Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [5][13]. Core Insights - The company is projected to achieve a revenue of 20.76-21.12 billion yuan in 2025, representing a year-on-year growth of 31.07%-33.34%. The net profit attributable to the parent company is expected to be between 4.34-4.59 billion yuan, with a growth rate of 30.46%-37.97% [3][4]. - For Q4 2025, the company anticipates revenue of 3.916-4.276 billion yuan, a year-on-year increase of 19.35%-30.33%, and a net profit of 579-829 million yuan, with a growth range of -6.46% to 33.93% [3][4]. - The company plans to increase its investment in freezer placements and expand its overseas market presence over the next 5-10 years, aiming to enhance its global operational capabilities [4]. Financial Performance Summary - The estimated revenue for 2025 is 20.94 billion yuan, with a year-on-year growth of 32.21%. The estimated net profit attributable to the parent company is 4.465 billion yuan, reflecting a growth of 34.20% [4][5]. - The company forecasts revenues of 26.19 billion yuan and 30.92 billion yuan for 2026 and 2027, respectively, with growth rates of 25.13% and 18.08% [5][9]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 8.59 yuan, 11.19 yuan, and 13.63 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 31, 24, and 19 [5][9].

证券研究报告：计算机|点评报告 行业投资评级 强于大市|维持 行业基本情况 ⚫ 复盘 3 年 25 倍的 PLTR，我们认为好的 AI 应用赛道应当 具备以下特征 | 收盘点位 | 5947.69 | | --- | --- | | 52 周最高 | 6063.95 | | 52 周最低 | 4080.58 | 近期研究报告 《国产 AI 或将全面超越》 - 2026.01.12 AI for Science，重在 AI+制药赛道 行业相对指数表现（相对值） -6% -1% 4% 9% 14% 19% 24% 29% 34% 39% 2025-01 2025-03 2025-06 2025-08 2025-10 2026-01 计算机 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:陈涵泊 SAC 登记编号:S1340525080001 Email:chenhanbo@cnpsec.com 分析师:李佩京 SAC 登记编号:S1340525080003 Email:lipeijing@cnpsec.com 分析师:王思 SAC 登记编号:S1340525080002 Email:wangsi1@c ...

行业基本情况 证券研究报告：计算机|点评报告 发布时间：2026-01-14 行业投资评级 强于大市|维持 | 收盘点位 | | 6063.95 | | --- | --- | --- | | 52 | 周最高 | 6063.95 | | 52 | 周最低 | 3994.26 | 行业相对指数表现（相对值） -4% 2% 8% 14% 20% 26% 32% 38% 44% 50% 2025-01 2025-03 2025-06 2025-08 2025-10 2026-01 计算机 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:陈涵泊 SAC 登记编号:S1340525080001 Email:chenhanbo@cnpsec.com 分析师:李佩京 SAC 登记编号:S1340525080003 Email:lipeijing@cnpsec.com 分析师:王思 SAC 登记编号:S1340525080002 Email:wangsi1@cnpsec.com 近期研究报告 《国产 AI 或将全面超越》 - 2026.01.12 政策吹响号角，AI 驱动工业软件迈向"智变"关 键期 ⚫ 政策加 ...

行业相对指数表现（相对值） 强于大市 |维持 行业基本情况 | | 收盘点位 | 8787.25 | | --- | --- | --- | | 52 | 周最高 | 9323.49 | | 52 | 周最低 | 6790.4 | 2025-01 2025-03 2025-06 2025-08 2025-10 2026-01 -4% 0% 4% 8% 12% 16% 20% 24% 28% 32% 36% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 证券研究报告：医药生物|点评报告 行业投资评级 l AI 在制药、辅助诊断、医疗服务等领域步入成熟阶段 在制药领域，凭借 AI 技术平台强大的数据分析和模型预测能力， 相关公司在分子设计和药物筛选方面能够大幅提升药物的研发效率 和成功率。AI 制药公司通过和大型药企合作共同推动管线进展，涉及 计算机、物理、化学、生物、临床等交叉领域，管线推进越靠后，价 值量显著增高。在影像/手术领域：AI 通过在医疗影像分析方向深度 学习，能够快速识别病灶，实现精准诊断；AI 亦能辅助术前及术中及 时规划，并提供综合解决方案。在辅助诊断领域，主要参与者为数据 驱动型平台 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [9][15]. Core Insights - The company has invested in Star Ring Fusion, supporting the development of controllable nuclear fusion technology, with a total investment of 1 billion yuan in the A-round financing [4]. - Star Ring Fusion, established in October 2021, is based on Tsinghua University's technology and aims to complete engineering validation by 2028 and start commercial demonstration by around 2032 [5]. - The company is a leader in the tank container industry, holding approximately 50% of the global market share, and is actively exploring new business opportunities in high-end equipment and medical imaging sectors [6]. Financial Performance and Projections - The company’s projected revenues for 2025, 2026, and 2027 are 2.725 billion yuan, 3.998 billion yuan, and 4.916 billion yuan, respectively, with expected growth rates of -18.62%, 46.69%, and 22.97% [7][11]. - The forecasted net profit attributable to the parent company for the same years is 169 million yuan, 308 million yuan, and 449 million yuan, with growth rates of -44.48%, 82.34%, and 45.93% [9][11]. - The corresponding price-to-earnings ratios (P/E) are projected to be 65.62, 35.99, and 24.66 for the years 2025, 2026, and 2027 [9][11].

发布时间：2026-01-13 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 研究助理:王一 SAC 登记编号:S1340125070001 Email:wangyi8@cnpsec.com 近期研究报告 《生产热度分化，物价整体回升——高 频数据跟踪 20260112》 - 2026.01.13 固收专题 "春季躁动"对债市有何影响 ？ ——看股做债专题二 ⚫ 股市春季行情涨幅越大，债市承压概率越高 证券研究报告：固定收益报告 从长期样本看，A 股春季躁动是少数同时具备高胜率与可观赔率 的阶段性行情窗口，历史上涨概率超过九成，春季行情主升段的历史 平均最大涨幅约 14%。从债市视角看，上证春季涨幅超过 20%时，10 年期国债大概率在春季行情同期下跌。但在更为常见的 10%—20%中等 涨幅区间，债市并非必然逆风，反而更容易表现为震荡或阶段性修复。 ⚫ 春季行情中段加速相比触底反弹，更易压制债市 行情发生在急跌后的低位修复阶段时，权益上涨主要体现为估值 与风险偏好修复，对名义增长与通胀的外溢有限，若同时伴随降准、 降息等宽 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1] Core Insights - The company is positioned to benefit from a policy turning point in robotic surgery, with an expected improvement in payment policies for orthopedic surgical robots [4] - The company has launched the world's first all-orthopedic surgical robot, establishing a leading advantage in the market [4] - Revenue growth is significant, with consumables and service income projected to become major growth drivers in the future [4] Company Overview - Latest closing price: 18.89 CNY - Total shares: 4.56 billion, with a market capitalization of 8.6 billion CNY [3] - The company has a debt-to-asset ratio of 24.3% and a current P/E ratio of -69.96 [3] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 187 million CNY, representing a 103.5% increase year-on-year [4] - The company completed approximately 35,000 surgeries in the first three quarters of 2025, maintaining a dominant position in the domestic market [4] - Revenue projections for 2025-2027 are 266 million CNY, 383 million CNY, and 549 million CNY, respectively, with expected net profits of -151 million CNY, 2 million CNY, and 77 million CNY [5][8]

近期研究报告 《假期消费温和增长，文旅消费多元扩 容》 - 2026.01.05 宏观观点 海外宏观周报：消费韧性支撑美国经济 ⚫ 核心观点： 预计今年美国居民消费将保持稳健，主要因素包括以下几点：通 胀逐渐走低支撑居民真实收入水平；大而美法案（OBBBA）减税措施对 居民可支配收入形成支撑；美股财富效应影响下，资产净值的增加往 往能够提升居民的消费意愿，拉动整体消费需求。 证券研究报告：宏观报告 发布时间：2026-01-13 研究所 分析师:李起 SAC 登记编号:S1340524110001 Email:liqi2@cnpsec.com 研究助理:高晓洁 SAC 登记编号:S1340124020001 Email:gaoxiaojie@cnpsec.com 然而，整体消费稳健并不能掩盖居民收入状况在 2026 年进一步 分化的风险。相对于高收入群体，低收入群体更加依赖就业市场，并 且 OBBBA 对居民的支持主要通过减税而非直接补贴的形式实现，这种 政策对于高收入者的边际效应更显著，而对低收入群体的刺激作用相 对有限。同时，美股的财富效应也更多地集中于富裕群体，对他们的 消费拉动效果可能强于低收入群体。 ...

Report Information - Report Type: Fixed Income Report - Release Time: January 13, 2026 - Analysts: Liang Weichao (SAC Registration No.: S1340523070001), Cui Chao (SAC Registration No.: S1340523120001) [1][2] Investment Rating - The provided content does not mention the report's industry investment rating. Core Viewpoints - High - frequency economic data focuses on: production - end heat differentiation with increased coke oven, blast furnace, and PX operating rates and increased rebar production, but decreased asphalt and automobile tire operating rates; decreased commercial housing transactions and land supply areas; overall price recovery with rising energy and metal prices (copper prices hitting new highs) and falling agricultural product prices (except for rising pork prices). Short - term focus on the implementation of fiscal and monetary coordinated policies [3][35] Section Summaries Production - Steel: In the week of January 9, coke oven capacity utilization increased by 0.87 pct, blast furnace operating rate increased by 0.37 pct, and rebar production increased by 8.56 tons. - Petroleum Asphalt: In the week of January 7, the operating rate continued to decline by 2.0 pct at a low level. - Chemicals: On January 9, the PX operating rate increased by 1.67 pct, and the PTA operating rate remained flat. - Automobile Tires: In the week of January 8, the all - steel tire operating rate decreased by 0.13 pct, and the semi - steel tire operating rate decreased by 2.36 pct [4][13][14] Demand - Real Estate: In the week of January 11, commercial housing transaction area decreased, inventory - to - sales ratio increased, land supply area decreased, and residential land transaction premium rate increased. - Movie Box Office: In the week of January 4, it increased by 515 million yuan compared with the previous week. - Automobile: In the week of December 31, the daily average retail sales of automobile manufacturers increased by 33,000 vehicles, and the daily average wholesale sales increased by 91,000 vehicles. - Shipping Freight Rates: In the week of January 9, the SCFI index decreased by 0.54%, the CCFI index increased by 4.21%, and the BDI index dropped significantly by 10.31% at a high level [5][17][21][24] Prices - Energy: On January 9, Brent crude oil prices rose by 4.26% to $63.34 per barrel, and coking coal futures prices rose by 6.5% to 1,188 yuan per ton. - Metals: On January 9, LME copper, aluminum, and zinc futures prices changed by +4.31%, +3.81%, and +0.85% respectively, and domestic rebar futures prices rose by 0.61%. - Agricultural Products: On January 9, the overall price of agricultural products declined, with the 200 - index of agricultural product wholesale prices dropping by 0.56%. Pork, eggs, vegetables, and fruits prices changed by +1.18%, +2.03%, -1.43%, and -0.63% respectively compared with the previous week [6][26][28] Logistics - Subway Passenger Volume: On January 11, the seven - day moving average of subway passenger volume in Beijing and Shanghai increased. - Flight Volume: On January 11, the seven - day moving average of domestic and international flight volumes decreased. - Urban Traffic: On January 11, the seven - day moving average of the peak congestion index in first - tier cities increased [7][31][33]

Group 1 - The report highlights that during the recent bull market, individual investors did not significantly increase their net purchases of ETFs, while institutional funds, particularly represented by Central Huijin, showed multiple instances of substantial accumulation [12][18][19] - Central Huijin's role has shifted post-September 24, 2025, where it is expected to act more as a stabilizing force during market downturns rather than consistently buying into ETFs [18][19] - The report emphasizes that "patient capital," particularly insurance funds, will play a crucial role in 2026, with a focus on their ability to provide support to the A-share market [19][20] Group 2 - The report estimates that the incremental capital from insurance funds in 2026 could reach approximately 731 billion, based on two main factors: premium income and reinvestment of maturing assets [33][35] - Insurance funds are expected to maintain a preference for high-dividend stocks, particularly in the banking sector, indicating a "barbell" investment strategy that will support the A-share market primarily at the index level [34][35] - The report discusses the constraints faced by insurance funds, particularly regarding solvency ratios, which have declined, impacting their ability to enter the market despite regulatory adjustments to risk factors [27][29][32]