2026 年 02 月 26 日 ledi/229 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 黄俊儒 A0230525070008 huangjr@swsresearch.com 李国盛 A0230521080003 ligs@swsresearch.com 研究反馈 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 张淇元 A0230124080001 zhangqy@swsresearch.com Seedance2.0 突破, Al 视频 格局及产业链机遇 ——GenAl 系列报告之 69 暨 Al 应用深度之四 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 ...

行 业 及 产 业 行 业 研 究 / 行 业 深 相关研究 证 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 黄俊儒 A0230525070008 huangjr@swsresearch.com 李国盛 A0230521080003 ligs@swsresearch.com 研究支持 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 张淇元 A0230124080001 zhangqy@swsresearch.com 2026 年 02 月 26 日 Seedance2.0 突破，AI 视频竞争 格局及产业链机遇 看好 ——GenAI 系列报告之 69 暨 AI 应用深 ...

2026 年 02 月 26 日 市公司 研究 公司书 (002032) -2025 年业绩快报点评：内销稳定增长，坚持创新迭代 投资要点: 财务数据及盈利预测 | | 2024 | 2025Q1-3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 22,427 | 16.897 | 22,772 | 23.924 | 25,008 | | 同比增长率（%） | 5.3 | 2.3 | 1.5 | 5.1 | 4.5 | | 归母净利润（百万元） | 2.244 | 1.366 | 2.097 | 2.226 | 2,383 | | 同比增长率（%） | 3.0 | -4.7 | -6.6 | 6.1 | 7.1 | | 每股收益（元/股） | 2.82 | 1.72 | 2.62 | 2.78 | 2.97 | | 毛利率(%) | 24.7 | 23.7 | 23.7 | 24.6 | 24.7 | | ROE (%) | 34.9 | 24.7 | 33.4 | 34.7 | 36.3 | | ...

上 市 公 司 证 券 研 究 报 告 评 2026 年 02 月 26 日 苏泊尔 (002032) ——2025 年业绩快报点评：内销稳定增长，坚持创新迭代 投资要点： 财务数据及盈利预测 | | 2024 | 2025Q1-3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 22,427 | 16,897 | 22,772 | 23,924 | 25,008 | | 同比增长率（%） | 5.3 | 2.3 | 1.5 | 5.1 | 4.5 | | 归母净利润（百万元） | 2,244 | 1,366 | 2,097 | 2,226 | 2,383 | | 同比增长率（%） | 3.0 | -4.7 | -6.6 | 6.1 | 7.1 | | 每股收益（元/股） | 2.82 | 1.72 | 2.62 | 2.78 | 2.97 | | 毛利率（%） | 24.7 | 23.7 | 23.7 | 24.6 | 24.7 | | ROE（%） | 34.9 | 24.7 | 33.4 | 3 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [11]. Core Insights - The report highlights a focus on domestic paint manufacturers, particularly SanKeShu, which is projected to achieve a profit of 760-960 million RMB in 2025, representing a year-on-year growth of 129%-189%, significantly outperforming Nippon Paint China [3]. - Nippon Paint China's revenue for FY2025 is estimated at 470.7 billion JPY (approximately 21 billion RMB), reflecting a year-on-year decline of 5.8%, primarily due to a sluggish real estate market [5]. - The report anticipates that SanKeShu will experience rapid growth in the consumer segment (C-end) driven by initiatives like Beautiful Countryside and Artistic Paint, while the business segment (B-end) is expected to remain stable [3]. Summary by Sections Financial Performance - Nippon Paint China's adjusted operating profit for FY2025 is projected at 69.2 billion JPY (approximately 3.09 billion RMB), with an operating profit margin of 14.7%, an increase of 3.1 percentage points year-on-year, attributed to cost optimization and expense control [5]. - In Q4 2025, Nippon Paint China's revenue was 100.1 billion JPY (approximately 4.47 billion RMB), showing a year-on-year decline of 18.0% and a quarter-on-quarter decline of 20.0% [5]. - The revenue breakdown for 2025 shows a decline in architectural decoration coatings by 15.9%, while automotive and industrial coatings saw slight growth [5]. Growth Projections - For 2026, Nippon Paint aims for an overall revenue growth of 8.2%, with specific targets of high single-digit growth for TUC and low single-digit growth for TUB [5]. - The report emphasizes three core strategies: enhancing brand premium and channel coverage for TUC, deepening collaborations with quality real estate and state-owned enterprises for TUB, and upgrading technical capabilities in automotive coatings [5]. Valuation Metrics - The report provides a valuation table for listed companies, indicating that SanKeShu's stock price is 54.30 RMB per share, with projected earnings per share of 1.17 RMB for 2025, resulting in a price-to-earnings ratio of 47 [6].

证券研究报告 下游航运景气度持续上升，船舶ETF上市行业流动性增强 ——2026年2月造船观察&船舶ETF解读 核心观点：下游航运景气度持续上升，船舶ETF上市行业流动性增强 www.swsresearch.com 证券研究报告 2 资料来源：克拉克森数据库，申万宏源研究 证券分析师： 王晨鉴 A0230525030001 闫海 A0230519010004 2026.2.26 ◼ 船舶ETF（ 560710 ）成功上市，为国内首支船舶产业链ETF，覆盖全产业链核心标的，可增强板块流动性。船舶产业链具 有重资产性质且不易被技术淘汰，属于HALO类资产。 ◼ VLCC期租逼近10万美元/天，高景气度有望加速向上游造船传导。 • 油轮期租大幅上涨，反映市场高景气度。油运市场供给端约束确定性强，需求端存在黑油与合规油结构变化逻辑，中周期上行态势确定 性较强。当前VLCC最新1年期租已经提升至9.25万美元/天，反映市场供给紧缺，景气度持续高位。 ◼ 集运进入新一轮运力竞赛，后续新签订单贡献能力被低估。 • 班轮公司在手现金充足，增加运力是提升市场份额的必经途径，新一轮运力军备竞赛已经开启。经历2021及2024两轮 ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 4147 | 0.72 | 0.27 | 1.6 | | 深证综指 | 2746 | 1.21 | 0.01 | 2.46 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | 0.56 | 0.59 | 5.01 | | 中盘指数 | 1.39 | 0.21 | 21.94 | | 小盘指数 | 1.59 | -0.96 | 15.17 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 小金属Ⅱ | 7.77 | 11.75 | 60.09 | | 冶钢原料 | 5.65 | 5.49 | 59.48 | | 房地产服务 | 5.41 | 7.08 | 4.44 | | 普钢Ⅱ | 5.04 | 3.31 | 3.25 | | 航天装备Ⅱ | ...

行 业 及 产 业 房地产 行 业 研 究 / 行 业 点 2026 年 02 月 25 日 楼市改善趋势下政策放松加码，更彰显维稳房 价的目标和决心 看好 ——上海 225 楼市新政点评 事件： ⚫ 2026 年 2 月 25 日，上海市住房城乡建设管理委、市房屋管理局、市财政局、市税务局、 市公积金管理中心等五部门联合印发《关于进一步优化调整本市房地产政策的通知》，其 中：1）优化限购：缩短非沪籍居民购买外环内住房所需缴纳社保或个税年限。对非本市 户籍居民家庭或成年单身人士购买外环内住房的，购房所需缴纳社会保险或个人所得税的 年限，调整为购房之日前连续缴纳满 1 年及以上。符合条件非沪籍居民可在外环内增购 1 套住房。符合条件的持《上海市居住证》群体可在本市购买住房。2）优化住房公积金贷 款政策。3）完善个人住房房产税政策。 点评： 证券分析师 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 评 证 券 研 究 报 告 相关研究 袁豪 A0230520120001 yuanhao@sws ...

行 业 及 产 业 社会服务 2026 年 02 月 25 日 分段式出游特征显著，长假带动旅 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 《确定性提升，服务消费迎供给升级—— 社会服务 2025 年业绩前瞻》 2026/02/08 《酒店价格回正，REITs 助力文旅资产盘活 提速——社会服务行业专题报告十一》 2025/12/14 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 杨光 A0230524100004 yangguang@swsresearch.com 联系人 杨光 A0230524100004 yangguang@swsresearch.com 本期投资提示： 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 中庚基金 使用。1 游消费再创新高 | 目录 | | | --- | --- | | 1. 交通出行：跨区域流动高位运行，节后出游返程带动走强 | | | | 4 | | 2.国内游：从"返乡探亲"演变为"旅游过年" | 6 | | 3.住宿消费：量价齐升，价格涨价为主 | 6 | | 4.海南免税 ...

Report Industry Investment Rating No information provided in the report about the industry investment rating. Report's Core View The report analyzes the investment value of the Bank of China GEM 50 Index (026770/026771). It points out that the GEM 50 Index features high - tech growth and high - quality fundamentals, and performs well in growth - dominant environments and market rebounds. The Bank of China Fund, as the fund manager, has rich experience in managing passive index products [2]. Summary According to the Directory 1. Highlight the Characteristics of the Growth Enterprise Market and Focus on the Broad - based Index of New - Quality Productivity - **Index Compilation Method**: Composed of the 50 stocks with the largest average daily trading volume in the GEM market, it focuses on the liquidity of sample stocks and combines industry coverage, using free - float market capitalization weighting and adjusting every six months [5][6]. - **Index Weight and Market Value Distribution**: As of January 31, 2026, the index has 50 constituent stocks. The weight is concentrated in the top ten constituent stocks, accounting for 65.27%. The average free - float market value is 9.0192 billion yuan, and the average total market value is 14.3456 billion yuan. Both are mainly concentrated between 2 billion and 5 billion yuan [7][10]. - **Index Industry Characteristics**: The constituent stocks are concentrated in the power equipment and communication industries, with a high degree of industry concentration. Compared with the GEM Index, it has more prominent high - tech growth attributes and is highly compatible with new - quality productivity [14][21]. - **Fundamental Characteristics**: The R & D investment as a proportion of operating income is close to 6%, higher than that of other broad - based indexes. The annual return on net assets from 2020 to 2024 is between 14% and 20%, showing high - quality characteristics [22][26]. 2. Index Investment Value Analysis: Prominent Growth Style and Elasticity - **Outstanding Performance in Growth - Dominant Environments**: The GEM 50 focuses on GEM stocks with high - tech growth attributes. In growth - dominant environments, its cumulative return far exceeds that of the Guozheng Growth Index, and the weekly average return since 2014 is 2.56% [27][31]. - **Superior Rebound Strength**: Due to the wider daily price limit of GEM constituent stocks, in several market rebounds since 2022, the GEM 50 Index shows high rebound strength, and the rebound interval returns generally exceed those of comparable indexes [35]. 3. Bank of China GEM 50 Index (026770/026771) It is an over - the - counter passive index product of the Bank of China Fund, which started raising funds on February 24, 2026, with a raising period until March 13, 2026. The current fund managers are Ms. Li Nian and Mr. Yao Jin. The management fee rate is 0.50%, and the custody fee rate is 0.10% [38]. 4. Fund Manager and Fund Manager Information - **Fund Manager Introduction**: The Bank of China Fund is a Sino - foreign joint - venture fund management company jointly established by the Bank of China and BlackRock. It currently manages 14 passive index products with a total scale of 10.043 billion yuan [40]. - **Fund Manager Introduction**: Ms. Li Nian has 9 years of securities experience, and the total scale of her managed products is 299 million yuan. Mr. Yao Jin has 12 years of securities experience, and the total scale of his managed products is 278 million yuan [42][43].