海外公司跟踪报告 | 必需性消费 证券研究报告 | 公司评级 | 增持（维持） | | --- | --- | | 报告日期 | 2026 年 03 月 25 日 | 基础数据 | 03 月 24 日收盘价（港 | 26.00 | | --- | --- | | 元） | | | 总市值（亿港元） | 843.49 | | 总股本（亿股） | 32.44 | | 来源：聚源，兴业证券经济与金融研究院整理 | | 相关研究 【兴证海外食饮】华润啤酒：啤酒销量 稳健增长-2025.08.20 分析师：宋健 S0190518010002 BMV912 songjian@xyzq.com.cn 分析师：张悦 S0190522080006 请注意: 张悦并非香港证券及期货事务监 察委员会的注册持牌人，不可在香港从事 受监管的活动。 zhangyue20@xyzq.com.cn 华润啤酒(00291.HK) 中高端啤酒稳健增长，白酒承压 投资要点： 请阅读最后评级说明和重要声明 1/5 请阅读最后评级说明和重要声明 2/5 ⚫ 营收小幅下降，毛利率微升：2025 年，公司营业收入同比下降 1.7%至 379.85 亿元（ ...

行业周报 | 通信 证券研究报告 分析师：代小笛 S0190521090001 daixiaodi@xyzq.com.cn 分析师：仇新宇 S0190523070005 qiuxinyu@xyzq.com.cn | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2026 年 03 月 24 日 | 相关研究 【兴证通信】周观点：OFC、GTC 催化 在即-2026.03.15 【兴证通信】周观点：英伟达战略投资 北美光通信双龙头-2026.03.08 【兴证通信】周观点：AI 基建迈入智能 体时代-2026.03.01 分析师：许梓豪 S0190524070002 xuzihao@xyzq.com.cn 分析师：章林 分析师：王灵境 S0190525050001 wanglingjing@xyzq.com.cn S0190520070002 zhanglin20@xyzq.com.cn 投资要点： 【板块走势】 ⚫ 本期（03.16-03.22）通信板块上涨 1.71%，其中通信设备制造上涨 2.64%，增值服务 下跌 1.77%，电信运营下跌 4.10%，同期沪深 300 指 ...

行业周报 | 计算机 证券研究报告 行业评级 推荐（维持） 报告日期 2026 年 03 月 22 日 分析师：蒋佳霖 S0190515050002 jiangjialin@xyzq.com.cn 分析师：孙乾 S0190518110001 sunqian@xyzq.com.cn 分析师：张旭光 S0190523090002 zhangxuguang@xyzq.com.cn 相关研究 【兴证计算机】OpenClaw 系列三：政策 助力，云服务、模型调用需求激增 （3.09-3.15）-2026.03.15 【兴证计算机】OpenClaw：引领 AI 助 理范式升级，国产模型显著受益（3.02- 3.08）-2026.03.08 【兴证计算机】算力：GTC 有望引领产 品迭代，模型出海带来新机会（2.23- 3.01）-2026.03.01 一文看懂 GTC 大会的核心亮点（3.16- 3.22） 投资要点： ⚫ 本文第二章，对英伟达 GTC 大会进行了重点跟踪。 ⚫ 建议关注 风险提示：板块业绩存在不达预期的风险；下游需求存在景气度不稳定的风险； 科技创新可能带来短期业绩下降。 请阅读最后评级说明和重要声明 ...

公司点评报告 | 房地产 证券研究报告 | 1 - 1 - 1 - | 11 | | --- | --- | | INDUSTRIAL SECURITIES | | | 报告日期 | 2026 年 03 月 19 日 | | --- | --- | | 公司评级 | 增持（维持） | 基础数据 | 03 月 18 日收盘价（元） | 10.25 | | --- | --- | | 总市值（亿元） | 108.01 | | 总股本（亿股） | 10.54 | 来源：聚源，兴业证券经济与金融研究院整理 相关研究 【兴证地产】招商积余 2025 年三季报点 评：业绩平稳增长，毛利率同比改善- 2025.11.04 【兴证地产】招商积余：2025 年半年报 点评：业绩平稳增长，基础物管毛利率 改善-2025.09.08 【兴证地产】招商积余 2025 年一季报点 评：业绩双位数增长，经营平稳有序推 进-2025.05.07 分析师：靳璐瑜 S0190520080003 jinluyu@xyzq.com.cn 分析师：王沁雯 S0190523040001 wangqinwen@xyzq.com.cn 招商积余(0019 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The automotive sector is experiencing a transformation driven by AI and technological advancements, which are expected to create new investment opportunities and potentially restructure valuations in the sector [5][14] - The report highlights significant sales growth for several automotive companies, particularly in exports, despite a challenging market environment due to the Spring Festival [4][12] - BYD's new generation blade battery technology and fast-charging capabilities are expected to enhance its competitive edge in the market [13][34] Summary by Sections Weekly Dynamics - In February, Geely's sales reached 206,200 units, a slight increase of 1% year-on-year, with exports up 138% to 60,879 units. BYD sold 190,200 units, with overseas sales of 100,115 units, a 41.4% increase year-on-year. Other notable performances include Chery and Great Wall Motors, with significant export growth [4][12][33] Sector Performance and Valuation - The automotive sector underperformed the broader market during the week of February 28 to March 6, with a decline of 2.8%. The sector's PE-TTM (unadjusted) stands at 32.8, with historical valuation percentiles indicating varying levels of valuation across sub-sectors [3][15][21] Important News and Announcements - The report includes announcements from companies like Desay SV, which reported a revenue increase of 17.9% year-on-year, and YINLUNTDI, which received a significant project order expected to generate approximately $13.1 million in annual sales [28][29]

Investment Rating - Industry rating is maintained as "Recommended" [1] Core Views - Broadcom's CEO Hock Tan anticipates that the company's AI chip sales will exceed $100 billion in 2027, indicating significant progress in a sector dominated by Nvidia. The AI wave is expected to drive explosive demand for computing power, enhancing the value across servers, AI chips, optical chips, storage, and PCB boards. Key companies to watch include PCB leaders like Huitian and Shennan Circuits, global server ODM leader Foxconn, AI chip designers like Cambricon, domestic processor leader Haiguang Information, packaging substrate manufacturers like Xinsong Technology, memory interface chip leader Lanke Technology, and JuCheng Technology [3][20][21]. Summary by Sections Market Review - From March 2 to March 6, the overall market declined, with the CSI 300 index down 1.07%, and the Shenwan Electronics Industry Index falling 5.07%, ranking 28th out of 31 sectors. Among 496 listed electronics companies, 84 saw gains while 412 experienced declines [10][13]. Sub-industry News Semiconductor - A price surge initiated by Japanese semiconductor material giants, with Resonac and Mitsubishi Chemical raising prices by 30% for key PCB materials, is impacting the global electronics supply chain. This trend is expected to benefit passive components, digital SoCs, RF, storage, and packaging sectors [15][22]. AI, IoT, and Automotive Electronics - IDC predicts that the global smart robot hardware market will approach $30 billion by 2026, with China leading the growth [16]. Innovative Electronics & Wearables - German company Schott is expanding its AR technology center in Suzhou, aiming to support the rapidly growing smart glasses industry in China [17]. Mobile & 5G - IDC reports that the 200 million pixel camera will become mainstream in smartphones, with Vivo capturing nearly 40% of the high-end market [18]. LCD & LED - Apple has launched the 27-inch Studio Display XDR monitor featuring a mini-LED screen, achieving peak brightness of 2000 nits [19]. Industry Investment Strategy - The AI wave is expected to significantly enhance the value of various segments, including servers and AI chips. Companies like Huitian, Foxconn, and Cambricon are recommended for investment due to their strategic positions in this evolving landscape [20][21].

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The geopolitical situation in Iran is escalating, which may impact the supply expectations and fundamentals of related chemical products. Methanol and urea may face supply disruptions, as Iran's methanol production capacity is significant, accounting for 59.78% of the Middle East's total capacity and 22.86% of international capacity (excluding China) as of February 2026. Urea exports from Iran are projected to be around 4.5 million tons in 2024, making it the third-largest exporter globally [3][4] - Major chemical companies are raising prices for MDI and TDI products, indicating potential price increases in traditional peak seasons. For instance, Hunstman announced a price increase of $260 per ton for MDI in the U.S. market, effective immediately [3][4] - The U.S. government has signed an executive order to protect the supply of phosphorus and glyphosate, which may lead to a revaluation of phosphate resources. This strategic resource is expected to maintain high demand and price stability [3][4] - The chemical industry is anticipated to experience a cyclical recovery and industrial upgrade in 2026, driven by domestic growth policies and a potential easing of monetary policy by the Federal Reserve. This may lead to a moderate recovery in traditional chemical demand [5][6] Summary by Sections Geopolitical Impact - The Iranian geopolitical situation is causing concerns over supply disruptions for chemical products like methanol and urea, with significant production capacities in Iran [3] - Sulfur and aluminum carbonate, which have high import dependencies, may also be affected by geopolitical factors, leading to potential price increases [3] Price Trends - The price of TMP has continued to rise due to tight supply conditions, with a reported price of 12,750 RMB per ton as of February 27, 2026, reflecting a 6.3% increase week-on-week [8] - Prices for refrigerants are expected to rise due to supply constraints and increased demand post-holiday, with notable price increases reported for various refrigerants [4][8] Long-term Investment Recommendations - The chemical industry is expected to benefit from a cyclical recovery and industrial upgrades in 2026, with a focus on sectors like pesticides and tire manufacturing, which may see increased pricing opportunities due to trade barriers [5] - Emerging industries such as sustainable aviation fuel (SAF) and lithium battery materials are projected to grow significantly, driven by global decarbonization policies [5][6]

Investment Rating - The report maintains a "Buy" rating for Weichai Power Co., Ltd. [5] Core Insights - Weichai Power has established a diversified industrial chain, starting from diesel engines and expanding through acquisitions in related fields. The company is evolving into a global high-end equipment group covering power systems and new energy [4][11]. - The company's main business is expected to stabilize, while new business segments, particularly AIDC-related power generation, are anticipated to experience rapid growth, contributing to profit increments [5][6]. - The company has a strong cash dividend policy, with payout ratios expected to remain high at 50% in 2023 and 55% in 2024, reflecting robust profitability and cash flow [5][37]. Summary by Sections 1. Strategic Upgrade of Weichai Power - Weichai Power has continuously expanded its business scope through acquisitions, establishing a diversified industrial chain. Key acquisitions include the purchase of French Baudouin in 2009 and the restructuring of Lovol Heavy Industry in 2021 [4][11]. 2. Engine Business - The impact of electrification on the engine business is expected to be limited, with natural gas truck penetration likely to stabilize. The company anticipates a modest decline in heavy truck sales, with a recovery in natural gas truck penetration expected [5][51]. 3. AIDC Power Generation - The sales of large-bore diesel generator sets have surged, with over 900 units sold in the first three quarters of 2025, marking a year-on-year increase of over 300%. The demand for AIDC power generation is expected to drive continued growth in the company's performance [5][5]. 4. Profit Forecast and Investment Recommendations - The report adjusts the forecast for the company's net profit attributable to shareholders for 2025-2027 to 11.97 billion, 14.20 billion, and 16.03 billion yuan, respectively, indicating an optimistic outlook for growth [5].

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Insights - The sales performance of liquor during the Spring Festival met expectations, with high-end products showing strong performance while mass-market segments remained stable. Overall sales declined by 10-20%, with regional variations noted [1] - Moutai's market-oriented reforms are showing initial positive effects, with significant user growth and improved sales data. The company is focusing on consumer-centric strategies and enhancing its direct sales system [1] - Other brands are experiencing continued differentiation, with first and second-tier brands performing relatively steadily. Strategies include rational inventory reduction and promotional sales [1] - Looking ahead, the post-festival season may see a bottoming out of prices, with potential improvements expected in Q2 due to low comparative bases from the previous year [1] Summary by Sections Sales Performance - Spring Festival liquor sales declined by 10-20%, with high-end products performing well and mass-market segments remaining stable. Specific regions like Henan and Sichuan saw around a 10% decline, while Shandong and Anhui experienced about a 20% drop [1] - Different price segments showed varied performance, with high-end products like Moutai performing strongly, while mid-tier products faced significant pressure [1] Moutai's Market Reforms - Moutai's consumer-focused market reforms are yielding positive results, with a notable increase in users and sales orders. The company is effectively managing its inventory and pricing strategies [1] Brand Differentiation - The liquor industry is seeing a continuation of brand differentiation, with first and second-tier brands maintaining stable performance. Strategies include inventory reduction and promotional activities to stimulate sales [1] Future Outlook - The industry is expected to enter a traditional consumption off-season post-Spring Festival, with potential price stabilization and improvements anticipated in Q2. The upcoming Mid-Autumn Festival will be a critical period for assessing demand recovery [1]

Group 1 - The report highlights a significant divergence in the Hong Kong stock market, with technology and telecommunications sectors dragging down the Hang Seng Index, while other industries have shown positive returns. The Hang Seng High Dividend Yield Total Return Index has reached a historical high, and the relatively balanced Hong Kong Stock Connect Index has outperformed the A-share CSI 800 Index [2][13]. - The Hang Seng Technology Index has faced pressure from short sellers, exacerbated by multiple narratives, including concerns over tax policy adjustments and the potential disruption of AI on traditional business models, leading to a negative sentiment in the market [2][13]. Group 2 - The outlook suggests that the Hong Kong market may see an influx of foreign capital in 2026 due to the ongoing loose liquidity environment and the potential for the Federal Reserve to continue lowering interest rates. Recent trends indicate a significant increase in net inflows from the Stock Connect program, particularly into technology stocks that have experienced substantial declines [3][24]. - Domestic investors are also accelerating their investments in Hong Kong stocks, taking advantage of market adjustments. The average daily net inflow from the Stock Connect has rebounded to a high level not seen since 2024, indicating renewed interest in the market [3][24]. Group 3 - The report recommends a strategy of combining "technology as a core holding + cyclical recovery + beta opportunities in dividends" to embrace the upcoming spring market. Current market sentiment is at a relatively low point, suggesting potential for a short-term rebound [4][31]. - Technology remains a long-term focus, with AI expected to be a key driver. The report notes that leading internet and application companies have already priced in pessimistic expectations, making them attractive for investment as they are near historical valuation lows [4][31]. Group 4 - The cyclical leaders in the Hong Kong market are expected to see improvements as the Chinese economy transitions towards "slower growth + increased efficiency." This shift is anticipated to enhance the competitive landscape and gradually restore profitability for leading companies in sectors such as chemicals, real estate, and machinery [4][34]. - The report emphasizes the importance of consumer data during the Spring Festival as a potential catalyst for market performance, particularly for consumer service leaders in sectors like gaming, dining, and travel [4][34]. Group 5 - The report identifies that the ongoing geopolitical landscape in 2026 is more favorable for Chinese assets, with the risk premium of the Hang Seng Index relative to 10-year U.S. Treasury yields being significantly higher than that of developed markets. This situation is expected to attract more foreign capital to Hong Kong stocks [5][22]. - A stable RMB is projected to enhance the attractiveness of RMB-denominated assets, with historical trends indicating that significant RMB appreciation often correlates with rising Hong Kong stock prices [5][22].