本期投资提示： 购 策 略 证 券 研 究 汪秉涵 A0230525090003 wangbh@swsresearch.com 联系人 2026 年 02 月 25 日 觅睿科技（920036.BJ）：物联网设 备国家级"小巨人" ——北交所新股申购策略报告之一百六十四 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 汪秉涵 A0230525090003 wangbh@swsresearch.com 研究支持 请务必仔细阅读正文之后的各项信息披露与声明 策 略 研 究 申 报 告 相关研究 - 汪秉涵 A0230525090003 wangbh@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 基本面：深耕工业物联网领域，抢先布局智慧安防与场景化增值服务体系。公司成立于 2017 年 2 月 15 日，主要从事智能网络摄像机及物联网视频产品的研发、制造与销售， 为国家级专精特新"小巨人"，公司采用自主研发模式，主要业务包括智能网络摄像机及 物联网视频产品和云存储、AI 等增值服务，产品主要应用于主要应用于室内、外安防、智 能入户 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The BOC GEM 50 Index (026770/026771) is an over - the - counter passive index product of BOC Fund, which focuses on the GEM, selects stocks with strong liquidity, and has prominent technology - growth attributes, high R & D investment, and high - quality fundamentals. It performs well in a growth - dominant environment and has an advantage in rebound strength. The fund manager, BOC Fund, has rich experience and management scale [2][39]. 3. Summary According to the Directory 3.1 Index Features - **Index Compilation Method**: The GEM 50 Index consists of 50 stocks with large average daily trading volume in the GEM market, focusing on sample stock liquidity and highlighting investment attributes. It selects stocks by considering the average daily trading volume in the past 6 months and industry coverage, using free - float market capitalization weighting and adjusting every six months [7][8]. - **Weight and Market Value Distribution**: As of January 31, 2026, the index has 50 constituent stocks, with the top ten constituent stocks accounting for 65.27% of the total weight. The weight is highly concentrated in stocks such as CATL, Zhongji Xuchuang, and Xinyisheng. The average free - float market value of constituent stocks is 9.0192 billion yuan, and the average total market value is 14.3456 billion yuan, mainly concentrated between 2 billion and 5 billion yuan [9][12]. - **Industry Characteristics**: The index has prominent technology - growth attributes and is highly in line with new - quality productivity. The constituent stocks are concentrated in the power equipment and communication industries, with 9 stocks in each, accounting for 31.03% and 24.91% respectively. Compared with the GEM Index, it excludes industries with less prominent technology attributes such as agriculture, forestry, animal husbandry, and fishery, and has stronger growth attributes [17][22]. - **Fundamental Characteristics**: The GEM 50 Index further strengthens the innovation - growth attribute on the basis of the GEM Index. The R & D investment as a proportion of operating income reaches nearly 6%, and the annual return on net assets from 2020 to 2024 is between 14% and 20%, surpassing other representative broad - based indices [23][27]. 3.2 Index Investment Value Analysis - **Outstanding Performance in a Growth - Dominant Environment**: The GEM 50 Index focuses on GEM stocks with technology - growth attributes and performs well in a growth - dominant environment. Its cumulative returns in a growth - dominant environment far exceed those of the GEM Index and the China Securities Growth Index. The weekly average return in a growth - dominant environment since 2014 is 2.56%, higher than other indices [28][32]. - **Advantage in Rebound Strength**: Affected by the sector attributes, the GEM 50 Index is unique in the environment of sharp rises or rebounds. In the rebounds in 2022.4, 2024.9, and 2025.4, it shows a high rebound strength, and the rebound interval returns generally exceed those of comparable indices [36]. 3.3 BOC GEM 50 Index (026770/026771) - It is an over - the - counter passive index product of BOC Fund, starting to be raised on February 24, 2026, with a raising period from February 24 to March 13, 2026. The current fund managers are Ms. Li Nian and Mr. Yao Jin. The fund closely tracks the underlying index, aiming to minimize the tracking deviation and tracking error, with a management fee rate of 0.50% and a custody fee rate of 0.10% [39]. 3.4 Fund Manager and Fund Manager Information - **Fund Manager Introduction**: BOC Fund is a Sino - foreign joint - venture fund management company jointly established by the Bank of China and BlackRock. It currently manages 14 passive index products, with a total scale of 1.0043 billion yuan [41]. - **Fund Manager Introduction**: Ms. Li Nian has 9 years of securities experience, with a total scale of 299 million yuan in managed products. Mr. Yao Jin has 12 years of securities experience, with a total scale of 278 million yuan in managed products [43][44].

上 市 公 司 公 司 研 究 / 公 司 深 2026 年 02 月 25 日 桐昆股份 (601233) 报告原因：强调原有的投资评级 投资要点： 市场数据： 2026 年 02 月 24 日 收盘价（元） 24.51 一年内最高/最低（元） 24.80/9.63 市净率 1.6 股息率%（分红/股价） 0.41 流通 A 股市值（百万元） 58,723 上证指数/深证成指 4,117.41/14,291.57 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 15.75 | | 资产负债率% | 66.30 | | 总股本/流通 A 股（百万） | 2,400/2,396 | | 流通 B 股/H 股（百万） | -/- | dingying@swsresearch.com 联系人 邵靖宇 A0230524080001 shaojy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 风雨四十载铸就全球长丝巨头，产业链一体化优势稳固。公司成立 40 年来专注涤纶长丝产 业 ...

桐昆股份 –2025 年业绩符合预期，长丝及炼化景气回暖盈利大幅 增长 THE TH 2026 年 02 月 25 日 | 报告原因:有业绩公布需要点评 | | --- | | 2 (维持) | | 市场数据: 2026 年 02 月 24 日 | | --- | | 收盘价（元） 24.51 | | 一年内最高/最低（元） 24.80/9.63 | | 市净率 1.6 | | 股息率%（分红/股价） 0.41 | | 流通 A 股市值 (百万元) 58,723 | | 上证指数/深证成指 | | 注："股息率"以最近一年已公布分红计算 | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产 (元) | 15.75 | | 资产负债率% | 66.30 | | 总股本/流通 A 股 (百万) | 2,400/2,396 | | 流通 B 股/H 股 (百万) | -/- | 年内股价与大儒对 桐昆股份 沪深300指数 收益有 相关研究 申万宏源研究微信服务号 投资要点: 财务数据及盈利预测 | | 2024 | 202501-3 | 2025E | 2026E | 20 ...

——2025 年业绩符合预期，长丝及炼化景气回暖盈利大幅 增长 | 报告原因：有业绩公布需要点评 | | --- | | 买入（维持） | | 市场数据： | 2026 年 02 月 24 日 | | --- | --- | | 收盘价（元） | 24.51 | | 一年内最高/最低（元） | 24.80/9.63 | | 市净率 | 1.6 | | 股息率%（分红/股价） | 0.41 | | 流通 A 股市值（百万元） | 58,723 | | 上证指数/深证成指 | 4,117.41/14,291.57 | | 注："股息率"以最近一年已公布分红计算 | | 石油石化 2026 年 02 月 25 日 桐昆股份 (601233) 一年内股价与大盘对比走势： -50% 0% 50% 100% 02-24 03-24 04-24 05-24 06-24 07-24 08-24 09-24 10-24 11-24 12-24 01-24 02-24 桐昆股份 沪深300指数 (收益率) 相关研究 证券分析师 | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（ ...

上 市 公 司 交通运输 2026 年 02 月 25 日 安徽皖通高速公路 (00995) ——长三角一体化赋能流量增长，外延并购持续扩张 投资要点： | 单位：百万元，人民币 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 6,631 | 7,092 | 7,147 | 7,228 | 7,267 | | 收入增长率（%） | 27.4 | 6.9 | 0.8 | 1.1 | 0.5 | | 归属普通股东净利润 | 1,658 | 1,671 | 1,955 | 2,002 | 2,119 | | 归属普通股东净利润增 | 14.7 | 0.8 | 17.0 | 2.4 | 5.8 | | 长率（%） | | | | | | | 每股收益（元/股） | 1.00 | 1.01 | 1.14 | 1.17 | 1.24 | | 毛利率（%） | 39.1 | 34.1 | 37.9 | 38.1 | 39.4 | | ROE（%） | 13.1 | 12.5 | 14.6 | 1 ...

Core Insights - The report highlights the significant advancements in robotics showcased during the 2026 CCTV Spring Festival Gala, emphasizing the progress in hardware, control systems, and bionic technologies [2][11] - The polyester industry is experiencing a recovery, with leading companies benefiting from an integrated supply chain and improved demand dynamics [3][12] Mechanical Industry - The 2026 Spring Festival Gala featured performances by four companies, demonstrating cutting-edge achievements in embodied intelligence, including hardware, control, and bionic operations [2][11] - The performance of robots exceeded expectations, serving as a catalyst for the sector, with recommendations to focus on domestic robot supply chain companies [2][11] Polyester Industry - The polyester supply chain is witnessing a recovery, with profits shifting towards the filament segment due to improved supply-demand dynamics [3][12] - Zhejiang Petrochemical is expected to contribute stable investment returns, with projected annual contributions exceeding 1.5 billion yuan from 2025 to 2027, significantly smoothing out the cyclical fluctuations of the filament business [3][12] - The report forecasts a steady increase in net profit for the company, with estimates of 2.046 billion yuan, 3.693 billion yuan, and 4.987 billion yuan for 2025, 2026, and 2027 respectively, indicating a strong growth potential [3][12]

Investment Rating - The report maintains a positive outlook on the Southeast Asian electric vehicle market, particularly for Chinese brands, suggesting a "Buy" rating for companies like BYD, Geely, XPeng, and Leapmotor [4][5]. Core Insights - The Southeast Asian electric vehicle market is expected to see steady growth, with monthly total sales increasing from 14,900 units to 23,400 units in 2025, and Chinese brands maintaining a market share of 72%-78% [4][14]. - The competitive landscape is shifting from price wars to value competition, with brands focusing on technology, brand strength, and ecosystem development [4][5][33]. - Consumer demand is evolving from a focus on technology to lifestyle needs, with a clear segmentation among brands targeting different consumer demographics [5][6]. Market Overview - In 2025, the total sales of electric vehicles in Southeast Asia showed a steady increase, with Chinese brands leading the market. Monthly sales rose from 14,900 units in January to 23,400 units in December, with Chinese brands' sales increasing from 12,800 units to 19,000 units [14][15]. - BYD's market share decreased from 41.8% to 28.7% due to increased competition, but it still led in total sales with 41,480 units sold in Thailand [15][20]. Price War Analysis - The price war in Thailand was characterized by significant discounts, with major brands like BYD and Chery engaging in aggressive pricing strategies to clear inventory as government subsidies were set to expire [27][28]. - The average price reduction for mainstream models ranged from 15% to 25%, with some models experiencing discounts as high as 36.43% [28][29]. Brand Competitiveness - The report highlights the importance of distribution channels, with local partners showing increased confidence in Chinese brands. The number of dealerships is expected to grow by 20%-50% in 2026 [6][42]. - Different Chinese brands are adopting varied strategies: BYD is focusing on mass-market appeal, while XPeng and Zeekr are targeting high-end consumers [5][6]. Consumer Insights - The consumer profile in Southeast Asia is diversifying, with brands like BYD appealing to working families and ride-hailing drivers, while XPeng and Zeekr attract business professionals and high-net-worth individuals [5][6]. - MG has successfully transitioned from a value proposition to brand recognition among middle-class consumers and corporate executives [5]. New Vehicle Plans - In 2026, brands are expected to increase their new vehicle launches in Southeast Asia, with predictions of significant sales growth for Chery (182% increase), Zeekr (76% increase), and BYD (35% increase) [5][6].

证券研究报告 市场缩量回调，商业不动产再添四单 ——2026年公募REITs市场2月半月报 | 证券分析师：彭文玉 | | A0230517080001 | | --- | --- | --- | | 朱敏 | | A0230524050004 | | 任奕璇 | | A0230525050002 | | 研究支持: | 陈榕杰 | A0230125080001 | | 联系人: | 陈榕杰 | A0230125080001 | 2026.02.24 摘要 www.swsresearch.com 2 ◼ 节前REITs市场交投缩量回调，能源类领涨、交通季节性修复。2月上半月，REITs市场交投清淡，中证REITs全 收益收跌0.5%，日均换手率回落至近半年谷底。分板块来看，"统一电力市场建设"政策催化叠加开年首只能 源REIT上市高涨，带动能源板块领涨（+1.29%）；春节出行需求推动交通类季节性修复（+0.24%），二者成 为唯二收涨的资产类型；公用事业指数回调最深（-1.13%），其余板块跌幅均在1%以内。个券方面，中外运 仓储REIT领涨（+3.71%），汇添富上海地产REIT受扩募公告提振次之（+3. ...

市公司 游戏 公司品 报告原因: 有新的信息需要补充 2026 年 02 月 24 日 市场数据· 收盘价 (元) 联系人 庞盈盈 A0230522060003 pangyy@swsresearch.com | 收盘价（元） 43.49 | | --- | | 一年内最高/最低（元） 78.14/40.80 | | 市净率 5.0 | | 股息率%（分红/股价） 5.52 | | 78,311 流通 A 股市值 (百万元) | | ┣证指数/深证成指 | | 注："股息率"以最近一年已公布分红计算 | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产 (元) | 8.66 | | 资产负债率% | 26.34 | | 总股本/流通 A 股 (百万) | 1,808/1,801 | | 流通 B 股/H 股 (百万) | - / - | -年内股价与大盛对比走势： 相关研究 证券分析师 屠亦婷 A0230512080003 tuvt@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 请务必仔细阅读正文之后 ...