证券研究报告：银行业|点评报告 行业投资评级 强于大市 |维持 | 行业基本情况 | | --- | | 收盘点位 | | 4479.03 | | --- | --- | --- | | 52 | 周最高 | 4479.03 | | 52 | 周最低 | 3132.76 | 行业相对指数表现（相对值） 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 -9% -5% -1% 3% 7% 11% 15% 19% 23% 27% 31% 银行 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:张银新 SAC 登记编号:S1340525040001 Email:zhangyinxin@cnpsec.com 近期研究报告 l 风险提示： 数据统计误差，外部事件超预期恶化，银行不良资产大面积暴露。 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 《银行资负观察第二期：存款降息对 大行负债影响几何？》 - 2025.05.30 金融可转债研究：金融转债梳理推荐 l 投资要点 板块供需矛盾仍突出：截至 2025 年 6 月 20 日，转债市场目前存 续个券约 ...

资料来源：聚源，中邮证券研究所 公司基本情况 证券研究报告：食品饮料 | 公司点评报告 股票投资评级 增持|首次覆盖 个股表现 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 -16% -9% -2% 5% 12% 19% 26% 33% 40% 47% 三元股份 食品饮料 | 最新收盘价（元） | 4.37 | | --- | --- | | 总股本/流通股本（亿股）15.09 | / 14.98 | | 总市值/流通市值（亿元）66 | / 65 | | 52 周内最高/最低价 | 5.49 / 3.54 | | 资产负债率(%) | 42.7% | | 市盈率 | 121.39 | | 第一大股东 | 北京首农食品集团有限 | | 公司 | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 三元股份(600429) 短期需求承压，经营质量不断改善 l 投资要点 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Views - The demand growth driven by AI will continue to elevate the need for high-frequency, high-speed boards, HDI boards, and IC carrier boards. The company is well-positioned to capitalize on market opportunities by enhancing its product structure through technological innovation and digitalization, leading to steady improvements in operational performance [4]. - The overseas base in Thailand is progressing as planned, with trial production already underway. This project is expected to establish a solid foundation for long-term performance growth, with an anticipated production capacity of 150 to 200 million units by 2025 [5]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 49.6 billion, 58.7 billion, and 67.8 billion yuan respectively, with net profits of 8.9 billion, 11.3 billion, and 13.3 billion yuan respectively. The report maintains a "Buy" rating based on these forecasts [6]. - The company is expected to achieve a revenue growth rate of 39.43% in 2024, followed by 32.91% in 2025, 18.18% in 2026, and 15.56% in 2027 [8]. Financial Metrics - The latest closing price is 54.97 yuan, with a total market capitalization of 234 billion yuan and a circulating market value of 83 billion yuan. The company has a debt-to-asset ratio of 45.9% and a price-to-earnings ratio of 33.11 [3]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.09 yuan, 2.65 yuan, and 3.14 yuan respectively, with corresponding price-to-earnings ratios of 26.34, 20.80, and 17.60 [10].

证券研究报告：快递|点评报告 发布时间：2025-06-25 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 2789.29 | | --- | --- | --- | | 52 | 周最高 | 2789.29 | | 52 | 周最低 | 2098.61 | 行业相对指数表现（相对值） 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 21% 24% 快递 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 快递行业 2025 年 5 月数据点评 顺丰"激活经营"促增速领先，电商快递趋势向好 l 邮政局披露 5 月运营数据，业务量保持中高速增长 邮政局披露 2025 年 5 月邮政行业运行情况。5 月快递业务量 173.2 亿件，同比增长 17.2%，快递业务收入 1255.5 亿元，同比增长 8.2%，快递业务单价 7.25 元，同比下降 7.6%。 细 ...

分析师:张泽亮 SAC 登记编号:S1340523100003 Email:zhangzeliang@cnpsec.com 分析师:许灿杰 SAC 登记编号:S1340525040002 Email:xucanjie@cnpsec.com 证券研究报告：基础化工|行业周报 | 收盘点位 | | 3385.44 | | --- | --- | --- | | 52 | 周最高 | 3564.08 | | 52 | 周最低 | 2687.54 | 行业相对指数表现 发布时间：2025-06-25 -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 21% 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 基础化工 沪深300 行业投资评级 资料来源：聚源，中邮证券研究所 强于大市|维持 研究所 行业基本情况 近期研究报告 《AI 算力与机器人快速发展，上游材料 有望受益》 - 2025.06.15 基础化工行业报告 （2025.06.15-2025.06.20） 伊以冲突加剧，油价相关商品上涨 ⚫ 投资要点 伊以冲突加剧，地缘政治不确定因 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][9]. Core Insights - The company, Jingbeifang, is a leading financial technology service provider in China, focusing on advanced technologies such as artificial intelligence, big data, cloud computing, blockchain, and digital twins, which support clients in their digital transformation [3]. - In 2024, the company achieved a revenue of 4.636 billion yuan, representing a year-on-year growth of 9.29%, with a net profit attributable to shareholders of 312 million yuan [3]. - The company has a strong technical foundation and aims to participate in the stablecoin industry, leveraging its experience in digital currency infrastructure and applications [4]. - Jingbeifang has developed a diverse customer ecosystem, covering cross-border payment systems and expanding its services to non-bank financial institutions [5][7]. - The recent legislative developments in Hong Kong regarding stablecoins are expected to accelerate the application of blockchain technology in cross-border financial scenarios, benefiting the company's business [8]. Financial Overview - The projected earnings per share (EPS) for 2025-2027 are 0.42, 0.48, and 0.58 yuan, with corresponding price-to-earnings (P/E) ratios of 37.66, 32.49, and 26.90 [9][11]. - The company is expected to maintain a steady revenue growth rate of approximately 11% annually from 2025 to 2027 [11]. - The financial metrics indicate a healthy operating margin and return on equity (ROE) projected to increase from 11.1% in 2024 to 14.3% by 2027 [12].

证券研究报告 科幻照进现实，产业落地加速 行业投资评级：强于大市｜维持 孙业亮/丁子惠/常雨婷 中邮证券研究所 计算机团队 中邮证券 1 1 发布时间：2025-06-24 投资要点 请参阅附注免责声明 2 Ø 多学科融合，技术迎来爆发期：根据技术路径差异，脑机接口可分为三大类别：侵入式、半侵入式和非侵入式，其 中非侵入式虽受限于头皮干扰导致信号分辨率较低，却以零创伤、低成本的特点成为医疗康复、教育训练等场景的主流 选择。中国在半侵入式以及非侵入式脑机接口技术方面处于全球领先地位，侵入式技术也在多个场景获得应用。近日， 上海阶梯医疗科技有限公司对外宣布，其自主研发的侵入式脑机接口系统，已于今年一季度在复旦大学附属华山医院成 功完成国内首例侵入式脑机接口系统人体长期埋植前瞻性（FIM）临床试验。 Ø 各国加速布局，商业应用广泛落地：2024 年，据Precedence research统计数据，全球脑机接口市场规模为 26.2 亿美元，预计到 2034 年将增加到约 124 亿美元，复合年增长率达 17.35%，在医疗、娱乐、智能家居、军事等多领域 具有巨大的市场潜力和发展前景。目前世界各国纷纷加大战略布局，我 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 源杰科技(688498) 数据中心 CW 硅光光源、EML 产品加速放量 l 投资要点 买入 |维持 个股表现 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 -45% -36% -27% -18% -9% 0% 9% 18% 27% 36% 45% 源杰科技 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 166.50 | | --- | --- | | 总股本/流通股本（亿股）0.86 | / 0.60 | | 总市值/流通市值（亿元）143 | / 100 | | 52 周内最高/最低价 | 182.99 / 79.20 | | 资产负债率(%) | 3.5% | | 市盈率 | -2,378.57 | | 第一大股东 | ZHANG XINGANG | 研究所 光模块市场快速扩张，拉动 CW 硅光光源芯片、EML 芯片等需求。 随着人工智能的快速发展，模型性能提 ...

证券研究报告：农林牧渔|行业周报 发布时间：2025-06-24 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 2648.11 | | 52 周最高 | 2838.04 | | 行业相对指数表现 | | --- | 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 近期研究报告 《生猪供应压力大，5 月产能惯性增加》 - 2025.06.17 农林牧渔行业报告 （2025.6.15-2025.6.22） 生猪偏弱震荡，政策调控影响或在明年体现 ⚫ 行情回顾：大幅调整 农林牧渔（申万）行业指数跌 3.13%，在申万 31 个一级行业中涨 幅排名第 26 位。上周农业板块大幅下挫，核心板块全线下跌。调控 政策频出，但市场表现较为平静，对后市持观望态度。 ⚫ 猪：价格震荡下跌，调控政策频出 猪价延续跌势。截至 6 月 22 日，全国生猪均价 13.93 元/公斤， 较上周微跌，但已是月内第二次跌破 14 元大关。仔猪价格亦明显下 滑，本周 15KG 仔猪均价跌至 400 元/头，较年内 ...

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 [8][12]. Core Views - The company has shown stable performance with a slight increase in gross margin despite a decrease in overall revenue. The gross margin improved by 0.76 percentage points to 22.17% in 2024, while total revenue decreased by 4.4% to 10.749 billion yuan [4][6]. - The company is committed to high dividend payouts, proposing a cash dividend of 0.1 yuan per share for 2024, totaling 196 million yuan, which represents a payout ratio of 77.71% [5][6]. - The company is focusing on its core business while exploring innovative paths, with projected revenues of 11.1 billion yuan, 11.4 billion yuan, and 11.8 billion yuan for 2025, 2026, and 2027 respectively [6][10]. Summary by Sections Company Overview - The latest closing price is 6.62 yuan, with a total market capitalization of 12.9 billion yuan. The company has a debt-to-asset ratio of 39.7% and a price-to-earnings ratio of 18.36 [2]. Financial Performance - In 2024, the company reported a revenue of 10.749 billion yuan, a decrease of 4.4% year-on-year, and a net profit of 705 million yuan, down 24.67% year-on-year. However, the net profit after deducting non-recurring items increased by 0.5% [3][4]. - For Q1 2025, the company achieved a revenue of 2.749 billion yuan, a decrease of 6.14% year-on-year, but the net profit rose by 31.63% to 386 million yuan due to a significant reduction in tax expenses [4]. Dividend Policy - The company plans to distribute a total of 548 million yuan in dividends for 2024, with a dividend yield of 4.22% based on the closing price as of June 23 [5][6]. Future Projections - The company anticipates stable growth in revenue and net profit over the next three years, with expected net profits of 832 million yuan, 897 million yuan, and 942 million yuan for 2025, 2026, and 2027 respectively [6][10].