Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock [7]. Core Insights - The company is expected to achieve revenue of 1.26 to 1.3 billion yuan in 2025, reflecting a year-on-year decrease of 14.09% to 6.93%. The forecasted net profit attributable to shareholders is projected to be between -175 million and -160 million yuan, indicating a reduction in losses by 42.27% to 47.22% compared to the previous year [5]. - The company is focusing on its "intelligent computing transformation" strategy, which has shown significant results, particularly in the intelligent computing cloud business, which is expected to become a core driver of revenue growth [9]. - The company has made strategic adjustments in its IDC business, focusing on high-power intelligent computing centers while reducing low-margin traditional IDC operations to enhance overall operational quality [9]. Financial Projections - Revenue projections for 2025-2027 are 1.26 billion, 1.8 billion, and 2.39 billion yuan, respectively, with corresponding net profits of -169 million, -49 million, and 86 million yuan [7][10]. - The earnings per share (EPS) are forecasted to be -0.34, -0.10, and 0.17 yuan for the years 2025, 2026, and 2027, respectively [10]. - The company’s price-to-book (P/B) ratios are projected to be 16.94, 18.11, and 16.16 for the years 2025, 2026, and 2027, respectively [10].

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 -21% -9% 3% 15% 27% 39% 51% 63% 75% 87% 通富微电 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 52.06 | | --- | --- | | 总股本/流通股本（亿股）15.18 | / 15.17 | | 总市值/流通市值（亿元）790 | / 790 | | 52 周内最高/最低价 | 56.34 / 22.78 | | 资产负债率(%) | 60.1% | | 市盈率 | 115.69 | | 第一大股东 | 南通华达微电子集团股 | | 份有限公司 | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 通富微电(002156) 拟定增加码先进封装 l 投资要点 中高端产 ...

证券研究报告：宏观报告 发布时间：2026-02-02 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 近期研究报告 《2025 年工业利润迎正增长，高技术 制造领跑显结构活力》 - 2026.1.28 宏观研究 企业利润被动收缩趋势持续，投资止跌企稳仍需政 策呵护 核心观点 从 1 月 PMI 数据来看，（1）大宗商品价格持续上涨，原材料价 格涨幅高于产成品价格涨幅，企业利润空间被动收缩呈现趋势性特 征，既阻碍供需再平衡进程，亦可能拖累稳就业、稳预期政策成效。 （2）建筑业景气度较为明显回落，不仅受低温天气和春节临近等季 节性因素影响，也在一定程度上反映出当前地方项目建设节奏偏慢、 投资意愿尚待进一步提振的现实状况，投资止跌企稳仍需政策呵护。 我们理解，（1）短期经济基本面是利好债券市场，估计利率中枢 或将温和下行。（2）在权益市场方面，工业企业利润修复承压，盈利 驱动逻辑弱化，若无新的增量信息，估值驱动亦难有提振，短 ...

Industry Investment Rating - The industry investment rating is Neutral, maintained [1] Core Insights - The report highlights a "general increase with differentiation" in the performance of listed securities firms, with a median year-on-year net profit growth rate exceeding 60% for 26 firms. Leading firms like CITIC Securities and Guotai Junan achieved growth rates of 38.5% and 111%-115% respectively, supported by comprehensive, international, and merger integration advantages. Smaller firms showed even higher growth rates due to low base effects and unique business breakthroughs [4][16] - The report notes that despite strong fundamentals, the securities sector underperformed last week, with the Shenwan Securities II Index declining by 0.68%, lagging behind the CSI 300 Index by 0.77 percentage points. Current valuations remain significantly behind the pace of profit recovery [4][10] - The report emphasizes that the current market liquidity is abundant, with the SHIBOR 3M rate stable at a historical low of 1.59%. The A-share market remains active, with an average daily trading volume of 3.70 trillion yuan, reflecting a 7.63% increase compared to the previous week [5][21] Summary by Sections 1. Performance of Listed Companies - The report indicates that the securities industry experienced widespread high growth in 2025, driven by a favorable capital market environment, core business synergy, and policy resonance. The head firms benefited from scale effects and comprehensive service capabilities, while smaller firms achieved aggressive growth through mergers and unique business focuses [16][17] 2. Industry Fundamentals Tracking 2.1 SHIBOR 3M Rate - The SHIBOR 3M rate was reported at 1.59% as of January 30, 2026, indicating a stable and abundant liquidity environment [5][20] 2.2 Stock Fund Trading Volume - The average daily trading volume of A-share stock funds reached approximately 37,040 billion yuan, reflecting a significant increase of about 7.63% compared to the previous week [21][22] 2.3 Margin Trading Situation - The margin trading balance was reported at 27,393.63 billion yuan, maintaining a historical high level. The balance fluctuated slightly but remained above 27 trillion yuan [24][23] 2.4 Bond Market Index and Trading Volume - The bond market showed a "trading cooling, index rising" pattern, with a daily average trading volume of 30,927.60 billion yuan, reflecting a slight increase of about 3% compared to the previous week [27][28] 2.5 Stock-Bond Spread - The average yield of 10-year government bonds was reported at 1.82%, showing a slight decrease, while the stock-bond spread remained stable at an average of 4.90% [29][30] 3. Market Review - The Shenwan Securities II Index underperformed the CSI 300 Index, ranking 12th among 31 first-level industries. The report notes that the securities sector's performance over the past year was significantly lower than that of the CSI 300 Index [31][33]

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 -21% -9% 3% 15% 27% 39% 51% 63% 75% 87% 通富微电 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 52.06 | | --- | --- | | 总股本/流通股本（亿股）15.18 | / 15.17 | | 总市值/流通市值（亿元）790 | / 790 | | 52 周内最高/最低价 | 56.34 / 22.78 | | 资产负债率(%) | 60.1% | | 市盈率 | 115.69 | | 第一大股东 | 南通华达微电子集团股 | | 份有限公司 | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 通富微电(002156) 拟定增加码先进封装 l 投资要点 中高端产 ...

证券研究报告：有色金属|行业周报 发布时间：2026-02-02 行业投资评级 行业基本情况 | 收盘点位 | | 9972.0 | | --- | --- | --- | | 52 | 周最高 | 9972.0 | | 52 | 周最低 | 4295.55 | 行业相对指数表现 2025-01 2025-04 2025-06 2025-08 2025-11 2026-01 -6% 7% 20% 33% 46% 59% 72% 85% 98% 111% 有色金属 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 分析师:杨丰源 SAC 登记编号:S1340525070002 Email:yangfengyuan@cnpsec.com 近期研究报告 《镍：反转在即》 - 2026.01.21 强于大市 |维持 有色金属行业报告 （2026.1.26-2026.1.30） 金属板块大幅 ...

Industry Investment Rating - The industry investment rating is maintained at "Outperform" [2] Core Insights - The basic chemical industry index closed at 4943.97 points, up 0.65% from the previous week, outperforming the CSI 300 index by 0.01% [5][17] - In the sub-sectors, 13 out of 25 reported gains, with textile chemical products, other chemical raw materials, compound fertilizers, coal chemicals, and phosphate fertilizers leading with weekly increases of 13.89%, 6.58%, 4.94%, 4.72%, and 4.56% respectively [18] - The dye market is experiencing price increases, with disperse dye prices rising from 18,000 CNY/ton to 19,000 CNY/ton within a week, driven by a surge in the prices of upstream key intermediates [6] - The viscose fiber industry shows a strong basis for price increases due to high operating rates and low inventory levels, with total industry inventory at 100,000 tons, down 24.53% week-on-week [7][8] - The PVC industry is progressing towards mercury-free production, which is expected to improve the supply-demand balance as outdated capacities are phased out [8] Summary by Sections Weekly Chemical Sector Review - The basic chemical industry index rose to 4943.97 points, outperforming the CSI 300 index [17] - 90% of the 462 stocks in the chemical sector saw weekly gains, with the top gainers including Jiangtian Chemical and Runbei Hangke [21] Key Chemical Subsector Tracking - **Polyester Filament**: Prices increased slightly, with POY averaging 6,870 CNY/ton, up 160 CNY/ton from last week [27] - **Tires**: The full steel tire industry operating rate is at 62.47%, showing a slight decrease, while half steel tire rates increased to 74.32% [37]

股票投资评级 证券研究报告：计算机 | 公司点评报告 发布时间：2026-02-02 增持|首次覆盖 个股表现 -11% 2% 15% 28% 41% 54% 67% 80% 93% 106% 119% 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 首都在线 计算机 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 25.59 | | --- | --- | | 总股本/流通股本（亿股）5.03 / 3.92 | | | 总市值/流通市值（亿元）129 / 100 | | | 52 周内最高/最低价 | 33.33 / 14.88 | | 资产负债率(%) | 49.6% | | 市盈率 | -41.77 | | 第一大股东 | 曲宁 | 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:刘聪颖 SAC 登记编号:S1340525100001 Email:liucongying@cnpsec.com 首都在线(300846) 智算云驱动业绩增长，全球化布 ...

发布时间：2026-02-02 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 8338.3 | | 52 周最高 | 9323.49 | | 52 周最低 | 6876.88 | 行业相对指数表现 -5% -1% 3% 7% 11% 15% 19% 23% 27% 31% 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:徐智敏 SAC 登记编号:S1340525100003 Email: xuzhimin@cnpsec.com 近期研究报告 2025 年有数十个 AI 衍生的管线进入人体临床试验，但回顾过往 管线来看，与任何其他新技术的发展一样，AI 制药的发展之路也是曲 折的。AI 制药极大加速了临床早期的进程同时亦能取得超出传统经验 水平的 1 期成功率（80%~90% vs 40%~65%），而在 2 期及后续的进 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.526 to 1.659 billion yuan in 2025, representing a year-on-year growth of 15% to 25% [4] - The company adheres to a new "Three Full Strategy" focusing on comprehensive solutions, digitalization, and globalization, which is expected to drive revenue and profit growth [5] - The company has increased its overseas investments, with international business accounting for approximately 47% of total revenue, and plans to establish over 10 new overseas subsidiaries in key markets by 2026 [6] Company Overview - The latest closing price is 11.39 yuan, with a total market capitalization of 23.2 billion yuan [3] - The company has a debt-to-asset ratio of 60.1% and a price-to-earnings ratio of 16.69 [3] Financial Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are 33.737 billion, 37.205 billion, and 40.599 billion yuan, respectively, with year-on-year growth rates of 12.22%, 10.28%, and 9.12% [8] - The net profit attributable to shareholders is forecasted to be 1.593 billion, 1.985 billion, and 2.426 billion yuan for the same years, with growth rates of 20.01%, 24.63%, and 22.22% [8] - The corresponding PE ratios for 2025, 2026, and 2027 are 14.56, 11.68, and 9.56, maintaining a "Buy" rating [8]