证券研究报告 2026 年 03 月 15 日 湘财证券研究所 行业研究 计算机行业周报 OpenClaw 破圈：Agent 时代的催化剂 ——计算机行业周报（03.09-03.15） 相关研究： | 核心要点： | | --- | ❑ OpenClaw 破圈：Agent 时代的催化剂 根据百度指数、微信指数的监测数据，3 月 10 日至 11 日，OpenClaw（小 龙虾）相关搜索量触及峰值，标志着 OpenClaw 已成功破圈，从小众技术 圈层走向大众视野。我们认为，OpenClaw 不仅是一次技术框架的开源， 更是 AI 产业迈向 Agent 时代的催化剂。它完成了大众对 Agent 的认知普 及，重构了大模型厂商的商业化路径，并有望带动新一轮的算力需求扩张。 推动 Agent 概念的全民普及。正如去年 DeepSeek 在语言能力上实现智能涌 现并带来全民 AI 认知提升，OpenClaw 则带来了 Agent 概念的全民普及， 把"数字员工"从概念验证推进到大众可感知的产品形态。OpenClaw 通过 开源框架打通了大模型、工具与本地操作系统，使 AI 具备了长期记忆、任 务拆解与系统操作的复杂能 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company faced significant challenges in 2025, with a notable decline in profits due to rising raw material costs and slow recovery in downstream consumption. However, signs of recovery were observed in Q4 2025 [3][4]. - The pre-baked goods segment showed strong growth, achieving revenue of 480 million, a year-on-year increase of 26.49%, driven by demand from emerging channels [5]. - Traditional business segments, including baking oils and dairy products, experienced profit pressure due to cost increases, with baking oils revenue declining by 8.86% and dairy products seeing significant margin drops [6]. Financial Performance Summary - In 2025, the company reported total revenue of 3.065 billion, a slight decrease of 2.99% year-on-year, and a net profit attributable to shareholders of 41 million, down 79.81% [3][11]. - The company’s gross margin decreased by 4.98 percentage points to 19.11% due to the inability to pass on rising costs to consumers [3]. - The cash flow from operating activities was significantly impacted, with a net cash flow of 53 million, a decrease of 77.14% year-on-year [4]. Future Outlook - The company is actively adjusting its business strategy across product, channel, and capacity dimensions to address challenges and position for long-term growth [7]. - The report anticipates revenue growth for 2026-2028, projecting revenues of 3.29 billion, 3.51 billion, and 3.72 billion, with corresponding year-on-year growth rates of 7.35%, 6.59%, and 6.12% [9][11]. - The net profit attributable to shareholders is expected to recover to 58 million, 73 million, and 77 million over the same period, with growth rates of 42.0%, 26.8%, and 4.9% respectively [9][11].

晨 会 纪 要 [2026]第 044 号 主 题：对近期重要经济金融新闻、行业事件、公司公告等进行点评 时 间：2026 年 3 月 13 日 8:50-9:30 会议形式：腾讯会议 参会人员：曹旭特 仇华 许雯 王攀 蒋栋 轩鹏程 文正平 张智珑 郭怡萍 李育文 李正威 邢维洁 马丽明 汪炜 聂孟依 张弛 周成 整理记录：郭怡萍 研究所今日晨会要点如下: 一、行业公司 1 银行业（郭怡萍） "两会"经济主题会议召开，重点领域风险持续收敛 十四届全国人大四次会议召开经济主题记者会。 货币政策宽松基调延续，为银行经营提供有利的流动性环境。后续将继续实施适度宽松 的货币政策，把促进经济稳定增长、物价合理回升作为货币政策的重要考量。同时，加强 货币政策与财政政策在贴息、担保和风险成本分担等方面的协同配合，通过财政政策放大 货币政策在特定领域的实施效果。 在利率方面，社会综合融资成本将保持低位运行。央行将灵活高效地运用降准降息等多 种货币政策工具，同时，要求银行向企业明确展示贷款的年化综合融资成本，规范融资中 间费用，降低实际融资成本。 信贷结构持续优化，聚焦重点支持方向。上年科技、绿色、普惠、养老、数字等领域贷 ...

Industry Overview - The rare earth magnetic materials industry experienced a significant decline of 11.35% this week, underperforming the benchmark by 10.28 percentage points [2] - The industry valuation (TTM P/E ratio) decreased to 87.01x, which is at the 93.2% historical percentile [2] - Prices for rare earth concentrates have generally retreated, with praseodymium and neodymium prices also declining, while neodymium-iron-boron (NIB) sintered block prices remained stable [2][3] Price Movements - The average price of praseodymium-neodymium oxide fell by 3.69%, and the average price of praseodymium-neodymium metal decreased by 2.8% this week [3] - Dysprosium and terbium prices also saw reductions, with dysprosium oxide down by 6.83% and dysprosium metal down by 5.7% [3] - The average price of neodymium-iron-boron N35 remained stable, indicating a lack of upward pressure from the upstream rare earth raw material market [3] Supply and Demand Dynamics - The supply side remains tight, with stable operations in separation enterprises but limited production capacity, leading to insufficient overall output [4] - Demand from neodymium-iron-boron enterprises is stable, with decent order volumes, although short-term procurement is limited [4] - The overall demand outlook is positive, with expectations for stable growth in the end market, particularly in the context of new energy vehicle production [4] Investment Recommendations - The industry maintains an "overweight" rating, with expectations of short-term valuation pressure but a long-term recovery potential due to stable demand and limited supply growth [5] - Continued focus on upstream rare earth resource companies is advised, as they are expected to benefit from valuation premiums and stable profitability [5] - Downstream magnetic material companies, particularly those with strong customer structures and new growth opportunities, are also recommended for attention [5]

Group 1: Mechanical Industry Overview - The mechanical industry underperformed the market last week, with a decline of 2.8% compared to the Shanghai and Shenzhen 300 Index's drop of 1.1%. The laser equipment sector performed well with a growth of 7.8% [2] - As of March 6, the Shanghai and Shenzhen 300 Index has increased by 0.7% year-to-date, while the mechanical industry has seen a cumulative increase of 10.8%. The leading sectors include laser equipment (47.2%) and other automation equipment (34.2%) [2] Group 2: Engineering Machinery - In January-February 2026, excavator sales in China decreased by 10.6% year-on-year, with domestic sales down by 42.0% but exports increased by 37.2%. Total excavator sales for the same period saw a year-on-year increase of 13.1% [3] - Loader sales in February 2026 increased by 9.3% year-on-year, with domestic sales down by 14.3% but exports up by 34.4%. For January-February 2026, total loader sales rose by 27.9% year-on-year [3] - Future domestic sales of earthmoving machinery are expected to recover due to ongoing demand for updates and the trend towards electrification, despite the negative impact of declining real estate demand [3] Group 3: Gas Turbine Sector - Major tech companies, including Microsoft and Google, have committed to self-supplying or purchasing power for AI data centers, leading to increased demand for gas turbines, which are favored for their quick deployment and low operational costs [4][5] - The global power demand for data centers is projected to more than double by 2030, reaching approximately 945 TWh, further driving orders for gas turbines [5] - Doosan Energy has signed a supply agreement for seven gas turbines, with total supply to the U.S. reaching 12 units [5] Group 4: Oil Service Equipment - The recent U.S.-Iran conflict has led to a surge in global oil and gas prices, with Brent crude oil prices rising by 53.5% since the beginning of the year [6] - The increase in oil prices is expected to stabilize capital expenditures in the oil and gas industry, while shipping rates for oil tankers have also surged significantly [6] - If geopolitical tensions persist, oil and gas prices may continue to rise, boosting demand for oil service equipment and shipping companies [6] Group 5: Investment Recommendations - The manufacturing PMI in China decreased to 49.0% in February 2026, but ongoing domestic policy support is expected to gradually improve manufacturing profitability and overall demand for machinery [7] - Recommendations include focusing on the engineering machinery sector, which is expected to see accelerated domestic demand recovery and strong performance from key players like Sany Heavy Industry and XCMG [7] - The gas turbine sector is also highlighted due to the surge in electricity demand from data center construction, with companies like Haomai Technology being key players [7] - The oil service equipment sector is recommended for attention due to the potential for increased demand driven by rising oil prices amid geopolitical tensions [8]

晨 会 纪 要 [2026]第 40 号 主 题：对近期重要经济金融新闻、行业事件、公司公告等进行点评 时 间：2026 年 03 月 09 日 8:50-9:30 会议形式：腾讯会议 参会人员：曹旭特 仇华 许雯 王攀 蒋栋 轩鹏程 文正平 张智珑 郭怡萍 李正威 邢维洁 马丽明 汪炜 聂孟依 张弛 周成 整理记录：许雯 研究所今日晨会要点如下: 二级行业中，油服工程、小金属涨幅居前 据Wind数据，31个申万一级行业上周数量上跌多涨少。累计涨幅居前的板块是：石油石 化、煤炭，分别上涨了8.06%、3.79%；而跌幅居前的是传媒和有色金属，分别下跌了6.97% 和5.47%。 据Wind数据，124个申万二级行业（扣除林业）中，上周涨幅居前的是油服工程、电网 设备，周涨幅分别为12.73%和6.66%。2026年以来累计涨幅居前的是油服工程、小金属，累 计涨幅分别为60.08%、41.71%。而周跌幅居前的是能源金属、数字媒体，周跌幅分别为9.22% 和8.24%。2026年以来累计跌幅居前的是航空机场、国有大型银行Ⅱ，分别累计下跌了12.79 % 和8.69 %。 据Wind数据，259个申万三级行业（扣 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [3][10] Core Views - The rare earth magnetic materials industry experienced a significant decline of 11.35% this week, underperforming the benchmark by 10.28 percentage points [5][12] - The industry valuation (TTM P/E) decreased to 87.01x, which is at the 93.2% historical percentile [5][12] - The prices of rare earth concentrates have generally retreated, with specific declines noted in praseodymium and neodymium prices, while the price of neodymium-iron-boron blanks remained stable [6][9] - Supply remains tight in the rare earth sector, with stable operations in separation enterprises, but overall production growth is insufficient due to capacity constraints [10][37] - Demand is stable, with decent orders from neodymium-iron-boron enterprises, and expectations for overall demand in the end market are positive [10][37] - The industry faces short-term valuation pressure due to declining market risk appetite, but medium to long-term supply constraints and stable demand growth are expected to support prices [10][38] Summary by Sections Industry Performance - Over the past month, the industry has shown a relative return of 8%, a 3-month return of 16%, and a 12-month return of 73% [4] - Absolute returns for the same periods are 9%, 17%, and 91% respectively [4] Price Trends - The average price of domestic mixed rare earth carbonate decreased by 1.96%, while prices for specific rare earth minerals also saw declines [9][15] - The average price of praseodymium oxide fell by 3.69%, and the average price of praseodymium metal decreased by 2.8% [18][21] - Dysprosium and terbium prices also saw significant reductions, with dysprosium oxide down 6.83% and terbium oxide down 3.08% [21][25] Investment Recommendations - The report suggests continued focus on upstream rare earth resource companies due to policy support and strategic value positioning [10][38] - It also recommends attention to downstream magnetic material companies with strong customer structures and potential growth points, such as Jinli Permanent Magnet [10][41]

证券研究报告 2026 年 03 月 08 日 湘财证券研究所 行业研究 中药行业周报 两会看中医药：传承为根，创新为魂，结合为径 相关研究： 核心要点： ❑ 市场表现：上周中药Ⅱ下跌 2.04%，医药板块呈调整态势，中药表现居中 根据 wind 数据，上周（2026.02.28-2026.03.07）医药生物报收 8092.32 点，下跌 2.78%；中药Ⅱ报收 6246.59 点，下跌 2.04%；化学制药报收 12283.71 点，下跌 1.98%；生物制品报收 6067.21 点，下跌 3.07%；医药商业报收 5275.11 点，下跌 1.93%；医疗器械报收 6500.85 点，下跌 2.94%；医疗服务报收 6540.22 点，下跌 4.71%。医药板块整体呈调整态势，中药板块表现居中。 从公司表现来看，根据 wind 数据，表现居前的公司有：华润三九、ST 百灵、 嘉应制药、奇正藏药、寿仙谷；表现靠后的公司有：万邦德、维康药业、特一 药业、粤万年青、盘龙药业。 ❑ 估值：上周中药板块 PE（ttm）为 26.64X，PB（lf）为 2.24X 根据 wind 数据，上周中药 PE（ttm）为 ...

Investment Rating - The report maintains an "Overweight" rating for the in vitro diagnostics (IVD) industry [5][56]. Core Insights - The IVD industry is expected to benefit from policy support and market access optimization as part of the "14th Five-Year Plan," which emphasizes high-end medical devices and innovative technologies [4][5]. - The domestic IVD industry is in a bottoming phase, with significant progress in the localization of biochemical diagnostics, reducing reliance on foreign technologies [5][56]. - The report highlights growth opportunities in the IVD sector driven by technological integration, domestic substitution, and new screening scenarios [4][5]. Summary by Sections Industry Performance - The pharmaceutical and biological sector fell by 2.78%, while the IVD sector rose by 0.18% during the week [1]. - The IVD sector's current PE (ttm) is 39.41X, with a PB (lf) of 1.80X, showing slight increases from the previous week [3]. Market Trends - The "14th Five-Year Plan" outlines 109 major projects across six areas, focusing on public health, medical services, and innovative technologies, which will directly benefit the IVD sector [4]. - The report suggests that advancements in biomedicine materials could alleviate supply chain constraints for IVD reagents [4]. Investment Recommendations - The report recommends focusing on the growth potential in immunodiagnostics, particularly in chemiluminescence and molecular diagnostics, highlighting companies like YHLO and Shengxiang [6][56].

Investment Rating - The industry rating is maintained at "Overweight" [3][6] Core Insights - The economic theme meeting of the "Two Sessions" has been held, with a focus on the continuous reduction of risks in key areas [2][4] - The monetary policy remains accommodative, providing a favorable liquidity environment for banks, with an emphasis on promoting stable economic growth and reasonable price recovery [3][30] - The credit structure continues to optimize, focusing on key support directions such as technology, green finance, inclusive finance, and digital sectors, with loans in these areas maintaining double-digit growth [3][30] Summary by Sections Market Review - The banking index rose by 1.64% during the period from March 2 to March 8, 2026, outperforming the CSI 300 index by 2.71 percentage points [8] - The top-performing banks included Chongqing Bank (+12.46%), Chengdu Bank (+4.76%), Agricultural Bank (+4.69%), Construction Bank (+4.42%), and Transportation Bank (+3.36%) [8] Funding Market - The funding environment is relatively loose, with the central bank's net withdrawal of 15,634 million yuan [18] - The average issuance rates for 1-year interbank certificates of deposit for major banks are 1.57%, with a slight decrease compared to previous values [20] Industry and Company Dynamics - The "Two Sessions" economic theme meeting has highlighted the ongoing reduction of risks in key areas, with significant progress in resolving financing platform debt risks, with a reduction of over 70% in both the number of platforms and debt scale compared to early 2023 [4][31] - The focus on balancing risk and return in credit policies is emphasized, with banks being encouraged to avoid blind expansion and maintain a new balance among volume, price, and quality [5][31] Investment Recommendations - In the context of weak economic recovery, banks are advised to focus on balancing risk and return, which will help alleviate margin pressure and improve asset quality [6][33] - High dividend yield banks are highlighted as having significant allocation value, with recommendations for state-owned large and medium-sized banks, as well as regionally strong banks [6][33]