证券研究报告——晨会聚焦 2026 年 3 月 25 日 | 3 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 0119.HK | 保利置业集团 | | 000099.SZ | 中信海直 | | 601872.SH | 招商轮船 | | 600352.SH | 浙江龙盛 | | 002409.SZ | 雅克科技 | | 002709.SZ | 天赐材料 | | 300760.SZ | 迈瑞医疗 | | 605338.SH | 巴比食品 | | 1579.HK | 颐海国际 | | 601888.SH | 中国中免 | | 689009.SH | 九号公司-WD | | 688630.SH | 芯碁微装 | | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3881.28 | 1.78 | | --- | --- | --- | | 深证成指 | 13536.56 | 1.43 | | 沪深 300 | 4474.72 | 1.28 | | 中小 100 | 8200.48 | 1.26 | | 创 ...

证券研究报告——晨会聚焦 2026 年 3 月 24 日 | 3 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 0119.HK | 保利置业集团 | | 000099.SZ | 中信海直 | | 601872.SH | 招商轮船 | | 600352.SH | 浙江龙盛 | | 002409.SZ | 雅克科技 | | 002709.SZ | 天赐材料 | | 300760.SZ | 迈瑞医疗 | | 605338.SH | 巴比食品 | | 1579.HK | 颐海国际 | | 601888.SH | 中国中免 | | 689009.SH | 九号公司-WD | | 688630.SH | 芯碁微装 | 中银晨会聚焦-20260324 ■重点关注 【交通运输】交通运输行业周报*王靖添。航运方面，霍尔木兹通航受阻下 VLCC 转向延布红海通道，西非航线补位对冲外运缺口。航空货运方面，中 东局势扰动外溢导致亚欧空运运力仍偏紧且附加费承压，国泰货运取消迪拜 与利雅得货班至 3 月 31 日并增投欧洲运力。交通新业态方面，英伟达宣布 扩大与 Uber、Lyft 合作并开源推理 ...

基础化工 | 证券研究报告 — 行业周报 2026 年 3 月 23 日 行业动态 投资建议 截至 3 月 22 日，SW 基础化工市盈率（TTM 剔除负值）为 28.03 倍，处在历史（2002 年至 今）81.52%分位数；市净率为 2.53 倍，处在历史 70.98%分位数。SW 石油石化市盈率（TTM 剔除负值）为 16.74 倍，处在历史（2002 年至今）50.60%分位数；市净率为 1.62 倍，处在 历史 55.15%分位数。展望 2026 年，本轮行业扩产已近尾声，"反内卷"等措施有望催化 行业盈利底部修复，同时新材料受益于下游需求的快速发展，有望开启新一轮高成长。短 期地缘冲突持续影响原油及部分石化产品供应与运输，加剧波动幅度，关注：1.大型能源央 企；2.原料供应稳定且相对低成本的煤化工等龙头公司；3.供需格局较好成本顺利传导的精 细化工龙头。中长期推荐投资主线：1、传统化工龙头经营韧性凸显，布局新材料等领域， 竞争能力逆势提升，行业景气度好转背景下有望迎来业绩、估值双提升；2、"反内卷"等 持续催化，关注供需格局持续向好子行业，包括炼化、聚酯、染料、有机硅、农药、制冷 剂、磷化工等；3 ...

Core Insights - The report highlights a focus on investment opportunities in the AI sector, particularly following the Nvidia GTC conference, which is expected to initiate a new AI market cycle [5] - The report emphasizes the potential for price increases in the disposable glove industry due to rising raw material costs, suggesting a recovery in profits for leading companies in this sector [10][12] Investment Opportunities - The report identifies a selection of stocks for March, including Poly Real Estate Group (0119.HK), CITIC Hainan Airlines (000099.SZ), and Mindray Medical (300760.SZ), among others [1] - It suggests monitoring the disposable glove industry, particularly companies like YK Medical and Blue Sail Medical, as they may benefit from the current pricing cycle [12][13] Industry Performance - The report notes that the pharmaceutical and biotechnology sector has underperformed, with the Shenwan Pharmaceutical Index dropping 3.21% from March 16 to March 20, 2026, lagging behind the CSI 300 Index by 0.97 percentage points [10][11] - In the electric equipment and new energy sector, global sales of new energy vehicles are expected to grow rapidly in 2026, driving demand for batteries and materials [15] Market Trends - The report indicates a general decline in the A-share market, with various sectors experiencing downturns, particularly in the materials and energy sectors [19][21] - It highlights the performance of the electric equipment and new energy sectors, noting a 3.06% decline in the week, with specific indices like the lithium battery index showing a 2.99% increase [16] Raw Material Insights - The report discusses the impact of geopolitical tensions on the prices of key raw materials for disposable gloves, such as butadiene and acrylonitrile, which are expected to rise, leading to a price increase in the gloves themselves [12][10] - It also mentions that the cost structure of disposable gloves is heavily influenced by raw material prices, which account for approximately 39% of total costs [12]

证券研究报告——晨会聚焦 2026 年 3 月 18 日 中银晨会聚焦-20260318 | 3 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 0119.HK | 保利置业集团 | | 000099.SZ | 中信海直 | | 601872.SH | 招商轮船 | | 600352.SH | 浙江龙盛 | | 002409.SZ | 雅克科技 | | 002709.SZ | 天赐材料 | | 300760.SZ | 迈瑞医疗 | | 605338.SH | 巴比食品 | | 1579.HK | 颐海国际 | | 601888.SH | 中国中免 | | 689009.SH | 九号公司-WD | | 688630.SH | 芯碁微装 | 证券分析师：王军 【社会服务】社服与消费视角点评 1-2 月国内宏观数据*李小民 纠泰民。国 家统计局等部门公布了部分 2026 年 1-2 月国内宏观数据。其中，1-2 月社零 总额同比增长 2.8%，较 25 年 12 月的 0.9%增速环比有所提升；1-2 月餐饮收 入同比增长 4.8%，增速表现好于商品零售额。1、2 月服务业 P ...

Core Insights - The report highlights a focus on key stocks for March, including Poly Real Estate Group (0119.HK), CITIC Hainan Airlines (000099.SZ), and Mindray Medical (300760.SZ) among others, indicating potential investment opportunities in these companies [1] - The macroeconomic analysis shows that industrial value-added growth, retail sales, and fixed asset investment in January-February 2026 exceeded market expectations, suggesting a positive economic outlook [4][5] - The transportation sector is experiencing innovation with the introduction of battery swap models and eVTOL (electric Vertical Take-Off and Landing) aircraft, indicating a shift towards new business models in the industry [11][12] Market Performance - The report provides a summary of market indices, with the Shanghai Composite Index closing at 4084.79, down 0.26%, while the ChiNext Index rose by 1.41% to 3357.02 [1] - The food and beverage sector showed a positive performance with a 1.99% increase, while the steel sector declined by 3.16% [2] Economic Data Analysis - In January-February 2026, industrial value-added grew by 6.3% year-on-year, with high-tech industries leading at 13.1% growth, indicating strong performance in advanced sectors [4][5] - Retail sales increased by 2.8%, driven by service consumption growth of 5.6%, although real estate-related consumption remains weak [5] - Fixed asset investment saw a cumulative year-on-year growth of 1.8%, with infrastructure investment growing significantly by 11.4% [4] Transportation Sector Developments - The report notes that the transportation industry is adapting to new trends, with plans for 100,000 Robotaxi vehicles by 2030 and the expected profitability of eVTOL companies by 2026 [11][12] - The ongoing geopolitical tensions in the Middle East are impacting shipping routes, particularly in the Strait of Hormuz, which is affecting oil prices and shipping risks [11][12] Investment Recommendations - The report suggests focusing on low-altitude economy and autonomous driving sectors, recommending stocks like CITIC Hainan Airlines and highlighting opportunities in shipping and logistics due to evolving geopolitical conditions [14][15]

证券代码:002409 证券简称:雅克科技 编号:2026-001 江苏雅克科技股份有限公司 近日，公司收到了中兴华出具的《关于变更江苏雅克科技股份有限公司签字 注册会计师及质量控制复核人的函》，具体情况如下： 一、本次变更事项的基本情况 中兴华作为公司 2025 年度的审计机构，原委派刘卫钦先生担任项目合伙人， 王娟女士担任签字注册会计师，刘锦英女士担任质量控制复核人。因王娟女士从 中兴华离职，刘锦英女士工作调整，现委派孙连心女士接替王娟女士担任签字注 册会计师，彭桂花女士接替刘锦英女士担任质量控制复核人，继续为公司提供 2025 年度审计服务。 本次变更后的项目合伙人为刘卫钦先生，签字注册会计师为孙连心女士，质 量控制复核人为彭桂花女士。 二、本次变更人员的基本信息 （一）基本信息 关于变更签字注册会计师及质量控制复核人的公告 特别提示：本公司及董事会全体成员保证公告内容真实、准确和完整，不存 在虚假记载、误导性陈述或者重大遗漏。 江苏雅克科技股份有限公司（以下简称"公司"或"雅克科技"）于 2025 年 10 月 29 日召开第六届董事会第十六次会议，审议通过了《关于续聘会计师事 务所的议案》，同意续聘 ...

基础化工 | 证券研究报告 — 行业周报 2026 年 3 月 15 日 强于大市 化工行业周报 20260315 国际油价大幅上涨， PX 、丙烯酸价格上涨 地缘冲突持续影响原油及部分石化产品供应与运输，加剧波动幅度。关注：1.大型能源央企；2.原料供应 稳定且相对低成本的煤化工等龙头公司；3.供需格局较好成本顺利传导的精细化工龙头。 行业动态 投资建议 ◼ 截至 3 月 15 日，SW 基础化工市盈率（TTM 剔除负值）为 31.15 倍，处在历史（2002 年至 今）87.79%分位数；市净率为 2.81 倍，处在历史 82.94%分位数。SW 石油石化市盈率（TTM 剔除负值）为 16.96 倍，处在历史（2002 年至今）50.88%分位数；市净率为 1.64 倍，处在 历史 55.57%分位数。展望 2026 年，本轮行业扩产已近尾声，"反内卷"等措施有望催化行 业盈利底部修复，同时新材料受益于下游需求的快速发展，有望开启新一轮高成长，三月份 建议关注：1.地缘政治事件对原油及部分石化产品带来的价格影响；2.低估值行业的龙头公司；3. "反内卷"等背景下相关子行业涨价行情；4.下游需求旺盛，自主可 ...

Group 1: Macro Economic Insights - February CPI and PPI growth rates exceeded consensus expectations, with CPI influenced significantly by the Spring Festival consumption, leading to notable increases in food and service prices [2][7][9] - The government work report emphasizes the importance of domestic demand and consumer spending, suggesting that the consumption sector may recover as the macro economy stabilizes [3][11][13] Group 2: Food and Beverage Industry - The food and beverage sector is expected to benefit from policies aimed at stimulating consumption, with structural investment opportunities emerging as the economy recovers [3][11][14] - The report highlights the potential for growth in sub-sectors driven by demographic changes, such as the "silver economy" and "single economy," suggesting a shift in consumer preferences towards daily consumption needs [14] Group 3: Transportation Industry - The transportation sector is witnessing trends in new economic models, such as low-altitude economy and Robotaxi, which present investment opportunities [4][16][20] - JD Logistics is projected to achieve revenues exceeding 217.1 billion yuan by 2025, indicating strong growth in the logistics segment [16][20] - The report notes significant disruptions in international flight routes to the Middle East, affecting supply dynamics in the aviation sector [16][20] Group 4: Chemical Industry - The chemical sector is advised to focus on geopolitical events impacting oil and petrochemical prices, as well as on leading companies with low valuations [22][27] - Recent price increases in epoxy propane and MDI highlight the ongoing demand and supply dynamics within the chemical market [25][26] Group 5: Computer Industry - OpenClaw is leading the AI sector into a new era of practical agents, indicating a shift in user expectations towards more capable AI systems [30][31] - The government work report emphasizes quantum technology as a key area for future industrial transformation, with significant advancements expected in quantum computing and communication [32][33] Group 6: Social Services Industry - The social services sector is experiencing a downturn, but the government work report suggests that policies aimed at boosting domestic demand will benefit the tourism and cultural sectors [37][39] - The report indicates a strong performance in travel during the Spring Festival, with expectations for continued growth in the tourism sector due to favorable policies [38][39]

Core Insights - The report emphasizes the importance of expanding domestic demand and enhancing quality in economic development, with a GDP growth target set at 4.5%-5% for 2026, down from around 5% in 2025 [7][35] - The government aims to implement more proactive fiscal policies, including a deficit target of 4% and an increase in special bonds to support infrastructure and investment projects [20][36] - The focus on new industries and future industries is highlighted, with specific mention of sectors such as integrated circuits, aerospace, biomedicine, and future energy [19][24] Industry Performance - The report indicates that the basic chemical industry is expected to benefit from government support for traditional industry upgrades and new material development, with a focus on enhancing competitiveness [12][16] - The machinery and equipment sector is projected to see increased demand due to ongoing large-scale equipment updates and infrastructure investments [18][20] - The electric power equipment industry is highlighted for its potential in future energy investments, particularly in hydrogen and fusion energy, marking a strategic shift towards green fuels [24][25] Investment Recommendations - The report suggests investing in traditional chemical leaders that are enhancing their competitiveness and exploring new materials, as well as sectors benefiting from the "anti-involution" trend, such as refining and pesticides [16][22] - For the machinery sector, companies involved in core components for humanoid robots and commercial aerospace are recommended, as these areas are expected to see significant growth [22][19] - In the green energy sector, companies involved in hydrogen and green fuel production are highlighted as key investment opportunities, especially with the anticipated acceleration of industrialization in 2026 [27][25]