市公司 相关研究 证券分析师 韩强 A0230518060003 hangiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 年内最高/最低（元） 94.83/56.50 市,争客 5.1 股息率% (分红/股价) 0.27 流通 A 股市值 (百万元) 66.947 上证指数/深证成指 3.965.28/13.537.10 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） | 15.45 | | 资产负债率% | 27.02 | | 总股本/流通 A 股 (百万) | 850/849 | | 流通 B 股/H 股 (百万) | /- | 年内股价与大盘对比定势： 叶叫分/外력凹 市场数据 · 收盘价 (元) 研究支持 公司公布全资子公司与关联方共同投资暨关联交易公告。根据公司公告，公司全资子公司紫 ● 光同芯拟与志成高远等五个关联方，以及非关联方宁德时代全资子公司共同设立紫 ...

Investment Rating - The report emphasizes a focus on high-dividend safety margin assets in the packaging and home furnishing sectors, indicating a stable industry landscape for leading companies like Yongxin Co., Yutong Technology, Huawang Technology, and Meiyingsen [3][4][5][8]. Core Insights - The report highlights the potential benefits from the appreciation of the RMB, which is expected to lower paper procurement costs and support paper prices due to increased wood pulp prices and traditional peak seasons. It also suggests a medium to long-term focus on anti-involution policies in the paper industry [3][10]. - The home furnishing sector is anticipated to see valuation recovery driven by stable real estate policies and improving second-hand housing conditions, which will support demand for renovation and expansion [8][21]. - The report identifies opportunities in the export sector, particularly in furniture, as the U.S. interest rate cuts may boost consumption, and emphasizes the importance of supply chain and brand internationalization for companies like Jiangxin Home and Yongyi Co. [3][12]. - The pet products sector is noted for its robust export business and potential for synergistic growth through acquisitions, with companies like Yiyi Co. and Yuanfei Pet being highlighted [3][16]. Summary by Sections 1. Packaging Industry - The packaging industry is characterized by a mature competitive landscape, with leading companies reducing capital expenditures and demonstrating advantages in overseas layouts and customer resources. Companies like Yongxin Co. and Yutong Technology are noted for their stable high-dividend policies and growth potential [4][5][7]. 2. Home Furnishing Industry - The home furnishing sector is experiencing accelerated consolidation, with valuation recovery expected due to supportive real estate policies. Companies such as Kuka Home and Sophia are highlighted for their strong dividend yields and potential for market share recovery [8][21][29]. 3. Paper Industry - The paper industry is seeing a gradual recovery in demand, with prices expected to stabilize and rise due to strong production control from overseas pulp mills. Companies like Sun Paper and Nine Dragons Paper are recommended for their potential to benefit from these trends [10][11]. 4. Export Sector - The export sector is influenced by currency fluctuations, with a focus on companies that are well-positioned for international operations. Jiangxin Home and Yongyi Co. are noted for their strong product offerings and international market strategies [12][13]. 5. Pet Products Sector - The pet products sector is highlighted for its growth potential, with companies like Yiyi Co. and Yuanfei Pet showing strong performance in exports and brand development [16][17]. 6. Light Industry Enterprises - Light industry companies are undergoing significant changes, with firms like Anfu Technology and Jianlin Home focusing on strategic acquisitions and technological advancements to enhance their market positions [3][18].

上 市 公 司 公 司 研 究 / 公 司 深 度 市场数据： 2025 年 12 月 29 日 收盘价（港币） 189.00 恒生中国企业指数 8891.71 52 周最高/最低（港币） 191.00/86.25 H 股市值（亿港币） 4,282.20 流通 H 股（百万股） 2,265.71 一年内股价与基准指数对比走势： -6% 194% 12/30 01/30 02/28 03/31 04/30 05/31 06/30 07/31 08/31 09/30 10/31 11/30 HSCEI 渣打集团 资料来源：Bloomberg 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230522090005 fengsy@swsresearch.com 李禹昊 A0230525070004 liyh2@swsresearch.com 联系人 李禹昊 A0230525070004 liyh2@swsresearch.com 2025 年 12 月 30 日 渣打集团 ...

Investment Rating - The report assigns a target market value of 17.7 billion yuan for the company, with a corresponding PE ratio of 39 times for 2026, indicating a favorable investment outlook [5][4]. Core Insights - The company is positioned as a national-level "little giant" in passive optical devices, leveraging the AI data center boom for accelerated expansion [5][12]. - The demand for passive optical devices is expected to grow significantly due to the increasing capital expenditure in global data centers and the rising need for high-speed optical communication [5][28]. - The company has established strong partnerships with major clients such as AFL, Coherent, and Jabil, with a revenue split of 10% domestic and 90% international, primarily serving high-profile customers like Google, Amazon, and Microsoft [5][12]. Summary by Sections 1. Company Overview - Established in 2011, the company focuses on passive optical devices, including passive fiber optic cabling and internal optical devices, primarily used in data centers and telecommunications [5][12]. - The company has achieved significant milestones, including the mass shipment of 400G and 800G passive internal optical devices, and has begun limited shipments of 1.6T products [5][12]. 2. Market Dynamics - The report highlights a new growth cycle for passive optical devices driven by technological iterations and AI demand, with a clear value growth logic as these devices become critical in high-speed optical communication [5][28]. - The AI demand is expected to drive both scale-out and scale-up in the optical device market, with significant increases in the interconnection needs of optical modules [5][49]. 3. Competitive Advantages - The company is building core barriers to growth through high R&D investment, strong customer relationships, and capacity expansion, focusing on high-end products and advanced manufacturing capabilities [5][30]. - The report notes that the company has a stable customer base and is expanding its production capacity to meet the growing market demand, particularly in overseas markets [5][24]. 4. Financial Projections - Revenue and net profit forecasts indicate substantial growth, with expected revenues of 2.156 billion yuan in 2025 and net profits of 305 million yuan, reflecting year-on-year growth rates of 63.9% and 106.5%, respectively [3][5]. - The report emphasizes the company's low initial valuation compared to peers, suggesting a high potential for price appreciation in the context of the upcoming IPO [5][4].

上 市 公 司 公 司 研 究 / 公 司 深 度 证 券 研 究 报 告 买入（首次评级） | 市场数据： 2025 年 12 月 29 日 | | | --- | --- | | 收盘价（元） | 100.65 | | 一年内最高/最低（元） | 122.00/19.59 | | 市净率 | 16.2 | | 股息率%（分红/股价） | 0.55 | | 流通 A 股市值（百万元） | 83,723 | | 上证指数/深证成指 3,965.28/13,537.10 | | | 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） | 6.20 | | 资产负债率% | 54.02 | | 总股本/流通 A 股（百万） | 832/832 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -200% 0% 200% 12-30 01-30 02-28 03-31 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 生益电子 沪深30 ...

上 市 公 司 公 司 研 究 / 公 司 深 度 2025 年 12 月 30 日 牧原股份 (002714) ——领先成本助穿越周期，双擎共振启价值新程 朱珺逸 A0230521080004 zhujy@swsresearch.com 报告原因：强调原有的投资评级 投资要点： | 市场数据： | 2025 年 12 月 30 日 | | --- | --- | | 收盘价（元） | 50.89 | | 一年内最高/最低（元） | 59.68/35.72 | | 市净率 | 3.7 | | 股息率%（分红/股价） | 2.95 | | 流通 A 股市值（百万元） | 193,921 | | 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） | 13.89 | | 资产负债率% | 55.50 | | 总股本/流通 A 股（百万） | 5,463/3,811 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势 ...

2025 年 12 月 30 日 中欧基金吉翔：专注发掘具有长期 竞争优势个股的价值型基金经理 ——基金经理研究系列报告之九十 相关研究 证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 白皓天 A0230525070001 baiht@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 其 他 权 益 类 产 品 - ⚫ 价值风格的配置价值：长期投资性价比更高，日历效应提示当下配置价值：价值是一类 持有体验度较好的风格策略：（1）从长期配置维度下相对占优；（2）大多数时间下夏 普比明显更高；（3）最大回撤明显更低、创新高能力更强。日历效应反映近期价值风格 的配置价值：观察近 10 年时间中价值风格在 ...

国防车工 相关研究 2025 年 12 月 30 日 看好 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 研究支持 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 达邵炜 A0230124030001 dasw@swsresearch.com 班牙/分出京 申万宏源研究微信服务号 近期军工受订单及业绩等不确定性影响进行调整,但我们认为军工调整逐渐结束,军工 ● 进入筑底上升期:短期来看,年末订单交付加速,四季度业绩预期环比改善,目"十五 五"规划持续推进,一季度起订单有望从"点状"到"线状"乃至"面状"落地;中长 期看，由于地缘政治不确定性加剧，消耗类武器装备持续放量，以及军贸需求加大带来 巨大投资机会。建议重点关注军工底部配置时机,细分方向关注新型主战装备、消耗类 武器、军贸、军工智能化等领域投资机会；同时重视商业航天、深空经济、可控核聚变 等主题性外延投资机 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating a positive outlook compared to the overall market performance [12]. Core Insights - The automotive dealership sector, particularly represented by Zhongsheng Holdings, is undergoing a significant transformation, moving away from being perceived as a "negative amplifier" for automakers. The company is expected to benefit from new business initiatives, particularly with the introduction of the AITO brand, which is anticipated to drive performance and valuation recovery [2][3]. - The competitive landscape in the mid-to-high-end automotive market is expected to intensify, with traditional luxury brands facing ongoing operational pressures. However, automakers are likely to adopt strategies to stabilize dealership operations, which may lead to improved profitability for dealerships [3][4]. - Fuda Co., Ltd. is highlighted for its industrialization capabilities in robotics, with recent strategic partnerships aimed at enhancing production capacity and expanding into new markets, such as exoskeleton robots [5]. - Hengbo Co., Ltd. is noted for its vertical integration in the PEEK materials sector, which positions the company favorably to meet increasing demand from overseas clients, particularly in the humanoid robotics field [6]. Summary by Company Zhongsheng Holdings - The company is expected to see a 20% or higher profit growth in the coming year, with a valuation around 7 times earnings, indicating potential for further earnings per share (EPS) and dividend benefits as it returns to a normal operating cycle [4]. Fuda Co., Ltd. - The company has established a low-cost control mechanism through domestic equipment production and partnerships, which is expected to enhance its capacity and market reach in the robotics sector [5]. Hengbo Co., Ltd. - The company has a comprehensive R&D capability and a fully integrated supply chain in the PEEK materials sector, which is expected to drive growth as demand from international clients increases [6].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, indicating a positive outlook for the sector's performance relative to the overall market [3]. Core Insights - The strategic positioning of asset-liability management for insurance companies has been elevated, with the introduction of the "Insurance Company Asset-Liability Management Measures (Draft for Comments)" by the Financial Supervisory Authority [2]. - The draft emphasizes three main goals for asset-liability management: matching the term structure, cost-benefit matching, and liquidity matching, with insurance companies bearing primary responsibility and the authority overseeing compliance [2]. - The governance structure requires clear delineation of responsibilities for the board of directors and senior management, establishing an asset-liability management committee and department within insurance companies [2]. - The report highlights the importance of asset-liability management in mitigating interest spread risks, especially in a declining interest rate environment, and aims to enhance the risk warning mechanism for insurance operations [2]. Summary by Sections Regulatory and Monitoring Indicators - For property and casualty insurance companies, there are three regulatory indicators focusing on income-cost coverage and liquidity, all of which must not fall below 100% [5]. - For life insurance companies, four regulatory indicators are established, including effective duration gap and comprehensive investment income coverage, also requiring a minimum of 100% [5]. Valuation of Key Companies - The report provides a valuation table for key non-bank financial companies, including China Life, Ping An, and China Pacific Insurance, with metrics such as market capitalization and price-to-earnings ratios [6]. - For instance, China Life has a market capitalization of 115.02 billion RMB and a PE ratio of 7.66, while Ping An has a market capitalization of 119.24 billion RMB and a PE ratio of 9.02 [6]. Investment Recommendations - The report continues to recommend several major insurance companies, including China Life (H), Ping An (A/H), China Pacific Insurance, China People’s Insurance, New China Life, and China Property Insurance, while suggesting to pay attention to China Taiping [3].