Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is experiencing a clear recovery in performance, with a 11.07% year-on-year increase in revenue to 268 million yuan for the first three quarters of 2025, and a 32.66% increase in net profit attributable to shareholders, amounting to -27 million yuan [4]. - The company holds a strong position in high-end electronic materials, particularly in electromagnetic shielding films, flexible copper-clad laminates, and ultra-thin copper foils, successfully breaking the monopoly of foreign companies in these areas [5]. - The company is advancing its commercialization process for core products and new application scenarios, with significant progress in product testing and certification, leading to small batch orders from multiple clients [6][8]. Financial Performance and Projections - The company is projected to achieve revenues of 350 million yuan, 520 million yuan, and 820 million yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be -70 million yuan, 20 million yuan, and 120 million yuan in the same years [9]. - The financial metrics indicate a growth trajectory, with revenue growth rates projected at 2.42%, 45.79%, and 59.10% for the years 2025, 2026, and 2027 respectively [11]. - The company is expected to improve its gross margin from 29.4% in 2024 to 38.1% by 2027, reflecting enhanced profitability [16].

股票投资评级 买入 |首次覆盖 个股表现 2025-02 2025-04 2025-07 2025-09 2025-11 2026-02 -26% -9% 8% 25% 42% 59% 76% 93% 110% 127% 144% 联动科技 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） | 116.22 | | --- | --- | | 总股本/流通股本（亿股）0.71 | / 0.36 | | 总市值/流通市值（亿元）82 | / 42 | | 52 周内最高/最低价 | 142.94 / 43.10 | | 资产负债率(%) | 6.1% | | 第一大股东 | 张赤梅 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:陈天瑜 SAC 登记编号:S1340125090015 Email:chentianyu@cnpsec.com 联动科技(301369) 证券研究报告：电子 | 公司点评报告 大算力 SoC 测试机加速推进 l 投资要点 营收稳健增长，股份支付短期影响业绩表现。2025 年前 ...

证券研究报告：医药生物|行业周报 发布时间：2026-02-09 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 8350.08 | | --- | --- | --- | | 52 | 周最高 | 9323.49 | | 52 | 周最低 | 6876.88 | 行业相对指数表现 2025-02 2025-04 2025-07 2025-09 2025-11 2026-02 -8% -4% 0% 4% 8% 12% 16% 20% 24% 28% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 近期研究报告 《AI 制药临床管线回顾：早研优势凸 显，后期范式迎来积极改变》 - 2026.02.02 医药生物行业报告 （2026.02.02-2026.02.06） 政策加快中药工业结构优化和转型升级，支持中药 工业龙头企业发展 l 本周主 ...

近期研究报告 证券研究报告：固定收益报告 发布时间：2026-02-09 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 分析师:崔超 SAC 登记编号:S1340523120001 Email:cuichao@cnpsec.com 高频经济数据关注点：第一，生产端热度分化，焦炉、高炉、PTA 开工率回升，沥青、轮胎开工率下降。第二，商品房成交面积下降， 土地供应面积小幅增加。第三，物价整体下行，能源、金属、农产品 价格均下降。第四，假期临近，地铁客运量、一线城市高峰拥堵指数 均下行，国内外执行航班量快速增长。短期重点关注财政与货币协同 政策落地情况。 生产：焦炉、高炉、PTA 开工率回升，沥青、轮胎下行 2 月 6 日当周，焦炉产能利用率升高 0.48 pct，高炉开工率升高 0.53 pct，螺纹钢产量下降 8.15 万吨；石油沥青开工率低位下降 1.0 pct；化工 PX 开工率较前一周持平，PTA 开工率升高 1.07 pct；汽车 全钢胎开工率下降 1.74 pct，半钢胎开工率下降 2.08 pct。 需求：商品房 ...

Industry Investment Rating - The investment rating for the industry is Neutral, maintained [1] Core Insights - The current market environment for the brokerage industry is characterized by continued liquidity easing and a seasonal decline in trading activity ahead of the Spring Festival. The 10-year government bond yield has shown a slight decrease, indicating a stable and friendly funding environment for the capital market. The stock-bond spread remains high, suggesting relative value in equity markets, which may lead to increased brokerage activity post-holiday [4][5] - The average daily trading volume for stock funds has decreased by approximately 18.26% week-on-week, reflecting a seasonal cooling in market activity. However, the bond market remains robust with an average daily trading volume of around 30 trillion yuan [5][6] - The balance of margin financing and securities lending has shown a slight decline, indicating reduced willingness to use leverage as market activity cools. As of February 5, 2026, the balance was approximately 2.68 trillion yuan, down about 2.25% from the previous month [7][20] - The new comprehensive wealth index for bonds has continued to rise, indicating a solid liquidity foundation in the bond market, despite a slight decrease in trading volume as the market approaches the holiday [22][23] - The stock-bond spread has shown a slight increase, with an average of 4.98% this week, indicating a favorable environment for equities compared to bonds [24] Summary by Sections 1. Q1 Policy Focus - The derivatives regulations are expected to be implemented in Q1 2026, which may enhance the return on equity (ROE) for leading brokerages. The "14th Five-Year Plan" emphasizes the development of derivatives, signaling potential policy benefits for the industry [15] 2. Industry Fundamentals Tracking 2.1 SHIBOR3M Rate - The SHIBOR3M rate has stabilized around 1.60% from October to December 2025, further decreasing to 1.58% as of February 6, 2026, indicating a stable and loose interbank funding environment [16] 2.2 Stock Fund Trading Volume - The average daily trading volume for stock funds was 30,275 billion yuan, down from approximately 37,040 billion yuan the previous week, reflecting a seasonal decline in trading activity [17] 2.3 Margin Financing Situation - The margin financing balance was 26,808.60 billion yuan as of February 5, 2026, showing a continuous slight decline, which aligns with the decrease in trading activity [20] 2.4 Bond Market Index and Trading Amount - The new comprehensive wealth index for bonds rose from 250.0050 to 250.1665 over the week, while bond trading volumes showed a moderate decrease, maintaining a solid liquidity foundation [22] 2.5 Stock-Bond Spread - The 10-year government bond yield fluctuated between 1.81% and 1.82%, with the stock-bond spread averaging 4.98%, indicating a favorable environment for equities [24] 3. Market Review - The A-share brokerage index decreased by 0.65%, outperforming the CSI 300 index by 0.68 percentage points. However, the brokerage sector's performance over the past year lags behind the CSI 300 index [26][28]

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |首次覆盖 个股表现 2025-02 2025-04 2025-07 2025-09 2025-11 2026-02 -26% -9% 8% 25% 42% 59% 76% 93% 110% 127% 144% 联动科技 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） | 116.22 | | --- | --- | | 总股本/流通股本（亿股）0.71 | / 0.36 | | 总市值/流通市值（亿元）82 | / 42 | | 52 周内最高/最低价 | 142.94 / 43.10 | | 资产负债率(%) | 6.1% | | 第一大股东 | 张赤梅 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:陈天瑜 SAC 登记编号:S1340125090015 Email:chentianyu@cnpsec.com 联动科技(301369) 大算力 SoC 测试机加速推进 l 投资要点 营收稳健增长，股份支付短期影响业绩表现。2025 年前 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |首次覆盖 个股表现 2025-02 2025-04 2025-07 2025-09 2025-11 2026-02 -21% -1% 19% 39% 59% 79% 99% 119% 139% 159% 方邦股份 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） | 84.00 | | --- | --- | | 总股本/流通股本（亿股）0.82 | / 0.82 | | 总市值/流通市值（亿元）69 | / 69 | | 52 周内最高/最低价 | 95.70 / 27.70 | | 资产负债率(%) | 22.5% | | 第一大股东 | 胡云连 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:陈天瑜 SAC 登记编号:S1340125090015 Email:chentianyu@cnpsec.com 方邦股份(688020) 发布时间：2026-02-09 薄介电层 FCCL 等前沿产品的开发与下游测试认证工作。未来公司将 进一步强 ...

Industry Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Outperform the Market" and is maintained [1]. Core Insights - The report highlights the acceleration of policy support for the optimization and transformation of the traditional Chinese medicine (TCM) industry, benefiting leading TCM companies [4][15]. - The report emphasizes the potential benefits for innovative drug companies due to the establishment of a collaborative innovation system and the promotion of new drug approvals [5][15]. - The report notes that the A-share pharmaceutical and biotechnology sector has shown a slight increase of 0.14% in the week from February 2 to February 6, 2026, outperforming the CSI 300 index by 1.47 percentage points [6][18]. Summary by Sections Industry Overview - The closing index for the pharmaceutical and biotechnology sector is 8350.08, with a weekly high of 9323.49 and a low of 6876.88 [1]. Recent Market Performance - The A-share pharmaceutical sector outperformed the CSI 300 index and the ChiNext index during the week, ranking 15th among 31 sub-industries [6][18]. - The TCM sector ranked first among sub-sectors with a weekly increase of 2.56%, while other biopharmaceutical sectors experienced a decline [18]. Policy Developments - The Ministry of Industry and Information Technology and other departments issued a plan for the high-quality development of the TCM industry from 2026 to 2030, aiming to establish a collaborative development system and support leading TCM enterprises [4][15]. - The plan includes fostering a batch of innovative TCM drugs and enhancing the protection of intellectual property for traditional brands [5][16][17]. Investment Recommendations 1. **Innovative Drugs**: The report suggests that innovative drug companies remain a strong investment choice, with a focus on companies with high certainty and low disruption expectations, such as Innovent Biologics and 3SBio [7][21]. 2. **Medical Devices**: The medical device sector is expected to see a recovery in profits, with a focus on companies like Mindray and Kangji Medical, as the impact of centralized procurement diminishes [23][24]. 3. **Traditional Chinese Medicine**: Companies like Yiling Pharmaceutical and Tianjin Zhongxin Pharmaceutical are expected to benefit from policies supporting TCM and the clearing of high inventory levels [28][29][30]. 4. **AI in Healthcare**: Companies involved in AI applications in pharmaceuticals and diagnostics, such as iCarbonX and Huada Gene, are anticipated to benefit from advancements in AI technology [32][34].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [5][10]. Core Insights - The company is strategically investing in core assets, which may lead to temporary profit pressure. It is projected to incur a net loss attributable to shareholders of between -12 million to -6 million yuan in 2025, primarily due to increased investments in key resources, advanced capacity, and talent reserves [3][5]. - The company has successfully completed its domestic and international capacity layout in Shenyang, Nantong, Beijing, and Singapore, significantly increasing its fixed asset scale to approximately 4.9 billion yuan, a growth of about 3.5 billion yuan compared to 2022 [4]. - The company is focusing on advanced process development, with new projects such as gas distribution plates and special coatings already validated and in mass production [4][10]. - The company is expected to achieve revenues of 3.75 billion, 5 billion, and 7 billion yuan in 2025, 2026, and 2027 respectively, with a projected net profit of -0.08 billion, 0.3 billion, and 0.66 billion yuan for the same years [5][9]. Financial Projections - Revenue is projected to grow at rates of 47.14%, 23.48%, 33.49%, and 39.80% for the years 2024, 2025, 2026, and 2027 respectively [9][12]. - The company’s EBITDA is expected to increase from 507.87 million yuan in 2024 to 1.41 billion yuan in 2027 [9]. - The net profit attributable to shareholders is forecasted to recover from a loss of 7.9 million yuan in 2025 to a profit of 660.43 million yuan in 2027, reflecting a significant turnaround [9][12].

证券研究报告：电子 | 公司点评报告 发布时间：2026-02-09 股票投资评级 买入 |首次覆盖 个股表现 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（港币） | 103.70 | | --- | --- | | 总股本/流通股本（亿股） | 4.34 / 3.52 | | 总市值/流通市值（亿港币）449.58 / 365.49 | | | 52 周内最高/最低价 | 136.90 / 85.60 | | 资产负债率(%) | 9.85% | | 市盈率 | -18.1 | | 第一大股东 | 彭军 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 小马智行(2026.HK) 智能驾驶龙头，Robotaxi 商业化初步落地 ⚫ 事件 2026 年 2 月 4 日，公司发布 2025 年业绩预告：2025 年度预期亏 损约 69.0 百万美元至 86.0 百万美元，较 2024 年度的 275.0 百万美 元大幅收窄约 68.7%至 74.9%；亏损收窄主因系报告期内对上市公司 的投资公允价值变动收益增长所致。 ...