联合研究丨公司深度丨西部超导（688122.SH） [Table_Title] 功名有志，大器已成——再论西部超导 research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 自 2020 年跟踪公司以来，我们先后发布两篇深度报告（《顺军工现代化之势，技术成就新材料 龙头》、《西部超导：宝剑锋从磨砺出，三驾马车引未来》），主要对公司运营管理以及钛合金、 高温合金、超导产品三大业务板块等基本情况进行了全面阐述。本篇报告，我们将着重于公司 三大业务板块的战略发展定位，在当前时点具体剖析各板块的边际变化以及未来成长轨迹。我 们认为公司作为钛材行业优质白马，长期兑现度高，盈利可观，同时高温合金的强盈利弹性以 及超导产品的广阔空间将进一步打开成长，三驾马车合力驱动公司长期盈利能力稳步向上。 分析师及联系人 [Table_Author] 王鹤涛 王贺嘉 王筱茜 SAC：S0490512070002 SAC：S0490520110004 SAC：S0490519080004 SFC：BQT626 SFC：BUX462 SFC：BWM115 杨继虎 张晨晨 周相君 SAC：S0490 ...

丨证券研究报告丨 市场策略丨点评报告 [Table_Title] 0925 港股日评：三大股指涨跌不一，港股通电 子领涨 报告要点 [Table_Summary] 2025 年 9 月 25 日，港股市场大市成交额达到 3148.9 亿港元，南向资金净买入 110.46 亿港 元。今日港股市场呈现结构性分化，恒生指数全天震荡收跌，恒生科技指数逆势上涨 0.89%。 行业层面，美国矿业巨头印尼重要铜矿因泥石流事故停产，引发全球供应担忧，推动铜价上涨， 带动 Wind 香港有色金属板块走强；另一方面，阿里巴巴云栖大会释放多项科技利好，提振人 工智能产业链预期，推动 Wind 香港硬件设备板块涨幅居前。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 0925 港股日评：三大股指涨跌不一，港股通电 2] 子领涨 [Table_Summary2] 事件描述 港股市场方面，恒生指数回调 0.13%报 26484.68，恒生科技上涨 0. ...

Core Insights - The Hong Kong stock market experienced a significant increase, with the Hang Seng Index rising by 1.37% to 26,518.65 and the Hang Seng Tech Index increasing by 2.53% to 6,323.15, driven by strong performance in technology stocks [3][5] - Major internet companies announced a substantial investment of up to 380 billion RMB in AI infrastructure, indicating a strong commitment to advancing AI technologies [5][3] - The collaboration with NVIDIA on Physical AI, focusing on robotics and autonomous driving, has boosted market confidence in AI and semiconductor sectors, leading to a rally in related tech stocks [5][3] Market Performance - On September 24, 2025, the total market turnover in Hong Kong reached 288.77 billion HKD, with net inflows from southbound funds amounting to 13.705 billion HKD [5][3] - The performance of various sectors showed that retail (+7.58%), home appliances (+2.58%), and electronics (+2.49%) led the gains, while light industry manufacturing (-1.47%) and pharmaceuticals (-0.93%) lagged [3][5] - The Ant Financial Index rose by 6.65%, and the integrated circuit industry fund index increased by 5.43%, reflecting strong investor interest in these sectors [3][5] Future Outlook - The report suggests three potential directions for the Hong Kong market to reach new highs: the continued growth of AI technology and new consumption, sustained inflows from southbound funds, and the impact of monetary policy changes in the U.S. that could enhance global liquidity [5][3] - The transition from broad monetary easing to credit expansion in China, along with supportive policies, is expected to facilitate a rebound in related industries [5][3]

丨证券研究报告丨 市场策略丨专题报告 [Table_Title] 从美国库存看中国出口机遇：科技出海创新高， 制造消费能否跟上？ 报告要点 [Table_Summary] 美联储重启降息周期，或带动美国需求复苏。截至 2025 年 6 月，美国名义库存同比与实际库 存同比增速均呈现回落态势，同时库销比也有所下降，反映出当前库存水平相对于销售规模趋 于收紧，未来存在或存在补库需求。分部门来看，美国制造业 6 月库存同比历史分位数处于 1998 年 1 月以来的 38.9%分位，批发商行业处于 26.4%的历史分位水平，零售贸易行业处于 36.7% 的历史分位水平，反映出整体库存压力显著减轻。在此背景下，部分行业或迎来布局良机。其 中家电、机械、汽车及轻工等板块库存去化尤为明显，值得市场重点关注。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 从美国库存看中国出口机遇：科技出海创新高， 2] 制造消费能否跟上？ [Table_S ...

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Insights - The report highlights that the acquisition of SKE's blank mask business by the company is a strategic move to enter a market with low domestic production rates, especially in the context of increasing trade tensions and macroeconomic uncertainties [2][4][6] - The blank mask is identified as a core material in semiconductor photolithography, crucial for transferring circuit designs onto substrates or wafers, with a significant opportunity for domestic production [5][31] - The report emphasizes the importance of achieving self-sufficiency in blank masks for the development of the domestic semiconductor industry, as current production is heavily dominated by Japanese and Korean companies [6][21] Summary by Sections Acquisition Details - The company announced the acquisition of SKE's blank mask business for approximately 350 million RMB, which includes land, facilities, inventory, equipment, patents, and personnel [4][18] - The acquisition aims to enhance the company's capabilities in high-end DUV blank masks, which have already been validated by several semiconductor wafer manufacturers [7][38] Market Opportunity - The global semiconductor materials revenue is projected to be around 67.5 billion USD in 2024, with China's share estimated at 13.5 billion USD, representing about 20% of the total market [5][27] - The domestic market for photomasks is expected to reach approximately 7.2 billion RMB, while the revenue for blank masks is projected to be between 1.4 to 1.5 billion RMB in 2024 [31][35] Strategic Plans - The company plans to solidify its technological and operational foundation by retaining key personnel from SKE and enhancing R&D capabilities [7][37] - Future strategies include expanding production capacity in mainland China to meet market demand and increasing brand influence through a dedicated sales team [7][37]

公司研究丨深度报告丨古越龙山（600059.SH） [Table_Title] 古越龙山深度报告：古往今来，越酒复兴 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 黄酒行业 2023 年 CR3 超 40%，相较于 2016 年的约 18%获得明显提升，行业格局初步稳定。 龙头达成战略协同，传统大单品 2025 年进入新一轮提价周期。同时龙头公司也在积极挖掘黄 酒新的消费场景、人群以及区域，进一步拓宽黄酒未来的潜在空间。考虑到古越龙山未来随着 体制进一步激活、公司品牌潜能有望逐步释放，同时随着品类影响力及公司品牌力的提升，全 国市场亦有望贡献增长。 分析师及联系人 [Table_Author] 董思远 朱梦兰 SAC：S0490517070016 SAC：S0490522050003 SFC：BQK487 请阅读最后评级说明和重要声明 2 / 22 %% %% %% %% research.95579.com 2 古越龙山（600059.SH） cjzqdt11111 [Table_Title2] 古越龙山深度报告：古往今来，越酒 ...

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The report emphasizes the acceleration of domestic substitution due to centralized procurement, highlighting the importance of volume, price, and localization rates [11][15] - The IVD (In Vitro Diagnostics) market is experiencing rapid growth, with a market size of approximately 604 billion yuan in 2018, reflecting a year-on-year growth of 18.43% [30] - The report identifies significant opportunities in segments with low penetration rates and high growth potential, such as orthopedics, chemical luminescence, peripheral vascular intervention, electrophysiology, and TAVR [15] Summary by Sections Centralized Procurement - Centralized procurement has not affected manufacturers' ex-factory prices but has compressed intermediary channel profits, ensuring profit margins for production companies [11] - Various sub-sectors have low localization rates, allowing for competitive pricing to accelerate import substitution [11] IVD Market - The IVD market is segmented into biochemical diagnostics, immunodiagnostics, molecular diagnostics, microbiological diagnostics, and blood diagnostics, with the three main areas holding 46% of the global market share [30][31] - The market is characterized by a shift towards closed systems, which enhance accuracy and ease of use compared to open systems [33][34] Medical Devices and Equipment - The medical device sector is cyclical, with procurement activity peaking in December 2024, driven by demand recovery and policy implementation [24] - The report tracks hospital procurement data, indicating a seasonal pattern with the first half of the year typically being a low season for procurement [24] Medical Consumables - High-value consumables are seeing increased localization due to ongoing R&D investments and centralized procurement policies, while low-value consumables have a lower barrier to entry and higher domestic production rates [37][49] Electrophysiology and Gastroenterology - Electrophysiology devices and consumables are closely linked, with procedures conducted in catheterization labs [41] - Gastroenterology consumables are categorized based on their clinical applications, with a focus on devices used in endoscopic procedures [45][48]

[Table_Title] 华安国证港股通消费主题 ETF（159285）：促服 务消费若干措施出台，港股通消费迎配置良机 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 量化金融研究丨深度报告 [Table_Summary] 国证港股通消费主题指数，为反映港股通范围内消费领域相关上市公司的运行特征，丰富指数 化投资工具，编制国证港股通消费主题指数，该指数是按相应的指数编制规则采用派氏加权法 逐日连锁计算所得出来的。该指数发布于 2022 年 4 月 11 日，指数简称：港股通消费，基日为 2014 年 12 月 30 日，基点为 1000 点。华安国证港股通消费主题 ETF（159285）采用指数化 投资策略，紧密跟踪标的指数，追求跟踪偏离度和跟踪误差最小化。 分析师及联系人 [Table_Author] 覃川桃 邓元哲 SAC：S0490513030001 SAC：S0490524080006 SFC：BUT353 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 2 [Table_Title 华安国证港 ...

市场策略丨点评报告 丨证券研究报告丨 [Table_Title] 0924 A 股日评：科技高低切，半导体受益 报告要点 [Table_Summary] 今日 A 股市场震荡上涨，三大指数齐涨，科创 50 涨幅超过 3 个点，科技板块出现高低切，半 导体产业链代替 AI 硬件端成为今日核心主线。上证指数上涨 0.83%，深证成指上涨 1.80%， 创业板指上涨 2.28%，上证 50 上涨 0.68%，沪深 300 上涨 1.02%，科创 50 上涨 3.49%，中 证 1000 上涨 1.70%，市场成交额为 2.35 万亿元，全市场 4457 家上涨。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 0924 A 股日评：科技高低切，半导体受益 [Table_Summary2] 事件描述 今日 A 股市场震荡上涨，三大指数齐涨，科创 50 涨幅超过 3 个点，科技板块出现高低切，芯 片自主可控进展顺利，半导体产业链代替 ...

从林清轩看 化妆品品牌何以差异化突围 长江证券研究所商贸零售研究小组 2025-09-24 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 分析师 李锦 分析师 罗祎 联系人 曾维朵 SAC执业证书编号：S0490514080004 SAC执业证书编号：S0490520080019 SFC执业证书编号：BUV258 %% %% %% %% %% %% %% %% research.95579.com 2 01 行业：行业增速平稳，精选细分赛道机会 02 林清轩：差异化品类&成分&客群突围 03 投资建议：精选细分赛道机遇 目 录 04 风险提示 %% research.95579.com 3 01 行业：行业增速平稳，精选细分赛道机会 research.95579.com 4 行业：行业增速平稳，精选细分赛道机会 01 ◼ 化妆品行业增速当前回落至平稳增长区间。社零数据来看，限额以上化妆品增速由2020年的双位数增长回落至个位数平稳区间， 2025年1-6月同比小幅增长3%；线上数据来看，淘系及抖音美妆大盘增速同样趋于稳健 ...