EDA行业：小市场撬动大生态，战略价值凸显 产业基石属性：EDA是半导体设计"刚需工具"，全球规模约157亿美元(2024年)，仅占半导体产业(6310 亿美元)的2.5%，但支撑数十万亿美元数字经济;先进制程下价值提升，28nm流片成本超1000万美元、 7nm近1亿美元，EDA直接决定流片成功率，成本权重持续上升。 智通财经APP获悉，浙商证券发布研报称，2022-2024年中国市场CAGR 10.55%，显著高于全球7.84%增 速，2030年预计突破500亿元。EDA处于国产替代突破关键时期，政策支持力度加大，龙头平台型企业 积极推动点工具并购整合，有望加速实现全流程覆盖。长期来看，国产化率及全球份额有望持续提升， 建议关注产业链核心标的长期投资价值。 浙商证券主要观点如下： 受益于半导体自主可控推进，我国EDA市场增速显著高于全球。但行业面临四大核心瓶颈：企业聚 焦"点工具"导致的碎片化竞争、资本扎堆上市可能加剧的整合难度、高端复合型人才数万人缺口、以及 国际"工具-工艺-设计"生态联盟形成的准入壁垒，制约国产EDA从"点状突破"向"系统性替代"跨越。 政策导向明确，整合协同推动产业升级 行业发展逻 ...

Core Insights - The surgical robot market is expected to grow significantly, with a projected market size exceeding 70 billion RMB and a CAGR of approximately 34% from 2024 to 2032, driven by increased penetration rates and the potential implementation of a fee schedule [1][2] Group 1: Market Potential - The overall market size for surgical robots in China is anticipated to grow from 7.2 billion RMB in 2024 to 76.7 billion RMB by 2032, reflecting a CAGR of about 34% [1] - The laparoscopic surgical robot market is expected to see a CAGR of around 29% during the same period, while the orthopedic surgical robot market may achieve a CAGR of approximately 41% [1] Group 2: Catalysts for Growth - The implementation of a fee schedule is identified as a key catalyst for the adoption of domestic surgical robots, with the market expected to enter a rapid development phase by 2026 [2] - The development cycle of domestic surgical robots is categorized into three phases: early development, rapid growth, and maturity, with the rapid growth phase expected to be triggered by improved product capabilities and clear reimbursement policies [2] Group 3: International Expansion - The overseas market for surgical robots is seen as a significant growth opportunity, with China's market currently representing only about 5% of the global market [3] - Several domestic companies, such as MicroPort and Precision Medical, are beginning to penetrate international markets, leveraging product advantages and innovations like 5G remote surgery [3] Group 4: Business Models - The business model of leading companies like Intuitive Surgical demonstrates a clear revenue generation strategy through a combination of systems, consumables, and services, with consumables and services accounting for 76% of revenue by 2024 [4][5] - The domestic laparoscopic surgical robot market is expected to follow a similar model, where device installations drive the growth of consumables and services [5] Group 5: Recommended Companies - Companies with strong commercialization capabilities and innovative production capacities are favored, including MicroPort, Meihua Medical, and Aikang Medical, with additional attention on Tianzhihang and Precision Medical [7]

浙商证券研报指出，苏农银行25A营收和利润维持稳健增长，不良和拨备均环比改善。快报显示， 2025A苏农银行营业收入、归母净利润同比分别增长0.4%、5.0%，增速较25Q1-3提升0.3pc、持平。展 望2026年：①从营收端来看，苏农银行核心营收压力减弱，主要考虑息差拖累有望改善和中收增长预期 较好；②从利润端来看，预计苏农银行有望继续维持中小个位数的利润增速增长。维持目标价6.77元/ 股，对应目标估值2026年0.66xPB，现价空间37%。 ...

浙商证券（601878）发布研报称，首次覆盖给予小菜园(00999)"增持"评级，小菜园是一家全国领先的 中式大众便民餐饮连锁企业，该行预计小菜园2025-2027年营业收入分别为55/67/80亿元，归母净利润分 别为7.3/8.8/10.6亿元，对应PE约14x/11x/9x。考虑到公司在核心市场的领先地位、供应链与数字化能力 以及品牌竞争力，该行认为公司可享估值溢价。 浙商证券主要观点如下： 全国领先的大众便民中式餐饮连锁企业，稳健扩张驱动增长 小菜园是一家全国领先的大众便民餐饮连锁企业，专注于为消费者提供高品质、标准化的中式餐饮体 验。小菜园凭借SKU精简、供应链体系完善、自动化设备投入及门店面积收缩，正进入效率兑现期，未 来全国扩张潜力巨大。2021-2024年，公司收入由26.5亿元增至52.1亿元，CAGR约25%;毛利率由约66% 提升至约68%，净利率由约9%提升至约11%，盈利能力和资本回报稳步提升。 在运营端，公司通过SKU精简、自动化设备投入及门店面积收缩，持续降低单店运营复杂度，使人工成 本率在扩张过程中保持下行;供应链端，马鞍山十亿级中央工厂即将竣工，未来为3,000店供应链中枢， ...

浙商证券主要观点如下： 全国领先的大众便民中式餐饮连锁企业，稳健扩张驱动增长 小菜园是一家全国领先的大众便民餐饮连锁企业，专注于为消费者提供高品质、标准化的中式餐饮体 验。小菜园凭借SKU精简、供应链体系完善、自动化设备投入及门店面积收缩，正进入效率兑现期，未 来全国扩张潜力巨大。2021-2024年，公司收入由26.5亿元增至52.1亿元，CAGR约25%;毛利率由约66% 提升至约68%，净利率由约9%提升至约11%，盈利能力和资本回报稳步提升。 万亿级市场+行业集中度提升，我国中餐市场增长空间广阔 2024年中国内地餐饮市场规模约55,000+亿元，2020-2024年CAGR约9%。其中中式/非中式餐饮市场结 构明显：增速维度，非中式>中式，2018-2023年非中式/中式餐饮CAGR约7%/4%;规模维度，中式>非中 式，2023年中式/非中式市场规模约40,000+/12,000+亿元。考虑到火锅品类标准化程度高、出餐结构差 异较大，本报告剔除火锅后的中餐市场2024年规模约36,000+亿元，预计至2028年增至53,000+亿元， 2019-2024年CAGR约3%，2025-2028年年均增 ...

Core Viewpoint - Zhejiang Securities maintains a "Buy" rating for Non-Fungible Holdings (00933) with a target price of HKD 0.98, indicating a potential upside of 40% from the current market valuation of HKD 97 billion, driven by a turnaround in profits and strong management under the new CEO [1][2]. Group 1: Company Overview - Non-Fungible Holdings is recognized as an excellent international brand operator, managing brands such as Clarks, Bossini, and Testoni, and has established a joint venture to operate the Nordic outdoor brand Haglofs in Greater China [2]. - The company reported a revenue of HKD 48.1 billion for the first half of 2025, a decrease of 5.7% year-on-year, while the net profit attributable to shareholders increased by 60.9% to HKD 1.8 billion [2]. Group 2: Brand Performance - Clarks, a globally recognized footwear brand, holds a 14.6% market share in the UK and 1.8% in the US, with over 500 direct stores and 3,000 wholesale customers across more than 80 countries [2]. - For the first half of 2025, Clarks generated revenue of HKD 41.5 billion, accounting for 85.7% of total revenue, with a gross margin of 48.7%, despite a 5.3% year-on-year decline in revenue due to weak demand from US tariff policies and strategic product optimization [2]. Group 3: Strategic Initiatives - Clarks plans to open new concept stores globally, including three independent Cloudstepper stores in Malaysia and the US by 2025, and a larger Canvas retail concept store in London's Tottenham Court Road [3]. - The company is expanding its online sales network, launching its first self-operated UK e-commerce platform, clarks.com, in early 2026, and entering various online marketplaces in Europe and the Americas, resulting in a 9.7% year-on-year increase in online revenue to HKD 6.3 billion for the first half of 2025 [3]. Group 4: Management Changes - Victor Herrero has been appointed as the new co-CEO and CEO of Clarks, bringing extensive management experience from previous roles at Lovisa, Guess, and Inditex, and has successfully led the company to profitability with a 60.9% increase in net profit for the first half of 2025 [3][4]. Group 5: Outdoor Brand Expansion - The company has formed a joint venture with Ryan Capital to operate Haglofs in Greater China, planning to open over 20 direct stores by 2025, including the first global VASA flagship store in Shanghai [4].

Core Viewpoint - Zhejiang Securities maintains a "Buy" rating for Non-Fan Lingyue (00933) with a target price of HKD 0.98, indicating a potential upside of 40% [1] Group 1: Company Performance - Non-Fan Lingyue reported a revenue of HKD 4.81 billion for 25H1, a year-on-year decrease of 5.7%, while the net profit attributable to shareholders was HKD 180 million, reflecting a year-on-year increase of 60.9% [1] - The company is recognized as an excellent international brand operator, managing brands such as Clarks, Bossini, and Testoni, and has established a joint venture to operate the outdoor brand Haglofs in Greater China [1] Group 2: Clarks Brand Developments - Clarks, a globally recognized footwear brand, holds a 14.6% market share in the UK and 1.8% in the US, with over 500 direct stores and 3,000 wholesale customers across more than 80 countries [2] - For 2025H1, Clarks achieved a revenue of HKD 4.15 billion, accounting for 85.7% of total revenue, with a gross margin of 48.7%, despite a year-on-year decline of 5.3% due to weak demand from US tariff policies and strategic product optimization [2] Group 3: Online Sales Expansion - Clarks is actively expanding its online sales network, launching its first self-operated UK e-commerce platform, clarks.com, in early 2026, and entering various platforms in Europe and the Americas [3] - Online revenue for Clarks in 25H1 increased by 9.7% year-on-year to HKD 630 million, with online sales accounting for 15.2% of total revenue, up 2.1 percentage points year-on-year [3] Group 4: Leadership Changes - Victor Herrero was appointed as the co-CEO and CEO of Clarks in June 2025, bringing extensive management experience from previous roles in companies like Lovisa and Guess, and has successfully led the company to profitability with a 60.9% increase in net profit for 25H1 [4] Group 5: Outdoor Brand Strategy - The company has partnered with Ryan Capital to establish a joint venture for the outdoor brand Haglofs in Greater China, planning to open over 20 direct stores by 2025 and launching the first global VASA flagship store in Shanghai [5]

Group 1 - The core viewpoint of the report is that Pop Mart (09992) maintains a "buy" rating due to its long-term IP creation and operation mechanism being a core competitive advantage, with the company entering a layout period [1] - The company has a well-established domestic IP tier system and brand recognition, with expected continued growth overseas driven by store openings; expanding product categories, IPs, and business formats remain key growth drivers [1] - The adjusted net profit forecasts for the company from 2025 to 2027 are projected to be 134 billion, 170 billion, and 212 billion yuan, representing year-on-year growth of 294%, 27%, and 25%, with corresponding current P/E ratios of 17.7, 14.0, and 11.2X [1] Group 2 - The domestic market is expected to continue outperforming expectations, driven by brand awareness, healthy IP structure, and a well-developed membership system; the core plush products remain in short supply since the large restock in Q4 2025 [2] - The sales on Douyin have maintained a high growth rate of 239% year-on-year, with the plush toy "Little Horse" becoming the top seller, indicating strong platform capabilities and successful new product launches [2] - New business formats such as jewelry, desserts, and amusement parks are expected to contribute additional growth, solidifying the basic market in China [2] Group 3 - In North America, despite weak consumer spending and a period of adjustment, Q4 performance exceeded previous expectations; new markets in the Middle East and South America are anticipated to follow suit with accelerated store openings [3] - The rapid expansion of new market stores is expected in 2026, supported by a large population base, consumer purchasing power, and potential for store openings, continuing the trend seen in China and Southeast Asia [3]

智通财经APP获悉，浙商证券发布研报称，维持泡泡玛特(09992)"买入"评级。长效的IP创造和运营机制 是公司的核心竞争力、已经进入布局期。公司国内IP梯队完善、品牌认知已形成，海外在开店驱动下增 长预计延续；中期扩品类、扩IP、扩业态仍是成长核心抓手。该行预计公司2025-2027年经调整净利润 分别为134、170、212亿元，同比+294%、+27%、+25%，对应当前PE为17.7、14.0、11.2X。 在北美消费走弱、公司主动调整、大爆品空窗期原因下，Q4北美景气表现仍好于此前预期；中东&南美 新市场有望接力超预期，首城首店加速开拓，26年新市场门店有望快速加密，中东&南美人口基数大、 具备一定消费力&开店空间、热度有望延续中国&东南亚超预期趋势。 浙商证券主要观点如下： 风险提示 近期事件 1月19日公司斥资2.51亿港元回购140万股股份，1月21日再度斥资9649万港元回购50万股，低位连续回 购彰显公司信心，该行认为国内及海外其他新兴市场仍有向上预期差。 国内结构健康，有望持续beat 中国在25年成为核心超预期市场，主要得益于品牌心智形成、IP结构健康、会员体系完善，策展式零售 大店稳 ...

浙江浙商证券资产管理有限公司旗下披露2025年第四季度报告的基金如下： 1浙商汇金转型成长混合型证券投资基金2025年第四季度报告 本公司董事会及董事保证基金年度报告所载资料不存在虚假记载、误导性陈述或重大遗漏，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。 2浙商汇金转型驱动灵活配置混合型证券投资基金2025年第四季度报告 3浙商汇金转型升级灵活配置混合型证券投资基金2025年第四季度报告 4浙商汇金聚利一年定期开放债券型证券投资基金2025年第四季度报告 5浙商汇金鼎盈事件驱动灵活配置混合型证券投资基金（LOF）2025年第四季度报告 6浙商汇金短债债券型证券投资基金2025年第四季度报告 7浙商汇金量化精选灵活配置混合型证券投资基金2025年第四季度报告 8浙商汇金聚鑫定期开放债券型发起式证券投资基金2025年第四季度报告 9浙商汇金中高等级三个月定期开放债券型证券投资基金2025年第四季度报告 10浙商汇金聚盈中短债债券型证券投资基金2025年第四季度报告 11浙商汇金中证浙江凤凰行动50交易型开放式指数证券投资基金2025年第四季度报告 12浙商汇金中证浙江凤凰行动50交易型开放式指数证券 ...