The average price of passenger vehicles is on a downward trend, with the average price in the first ten months of 2025 being 170,000 yuan, a decrease of 7,000 yuan from the previous year [19] Component Sector - The report indicates that the trend towards electrification remains unchanged, with the penetration of intelligent components expected to continue rising, benefiting from the ongoing development of the automotive supply chain [2] - The report suggests that the domestic automotive supply chain, combined with overseas expansion, is likely to accelerate in 2026, providing incremental opportunities for relevant component manufacturers [2] Robotics Sector - The report notes that humanoid robots are entering a critical stage of industrialization, with significant demand for complex scene interactions driving the growth of core components, benefiting companies with relevant layouts in the robotics field [2] - The report emphasizes that the core components of humanoid robots will enjoy the dividends of industrial development, with companies positioned in this sector expected to benefit first [2] Low-altitude Economy - The report states that the domestic low-altitude economy has transitioned from a nascent stage to a period of rapid development, with the market scale expected to leap from hundreds of billions to trillions [2] - Several automotive companies are entering the low-altitude economy sector, indicating a promising future for growth [2] Policy and Market Dynamics - The report highlights that the 2026 NEV purchase tax subsidy will be reduced, leading to increased market competition, while the overall trend of NEV penetration and intelligentization is expected to drive the rise of domestic brands [2][38] - The tightening of "two new" policies is anticipated to increase the marginal cost for consumers, with various regions adjusting or suspending vehicle replacement and scrapping subsidy policies [39][40]

证券研究报告 基础化工/行业深度报告 领先大市（维持） AI发展加速液冷渗透率,液冷工质打开成长空间 分析师：骆红永 S0910523100001 2025年12月29日 本报告仅供华金证券客户中的专业投资者参考 请仔细阅读在本报告尾部的重要法律声明 核心观点 请仔细阅读在本报告尾部的重要法律声明 2 u AI发展带来功耗问题，液冷方案逐渐明朗。在算力需求强力驱动下，数据中心等各种服务器数量大幅增加，所带来功耗问题 日益凸显。液冷具有散热效率高、降温快、无振动、噪音小等特点，面对高功耗高密度场景，传统风冷已无法满足能耗和散 热需求，液冷成为智算中心温控解决方案必选项，广泛用于AI算力、电子终端、互联网、金融、能源交通、工业制造等领域。 数据中心（服务器）、机器人、光伏储能等新兴产业快速兴起，为液冷市场拓展新的发展机遇。2024年中国液冷服务器市场 规模达到23.7亿美元，同比增长67.0%，2025年有望达到33.9亿美元，预计2024-2029年，中国液冷服务器市场复合增长率将 达到46.8%，2029年市场规模将达到162亿美元。液冷工质也随着液冷市场需求爆发而快速增长。 u 液冷工质多种选择，氟化液前景 ...