政策支持新型消费和现代服务业 [Table_Industry] 社会服务业 商社行业周报（2026.3.2-2026.3.8） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 宋小寒(分析师) | 010-83939087 | songxiaohan@gtht.com | S0880524080011 | 本报告导读： 证监会表示将积极支持新型消费、现代服务业等优质创新创业企业在创业板发行上 市。 社会服务业《重申内需重要性，服务产业迎加速 发展》2026.03.06 社会服务业《重申黄金珠宝和旅游出行的投资机 会》2026.03.01 社会服务业《春节消费高景气，关注性价比、情 绪价值和体验》2026.02.26 社会服务业《史上最长春节假期，文旅板块景气 度高》2026.02.23 社会服务业《千问加码外卖补贴，行业价格战趋 缓》2026.02.09 请务必阅读正文之后的免责条款部分 股 票 ...

Summary of Ugreen Technology Conference Call Company Overview - **Company**: Ugreen Technology - **Industry**: NAS (Network Attached Storage) and AI technology Key Points Product Launch and Features - Ugreen plans to launch the AINAS series in H1 2026, featuring high-performance chips like Arrow Lake, targeting high-end notebook specifications as of early 2026 [2][3] - The AINAS product line will include a base model starting at $600 and a Pro version priced between $1,200 and $1,300, maintaining competitive pricing against Synology's consumer products [2][3] - The AI NAS will have a memory starting at 32GB, with Pro versions defaulting to 64GB and a maximum option of 128GB, utilizing Intel's Ultra series chips [3] AI Integration and Software Capabilities - The AI solution will focus on edge model fine-tuning, addressing privacy-sensitive scenarios for content-level search and information extraction [2] - Current AI capabilities include content-based search for photos and detailed content extraction from documents like Word and PDF, primarily serving personal and small business data needs [3][4] Market Strategy and Target Audience - Ugreen aims to extend its business to small and medium-sized enterprises (SMEs) by optimizing hardware and software permissions, avoiding competition with large distributed storage providers [2][6] - The company plans to enhance its product offerings for SMEs, focusing on data security and account permissions, with expectations of launching relevant products in the future [6] Financial Projections - Profit forecasts indicate approximately 700 million yuan for 2025 and an expected profit of 950 million to 1 billion yuan for 2026, with a valuation of less than 30 times earnings for 2026 [3][10] - Revenue and profit are projected to maintain mid-double-digit growth rates [3][10] Competitive Landscape - Ugreen differentiates itself from traditional NAS manufacturers like QNAP and Synology by enhancing consumer experience through software and AI capabilities, while maintaining a significant price advantage [7][8] - Traditional competitors focus more on enterprise solutions, with QNAP generating over 80% of its revenue from the enterprise sector [7] Channel Development and Ecosystem - Ugreen has been establishing offline channels in North America since Q3 2025, with a focus on ramping up sales in 2026 [9] - The AI capabilities are tightly integrated with hardware, as existing DXP series cannot support the edge models due to insufficient processing power [9] Challenges and Opportunities - The current trend shows users prefer storing data on mobile or PC, but there is a growing need for centralized storage solutions as data volume increases [5] - The integration of AI capabilities is expected to enhance the usability of NAS systems, driving higher penetration rates in the market [5] Pricing and Market Position - Recent price adjustments have occurred due to upstream supply chain costs, but Ugreen's NAS business continues to grow, maintaining a competitive edge against Synology's pricing [10] - The AI NAS pricing aligns closely with Synology's four-bay consumer products, ensuring a strong market position [10]

证券研究报告 | 策略报告 gszqdatemark 2026 03 01 年 月 日 投资策略 3 月策略观点与金股推荐：布局"涨价"扩散，博弈政策催化 一、3 月市场观点：布局"涨价"扩散，博弈政策催化 二月以来，多重因素正在推动资金定价向"涨价"条线倾斜。其一，叙事层面，AI 科技革命的叙事定价逻辑开始向实物资产"外溢"；其二，供需层面，在逆全球化 的大背景下，地缘变数的增多进一步带动了各国的资源战略调整，致使生产端实 际供需偏紧的局面可能将在更多商品中陆续显现；其三，价格数据层面，无论是海 外还是国内，通胀数据呈现同步上行，产业链中的涨价环节也有所扩散；其四，资 金轮动视角下，尽管 AI 产业的长期趋势无虞，但融资扩张与资本回报的矛盾越久， 资金定价的分歧也将更易放大。每一次科技条线的颠簸，都难免引发资金分流，而 在非 AI 需求尚未确认转强之前，兼顾供给约束基础和需求改善预期的"涨价"条 线显然比其他方向更具吸引力，也更容易在资金轮动中受益。 大势层面，中期趋势向好，市场有望震荡再向上。中期维度，分子与分母共振向好 的期待没有改变。盈利层面，供需双向发力的政策路径明确，价格端修复的趋势延 续，上游向 ...

Group 1: March Market Insights - The report emphasizes a shift towards "price increase" strategies driven by multiple factors, including the narrative of the AI technology revolution spilling over into physical assets, tightening supply-demand dynamics due to geopolitical changes, and rising inflation data both domestically and internationally [1][6][8] - The mid-term outlook remains positive, with expectations of a market rebound supported by dual forces of supply and demand, alongside continued macro liquidity easing [2][8] - The report suggests focusing on sectors that exhibit both supply constraints and demand improvement, such as chemicals, refining, steel, and non-ferrous metals, as well as areas driven by sustained AI demand like storage and PCB [2][8] Group 2: Stock Recommendations - Yanzhou Coal Mining Company (600188.SH) is highlighted for its performance elasticity, with significant increases in coal production and sales expected to enhance profitability [3][9] - Nanshan Aluminum (600219.SH) is noted for its strategic shift towards a technology-driven model and overseas resource expansion, which is anticipated to unlock new profit ceilings [3][13] - Dongyangguang (600673.SH) is recognized for its integration of AIDC and advancements in liquid cooling solutions, positioning it as a leader in AI infrastructure [3][17][20] - Whirlpool (600983.SH) is expected to benefit from the support of major shareholders and a focus on cost reduction and efficiency improvements [3][21] - Ugreen Technology (301606.SZ) is projected to see significant growth driven by its NAS products and expansion in overseas markets [3][23] - Yanjing Beer (000729.SZ) is anticipated to benefit from a recovery in the restaurant sector and a focus on high-margin products [3][26] - Fuling Power (600452.SH) is positioned for growth through its dual business model and collaboration with State Grid, enhancing its operational efficiency [3][28]

Investment Rating - The report maintains an "Overweight" rating for the gold jewelry and tourism sectors [4]. Core Insights - The report highlights the potential for revaluation in the gold jewelry sector due to international geopolitical instability and rising gold prices, indicating that the jewelry sector is generally undervalued. It recommends companies such as Cai Bai Co., Lao Pu Gold, Luk Fook Holdings, China Gold, Chao Hong Ji, and Chow Sang Sang [2][4]. - The tourism sector is expected to continue its recovery, with specific recommendations for hotels including Huazhu Group-S, Shoulv Hotel, and Jin Jiang Hotels, as well as scenic spots like Emei Mountain A, Jiuhua Tourism, Huangshan Tourism, and Sanxia Tourism [4]. - Individual stock opportunities are identified, recommending companies such as Zhu Mian Group, Jiangsu Guotai, Su Mei Da, Action Education, Guo Quan, Hai Di Lao, and Gu Ming [4]. - The report notes the impact of US-China tariff adjustments and suggests monitoring cross-border exports, recommending companies like Anker Innovations, Konnate Optics, Ugreen Technology, Saiwei Times, Huakai Yibai, and Zhiou Technology [4]. Summary by Sections Industry Overview - The report emphasizes the recovery in consumer spending and the overall positive outlook for the tourism sector, particularly in light of the longest Spring Festival holiday in history [2][4]. Market Performance - Last week, the retail trade sector saw a rise of 0.86%, while the consumer services sector experienced a decline of 4.02%, ranking 22nd and 29th respectively among 30 sectors [4]. Company Updates - Key updates include Cai Bai Co. announcing a share reduction plan and Anker Innovations reporting a significant bond reduction [4]. - The report also highlights the performance of various companies, with notable increases in stock prices for Jin Jiang Hotels (+6.24%), Shoulv Hotel (+5.69%), and Huazhu Group-S (+5.20%) [4]. Financial Projections - The report provides financial forecasts for key companies in the gold jewelry sector, indicating expected growth in net profits and PE ratios for companies like Chow Tai Fook and Lao Feng Xiang [5]. Dividend and ROE Analysis - The report includes a detailed analysis of dividend rates and return on equity (ROE) for various companies, indicating strong performance metrics for several key players in the industry [7].

Q3.公司对自身品牌的定位是怎样的？ 证券简称：绿联科技 证券代码：301606 深圳市绿联科技股份有限公司 投资者关系活动记录表 编号：2026-001 投资者关系活 动类别 ☑ 特定对象调研 ☐ 分析师会议 ☐ 媒体采访 ☐ 业绩说明会 ☐ 新闻发布会 ☐ 路演活动 ☑ 现场参观 ☐ 其他 参与单位名称 共计 49 家机构 113 人次，详见附件 时间 2026 年 2 月 25 日-2026 年 2 月 27 日 地点 深圳 形式 现场、电话会议 上市公司接待 人员姓名 董事会秘书兼财务负责人：王立珍 证券事务代表：申利群 投资者关系活 动主要内容介 绍 一、问答交流（同类问题已作汇总整理，近期已回复问题不再重复） Q1.请简要介绍公司的发展历程？ 答：2012 年，公司正式成立，入驻天猫、京东等国内主流电商平台， 开启品牌发展之路。2013 年至 2015 年，品牌展开全球化市场布局，入 驻亚马逊、速卖通等国际电商平台，业务覆盖全球多个国家和地区；同 时，构建线下经销网络，形成全渠道销售格局。2016 年至 2019 年，公 司在研发和设计方面实现迭代升级，建立起业内领先的供应链体系；产 品线不断丰富 ...

移动充电类：市场CAGR 达10%，产品形态仍有创新。移动充电市场的增速不慢，一是换新周期更短， 二是以苹果为代表的品牌正在经历功率升级/不附赠充电器，三是在产品形态和使用场景上仍有创新， 例如移动充、多合一、自带线、桌面充、组合充等。目前行业整体规模已达2155 亿元，分品类看，1） 移动电源：2024 年全球规模约1500 亿元，中国占比10%左右，后续全球仍有望保持10%的复合增速； 2）充电器：2024 年全球规模达到629 亿元，未来有望继续保持9.8%的复合增速，其中无线充和大功率 充电器目前是增长较快的细分市场。相比友商，公司在海外市场以及线下市场仍有渠道增量，同时在价 格带方面也有望进一步补齐。 绿联科技：新兴消费电子企业，研发与创新打造核心增长引擎内容。公司自2012 年成立以来，依 托"UGREEN"品牌实现国内外全球化布局，构建涵盖充电、传输、音视频、存储、移动周边五大产品体 系。2025H1，公司充电类产品收入达14.27 亿元，同比增长44%，存储类产品收入达10.28亿元，同比增 长29%，其中NAS 私有云新品表现亮眼，成为新增长引擎，后续有望拉动全品类实现增长。公司通过 持续研 ...

Group 1 - The core point of the article is that Ugreen Technology is rapidly advancing its capital process, having submitted its IPO application to the Hong Kong Stock Exchange just 1.5 years after its A-share listing, but faces significant challenges due to declining profit margins and increased competition [1][4][26] - Ugreen Technology was founded in 2012 by Zhang Qingsen and has grown from selling data cables on Taobao to becoming a leading global consumer electronics accessory brand, achieving a net profit of approximately 6.53 billion to 7.33 billion yuan in 2025, representing a year-on-year growth of 41.26% to 58.56% [3][7][19] - The company’s gross margin has declined from about 50% in 2019 to less than 40% in the first three quarters of 2025, raising concerns about its profitability amid rising costs and aggressive marketing expenditures [3][9][26] Group 2 - Ugreen's IPO plans include raising funds primarily for R&D upgrades, brand building, overseas channel expansion, and business process automation, with a target of 15 billion yuan, although only 8.8 billion yuan was actually raised in its A-share IPO [4][5][26] - The company has faced significant cash flow issues, with a 98.69% drop in net cash flow from operating activities in the first three quarters of 2025, and inventory levels reaching 18.16 billion yuan, accounting for 43.4% of current assets [9][11][26] - Ugreen's transition from a 3C accessory provider to a smart hardware solution provider is critical, as it aims to leverage AI technology in its products and expand its global presence, particularly in emerging markets [14][26][27] Group 3 - The competitive landscape for Ugreen is intense, with major competitors like Anker Innovations and tech giants such as Huawei and Xiaomi posing significant threats in both traditional accessory markets and the smart storage (NAS) segment [22][24][25] - Ugreen's strategy includes enhancing its supply chain and channel partnerships, collaborating with leading manufacturers like Foxconn and BYD, and establishing long-term relationships with key component suppliers [20][22] - The company’s growth is supported by a diverse product matrix, with charging products accounting for 46.4% of revenue in the first three quarters of 2025, while smart storage products have seen explosive growth of 166.6% year-on-year [19][20]

Investment Rating - The report assigns an "Increase" rating for the retail and wholesale trade industry, indicating an expected performance that exceeds the Shanghai and Shenzhen 300 Index by over 15% [5]. Core Insights - The U.S. Supreme Court ruled that the tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were illegal, leading to a proposed 5% reduction in tariffs on Chinese goods through the implementation of Section 122 of the Trade Act of 1974 [2][5]. - The Section 122 tariffs will have a broad exemption list, including critical minerals, energy products, certain agricultural products, pharmaceuticals, and vehicles, ensuring limited scope for the tariffs [4]. - The new tariffs will apply a uniform global rate of up to 15%, eliminating previous country-specific differences, thus impacting most trade partners similarly [4]. Summary by Sections Legal Context - The Supreme Court's decision on February 20, 2026, overturned the previous tariffs under IEEPA, stating that the power to impose taxes lies with Congress, not the President [5]. - The new tariffs under Section 122 are set to be temporary, with a maximum duration of 150 days unless extended by Congress [5]. Tariff Structure - The current tariff structure on Chinese goods includes four categories: 301 tariffs (7.5%-25%), 232 tariffs (25-50%), the new 122 tariffs (15%), and special taxes (e.g., fentanyl and reciprocal tariffs totaling 20%) [5]. - The ruling results in a net reduction of approximately 5% in tariffs on Chinese goods, alleviating some pressure on trade [5]. Investment Recommendations - The report recommends several companies for investment, including Anker Innovations, Ugreen Technology, Saiwei Times, Sumida, Jihong Co., and Zhiou Technology, all rated for "Increase" [5][6].

Core Viewpoint - Luguang Technology (301606.SZ) is accelerating its global strategy by initiating a Hong Kong listing just a year and a half after its A-share debut, despite concerns over delayed project progress and significant cash-outs by related parties [2][5][20]. Financial Performance - The company reported revenues of 48.01 billion yuan, 61.66 billion yuan, and 63.61 billion yuan for the first three quarters of 2023, 2024, and 2025, respectively, with year-on-year growth rates of 19.3%, 28.4%, and 47.8% [2][15]. - Net profits for the same periods were 3.94 billion yuan, 4.61 billion yuan, and 4.67 billion yuan, showing year-on-year increases of 19.3%, 17.0%, and 45.8% [2][15]. - Charging creative products, particularly chargers and power banks, generated 29.54 billion yuan in revenue for the first three quarters of 2025, accounting for 46.4% of total revenue and growing by 44.7% year-on-year [2][15]. Business Segments - The smart storage business is emerging as a new growth driver, with NAS product revenues reaching 5.45 billion yuan in the first three quarters of 2025, marking a year-on-year increase of 315.0% [3][16]. - The company ranks second in the global charging products market based on retail sales for 2025, according to a report by Frost & Sullivan [2][15]. Capital and Investment - Luguang Technology raised 7.72 billion yuan upon its A-share listing in July 2024, but as of June 2025, only 1.96 billion yuan had been invested, with significant delays in key projects [5][18]. - The largest project, aimed at enhancing R&D capabilities, has seen only 0.54% of its adjusted investment of 3.16 billion yuan utilized by mid-2025 [6][18]. - The company has a strong cash position, with 11.34 billion yuan in cash and a debt ratio of 30.53% as of September 2025 [19]. Market Position and Strategy - The company is pursuing a global strategy to enhance its international brand image and competitiveness, particularly in overseas markets where it aims to close the gap with industry leader Anker Innovations [9][22]. - In 2024, Anker Innovations reported revenues of 247.10 billion yuan, significantly outpacing Luguang Technology's 61.70 billion yuan [22][24]. - The overseas revenue share for Luguang Technology increased from 46.0% in 2021 to 59.5% in the first half of 2025, indicating a growing reliance on international markets [11][24]. Competitive Landscape - Both Luguang Technology and Anker Innovations show a high dependency on overseas markets, with Anker's overseas revenue constituting 96.4% of its total in 2024, compared to Luguang's 57.4% [11][24]. - The gross margin for overseas sales is significantly higher than for domestic sales, with Luguang's overseas gross margin remaining between 44% and 46% from 2021 to 2024, while domestic margins have declined [11][24].