公 司 研 究 业绩同比大幅增长，毛利率持续提升 润丰股份(301035) 润丰股份跟踪报告 本报告导读： 公司 2026 年毛利率有望走高，美国工厂的投入运营对于美国业务的成长提供了非常 好的支撑。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 11,485 | 13,296 | 14,598 | 16,195 | 18,175 | | (+/-)% | -20.6% | 15.8% | 9.8% | 10.9% | 12.2% | | 净利润(归母) | 771 | 450 | 1,110 | 1,357 | 1,673 | | (+/-)% | -45.4% | -41.6% | 146.6% | 22.3% | 23.2% | | 每股净收益(元) | 2.75 | 1.60 | 3.95 | 4.83 | 5.96 | | 净资产收益率(%) | 11.8% | 6.8% | 14.6% | 15.3 ...

股票研究 /[Table_Date] 2026.01.27 生态与行业场景深耕，AI 驱动收入增长 加速 金山云跟踪报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | | | --- | --- | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | [当前价格 Table_CurPrice] (港元)： | 6.46 | | 朱瑶(分析师) | 021-23187261 | zhuyao@gtht.com | S0880526010002 | | | | 魏宗(分析师) | 021-23180000 | weizong@gtht.com | S0880525040058 | [Table_Market] 交易数据 | | 本报告导读： AI 需求强劲，AI 智算云市场高速增长，公司大力投入 AI 业务，AI 已成公司增长 核心引擎。 投资要点： | 财务摘要(百万人民币) | 2023 | 2024 | 2025E | 2026E | 2027E | ...

股票研究 /[Table_Date] 2026.01.27 生态与行业场景深耕，AI 驱动收入增长 AI 需求强劲，AI 智算云市场高速增长，公司大力投入 AI 业务，AI 已成公司增长 核心引擎。 投资要点： | 财务摘要(百万人民币) | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 7,047 | 7,785 | 9,510 | 11,685 | 14,338 | | (+/-)% | -13.8% | 10.5% | 22.1% | 22.9% | 22.7% | | 毛利润 | 850 | 1,341 | 1,474 | 1,986 | 2,581 | | 归母净利润 | -2,176 | -1,967 | -942 | -759 | -717 | | (+/-)% | 18.1% | 9.6% | 52.1% | 19.4% | 5.5% | | PE | -9.74 | -11.01 | -28.61 | -35.50 | -37.55 | | PB | 3.28 | 4 ...

国泰海通晨报 2026 年 01 月 27 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【电力设备与新能源研究】太阳能：太空数据中心带来的市场空间巨大，晶硅和钙钛矿电池技 术将成为关键。 2、【海外科技研究】快手-W：可灵通过 2.5 Turbo（基础能力升级）-O1（全模态与成片能力突破） -2.6（音画一体化革命）的阶梯式迭代，完成从"高质量视频生成"到"重构 AI 视频创作工作流" 的技术升级。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 徐强(分析师) 010-83939805 xuqiang@gtht.com S0880517040002 吴志鹏(分析师) 021-23215736 wuzhipeng@gtht.com S0880525070004 罗青(分析师) 021-23185966 luoqing2@gtht.com S0880525070002 行业专题研究：太阳能《商业航天 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [6][13]. Core Insights - The company is expected to see a significant increase in gross profit margin by 2026, supported by the operation of its U.S. factory, which will contribute positively to its business growth in the U.S. market [2][13]. - The company has outlined four clear growth directions in its strategic planning, which are progressing smoothly and are anticipated to drive revenue growth and margin improvement [13]. - The projected revenue for 2025 is estimated to be between 145.5 billion to 147.5 billion yuan, representing a year-on-year growth of 9.43% to 10.93% [13]. Financial Summary - Total revenue for 2023 is reported at 11,485 million yuan, with projections of 13,296 million yuan for 2024, 14,598 million yuan for 2025, 16,195 million yuan for 2026, and 18,175 million yuan for 2027, reflecting a growth rate of -20.6% in 2023, followed by positive growth in subsequent years [4][14]. - Net profit attributable to the parent company is expected to recover significantly from 771 million yuan in 2023 to 1,110 million yuan in 2025, and further to 1,357 million yuan in 2026, indicating a year-on-year growth of 146.6% in 2025 [4][14]. - The earnings per share (EPS) is projected to increase from 2.75 yuan in 2023 to 3.95 yuan in 2025, and 4.83 yuan in 2026 [4][14]. Market Data - The current stock price is 78.80 yuan, with a target price set at 94.19 yuan, indicating a potential upside [6][13]. - The company has a total market capitalization of 22,125 million yuan and a total share capital of 281 million shares [7][14]. - The stock has shown a 52-week price range of 47.18 to 82.95 yuan, with a significant absolute increase of 68% over the past 12 months [7][11].

Group 1 - The core view of the report indicates that the economic growth center is shifting upwards, driven by AI and overseas expansion, with cyclical sectors benefiting from supply constraints and downstream demand transformation [1][3] - The report highlights four structural characteristics of profit growth in Q4 2025: 1) Emerging economies remain the main high-growth area; 2) Profit share of mid- and downstream manufacturing is increasing; 3) Large and mid-cap companies show greater earnings growth elasticity; 4) High-tech export remains robust [3][4][5] Group 2 - Macro signals show an increase in new economic activity, with inflation and PMI improving significantly in Q4 2025, indicating structural improvements in the economy [6][11] - The growth structure reveals an upstream recovery, resilient midstream, and strong performance in downstream service consumption, with profits in advanced manufacturing continuing to grow rapidly [25][26] - The report notes that the penetration of AI in emerging technologies is driving demand in various sectors, while Chinese companies are accelerating their overseas expansion [5][6][14] Group 3 - The report emphasizes the importance of focusing on low-crowded sectors with upward revisions in profit expectations, such as non-bank financials, batteries, electronics, machinery, and commercial vehicles [4][5][6] - It highlights that the CPI-PPI gap is widening, allowing for smoother cost transmission to mid- and downstream industries, which is expected to enhance profit margins [11][12] - The report also points out that high-tech product exports are showing strong growth, particularly in emerging markets, which are becoming increasingly significant for China's export landscape [14][15][18]

Group 1: Core Insights - The report highlights a decline in trading heat for hot themes, with commercial aerospace, resource products, and building materials leading the gains, while light communication and consumer electronics have seen a pullback [1][7] - The focus of incremental policies is on urban renewal and emerging technologies, with a positive outlook on urban renewal, commercial aerospace, domestic computing power, and new power grids [1][6] Group 2: Urban Renewal - Urban renewal is expected to stabilize the real estate market and expand domestic demand, with a projected 60,015 urban renewal projects nationwide in 2024, totaling an investment of 2.9 trillion yuan [19][25] - Key areas of urban renewal include the renovation of old residential communities, urban villages, and underground pipeline upgrades, with recommendations for investment in waterproofing, piping, and coatings [20][26] Group 3: Commercial Aerospace - Elon Musk indicated that space will become the lowest-cost location for deploying AI data centers within 2-3 years, with reusable spacecraft potentially reducing access costs by 100 times [21][36] - The report anticipates the establishment of a leading space computing center in China by 2030, focusing on green and low-carbon solutions [38][40] Group 4: Domestic Computing Power - TSMC's capital expenditure is expected to exceed expectations, with a projected 37% increase in 2026 to reach $56 billion, indicating strong demand in the semiconductor manufacturing sector [21][48] - The rapid iteration of domestic AI models is expected to drive investment demand in domestic computing power, with significant increases in user engagement and data usage [22][49] Group 5: New Power Grids - The State Grid's investment during the 14th Five-Year Plan is projected to reach 4 trillion yuan, a 40% increase from the previous plan, aimed at accelerating the construction of new power systems [21][22] - By 2025, non-fossil energy consumption in China is expected to account for 20% of total energy consumption, increasing to 25% by 2030 [21][22]

Macro Research - The report highlights a "double hit" moment for US dollar assets due to Trump's comments on Greenland and tariff threats, alongside the early dissolution of the Japanese House of Representatives leading to a sell-off in Japanese bonds [3][4][22] - The US dollar's credit breakdown is re-emerging, with significant impacts on US stocks, bonds, and currencies, resulting in a strong performance of safe-haven assets like gold and silver, while cryptocurrencies face pressure [3][4][22] Strategy Research - In Q4 2025, active funds significantly reduced their holdings in A-shares and Hong Kong stocks, with a focus on increasing allocations to cyclical and financial value stocks, while reducing exposure to technology and healthcare sectors [7][26] - The report indicates a clear rotation in fund styles, with a notable shift towards large-cap cyclical and financial stocks, while growth and consumer sectors saw reductions in allocations [26][27] Fixed Income Research - The appreciation of the RMB and increased foreign exchange settlements may tighten interbank liquidity, depending on whether the central bank will actively increase the supply of base currency [11][14] Industry Research: Photovoltaic Equipment - The report anticipates a new cycle for the photovoltaic equipment industry driven by SpaceX and Tesla's plans to deploy a combined 200GW of solar capacity, with key equipment manufacturers expected to benefit [15][16] - The demand for solar expansion is expected to rise due to the increasing need for low-orbit satellites and the commercialization of space computing, which will drive the demand for core equipment [15][16] Fund Allocation Insights - The report notes a significant increase in allocations to cyclical and financial sectors, particularly in upstream industries like metals and chemicals, driven by improved supply-demand dynamics and geopolitical tensions [27][28] - The technology sector shows a marked divergence, with communication equipment receiving substantial increases due to AI infrastructure investments, while many tech segments faced reductions [27][28]

林平发展（603284.SH）是安徽省领先的造纸企业，地处淮海经济区中心，原材料供 应及下游市场需求区位优势领先，募投扩产有望进一步稳固行业竞争地位。2024 年 公司实现营收/归母净利润 24.85/1.53 亿元。截至 2026 年 1 月 23 日，可比公司对应 2024/2025/2026 年平均 PE 为 16.53（剔除负值和极端值）/59.57/24.46 倍。 投资要点： | [Table_Authors] | 王政之(分析师) | | --- | --- | | | 021-38674944 | | 登记编号 | S0880517060002 | | --- | --- | | | 施怡昀(分析师) | | | 021-38032690 | | | shiyiyun@gtht.com | | 登记编号 | S0880522060002 | | | 王思琪(分析师) | | | 021-38038671 | | | wangsiqi3@gtht.com | | 登记编号 | S0880524080007 | [Table_Report] 相关报告 新股研究 /[Table_Date] 2026 ...

Quantitative Models and Construction Methods - **Model Name**: Dividend Style Timing Model **Model Construction Idea**: The model is designed to time the dividend style by aggregating multiple factors that influence the performance of dividend-related assets. The comprehensive factor value is used to determine the timing signal for the dividend style[6] **Model Construction Process**: 1. The model aggregates multiple factors, including financing net purchases, U.S. Treasury yields, market sentiment, and recent dividend performance, among others[7] 2. The comprehensive factor value is calculated as a weighted sum of these individual factors, with weights determined based on historical data and their predictive power for dividend style performance[6][7] **Model Evaluation**: The model provides a systematic approach to assess the timing of the dividend style, but its effectiveness depends on the stability of the relationships between the factors and the dividend style performance[6][7] Model Backtesting Results - **Dividend Style Timing Model**: The comprehensive factor value for the week of January 19, 2026, to January 23, 2026, was -0.57, an improvement from the previous week's value of -0.77. However, the value remained below 0, indicating no positive signal for the dividend style[6][7] Quantitative Factors and Construction Methods - **Factor Name**: U.S. 10-Year Treasury Yield **Factor Construction Idea**: This factor measures the impact of U.S. Treasury yields on dividend style performance, as lower yields typically favor dividend-paying stocks[7] **Factor Construction Process**: The factor value is derived from the yield of the 10-year U.S. Treasury bond. A negative contribution indicates that the yield's trend is suppressing the dividend style[7] - **Factor Name**: Financing Net Purchases **Factor Construction Idea**: This factor captures the influence of financing activities on the dividend style, with higher net purchases indicating stronger support for the style[7] **Factor Construction Process**: The factor value is calculated based on the net amount of financing purchases. A positive value indicates a supportive environment for the dividend style[7] - **Factor Name**: Market Sentiment **Factor Construction Idea**: This factor reflects the overall market sentiment, with higher sentiment levels potentially leading to a shift away from defensive styles like dividends[7] **Factor Construction Process**: The factor value is derived from sentiment indicators, such as market volatility and investor surveys. A high sentiment value suggests a potential headwind for the dividend style[7] - **Factor Name**: Dividend Relative Net Value Performance **Factor Construction Idea**: This factor measures the recent performance of dividend-related assets relative to the broader market, indicating the style's momentum[7] **Factor Construction Process**: The factor value is calculated as the relative performance of dividend-related indices compared to the market index. A negative value indicates underperformance[7] Factor Backtesting Results - **U.S. 10-Year Treasury Yield**: Factor value on January 23, 2026: -0.56; January 16, 2026: -0.71; December 31, 2025: -0.84[10] - **Financing Net Purchases**: Factor value on January 23, 2026: 1.86; January 16, 2026: 3.00; December 31, 2025: 0.82[10] - **Market Sentiment**: Factor value on January 23, 2026: 0.78; January 16, 2026: 1.05; December 31, 2025: 1.54[10] - **Dividend Relative Net Value Performance**: Factor value on January 23, 2026: -1.46; January 16, 2026: -1.71; December 31, 2025: -0.69[10]