丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨山东药玻（600529.SH） [Table_Title] 需求承压，期待拐点 报告要点 [Table_Summary] 公司发布 2025 年年报：公司实现收入 44.74 亿，同降 8.8%；实现归属净利润 6.9 亿，同降 26.9%；实现扣非归母净利润 6.58 亿，同降 27.1%。 分析师及联系人 [Table_Author] [Table_scodeMsg2] 山东药玻（600529.SH） cjzqdt11111 [Table_Title2] 需求承压，期待拐点 [Table_Summary2] 事件描述 公司发布 2025 年年报：公司实现收入 44.74 亿，同降 8.8%；实现归属净利润 6.9 亿，同降 26.9%；实现扣非归母净利润 6.58 亿，同降 27.1%。 范超 李浩 SAC：S0490513080001 SAC：S0490520080026 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 折合 Q4 单季实现收入 11.22 亿， ...

山东药玻分析师会议 调研日期：2026年03月23日 调研行业：医疗器械 参与调研的机构：投资者等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | ...

Group 1 - The core viewpoint of the report highlights significant growth in core net profit for 2025, driven by high-end product offerings and export expansion for Geely Automobile [4][5] - Geely's total delivery volume reached 3.025 million units in 2025, a year-on-year increase of 39.0%, with total revenue of 345.23 billion yuan, up 25.1% [4] - The company expects to launch multiple new models in 2026, including the Zeekr 8X, which has shown strong pre-sale performance [5][6] Group 2 - The report indicates a substantial increase in overseas sales for Geely, with exports reaching 121,000 units in January-February 2026, a year-on-year increase of 129.4% [6] - Geely aims to expand its overseas channels to over 2,000 and has set an annual export target of 640,000 units for 2026 [6] - The company is advancing its AI strategy, integrating AI technology into core automotive functions, and has announced a partnership with NVIDIA to enhance AI capabilities [6] Group 3 - The report projects Geely's revenue to grow to 421.8 billion yuan in 2026, with net profit expected to reach 215 billion yuan, reflecting a growth rate of 27% [7] - The company's earnings per share (EPS) is forecasted to be 1.98 yuan in 2026, with a price-to-earnings (PE) ratio of 8.2 times [7] - The report maintains a "buy" rating for Geely, citing the company's strong growth potential driven by new energy products and high-end brand sales [7] Group 4 - The report on Blukoo indicates a significant increase in revenue, reaching 2.913 billion yuan in 2025, a year-on-year growth of 30.0% [8][9] - The adjusted net profit for Blukoo was 675 million yuan, up 15.5% from the previous year, despite a decline in gross margin due to rising costs [8] - The company has seen a notable increase in adult-targeted products, with a significant rise in the number of SKUs aimed at consumers aged 16 and above [10] Group 5 - The report on Xiechuang Data shows a remarkable revenue growth of 93.77% year-on-year in Q4 2025, reaching 3.905 billion yuan [13] - The net profit for the same quarter was 466 million yuan, reflecting a year-on-year increase of 246.15% [13] - The company has diversified its revenue streams, with intelligent computing products becoming a significant contributor to overall income [13] Group 6 - The report on SF Holding indicates a 9.44% year-on-year increase in business volume for January-February 2026, with revenue from express logistics reaching 36.817 billion yuan [18] - The average revenue per package has slightly decreased by 0.79%, but the company expects stabilization in pricing as it adjusts its market strategy [18] - The long-term outlook for SF Holding remains positive, with expectations for growth in international business and supply chain services [19] Group 7 - Tencent Music's revenue for 2025 was 32.9 billion yuan, a year-on-year increase of 15.8%, with net profit rising by 66.4% to 11.06 billion yuan [22][24] - The company has seen strong growth in its online music subscription business, with a notable increase in both user payment rates and average revenue per paying user (ARPPU) [26] - The report highlights the potential for AI to enhance music creation and consumption, driving further growth in the industry [28] Group 8 - The report on the electric power ETF indicates a significant opportunity for asset revaluation in the power sector, driven by the increasing demand for electricity from data centers [30][31] - The report emphasizes the importance of the new pricing mechanisms for electricity generation, which are expected to enhance the profitability of power assets [32] - The electric power sector is positioned as a defensive investment, with strong cash flow and dividend capabilities, making it attractive for long-term investors [34]

2026 年 03 月 21 日 公司研究 评级：买入(首次覆盖) 研究所： | | C | | --- | --- | | 证券分析师: 证券分析师: | ਜਾਪ 4 | 证券分析师： 曹泽运 S0350525110001 caozy@ghzq.com.cn 证券分析师： 年庆功 S0350524060001 nianqg@ghzq.com.cn [Table_Title] 控股股东有望变更为中国医药集团，部分业务呈 现积极趋势 ——山东药玻（600529）公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2026/03/20 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 山东药玻 | -5.2% | -6.1% | -17.7% | | 沪深 300 | -2.0% | -0.0% | 14.9% | | 市场数据 | | | 2026/03/20 | | 当前价格（元） | | | 19.10 | | 52 周价格区间（元） | | | 19.10-24.10 | | 总市值（百万元） | | | 12,675.03 | | ...

山东省药用玻璃股份有限公司 关于使用闲置募集资金购买理财产品的进展公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●委托理财受托方:中国工商银行股份有限公司 ●委托理财金额：人民币 20,000.00 万元 ●委托理财产品名称：区间累计型法人人民币结构性存款产品- 专户型 2026 年第 161 期 D 款 证券代码：600529 证券简称：山东药玻 公告编号：2026-027 ●委托理财产品期限：95 天 ●履行的审议程序：公司于 2025 年 4 月 23 日召开了第十届董事 会第十七次会议和第十届监事会第十四次会议，并于 2025 年 5 月 16 日召开了公司 2024 年年度股东大会，审议通过了《关于使用闲置募 集资金购买理财产品的议案》，同意公司使用总额度不超过人民币八 亿元的暂时闲置募集资金进行购买安全性高、流动性好、期限不超过 12 个月（含）的保本型理财产品（包括但不限于协定性存款、结构 性存款、定期存款、通知存款、大额存单等），并在上述额度内滚动 使用，募集资金理财使用额度及授权的 ...

Core Insights - The report highlights the implementation of a more proactive fiscal policy in China, emphasizing the importance of expanding domestic demand and optimizing economic structure for 2026 [2] - The energy sector shows a positive trend with a 6.1% year-on-year increase in total electricity consumption in the first two months of 2026, indicating robust industrial activity [2] - The report identifies key companies in various sectors, including banking, technology, and food, as potential investment opportunities [4] Company-Specific Summaries Andy Su (安迪苏) - In 2025, Andy Su achieved a revenue of 17.23 billion yuan, reflecting a year-on-year growth of 10.92%, while net profit decreased by 4.13% to 1.155 billion yuan [8] - The functional products segment saw a revenue increase of 11.12% to 12.914 billion yuan, driven by strong sales of liquid methionine [9] - The company is expanding its methionine production capacity, with significant projects nearing completion, which will help maintain its leading position in the global market [10] - Profit forecasts for 2026-2028 are adjusted, with expected net profits of 1.454 billion, 1.682 billion, and 1.864 billion yuan, corresponding to P/E ratios of 30, 26, and 24 times [11] Shandong Pharmaceutical Glass (山东药玻) - In 2025, Shandong Pharmaceutical Glass reported a revenue of 4.474 billion yuan, down 8.78% year-on-year, with net profit declining by 26.87% to 690 million yuan [13] - The decline in revenue is attributed to weak industry demand, influenced by healthcare payment reforms and centralized procurement [15] - The company improved its gross margin to 33.31%, aided by cost reductions in raw materials and enhanced automation [16] - Future profit projections for 2026-2028 are set at 762 million, 859 million, and 1.011 billion yuan, with corresponding P/E ratios of 17, 15, and 13 times [19]

一、使用暂时闲置募集资金购买理财产品到期赎回的情况 证券代码：600529 证券简称：山东药玻 公告编号：2026-026 山东省药用玻璃股份有限公司 关于部分闲置募集资金购买理财产品到期赎回的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 公司于 2025 年 4 月 23 日召开了第十届董事会第十七次会议和第 十届监事会第十四次会议，并于 2025 年 5 月 16 日召开了公司 2024 年年度股东大会，审议通过了《关于使用闲置募集资金购买理财产品 的议案》，同意公司使用总额度不超过人民币八亿元的暂时闲置募集 资金进行购买安全性高、流动性好、期限不超过 12 个月（含）的保 本型理财产品（包括但不限于协定性存款、结构性存款、定期存款、 通知存款、大额存单等），并在上述额度内滚动使用，募集资金理财 使用额度及授权的有效期为：自议案经公司 2024 年年度股东大会审 议通过之日起至 2025 年年度股东会召开之日止。 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披 露的《山东省药用玻璃股份有 ...

Core Insights - The report highlights that the escalation of the US-Iran conflict has led to a surge in oil prices, which in turn has caused a price increase in various construction materials. Brent crude oil prices have risen by 64.6% since the beginning of the year, reaching $101 per barrel, the highest since the Russia-Ukraine conflict in 2022 [12][13] - The report suggests that the construction materials sector is experiencing a price recovery, with leading companies benefiting from improved pricing power and a consensus on price increases within the industry [13][14] Group 1: Impact of US-Iran Conflict - The US-Iran conflict has resulted in the temporary closure of the Strait of Hormuz, disrupting oil supply chains and causing significant price increases in raw materials such as natural gas (up 41%), asphalt (up 9.3%), and acrylic acid (up 134.8%) [12][13] - Leading companies in the construction materials sector are expected to have better pricing power due to rising raw material costs, which can enhance their profit margins [13][14] Group 2: Construction Materials Market Trends - The report indicates that the construction materials market is witnessing a price recovery, with companies like Sanhe Tree, Rabbit Baby, and Oriental Yuhong being highlighted as key players to watch [12][14] - The cement market has seen a slight decrease in prices, with a 0.3% drop reported recently. The average price of cement is currently 337 RMB per ton, which is down 1.00 RMB from the previous period [22][23] - The glass market is showing stable price trends, with float glass prices increasing by 1.4% recently, while photovoltaic glass trading remains steady [27][28] Group 3: Financial Performance and Valuation - The report provides a detailed financial analysis of key companies in the construction materials sector, indicating that many leading firms are expected to see improved earnings as market conditions stabilize [5][22] - The valuation of the construction materials sector is currently at historical lows, suggesting potential investment opportunities as the market begins to recover [22][23] Group 4: Consumer Construction Materials - The consumer construction materials segment is showing signs of recovery, with leading companies demonstrating resilience in their operations despite ongoing challenges in the real estate market [22][23] - The report notes that the long-term demand for consumer construction materials remains stable, supported by the renovation of existing properties and an increase in market concentration among leading firms [22][23]

证券代码：600529 证券简称：山东药玻 公告编号：2026-025 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 会议召开时间：2026 年 3 月 23 日（星期一）09:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2026 年 03 月 16 日（星期一）至 03 月 20 日（星 期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 sdyb@pharmglass.com 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 山东省药用玻璃股份有限公司（以下简称"公司"）已于 2026 年 3 月 7 日发布公司 2025 年年度报告，为便于广大投资者更全面深入 地了解公司 2025 年度经营成果、财务状况，公司计划于 2026 年 3 月 23 日（星期一）09:00-10:00 举行 2025 年年度业绩说明会，就投资 者 ...

Group 1: Economic Impact of Rising Oil Prices - The rise in oil prices is expected to have a significant impact on inflation, with coefficients of 3.4% for PPI and 1.4% for CPI, potentially leading to an earlier positive turning point for PPI [3][10] - Rising oil prices are likely to increase costs for the petrochemical chain, but the decline in profit margins and demand may exert greater pressure on overall profitability, with a potential decrease in industrial profit growth by 1.1 percentage points for every $10 increase in oil prices [3][10] - The impact of rising oil prices on production may be more pronounced than on demand, potentially accelerating energy transition efforts in response to energy security concerns [3][10] Group 2: Fiscal Policy and Budget Analysis - The 2026 fiscal budget emphasizes "maintaining total volume while deepening reforms," focusing on the underlying reform logic rather than just numerical figures [4][11] - The shift from "expanding total volume" to "deep reform" is driven by rigid expenditure pressures and diminishing marginal returns from total expansion, with significant challenges in revenue stability due to declining land finance and mismatched tax sources [4][11] - Key reforms in the 2026 budget include increasing state-owned capital revenue contributions and zero-based budgeting, aimed at enhancing efficiency and addressing tax source mismatches [4][11] Group 3: Company-Specific Insights on Baofeng Energy - Baofeng Energy reported a 2025 revenue of 48.038 billion yuan, a year-on-year increase of 45.64%, with a net profit of 11.35 billion yuan, reflecting strong performance amid rising oil prices [14][15] - The company’s core products, including polyethylene and polypropylene, saw significant sales increases, with a notable expansion in profit margins due to favorable price differentials driven by rising oil prices [15][16] - Baofeng Energy is expanding its production capacity with new projects in Inner Mongolia and Xinjiang, which are expected to enhance its competitive advantage in the coal-to-olefins market [16][17]