核心技术：壁垒凸显，中外同步突破 智通财经APP获悉，东北证券发布研报称，当前脑机接口产业正处于"技术验证向商业化初期过渡"的关 键节点，医疗康复领域因需求刚性、政策支持，成为率先实现规模化落地的核心赛道。建议重点关注三 类标的：一是非侵入式产品商业化领先企业;二是侵入式/介入式技术临床突破标的;三是产业链核心部件 供应商。同时重点跟踪三大催化因素：医保支付范围扩围、海外头部企业技术路线映射、一级市场硬科 技企业上市进程。 东北证券主要观点如下： 脑机接口 脑机接口BCI作为突破生物神经边界的颠覆性人机交互技术，核心通过"读脑解码"与"写脑编码"的双向 通信机制，搭建大脑与外部设备的直接连接通道，是未来人机融合的核心载体。目前行业已形成侵入 式、半侵入式、非侵入式三大技术路径，历经百年技术积淀，已逐步从实验室研发阶段迈向临床落地与 产业规模化初期。 市场空间：医疗为核，增长明确 全球市场层面，2024年脑机接口市场规模已达26.2亿美元，据Precedence Research预测，2025-2034年行 业复合增长率将维持17.35%，至2034年市场规模有望突破124亿美元;国内市场呈现稳步扩容态势，20 ...

Core Viewpoint - NetEase Cloud Music has significant user payment potential, with a current online music payment rate of 21.4%, compared to Spotify's 39%, indicating room for improvement in monetization strategies [1] Group 1: Company Performance - The company is expected to achieve revenues of 7.935 billion, 8.692 billion, and 9.585 billion yuan from 2025 to 2027, with net profits of 2.684 billion, 2.215 billion, and 2.541 billion yuan respectively [1] - The company is projected to have an EPS of 12.32, 10.17, and 11.66 yuan for the years 2025 to 2027, with a PE ratio of 16 times in 2026 [1] - In 2023, the company turned profitable for the first time, with a gross margin recovery from -114.74% in 2018 to an expected 33.73% in 2024, marking a shift from growth through scale to value-driven monetization [1] Group 2: Industry Landscape - The global recorded music market is expected to reach 29.6 billion dollars in 2024, growing at 4.8% year-on-year, with streaming accounting for 69% of the market [2] - China is projected to grow at 9.6% in 2024, surpassing mature markets in the US and Europe, driven by enhanced copyright protection and local music innovation [2] - The competitive landscape in the online music sector shows Spotify leading globally with a 32% user share, while Tencent's platforms dominate domestically, with NetEase Cloud Music holding a 19% monthly active user share [2] Group 3: Strategic Advantages - The company differentiates itself through a community-driven music consumption model, focusing on social experiences rather than traditional tool-based platforms [1] - The content strategy includes a diverse range of genres and a significant number of independent artists, with 774,000 independent musicians and 4.4 million original songs nurtured through initiatives like the "Stone Plan" and "Cloud Ladder Plan" [3] - The company has established a high-engagement ecosystem, with 1.2 billion music reviews and an average daily listening time of 78.9 minutes per user, leading the industry in user stickiness [3]

以"音乐+社交"破局在线音乐赛道，战略与盈利双维度实现跨越。作为国内聚焦社交化体验的音乐平 台，网易云音乐始终以"社区驱动音乐消费"为差异化核心，区别于传统工具型平台。股权层面由网易主 导，持股59.4%保障战略方向稳定；管理层团队涵盖互联网运营、版权合作、商业智能等多元专业背 景，能力互补支撑业务落地。财务端实现关键突破，2023年首次扭亏为盈，毛利率从2018年的-114.74% 持续修复至2024年的33.73%，盈利模式彻底告别"规模投入换增长"，转向"内容价值驱动高效变现"，盈 利质量与可持续性显著增强。 智通财经APP获悉，东北证券发布研究报告指出，网易云音乐（09899）用户付费潜力待释放，2023年 在线音乐付费率21.4%，对比海外Spotify 39%的付费率仍有较大提升空间，叠加会员权益升级（新增AI 功能、打通外部平台权益），有望推动ARPU进一步改善。预计2025-2027年公司营收为 79.35/86.92/95.85亿元，归母净利润为26.84/22.15/25.41亿元，EPS为12.32/10.17/11.66元，对应2026年PE 为16倍。 行业规模扩容叠加格局分化，差异 ...

Group 1 - The core viewpoint of the report is that Dongfang Zhenxuan (01797), a live e-commerce brand developed by New Oriental Group, is expected to achieve significant growth, with projected EPS of 0.41, 0.42, and 0.81 yuan for the fiscal years 2026-2028, corresponding to PE ratios of 58X, 56X, and 29X, respectively, leading to an upgraded "buy" rating [1] - The leadership team of Dongfang Zhenxuan has a strong background within New Oriental Group, ensuring a deep understanding of operations and a robust talent pool [1] - The company is leveraging its educational resources to enhance its live streaming capabilities, with a rich team of educators providing quality hosts for its broadcasts [1] Group 2 - The company is focusing on brand retail development centered around fresh agricultural products, with over 50% of GMV from self-operated products in the first half of fiscal 2026 [2] - The company is expanding its paid membership system through its app, which enhances user retention and repurchase rates, thereby increasing customer loyalty [2] - The company is improving its supply chain through vertical integration and logistics upgrades, with plans to establish immediate retail capabilities in major cities and open its first offline flagship store in Beijing [2] Group 3 - Dongfang Zhenxuan is transitioning from live streaming to building its own product system, enhancing its SKU offerings and creating popular products to drive upstream resource integration [3] - The company is implementing a new retail model that combines online and offline channels, using live streaming as a key traffic source while offline stores serve as customer acquisition and fulfillment points [3] - The successful operation of the flagship store model in Beijing is expected to lead to rapid expansion of offline stores, significantly boosting performance [3]

Group 1 - The core brand of New Oriental Group, Dongfang Zhenxuan, is supported by the group's resources and has a strong leadership team and talent pool [1] - The company is expected to achieve EPS of 0.41, 0.42, and 0.81 yuan for the fiscal years 2026-2028, with corresponding PE ratios of 58X, 56X, and 29X, leading to an upgraded "buy" rating [1] - The founder of New Oriental, Yu Minhong, has significant influence and is deeply involved in the company's operations [1] Group 2 - The company focuses on fresh agricultural products and has developed a brand retail strategy, with self-operated product GMV exceeding 50% in the first half of fiscal 2026 [2] - The company has expanded its app user base and membership system, enhancing user retention and repurchase rates [2] - The product range has grown to 801 SKUs, including popular items like grilled sausages and lutein gummies [2] Group 3 - The company is enhancing its supply chain through vertical integration and logistics upgrades, with plans for immediate retail through offline flagship stores [3] - The company is implementing a three-tier system of "joint ventures + leading OEMs + special collaborations" for upstream raw material sourcing and production [3] - The first offline flagship store is set to open in Beijing, marking a shift to an omnichannel retail model [3] Group 4 - Dongfang Zhenxuan is transitioning from live streaming sales to building its own product system, focusing on brand development in fresh agricultural products [4] - The company is leveraging its own app and membership system to bind consumers and increase loyalty and repurchase rates [4] - Once the flagship store model is proven successful, rapid expansion of offline stores is anticipated, leading to significant revenue growth [4]

Group 1 - Cleanroom engineering serves as a foundational support for advanced manufacturing, with a high concentration in the high-end market [2] - The domestic cleanroom market is projected to reach 286.8 billion yuan in 2024, with over half allocated to electronics, and the unit area cost expected to rise to 0.66 million yuan per square meter [2] - The global semiconductor investment remains robust, with significant domestic space for localization, as China's integrated circuit self-sufficiency rate was only 18.3% as of 2022 [2][4] Group 2 - The HBM market is rapidly expanding, with a forecasted size of 30 billion USD by 2026 and a compound annual growth rate of approximately 100% from 2023 to 2026 [3] - Major players in the HBM industry, including SK Hynix, Samsung, and Micron, dominate the market, holding 54%, 39%, and 7% market shares respectively in 2024 [3] - Global semiconductor capital expenditure is expected to exceed 200 billion USD by 2026, with cleanroom size projected at 217.2 billion yuan [4] Group 3 - The demand for cleanrooms in the medical sector is expected to grow steadily, with the cleanroom market projected to increase from 6.78 billion yuan in 2013 to 23.5 billion yuan in 2024 [6] - The number of hospitals in China has grown from 24,709 in 2013 to 38,355 in 2023, driving the expansion of medical cleanroom facilities [6] - Investment opportunities are identified in companies such as Yaxing Integration, Shenghui Integration, Huakang Cleanroom, Bocheng Co., and Meiyu Technology [6]

智通财经APP获悉，东北证券发布研报称，水泥行业盈利已坚实筑底，上游煤炭等价格预计维持低位震 荡，水泥资产整体现金流较优具备持续分红条件。预计2026年反内卷战略下供给侧将得到控制，雅下电 站工程等重大工程带来的区域市场需求繁荣，期待行业盈利实现整体修复，以及在提高股东分红回报趋 势下股息率的进一步提升。 需求侧展望：地产政策预期加强，基建关注结构性机遇 东北证券主要观点如下： 行业概览：我国水泥行业至暗时刻已过，盈利显著修复 市场规模：国内市场总量处于慢速下行通道。2025年我国水泥产量16.9亿吨同比-7%，降幅收窄，全年 产量约为峰值7成;需求方面，2025年我国地产需求继续下滑，基建投资同比由增转降，是自2014年国家 统计局公布基建投资增速以来的首次。 盈利：前期磨底充分，行业整体盈利已显著回升。2025Q1~3，SW水泥制造行业实现营收2521亿元同 比-9%，降幅明显收窄，以整体法计算的销售净利率3.3%较2024年全年水平+1.0pct。 现金流：具备长期稳定分红条件。2025Q1~3，SW水泥制造行业实现经营性净现金流203亿元，是同期 净利润的2.5倍。 供给侧展望：反内卷预期持续加强 我 ...

东北证券发布研报称，宠物食品业已成为宠物经济中确定性最强的核心赛道，渗透率和结构均发生显著 变化，整体已过渡至以高基数下稳健增长与结构升级并行的发展阶段。整体来看，在主粮稳定扩容的基 础上，营养品高增与主粮高端化共同推动宠物食品行业进入以结构升级为主线的发展新阶段。建议关注 在产品品类方面加速拓展创新的头部公司。 东北证券主要观点如下： 中国宠物食品行业在过去十年中保持了显著高于宏观经济的增长速度，已成为宠物经济中确定性最强的 核心赛道 2014-2024年中国宠物食品市场规模由240亿元增长至1668亿元，十年间规模扩大近6倍，年均复合增长 率为21.4%，尽管2020年阶段性承压，但随后快速修复并延续增长，体现出较强的需求韧性。行业增长 的底层驱动来自城镇宠主数量持续增加及单只宠物年均消费额提升，在"拟人化养宠"与情感消费驱动 下，宠物食品消费渗透率和结构均发生显著变化，行业整体已由早期的高速扩张阶段，过渡至以高基数 下稳健增长与结构升级并行的发展阶段。 从品类结构看，宠物食品呈现出"主粮基本盘稳固、细分赛道分化加速"的特征 主粮作为刚需品类，占据宠物食品消费的核心地位，2024年中国宠物主粮市场规模达1 ...

电子气体作为泛半导体制造领域的关键材料，广泛应用于集成电路、平板显示、LED及光伏等产业链， 其中集成电路制造需求占据主要地位。基于制备与用途的本质区别，行业被划分为电子大宗气体与电子 特气两大板块：1)电子大宗气体：聚焦于氮、氦、氧、氩、氢及二氧化碳六大品类，在晶圆制造中主要 用作保护气、环境气、运载气、清洁气;2)电子特气：具有极高的技术密集度与工艺耦合性，仅半导体 领域涉及的单元特气就超过110种，涵盖刻蚀、清洗、成膜、光刻等关键环节。电子气体行业具备显著 的准入壁垒，半导体供应链具有极强的排他性与验证刚性，晶圆厂对供应商的审核极为严苛，新产品从 实验室研发到通过客户多轮长周期认证并导入产线，往往面临极高的时间成本与转换阻力。 需求侧：产能扩充+技术迭代，有望带来乘数效应 随着晶圆厂区域化趋势加剧以及对数据中心和边缘设备中AI芯片需求的激增，全球晶圆扩产预期较为 明确，其中中国大陆在"十四五"规划、国家大基金二期等政策与资金的大力支持下，中国本土晶圆厂持 续扩产，产生巨大的设备及半导体材料采购需求，为国产设备和材料提供了验证机会和替代窗口。此 外，晶圆制造工艺从成熟节点向先进制程迭代，晶体管结构从平面向 ...

2025年，交易所扎实推进资产重组项目审核工作，全年累计审核项目41家，较上年同期增加26家；证监 会高效落实注册环节职责，完成相关项目注册39家。上述审核及注册项目合计涉及上市公司42家。自 2020年以来，报送证监会的相关项目均未出现终止注册情形。审核环节通过率稳步攀升至97.56%，较 上年小幅提升。全流程平均审核历时142天，注册历时27天。国泰君安吸收合并海通证券项目以17天审 核、8天注册的高效进程，成为年内审核注册速度最快的案例。收购方属性方面，国资与非国资主体占 比各达50%，结构分布均衡。交易类型上，以关联方资产注入、收购少数股权等非市场化交易为主导。 此外，2025年上市公司重大资产重组市场成效显著，累计完成项目48家，较上年增加22家。从交易体量 来看，全年重大资产重组的完成规模达4178.59亿元，并购重组募集配套资金落地256.47亿元，同比分别 增长3251.30亿元、178.69亿元。板块分布上，上交所主板表现突出，以19单交易的完成量位居各板块首 位。重组形式方面，协议收购为市场主流模式，而外部吸收合并则成为交易规模的主力军，贡献交易金 额2127.65亿元，在各类重组形式中位 ...