朗新集团 300682.SZ 公司研究 | 动态跟踪 AI 赋能全业务，探索 RWA 新机遇 核心观点 盈利预测与投资建议 ⚫ 调整收入增速和费用率，我们预测公司 25-27 年的每股收益分别为 0.46、0.63、0.76 元（原预测 25-27 年每股收益为 0.56、0.78、0.93 元），根据可比公司 25 年 PE 水 平，给予公司 25 年 39 倍市盈率，对应目标价为 17.94 元，维持买入评级。 风险提示 新型电力系统整体行业发展不及预期； 公司新业务推进不及预期。 ⚫ · 公司主要财务信息 | 浦俊懿 | 执业证书编号：S0860514050004 | | --- | --- | | | pujunyi@orientsec.com.cn | | | 021-63326320 | | 陈超 | 执业证书编号：S0860521050002 | | | chenchao3@orientsec.com.cn | | | 021-63326320 | | 宋鑫宇 | 执业证书编号：S0860524090002 | | | songxinyu@orientsec.com.cn | | | 021-6 ...

| 陈笑 | 执业证书编号：S0860525100005 | | --- | --- | | | chenxiao2@orientsec.com.cn | | | 021-63326320 | | 伍云飞 | 执业证书编号：S0860524020001 | | | 香港证监会牌照：BRX199 | | | wuyunfei1@orientsec.com.cn | | | 021-63326320 | 商贸零售行业 行业研究 | 动态跟踪 夸克眼镜发布，眼镜企业受益 核心观点 投资建议与投资标的 投资建议：在政策支持及各品牌持续发力的背景下，我们认为智能眼镜渗透率将迎来拐 点向上，且技术路径突破有望解决"不可能三角"，眼镜企业先行受益；同时部分专业零 售公司作为智能眼镜线下销售的重要渠道，可同样受益。 眼镜板块相关标的：康耐特光学(02276，未评级)、博士眼镜(300622，未评级)、明月镜 片(301101，买入)。 其它：爱施德(002416，未评级)、天音控股(000829，未评级)等。 风险提示： 行业竞争加剧、智能眼镜渗透率不及预期、技术领先优势削弱等。 国家/地区 中国 行业 商贸零售行业 报告发 ...

亨斯迈欧洲 MDI 装置意外停产，有望催动 MDI 价格反弹 核心观点 投资建议与投资标的 ⚫ 景气度有望复苏的 PVC 相关企业包括：中泰化学(002092，未评级)、新疆天业 (600075，未评级)、氯碱化工(600618，未评级)、天原股份(002386，未评级)。 MDI 龙头：万华化学(600309，买入)。景气度持续性受储能高速增长拉动的磷化工 中相关标的包括：川恒股份(002895，未评级)、云天化(600096，未评级)等。草酸 行业中，建议关注：华鲁恒升(600426，买入)、华谊集团(600623，买入)、万凯新 材(301216，买入)。 风险提示 | 印度取消 BIS 认证及反倾销税，利好 PVC | 2025-11-23 | | --- | --- | | 等产品出口增长 | | | 化工景气修复与储能高增长预期持续，继 | 2025-11-16 | | 续看好 MDI、PVC、磷化工等子行业 | | | 看好储能需求预期提升下磷矿石景气上行 | 2025-11-13 | | 潜力 | | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表 ...

煤炭行业 行业研究 | 行业周报 产地动力煤中长期合同价格落地，关注行 业左侧布局机会 ——东方证券煤炭行业周报（20251124-20251130） 核心观点 投资建议与投资标的 投资建议：（1）当前焦煤价格水平低于动力煤，部分焦煤股处于破净状态，且近期焦煤 价格持续下跌的背景下，焦煤股价跌幅较小，反映出市场对焦煤股的悲观预期已经较为 充分地反映在股价之中，建议关注焦煤板块左侧布局的机会；（2）产地动力煤中长期合 同价格落地，且产地价格水平高于港口价格水平，后续产地中长协机制有望减少产地煤 价的波动，相关标的：陕西煤业(601225，未评级)、中煤能源(601898，未评级)。 风险提示 经济增速下滑；水电出力超预期；海外煤价大幅下跌；政策实施力度不及预期。 国家/地区 中国 行业 煤炭行业 报告发布日期 2025 年 11 月 30 日 看好（维持） 蒋山 执业证书编号：S0860525110006 jiangshan2@orientsec.com.cn 0755-82819271 李晓渊 执业证书编号：S0860525090002 lixiaoyuan@orientsec.com.cn 021-6332 ...

主题策略 机械设备：发改委规范具身智能产业健康发展 风险提示 消费复苏不及预期、场景需求落地不明确导致低于预期、以旧换新补贴政策持续性存在不确定性、关税扰 动反复。 市场策略 12 月开门红可期，震荡格局下先扬后抑 风格策略 风格大切换，中盘蓝筹再崛起 行业策略 家电：关注行业格局优化趋势 投顾发展 | 投顾晨报 12 月开门红可期，震荡格局下先扬后抑 朝闻道 20251201 报告发布日期 2025 年 12 月 01 日 江韶军 执业证书编号：S0860525090001 jiangshaojun@orientsec.com.cn 021-63326320 反弹高度受限，调仓注重赔率：朝闻道 20251128 2025-11-27 反弹不改震荡格局，继续逢低布局：朝闻 道 20251126 2025-11-25 防守策略生效，布局窗口将现：朝闻道 20251124 2025-11-23 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 ⚫ 过去一周的企稳反弹，验证我们周初"布局窗口将现"的预判，但上证指数 5 日均 ...

投资策略 | 定期报告 风格大切换，中盘蓝筹再崛起 策略周报 20251130 研究结论 ⚫ 核心观点：年末市场有望维持强势，但市场风格可能会出现较大切换，中盘蓝筹有 望再度崛起，投资机会在消费、周期和制造板块的中盘蓝筹。 投资机会在中等风险特征的股票，两条主线掘金中盘蓝筹：1)消费板块沉寂多年正 迎拐点。消费板块普遍股价超跌，供给收缩，股价有望上行。关注业绩出清的中型 白酒、餐饮供应链、零食饮料、家电、酒店、人力资源、美容护理等。2)周期板块 科技赋能叠加供给约束，定价重估进行时。关注 AI 需求拉动的新材料、战略小金属 (如锑、稀土)、工业金属(铜、铝)等供需格局改善的品种以及传统商品生猪和橡胶 等。3） 制造板块暂别"梦想叙事"，拥抱"现实兑现"。制造板块的投资需从纯 粹的"故事炒作"转向"订单和收入"的验证。关注不断有业绩验证预期的通信、电子、 电力设备和机械设备。 ⚫ 主题投资：依次关注人工智能、半导体、航天卫星、固态电池、上游涨价 人工智能：市场部分投资者对人工智能前景产生怀疑，我们认为市场对产业发展的 判断较为理性，每一次理性的思辨也让市场预期回归中性，投资者对产业发展空间 和斜率的预期有望随着 ...

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - The implementation of self-discipline measures against "involution" in copper smelting is expected to alleviate supply-demand contradictions between the mining and smelting sectors, potentially stabilizing smelting fees [8] - Major copper mines are expected to resume production, with mid-term mining output likely to exceed smelting expansion, creating upward pressure on smelting fees [8] - High demand in downstream sectors is anticipated to boost copper consumption, leading to a scenario where both copper prices and processing fees rise simultaneously [8] Summary by Sections Industry Overview - The report highlights the recent announcement by the China Nonferrous Metals Industry Association to control new copper smelting capacity and address unsustainable structural contradictions in the industry [8] - The self-discipline measures include a reduction of over 10% in copper production capacity for 2026 and the establishment of a supervision mechanism to prevent malicious competition [8] Mining Sector - The Grasberg copper mine is set to resume large-scale production in Q1 2026, with expected output growth continuing into 2027, potentially reaching 726,000 tons [8] - The Cobre Panamá mine is also expected to restart, with negotiations ongoing with the Panamanian government [8] Demand and Pricing - The report notes that the global upgrade of power grids and the rise of clean energy and AI data centers are expected to drive copper demand [8] - The anticipated alleviation of structural contradictions between the mining and smelting sectors may lead to a simultaneous increase in copper prices and processing fees [8] Investment Recommendations - For the copper smelting sector, it is recommended to focus on Tongling Nonferrous Metals (000630, Buy) and Jiangxi Copper (600362, Not Rated) [8] - In the copper mining sector, attention is drawn to Zijin Mining (601899, Buy) and other companies with significant resource reserves and expansion potential [8]

有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 投资建议与投资标的 国家/地区 中国 行业 公用事业行业 报告发布日期 2025 年 11 月 30 日 看好（维持） 孙辉贤 执业证书编号：S0860525090003 sunhuixian@orientsec.com.cn 021-63326320 | 用电高增有望延续，火电增速由负转正： | 2025-11-23 | | --- | --- | | 公 用 事 业 行 业 周 报 （2025.11.17- | | | 2025.11.21） | | | 长协电价预期上修，现货市场建设加速： | 2025-11-09 | | 公 用 事 业 行 业 周 报 （2025.11.03- | | | 2025.11.07） | | | 火电业绩持续高增，行业持仓已至低点： | 2025-11-02 | | 公 用 事 业 行 业 周 报 （2025.10.27- | | | 2025.10.31） | | 公用事业行业 行业研究 | 行业周报 港口煤价逐步走低，输配电价新 ...

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Insights - The report highlights the acceleration of production capacity reduction in the pig farming sector, driven by recent policies and market conditions, which is expected to enhance long-term performance in the sector [3][9] - The report identifies several investment opportunities across different segments of the agriculture industry, including pig farming, feed, planting, and pet food sectors [3][32] Summary by Relevant Sections Pig Farming - The report notes a significant reduction in breeding sows, with the number decreasing to 39.9 million heads by the end of October 2025, a month-on-month decline of 1.1% and a year-on-year decline of 2.1% [9] - October saw a substantial increase in pig slaughtering, with 38.34 million pigs processed, representing a month-on-month increase of 7% and a year-on-year increase of 26.2% [9] - The average price for market pigs dropped to 12.27 yuan/kg in October, down 11% month-on-month and 32.4% year-on-year, indicating a challenging profitability environment for the industry [9][40] Feed Sector - The report indicates that raw material prices for feed are stabilizing at the bottom, with corn prices averaging 2329.8 yuan/ton, up 2.17% week-on-week, and soybean meal prices at 3107.43 yuan/ton, up 1.04% week-on-week [21][40] Planting Chain - The report emphasizes a positive outlook for the planting and seed industry, with grain prices on an upward trend, highlighting significant investment opportunities in large-scale planting [3][32] Pet Food Sector - The pet food industry is experiencing growth, with increasing recognition of domestic brands and continuous market expansion, presenting investment opportunities in leading companies [3][32]

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry in China [5]. Core Viewpoints - The expectation of interest rate cuts by the Federal Reserve is likely to boost sales in the U.S. real estate chain, particularly in home appliances and power tools by 2026. The domestic subsidy effect is slowing down, making leading companies more stable. The long-term focus remains on overseas expansion, with companies that diversify their production capacity being favored [3][7]. - Leading companies exhibit higher operational efficiency and mature overseas production layouts, making them preferred choices for stable investments. Recommended stocks include Midea Group, Haier Smart Home, and Hisense Visual [3]. - The export market holds potential, with expectations of a valuation switch by 2026, particularly for Stone Technology [3]. - Companies with stable core business performance are expected to explore new growth avenues, with Anfu Technology being highlighted [3]. Summary by Sections Investment Suggestions and Targets - Investment suggestions include focusing on leading companies with higher operational efficiency and overseas production capabilities, which are expected to perform better under pressure from demand and cost [3][7]. - The report highlights the ongoing trend of white goods production, with a total of 30.18 million units produced in December, reflecting a year-on-year decline of 14.1%. The report anticipates that leading companies will gain market share despite challenges [7]. - The cleaning appliance sector is experiencing a trend of market concentration, with the top two companies increasing their market share significantly, indicating a shift towards leading brands [7].