Policy Developments - The National Energy Administration plans to establish a special working group for "Nuclear Power" under the China-Shanghai Cooperation Organization energy cooperation framework, aiming to enhance practical cooperation in the energy sector by organizing and implementing the "Double Thousand" projects[5]. - The first four special working groups will focus on "Nuclear Power," "Oil and Gas," "Coal," and "Renewable Energy and Electricity," with potential for additional groups in the future[5]. Nuclear Fusion Breakthroughs - China's "artificial sun," the EAST (Experimental Advanced Superconducting Tokamak), confirmed the existence of a "density free zone" in its experiments, providing critical physical evidence for high-density operation in magnetic confinement fusion devices[5]. - The research team developed a theory model (PWSO) that identifies the role of boundary impurities in triggering radiation instability, which is crucial for understanding density limits in plasma physics[5]. Nuclear Power Plant Developments - The first nuclear fuel loading for the Guangdong Taipingling Nuclear Power Plant Unit 1 has officially begun, marking a transition from construction to commissioning phase, crucial for achieving grid connection[5]. - The Zhangzhou Nuclear Power Unit 2 has commenced commercial operation, with an annual output capacity of 10 billion kWh, reducing CO2 emissions by approximately 8.16 million tons[6]. Industry Collaborations and Innovations - A joint laboratory for "Fusion Efficient Compact Heat Exchange Equipment" has been established between Hefei Energy Research Institute and Lanshi Group, focusing on advancing fusion power generation technology[7]. - The Fujian Nuclear Power signed a cooperation framework agreement with the Fujian Meteorological Bureau to enhance meteorological services for energy projects, aiming to improve risk management against climate impacts[6]. Risk Factors - Potential risks include underperformance of industrial policies and delays in technological breakthroughs and cost reductions[8].

产业观察 [table_Header]2026.01.28 国家能源局批准七项氢能行标 摘要： 请务必阅读正文之后的免责条款部分 1 of 7 产业研究中心 力鸿一号遥一飞行器亚轨道飞行任务圆满成功— —商业航天跟踪 29 期 2026.01.20 【具身智能产业动态】字节领投自变量 10 亿元 A 加加轮融资，智元拆分灵巧手业务成立"临界 点" 2026.01.20 [Table_Summary] 国家能源局：7 项氢能行标获国家能源局批准。2025 年 12 月 30 日，国家 能源局发布 2025 年第 7 号公告，国家能源局批准《分布式电源接入电力 系统承载力评估导则》等 353 项能源行业标准、《Technical Specification for Directional Drilling in Coal Mine》等 25 项能源行业标准外文 版、《液化石油气组成的测定 气相色谱法》等 2 项能源行业标准修改通 知单，现予以发布。其中氢能相关包括：质子交换膜燃料电池 膜电极边框 材料测试方法、固体氧化物燃料电池 热电联供系统 性能测试方法、加氢 站压力设备系统完整性评价方法、加氧站压力设备系统安 ...

商誉减值致首亏，IDC 交付将改善业绩 光环新网(300383) 光环新网 2025 年业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余伟民(分析师) | 010-50949926 | yuweimin@gtht.com | S0880525040028 | | 王彦龙(分析师) | 010-83939775 | wangyanlong@gtht.com | S0880519100003 | | 赵文通(分析师) | 010-83939799 | zhaowentong@gtht.com | S0880524030001 | | 杨彤昕(分析师) | 010-56760095 | yangtongxin@gtht.com | S0880525040059 | 本报告导读： 公司预告 2025 年由盈转亏，主因对中金云网等并购资产计提大额商誉减值。IDC 及 云计算业务短期承压，但机柜投放显著加速，2026 年业绩有望快速修复。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A ...

25Q4 业绩扭亏，多领域持续发力 海目星(688559) 25 年业绩预告点评 公司 25 年业绩整体承压，25Q4 单季度扭亏，盈利拐点已至。公司在手订单充足、 非锂电领域持续拓展，未来业绩有望改善。 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | | | 赵玥炜(分析师) | 021-23185630 | zhaoyuewei@gtht.com | S0880525040040 | [Table_Target] 目标价格： | 88.22 | | 毛冠锦(分析师) | 021-23183821 | maoguanjin@gtht.com | S0880525040081 | | | 投资要点： 本报告导读： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | ...

业绩高增，自有品牌及品牌管理多点开花 若羽臣(003010) ——若羽臣 2025 年业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | 闫清徽(分析师) | 021-38031651 | yanqinghui@gtht.com | S0880522120004 | | 杨柳(分析师) | 021-38038323 | yangliu3@gtht.com | S0880521120001 | 本报告导读： 公司公告预计 2025 年归母净利润 1.76-2 亿元，同比+67%-89%，主要受益自有品牌 及品牌管理业务加速成长，看好旗下绽家、斐萃等多品牌高增，打开成长天花板。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company has experienced a significant increase in major contracts, with a year-on-year growth of 83.8% for the entire year of 2025, and a 87.1% increase in Q4 2025. This growth is expected to positively impact the company's fundamentals [2][3] - The earnings per share (EPS) estimates for 2025-2027 have been raised to 0.17, 0.25, and 0.28 yuan, reflecting increases of 75%, 42%, and 15% respectively compared to previous estimates [3] - The target price for the company's stock is set at 15 yuan, corresponding to a price-to-earnings (PE) ratio of 60 times for 2026 [3] Summary by Sections Major Contracts - The total amount of major contracts announced by the company in 2025 reached 12.514 billion yuan, representing an 83.8% increase from 2024. In Q4 2025, the total amount was 5.472 billion yuan, showing a year-on-year growth of 87.1% [3] - The breakdown of major contracts by business segment includes: - Thermal engineering contracts at 1.401 billion yuan, down 17.1% - Material transportation system contracts at 6.156 billion yuan, up 571% - Marine engineering contracts at 3.574 billion yuan, up 18% - Hydrogen energy contracts at 0.815 billion yuan, with no contracts reported in 2024 [3] Business Developments - The company has made significant progress in offshore wind power and hydrogen energy contracts, with notable projects including a 3.415 billion yuan contract for a 1 million kW offshore wind project and an 815 million yuan contract for a hydrogen production and green methanol integration project [4] - The company has achieved its best-ever performance in overseas contracts, with successful project implementations in countries such as Indonesia, Peru, Guinea, Nigeria, and Saudi Arabia [5] Financial Projections - The company's total revenue is projected to grow from 7.174 billion yuan in 2023 to 13.895 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.7% [5] - Net profit attributable to shareholders is expected to increase from 98 million yuan in 2023 to 330 million yuan in 2027, with a significant growth rate of 75% in 2025 [5]

Investment Rating - The report rates the light industry sector as "Buy" [1] Core Viewpoints - The report emphasizes that "AI empowerment + affordable pricing" is accelerating the popularization of consumer-grade 3D printing, with domestic equipment manufacturers leading innovation [2] - The 3D printing market is experiencing rapid growth driven by dual demand from industrial and consumer sectors, with a projected global market size of USD 21.9 billion in 2024, expected to reach USD 115 billion by 2034, reflecting a CAGR of 18% [19] - The domestic 3D printing market is projected to reach CNY 41.9 billion in 2024, with a CAGR of 19.42% from 2020 to 2024 [19] Summary by Sections 1. 3D Printing Wave and Dual Drive - 3D printing, or additive manufacturing, offers advantages such as eliminating the need for molds, reducing waste, and lowering inventory [6] - The technology is widely used in aerospace, medical, automotive, and consumer electronics sectors, with significant growth in both industrial and consumer applications [10][14] 2. Polymer Materials and Domestic Substitution Trends - The global 3D printing materials market is expected to reach USD 4.4 billion in 2024, with polymers accounting for a significant share [21] - PLA is the preferred material for consumer-grade 3D printing, with a global market size of USD 1.2 billion in 2024, expected to grow to USD 4.4 billion by 2029 [38] 3. Printing Equipment: Industrial Dominance and Consumer Growth - Industrial-grade 3D printing equipment dominates the market, accounting for 74% of the global market share in 2024, while consumer-grade equipment is rapidly increasing in volume [19] - Domestic manufacturers are leading the consumer-grade segment, with companies like TuoZhu Technology capturing a 29% market share [3.3] 4. Investment Recommendations - The report suggests focusing on upstream raw material companies and printing equipment manufacturers in the consumer-grade sector, recommending companies like JiaLian Technology [3]

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company has experienced a significant increase in major contracts, with a year-on-year growth of 83.8% in 2025, and a remarkable 87.1% growth in Q4 2025. This rapid growth in major contracts is expected to positively impact the company's fundamentals [2][3] - The earnings per share (EPS) estimates for 2025-2027 have been revised upwards to 0.17, 0.25, and 0.28 yuan, representing increases of 75%, 42%, and 15% respectively. The target price is set at 15 yuan, corresponding to a 60 times price-to-earnings (PE) ratio for 2026 [3] - The company has achieved its best-ever performance in overseas contracts, with successful project implementations in countries such as Indonesia, Peru, Guinea, Nigeria, and Saudi Arabia [5] Summary by Sections Major Contracts - In 2025, the total amount of major contracts announced by the company reached 12.514 billion yuan, marking an 83.8% increase from 2024. The Q4 2025 contracts alone totaled 5.472 billion yuan, reflecting an 87.1% year-on-year increase [3] - The breakdown of major contracts by business segment shows a decline in the thermal engineering segment by 17.1% to 1.401 billion yuan, while the material transportation system engineering segment surged by 571% to 6.156 billion yuan. The marine engineering segment saw a growth of 18% to 3.574 billion yuan, and hydrogen energy contracts amounted to 0.815 billion yuan, with no prior contracts in 2024 [3] Digital and Overseas Business - The company has made significant strides in offshore wind power and hydrogen energy contracts, with notable projects such as the 100 MW offshore wind project in Dandong, valued at 3.415 billion yuan, and a hydrogen production project worth 0.815 billion yuan [4] - The overseas business has achieved historical highs, with a focus on AI applications and low-altitude economy, enhancing the company's competitive edge in engineering design and project management through digital transformation [5] Financial Projections - The total revenue is projected to grow from 7.174 billion yuan in 2023 to 13.895 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.7% [5] - Net profit attributable to the parent company is expected to rise from 98 million yuan in 2023 to 330 million yuan in 2027, reflecting a significant recovery and growth trajectory [5]

Investment Rating - The investment rating for the company is "Buy" [6][19] Core Views - The company's performance in 2025 is under pressure, but it is expected to turn profitable in Q4 2025, indicating a potential inflection point. The company has a sufficient order backlog and is expanding in non-lithium sectors, which may lead to improved performance in the future [2][12] Financial Summary - Total revenue for 2023 is projected at 4,805 million, with a decrease to 4,525 million in 2024, followed by a further decline to 4,372 million in 2025. However, revenue is expected to rebound to 6,012 million in 2026 and reach 7,482 million in 2027, reflecting a growth rate of 37.5% and 24.4% respectively [4][13] - The net profit attributable to the parent company is forecasted to be 322 million in 2023, but it is expected to decline to -163 million in 2024 and -857 million in 2025. A recovery is anticipated in 2026 with a net profit of 483 million and further growth to 803 million in 2027 [4][13] - Earnings per share (EPS) is expected to be 1.30 in 2023, dropping to -0.66 in 2024 and -3.46 in 2025, before recovering to 1.95 in 2026 and 3.24 in 2027 [4][13] - The return on equity (ROE) is projected to be 13.7% in 2023, turning negative at -5.1% in 2024 and -36.5% in 2025, but recovering to 17.1% in 2026 and 22.1% in 2027 [4][13] Order and Market Dynamics - The company has seen a significant increase in new orders, with approximately 44.21 billion in new orders (including tax) in the first half of 2025, representing a year-on-year increase of 117.5%. As of June 30, 2025, the order backlog stands at about 100.85 billion (including tax), up 46% year-on-year [12][13] - The decline in profitability in 2025 is attributed to overcapacity in the lithium and photovoltaic industries, leading to sustained price pressure on products. Additionally, increased costs and asset impairment losses have negatively impacted profits [12][13] Business Expansion - The company is actively expanding into multiple sectors, including: 1. In the photovoltaic sector, it is collaborating with leading manufacturers to develop perovskite tandem batteries, which are expected to enhance efficiency and be used in low-orbit satellites and space computing power generation [12] 2. In the solid-state battery sector, the company is the first in the industry to pursue dual technology routes and has secured commercial production orders for solid-state battery equipment [12] 3. In other areas, the company has received orders for laser drilling equipment in HDI and PCB sectors, which are expected to benefit from the growth in AI computing power [12]

业绩高增，自有品牌及品牌管理多点开花 若羽臣(003010) ——若羽臣 2025 年业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | 闫清徽(分析师) | 021-38031651 | yanqinghui@gtht.com | S0880522120004 | | 杨柳(分析师) | 021-38038323 | yangliu3@gtht.com | S0880521120001 | 本报告导读： 公司公告预计 2025 年归母净利润 1.76-2 亿元，同比+67%-89%，主要受益自有品牌 及品牌管理业务加速成长，看好旗下绽家、斐萃等多品牌高增，打开成长天花板。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- ...