Group 1: Economic Outlook - The central economic work conference aligns with expectations, emphasizing targeted policies for 2026, with a potential adjustment of the economic growth target to between 4.5% and 5%[6] - The macro policy remains "more proactive," with a cautious approach expected to maintain policy strength similar to last year[6] Group 2: Key Focus Areas - Expanding domestic demand is prioritized, with a focus on service consumption and investment recovery[8] - The central budget investment for 2026 is projected to grow by approximately 5%, reaching around 7,717.5 billion yuan[9] Group 3: Technological Innovation - The establishment of international technology innovation centers is highlighted, with a focus on "Artificial Intelligence+" as a key development direction for 2026[10][11] Group 4: Market Dynamics - The conference reiterates the need to address "involution" in competition, which may impact market pricing mechanisms and corporate profitability[12] - Risk mitigation efforts have made substantial progress, particularly in the real estate sector, with a focus on stabilizing the market rather than stimulating it[13][14] Group 5: Employment and Livelihood - Employment stability is emphasized as a crucial aspect of improving livelihoods, with new actions proposed to support key employment groups[16]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is positioned to benefit from the rapid growth in emerging fields such as drones and handheld imaging devices, with significant market potential projected for the coming years [3][4] - The global aerial drone market is expected to grow from approximately $7.1 billion in 2023 to $12.2 billion by 2030, with a compound annual growth rate (CAGR) exceeding 10% from 2024 to 2032 [3] - The handheld imaging device market is also on the rise, with the global action camera market projected to grow from 31.44 billion yuan in 2023 to 51.35 billion yuan by 2027, reflecting a CAGR of 13% [4] Financial Projections - Revenue forecasts for the company are as follows: 20.55 billion yuan in 2025, 23.49 billion yuan in 2026, and 26.67 billion yuan in 2027, with corresponding net profits of 768 million yuan, 1.05 billion yuan, and 1.23 billion yuan respectively [9][11] - The earnings per share (EPS) is projected to increase from 0.65 yuan in 2025 to 1.03 yuan in 2027, indicating strong growth potential [11][12] Market Trends - The company is actively involved in the development of advanced perception technologies for robotics, collaborating with partners to create innovative solutions that enhance the capabilities of embodied intelligence in robots [5][8] - The global market for embodied intelligent robots is expected to exceed $60 billion by 2025, highlighting the significant growth opportunities in this sector [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][9]. Core Insights - The company's wholesale business is gradually recovering in Q3, with a projected stable growth outlook for the coming year. The total revenue for the first three quarters of 2025 was 15.758 billion yuan, a decrease of 1.47% year-on-year, while the net profit attributable to shareholders was 646 million yuan, down 9.81% [3][4]. - The decline in revenue and profit is primarily attributed to the impact of centralized procurement policies and hospital drug sales control, which have led to a temporary decrease in sales volume and profit margins in the wholesale segment. However, improvements in product structure and cost reduction efforts are expected to support a gradual recovery in performance [4][5]. - The retail and industrial segments showed steady growth, with retail revenue increasing by 8.17% to 2.591 billion yuan and industrial revenue rising by 6.44% to 860 million yuan in the first three quarters of 2025 [5]. Financial Performance Summary - For Q1-Q3 2025, the gross margin was 10.88%, a decrease of 0.88 percentage points, while the net profit margin was 4.10%, down 0.38 percentage points. The company’s operating cash flow net amount was 135 million yuan, an increase of 10.09% [4]. - The company’s revenue projections for 2025-2027 are 21.133 billion yuan, 22.221 billion yuan, and 23.383 billion yuan, respectively, with net profits expected to be 828 million yuan, 873 million yuan, and 922 million yuan [9][11]. Strategic Initiatives - The company has implemented an employee stock ownership plan and stock option incentive plan to enhance talent retention and core team cohesion. The first transfer of shares under the employee stock ownership plan has been completed, involving 52 employees [6]. - To diversify its product offerings and enhance competitiveness, the company has established a wholly-owned subsidiary and signed an investment agreement with Suninflam Ltd. for the development of an innovative monoclonal antibody drug targeting inflammation-related factors in epilepsy [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][9]. Core Insights - The company is experiencing temporary performance pressure due to delayed implementation of centralized procurement and internal channel restructuring. For the first three quarters of 2025, the company reported revenue of 4.751 billion yuan, a decrease of 18.08%, and a net profit attributable to shareholders of 269 million yuan, down 39.42% [3][4]. - The company is undergoing significant internal reforms, including channel restructuring and model transformation, which are expected to gradually improve business performance as new products are launched and centralized procurement progresses [3][5]. Financial Performance - For the first three quarters of 2025, the gross margin was 39.42%, down 4.40 percentage points, and the net profit margin was 5.67%, down 2.00 percentage points. The company’s operating cash flow net amount was 176 million yuan, a decrease of 52.43% [4]. - The company’s revenue projections for 2025-2027 are 8.247 billion yuan, 9.007 billion yuan, and 9.839 billion yuan, respectively, with net profits of 599 million yuan, 709 million yuan, and 851 million yuan, corresponding to price-to-earnings ratios of 16, 14, and 12 times [9][11]. Business Development - The company is enhancing its channel coverage through the integration of its 777 division with Huaren Shenghuo, focusing on the dual promotion of its blood circulation products. It is also expanding its overseas market presence, particularly in Indonesia, to leverage local clinical research and academic exchanges [5][6]. - Ongoing research projects include a new drug for treating ischemic stroke and several other drugs in various stages of clinical trials, indicating a robust pipeline for future growth [6].

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating in the given content. 2. Core Views of the Report - Residents' investment preference is rising, but there is still a demand for safe assets. They show a contradiction of "declining risk preference but still having a desire for returns" [3]. - The scale of wealth management products is expected to continue growing, but their yields still face challenges. In the context of deposit disintermediation, there is still room for growth in the scale of wealth management in 2026 [4]. - Public - offering bond funds and wealth management are interacting more deeply. Attention should be paid to the changing trends in product structure. The public - offering bond fund market is undergoing a pattern reshaping [5]. 3. Summary According to the Directory 3.1 Liability Side: Residents' Investment Preference Rises, and the Demand for Safe Assets Remains - **Limited Asset Allocation Options and Sustained Demand for Safe Assets**: Residents' asset allocation shows a contradiction between balancing safety and returns. They have a reduced risk - bearing capacity on the asset side and a demand for "elastic returns" in low - risk assets [11][13]. - **Strengthened Deposit Disintermediation and Changed Investment Will**: Deposit rate cuts have strengthened the deposit disintermediation trend. The improvement of the equity market has made residents more willing to invest, and they prefer fund trusts over stocks [16][18]. 3.2 Wealth Management Products: Scale Expected to Continue Growing, Yields Still Facing Challenges - **Wealth Management Scale: Returned Above 30 Trillion, Investment Returns Under Pressure**: In Q3 2025, the bank wealth management scale reached 32.13 trillion yuan. The number of products increased steadily, with fixed - income products dominating. The number of participants also continued to grow. However, the yields of underlying assets of wealth management products have declined [19][24]. - **Wealth Management Behavior: Strategies for Stable Scale and Reduced Volatility**: To achieve stable scale and reduced volatility, wealth management has adjusted its asset allocation. It has increased the proportion of cash and deposits and changed its bond investment preferences, such as increasing the preference for inter - bank certificates of deposit and avoiding corporate bonds [26][29]. - **Regulatory Environment: Systemic Tightening Continues, a Major Source of Risk**: The regulatory environment for wealth management is tightening. Net - value reform and regulatory policies such as the "Asset Management Trust New Regulations" may affect the underlying assets of wealth management products. In the future, wealth management will focus more on high - liquidity assets [32][34]. 3.3 Public - Offering Bond Funds: Deep Interaction with Wealth Management, Focus on Product Structure Changes - **Public - Offering Scale Keeps Growing, Bond Fund Redemption Pressure Emerges**: As of the end of November 2025, the total scale of public - offering funds exceeded 36 trillion yuan. The combined proportion of bond funds and money market funds decreased compared to the end of 2024. The scale of bond funds fluctuated upward, but they faced redemption pressure [38]. - **During the Concentrated Opening Period of Fixed - Open Funds, Wealth Management Takes Over as the Main Allocator**: From December 2025 to May 2026, fixed - open bond funds will have a concentrated opening period. Wealth management is likely to increase its allocation of credit - type coupon assets through these funds and reduce the allocation of interest - rate products such as policy - financial bonds [42][45]. - **Expansion of ETF Bond Funds, Growing Interest from Wealth Management**: In 2025, the scale of bond ETFs expanded significantly. Wealth management products may become an important force in bond ETF allocation. In the future, the public - offering bond fund market will undergo a pattern reshaping [46][52].

Group 1: CPI Trends - CPI year-on-year growth has shown a recovery trend for three consecutive months, with a November increase of 0.7%, up 0.5 percentage points from the previous value[8] - Food prices have significantly contributed to the CPI improvement, with fresh vegetables and fruits accounting for 54.29% of the food price increase[12] - The two-year compound growth rate of CPI in November was 0.45%, reflecting a marginal improvement[8] Group 2: Food Price Dynamics - Fresh vegetables and fruits saw year-on-year price increases of 14.5% and 0.7%, respectively, due to supply shortages caused by extreme weather[12] - Beef and lamb prices also maintained stable year-on-year growth, with increases of 6.2% and 3.7% respectively, driven by declining livestock numbers[12] Group 3: PPI Trends - PPI year-on-year growth was -2.2% in November, lower than the expected -2.03%, indicating a continued low-level fluctuation[19] - The year-on-year growth rate of production materials was -2.4%, while living materials saw a decline of -1.5%[20] Group 4: Sector Analysis - The upstream mining sector showed relative price stability, with coal mining and black metal mining prices improving marginally[23] - Downstream consumer prices exhibited weak recovery, with food and beverage prices continuing to show weakness, reflecting ongoing demand issues[24]

Export Performance - In November, China's export growth exceeded expectations, with a year-on-year increase of 5.9%, up 7 percentage points from the previous value[9] - The two-year compound growth rate for exports in November was 6.24%, an increase of 0.69 percentage points compared to the previous value, and better than the Wind consensus estimate of 2.94%[9] - Exports to the EU, Japan, and South Korea were the main contributors to the growth, while exports to the US continued to weaken[10] Key Trade Partners - Exports to the EU grew by 14.83% in November, a significant increase of 13.9 percentage points from the previous value, driven by low base effects and competitive pricing[12] - Exports to Japan increased by 4.3%, up 10.01 percentage points, attributed to Japan's high inflation and competitive pricing of Chinese goods[15] - Exports to South Korea rose by 1.92%, a recovery of 14.97 percentage points, influenced by low base effects and competitive pricing[15] Key Products - High-tech products and machinery exports maintained strong growth, with high-tech products growing by 7.68% and machinery products by 9.65%[18] - Key items such as automobiles, integrated circuits, and LCD modules saw significant export growth rates of 52.97%, 34.17%, and 17.57% respectively[18] Import Performance - In November, China's import growth was 1.9%, which was below market expectations of 2.85% but better than the five-year historical average by 4.28 percentage points[19] - Imports from the EU, Japan, and South Korea showed positive contributions, with respective contributions of 0.16%, 0.44%, and 0.47% to the overall import growth[22] Future Outlook - The report maintains that exports will remain a significant contributor to economic growth, with an expected growth rate of around 2% in 2026[3] - The ongoing strengthening of China-EU cooperation is expected to continue, driven by trade transfer effects amid global trade restructuring[24] - Despite uncertainties in US-China trade relations, stability is anticipated following multiple rounds of negotiations[24]

| 最新收盘价（元） | 31.98 | | --- | --- | | 总股本/流通股本（亿股）4.10 | / 4.10 | | 总市值/流通市值（亿元）131 | / 131 | | 52 周内最高/最低价 | 40.79 / 24.06 | | 资产负债率(%) | 70.4% | | 市盈率 | 199.88 | | 第一大股东 | 浙江甬顺芯电子有限公 | | 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 甬矽电子(688362) 证券研究报告：电子 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 消费类订单持续饱满，2.5D 封装加速验证 l 投资要点 消费类订单持续饱满。2025 年前三季度，随着全球终端消费 市场持续回暖，产业链去库存周期基本结束，叠加 AI 应用场景不 断涌现，集成电路行业整体景气度维持在较高水平。2025 年前三 季度，得益于海外大客户的 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 20% relative to the benchmark index within the next six months [9][15]. Core Insights - The company reported a revenue of 215.07 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 2.60%. The pharmaceutical industrial segment saw a slight decline in sales revenue by 0.66%, while the pharmaceutical commercial segment grew by 2.91% [3][4]. - The net profit attributable to the parent company for the same period was 5.147 billion yuan, an increase of 26.96%. However, the non-recurring net profit decreased by 26.79% to 2.699 billion yuan [3][4]. - The company’s innovative drug business achieved sales revenue of 40.7 billion yuan, growing over 25% year-on-year, indicating strong growth in this segment [5]. Financial Performance Summary - For Q1-Q3 2025, the company’s gross margin was 10.42%, a decrease of 0.63 percentage points, while the net profit margin increased by 0.46 percentage points to 2.39% [4]. - The company’s R&D investment for the first nine months of 2025 was 1.729 billion yuan, accounting for 9.52% of the pharmaceutical industrial sales revenue [6]. - The forecasted revenues for 2025, 2026, and 2027 are 286.67 billion yuan, 301.44 billion yuan, and 317.14 billion yuan, respectively, with net profits expected to be 5.701 billion yuan, 5.538 billion yuan, and 6.074 billion yuan [9][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [10][15]. Core Insights - The company is positioned to benefit from the accelerating trend of domestic substitution in the semiconductor equipment market, with significant growth expected in the coming years. It is projected that equipment spending in mainland China will reach $94 billion between 2026 and 2028 [3][4]. - The global demand for semiconductor equipment is expected to rise, driven by the regionalization of wafer fabs and the surge in AI chip requirements, with global spending on 300mm wafer fab equipment projected to exceed $100 billion for the first time in 2025 [4][6]. - The company is a leading platform player in the domestic semiconductor equipment market, with a comprehensive product range covering critical processes such as etching, film deposition, and ion implantation. This positions the company to benefit from downstream expansion and domestic substitution processes [9]. Financial Projections - Revenue projections for the company are as follows: CNY 39.83 billion in 2025, CNY 50.26 billion in 2026, and CNY 61.33 billion in 2027, with corresponding net profits of CNY 6.13 billion, CNY 8.38 billion, and CNY 11.12 billion respectively [10][13]. - The company is expected to maintain a strong growth trajectory, with revenue growth rates of 33.5% in 2025, 26.2% in 2026, and 22.0% in 2027 [14]. Market Position and Strategy - The company is expected to continue increasing its market share in the domestic semiconductor equipment sector, which is projected to grow significantly, with mainland China potentially becoming the largest semiconductor wafer foundry center globally by 2030 [9]. - The company has announced a stock option incentive plan aimed at enhancing its long-term incentive mechanisms, which is expected to improve talent attraction and team stability [9].