摘要： 在analytica2026这场备受瞩目的国际盛会中，不少"领头羊"品牌重磅亮相，他们携创新产品与解决方案同台竞技，向世界展现硬核专业实力与品牌风 采。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 2026年3月24日，第29届德国慕尼黑分析生化及实验室展览会（anal y tica2026）在德国慕尼黑展览中心盛大开幕。 作为全球分析科学、生物技术与实验室技术领域规模最大、历史最悠久的专业展会，anal y tica自1968年创办以来，每两年举办一届，至今已 跨越了近半个世纪，始终是行业技术创新与市场趋势的重要风向标。 本届盛会汇聚了来自世界各地的顶尖仪器厂商，集中展示最新的实验室设备、分析仪器和生物技术解决方案。 据仪器信息网不完全统计，本届 展会全球参展商数量攀升至1141家，而中国展商数量一举达到177家，较2024年增长超70%，较2022年实现近3倍增长，创下历史新高。 这组数字的背后，是中国分析仪器行业的全面崛起，更是国产仪器出海的坚定决心。 在这场备受瞩目的国际盛会中， 不少"领头羊"品牌重磅亮相：这其中既有深 ...

证券研究报告 | 2026年03月23日 2026年03月24日 公用环保 202603 第 4 期 优于大市 辽宁建立核电可持续发展价格结算机制，2026 年 1-2 月份全社会用电量同比增 长 6.1% 市场回顾：本周沪深 300 指数下跌 2.19%，公用事业指数下跌 2.35%，环 保指数下跌 5.59%，周相对收益率分别为-0.17%和-3.41%。申万 31 个一 级行业分类板块中，公用事业及环保涨幅处于第 4 和第 23 名。电力板 块子板块中，火电下跌 1.78%；水电下跌 0.85%，新能源发电下跌 1.39%； 水务板块下跌 3.70%；燃气板块下跌 1.42%。 重要事件：辽宁发改委印发《关于 2026 年辽宁省核电机组参与电力市场化 交易有关事项的通知》。辽宁发改委印发《关于 2026 年辽宁省核电机组 参与电力市场化交易有关事项的通知》，提出通过建立核电可持续发展 价格结算机制，推动核电机组平稳入市。具体而言，核电参与市场交易 后，在市场外建立差价结算机制，差价结算费用暂纳入系统运行费用， 专题研究：主要碳排放国家减排政策梳理。世界主流大国对碳减排的态度各 异，呈现出差异化发展态势。 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - Nuclear fusion is considered one of humanity's ultimate energy solutions, currently in the engineering verification stage, characterized by its infinite resources, high energy density, safety, and cleanliness [1][15] - The D-T (deuterium-tritium) reaction is the most feasible fusion reaction on Earth, with global research primarily focused on magnetic confinement fusion and inertial confinement fusion technologies [2][22] - The global fusion industry is experiencing active financing, with a total of $9.766 billion raised by 2025, and 78% of companies expect to have their first commercial demonstration plant operational between 2030 and 2035 [3][4] Summary by Sections 1. Transition from Laboratory to Engineering in Controlled Nuclear Fusion - Controlled nuclear fusion is viewed as the ultimate energy solution, with characteristics such as infinite resources, high energy density, safety, and cleanliness [1][15] - Achieving fusion ignition requires meeting the Lawson criteria, with energy balance being a crucial indicator for commercial viability [17][20] - The main technical paths for achieving fusion include magnetic confinement and inertial confinement [25] 2. Magnetic Confinement Fusion: Tokamak as the Main Pathway - The Tokamak is recognized as the most promising method for achieving controlled nuclear fusion, with ITER being the largest experimental Tokamak reactor [27][29] - The core components of the Tokamak include superconducting magnet systems, vacuum chambers, and blanket systems, which are critical for maintaining plasma stability and achieving fusion [42][43] 3. Global Acceleration of Nuclear Fusion Commercialization - The fusion industry is seeing a surge in financing, with a total of $9.766 billion raised by 2025, and a fivefold increase in new financing from 2024 to 2025 [3][4] - In China, a dual-driven model involving state-owned enterprises and private companies is emerging, with significant milestones such as the establishment of China Fusion Energy Co., which is pivotal for commercialization [3][4][11] 4. Investment Recommendations - Focus on companies involved in materials and equipment manufacturing that have received validation or orders from large scientific installations in the short term [11] - Long-term attention should be directed towards operational companies in the fusion energy sector [11]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [6][8]. Core Insights - The report highlights China's commitment to sustainable energy development through its participation in the "Triple Nuclear Energy Declaration," which aims to triple global nuclear energy capacity by 2050 [2][15]. - The "14th Five-Year Plan" outlines significant goals for the public utility and environmental sectors, including a 25% share of non-fossil energy consumption by 2030 and a reduction of carbon emissions per unit of GDP by 17% over five years [17][19]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.19%, while the public utility index increased by 3.07% and the environmental index by 0.79%, with respective relative returns of 2.88% and 0.60% [1][14]. - Within the electricity sector, new energy generation surged by 10.84%, while thermal and hydroelectric power saw increases of 1.97% and 1.58%, respectively [1][25]. Important Events - China joined the "Triple Nuclear Energy Declaration" at the second Nuclear Energy Summit in Paris, emphasizing international cooperation for sustainable nuclear energy development [2][15]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy, due to supportive national policies for renewable energy [4][22]. - The report suggests focusing on stable dividend-paying hydropower stocks like Yangtze Power and companies involved in gas trading like Jiufeng Energy [4][22]. Key Company Profit Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 in 2024 and a PE ratio of 10.8 [8]. - Longyuan Power (001289.SZ) is also rated "Outperform," with an EPS forecast of 0.75 for 2024 and a PE of 24.3 [8]. - Recommendations extend to environmental firms like China Everbright Environment and Shanghai Industrial Holdings, which are seen as stable investment opportunities [23].

Core Insights - The "3i Award - Excellent New Products (2025)" evaluation received submissions from 266 manufacturers with a total of 699 new products, resulting in 127 nominations, including 14 mass spectrometry instruments [1][2]. Group 1: Award Evaluation Process - The evaluation process included professional preliminary review, online assessment, and final review by the chair committee, with the final award list to be announced at the award ceremony [1][2]. Group 2: Mass Spectrometry Nominations - A total of 14 mass spectrometry products received nominations for the "3i Award - Excellent New Products (2025)" [3]. - The nominated mass spectrometry instruments include: - TQ9200 from Anhui Wanyi Technology Co., Ltd. - Orbitrap Astral Zoom from Thermo Fisher Scientific - timsUltra AIP from Bruker Daltonics - SCIEX ZenoTOF 8600 from SCIEX China - Xevo CDMS from Waters Technology (Shanghai) Co., Ltd. - LCMS-8065XE from Shimadzu Corporation (China) - ClinMS-Plat RI from Hangzhou Huijian Technology Co., Ltd. - TQ9120 LC-MS/MS from Suzhou Anyep Precision Instrument Co., Ltd. - F1 from Shanghai Ain Mass Spectrometry Instrument Co., Ltd. - Novisar Apply series from Rui Lai Pu (Hangzhou) Medical Technology Co., Ltd. - HAPSITE CDT from Inficon (Guangzhou) Vacuum Instrument Co., Ltd. - Elementis QQ series from Rui Lai Pu (Hangzhou) Medical Technology Co., Ltd. - QSight 500 from PerkinElmer Enterprise Management (Shanghai) Co., Ltd. - SCIEX 7500+ system from SCIEX China [3][4]. Group 3: Previous Nominations - The first half of the "3i Award - Excellent New Products (2025)" nominations was published in September 2025, featuring 39 new products [4].

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [1][5][7]. Core Insights - The 2026 government work report and the "14th Five-Year Plan" outline a push towards a clean, low-carbon, safe, and efficient energy system, aiming for a total energy production capacity of 5.8 billion tons of standard coal by 2026 [1][14]. - The report highlights the importance of integrating renewable energy sources and emphasizes the need for a comprehensive green transition [1][14]. - The eight major computing power hubs are identified as key areas for direct green electricity connections, driven by national policies [2][15]. Summary by Sections Investment Strategy - Coal and electricity prices are expected to decline simultaneously, maintaining reasonable profitability for thermal power companies, with recommendations for Huadian International and Shanghai Electric [3][24]. - Continuous government support for renewable energy is anticipated to stabilize profitability in the sector, recommending leading companies like Longyuan Power and Three Gorges Energy [3][24]. - Nuclear power companies are expected to maintain stable profitability, with recommendations for China National Nuclear Power and China General Nuclear Power [3][24]. - High-dividend hydropower stocks are highlighted for their defensive attributes, recommending Changjiang Power [3][24]. - The report suggests focusing on environmental protection opportunities in water and waste incineration sectors, recommending companies like China Everbright Environment and Shanghai Industrial Holdings [3][25]. Market Performance - The public utilities index increased by 3.42% while the environmental index decreased by 1.41%, with public utilities ranking 3rd among 31 industry sectors [1][26]. - In the electricity sector, thermal power rose by 3.41%, hydropower by 4.73%, and renewable energy by 3.36% [1][27]. Key Company Profit Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 in 2024 and a PE ratio of 10.6 [7]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.75 in 2024 and a PE ratio of 23.5 [7]. - China Nuclear Power (601985.SH) is rated "Outperform" with an expected EPS of 0.46 in 2024 and a PE ratio of 20.9 [7]. - Changjiang Power (600900.SH) is rated "Outperform" with an expected EPS of 1.33 in 2024 and a PE ratio of 20.5 [7].

Core Viewpoint - The article emphasizes the importance of maintaining laboratory instruments in optimal condition to meet the demands of high-intensity testing tasks in the new year, highlighting the services provided during the sixth Customer Care Season by the Instrument Information Network [1]. Group 1: Event Overview - The theme for this year's event is "'Together in Instruments," featuring hundreds of engineers and a week-long online after-sales live broadcast to support researchers in their scientific endeavors [2]. - The event includes free on-site inspections valued at over 10,000 yuan, with original factory experts addressing potential issues directly [2]. Group 2: Participating Brands - The event features participation from various brands including Thermo Fisher, Agilent, Hitachi, Shimadzu, and others, providing specialized support for different types of analytical instruments [2]. Group 3: Event Schedule - The schedule includes specific sessions for different brands, such as: - March 10: Thermo Fisher after-sales live broadcast focusing on maintenance tips for mass spectrometry and gas chromatography [4]. - March 11: Shimadzu's session on atomic absorption maintenance and gas chromatography performance [5]. - March 12: Hitachi's session on electron microscope maintenance and amino acid analyzer guidelines [5]. Group 4: Expert Contributions - Various experts from participating companies will lead the sessions, sharing their knowledge on maintenance and troubleshooting for specific instruments, enhancing the overall service quality [7][8].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][8]. Core Insights - The upcoming deliberation of the Ecological Environment Code is expected to enhance the legal framework for pollution prevention, ecological protection, and green low-carbon development [15]. - The integration of computing power and electricity is highlighted as a significant trend, with public utilities being well-positioned to leverage AI and other new productivity developments [16]. - The report emphasizes the importance of the renewable energy sector and comprehensive energy management in the context of carbon neutrality [20]. Market Performance - The Shanghai and Shenzhen 300 Index increased by 0.09%, while the public utility index rose by 4.54% and the environmental index by 7.73% [14][22]. - Within the electricity sector, coal-fired power increased by 7.57%, while renewable energy generation saw a rise of 7.33% [23]. Key Company Recommendations Public Utilities - Recommended companies include: - Huadian International (华电国际) and Shanghai Electric (上海电力) for coal-fired power [20]. - Longyuan Power (龙源电力) and Three Gorges Energy (三峡能源) for renewable energy [20]. - China Nuclear Power (中国核电) and China General Nuclear Power (中国广核) for nuclear power [20]. - Changjiang Power (长江电力) for hydropower [20]. - Jiufeng Energy (九丰能源) for gas [20]. - Xizi Clean Energy (西子洁能) for clean energy equipment manufacturing [20]. Environmental Protection - Recommended companies include: - Everbright Environment (光大环境) and Shanghai Industrial Holdings (上海实业控股) for water and waste incineration [21]. - Juguang Technology (聚光科技) and Wanyi Technology (皖仪科技) for scientific instruments [21]. - Shangaohuaneng (山高环能) for waste oil recycling [21]. Industry Dynamics - The report notes that the water and waste incineration sectors are entering a mature phase, with significant improvements in free cash flow [21]. - The domestic scientific instrument market is projected to have substantial room for domestic substitution, with a market size exceeding 90 billion USD [21]. Important Events - The report highlights the upcoming National People's Congress, where multiple legal drafts, including the Ecological Environment Code, will be reviewed [15]. - The State-owned Assets Supervision and Administration Commission emphasized the need for central enterprises to enhance investment in computing power and promote the synergy between computing and electricity [16]. Industry Data Overview - The report provides insights into the electricity generation and consumption trends, indicating a year-on-year increase in total electricity consumption of 5.0% for 2025 [52]. - The total installed capacity of electricity generation reached 3.89 billion kilowatts by the end of 2025, marking a year-on-year growth of 16.1% [68].

证券代码：688600 证券简称：皖仪科技 公告编号：2026-005 一、获取补助的基本情况 安徽皖仪科技股份有限公司 关于获得政府补助的公告 本公司董事会及全体董事保证本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、准确性和完整性依法承担法律责任。 公司根据《企业会计准则第 16 号—政府补助》的有关规定，确认上述事项 并划分补助类型。上述政府补助未经审计，具体会计处理及对公司 2026 年度以 及以后年度损益的影响，最终以审计机构年度审计确认后的结果为准。敬请投资 者注意投资风险。 特此公告。 安徽皖仪科技股份有限公司 董事会 2026 年 3 月 3 日 安徽皖仪科技股份有限公司（以下简称"公司"）于近日收到与收益相关的 政府补助款项人民币 2,149,721.97 元。 二、补助的类型及其对上市公司的影响 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [6][22]. Core Insights - The company achieved a significant year-on-year increase in net profit attributable to shareholders of 295.5% in 2025, despite a slight decline in total revenue of 4.1% [6][7]. - The growth in profitability is attributed to improved operational efficiency, product structure optimization, and increased government subsidies [6][7]. - The company is positioned to benefit from the expanding controlled nuclear fusion sector, which is expected to enter a capital expenditure expansion cycle from 2025 to 2028 [6][7]. - There is a substantial market opportunity for domestic laboratory instruments, with a current low penetration rate of domestic products in a market worth over 50 billion [6][7]. - The medical instruments segment has shown promising developments, particularly in minimally invasive surgical instruments and high-value consumables, which are expected to become a new growth driver for the company [6][7]. Financial Summary - Total revenue is projected to decline from 740 million in 2024 to 710 million in 2025, before rebounding to 1,006 million in 2026 and 1,229 million in 2027, reflecting a compound annual growth rate of approximately 41% from 2026 to 2028 [2][6]. - Net profit attributable to shareholders is expected to rise from 14 million in 2024 to 57 million in 2025, and further to 103 million in 2026 and 147 million in 2027, with corresponding growth rates of 295.5% and 80.5% [2][6]. - The company's earnings per share (EPS) is forecasted to increase from 0.11 yuan in 2024 to 0.42 yuan in 2025, reaching 0.76 yuan in 2026 and 1.09 yuan in 2027 [2][6]. - The target price for the company's stock is set at 37.4 yuan, representing a 29% upside from the current price of 28.91 yuan [2][6].