证券研究报告：电子 | 公司点评报告 股票投资评级 l 投资要点 持续推进 12 吋扩产。公司的主营业务涵盖产品与方案、制造 与服务两大板块，2025H1，制造与服务业务板块/产品与方案业务 板块分别实现收入 3.33/2.88 亿元，分别同比+18.69%/-5.5%。目 前，28nm 12 英寸集成电路生产线项目工程建设有序推进，提前实 现主厂房、CUB 建筑封顶；不断突破工艺技术，55nm、40nm、28nm 3 条工艺路线同步开发；65nm 12 英寸生产线持续推进产品与平台 开发，吸引多家头部客户并完成 60 余款新品导入；8 英寸生产线 持续提升运营效率，产线质量进一步改善，积极推进新品开发与拓 展工作；6 英寸生产线加快转型步伐，持续推进芯片线产品结构调 整，月产能稳定保持 6.5 万片。 强化硅光布局推广。公司 6 英寸 Si/SiC 基生产线工艺平台涵 盖 TVS、Planar MOS、IGBT、FRD、MEMS、VDMOS、SiC 等；8 英寸 Si 基生产线工艺平台涵盖Planar MOS、Trench MOS、FRD、BCD、CMOS、 SiN 硅光等；12 英寸 Si 基生产线工艺平 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to benefit from rapid growth in capital expenditures by North American cloud service providers, with a projected increase in global capital expenditures from major cloud service providers reaching over $600 billion by 2026, reflecting a 40% year-on-year growth [4] - The company has successfully ramped up production of its GB300 product, with improvements in yield and testing efficiency expected to positively impact gross margins in Q4 [4] - The demand for high-speed switches, particularly the 800G switches, has surged, with a year-on-year growth of over 27 times in Q3, driven by the increasing computational and bandwidth needs of AI training and inference models [6] Financial Projections - The company’s projected revenues for 2025, 2026, and 2027 are estimated at 882.9 billion, 1,368.1 billion, and 1,915.0 billion respectively, with net profits of 33.4 billion, 54.9 billion, and 86.8 billion [7] - The expected growth rates for revenue are 44.95% in 2025, 54.95% in 2026, and 39.97% in 2027 [9] - The earnings per share (EPS) is projected to increase from 1.68 in 2025 to 4.37 in 2027, indicating strong profitability growth [9]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][11] Core Insights - The report highlights the current closing index at 5159.54, with a 52-week high of 5841.52 and a low of 3963.29, indicating a volatile market environment [2] - The relative performance of the computer industry shows a significant decline of 14% compared to the CSI 300 index over the specified period [4] Summary by Relevant Sections Recent Developments - Meta has completed the acquisition of Manus, a general AI agent company, for several billion dollars, marking it as one of the largest acquisitions in Meta's history [5] - Manus has achieved an annual recurring revenue (ARR) of over 100 million USD within just 8 months of launching its AI agent product, showcasing rapid growth in the AI application sector [6] Market Trends - The report notes that both Zhizhu and MiniMax are preparing for IPOs, with expectations of a growth cycle driven by financing, model iteration, and enhanced agent capabilities in 2026 [7][8] - The domestic AI industry is anticipated to shift its focus from large model technology to the practical effectiveness of agents in achieving commercial success [8] Investment Recommendations - The report suggests focusing on various sectors, including Hong Kong internet companies like Alibaba and Tencent, as well as companies involved in agent technology and domestic computing power [9]

证券研究报告：宏观报告 发布时间：2025-12-31 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 近期研究报告 《工业企业利润延续放缓，结构性亮 点显现》 - 2025.12.29 宏观研究 2026 年两新政策总量微调，结构聚焦 核心观点 2025 年 12 月 30 日，国家发展改革委、财政部联合发布了《关于 2026 年实施大规模设备更新和消费品以旧换新政策的通知》（发改环 资〔2025〕1745 号），旨在推动经济高质量发展，促进消费升级和产 业转型。2026 年政策在资金投放、支持范围、补贴模式上进行系统性 调整，相较于 2025 年呈现"总量微调、结构聚焦、效率提升"特征。 第一，在支持范围方面，扩容与收缩并举，聚焦核心领域。（1） 设备更新支持范围有所扩容，新增老旧小区加装电梯、养老机构设备 更新、商业综合体设施升级等项目，精准对接民生短板与消费场景升 级。（2）消费品以旧换新更聚焦重点消费品，呈现" ...

证券研究报告：食品饮料 | 公司点评报告 股票投资评级 买入|维持 个股表现 -50% 0% 50% 100% 150% 200% 250% 2024-12-27 2025/3/13 2025/5/29 2025/8/8 2025/10/21 优然牧业 食品饮料 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价(港元） | 4.94 | | | --- | --- | --- | | 总股本/流通股本(亿股) | 38.93 | | | 总市值/流通市值(亿港 | 192 | | | 元） | | | | 52 周高/低(港元） | 5.12 /1.47 | | | 资产负债率(%) | 71.77 | | | 市盈率 PE | 58.2 | | | 第一大股东 | PAGAC | Yogurt | | | Holding II Limited | | 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 优 ...

证券研究报告：固定收益报告 发布时间：2025-12-31 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 ⚫ 负债端：规模韧性仍在，但成本下行空间有限 保险负债端整体仍具韧性，保费收入持续增长，为行业资产规模 扩张提供了稳定资金来源。2024 年以来，保费收入保持正增长，带动 保险公司资产总额同步上行，负债规模扩张趋势延续。在存款脱媒背 景下，尽管保险预定利率持续下调，但对资金吸引力的边际影响相对 温和，保费增速有所放缓但未出现趋势性回落。负债成本方面，预定 利率下调主要作用于新增业务，存量业务占比仍高，使成本改善传导 偏慢。财险行业综合成本率小幅下行，分规模分化显著，头部机构凭 借规模与费用管控优势维持成本可控，而中小机构成本压力持续上 行。寿险方面，行业打平收益率整体仍处偏高区间，低预定利率新结 构下，头部及保障型寿险公司盈利韧性相对更强，而中小寿险公司仍 面临较高的投资收益门槛。总体来看，负债端对行业形成稳 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 华润微(688396) 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） | 53.84 | | --- | --- | | 总股本/流通股本（亿股）13.28 | / 13.28 | | 总市值/流通市值（亿元）715 | / 715 | | 52 周内最高/最低价 | 58.65 / 39.30 | | 资产负债率(%) | 16.5% | | 市盈率 | 93.39 | | 第一大股东 | 华润集团(微电子)有限 | | 公司 | | 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 增持 |维持 个股表现 2024-12 2025-03 2025-05 2025-08 2025-10 2025-12 -18% -11% -4% 3% 10% 17% 24% 31% 38% 45% 华润微 电子 l 投资建议： 我 们 预 计 公 司 2025/2026/ ...

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 [6][16]. Core Insights - The company has achieved record sales revenue of $635.2 million in Q3 2025, aligning with guidance expectations, and a gross margin of 13.5%, which exceeds guidance [3]. - The production capacity utilization of the three 8-inch wafer fabs remains high, with the first 12-inch fab achieving a monthly capacity of 95,000 wafers, and the second fab ramping up to over 35,000 wafers [3]. - Price increases initiated in Q2 have positively impacted gross margins, with 80% of the improvement attributed to average selling price increases and 20% from a shift towards higher-margin products [3]. - The company anticipates Q4 2025 sales revenue to be approximately $650-660 million, with a gross margin of 12-14% [3]. - The "China for China" strategy is driving strong demand, with ongoing upgrades in production capacity and product mix, including the launch of 40nm products in 2026 [4]. - The acquisition of Huali Micro is progressing, which will enhance the company's 12-inch wafer foundry capacity and create synergies between the two companies' technology platforms [5]. Financial Projections - The company is projected to achieve revenues of 173 billion, 208 billion, and 238 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 5.8 billion, 11.4 billion, and 15.4 billion yuan [6][10]. - The expected growth rates for revenue are 19.99% in 2025, 20.73% in 2026, and 14.23% in 2027 [10]. - The earnings per share (EPS) are forecasted to be 0.33 yuan in 2025, 0.65 yuan in 2026, and 0.89 yuan in 2027 [10][15].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [7][14]. Core Insights - The company reported a revenue of 21.986 billion yuan for the first three quarters of 2025, reflecting an increase of 11.38% year-on-year, while the net profit attributable to shareholders decreased by 20.51% to 2.353 billion yuan [3][4]. - The company's health consumer products (CHC) business is solidifying its leadership position, while the prescription drug segment is undergoing transformation to unlock growth potential [5]. - The company is expected to achieve revenues of 30.581 billion yuan, 33.876 billion yuan, and 37.264 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits projected at 3.376 billion yuan, 3.789 billion yuan, and 4.277 billion yuan [7][10]. Company Overview - The latest closing price of the company's stock is 28.55 yuan, with a total market capitalization of 47.5 billion yuan [2]. - The company has a total share capital of 1.664 billion shares, with a debt-to-asset ratio of 37.0% and a price-to-earnings ratio of 10.86 [2]. Financial Performance - For the first three quarters of 2025, the gross margin was 53.52%, while the net profit margin was 10.70%, reflecting a decrease of 4.29 percentage points [4]. - The company’s operating cash flow for the first three quarters was 2.925 billion yuan, down 8.70% year-on-year [3]. Strategic Developments - The company is actively launching new products in response to consumer trends, including various health products aimed at respiratory diseases [5]. - The collaboration with Kunming Pharmaceutical Group and Tianshili is enhancing the company's capabilities in innovation, manufacturing, and marketing [6].

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 [6][16]. Core Insights - The company is a leading player in the global wide-bandgap semiconductor materials industry, having achieved early industrialization of semi-insulating silicon carbide substrates and further advancing to conductive silicon carbide substrates [3][13]. - The company is expanding its production capacity, with the Jinan plant steadily increasing output through technological improvements, and the Shanghai Lingang plant achieving an annual production capacity of 300,000 conductive substrates ahead of schedule [3][4]. - The company has established a comprehensive product matrix for silicon carbide substrates, including 6/8/12-inch products, and is positioned to benefit from the industry's transition to a "12-inch era" [4][5]. - The company is actively expanding its applications in electric vehicles, renewable energy, and AI, having achieved significant partnerships with leading power semiconductor manufacturers and optical firms [5][6]. Financial Projections - Revenue projections for the company are estimated at 1.73 billion, 2.74 billion, and 3.80 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be 33.19 million, 143.93 million, and 278.49 million yuan for the same years [10][11]. - The company is expected to experience significant growth in net profit, with a projected increase of 491.56% in 2025, followed by 333.71% in 2026, and 93.48% in 2027 [10][11].