| | | 金融工程定期报告 ◆风险提示：本报告可能存在数据缺失、数据错误、数据不及时、模型处理错误 等风险。本报告仅从金融工程角度，对重要指数的市场数据进行跟踪、统计、分 析，不构成对市场指数、行业或个股进行预测或推荐。 金融工程研究组 A 股市场快照：宽基指数每日投资动态 2025.02.19 ◆市场表现：2025 年 2 月 18 日, 各宽基指数（表 1）全部下跌超过 0%，其中中证 投资要点： 分析师：梁俊炜 执业证书编号：S1410524090001 2000（-2.82%）和中证 1000（-2.22%）跌幅最大。当年涨跌情况，中证 2000（5.59%） 涨幅最大，其次是中证 1000（3.1%）和中证 500（2.01%），创业板指（1.91%）和 中证全指（1.46%）涨幅缩小，而上证 50（-1.25%）涨幅最小。 ◆均线比较：所有跟踪指数已跌破其 5 日均线但仍高于 20 日均线。中证 500、中 证 1000 和中证 2000 跌幅较大，已跌破其 10 日均线。中证全指距离 10 日支撑位较 接近。 ◆资金占比与换手：2025 年 2 月 18 日, 中证 2000（26.3%）交易 ...

Investment Rating - The report assigns a "Hold" rating for the company [5] Core Insights - The company is a leader in the konjac powder industry, with its products including konjac hydrophilic colloids, konjac foods, and konjac beauty products. The main profit contributor is konjac purified micro powder [5][15] - The company has established a solid procurement network for konjac raw materials across major production areas in China, ensuring supply chain reliability [31] - The konjac food segment is experiencing a rising revenue share and gross margin, while the revenue share of konjac powder is declining [5][21] - The company exports its konjac powder products to over 40 countries and regions, with a focus on B-end customers [33] Company Overview - The company was founded in 2007 and listed on the Beijing Stock Exchange in 2023 [13] - The main business includes deep processing of konjac and related product development, production, and sales [5][15] - The company has a strong R&D capability and is transitioning from a raw material manufacturer to an application service provider [17] Financial Forecast - The company expects revenue growth rates of 17.28%, 19.30%, and 19.45% for 2024, 2025, and 2026, respectively, with net profit growth rates of 56.37%, 21.73%, and 24.69% for the same years [5][4] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.12, 1.36, and 1.70 yuan, respectively [4] Industry Overview - The market for spicy snack vegetables in China is expected to grow significantly, with a projected CAGR of 17.2% from 2021 to 2026 [51] - The konjac gel, as a food additive, is gaining popularity due to its health benefits, including weight management and blood sugar regulation [51]

Investment Rating - The industry investment rating is maintained at "Overweight" [10] Core Insights - The release of the "Guidelines for Clinical Trial Design of New Drugs for Advanced Gastric Cancer" marks a significant step towards scientific and standardized treatment in this field, addressing a major cause of cancer mortality globally, particularly in China [10] - The guidelines are expected to enhance the efficiency of new drug development and accelerate the market entry of innovative treatments for advanced gastric cancer [10] - The demand for new treatment options is urgent due to the large patient population suffering from advanced gastric cancer, with a 5-year survival rate of only 5-20% [10] Summary by Relevant Sections Policy Drivers - Increased government support for the biopharmaceutical industry is anticipated to create a favorable environment for the development of new drugs for advanced gastric cancer [10] Technological Innovations - The emergence of new technologies such as biological testing and molecular typing is shifting the focus towards personalized treatment, with the guidelines emphasizing the use of biomarkers [10] Market Demand - The substantial patient population for advanced gastric cancer is driving the need for innovative treatment methods, leading to a continuous growth in market demand [10] Recommended Focus Areas - Innovative drug companies, particularly those leading in advanced gastric cancer drug development, such as Heng Rui Medicine and BeiGene [10] - Biomarker testing companies, which are crucial for the development of new drugs, such as BGI Genomics and Dean Diagnostics [10] - Medical service companies that provide comprehensive support for advanced gastric cancer treatment, such as Mindray Medical and Aier Eye Hospital [10]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The report highlights a 5.6% year-on-year growth in domestic smartphone shipments in 2024, with an estimated total of approximately 286 million units [3][5] - Global smartphone revenue is projected to grow by 5% in 2024, with an average selling price (ASP) reaching a record high of $356, reflecting a 1% increase year-on-year [5] - The integration of AI technologies, such as DeepSeek, is expected to drive consumer demand for smartphone upgrades, particularly in the context of government subsidy policies in 2025 [5] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 41.97% and an absolute return of 59.28% [2] Key Events - The report notes significant product upgrades in the smart driving hardware sector and the release of new PC-level chips, indicating a positive outlook for future demand [3] - Major smartphone manufacturers, including vivo, Huawei, and Apple, dominate the market with respective shares of 17.2%, 16.6%, and 15.6% in 2024 [5] Investment Recommendations - The report suggests focusing on companies within the smartphone supply chain, including Xiaomi-W, Transsion Holdings, and ODM manufacturers like Huaqin Technology and Longqi Technology, as well as companies related to heat dissipation and CMOS sensors [5]

Investment Rating - The industry investment rating is upgraded to "Overweight" for the first time [4] Core Insights - The newly revised "Military Equipment Research Regulations" aims to promote high-quality development in military equipment research, featuring five key characteristics: process reengineering, modernization of management requirements, optimization of project approval, systematic quality and price control, and a comprehensive supervisory framework [4] - The successful maiden flight of the Long March 8 modified rocket enhances China's competitiveness in the low Earth orbit sector, with a payload capacity of 7 tons to a 700 km sun-synchronous orbit, indicating improved satellite internet capabilities [4] - The restructuring of military state-owned enterprises, including the Weaponry Equipment Group, is expected to create new investment opportunities in the military industry, supported by national policy [4] Summary by Sections Recent Industry Performance - The industry has shown relative returns of -0.65% over the past month, -5.72% over the past three months, and a positive 7.87% over the past year compared to the CSI 300 index [2] Key Events - The release of the new military equipment research regulations and the successful launch of the Long March 8 modified rocket are significant developments in the defense and aerospace sectors [3][4] Investment Recommendations - Future prospects for the military industry are promising due to the implementation of the new regulations, advancements in information technology, and ongoing restructuring of military state-owned enterprises [4]

其次是中证 1000（24.09%）和沪深 300（21.12%）。各宽基指数当前换手率分别为 中证 2000（4.31），创业板指（3.5），中证 1000（3.07），中证 500（1.9），中证 全指（1.88），沪深 300（0.54）和上证 50（0.34）。 ◆日收益率分布：创业板指的峰度正偏离最大，中证 2000 的峰度正偏离最小。创 业板指正偏态最大，中证 500 的正偏态最小。 ◆风险溢价：2025 年 2 月 14 日, 创业板指（86.19%）和沪深 300（80.48%）风险溢 价近 5 年分位值较高，中证 1000（66.19%）和中证 2000（41.35%）较低。 分析师：梁俊炜 执业证书编号：S1410524090001 A 股市场快照：宽基指数每日投资动 上涨，其中创业板指（1.8%）和沪深 300（0.87%）涨幅最大。当年涨跌情况，中 证 2000（6.75%）涨幅最大，其次是中证 1000（4.89%）和中证 500（3.88%），创 业板指（3.44%）和中证全指（2.62%）涨幅扩大，而上证 50（-0.89%）涨幅最小。 另外，上证 50 连续三日连阳、三周连阳。 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company specializes in automotive hoses and assembly products, focusing on both original equipment manufacturer (OEM) and aftermarket markets [5][8]. - The company has a stable revenue growth trajectory, with a compound annual growth rate (CAGR) of 12.01% for revenue and 23.22% for net profit from 2019 to 2023 [5][30]. - The automotive hose market in China is expected to grow, with projected market sizes of CNY 23.699 billion, CNY 24.756 billion, and CNY 25.909 billion from 2023 to 2025 [5]. Company Overview - The company, Qingdao Sanxiang Technology Co., Ltd., is engaged in the research, production, and sales of automotive hoses and assemblies, supplying to OEMs and aftermarket suppliers [8][11]. - The company has established a strong reputation in the industry and maintains long-term stable relationships with various clients [8][11]. Financial Analysis - The company reported a revenue of CNY 6.93 billion for the first three quarters of 2024, reflecting a year-on-year growth of 12.55% [30]. - The gross profit margin for the first three quarters of 2024 was 35.63%, showing a year-on-year increase of 3.04 percentage points, while the net profit margin decreased to 6.47% [31]. - The company’s operating cash flow for the first three quarters of 2024 was CNY 0.66 billion, a decrease of 1.30% year-on-year [32]. Market Overview - The global automotive market is slowly recovering, with a projected increase in automotive sales in China, expected to reach 32.9 million units in 2025, a year-on-year growth of 4.7% [42]. - The Chinese automotive aftermarket is anticipated to reach CNY 1.9 trillion by 2025, with an average annual growth rate of 5% from 2022 to 2025 [58].

证券研究报告·公司深度报告 2025 年 2 月 14 日 江海证券研究发展部 执业证书编号：S1410525010001 联系人：刘瑜 执业证书编号：S1410123110011 | 投资评级: | 增持 (首次) | | --- | --- | | 当前价格: | 25.86元 | | 市场数据 | | | --- | --- | | 总股本(百万股) | 80.68 | | A 股股本(百万股) | 80.68 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%)） | 33.55 | | 12 个月最高/最低(元) | 36.59/9.32 | | 第一大股东 | 周豪良 | | 第一大股东持股比例(%) | 42.43 | | 上证综指/沪深 300 | 3322.17/3901.06 | 数据来源：聚源 注：2025 年 2 月 10 日数据 % 1 个月 3 个月 12 个月 相对收益 -1.23 -11.02 87.67 绝对收益 18.41 -22.94 136.20 数据来源：聚源 注：相对收益与北证 50 相比 | | | 分析师：张婧 工业连接方案集成制造商，下游 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights that the consumer sector is a priority for boosting domestic demand, with government initiatives aimed at enhancing consumption and supporting various sectors such as dining and tourism [6] - The report notes a gradual recovery in the beer and seasoning segments, with frozen and compound seasonings expected to benefit from the recovery in dining demand, leading to an improved supply-demand balance in 2025 [5] - The white liquor sector is anticipated to experience a slow recovery in demand, with inventory levels decreasing and terminal sales improving, suggesting a gradual valuation recovery for the sector [6] Summary by Sections Recent Industry Performance - Over the past 12 months, the industry has shown a relative return of -23.83% compared to the CSI 300 index, with absolute returns of -7.78% [2] Investment Highlights - The report emphasizes the recovery of the dining industry chain and investment opportunities arising from channel transformations, with a notable increase in sales during the recent Spring Festival [6] - The report suggests focusing on high-end liquor leaders such as Kweichow Moutai and Wuliangye, as well as mid-range brands like Jingya Gongjiu and Jianshe Liquor, which are expected to benefit from economic recovery [6]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4][5]. Core Insights - The company is positioned in the aerospace industry, which is a strategic pillar industry encouraged by the government, with strong technological attributes and significant personalized customer demand [4][19]. - The company has developed the "Insight" series products, which are central to its product and service system, focusing on aerospace measurement and control management as well as digital simulation [4][32]. - The company is expected to achieve steady revenue growth, with projected revenues of 288 million, 355 million, and 429 million yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 25.61%, 23.47%, and 20.70% [5][6]. Company Overview - The company, Zhongke Xingtou Measurement and Control Technology Co., Ltd., was established in December 2016 and is headquartered in Hefei, Anhui Province. It transitioned from a limited liability company to a joint-stock company in November 2022 and was listed on the Beijing Stock Exchange in January 2025 [10][11]. - The major shareholder is Zhongke Xingtou (688568.SH), holding 34.77% of the shares, with the actual controller being the Chinese Academy of Space Technology [4][11]. Industry Analysis - The aerospace industry is characterized by a competitive landscape, with significant government support and policies promoting rapid development in aerospace measurement and control management and digital simulation [19][21]. - The aerospace measurement and control management sector is crucial for efficient scheduling and maximizing the effectiveness of space assets, becoming a forefront discipline in the aerospace industry [24][28]. - The digital simulation in aerospace provides a low-cost, high-efficiency environment for validating and optimizing aerospace mission plans, which is increasingly in demand as the complexity of aerospace tasks rises [29]. Main Business Analysis - The company's main business includes aerospace measurement and control management and digital simulation, with a focus on the "Insight" series products that cater to specialized fields, commercial aerospace, and civil aerospace [32][33]. - The revenue model is primarily driven by technology development and services, software sales, ground system construction, and system integration, with technology and service income being the main revenue source [43][45]. - The sales model is direct, utilizing various methods such as bidding and competitive negotiation to secure contracts [45].