Market Trends - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,897.71, down 0.42%, and the Shenzhen Component Index at 13,056.70, down 0.68% [4]. Industry Commentary: Chemical Raw Materials - The new materials sector saw an increase of 3.23%, although it underperformed compared to the ChiNext Index by 1.31%. The synthetic biology index fell by 1.80%, while electronic chemicals rose by 0.45% [6]. - Key price tracking for amino acids showed valine at 12,500 CNY/ton (-0.40%), arginine at 21,400 CNY/ton (unchanged), and tryptophan at 30,500 CNY/ton (-3.17%) [6]. - The IPO guidance for Yushu Technology has been completed, which is expected to accelerate the development of the humanoid robot industry. The company is on the verge of becoming the first humanoid robot stock in A-shares, potentially leading to a market size of 10 trillion CNY for humanoid robots in China [6][7]. Industry Commentary: Electric Equipment and New Energy - The launch of the Lingxin platform by Zhiyuan Robotics allows users to customize robot interactions easily, marking a significant innovation in the industry [9]. - UBTECH's total order amount for humanoid robots in 2025 has reached 1.3 billion CNY, indicating strong market demand [9]. - The National Development and Reform Commission is addressing issues of price disorder in the market, which could impact competition and pricing strategies [9]. - Recent pricing data shows that polysilicon prices remain stable, with dense material averaging 52.0 CNY/kg and granular silicon at 50.0 CNY/kg [9][13]. Investment Recommendations - The report recommends focusing on companies involved in humanoid robots, particularly those producing core components like electronic skin and dexterous hands. Notable companies include Hanwei Technology and Fule New Materials [6][7]. - In the electric equipment and new energy sector, companies such as Aishuo Co., Longi Green Energy, and Daqo New Energy are highlighted for their potential in new technology and supply-side strategies [11].

仪器仪表Ⅲ 四方光电（688665.SH） 增持-A(维持) | 市场数据：2025 年 12 | 月 | 2 日 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 47.69 | | 年内最高/最低（元）： | | | 72.42/28.28 | | 流通A股/总股本（亿）： | | | 1.01/1.01 | | 流通 A 股市值（亿）： | | | 47.95 | | 总市值（亿）： | | | 47.95 | | 年 基础数据：2025 | 月 9 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 1.07 | | 摊薄每股收益(元)： | | | 1.07 | | 每股净资产(元)： | | | 11.60 | 资料来源：最闻 2025 年 12 月 3 日 公司研究/公司快报 公司近一年市场表现 事件描述 近期，公司发布 2025 年 Q3 季度报告：前三季度实现营收 7.22 亿元， 同比+33.56%；归母净利润为 1.07 亿元，同比+74.20%；实现扣非净利润 0.99 亿元，同比+6 ...

2025 年 12 月 2 日 行业研究/行业周报 化学原料行业近一年市场表现 资料来源：最闻 相关报告： 知世界触手可及-电子皮肤行业深度报告 2025.11.21 锂电材料价格持续上涨-新材料周报 （251110-1114） 2025.11.19 冀泳洁 博士 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 邮箱：wangrui1@sxzq.com 新材料 新材料周报（251124-1128） 领先大市-B(维持) 宇树科技 IPO 辅导收官，有望推动人形机器人产业发展加速 摘要 二级市场表现 市场与板块表现：本周新材料板块上涨。新材料指数涨幅为 3.23%，跑输创 业板指 1.31%。近五个交易日，合成生物指数下跌 1.80%，半导体材料下跌 0.71%， 电子化学品上涨 0.45%，可降解塑料下跌 1.26%，工业气体上涨 0.86%，电池化 学品下跌 4.43%。 产业链周度价格跟踪（括号为周环比变化） 氨基酸：缬氨酸(12500 元/吨，-0.40%)、精氨酸(21400 元/吨，不变)、色氨 酸(30500 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1] Core Viewpoints - The power equipment and new energy industry has shown significant market performance over the past year, with a focus on enhancing the utilization of renewable energy through new pricing mechanisms [1][4] - The report highlights the recent order of 143 million yuan received by UBTECH for humanoid robots, indicating strong demand in the robotics sector [3] - The National Development and Reform Commission (NDRC) is actively addressing issues of price disorder in certain industries, which may impact market dynamics [3] Summary by Relevant Sections Market Performance - The power equipment and new energy industry has experienced notable developments, including the introduction of new pricing methods aimed at promoting renewable energy consumption [4] Company Orders - UBTECH's total order amount for humanoid robots in 2025 has reached 1.3 billion yuan, showcasing robust growth in this segment [3] Pricing Trends - The report provides insights into the pricing of polysilicon, silicon wafers, battery cells, and modules, indicating stability in polysilicon prices and a downward trend in silicon wafer and battery cell prices due to high inventory levels [5][7][8] Investment Recommendations - The report recommends several companies for investment based on their strategic positioning in the industry, including Aikang Co., Longi Green Energy, and Daqo New Energy, among others [6][9]

市场走势 资料来源：最闻 国内市场主要指数 研究早观点 2025 年 12 月 2 日 星期二 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,914.01 | 0.65 | | 深证成指 | | 13,146.72 | 1.25 | | 沪深 | 300 | 4,576.49 | 1.10 | | 中小板指 | | 8,008.75 | 1.40 | | 创业板指 | | 3,092.50 | 1.31 | | 科创 | 50 | 1,336.76 | 0.72 | | 资料来源：最闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【行业评论】煤炭：煤炭进口数据拆解：25 年 10 月进口环比收缩 【山证纺服】波司登 26 财年中期业绩点评-品牌羽绒服板块引领营收 稳健增长，库存周转速度显著提升 【公司评论】壶化股份(003002.SZ)：深度报告-山西民爆龙头，西部项 目引领发展新征程 2019 年 2 月 21 日 星期四 请务必阅读最后股 ...

煤炭 煤炭进口数据拆解 领先大市-A(维持) 25 年 10 月进口环比收缩 2025 年 12 月 1 日 行业研究/行业月度报告 煤炭板块近一年市场表现 资料来源：最闻 相关报告： 【山证煤炭】行业政策点评 2026 年电煤 中长期合同点评：符合预期，港口基准 价维持不变 2025.11.20 月：火电增速逆势向上，煤价上涨超预 期 2025.11.18 数据拆解： 首选股票 评级 进口煤量收缩趋势继续放缓，进口价上涨。进口量方面，1-10 月累计增 速实现-11.0%，累计进口煤量仍然呈现收缩趋势；进口煤当月同比连续 8 个 月保持负增速，但同比负增速持续边际放缓，其中 10 月进口煤同比降 9.75%、 环比降 9.26%。分煤种来看，四大煤种均呈现环比负增，其中动力煤和褐煤 环比减量较大。动力煤环比减量主要是因为蒙古和印尼进口量减少；炼焦煤 环比减量主要由蒙古贡献；褐煤环比减量主要由印度尼西亚贡献；无烟煤环 比减量主要来自俄罗斯。价格方面，10 月当月全煤种进口价格实现 71 美元/ 吨，维持同比回落趋势，10 月当月环比增 3.65 美元/吨。分煤种看，全煤种 进口价格较去年同期均有较大幅度下降， ...

民爆用品 壶化股份（003002.SZ） 买入-B(首次) 山西民爆龙头，西部项目引领发展新征程 2025 年 12 月 1 日 公司研究/深度分析 公司近一年市场表现 投资要点： 一体化大型民爆企业，产能位居行业前列。公司是一家集民用爆破器材 研发、生产、销售、进出口、爆破服务于一体的大型民爆企业。拥有从民爆 上游原材料研发生产，到下游专业爆破服务的完整产业链条，已形成"民爆、 出口、爆破、军工"四大产业版块。拥有数码电子雷管产能 5880 万发、工业 炸药产能共计 11.4 万吨、工业雷管产能 2000 万发、起爆具产能 2300 吨。 市场数据：2025 年 11 月 28 日 经营稳中有增，财务持续稳健。2020-2024 年，公司收入从 5.56 亿元增 至 11.01 亿元，CAGR 为 25.58%；归母净利润由 0.97 亿元增至 1.4 亿元，CAGR 为 13.01%。2024 年在国内经济景气度低迷、民爆行业缩量下行的严峻形势下， 收入、利润均保持在健康合理的空间。2025 上半年，公司出口市场和省外市 场拓展增幅较大，主营产品雷管、炸药、起爆具产销量均显著提升。前三季 度公司实现营业收 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [3][9] Core Views - The brand down jacket segment leads to steady revenue growth, with inventory turnover significantly improving [4][9] - For the first half of FY2025/26, the company achieved revenue of 8.928 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.189 billion yuan, up 5.3% year-on-year [3][4] Revenue Breakdown - The brand down jacket business generated revenue of 6.568 billion yuan, up 8.3% year-on-year, with the Bosideng main brand contributing 5.719 billion yuan, also up 8.3% [4][5] - The OEM processing business saw revenue decline to 2.044 billion yuan, down 11.7% year-on-year [4] - Women's clothing revenue decreased by 18.6% to 251 million yuan, while diversified clothing revenue fell by 45.3% to 64 million yuan [4] Channel Performance - Self-operated channels generated revenue of 2.411 billion yuan, up 6.6%, while wholesale channels achieved 3.701 billion yuan, up 7.9% [5] - The company added 88 retail stores, bringing the total to 3,558, with a net increase of 3 self-operated stores [5] Profitability Metrics - The overall gross margin for FY2025/26 H1 slightly increased by 0.1 percentage points to 50.0%, while the brand down jacket business gross margin decreased by 2.0 percentage points to 59.1% [6][8] - The net profit margin increased by 0.5 percentage points to 13.3% due to various factors including reduced financial expenses and stable goodwill impairment in women's clothing [8] Cash Flow and Inventory Management - The average inventory turnover days decreased by 11 days to 178 days, attributed to a slowdown in raw material procurement and inventory reduction efforts [8] - The net cash flow from operating activities improved significantly to -1.084 billion yuan from -3.483 billion yuan in the previous year [8] Financial Forecast - The company is expected to achieve net profits of 3.931 billion yuan, 4.382 billion yuan, and 4.786 billion yuan for the fiscal years 2026, 2027, and 2028 respectively [9][11] - The projected P/E ratios for 2026, 2027, and 2028 are 13.5, 12.1, and 11.1 times respectively [9][11]

市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,888.60 | 0.34 | | 深证成指 | | 12,984.08 | 0.85 | | 沪深 | 300 | 4,526.66 | 0.25 | | 中小板指 | | 7,897.84 | 0.95 | | 创业板指 | | 3,052.59 | 0.70 | | 科创 | 50 | 1,327.15 | 1.26 | | 资料来源：最闻 | | | | 分析师： 彭皓辰 2025 年 12 月 1 日 星期一 研究早观点 【今日要点】 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【公司评论】海博思创(688411.SH)：海博思创快报-国内储能稳居龙头， 海外市场正在突破 【行业评论】HR+/HER2-乳腺癌后线药物进展：后线治疗迎来广谱新 选择，TROP2 ADC、HER3 ADC、KAT6 抑制剂表现突出 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和 ...

2025 年 11 月 28 日 公司研究/公司快报 分析师： 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 杜羽枢 执业登记编码：S0760523110002 邮箱：duyushu@sxzq.com 储能 海博思创（688411.SH） 买入-A(首次) 国内储能稳居龙头，海外市场正在突破 事件描述 公司上市以来股价表现 | 年 月 市场数据：2025 | 11 | 日 25 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 299.46 | | 年内最高/最低（元）： | | | 426.01/57.00 | | 流通A股/总股本（亿）： | | | 0.38/1.80 | | 流通 A 股市值（亿）： | | | 113.60 | | 总市值（亿）： | | | 539.30 | | 年 基础数据：2025 | 月 9 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 3.58 | | 摊薄每股收益(元)： | | | 3.58 | | 每股净资产(元)： ...