证券研究报告 | 浙商早知道 报告日期：2025 年 12 月 18 日 浙商早知道 2025 年 12 月 18 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要推荐 ❑ 【浙商轻工 史凡可/傅嘉成】悍高集团（001221）公司深度：家居五金隐形冠军，成本优势+渠道势能助推成长— —20251216 重要点评 1、大势 12 月 17 日上证指数上涨 1.19%，沪深 300 上涨 1.83%，科创 50 上涨 2.47%，中证 1000 上涨 1.49%，创 业板指上涨 3.39%，恒生指数上涨 0.92%。 2、行业 12 月 17 日表现最好的行业分别是通信（+5.07%)、有色金属（+3.03%)、电子（+2.48%)、基础化工 （+2.15%)、电力设备（+2.09%)，表现最差的行业分别是农林牧渔（-0.54%)、国防军工（-0.2%)、煤炭（- 0.11%)、房地产（+0.09%)、环保（+0.1%)。 ❑ 【浙商传媒互联网 冯翠婷/陈磊】阜博集团（03738）公司点评：IP+AI 的范式级合作，迪士 ...

分析师 邱世梁 分析师 陈明雨 分析师 曹宇 证书编号 S1230520050001 证书编号 S1230522040003 证书编号 S1230525080007 投资逻辑 01 ⚫ 核心观点（国内大储商业模式改善，海外需求景气度向上） 证券研究报告 需求共振，全球加速 ——储能行业专题报告 行业评级：看好 2025年12月17日 需求端：全球储能需求多点开花，我们预计2025-2027年全球储能新增装机分别有望达到271、444、661GW，同比增速分别为44%、 64%、49%。1）国内市场：新能源全面入市推动峰谷电价差拉大，同时多省相继推出容量电价政策，大储盈利模式逐步明晰并优化，储 能需求开始由政策导向转变为市场导向。国内储能招标数据表现强劲，今年1-11月，国内储能招标规模达到112GW/364GWh，同比增长 110%/161%。预计2026年国内储能装机有望达到264GWh，同比增长80%。2）美国市场：北美算力爆发式增长驱动电力及配储需求超 预期，美国储能终端需求刚性较强，预计2026年美国储能新增装机有望达到63GWh，同比增长40%。3）欧洲市场：大储需求爆发，户 储去库基本完成、出货逐 ...

证券研究报告 | 公司更新 | 医疗器械 看好 2026 年恢复及新品拉动 ——爱博医疗更新报告 投资要点 风险提示 手术量恢复不及预期、消费环境承压、新品推广不及预期、政策变化等。 人工晶体国产龙头、技术驱动型的眼科材料与光学平台公司，2025 年 Q3 业绩 短期承压，人工晶体受医保控费影响销售量与收入均有下滑，但 OK 镜业务回 暖，PR、焦深延长型人工晶状体、新一代 OK 镜、硅水凝胶隐形眼镜等新品管 线稳步推进，为长期增长蓄力。 人工晶体（核心业务）短期承压，静待终端手术量回暖。 2025 年 Q3 公司业绩短期承压，实现营业收入 3.58 亿元（YoY-8.17%），归母净 利润 0.77 亿元（YoY-29.85%）。受国家集采及部分省市医保支出结构调整（如 DRG/DIP 控费、限制白内障筛查）等影响，终端白内障手术量下降，导致作为 公司主要收入和利润来源的人工晶体板块收入和销量同比均有下降，对三季度业 绩造成较大压力。但我们认为，白内障手术有一定择期性，随着需求的增长以及 支付调整等逐步完成，行业手术量有望恢复，公司 2026 年增长可期。 OK 镜回暖，隐形眼镜业务蓄势待发。 1）近视防控 ...

证券研究报告 | 公司点评 | 数字媒体 阜博集团(03738) 报告日期：2025 年 12 月 17 日 IP+AI 的范式级合作，迪士尼开启"好莱坞拥抱 AI"新时代 考虑到 AI 生成内容贡献增量、微短剧出海、数字内容资产交易等弹性，我们预 计公司 25-27 年营收分别为 29.9/35.7/43.0 亿港元，当前股价对应 4.6/3.7/3.1 倍 P/S；经调整利润分别为 2.1/3.3/4.2 亿港元，当前股价对应 51/34/26 倍 P/E；维持 "买入"评级。 风险提示 技术迭代风险（AI 生成技术催生新的侵权方式）、竞争加剧风险、产业发展不确 定性风险（目前双方合作仅限于协议阶段，具体落地及效果仍具备不确定性）。 投资评级: 买入(维持) 分析师：冯翠婷 执业证书号：S1230525010001 fengcuiting@stocke.com.cn 分析师：陈磊 执业证书号：S1230521090002 chenlei01@stocke.com.cn 基本数据 ——阜博集团事件点评 投资要点 盈利预测与估值 1 《AI 视频爆发受益品种，参与 红果等微短剧出海及发力资产交 易》 2025 ...

Investment Rating - The report assigns a "Buy" rating for the company, HanGao Group [9] Core Insights - HanGao Group is a leading player in the domestic hardware and outdoor furniture manufacturing sector, with steady growth in revenue and profitability. The company is increasing its self-manufacturing ratio, showcasing scale advantages, while domestic hardware is rapidly replacing imported products. Supported by a multi-channel sales model, the company is expected to accelerate capacity expansion and market deployment in the future [2][3] Summary by Sections Company Overview - HanGao Group, established in 2004, transitioned from OEM to developing its own brand since 2007. The company has diversified its product line to include home storage hardware, basic hardware, kitchen and bathroom hardware, and outdoor furniture, establishing a multi-faceted profit model [24][27] Financial Performance - In 2024, the company achieved revenue of 2.857 billion yuan, a year-on-year increase of 28.6%, and a net profit of 531 million yuan, up 59.7%. For the first three quarters of 2025, revenue reached 2.497 billion yuan, growing 24.27% year-on-year, with a net profit of 483 million yuan, up 38.07% [3][27][29] Product Structure - Basic hardware is the main growth driver, with revenue increasing from 103 million yuan in 2019 to 1.224 billion yuan in 2024, representing a CAGR of 64%. Outdoor furniture revenue reached 262 million yuan in 2024, growing 39.69% year-on-year, reversing a decline from previous years [4][30][31] Channel Structure - The offline distribution channel accounted for 56.33% of total revenue in 2024, generating 1.609 billion yuan, a 26.48% increase. The company is also expanding its online sales through e-commerce platforms, contributing 312 million yuan in revenue, up 24.67% [5][37] Industry Dynamics - The hardware industry is evolving, with many small enterprises in the market. Leading companies like HanGao Group are expected to leverage their scale and brand advantages to eliminate less competitive players, reshaping the competitive landscape [6][7] Future Growth Outlook - HanGao Group is well-positioned to capitalize on domestic substitution opportunities, enhancing its brand, channel, and scale advantages. The company is expected to see revenue growth of 3.569 billion yuan in 2025, with a year-on-year increase of 24.93% [9][16]

证券研究报告 | 浙商早知道 报告日期：2025 年 12 月 17 日 浙商早知道 2025 年 12 月 17 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 浙商早报 市场总览 重要推荐 重要观点 ❑ 【浙商宏观 李超/林成炜/潘高远/费瑾/王瑞明】宏观专题研究：11 月经济：冬尽春来，蓄势明年开门红—— 20251215 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：12 月 16 日上证指数下跌 1.11%，沪深 300 下跌 1.2%，科创 50 下跌 1.94%，中证 1000 下跌 1.74%，创业 板指下跌 2.1%，恒生指数下跌 1.54%。 ❑ 行业：12 月 16 日表现最好的行业分别是商贸零售（+1.32%)、美容护理（+0.66%)、社会服务（+0.13%)，表现最 差的行业分别是通信（-2.95%)、综合（-2.81%)、有色金属（-2.81%)、电力设备（-2.66%)、传媒（-2.41%)。 ❑ 资金：12 月 16 日全 A 总成交额为 1 ...

Market Overview - On December 15, the Shanghai Composite Index fell by 0.55%, the CSI 300 decreased by 0.63%, the STAR 50 dropped by 2.22%, the CSI 1000 declined by 0.84%, the ChiNext Index fell by 1.77%, and the Hang Seng Index decreased by 1.34% [4] - The best-performing sectors on December 15 were non-bank financials (+1.59%), retail (+1.49%), agriculture, forestry, animal husbandry, and fishery (+1.24%), steel (+0.91%), and building materials (+0.91%). The worst-performing sectors included electronics (-2.42%), telecommunications (-1.89%), media (-1.63%), machinery and equipment (-1.36%), and computers (-1.27%) [4] - The total trading volume for the entire A-share market on December 15 was 1.7944 trillion yuan, with a net inflow of 3.654 billion Hong Kong dollars from southbound funds [4] Important Insights Bond Market Research - The report emphasizes the importance of the People's Bank of China's (PBOC) communication regarding the central economic work conference, which reflects the central bank's specific thoughts on monetary policy for 2026 [5] - The market is focused on changes in the description of monetary policy from the central economic work conference [5] - The report indicates a more gradual approach to easing monetary policy [5] Strategy Report - The report systematically reviews the calendar effects in the A-share market from 2010 to 2025, analyzing excess returns of major indices around key dates [6] - It highlights that the overall market tends to experience a spring rally at the beginning of the year, cautious trading mid-year, and a warm winter close at year-end [6] - The report identifies that Q4 has the highest win rate and return for the Wande All A Index, with a win rate of 66.7% and a median return of 2.9% [7] Industry Insights Machinery Equipment Sector - The report notes that the demand for satellite applications is expected to surge, with a potential breakthrough in rocket supply [8] - It highlights that China's satellite constellation construction is significantly lagging, entering a peak launch period [8] - Investment opportunities are identified in the rocket sector, driven by explosive demand and a shift towards high-frequency, low-cost commercial operations [8]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [6][8]. Core Insights - The company, Clean Beauty Technology, is positioned as a leading provider in the electronic consumables sector, focusing on integrated circuit and chip component support, with a vertically integrated supply chain that enhances cost efficiency and customer loyalty [2][19]. - From 2012 to 2024, the company's revenue grew from 330 million to 1.82 billion RMB, with a compound annual growth rate (CAGR) of approximately 15%, while net profit increased from 30 million to 200 million RMB, with a CAGR of about 17% [2][40]. Summary by Sections 1. Company Overview - Clean Beauty Technology specializes in electronic packaging materials, including paper and plastic carrier tapes, electronic-grade films, and composite current collectors, with a revenue distribution of 84% from electronic packaging materials and 12% from films as of mid-2025 [20][26]. 2. Market Position and Growth - The company holds a 74% market share in the paper carrier tape sector, which is projected to grow to approximately 600 million USD by 2033, while the plastic carrier tape market is expected to reach 1 billion USD by 2031, indicating significant growth potential [3][19]. - The global market for release films is estimated at around 20 billion USD, with specific segments like MLCC and optical release films showing promising growth trajectories [4][24]. 3. Strategic Developments - The acquisition of 56.8% of Youzhen Technology in 2024 marks the company's entry into the high-growth composite current collector market for lithium batteries, with projected market growth from 1.2 billion USD in 2023 to 3.4 billion USD by 2032 [5][26]. - The company has established a comprehensive manufacturing system, integrating upstream raw material production with downstream processing, which enhances its competitive edge [19][60]. 4. Financial Projections - Revenue forecasts for 2025-2027 are projected at 2.1 billion, 2.6 billion, and 3.2 billion RMB, respectively, with year-on-year growth rates of 15.51%, 24.46%, and 23.88% [6][13]. - The expected net profit for the same period is 258 million, 370 million, and 514 million RMB, reflecting growth rates of 27.64%, 43.27%, and 39.15% [6][13]. 5. Competitive Advantages - The company's core competencies include a vertically integrated supply chain, cost leadership, a one-stop service model, and strong brand recognition backed by major clients such as Samsung and Murata [2][59]. - The company has established a solid reputation through participation in industry standards and recognition as a "single champion demonstration enterprise" by the Ministry of Industry and Information Technology [66].

Group 1: Core Insights - The report aims to summarize important deep reports, significant commentary, and marginal changes within the large manufacturing sector [1] - Key companies highlighted include Yokogawa Precision, Zhejiang Rongtai, Shanghai Yanpu, and Sany Heavy Industry among others [2][3] Group 2: Industry Performance - As of December 12, 2025, the best-performing indices in the last week were: Communication (+6.27%), National Defense and Military Industry (+2.8%), and Electronics (+2.63%) [4][19] - Within the large manufacturing sector, the top three indices were: Industrial Gases (+4.62%), ChiNext Index (+2.74%), and Semiconductor Index (+2.68%) [4][22] Group 3: Company Analysis - Yindu Co., Ltd. - Yindu Co., Ltd. is a leading player in commercial kitchen equipment, with a revenue CAGR of 10.6% from 2017 to 2024, growing from 1.36 billion to 2.75 billion [7] - The global commercial kitchen equipment market is projected to grow from $37.4 billion in 2024 to $54.35 billion by 2032, with a CAGR of 4.8% [8] - The company has a strong overseas presence, with 93% of its revenue coming from international markets in the first half of 2025 [8] Group 4: Company Analysis - Shuanghuan Transmission - Shuanghuan Transmission has achieved a remarkable CAGR of 112% in net profit from 2020 to 2024, driven by its three main business segments: gears, smart actuators, and reducers [9] - The gear business is expected to grow at a CAGR of 10% from 2024 to 2027, benefiting from the trend of electric vehicles [9] - The company is expanding its global footprint with production facilities in Hungary and Vietnam, which are expected to enhance its growth prospects [9] Group 5: Company Analysis - Western Superconducting Technologies - Western Superconducting Technologies is focusing on high-performance superconducting materials and has established a joint venture for nuclear fusion supply [10] - The company is the only global producer of NbTi superconducting wire and has a production capacity of 2,000 kilometers per year [10] - The high-end titanium alloy business is a stable revenue source, contributing 87% of revenue in the first half of 2025, with applications in aerospace and deep-sea technology [12]

Market Overview - The report identifies a seasonal pattern in the A-share market, highlighting a "spring excitement" at the beginning of the year, cautious trading in mid-year, and a warm winter finish at year-end [1][12] - In terms of quarterly performance, Q4 shows a significantly higher win rate and return compared to other quarters, with a win rate of 66.7% and a median return of 2.9% [1][13] - February is noted as the strongest month for market performance, leading the annual trend, while October and November also show favorable results [1][15] Broad-based Indices - The report emphasizes that earnings announcements are crucial for the performance of broad-based indices, with small-cap stocks generally outperforming in Q1, Q2, and Q4, while Q3 shows more balanced performance [2][18] - During earnings announcement periods, large-cap stocks tend to dominate, while small-cap stocks perform better in the vacuum periods following these announcements [2][19] Style Indices - The report indicates that the dividend style tends to perform better in November and December, while small-cap styles excel in February and March [3][21] - In terms of quarterly performance, small-cap styles dominate in Q1, while large-cap styles are stronger in Q4, with consumer styles leading in Q2 and Q3 [3][21] Industry Analysis - The report outlines that consumer and TMT sectors lead at the beginning of the year, while cyclical and consumer sub-sectors break through mid-year, and cyclical sectors finish strong at year-end [4][22] - Monthly performance shows that January maintains a cyclical trend, February sees competition among consumer, TMT, and cyclical sectors, while October sees strong performance from the financial sector and electronics influenced by tech giants [4][22]