March 30, 2026 10:00 PM GMT China Equity Strategy Launching China Best Business Models Version 2 We identify 26 best business models in China with sustainable competitive advantages to drive outperformance using the expertise of Morgan Stanley's fundamental, quant, and thematic research. These stocks offer ROE 1.5x higher than the benchmark with a back-tested 3-year Sharpe Ratio of 1.2. An approach worth repeating: We have made identifying Best Business Models a core part of the research franchise for two r ...

能源供应链冲击下五大板块的核心投资机会 20230331 摘要 煤炭板块预计 2025 年触及业绩底部，2026 年随海外油价上涨带动煤 价回升，估值有望修复；重点关注具备煤化工布局的兖矿能源、中煤能 源及焦煤龙头潞安环能。 欧洲化工产能因能源成本劣势加速关停，2022-2025 年累计关停预计 达 3,700 万吨；国内民营大炼化及涤纶产业链凭借电力成本优势与地缘 稳定性，长期价值凸显。 电力板块盈利中枢有望上移，煤价上涨将通过联动机制带动水电、核电 及绿电电价上调；2026 年为绿电基本面底部，供需拐点临近，看好低 估值火电及绿电龙头。 2026 年锂电产业链将迎来强贝塔行情，油价上涨提升电动车经济性， 储能随风光装机放量；重点关注宁德时代、富临精工及储能标的艾罗能 源、德业股份。 固态电池板块预计 5 月受行业事件催化，目前估值已消化，建议布局设 备龙头纳科诺尔、力通科技；AIIDC 需求带动金盘科技、许继电气等电 力设备估值修复。 农业板块受油价传导滞后且幅度有限，中国粮食储备充足可抵御外部波 动；生猪市场关注成本溢价带来的反弹弹性，特定标的关注与化工关联 度高的海南橡胶。 Q&A 在美伊冲突持续、全 ...

Core Insights - The domestic fundamental and liquidity environment is expected to support the A-share market, with short-term influences from the Middle East situation and control over the Taiwan Strait [2][4] - The A-share market may face a decisive period in April, with potential recovery in earnings as the financial reporting window opens [2][4] - Investment opportunities in the new energy sector are highlighted, particularly in solar and wind power, which are less affected by geopolitical conflicts and fossil fuel prices [2][4] Real Estate Sector: Poly Real Estate Group - Poly Real Estate Group's sales ranking improved to 12th in January 2026, with a sales amount of 3.7 billion yuan, despite a year-on-year decline of 22.9% [8] - The company achieved a sales area of 150,000 square meters in January 2026, down 6.8% year-on-year, with an average sales price of 24,800 yuan per square meter, a decrease of 16.5% [8] - The company has a strong backing from its parent company, Poly Group, which holds 48.09% of its shares, providing stability and growth potential [11] Transportation Sector: COSCO Shipping Specialized Carriers - COSCO Shipping Specialized Carriers reported a revenue of 16.611 billion yuan in the first three quarters of 2025, a year-on-year increase of 37.92% [13] - The company’s net profit reached 1.329 billion yuan, up 10.54% year-on-year, with a significant increase in cash flow from operating activities [13] - The expansion of the fleet and increased shipping business revenue are key drivers of growth, despite rising operational costs [13][14] Transportation Sector: Jitu Express - Jitu Express achieved a total revenue of 5.499 billion USD in the first half of 2025, a year-on-year increase of 13.1%, with significant growth in the Southeast Asian market [15][16] - The company’s Southeast Asian market revenue grew by 29.6%, reaching 1.970 billion USD, with an adjusted EBITDA of 313 million USD [15][16] - The company is focusing on cost optimization and pricing strategies to enhance market share in a competitive environment [17] Chemical Sector: Satellite Chemical - Satellite Chemical reported a gross margin of 22.31% in 2025, with a net margin of 11.52%, despite a slight decline in both metrics [18] - The company’s asset-liability ratio decreased to 51.74%, indicating improved financial stability [18] - The company plans to distribute a cash dividend of 1.678 billion yuan, reflecting a commitment to shareholder returns [18] Chemical Sector: Yake Technology - Yake Technology's revenue grew significantly due to increased sales in LNG and electronic materials, although net profit growth lagged behind revenue growth due to foreign exchange losses [21][22] - The company is focusing on developing advanced semiconductor materials and has established a dual R&D department in China and South Korea [22] - The company’s gross margin was 31.82%, with a net margin of 13.29%, indicating stable profitability despite rising R&D costs [21] New Energy Sector: CATL - CATL reported a revenue of 423.702 billion yuan in 2025, a year-on-year increase of 17.04%, with a net profit growth of 42.28% [25] - The company maintained its leading position in the global battery market, achieving a market share of 39.2% in 2025 [25][26] - CATL's energy storage battery sales grew by 29.13%, with ongoing expansion of production capacity to meet market demand [26] Pharmaceutical Sector: Tasly Pharmaceutical - Tasly Pharmaceutical's revenue was 8.236 billion yuan in 2025, a slight decline of 3.08%, with core products showing stable sales [27][28] - The company is focusing on innovation and has a robust pipeline of new drug projects, with significant R&D investment [29] - The integration with China Resources has strengthened the company's market position and operational efficiency [27] Food and Beverage Sector: Kweichow Moutai - Kweichow Moutai's revenue for Q3 2025 was 39.06 billion yuan, with a slight year-on-year increase of 0.6%, indicating a strategic adjustment in growth [33] - The company is focusing on maintaining quality and long-term value, with plans for internationalization and brand enhancement [32][33] - The company announced a cash dividend of 23.957 yuan per share, reflecting its commitment to shareholder returns [33] Staffing Sector: Core International - Core International expects a steady increase in revenue and net profit in 2025, driven by technological advancements and operational efficiency [35] - The company is leveraging its data and technology capabilities to enhance its service offerings and market presence [35] - The integration of various business lines is expected to drive growth and improve profitability [35] Electronics Sector: Haixing Co., Ltd. - Haixing Co., Ltd. is positioned to benefit from the growing demand for AI server capacitors, with a projected market size increase in the coming years [37][38] - The company is enhancing its production capabilities to meet the rising demand for high-end aluminum electrolytic capacitors [38] - The company holds a leading market share in the aluminum foil sector, with ongoing improvements in technology and production processes [37]

据交易所数据显示，截至4月1日午后一小时，主力资金流出前20的股票分别为： 阳光电源（-24.87亿 元）、 比亚迪（-11.39亿元）、 平潭发展（-6.34亿元）、 亿纬锂能（-6.14亿元）、 金风科技（-5.82亿 元）、 德明利（-5.61亿元）、 巨力索具（-5.12亿元）、 顺灏股份（-4.96亿元）、 赣锋锂业（-4.25亿 元）、 赤峰黄金（-4.01亿元）、 信维通信（-3.97亿元）、 利欧股份（-3.82亿元）、 宁德时代（-3.64 亿元）、 蓝色光标（-3.58亿元）、 再升科技（-3.56亿元）、 拓日新能（-3.47亿元）、 神剑股份 （-3.26亿元）、 烽火通信（-3.20亿元）、 神州高铁（-2.92亿元）、 亨通光电（-2.90亿元）。 ...

2026 年 04 月 01 日 金融工程研究团队 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 蒋 韬（分析师） 证书编号：S0790525070001 常津铭（研究员） 证书编号：S0790126010044 相关研究报告 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 魏建榕（分析师） 高鹏（分析师） weijianrong@kysec.cn 证书编号：S0790519120001 gaopeng@kysec.cn 证书编号：S0790520090002 4 月份券商金股特征解析 4 月份中际旭创、宁德时代、紫金矿业、安井食品、科达利、美的集团、海天味 业等金股推荐次数靠前。4 月份券商金股已经陆续发布，我们统计了全市场 36 家券商发布的金股，去重后金股数量合计为 226 只。我们按照相对上 ...

策 略 研 究 反攻之路：科技制造与稳定内需 [Table_Authors] 方奕(分析师) 国泰海通策略 2026 年 4 月金股组合 本报告导读： 稳定是中国经济与股市的底色，中国转型与产业发展能够打破当下弥漫的"滞胀" 叙事。市场调整后，中国股市正出现重要底部与击球点，看好金融/科技制造/内需。 投资要点： 策略研究 /[Table_Date] 2026.04.01 | | 021-38031658 | | --- | --- | | | fangyi2@gtht.com | | 登记编号 | S0880520120005 | | | 苏徽(分析师) | | | 021-38676434 | | | suhui@gtht.com | | 登记编号 | S0880516080006 | [Table_Report] 相关报告 聚焦供应链安全与能源转型 2026.03.29 危中有机：油价冲击下的行业配置 2026.03.23 聚焦能源转型与智能经济新增长 2026.03.22 聚焦算力与能源系统新战略 2026.03.15 能源安全与打造智能经济新形态 2026.03.08 证 券 研 究 报 告 策 略 ...

数说新能源 欢迎订购2026年月度电池装机数据库、中国汽车上险数据库、月度锂电排产数据、海外汽车销量、汽车零售和批发销量、 中国储能产业数据库、 全球锂电产能数据库 联系方式：13220160736（同微信） 1、市场确实整体大增了，但是对成本非常敏感，整体储能系统提价非常困难 2、集成这个环节门槛太低了，进来了一堆企业，比方说光伏企业过来内卷储能，大家项目分一分，都没啥增长 3、电池环节寡头格局，利润都被宁德时代吃了 4、中游下面面临下游电池寡头，上面面临矿企业、电解液企业提价，基本上就是增收不增利 半仙建了一个储能市场讨论群，欢迎扫码加入，如果满人，请添加半仙微信， 期 推 荐 往 主机厂电芯采购：兼顾性能和成本 比亚迪出海：发力东南亚 添加半仙微信，备注"进群"，邀请你加入锂电行业社群，获得行业最新动态、行 业干货报告和精准人脉。 本公众号基于分享的目的转载，转载文章的版权归原作者或原公众号所有，如有涉及侵权请及时告知，我们将予以核实并删 除 CATL ：储能市场增长高于动力 加入社群 ...

3月31日晚，宁德时代公告称，3月31日，公司接到控股股东厦门瑞庭投资有限公司通知，其与上海交通大学教育发展基金会签订了《上海 交通大学"曾毓群教育基金"捐赠协议书》，厦门瑞庭拟向基金会无偿捐赠其持有的宁德时代500万股A股无限售流通股。 前述捐赠股份产生的全部收益及所得资金将全部注入"曾毓群教育发展基金"，用于支持上海交通大学教育事业发展。 截至3月31日收盘，宁德时代股价报401.7元/股，总市值为1.85万亿元。 以当日收盘价计算，厦门瑞庭捐赠的500万股股票对应市值达 20.085亿元。 | 厦门瑞庭投 | | | 协议转让 | 首次公开发行前已发行 | | --- | --- | --- | --- | --- | | 资有限公司 | 5,000,000 | 0.11% | (捐赠,非交易过 | 的公司股份及因权益分 | | 捐赠主体 | 计划捐赠数 量(股) | 计划捐赠数量 占总股本比例 | 捐赠方式 户) | 股份来源 派转增的股份 | | 股东名称 | 捐赠前 | | 捐赠后 | | | --- | --- | --- | --- | --- | | | 持股数量(股) | 持股比例 | 持 ...

Group 1: Monthly Performance Review - In March 2026, the CSI 300 index fell by 4.93%, and the ChiNext index decreased by 2.21%. The monthly gold stock portfolio recorded a return of -12.18%, underperforming the CSI 300 index by 7.24 percentage points and the ChiNext index by 9.96 percentage points [3][10]. - The March market was characterized by high volatility due to policy expectations from the Two Sessions and escalating geopolitical conflicts in the Middle East. Early in the month, the Two Sessions emphasized expanding investment, domestic demand, and technological innovation, which boosted market confidence. However, worsening Middle Eastern tensions led to international oil prices exceeding $100 per barrel, increasing global "stagflation" trading [3][17]. Group 2: Strategy Outlook for April 2026 - The A-share market in April is expected to remain volatile, primarily influenced by uncertainties in the Middle East, which limits the upward potential of the index. A prudent allocation strategy is recommended, focusing on dividend assets (banks, transportation, public utilities) to mitigate volatility while also investing in energy security sectors such as electric power equipment and new energy (lithium batteries, photovoltaics) [4][18]. - The macroeconomic fundamentals show that March, being a traditional peak season for work resumption, saw the PMI return to the expansion zone, with strong investment, social financing, and export figures in January and February. However, the internal driving force for consumption remains insufficient [3][17]. Group 3: Recommended Stocks for April 2026 - The recommended stocks for the April 2026 monthly gold stock portfolio include: - 300750.SZ Ningde Times - 301358.SZ Hunan Youneng - 600989.SH Baofeng Energy - 002648.SZ Satellite Chemical - 603806.SH Foster - 688630.SH Chipbond - 601952.SH Sukang Agricultural Development - 002594.SZ BYD - 300394.SZ Tianfu Communication - 600595.SH Zhongfu Industrial [5][21]. - The rationale for these recommendations includes: - Ningde Times is a leader in the lithium battery industry, benefiting from the growth in demand for energy storage and power batteries. - Hunan Youneng is a leader in the LFP industry, also benefiting from the increasing demand for energy storage batteries. - Baofeng Energy and Satellite Chemical are both leaders in coal chemical and light hydrocarbon chemical sectors, respectively, benefiting from rising oil prices [23].

Core Insights - The 2025 annual report of public funds shows that active funds align closely with market hotspots, with significantly increased stock holdings leading to notable price gains [2] - The overall structure of public fund holders has stabilized over the past year, with institutional investors favoring large-cap style funds, and holdings in the CSI 300 ETF nearing 1.1 trillion [2][37] - The impact of fee reforms is evident, with total expenses for public funds in 2025 amounting to 253.43 billion, resulting in a total fee rate of 0.67%, a significant decrease compared to the previous year [2][51] Asset Allocation - In 2025, the top three sectors for active fund holdings were Information Technology and Industrials, with the leading stock, Zhongji Xuchuang, having a total market value of 88.39 billion, held by 1,959 active funds [4][5] - The top three stocks in passive funds were Ningde Times, Guizhou Moutai, and Zhongji Xuchuang, with Ningde Times having a market value of 112.81 billion [7][8] Fund Holdings - Active funds maintained significant holdings in Hong Kong stocks, with the top three being Tencent Holdings, Alibaba-W, and SMIC, each exceeding 20 billion in market value [10][12] - The top 20 stocks by fund holdings as a percentage of circulating market value showed substantial price increases in 2025, with Hengbo Co. leading at 49.43% and a price increase of 527.03% [16][17] Fund Company Performance - The top three fund companies by management fee income in 2025 were E Fund, Hua Xia Fund, and GF Fund, with E Fund earning 8.43 billion, a 2.62% increase year-on-year [54] - The total expenses for public funds increased by 5.748 billion compared to 2024, reflecting a growing trading volume in the stock market [51] Institutional Holdings - Institutional investors held 45.72% of public funds by the end of 2025, with a significant preference for bond funds, where institutional holdings reached 82.87% [31][34] - The market value of institutional holdings in the CSI 300 ETF approached 1.1 trillion, indicating strong institutional interest in large-cap stocks [37] Fee Structure - The total expenses for public funds in 2025 amounted to 253.43 billion, with a total fee rate of 0.67%, reflecting the ongoing fee reduction policies [51] - The management fee income for the top fund companies showed varied growth, with some companies experiencing significant increases while others remained stable [54][55]