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 ...

证券研究报告——晨会聚焦 2026 年 3 月 17 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 | 4084.79 | (0.26) | | 深证成指 | 14307.58 | 0.19 | | 沪深 300 | 4671.56 | 0.05 | | 中小 100 | 8755.90 | 0.07 | | 创业板指 | 3357.02 | 1. ...

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]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1][28]. Core Insights - The global chemical industry is entering a significant upward cycle driven by anti-involution and AI demand, with China's leading companies benefiting from solid cost and efficiency advantages. The industry is expected to see a substantial increase in free cash flow as capacity expansion slows, transforming companies from cash-consuming entities to cash-generating ones. The upcoming peak season for chemicals is anticipated to enhance profitability, making it crucial to focus on demand, value, and supply dynamics for investment opportunities [3][28]. Summary by Sections Recent Trends - As of March 5, 2026, the Guohai Chemical Prosperity Index stands at 99.35, reflecting a 5.16 increase from February 26, 2026 [1]. Performance Metrics - The basic chemical sector has shown a performance increase of 7.4% over the past month, 23.6% over the past three months, and 50.8% over the past year [4]. Investment Opportunities 1. **Value-Driven Opportunities**: Potential for increased dividend yields in sectors such as coal chemicals (e.g., Hualu Hengsheng, Luxi Chemical), oil refining (e.g., Hengli Petrochemical, Sinopec), pesticides (e.g., Yangnong Chemical), and potassium fertilizers (e.g., Salt Lake Industry) [3]. 2. **Supply-Driven Opportunities**: Focus on domestic anti-involution policies and European capacity exits, with key players including PTA/Polyester (e.g., Xinfengming, Tongkun), glyphosate and organosilicon (e.g., Xingfa Group), and industrial silicon (e.g., Hoshine Silicon) [6]. 3. **Demand-Driven Opportunities**: Highlighting sectors benefiting from large-scale opportunities, including gas turbines (e.g., Zhenhua Group), refrigerants (e.g., Juhua), and energy storage (e.g., Chuanheng) [6]. Key Companies and Earnings Forecasts - The report tracks several key companies with their respective earnings per share (EPS) forecasts for 2024 to 2026, indicating a positive outlook for many, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical [29]. Market Observations - The report notes that geopolitical tensions, particularly in the Middle East, are likely to drive oil prices higher, benefiting companies like China National Petroleum and CNOOC, while also increasing costs for petrochemical products [9][13]. Price Trends - Recent price increases have been observed in various chemical products, including MDI and TDI, with significant upward movements in raw material costs due to geopolitical events [14][18]. Conclusion - The chemical industry is positioned for a favorable outlook, driven by structural changes in supply and demand dynamics, with a focus on companies that can leverage these trends for growth and profitability [28].

基础化工 | 证券研究报告 — 行业周报 2026 年 3 月 8 日 强于大市 化工行业周报 20260308 国际油价大幅上涨，环氧丙烷、 MDI 价格上涨 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，自主可控日益关键背景下的电子材料公 司与涨价背景下的部分新能源材料公司。 行业动态 投资建议 风险提示 地缘政治因素变化引起油价大幅波动；全球经济形势出现变化。 相关研究报告 《化工行业政府工作报告学习体会》20260306 《化工行业周报 20260301》20260301 《化工行业周报 20260225》20260225 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 证券分析师：范琦岩 qiyan.fan@bocichina.com 证券投资咨询业务证书编号：S1300525040001 本周（03.02-03.08）均 ...

Core Viewpoint - The company is entering a new growth cycle driven by strategic investments and the AI-driven semiconductor industry, which is reshaping the market landscape and enhancing domestic alternatives in key sectors [4][5][6]. Group 1: Strategic Investment and Growth - The company announced a capital increase of 925 million RMB for its wholly-owned subsidiary Chengdu Kemeite Special Gas Co., Ltd. to support its strategic planning and operational development [4]. - The strategic investment from Gongrong Jintou and Xingyin Financial Asset Investment will enhance the company's capacity expansion and technological upgrades, positioning it to seize opportunities in the industry transformation [6]. Group 2: Semiconductor Industry Dynamics - The semiconductor industry is entering a new AI-driven cycle, with significant demand growth across consumer, enterprise, and industrial sectors, particularly in AI PCs, servers, and smart driving [5][7]. - Global AI server shipments are expected to grow over 80% year-on-year in 2024, with the semiconductor market projected to exceed 1 trillion USD by 2030, nearly doubling from 2023 [7][8]. Group 3: Domestic Alternatives and Market Position - The company has established a strong presence in semiconductor materials, covering critical manufacturing processes, with its precursor purity reaching 99.99999% (7N level) and an 18% market share in global HBM precursor supply [8]. - The company is positioned as a key supplier for major domestic wafer fabs, including SMIC and Yangtze Memory Technologies, indicating a successful domestic alternative strategy [8]. Group 4: LNG Market Growth - The global LNG insulation board market is projected to grow from approximately 1.507 billion USD in 2025 to 16.82 billion USD by 2032, with a CAGR of 40.8% from 2026 to 2032 [9]. - The company is experiencing strong demand in its LNG board business, with completed GTT certification for multiple products, enhancing its profitability amid rising LNG import volumes driven by carbon neutrality policies [9].

Core Insights - The report highlights the importance of promoting reasonable price recovery as a key task for economic development in 2026, with fiscal spending expected to maintain a considerable scale [5][6] - The GDP growth target for 2026 is set at 4.5-5%, with a focus on achieving better results in practice [5] - The report emphasizes the need for investment expansion, with a planned central budget investment of 755 billion yuan, an increase of 20 billion yuan from 2025 [7] Macroeconomic Overview - The government work report indicates that consumer price index (CPI) growth is targeted at around 2.0% for 2026, with efforts to improve the overall supply-demand relationship [6] - The fiscal deficit target for 2026 is set at approximately 5.89 trillion yuan, with a deficit rate of around 4%, consistent with 2025 [6][7] - The manufacturing PMI for February is reported at 49.0%, indicating a continued contraction in manufacturing activity [9][10] Industry Performance - The report notes that the communication sector saw a rise of 2.84%, while the agriculture, forestry, animal husbandry, and fishery sector declined by 2.02% [4] - The electric equipment and machinery sectors also experienced positive growth, with increases of 2.18% and 2.05% respectively [4] - The manufacturing price index remains in an expansion zone, with the main raw material purchase price index at 54.8% [10][11] Investment Opportunities - The report suggests that traditional industries will be prioritized for quality upgrades, with 200 billion yuan allocated for large-scale equipment updates [7] - There is a strong emphasis on nurturing emerging and future industries, with a target for R&D expenditure to grow by over 7% annually [7] - The report indicates that high-tech manufacturing investment remains robust, with a cumulative year-on-year growth of 16.9% in aerospace and equipment manufacturing fixed asset investment [7]