宏 观 研 究 PMI 数据 2025 年 12 月 31 日 12 月 PMI 回升的四大支撑 ——中采 PMI 点评（25.12） 事件：12 月 31 日，国家统计局公布 12 月 PMI 指数，制造业 PMI 为 50.1%、前值 49.2%； 非制造业 PMI 为 50.2%、前值 49.5%。 ⚫ 核心观点：新动能、消费品行业拉动 12 月 PMI，化债挤出效应缓解、出口韧性也有支撑。 12 月高频指标转弱下，制造业 PMI 却明显回升。12 月以来，高炉开工、PTA 开工、货 运量等高频指标均有走弱；但制造业 PMI 较前月回升 0.9 个百分点至 50.1%，时隔 9 个 月再次站上荣枯线。其中生产、新订单指数分别较 11 月回升 1.7、1.6 个百分点。 支撑一：新动能相关领域 PMI 明显改善，但缺乏相关高频指标，可持续性需要继续观察。 从行业来看，黑色压延、化学纤维、化学原料等传统行业 12 月 PMI 均有回落，与高炉、 PTA 开工等回落表现一致。但缺乏开工指标跟踪的电气机械、医药等新兴行业 PMI 却有 回升，分别较前月上行 1.3、0.9 个百分点至 47.1%、58.9%。大 ...

证 券 研 究 报 告 AI电源两大重要方向：ACDC模块及电源管理芯片！ ——AIDC电源系列研究之2 证券分析师： 杨海晏 A0230518070003 杨紫璇 A0230524070005 联系人：杨紫璇 A0230524070005 2025.12.31 投资要点 证券研究报告 www.swsresearch.com 2 ◼ 2025年全球/中国服务器电源市场有望达316/91亿元。服务器电源产品的价值量随着功率的提升而提升。 ◼ 方向1——ACDC电源模块：大陆电源厂商加速崛起。在服务器电源领域，市场份额主要由台达、光宝等 企业占据。全球服务器电源生产企业集中在中国台湾省，前十企业中国台湾占据五家，市场占比60%左 右；中国大陆电源厂商麦格米特挤进前十，占比6%。 ◼ 方向2——DCDC电源管理芯片：多相电源是多相控制器与DrMOS的组合，可为高性能计算提供供电方 案。通过多相控制器和智能功率级模块的组合使用，将多个降压电路的输出并联使用，从而输出数百安 培到数千安培的电流，适用于超大功率供电的需求。以英伟达GPU为例，预计V100到B300单卡DrMOS 价值量增长约4倍！我们预计未来3年国内AI ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [2][8] Core Insights - The company is a leading domestic CMP polishing liquid enterprise, continuously expanding its second growth curve through diversified product offerings [7][16] - The semiconductor industry is entering a prosperous cycle, with significant capacity expansion among wafer fabs, benefiting material suppliers [7][52] - The company maintains a strong focus on R&D and innovation, with a robust "3+1" technology platform that supports its core business in polishing liquids and expands into functional wet chemicals and electroplating solutions [7][8] Financial Data and Profit Forecast - Projected total revenue for 2024 is 1,835 million yuan, with a year-on-year growth rate of 48.2%. For 2025, the expected revenue is 2,506 million yuan, reflecting a growth rate of 36.6% [5] - The company's net profit attributable to shareholders is forecasted to be 534 million yuan in 2024, increasing to 811 million yuan in 2025, with a year-on-year growth rate of 52.1% [5] - The gross margin is expected to stabilize around 56.8% for 2025, with a return on equity (ROE) projected at 24.2% [5][8] Market Position and Growth Drivers - The company has achieved a global market share of over 10% in CMP polishing liquids, with significant growth in functional wet chemicals and electroplating solutions [7][8] - The demand for CMP polishing liquids is driven by advancements in integrated circuit technology, leading to increased usage and value of polishing materials [7][52] - The company is strategically positioned in the largest semiconductor material markets, namely Taiwan and mainland China, enhancing its competitive advantage [7][44] Product and Technology Development - The company has developed a comprehensive product matrix in CMP polishing liquids, functional wet chemicals, and electroplating solutions, catering to various semiconductor manufacturing processes [16][19] - Continuous R&D investment has led to a stable increase in the number of patents, with a focus on high-end differentiated products in the functional wet chemical segment [38][44] Future Outlook - The company is expected to see net profits of 8.11 billion yuan, 10.21 billion yuan, and 12.74 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 45, 36, and 29 [8][9] - The ongoing expansion of domestic semiconductor manufacturing capacity, particularly among leading firms, is anticipated to further benefit the company [52][56]

Investment Rating - The report assigns a "Buy" rating for Chifeng Gold (600988) as a first-time coverage [2][7]. Core Views - Chifeng Gold is an international growth-oriented gold mining company, primarily focused on gold operations, with approximately 90% of its revenue derived from gold [6][14]. - The company is expected to benefit from the upward trend in gold prices, driven by factors such as geopolitical tensions and changes in global credit dynamics [6][33]. - The company has a clear growth path with ongoing projects for capacity expansion and cost control measures in place [6][7]. Summary by Sections 1. Growth-Oriented Gold Mining Company - Chifeng Gold operates six gold mines and one polymetallic mine globally, with a total gold resource of 390 tons and a production increase from 4.6 tons in 2020 to 15.2 tons in 2024, reflecting a compound annual growth rate of 35% [6][14]. - The company has a strong focus on gold, with gold business revenue accounting for about 90% and gross profit margin close to 100% [25][29]. 2. Global Credit Dynamics and Gold Price Outlook - The report highlights that gold's core pricing factors have shifted from yield to safety due to the weakening of dollar reserves and ongoing geopolitical tensions [6][33]. - Central banks are expected to continue purchasing gold, with significant increases in gold demand observed since 2022 [39][63]. 3. Domestic Technological Upgrades and Overseas Acquisitions - Chifeng Gold is enhancing its gold production through technological upgrades and acquisitions, with a projected gold output of 15-16 tons [6][73]. - The company has significant potential for resource expansion, particularly in its existing mines, and is actively pursuing overseas acquisitions to enhance its growth [66][72]. 4. Financial Forecast and Valuation - The projected net profits for Chifeng Gold from 2025 to 2027 are 32.1 billion, 52.5 billion, and 61.1 billion yuan, respectively, with corresponding price-to-earnings ratios of 19, 11, and 10 [7][8]. - The company maintains a cost structure below the global average, which positions it favorably to benefit from rising gold prices [78][82].

上 市 公 司 公 司 研 究 / 公 司 深 ——稳健红利价值与成长性兼具的儿童电子学习领导者 财务数据及盈利预测 | 单位：百万美元 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 2,146 | 2,177 | 2,006 | 2,046 | 2,099 | | 收入增长率（%） | -4.3 | 1.5 | -7.9 | 2.0 | 2.6 | | 归属普通股东净利润 | 167 | 157 | 149 | 160 | 171 | | 归属普通股东净利润增 | 11.7 | -5.9 | -4.8 | 7.6 | 6.8 | | 长率（%） | | | | | | | 每股收益（美元） | 0.66 | 0.62 | 0.59 | 0.63 | 0.68 | | 毛利率（%） | 29.6 | 31.5 | 31.8 | 32.0 | 32.2 | | ROE（%） | 25.8 | 24.3 | 23.1 | 24.2 | 25.1 | | PE | 12 | 13 | ...

——UPS 基本盘稳固，AIDC 电源+储能双轮驱动业绩高增 报告原因：首次覆盖 买入（首次评级） 2025 年 12 月 31 日 科士达 (002518) 上 市 公 司 公 司 研 究 / 公 司 深 度 电力设备 | 市场数据： | 2025 年 12 月 30 日 | | --- | --- | | 收盘价（元） | 49.23 | | 一年内最高/最低（元） | 54.40/19.49 | | 市净率 | 6.2 | | 股息率%（分红/股价） | 0.47 | | 流通 A 股市值（百万元） | 27,822 | | 上证指数/深证成指 | 3,965.12/13,604.07 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 7.99 | | 资产负债率% | 35.05 | | 总股本/流通 A 股（百万） | 582/565 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -100% 0% 100% 200% 12-30 01-30 02- ...

Investment Rating - The report upgrades the investment rating to "Buy" for the company, indicating a positive outlook for its stock performance in the coming months [5][11]. Core Insights - The company plans to acquire a 35% stake in Limin Da for 875 million yuan, which will allow it to control 52.78% of the voting rights in Limin Da, subsequently consolidating it into the company's financial statements [3][5]. - Limin Da specializes in thermal management solutions and has been a key player in the industry for over 30 years, focusing on liquid cooling and air cooling technologies [5][6]. - The financial projections for the company show significant growth, with expected revenues increasing from 44.211 billion yuan in 2024 to 73.481 billion yuan by 2027, representing a compound annual growth rate (CAGR) of 16% [4][14]. - The net profit forecast for the company is adjusted to 2.453 billion yuan for 2025, with a projected CAGR of 44% from 2025 to 2027 [5][11]. Financial Data Summary - As of September 30, 2025, the company has a net asset value of 3.18 yuan per share and a debt-to-asset ratio of 55.03% [1]. - The total revenue for Limin Da in Q1-Q3 of 2025 was 486 million yuan, with a net profit of 21.21 million yuan [6][7]. - The company's gross profit margin is projected to improve from 15.8% in 2024 to 18.6% by 2027 [4][14]. Product and Market Position - Limin Da's product offerings include liquid cooling plates, quick connectors, and manifolds, positioning it as a core supplier in the NVIDIA liquid cooling supply chain [5][8]. - The company serves major clients in the computing power industry, including NVIDIA, Intel, and Foxconn, indicating a strong market presence [5][8].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - The report highlights the continuation of electric vehicle (EV) subsidies in 2026, which is expected to enhance the penetration rate of EVs and boost sales, particularly for mid to high-priced models [2]. - The implementation of a large-scale equipment renewal and consumer goods replacement policy reflects the government's commitment to supporting the consumption of new energy vehicles [2]. - The report anticipates a strong demand for lithium batteries in 2026, driven by the sustained growth in electric vehicle sales and the continuation of the old-for-new policy [2]. Summary by Sections Policy Impact - The 2026 policy includes subsidies for scrapping and replacing old vehicles, with personal consumers receiving up to 20,000 yuan for qualifying new energy vehicles [2]. - The policy aims to support the transition to low-emission vehicles, including electric trucks and city buses, thereby alleviating concerns about subsidy reductions for electric heavy trucks [2]. Market Performance - In 2025, the old-for-new policy significantly boosted the sales of new energy vehicles, with production and sales reaching 14.91 million and 14.78 million units respectively, marking a year-on-year growth of 31.4% and 31.2% [2]. - The report notes that the domestic power battery sales reached 1,044.3 GWh in 2025, reflecting a 50.3% year-on-year increase, indicating a robust market for battery manufacturers [2]. Investment Recommendations - The report suggests focusing on leading battery companies such as CATL, Zhongxin Innovation, and Yiwei Lithium Energy, as well as material suppliers like Hunan Youneng and Tianwei Technology, due to their strong market positions and growth potential [2]. - The anticipated increase in electric vehicle penetration and battery demand presents a favorable investment landscape for stakeholders in the new energy sector [2].

上 市 公 司 ——降本与品牌力打造"高端性价比"，护航高增长 投资要点： ⚫ 风险提示：降本幅度低于预期的风险、行业竞争加剧的风险、产品质量风险。 财务数据及盈利预测 公 司 研 究 / 公 司 深 度 轻工制造 2025 年 12 月 31 日 悍高集团 (001221) | | 2024 | 2025Q1-3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,857 | 2,497 | 3,595 | 4,525 | 5,653 | | 同比增长率（%） | 28.6 | 24.3 | 25.8 | 25.9 | 24.9 | | 归母净利润（百万元） | 531 | 483 | 706 | 942 | 1,237 | | 同比增长率（%） | 59.7 | 38.1 | 32.8 | 33.5 | 31.3 | | 每股收益（元/股） | 1.48 | 1.31 | 1.76 | 2.35 | 3.09 | | 毛利率（%） | 35.8 | 37.8 | 37.8 | 38.8 | 39. ...

电子 2025 年 12 月 31 日 领益智造 (002600) 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 一年内最高/最低（元） 18.22/6.16 市净率 5.0 股息率%（分红/股价） 0.25 流通 A 股市值（百万元） 113,941 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 3.18 | | 资产负债率% | 55.03 | | 总股本/流通 A 股（百万） | 7,306/7,198 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -50% 0% 50% 100% 150% 12-30 01-30 02-28 03-31 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 领益智造 沪深300指数 (收益率) 相关研究 证券分析师 杨海晏 A0230518070003 yanghy@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch ...