丨证券研究报告丨 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信周观点：GTC/OFC 光互联技术迸发，国内 云厂商 AI 服务调价 报告要点 [Table_Summary] 2026 年第 11 周，通信板块上涨 1.96%，在长江一级行业中排名第 1 位；2026 年年初以来， 通信板块上涨 6.8%，在长江一级行业中排名第 7 位。GTC 2026，英伟达发布推理"五机柜" 方案，Scale-out 光互连迎新增量。OFC 2026，AI 驱动光通信行业迎指数级增长，头部企业加 速产能扩张，CPO/NPO/OCS/XPO 多技术路径落地。AI 需求爆发叠加供应链成本上涨，国内 头部云厂商密集调价。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信周观点：2]GTC/OFC 光互联技术迸发，国内 云厂商 AI 服务调价 [Table_Summary2] 板块行情 ...

19 March 2026 | 11:36AM HKT Equity Research Satellite call: Huace Navigation (300627.SZ, NC): Satellite navigation, positioning and mapping; StellaX chip enhanced computing accuracy We spoke with Huace Navigation (300627.SZ, Not Covered), a leading MEO (Medium Earth Orbit) satellite navigation, positioning, and mapping service provider in China with integrated product offerings. The company has newly launched its X15L RTK (real-time kinematic) device, which adopts Huace's latest StellaX chip and PointX serv ...

证券代码：300627 证券简称：华测导航 公告编号：2026-010 上海华测导航技术股份有限公司 关于控股股东、实际控制人部分股份解除质押及质押的公告 | 股东名称 | 是否为控 股股东或 第一大股 | | 占其所 | 占公司 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 本次解除质 | 持股份 | 总股本1 | 质押起 | 质押解 | 质权人 | | | 东及其一 | 押数量（股） | 比例 | 比例 | 始日 | 除日 | | | | 致行动人 | | （%） | （%） | | | | | 赵延平 | 是 | 27,300,000 | 17.60 | 3.47 | 2023日3 | 2026年3 | 国金证券 | | | | | | | 月21日 | 月18日 | | 注：赵延平先生该期质押原质押股数为19,500,000股，因公司实施2024年度权益分派， 以资本公积金向全体股东每10股转增4股。转增后，赵延平先生该期质押股数为27,300,000 股。 2、本次质押的基本情况 | 是否为控股 | 占其所 | 占公司 ...

睿兽Pro . 创业邦旗下横跨一二级市场的科创数据平台。实时投资数据、追踪产业创新。找数据、做分析、链资 源，就上睿兽分析。 以下文章来源于睿兽Pro ，作者Bestla 上周基金重点事件回顾丨 03.09-03.15 睿兽分析每周整理最值得关注的基金重点事件，帮助大家及时了解全球私募股权基金 市场动向。 政府引导基金 京津冀创业投资引导基金完成备案 2026年3月12日，中金公司宣布，规模500亿元的京津冀创业投资引导基金合伙企业（有限合伙）已 完成首批资金实缴到位，并于近日在中国证券投资基金业协会完成私募基金备案。该基金管理人为中 金公司全资子公司中金资本运营有限公司，坚持"投早、投小、投长期、投硬科技"，采用"子基金+直 投项目"方式投资种子期、初创期企业，充分发挥政策效能，支撑原创性、颠覆性技术创新和关键核 心技术攻关，培育发展战略性新兴产业和未来产业。截至目前，京津冀基金已签约投资4只子基金及1 个直投项目，并完成首笔出资。 （ 中 金 公司 ） 朝阳科创基金首都会展科创基金招GP 中关村科技园区朝阳园管理委员会发布公告遴选朝阳科创基金首都会展科创子基金管理机构，公告指 出，首都会展科创子基金以会展 ...

Summary of Key Points Core Viewpoint The article discusses the recent developments in China's mother fund industry, highlighting the total management scale of 111.2 billion yuan, with investments spanning various sectors such as artificial intelligence, big data, and advanced manufacturing. Group 1: Fund Manager Recruitment - Beijing's Chaoyang Science and Technology Innovation Fund is seeking a General Partner (GP) for its sub-fund focused on the exhibition industry and technology integration [3] - Zhejiang's Wenzhou Science and Technology Innovation and Entrepreneurship Investment Fund is also recruiting a GP to support strategic emerging industries [4] Group 2: Mother Fund Establishment - Guangdong's Nansha Science and Technology Innovation Mother Fund 3.0 has been officially launched with a target scale of 10 billion yuan, focusing on integrating technology and industry [6][7] - Shaanxi has introduced its first "perpetual mother fund" with a scale of 10 billion yuan, aimed at enhancing funding support for key industries and early-stage tech projects [8] - Zhejiang has completed the registration of its first mother fund with S-function capabilities, aimed at deepening collaboration between provincial and local resources [10] Group 3: Mother Fund Policies - The China Securities Investment Fund Industry Association has released implementation details for private fund information disclosure, enhancing self-regulation and investor protection [11] Group 4: LP Contributions - The Beijing-Tianjin-Hebei Venture Capital Guidance Fund has officially contributed 500 billion yuan, focusing on early-stage and hard technology investments [12] - Fujian's Zijin Mining has invested in a fund with a total scale of approximately 2.82 billion yuan, contributing around 100 million yuan [13] - Zhejiang's Huace Navigation has established a fund with a total commitment of 2.52 billion yuan, with Huace being the largest single LP [14] - Shanghai's Fulede has announced a contribution of 40 million yuan to a new fund, marking its entry into the investment space [15] - Zhejiang's Yongji Co. has committed 20 million yuan to a fund focused on semiconductor and new energy sectors [17] - Wenzhou's Science and Technology Innovation Fund has added five new sub-funds totaling 9.5 billion yuan, targeting AI and high-end manufacturing [18]

Core Insights - The report highlights the impact of industry demand fluctuations on the company's revenue and profit margins, with a noted decline in various product sales and overall revenue [5][6][7] Company Performance - The company reported a total revenue of 4.474 billion yuan for 2025, a decrease of 8.78% year-on-year, with a net profit attributable to shareholders of 690 million yuan, down 26.87% [4] - Sales volume and revenue for most products declined, except for the aluminum-plastic cap plastic bottle series, which saw a slight increase in sales volume to 933 million units, up 4.81% [5] - The molded bottle series experienced a sales volume of 330,300 tons and revenue of 2.033 billion yuan, reflecting a year-on-year decline of 11.79% and 13.59% respectively [5] - The company’s comprehensive gross margin improved to 33.31%, an increase of 0.16 percentage points year-on-year, driven by product structure optimization and automation [6] - The net profit margin for 2025 was reported at 15.41%, a decrease of 3.82 percentage points year-on-year, influenced by inventory write-down losses and increased management expenses [7] Financial Health - The company's asset-liability ratio decreased to 17.42%, down 3.61 percentage points year-on-year, indicating improved financial stability [8] - Cash and cash equivalents accounted for 10.69% of total assets, an increase of 0.18 percentage points, providing a solid foundation for risk management and future growth [8] Strategic Developments - The company plans to establish a wholly-owned subsidiary in Malaysia to expand its overseas business, with exports in 2025 reaching 1.502 billion yuan, a year-on-year increase of 1.98% [8] - A directed share issuance is set to change the actual controller to a subsidiary of China National Pharmaceutical Group, which is expected to enhance collaboration and development opportunities [10]

Core Insights - The report highlights the significant changes in the frozen food industry in China, indicating a transition from rapid expansion to structural optimization, with a focus on B-end and C-end market dynamics [6][7]. Company Recommendations - The report recommends several stocks, including Ningbo Bank, Beijing Lier, and Muyuan Foods, as potential investment opportunities based on their market positions and growth prospects [4]. Industry Analysis - The frozen food industry in China is expected to see an increase in B-end pre-prepared food penetration, which will drive growth, while the C-end market will shift towards high-quality, healthy, and convenient products to meet the demands of a new generation of consumers [7]. - The report draws parallels with the Japanese frozen food industry, noting that the development of cold chain infrastructure and the transition from B-end to C-end markets are critical for growth [6][7]. - The concentration of the industry is anticipated to increase, with leading companies leveraging scale, branding, and comprehensive supply chain management to strengthen their market positions [7].

Core Viewpoint - Shanghai Huace Navigation Technology Co., Ltd. is establishing an industrial fund in collaboration with professional investment institutions to promote long-term development and leverage resources for discovering quality projects [1]. Group 1: Investment Fund Details - The total subscribed capital of the industrial fund is 252 million yuan, with Ningbo Xihe contributing 125 million yuan, accounting for 49.60% of the total [1]. - The fund has completed the business registration process and obtained a business license [1]. Group 2: Investment Focus - The industrial fund will focus on high-precision positioning navigation, intelligent perception, and intelligent control technologies, targeting investments in smart IoT and new forms of smart devices [1]. - Specific areas of investment include chips, components, smart devices, and the application of AI in vertical industries, aiming to uncover new opportunities in innovative technologies and applications along the industry chain [1][2]. Group 3: Investment Stage - The investment stage will primarily focus on early-stage investments, emphasizing projects related to intellectual property and the transformation of scientific research achievements from universities and research institutions [2]. - The fund will also consider controlling stakes and projects with future acquisition potential [2].

证券代码：300627 证券简称：华测导航 公告编号：2026-009 上海华测导航技术股份有限公司关于 全资主体与专业投资机构共同投资设立产业基金的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、与专业投资机构共同投资情况 为促进上海华测导航技术股份有限公司（以下简称"公司"）长远发展，充 分借助专业投资机构的资源和能力优势，积极发掘优质项目资源，推进产业协同， 华测导航全资主体宁波熙禾投资管理合伙企业（有限合伙）（以下简称"宁波熙 禾"）于近期与苏州方广三期创业投资管理合伙企业（有限合伙）（以下简称"苏 州方广"）、杭州高新创业投资有限公司、湖北省高速公路发展基金合伙企业（有 限合伙）、洪天峰、朱琳签署《杭州方广熙禾创业投资合伙企业（有限合伙）有 限合伙协议》（以下简称"《合伙协议》"），共同投资成立杭州方广熙禾创业 投资合伙企业（有限合伙）（以下简称"产业基金"），近日，产业基金已完成 工商登记手续并取得营业执照。 | 成立日期 | 年 月 日 2026 13 | 2 | | --- | --- | --- | | 注册地址 | 浙江省杭州市滨 ...

Group 1 - The government work report emphasizes the importance of stabilizing domestic demand and prioritizing consumption enhancement initiatives [6][12][13] - The GDP growth target for 2026 is set at 4.5%-5%, aligning with the long-term goal of doubling per capita GDP by 2035 [6][20] - Fiscal policy remains proactive, with a deficit rate planned at around 4% and a total deficit scale of 5.89 trillion yuan, an increase of 230 billion yuan from the previous year [7][20][21] Group 2 - The report highlights the introduction of new industries such as "smart economy," focusing on large-scale computing clusters and satellite internet [2][6] - The government plans to issue special bonds totaling 3 trillion yuan to support the capital replenishment of state-owned commercial banks [6][20] - The report indicates a commitment to stabilizing the real estate market and preventing debt default risks through various measures [9][22] Group 3 - The report outlines a dual approach to investment, emphasizing both consumption and infrastructure projects, with significant funding allocated for new infrastructure and equipment updates [12][13][20] - The focus on "new quality productivity" aims to integrate high-end manufacturing with emerging industries such as electric vehicles and robotics, with a planned investment of 200 billion yuan over the next five years [5][14] - The report anticipates a continued emphasis on structural monetary policy tools to support economic stability and growth, with expectations of 1-2 interest rate cuts throughout the year [8][21] Group 4 - The report indicates a strong focus on technological innovation and support for key sectors, including semiconductor and biotechnology, to drive economic transformation [14][16] - The investment strategy suggests a structural bull market, with opportunities in technology growth, domestic consumption recovery, and high-end manufacturing upgrades [15][16] - The report emphasizes the importance of policy coherence and collaboration between macroeconomic policies and reforms to enhance overall policy effectiveness [12][21]