内容概要：中国安全锤行业作为安全应急产业中的细分领域，近年来在公众意识提升、政策法规推动以 及突发事件应对需求增长的多重驱动下，展现出稳步发展的态势。从应用场景来看，安全锤主要使用领 域集中在城市公共交通系统、长途客运车辆、地铁车厢以及校车等公共交通工具。根据交通运输部门的 相关规定，所有营运类客车和公共交通车辆必须配备符合国家标准的安全锤，这一强制性政策为行业提 供持续的需求支撑。同时，随着老旧车辆更新换代节奏加快，替换型市场需求也保持平稳增长。此外， 民用市场逐渐兴起，越来越多的家庭用户开始关注居家与自驾出行的安配置，进一步拉动行业需求。数 据显示，2024年中国安全锤行业市场规模达到26.62亿元，同比上涨24%。预计2025年行业市场规模增 长至31.77亿元。 相关上市企业：绿联科技（301606）、大众交通（600611）、申通地铁（600834）、锦江在线 （600650）、海汽集团（603069）、富临运业（002357）、江西长运（600561）等。 相关企业：深圳市倍思科技有限公司、深圳市艾瑞泽电子有限公司、深圳市年轮电子科技有限公司、得 力集团有限公司、浙江中加沃安科技有限公司、东莞福泽 ...

证券研究报告·行业深度报告·商贸零售 商社行业2026年度策略： 强&变&新-外需与内需——消费出海与资源商贸 吴劲草 首席证券分析师 S0600520090006 wujc@dwzq.com.cn 石旖瑄 证券分析师 S0600522040001 shiyx@dwzq.com.cn S0600523020005 yangjing@dwzq.com.cn xiy@dwzq.com.cn 请务必阅读正文之后的免责声明部分 2025年11月23日 阳靖 证券分析师 郗越 证券分析师 S0600524080008 张家璇 证券分析师 S0600520120002 zhangjx@dwzq.com.cn 王琳婧 证券分析师 S0600525070003 wanglj@dwzq.com.cn 摘要 2 ❑ 复盘2025年商社行业： ● 国补刺激+低基数下，可选品实现修复。2025年1-10月，在国补带动下，限额以上体育娱乐、家电音像、文化办公、家具、通讯器材等可选品品类均实现 18~21%的高增速；金银珠宝类受益于金价上涨，有较大的增幅；服装、化妆品、日用品等可选消费品也实现4%或以上的增速。分消费类型看，商品零 售好 ...

11月20日，绿联科技跌0.17%，成交额9420.13万元。两融数据显示，当日绿联科技获融资买入额126.73 万元，融资偿还607.93万元，融资净买入-481.20万元。截至11月20日，绿联科技融资融券余额合计 6810.96万元。 融券方面，绿联科技11月20日融券偿还100.00股，融券卖出200.00股，按当日收盘价计算，卖出金额 1.19万元；融券余量3200.00股，融券余额19.05万元，超过近一年60%分位水平，处于较高位。 资料显示，深圳市绿联科技股份有限公司位于广东省深圳市龙华区大浪街道高峰社区龙城工贸御安厂区 7号办公楼1层-6层、6栋厂房4楼，成立日期2012年3月16日，上市日期2024年7月26日，公司主营业务涉 及主要从事3C消费电子产品的研发、设计、生产及销售,致力于为用户提供全方位数码解决方案,产品主 要涵盖传输类、音视频类、充电类、移动周边类、存储类五大系列。主营业务收入构成为：充电类产品 37.01%，传输类产品26.64%，音视频类产品16.34%，存储类产品10.75%，移动周边类产品7.88%，其他 类产品1.33%，其他(补充)0.05%。 截至9月30日， ...

Core Insights - The event focused on "Unlocking New Ways of Data Storage," addressing the practical needs of students in data management and providing effective solutions for efficient digital campus life [1][2][3] Group 1: Event Overview - The UGREEN NAS private cloud storage campus exchange event was held across four universities, concluding with a special session at Guangzhou Academy of Fine Arts [1] - The event aimed to respond to the "storage anxiety" faced by students, such as insufficient storage space, inefficient multi-device collaboration, weak data security, and cumbersome file retrieval [1] Group 2: Product Features and Applications - UGREEN NAS products are designed to meet campus needs, offering features like massive literature classification and quick retrieval to enhance learning efficiency [2] - The cross-device automatic synchronization feature supports real-time updates of documents and materials, addressing the challenges of switching between devices [2] - Real-time editing and version management capabilities facilitate group project collaboration, resolving traditional issues of version confusion [2] - Encryption and secure backup features provide data privacy protection, alleviating concerns about data loss [2] Group 3: User Engagement and Feedback - Interactive discussions and a quiz segment allowed UGREEN to gather valuable feedback from students, identifying optimization directions for storage products based on suggestions like "lightweight operation" and "campus network adaptation" [3] - The event served as a practical basis for future product iterations, aligning product features with actual user needs [3] Group 4: Market Implications - The four-university collaboration not only addressed student storage needs but also provided insights for technology consumer brands to deepen their engagement in the campus market [3] - As digital transformation accelerates in higher education, the demand for efficient and secure campus data management solutions is expected to grow [3]

Core Insights - Ugreen Technology (301606) has officially received dual certifications for ISO27001 and ISO27701 from SGS, a globally recognized inspection and certification body, marking a significant achievement in its data security governance efforts [1][2] - The dual certification enhances Ugreen's compliance foundation for its NAS private cloud's global development and signifies a new level in data security and privacy protection [1][3] Company Summary - Ugreen has been a pioneer in the private cloud NAS storage sector in China, continuously investing in system security, data encryption, and application permission governance, resulting in a multi-tiered privacy protection system for individuals, families, and small teams [2] - The successful attainment of the ISO dual certification reflects Ugreen's commitment to a user-centric core value and provides crucial support for its compliance operations in domestic and international markets [2] - Achieving the ISO27001 and ISO27701 certifications indicates Ugreen's maturity in constructing a data security governance system, which includes organizational management, technical protection, risk processes, and emergency mechanisms [2][3] Industry Summary - The increasing global digitalization has heightened consumer demand for data sovereignty and privacy protection, making data security a critical focus for technology companies [2][3] - Ugreen's dual certification is seen as a milestone in its long-term data security efforts and signifies international recognition of its data protection capabilities [3] - The industry is calling for more companies to adopt international standards and implement systematic management frameworks to provide more reliable products and services to users [3]

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

Core Insights - The company reported a significant increase in revenue and profit for Q3 2025, with operating income reaching 2.5 billion yuan, a year-on-year growth of 60%, and net profit attributable to shareholders at 192 million yuan, up 67% [1][2] - The strong performance is attributed to robust growth in both domestic and international markets, particularly in the NAS and mobile power product categories [2][3] Revenue Performance - In Q3 2025, the company's revenue growth accelerated significantly, driven by strong market performance in both overseas and domestic sectors [2] - The NAS and mobile power categories showed sustained growth momentum, contributing to the overall revenue increase [3] Profitability Analysis - The company's gross margin improved significantly in Q3 2025, with net profit attributable to shareholders reaching 192 million yuan, a 67% increase year-on-year, and non-recurring net profit at 188 million yuan, up 71% [1][2] - The gross margin increased by 0.7 percentage points, attributed to a higher proportion of overseas sales, while the sales expense ratio increased by 0.4 percentage points year-on-year but decreased by 1.5 percentage points quarter-on-quarter [2] - Management and R&D expense ratios decreased by 1.3 and 0.3 percentage points respectively, indicating effective cost control [2] Future Outlook - The company is expected to continue benefiting from ongoing expansion in channels and regions, with product innovation enhancing brand momentum [3] - Projections for net profit attributable to shareholders for 2025-2027 are 700 million, 1.04 billion, and 1.35 billion yuan respectively, indicating strong growth potential [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - The company has shown strong growth in both revenue and profit in Q3 2025, driven by continuous expansion in overseas markets and sustained high growth in core categories such as NAS and mobile power banks. The company is currently in a phase of channel and regional expansion, with product innovation enhancing its brand momentum [2][4][12] Summary by Sections Financial Performance - In Q3 2025, the company's operating revenue reached 2.5 billion yuan, a year-on-year increase of 60%. The net profit attributable to the parent company was 192 million yuan, up 67% year-on-year, while the net profit after deducting non-recurring items was 188 million yuan, reflecting a 71% increase year-on-year [4][12] - The gross profit margin improved significantly, with a year-on-year increase of 0.7 percentage points, attributed to a higher proportion of overseas sales, which typically have higher margins. The sales expense ratio increased by 0.4 percentage points year-on-year but decreased significantly by 1.5 percentage points quarter-on-quarter, indicating effective marketing cost control [12] Market Expansion - The company is in a period of channel and regional expansion, with product innovation enhancing its product lineup. The brand's momentum is accelerating, supported by investments in domestic brand upgrades and the ongoing expansion of e-commerce and offline channels overseas [12] - The NAS product category continues to lead consumer education, while the iteration of new charging products is accelerating, benefiting from the iPhone upgrades and compliance certifications for mobile power banks [12] Future Outlook - The company is expected to achieve net profits of 700 million yuan, 1.04 billion yuan, and 1.35 billion yuan for the years 2025, 2026, and 2027, respectively, indicating a strong growth trajectory [12]

Core Viewpoint - Ugreen Technology's stock price has experienced fluctuations, with a year-to-date increase of 71.29% but a recent decline of 9.23% over the last five trading days [1] Company Overview - Ugreen Technology, established on March 16, 2012, is located in Longhua District, Shenzhen, Guangdong Province, and specializes in the research, design, production, and sales of 3C consumer electronics [2] - The company's main business segments include charging products (37.01% of revenue), transmission products (26.64%), audio and video products (16.34%), storage products (10.75%), mobile peripheral products (7.88%), and others (1.33%) [2] - As of September 30, 2025, Ugreen Technology reported a revenue of 6.364 billion yuan, a year-on-year increase of 47.80%, and a net profit attributable to shareholders of 467 million yuan, up 45.08% year-on-year [2] Stock Performance - As of November 11, Ugreen Technology's stock price was 63.72 yuan per share, with a market capitalization of 26.438 billion yuan [1] - The stock has seen a trading volume of 56.2285 million yuan and a turnover rate of 0.53% [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on January 9, where it recorded a net buy of -24.6681 million yuan [1] Shareholder Information - As of September 30, 2025, Ugreen Technology had 8,578 shareholders, a decrease of 10.42% from the previous period, with an average of 19,235 circulating shares per shareholder, an increase of 454.77% [2][3] - The top ten circulating shareholders include notable funds, with the largest increase in holdings seen in 富国中小盘精选混合A/B [3]

Core Points - On November 10, 2025, the company announced that its major shareholder, Shenzhen Luguan Management Consulting Partnership (Limited Partnership), along with its concerted party, Shenzhen Heshun No. 4 Management Consulting Partnership (Limited Partnership), plans to reduce their shareholding by up to 6,223,649 shares, representing no more than 1.50% of the total share capital [1] - As of November 10, 2025, Heshun No. 4 has already reduced its holdings by 1,351,113 shares through centralized bidding, accounting for 0.33% of the total share capital [1] - Following this reduction, the combined shareholding of Luguan Management and Heshun No. 4 decreased from 13.24% to 12.91%, hitting a 1% integer threshold [1]