【中泰研究丨晨会聚焦】策略徐驰：国内科技突破与国际地缘局 势演绎或带来哪些影响？ 证券研究报告/晨会聚焦 2025 年 02 月 23 日 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 欢迎关注中泰研究所订阅号 晨报内容回顾 1、《【中泰研究丨晨会聚焦】先进产 业冯胜：宇树科技：吹响中国科技资 产价值重估的号角 ——人形机器人 专题研究五》2025-02-21 2、《【中泰研究丨晨会聚焦】互联网 传媒康雅雯：比特币 2025 年投资策 略：朝阳初露，未及炎阳》2025-02-19 3、《【中泰研究丨晨会聚焦】政策杨 畅：等待民企增量政策出台——当前 经济与政策思考》2025-02-18 今日预览 今日重点>> 我们认为美俄元首通话并非意味着俄乌冲突或很快结束，仅是进入"边打边谈"状态的开始。无 论最终形式如何，仅近期特朗普及其政府官员本身的一系列表态已标志着美欧关系和美国主导下 的战后国际秩序出现了不可逆的崩塌。美国国内特朗普支持率的变化与欧洲军费与制造业支出的 力度是决定俄乌冲突"终局形式"的最关键观察点。 请务必阅读正文之后的重要声明部分 今日重 ...

钢铁需求回升明显，铁水产量环比回落 分析师：谢鸿鹤 执业证书编号：S0740517080003 Email：xiehh@zts.com.cn | 上市公司数 | 45 | | --- | --- | | 行业总市值(亿元) | 8,386.84 | | 行业流通市值(亿元) | 7,972.55 | 发运受阻》2025-02-16 旺季开工》2025-02-09 3、《【中泰钢铁】2025 年策略报告： 改弦更张，大刀阔斧》2025-01-28 钢铁 证券研究报告/行业定期报告 2025 年 02 月 23 日 报告摘要 风险提示：宏观经济大幅下滑导致需求承压；供给端压力持续增加；研究报告使用信息更 新不及时风险。 评级： 增持（维持） 执业证书编号：S0740525010001 Email：renheng@zts.com.cn 请务必阅读正文之后的重要声明部分 分析师：任恒 投资策略：钢铁需求回升明显，铁水产量环比回落，维持行业为"增持"评级。 本周螺纹需求明显回升，其中建材和板材需求同比均有增长，其中主要用于制造业的 板材需求增长较为明显，行业处于主动补库存状态，带动本周钢矿价格回升，但周五 越南拟对中国 ...

电子化学品Ⅱ 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 85.03 | | 流通股本(百万股) | 38.64 | | 市价(元) | 32.43 | | 市值(百万元) | 2,757.46 | | 流通市值(百万元) | 1,253.13 | 唯特偶（301319.SZ） 证券研究报告/公司深度报告 2025 年 02 月 21 日 | 评级： | 增持（首次） | | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） 分析师：冯胜 | | | | 1,045 | 964 | 1,116 | 1,329 | 1,544 | | 增长率 yoy% | | | | 21% | -8% | 16% | 19% | 16% | | 归母净利润（百万元） ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [4][62]. Core Insights - The company, Shandong Road and Bridge, has a long history and a national presence, having been established in 1948 and listed in 2012. It has a strategic focus on both domestic and international markets, particularly in infrastructure projects [4][7]. - The company is backed by state-owned assets from Shandong, with a concentrated shareholding structure, where the largest shareholder holds 55.68% of the shares [10]. - The company has shown steady business progress, with a continuous increase in contract scale. In the first half of 2024, the company signed new contracts worth 746.6 billion yuan, a year-on-year increase of 11.7% [5][21]. - Revenue has been maintained with a total of 426.8 billion yuan in the first three quarters of 2024, despite a year-on-year decline of 6.3%. The net profit attributable to shareholders was 14.6 billion yuan, reflecting a 3.5% increase year-on-year [5][30]. - The company is expected to benefit from policies aimed at stabilizing the economy and resolving local debts, which may enhance its ability to meet market demand in the future [5][54]. Summary by Sections Company Overview - Shandong Road and Bridge was established in 1948 and has evolved into a leading player in infrastructure construction, with a focus on both domestic and international projects [4][7]. - The company has received numerous national and international awards and holds over 2,000 patents, with an annual construction capacity of 50 billion yuan [7]. Business Performance - The company's main revenue source is road and bridge engineering construction, which accounted for 89% of total revenue in the first half of 2024, amounting to 253.7 billion yuan [5][21]. - The company has a diverse portfolio, including road maintenance, concrete production, equipment leasing, and engineering consulting, with significant experience in various construction management fields [5][21]. Financial Performance - The company has shown a stable financial performance, with a net profit margin of 4.2% and a return on equity (ROE) of 6.2% in the first three quarters of 2024 [5][30]. - The company’s asset-liability ratio was 77.25%, a slight decrease from the previous year, indicating stable debt management [5][44]. Profit Forecast - The company is projected to achieve net profits of 2.46 billion, 2.62 billion, and 2.75 billion yuan for the years 2024 to 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 3.6, 3.4, and 3.3 [5][54]. Investment Recommendation - Given the company's strong order book and favorable market conditions, it is recommended as a "Buy" with expectations of significant growth in the coming years [5][54].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - Nanshan Zhishang is a leading player in the domestic fine woolen fabric market, actively expanding into new material fiber businesses, establishing a dual-core development strategy that integrates traditional woolen clothing and new material fiber [4][9]. - The company has successfully built projects for 3,600 tons of ultra-high molecular weight polyethylene fiber and an annual production of 80,000 tons of high-performance differentiated nylon filament, indicating strong growth potential in both traditional and new material sectors [4][9]. Financial Performance and Forecast - The company’s revenue is projected to grow from 16.51 billion yuan in 2024 to 29.37 billion yuan in 2026, with year-on-year growth rates of 3.15% and 27.28% respectively [4]. - The net profit attributable to the parent company is expected to be 1.93 billion yuan in 2024, increasing to 3.08 billion yuan by 2026, with corresponding year-on-year growth rates of -5% and +26% [4]. - The earnings per share are forecasted to rise from 0.54 yuan in 2024 to 0.85 yuan in 2026 [2]. Business Segments Traditional Business - The traditional woolen and clothing sectors are expected to maintain steady growth, with the wool textile industry in China projected to reach a market size of 8.64 billion yuan in 2023, reflecting a CAGR of 4.7% from 2019 to 2023 [4][5]. - The company has a comprehensive wool textile and clothing production chain, with a fine woolen fabric capacity of 16 million meters and clothing capacities of 750,000 suits and 650,000 shirts [4]. New Materials - The nylon filament sector is experiencing robust demand, with the company’s 80,000-ton differentiated nylon filament capacity gradually being released, contributing significantly to profit [5]. - The ultra-high molecular weight polyethylene (UHMWPE) market is characterized by a supply-demand gap, with the company’s projects in this area expected to enhance revenue and profit as production scales up [4][5]. Market Position and Competitive Advantage - Nanshan Zhishang benefits from strong backing by Nanshan Group, which provides substantial support for its chemical fiber business through its subsidiary, Yulong Petrochemical [4][10]. - The company has established a mature R&D and sales team, enhancing its competitive edge in the nylon and UHMWPE markets [4][5]. Growth Drivers - The report highlights the increasing penetration of nylon in outdoor sports apparel, with the market for PA6 expected to grow significantly, driven by rising consumer demand [26][27]. - The domestic market for PA66 is projected to see a consumption increase of 31.3% in 2024, further stimulating growth in the nylon sector [29].

【中泰研究丨晨会聚焦】互联网传媒康雅雯：比特币 2025 年投资策略：朝阳初露， 未及炎阳 证券研究报告 2025 年 2 月 19 日 [Tab[ble__SMuyain] 今日预览 今日重点>> 【互联网传媒】康雅雯：比特币 2025 年投资策略：朝阳初露，未及炎阳 ——深度分析入市资金量，潜在资金量，行情所处位置 [分[TTa析balb师e_l：eT_i戴tlIen志]d锋ustry] 执业证书编号： S0740517030004 电话： Email： 欢迎关注中泰研究所订阅号 2）当前加密市场处在什么位置？（情绪和资金还未充分反馈） 1、当前加密受众总量为 6.53 亿，是 2021 年 5 月交易量峰值的 3.2 倍，但 2024 年 11 月成交量 仅有 2.71 亿美元，为峰值成交量的 65.1%，单用户的交易热情远未释放。当前相对较紧的资金 环境，加密用户的人均月交易额截至 2024 年 12 月为 0.45 万美元，相较于 2021 年高峰月度的 2.2 万美元还有较大差距。 2、链上反应情绪泡沫的 MVRV Z-Score 分当前为 2.65，远不及上一轮牛市顶部时的 7.53。 晨报内容 ...

Group 1: Market Analysis - The total amount of new funds entering the market is approximately $2,330.53 billion, driven by stablecoins ($859.4 billion), fiat ($200.5 billion), and ETFs ($1,273.65 billion) [6][26]. - The current cryptocurrency market capitalization has increased by $2.44 trillion, with Bitcoin's market value rising by $1.6 trillion, accounting for 65.6% of the total increase [7][29]. - The current total audience for cryptocurrencies is 653 million, which is 3.2 times the peak trading volume in May 2021, but the trading volume in November 2024 is only $2.71 billion, 65.1% of the peak [8][33]. Group 2: Future Potential - The global equity market has a total market capitalization of $108.4 trillion, while the cryptocurrency market is at $3.4 trillion, representing only 3.13% of the equity market [10][52]. - If 1% to 2% of the global equity and debt markets were allocated to Bitcoin, potential new funds could reach $2.74 to $5.49 trillion, significantly exceeding the current inflow [11][56]. - The MVRV Z-Score is currently at 2.63, indicating that the market is not in a bubble compared to the previous peak of 7.53 [8][41]. Group 3: Market Dynamics - The trading volume of centralized exchanges (CEX) has not yet reached previous peak levels, with the highest ratio to Nasdaq trading volume being 109.5% as of January 2025 [9][45]. - The average monthly trading amount per crypto user is $0.45 million, significantly lower than the peak of $2.2 million in 2021, indicating room for growth [8][46]. - The supply of Bitcoin is tightening, with 19.82 million BTC already mined, leaving only 117,481 BTC to be mined until 2140 [29][30].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [3][11]. Core Insights - The company, a "small giant" in aerospace measurement and control, is expected to benefit significantly from the rapid development of satellite internet infrastructure [4][6]. - The company has shown strong financial growth, with a compound annual growth rate (CAGR) of 103.93% in revenue and 84.69% in net profit from 2020 to 2023 [5][24]. - The satellite internet market in China is projected to reach 44.692 billion yuan by 2025, with a CAGR of 11.2% from 2021 to 2025 [34][36]. Summary by Sections 1. Company Overview - The company specializes in aerospace measurement and control, with a focus on both military and civilian applications, and has a strong technical foundation [5][13]. - Established in 2016, the company has expanded its operations into specialized, civilian, and commercial aerospace sectors [5][13]. 2. Financial Performance - The company reported revenues of 229 million yuan in 2023, a year-on-year increase of 61.90%, and a net profit of 63 million yuan, up 23.41% [24][26]. - The projected revenues for 2024 to 2026 are 287 million yuan, 368 million yuan, and 476 million yuan respectively, with corresponding net profits of 84 million yuan, 109 million yuan, and 143 million yuan [3][11]. 3. Market Dynamics - The demand for aerospace measurement and simulation is expected to grow as satellite launches increase, with China planning to deploy over 600 satellites by 2025 [8][36]. - The company is well-positioned to capitalize on the growing satellite internet market, which is becoming a focal point in global strategic competition [7][29]. 4. Business Expansion - The company has successfully expanded its revenue from civilian and commercial sectors, with the proportion of income from these areas rising from 3.73% in 2021 to 34.81% in 2023 [10][43]. - The company is leveraging its expertise in specialized fields to enhance its capabilities in commercial aerospace, supported by significant investment in research and development [9][43].

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company analyzed Core Insights - The company has over 45,302 stores globally, focusing on lower-tier markets in China, with more than 50% of its domestic stores located in tier-three cities and below [4][14] - The supply chain is fully integrated, covering everything from raw material procurement to logistics and distribution, ensuring lower costs and higher efficiency [5][28] - The "Snow King" IP has become a unique brand asset, enhancing brand recognition and marketing effectiveness [6][41] - The ready-to-drink beverage industry is a trillion-dollar market, with the fastest growth expected in China and Southeast Asia, where the company is a leading player [7][44] - Financially, the company reported revenues of 18.66 billion yuan and a net profit of 3.49 billion yuan for the first three quarters of 2024, with a gross margin of 32.4% and a net margin of 18.7% [8][66] Summary by Sections Products and Stores - The company operates over 45,302 stores globally, with a significant focus on lower-tier markets in China, where tier-three cities and below account for over 50% of its domestic store count [4][14] - The average store size ranges from 15 to 60 square meters, with a pricing strategy that keeps core products priced between 2 to 10 yuan [20][24] Supply Chain - The supply chain is fully integrated, covering procurement, production, and logistics, with five major production bases in China and a global procurement network spanning 38 countries [5][28][34] IP and Marketing - The "Snow King" IP has been developed into a significant brand asset, with extensive marketing campaigns that leverage both online and offline channels [6][41] Industry and Market Landscape - The ready-to-drink beverage market is projected to grow significantly, with China and Southeast Asia expected to contribute nearly 40% of the global market growth from 2023 to 2028 [7][47] - The company holds a 7.4% global market share by beverage output, making it the second-largest player in the world [57][62] Financial Performance - The company achieved a revenue of 18.66 billion yuan and a net profit of 3.49 billion yuan in the first three quarters of 2024, with a gross margin of 32.4% [8][66] - The core revenue source is the supply chain business, which accounts for over 90% of total revenue [67][70]

证券研究报告/晨会聚焦 2025 年 02 月 18 日 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 【中泰研究丨晨会聚焦】政策杨畅：等待民企增量政策出台—— 当前经济与政策思考 欢迎关注中泰研究所订阅号 晨报内容回顾 1、《【中泰研究丨晨会聚焦】银行 戴志锋：4Q24 货币政策执行报告点 评：宽松继续，节奏审慎》2025-02-17 2、《【中泰研究丨晨会聚焦】地产 由子沛：三大拐点齐现，板块迎来反 弹机会》2025-02-12 3、《【中泰研究丨晨会聚焦】化工 孙颖：固态电池材料专题报告：产业 方向日益清晰，技术迭代驶入快车道》 2025-02-12 今日预览 今日重点>> 请务必阅读正文之后的重要声明部分 【轻工纺服】张潇：奢侈品 Q4 中国区表现回升，关注文化纸节后普遍 提价-——轻工制造及纺服服饰行业周报 【政策】杨畅：等待民企增量政策出台-——当前经济与政策思考 今日重点 【轻工纺服】张潇：奢侈品 Q4 中国区表现回升，关注文化纸节后普遍提价-——轻工制造及纺服 服饰行业周报 2025/2/10-2025/2/14 上证指数 1.3%， ...