丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨华润建材科技（01313.HK） [Table_Title] 降本增效提供业绩支撑 报告要点 [Table_Summary] 公司披露 2025 年报：全年收入 210.55 亿元，同比下降 8.6%；归母净利润 4.79 亿元，同比增 长 127.3%。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 华润建材科技（01313.HK） cjzqdt11111 [Table_Title2] 降本增效提供业绩支撑 范超 李金宝 SAC：S0490513080001 SAC：S0490516040002 SFC：BQK473 SFC：BVZ972 [Table_Summary2] 事件描述 公司披露 2025 年报：全年收入 210.55 亿元，同比下降 8.6%；归母净利润 4.79 亿元，同比增 长 127.3%。 事件评论 ⚫ 经营分析：需求持续承压，成本挖潜提供边际支撑。 1、销量端：2025 年水泥产量 ...

Investment Rating - The report maintains a "Positive" investment rating for the healthcare sector [11] Core Insights - The innovative chain sector is entering a new growth cycle driven by both domestic and international demand, with significant improvements expected in China's innovative drug R&D investment starting in 2025 [2][6] - Chinese innovative drug companies are expected to see a substantial increase in available funds, with a projected total of 201.5 billion yuan in IPO fundraising and financing activities in 2025, marking a 145% year-on-year increase [6] - The report highlights the strong performance of CDMO companies, with significant order improvements anticipated by mid-2024, and a positive trend in their financial performance [7] - The innovative drug sector is entering a realization phase with low valuation levels, and numerous catalysts expected in Q2 2026, suggesting a favorable outlook for investments in this area [8] Summary by Sections Domestic Demand - By 2025, the investment climate for innovative drug R&D in China is expected to improve, leading to a new cycle of prosperity in the innovative drug industry [6] - The funding available to Chinese pharmaceutical companies is increasing, with a projected 880.5 billion yuan in potential milestone payments from external business development (BD) activities, a 185.9% year-on-year increase [6] International Demand - CDMO companies focused on overseas revenue are expected to see significant improvements in new orders starting from Q2 2024, with year-on-year growth rates recovering to over 15% [7] - WuXi AppTec's backlog is projected to reach 58 billion yuan by the end of 2025, reflecting a 28.8% year-on-year increase, with expected revenue growth of 18-22% in 2026 [7] Innovative Drug Sector - The innovative drug sector is entering a realization phase with low valuations, supported by a series of policy measures that have been implemented since 2024 [8] - The number of Chinese companies participating in international academic conferences is increasing, with over 100 expected to present nearly 400 research outcomes in 2026 [8] Technological Advancements - Chinese pharmaceutical companies are rapidly enhancing their global competitiveness, with innovative technologies such as second-generation ADCs and molecular therapies being developed at a leading global level [9] - The report suggests that the outbound business development strategies are diversifying, including mergers and collaborations, which could enhance the global presence of Chinese pharmaceutical companies [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company reported a total revenue of 1.589 billion yuan for 2025, representing a year-on-year increase of 34.39%. The net profit attributable to shareholders was 186 million yuan, up 17.94%, while the net profit excluding non-recurring items was 157 million yuan, an increase of 25.36% [2][5] - In Q4 2025, the total revenue was 344 million yuan, reflecting a year-on-year growth of 16.38%. However, the net profit attributable to shareholders dropped to 11.76 million yuan, a decrease of 67.41%, and the net profit excluding non-recurring items was 3.70 million yuan, down 82.4% [2][5] Revenue Breakdown - Revenue from poultry products surged to 1.382 billion yuan, a growth of 41.14%, with sales volume increasing by 25.32% and average price rising by 12.62%. Revenue from livestock products was 103 million yuan, up 9.84%, with sales volume increasing by 10.14% and average price slightly decreasing by 0.27%. Revenue from vegetable products and others was 94 million yuan, down 4.36%, with sales volume declining by 6.02% but average price increasing by 1.77% [13] - The company is focusing on product innovation and diversifying its product categories to align with health, scenario-based, and premium consumption trends [13] Channel Development - The company is advancing its omnichannel strategy, with online revenue reaching 96 million yuan, a growth of 42.69%, while offline channel revenue was 1.483 billion yuan, up 34.35%. The company is innovating its channel models and building a collaborative development system that includes traditional channels, membership supermarkets, snack wholesale, and online e-commerce [13] - The company is enhancing its member supermarket partnerships and expanding into new snack wholesale markets, while also upgrading its online operations to strengthen brand communication with younger consumers [13] Profitability Metrics - The net profit margin for 2025 decreased by 1.63 percentage points to 11.68%, and the gross profit margin fell by 3.24 percentage points to 25.73%. The gross profit margin for poultry products decreased by 3.72 percentage points, while livestock products saw an increase of 1.78 percentage points [13] - The company maintained a high dividend payout ratio, with total cash dividends for 2025 amounting to 180 million yuan, representing 96.8% of the net profit attributable to shareholders [13] Earnings Forecast - The company forecasts net profits attributable to shareholders of 245 million yuan, 306 million yuan, and 337 million yuan for 2026, 2027, and 2028, respectively. The corresponding price-to-earnings ratios at the current stock price are projected to be 17X, 14X, and 12X [13]

AI需求加速增长，PCB升级机遇显著 长江证券研究所电子研究小组 2026-04-01 %% %% %% %% research.95579.com 1 分析师 杨洋 SAC执业证书编号：S0490517070012 SFC执业证书编号：BUW100 分析师及联系人 证券研究报告 • 证券研究报告 • 评级 看好 维持 %% %% %% %% research.95579.com 2 %% %% research.95579.com 4 01 算力需求加速增长，高景气趋势延续 01 算力需求加速增长，高景气趋势延续 02 AI建设需求旺盛，PCB升级机遇显著 03 AI成核心驱动力，带动PCB需求持续增长 目 录 % research.95579.com 3 01 算力需求加速增长，高景气趋势延续 %% %% ➢ AI的崛起成为此轮电子创新大周期的核心驱动力。随着大模型从训练拓展至推理应用，AI正从底层逻辑上逐步革新着技术创新的模式，深度 嵌入生产制造的全流程，进而重塑消费领域，并带来前所未有的变革，各种可能的新兴应用场景需求有望呈现爆发式增长的态势。据英伟达 2025年GTC大会所言，如今的模型训练需要超过 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨海信家电（000921.SZ） [Table_Title] 营收阶段回落，毛销差同比提升 报告要点 [Table_Summary] 2025 年公司实现营业收入 879.28 亿元，同比下滑 5.19%，实现归母净利润 31.87 亿元，同比 下滑 4.82%，实现扣非归母净利润 24.45 亿元，同比下滑 6.18%；其中，2025Q4 公司实现营 业收入 163.96 亿元，同比下滑 26.03%，实现归母净利润 3.75 亿元，同比下滑 32.46%，实现 扣非归母净利润 1.18 亿元，同比下滑 62.79%。在此基础上，公司拟向全体股东每 10 股派发 现金红利 12.65 元（含税），对应分红率 54.95%。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 海信家电（000921.SZ） cjzqdt11111 [Table_Title2] 营收阶段回落，毛销差同比提升 [Table_Summary2] 事件描述 [Tabl ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨沪电股份（002463.SZ） [Table_Title] 沪电股份 2025 年年报点评：产能加速建设，结 构深度优化带动盈利高增 报告要点 [Table_Summary] 沪电股份发布 2025 年年报：2025 年，公司实现营业收入 189.45 亿元，同比增长 42.00%；实 现归母净利润 38.22 亿元，同比高增 47.74%。从盈利能力来看，2025 年公司分别实现毛利率 和净利率 35.48%和 20.16%，分别同比+0.94pct 和+0.92pct。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 沪电股份（002463.SZ） cjzqdt11111 [Table_Title 沪电股份 2025 2] 年年报点评：产能加速建设，结 构深度优化带动盈利高增 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 沪电股份发布 2025 年年报：2025 年，公司实现营业收入 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨海格通信（002465.SZ） [Table_Title] 客户采购节奏调整，业绩承压明显 报告要点 [Table_Summary] 北斗导航与数智生态板块成为核心增长引擎，收入占比持续提升，其中数智生态依托"北斗 +5G"、智能无人系统等融合场景实现快速增长，有效对冲无线通信业务因客户采购节奏调整导 致的收入下滑，支撑整体盈利能力稳定。 分析师及联系人 [Table_Author] 于海宁 祖圣腾 SAC：S0490517110002 SAC：S0490523030001 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 海格通信（002465.SZ） cjzqdt11111 [Table_Title2] 客户采购节奏调整，业绩承压明显 [Table_Summary2] 事件描述 2025 年，公司实现营业收入 43.88 亿元，同比-10.81%，实现归母净利润-7.86 亿元，同比- 1579.92%。 事件评论 1、下游客户需 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨均胜电子（600699.SH） [Table_Title] 均胜电子 2025 年年报点评：汽车安全毛利率提 升明显，盈利能力持续增强 报告要点 [Table_Summary] 公司 2025 实现营收为 611.8 亿元，同比+9.5%。分业务来看，汽车安全业务实现收入 384.6 亿 元，同比-0.4%，汽车电子业务实现收入 163.4 亿元，同比-1.6%，其他收入 58.7 亿元，同比 2716.0%。公司全年实现毛利率 18.3%，同比+2.1pct。全年期间费用率 14.0%，同比+1.3pct。 公司全年新获定点项目的全生命周期订单金额约 970 亿元，规模创历史新高，其中汽车安全业 务约 509 亿元，汽车电子业务约 461 亿元。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 公司研究丨点评报告 2026-03- ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - The first industry standard for embodied intelligence, titled "YD/T 6770-2026 Artificial Intelligence Key Basic Technology Embodied Intelligence Benchmark Testing Method," was approved and officially released by the Ministry of Industry and Information Technology on March 26, 2026. This standard establishes a unified benchmark testing framework for the embodied intelligence field, marking a new phase of having "standards to rely on" for evaluation [2][4]. - The release of this standard is expected to accelerate the commercialization of embodied intelligence technologies, facilitating their transition from laboratory settings to real-world applications, thereby benefiting the entire industry chain [10]. Summary by Sections Industry Standard Development - The "Testing Method" is the first industry standard in the field of embodied intelligence, which regulates the environment setup, task library construction, testing processes, and metric calculation methods for benchmark testing in both simulated and real environments. This standard is a significant step towards establishing a unified testing framework in the industry [10]. - The standard has been proposed for international standardization within ITU SG21, indicating a strategic move to enhance China's competitive edge in the global embodied intelligence market [10]. Market Dynamics - The rapid development of the embodied intelligence industry has been highlighted by recent events, such as the IPO application of Yushutech on the Sci-Tech Innovation Board, which aims to raise 4.202 billion yuan for projects related to intelligent robot model development and manufacturing [10]. - The timely release of industry standards coincides with significant advancements in the sector, as demonstrated by Tesla's announcement of the upcoming mass production of its Optimus robot [10]. Investment Opportunities - The report suggests focusing on investment opportunities across the entire embodied intelligence industry chain, particularly on suppliers of "robot brains" and software-related companies that provide operating systems for robots [10].

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 大力推进市场化与价值化，数据要素价值有望持 续释放 报告要点 [Table_Summary] 3 月 24 日，国务院新闻办公室举行新闻发布会，会上国家数据局局长刘烈宏表示，我国数据要 素市场化配置改革政策工具箱逐步完备。下一步相关部门将更大力度推进数据要素市场化、价 值化，包括将加快建立全国统一的数据产权登记制度，抓紧出台建设全国一体化数据市场的政 策文件等，进一步推动数据资源的开发利用。建议关注：1）具备高质量数据资源的厂商，尤其 在医疗、金融、工业等细分领域具有稀缺数据的公司；2）数据交易平台及运营相关企业。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 大力推进市场化与价值化，数据要素价值有望 2] 持续释放 [Table_Summary2] 事件描述 3 ...