[Table_Title] 证券研究报告 / 行业深度报告 情绪消费催生嗅觉经济，东方香氛重塑市场新格局 报告摘要： [Table_Summary] 香水市场：中国香水 2023 年规模达 261 亿元，预计 2023-2028 年 CAGR 为 12.82%。伴随消费者对香水的认知度和接受度提升，中国香水渗透率 和市场规模正稳步抬升，2023 年中国内地+香港+澳门香水规模已达 261 亿元，2018-2023 年 CAGR 为 12.32%，预计 2023-2028 年 CAGR 为 12.82%。中国香水市场占全球市场份额同样快速提高，2023 年占 3.68%， 预计 2028 年份额将达 5.67%，中国香水市场展现出强劲增长势能。 市场趋势：中国香水渗透率低是经济发展的阶段性现象，随情绪消费兴 起有望快速崛起。中国 2023 年人均香水额仅 16 元，远低于美国（423 元）、英国（406 元）、韩国（170 元）和日本（47 元），中国香水渗透率 低并非文化和宗教等因素导致的必然结果，而是经济发展时期不同造成 的阶段性现象。虽然欧美受宗教和文化等影响，香水起步较早且接受度 高，但其发展史也印证了 ...

[Table_Info1] 计算机 [Table_Date] 发布时间：2025-06-29 [Table_Invest] 优于大势 AI 25H2（2）：AI 医疗大势所趋 国内老龄化趋势加深，AI 医疗成为提升就医效率必要工具：国家统计局 数据显示，2024 年国内 60 岁及以上人口 3.1 亿人，占全国人口的 22.0%， 其中 65 岁及以上人口 2.2 亿人，占全国人口的 15.6%；我们认为未来随 着 B 端 AI 医疗渗透率提升，AI 工具有望从 B 走向 C；AI 医疗场景： 1）影像诊断的全模态智能化。AI 在医学影像领域的应用已从单一病种 检测发展为多模态综合分析。2）精准医疗与基因组学的深度整合。AI 与 基因组学的技术融合已从基础研究迈向临床应用，正在加速精准医疗的 实现。通过分析海量基因数据，AI 能够预测个体疾病风险，并制定治疗 方案。3）手术机器人的自主化跃升。手术机器人正从辅助工具向半自主 系统进化。骨科领域第四代 Mako 系统通过多模态影像，根据患者的特 定解剖结构提供高精度配准，确保手术入路和区域的精准定位。4）远程 医疗与健康管理的普及。AI 结合可穿戴设备（如血糖仪 ...

Investment Rating - The report rates the defense and military industry as "Outperforming the Market" [2] Core Views - The global geopolitical situation remains tense, with ongoing conflicts such as the Russia-Ukraine war and rising risks in the Middle East, leading to an intensified arms race and increased focus on military construction [4][38] - The defense industry is expected to see a recovery in demand as the "14th Five-Year Plan" approaches its final year, with long-term growth certainty supported by clear development goals for 2035 and 2050 [4] - The upcoming military parade on September 3 will showcase both traditional main battle equipment and new combat forces, highlighting advancements in military capabilities [3][40] Summary by Sections Market Review - The defense and military index rose by 6.90% last week, outperforming major indices such as the Shanghai Composite and Shenzhen Component [12] - The current PE (TTM) for the defense and military sector is 79.92 times, with sub-sectors showing varied valuations: aerospace equipment at 143.52 times, aviation equipment at 69.14 times, ground weapons at 174.36 times, naval equipment at 50.76 times, and military electronics at 102.36 times [20][21] Key Recommendations - Recommended companies include: 1. Downstream manufacturers: Hongdu Aviation, AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, and AVIC Helicopter [4] 2. Military new technologies: Lianchuang Optoelectronics, Guangqi Technology, and Zhongjian Technology [4] 3. Underwater equipment: Hailanxin, Yaxing Anchor Chain, and Zhongke Haixun [4] 4. Missile industry chain: Feilihua, Guoke Military Industry, and Zhongbing Hongjian [4] 5. Military titanium materials: Western Superconducting [4] 6. Electronic components: Hongyuan Electronics and Aerospace Electronics [4] 7. Military trade direction: Zhongwu Drone [4] Industry Dynamics - Recent policies related to deep-sea technology indicate significant development potential, particularly for specialized equipment like UUVs, supported by top-level planning [3] - The military trade market is expanding, with recent announcements of procurement from Pakistan for Chinese fighter jets, indicating a growing opportunity in military exports [39]

Investment Rating - The report gives a "Buy" rating for Xiamen Bank, with initial coverage [4][11]. Core Views - Xiamen Bank, established in 1996, has a diversified shareholder structure and has achieved full coverage of branches in Fujian Province by 2015, with total assets of 374.2 billion yuan by the end of 2024 [1][19]. - The bank benefits from a favorable economic environment in Fujian Province, which ranks 8th in GDP and 4th in per capita GDP among 31 provinces, with growth rates exceeding the national average [2][34]. - The bank's loan and deposit scales are steadily growing, with a loan total of 210.58 billion yuan in Q1 2025, showing a year-on-year increase of 0.12% [3][26]. - Investment income has maintained a high growth rate, with a year-on-year increase of 18.14% in Q1 2025 [3][31]. Summary by Sections Company Overview - Xiamen Bank has a unique shareholder structure with significant participation from Taiwanese capital, and its management team has extensive experience in the banking industry [19][20]. - The bank's total assets have shown a compound annual growth rate of 9.36% from 2020 to 2024 [19]. Economic Environment - Fujian Province's GDP reached 5.78 trillion yuan in 2024, with a growth rate of 6.3%, surpassing the national average [34]. - The province's per capita disposable income in Q1 2025 grew by 5.6%, ranking 7th among provinces [34]. Financial Performance - In Q1 2025, the bank's total loans amounted to 210.58 billion yuan, with corporate loans increasing by 5.23% to 142.24 billion yuan [3][26]. - The bank's deposit scale reached 221.38 billion yuan, with a year-on-year growth of 14.35% [3][26]. - The non-performing loan ratio stood at 0.86%, indicating good asset quality [3][31]. Investment Income - The bank achieved investment income of 331 million yuan in Q1 2025, reflecting an 18.14% year-on-year increase [3][31]. - The proportion of fee and commission income also increased, contributing to the bank's overall revenue growth [3][31]. Profit Forecast - The forecasted net profit for Xiamen Bank from 2025 to 2027 is 2.50 billion yuan, 2.51 billion yuan, and 2.62 billion yuan, respectively [4].

[Table_Invest]买入 创新+消费共振，心血管平台加速多元化转型 [Table_Summary] 聚乳酸面部填充剂国内第 7 证，公司正式进入医美领域。聚左旋乳酸微 粒真皮组织填充剂是再生类医美产品，刺激胶原蛋白生成，具有优异的 生物相容性、可降解性和安全性。根据弗若斯特沙利文预测，我国基于 聚左旋乳酸的皮肤填充剂在 2024 年的出厂端市场规模预计约 11 亿元、 2030 年有望增长至约 38 亿元，年复合增长率接近 23%。截至公告日， 我国 NMPA 已批准包括乐普医疗在内的 7 张聚乳酸面部填充剂注册证； 公司另有多种玻尿酸产品已申报注册申请，快速丰富消费医疗产品矩阵。 持股乐普生物，PD-1 商业化&ADC 管线研发快速推进。乐普医疗持有 同一实控人旗下乐普生物 13.17%股份，乐普生物作为国内 ADC 领域的 领军企业，旗下首个商业化产品 PD-1 普特利单抗销售快速放量贡献现 金流，针对消化道癌的 ADC 产品 MRG007 已实现海外 BD 合作、交易 金额最高达 12 亿美元，针对二线及以上晚期鼻咽癌的 EGFR ADC 产品 MRG003 的 NDA 申请已获得 CDE 受理 ...

[Table_Title] 证券研究报告 / 公司点评报告 港口装卸设备全球知名供应商，积极布局 GPU 芯片设计、传感器业务 [Table_Summary] 港口装卸设备全球知名供应商，积极推动转型升级战略。公司始创于 1989 年，总部设立于无锡，自主研制国内多用途集装箱门式起重机，逐 步成为港口装卸设备全球知名供应商，目前港机产品覆盖国内各大主要 港口码头，并出口到全球几十个国家地区，上百个港口码头，为全球装 卸设备知名供应商。同时公司积极推进转型升级战略，还从事数控机床、 光伏电池组件、GPU 芯片设计业务，其中数控机床业务于 2024 年 12 月 完成出售，GPU 芯片设计业务于 2024 年 10 月完成收购并于 2024 年 11 月纳入合并报表。 2024 年公司业绩扭亏，2025 年一季度业绩稳健增长。2024 年公司实现 营业收入 11.84 亿元，同比+76.48%，实现归母净利润 1.23 亿元，实现扣 非归母净利润-1.39 亿元，同比大幅减亏。2024 年 12 月公司完成数控机 床业务出售，本次业务剥离合计收到股权转让款 3.57 亿元，并收回润星 科技对公司全部关联借款本金及 ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4]. Core Views - The company's performance is expected to benefit from the new energy efficiency standards for household refrigerators, which are anticipated to drive demand for VIP boards [2][4]. - The company has shown resilience with a significant year-on-year net profit growth of 137.99% in 2024, despite a revenue decline of 10.87% due to the exclusion of a subsidiary from consolidation [1][4]. Financial Performance Summary - In Q1 2025, the company reported a revenue of 324 million yuan, a year-on-year decrease of 4.59%, while the net profit was 33.56 million yuan, reflecting a growth of 3.69% [1]. - The company achieved a comprehensive gross margin of 21.96% in 2024, with specific margins for clean air materials, energy-efficient materials, and dust-free air conditioning at 36.15%, 13.74%, and 14.57% respectively [3]. - The forecasted revenues for 2025-2027 are projected to be 1.612 billion, 1.827 billion, and 2.140 billion yuan, with respective year-on-year growth rates of 9.25%, 13.34%, and 17.14% [4]. Product and Market Insights - The sales volume of energy-efficient materials is expected to increase by 18.38% in 2024, contributing to 52.57% of total revenue [2]. - The clean air materials segment is projected to generate 537 million yuan in revenue, accounting for 36.39% of total revenue, although it experienced a slight decline of 2.17% [2]. - The dust-free air conditioning segment is anticipated to grow by 39.67% on a comparable basis, excluding the impact of the subsidiary [2]. Profitability and Cost Management - The company’s net profit margin improved to 10.9% in Q1 2025, up by 0.9 percentage points year-on-year, attributed to a decrease in expense ratios [3]. - The comprehensive gross margin for Q1 2025 was reported at 25.1%, an increase of 3.95 percentage points compared to the previous year [3]. Valuation Metrics - The earnings per share (EPS) for 2025 is projected at 0.10 yuan, with corresponding price-to-earnings (PE) ratios of 36.16, 31.58, and 26.83 for the years 2025, 2026, and 2027 respectively [4]. - The company’s net asset return rate is expected to gradually increase from 4.16% in 2025 to 4.45% in 2027 [5].

[Table_Title] 证券研究报告 / 公司深度报告 石墨高端设备领军企业，业绩拐点将至 报告摘要： [国内新增 Table_Summary] 氯碱产能进入加速放量期，扩大资本开支，上游石墨设备厂商 有望充分获益 近些年我国下游氯碱新增产能节奏放缓，2024 年实现产能 4860 万吨（同 比+3.32%)，其中新增产能 157 万吨。根据我们统计，截至 2025 年 3 月， 我国 2025 年烧碱的新增产能约为 341 万吨，在建/拟建的烧碱产能约为 854 万吨，新增产能增速显著提升，有望进入加速放量期。上游石墨合成 炉企业或将受益于烧碱厂商扩产带来的资本开支增加，收入有望大幅增 长。 国内合成炉替换周期将至，存量替换和升级需求驱动高副产蒸汽石墨合 成炉渗透率提升 石墨合成炉的使用寿命为 8 年，最早的国产替代石墨合成炉已进入更新 周期；同时，随着环保节能的产业升级需求，国家出台政策鼓励氯化氢 合成炉在余热余压领域的应用，高副产蒸汽氯化氢石墨合成炉正在逐步 替换传统石墨合成炉。高副产蒸汽氯化氢石墨合成炉未来市场渗透率提 升空间广阔，预计将成为石墨合成炉的主要需求。公司组合式副产蒸汽 石墨氯化氢合成 ...

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 [Table_Report] 相关报告 甬矽转债定价：首日转股溢价率 23%~28% ---东北固收转债分析 报告摘要： [Table_Summary] 6 月 24 日，甬矽电子发布公告，拟于 2025 年 6 月 26 日通过网上发行可 转债，公司本次计划发行可转换公司债券募集资金总额不超过 11.65 亿 元。其中 9 亿元拟用于投资"多维异构先进封装技术研发及产业化项目"， 总投资 14.64 亿元；2.65 亿元拟用于补充流动资金。 甬矽转债发行方式为优先配售，网上发行，债项和主体评级 A+。发行规 模为 11.65 亿元，初始转股价格为 28.39 元，参考 6 月 25 日正股收盘价 格 29.46 元，转债平价 103.77 元，参考同期限同评级中债企业债到期收 益率（6 月 24 日）为 5.97%，到期赎回价 113 元，计算纯债价值为 83.7 元。博弈条款方面，下修条款（15/30，85%）正常、赎回条款（15/30， 130%）正常、回售条款（30/30，70%）正常。综合来看，债券 ...

[Table_Info1] 英科再生(688087) [Table_Title] 证券研究报告 / 公司点评报告 推出限制性股票激励计划，彰显未来发展信心 [Table_Summary] 事件： 公司公告 2025 年限制性股票激励计划，6 月 23 日已向 612 名激励对象 授予 737.80 万股限制性股票，约占公告时总股本的 3.94%，授予价格 为 12.01 元/股。公司层面业绩考核目标值为，2025-2029 年，营业收入 分别不低于 33.63/ 38.67/ 44.47/ 51.14/ 58.81 亿元，或归母净利润（剔除 股份支付费用后）分别不低于 3.53/ 4.06/ 4.67/ 5.37/ 6.17 亿元。 点评： 本次授予股票数量、激励人数远高于上一期，有助于调动高管和核心员 工积极性，并且指引 2026-2029 年收入或净利润的复合增速均为 15%， 彰显公司对未来发展信心。 新产品、新客户增量显著，海外产能加速投建。Q1 为外贸传统淡季， 公司收入依然实现 25%增长，主要得益于新产品、新客户表现亮眼， 部分非美市场增长强劲。分产品看，2024 年公司成品框/ 装饰建材/ P ...