有色金属与新材料 2025 年 3 月 9 日 有色金属与新材料周报 多品种供需收紧预期显现，关注有色金属板块行情 强于大市（维持） 行情走势图 -20% -10% 0% 10% 20% 30% 24/01 24/04 24/07 24/10 25/01 沪深300 有色金属 证券分析师 | 陈潇榕 | 投资咨询资格编号 | | --- | --- | | | S1060523110001 | | | chenxiaorong186@pingan.com.cn | 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 核心观点： 贵金属-黄金：美国失业率上行，金价短期震荡走高。 截至 3.7， COMEX 金主力合约环比上涨 1.76%至 2917.7 美元/盎司；SPDR 黄 金 ETF 环比下跌 1.1%为 894.34 吨。美国 2 月失业率达 4.1%，环比 走高 0.1 个百分点。美联储理事沃勒表示，虽然不支持 3 月份降息， 但他认为 2025 年有可能降息两次甚至三次，市场对于美联储降息预 期短期抬升，金价短期支撑加强。短期来看金价冲高后，部 ...

Investment Rating - The industry investment rating is "Outperform" [37] Core Insights - AbbVie reported total revenue of $56.334 billion in 2024, a year-on-year increase of 3.7%, with R&D investment rising by 66.7% to $12.791 billion [4][9] - The sales forecast for Skyrizi and Rinvoq has been raised, with combined sales expected to exceed $27 billion by 2027, including over $17 billion from Skyrizi and over $10 billion from Rinvoq [4][27] - AbbVie is gradually reducing its reliance on Humira, which saw a 37.6% decline in sales to $8.993 billion in 2024 due to patent expiration and competition from biosimilars [18] Summary by Sections Part 1: 2024 Financial Overview and Key Events - AbbVie achieved a net revenue of $56.334 billion in 2024, with significant growth in its immunology and oncology segments [9][10] - The company advanced five projects into regulatory approval stages and submitted four projects for regulatory review in 2024 [11][13] Part 2: Core Product Sales Analysis - Skyrizi and Rinvoq generated revenues of $11.718 billion and $5.971 billion respectively, marking increases of 50.9% and 50.4% [18] - The oncology segment saw stable growth with Venclexta reaching $2.583 billion in sales, a 12.9% increase [20] Part 3: 2025 Pipeline Milestones - In 2025, AbbVie expects two drugs to receive regulatory approval and plans to submit four regulatory decisions and readout three Phase III data [24] - Key regulatory submissions include Venclexta for high-risk MDS and Rinvoq for giant cell arteritis [24] Part 4: 2025 Financial Outlook - AbbVie anticipates earnings per share to reach between $12.12 and $12.32, with a strong sales outlook for Skyrizi and Rinvoq [27] Part 5: Investment Recommendations - The report suggests focusing on domestic companies targeting the IL-23 pathway, such as Innovent Biologics and Hansoh Pharmaceutical, due to the growth potential of Skyrizi [32]

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1]. Core Insights - Humanoid robots have significant potential, with the sensory system being one of the core subsystems. The market is expected to grow rapidly as humanoid robots begin to be deployed in various applications [3][9]. - The sensory layer is crucial for interaction with the environment, accounting for approximately 15% of the total cost of humanoid robots [10][11]. - The report emphasizes the importance of multi-sensory integration, including 3D vision, force sensing, inertial sensing, and tactile sensing, in enhancing the capabilities of humanoid robots [12][39]. Summary by Sections 1. Humanoid Robot Potential - The humanoid robot market is in its early stages but is expected to transform human production and lifestyle significantly. The global sales volume is projected to grow from approximately 26,000 units in 2025 to 606,000 units by 2030, with a CAGR of about 87.6% [9]. 2. 3D Vision - 3D vision is the primary environmental information input for humanoid robots, responsible for real-time modeling of the surroundings. The Chinese machine vision market is expected to grow from 4.687 billion yuan in 2016 to 39.529 billion yuan by 2028, with a CAGR of approximately 19.4% [19]. 3. Force and Inertial Sensing - Force sensing, particularly six-dimensional force sensing, is essential for precise operations in humanoid robots. The global market for humanoid robot force sensors is expected to grow from 179 million yuan in 2024 to 32.806 billion yuan by 2030, with a CAGR of 138% [46]. 4. Tactile Sensing - Tactile sensing is crucial for humanoid robots to perform delicate operations. The global market for robotic tactile sensors is projected to grow from 210 million USD in 2022 to 430 million USD by 2029, with a CAGR of 10.8% [71]. 5. Investment Recommendations - The report recommends focusing on companies involved in 3D vision, six-dimensional force sensing, MEMS IMU, and electronic skin technologies, highlighting firms like Chipone Technology, Aobo Technology, and Hanwei Technology as key players [3][9].

| 中国平安 PING AN | | --- | | 专业·价值 | 证券研究报告 海外MNC动态跟踪系列（十） 艾伯维：Skyriz和Rinvoq快速放量，带动自免板块重回增长 医药 强于大市（维持） 平安证券研究所 医药团队 分析师： 研究助理： 叶寅 投资咨询资格编号:S1060514100001 邮箱：YEYIN757@PINGAN.COM.CN 韩盟盟 投资咨询资格编号:S1060519060002 邮箱：HANMENGMENG005@PINGAN.COM.CN 张梦鸽 一般证券从业资格编号:S1060124120037 邮箱：ZHANGMENGGE752@PINGAN.COM.CN 2025年3月13日 请务必阅读正文后免责条款 行业观点 2025年艾伯维预计有2款药物迎来监管审批，提交4项监管决策、4项III期数据读出、5项早期数据读出： 2 事件：1月31日，艾伯维公布了2024年业绩，全年总营收563.34亿美元，同比增长3.7%。研发投入为127.91亿美元，同比增长66.7%。 艾伯维将2027年Skyriz和Rinvoq合并销售预期上调至超过270亿美元，其中Skyriz销售额预计超过 ...

证券研究报告 人形机器人系列专题（一） 感知系统：多传感融合构建具身智能信息端口 电子行业 强于大市（维持） 证券分析师 陈福栋 投资咨询资格编号：S1060524100001 徐勇 投资咨询资格编号：S1060519090004 2025年3月13日 请务必阅读正文后免责条款 投资要点 风险提示：（1）技术产品开发不及预期的风险。（2）下游落地不及预期的风险。（3）国内传感器行业进展不及预期的风险。 1 人形机器人潜力巨大，智能感知是核心子系统之一。人形机器人目前尚处于产业早期阶段，由于其拟人属性，未来有望深刻变革人类生 产生活方式，市场潜力巨大。感知层是人形机器人核心子系统之一，人形机器人通过视觉、力觉、触觉等多传感融合协调完成对环境的 感知和各种类人精细操作，成本占比约15%，地位举足轻重。 视觉：人形机器人最主要的环境信息输入口。3D视觉负责周围环境的实时建模，技术路线包括双目/多目视觉、结构光、ToF等，人形机 器人厂商根据自身软件处理能力选择纯视觉或多传感融合解决方案，激光雷达可直接测量深度信息，实现点云成像，大部分人形机器人 厂商均搭载激光雷达，但人形机器人领导者特斯拉仍采用纯视觉解决方案。国内 ...

【平安证券】兔宝宝（002043.SZ）*首次覆盖报告*板材行业领军 者，变革渠道续写成长*推荐20250312 研究分析师 : 郑南宏 投资咨询资格编号 : S1060521120001 研究分析师 : 杨侃 投资咨询资格编号 : S1060514080002 核心观点 : 行业层面，国内人造板市场空间广阔，未来存量房翻新将对人造板需 求形成有力支撑，参考欧洲成熟市场过去六十年人造板产量呈现持续增长态势； 同时国内竞争格局分散，未来消费者环保观念增强、叠加板材需求由C端分流至B 端市场，行业集中度有望加速提升。公司层面，兔宝宝已构筑较强的品牌壁垒， 深度绑定供应商与经销商，实现长期稳定的利润率与现金流。近年公司紧抓渠道 变革，大力发展家具厂与乡镇渠道，布局定制家居业务，成长属性得到强化；并 且公司重视员工激励与投资者回馈，分红慷慨且多次回购股权，股息率具备一定 吸引力。预计2024-2026年公司归母净利润分别为5.9亿元、7.5亿元、8.8亿元， 当前市值对应PE分别为15.7倍、12.4倍、10.5倍，首次覆盖给予"推荐"评级。 其 他 报 告 | 大宗商品 | | 涨跌幅（%） | | | --- | ...

Investment Rating - The report gives a "Recommended" rating for the company Tubaobao (002043.SZ) [2][9] Core Viewpoints - The domestic engineered wood market has significant growth potential, supported by the demand for renovation of existing homes. Historical data from mature European markets shows a consistent increase in engineered wood production over the past sixty years [2][9] - The competitive landscape in the domestic market is fragmented, with an expected acceleration in industry concentration due to increasing consumer awareness of environmental issues and a shift in demand from the consumer (C-end) to the business (B-end) market [2][7][9] - Tubaobao has established strong brand barriers and deep connections with suppliers and distributors, ensuring stable profit margins and cash flow. The company has focused on channel transformation, significantly developing its furniture factory and rural channels, and expanding into customized home furnishing, enhancing its growth attributes [2][8][9] Summary by Sections Company Overview - Tubaobao is a leading enterprise in the domestic eco-friendly furniture board industry, with a business scope that includes decorative materials and customized home furnishing. The company has maintained a strong profitability with an average net profit margin of 7% and ROE of 19% over the past decade [6][9] Market Potential - The domestic engineered wood market exceeds 700 billion, including plywood, fiberboard, and particleboard, with end-user demand from furniture manufacturing and building decoration. Despite recent pressures from the real estate downturn, future renovation demand is expected to be substantial [7][9] Channel Transformation - The company has capitalized on consumer concerns regarding formaldehyde in wood products, achieving brand recognition and premium pricing through effective marketing. The share of furniture factory channel business has increased from single digits in 2018 to 36.8% in the first three quarters of 2024, with a significant expansion in rural channels [8][9] Financial Projections - The projected net profits for Tubaobao from 2024 to 2026 are estimated at 590 million, 750 million, and 880 million respectively, with corresponding P/E ratios of 15.7x, 12.4x, and 10.5x [2][9]

股价：11.13 元 主要数据 | 行业 | 建材 | | --- | --- | | 公司网址 | www.tubaobao.com | | 大股东/持股 | 德华集团控股股份有限公司/36.15% | | 实际控制人 | 丁鸿敏 | | 总股本(百万股) | 832 | | 流通 A 股(百万股) | 733 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 93 | | 流通 A 股市值(亿元) | 82 | | 每股净资产(元) | 3.55 | | 资产负债率(%) | 45.7 | | 行情走势图 | | 建材 2025 年 3 月 12 日 兔宝宝(002043.SZ) 板材行业领军者，变革渠道续写成长 推荐（首次） 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 平安观点： | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | -- ...

建材 2025 年 3 月 12 日 兔宝宝(002043.SZ) 板材行业领军者，变革渠道续写成长 推荐（首次） 股价：11.13 元 主要数据 | 行业 | 建材 | | --- | --- | | 公司网址 | www.tubaobao.com | | 大股东/持股 | 德华集团控股股份有限公司/36.15% | | 实际控制人 | 丁鸿敏 | | 总股本(百万股) | 832 | | 流通 A 股(百万股) | 733 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 93 | | 流通 A 股市值(亿元) | 82 | | 每股净资产(元) | 3.55 | | 资产负债率(%) | 45.7 | | 行情走势图 | | 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 平安观点： | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | -- ...

Investment Rating - The report assigns a "Buy" rating for the company, Tubaobao, for the first time [1]. Core Views - Tubaobao is a leading player in the domestic artificial board industry, with a strong focus on channel transformation and growth in the custom home segment. The company has maintained generous dividends and has a solid cash flow [5][7]. - The domestic artificial board market is valued at over 700 billion, with significant applications in furniture manufacturing and building decoration. The market is expected to see an increase in concentration due to rising environmental awareness and changes in consumer demand [5][7]. - Tubaobao has established strong brand barriers and is deepening its relationships with suppliers and distributors, ensuring stable profit margins and cash flow. The company is actively expanding its distribution channels, particularly in rural areas, and is focusing on the custom home market [5][7]. Summary by Sections Company Overview - Tubaobao, founded in 1992, has become one of the largest producers of high-end eco-friendly furniture boards in China. The company operates primarily in decorative materials and custom home segments, utilizing a dealer model for sales [13][15]. - The company has a production model that includes both self-manufacturing and OEM outsourcing, with a focus on high-end customized furniture boards and related products [15][17]. Financial Performance - The company has shown resilience in its financial performance, with revenue growth even amidst industry challenges. For the first three quarters of 2024, Tubaobao achieved revenue of 6.46 billion, a year-on-year increase of 12.8% [19][20]. - The average net profit margin and ROE over the past decade have been 7% and 19%, respectively, indicating stable profitability [22][24]. Industry Landscape - The artificial board market in China has seen steady growth, with production increasing from 27.37 million cubic meters in 2014 to 33.6 million cubic meters in 2023, reflecting a CAGR of approximately 2.3% [36][37]. - The market is characterized by a high degree of fragmentation, with over 10,100 production enterprises, but is expected to consolidate as consumer preferences shift towards environmentally friendly products [45][46]. Growth Strategy - Tubaobao is capitalizing on the channel transformation trend, increasing its focus on furniture factory channels and rural markets. The company has expanded its decorative materials stores significantly, with 4,322 stores by mid-2024 [5][7]. - The company is also enhancing its custom home offerings, leveraging its core materials advantages to drive business growth [5][7].