[Table_scodeMsg1] 公司研究丨点评报告丨中国能建（601868.SH） [Table_Title] 绿能重估+算力加码，十五五迈进成长新阶段 报告要点 [Table_Summary] 2026 年两会工作任务中关于氢能的表述包括设立国家低碳转型基金，培育氢能、绿色燃料等新 增长点，3 月初国家能源局召开绿色燃料座谈会。2024 年氢能首次作为前沿新兴产业被写入政 府工作报告，2026 年被明确列为需要培育的新增长点。 分析师及联系人 丨证券研究报告丨 [Table_Author] 张弛 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SFC：BUT917 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 丨证券研究报告丨 [Table_scodeMsg2] 中国能建（601868.SH） cjzqdt11111 [Table_Title2] 绿能重估+算力加码，十五五迈进成长新阶段 [Table_Summary2] 事件描述 2026 年两会工作任务中关于氢能的表述包 ...

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - The overall demand for sports footwear and apparel remains weak, with no clear turning point observed in January orders. Retail performance in the US and UK shows some resilience, while demand in continental Europe and Japan remains weak. Growth is primarily driven by high-end consumption, with mass apparel recovery expected to take more time. Export performance is improving in Vietnam, while China's export remains under pressure [2][6][24] - The upstream manufacturing sector shows strong performance certainty, with retail sales of apparel brands improving. The US Supreme Court's rejection of Trump's tariff policy is favorable for the manufacturing sector. The performance of upstream manufacturing is expected to be more certain in the first half of 2026, while the downstream sports supply chain is on a recovery path. Retail sales growth for apparel brands in January and February is promising, and sentiment in the sector is likely to improve [7][32] Summary by Sections Manufacturing Performance - In January, the revenue growth for major footwear manufacturers varied: Yuanyuan Group's revenue increased by 0.6% year-on-year, while Fengtai's revenue decreased by 1.8%, Zhijiang International's by 3.3%, and Yuchi-KY's by 5.1%. For apparel manufacturers, Ruhong's revenue grew by 7.6%, while Juyang's revenue fell by 19.2% [5][17] Demand Analysis - Retail demand in January showed resilience in the US and UK, with the US maintaining low positive growth and the UK showing relative stability. France's retail remains near zero growth, Germany shows some recovery, while Japan's growth is significantly weakening. The US consumer confidence index continues to decline, indicating that growth is mainly supported by high-end consumption, with mass apparel consumption recovery lagging [6][24][27] Upstream and Downstream Insights - The manufacturing sector is expected to recover in 2026, with strong performance certainty driven by rising material prices. Recommended stocks include Xin'ao Co. and others with strong earnings potential. The A-share market is expected to see continued destocking in 2025, with a potential for profit optimization in 2026. Recommended stocks include Mercury Home Textiles and others focusing on high-end apparel [32][33]

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - The report outlines the reform blueprint for the capital market in the "15th Five-Year Plan" period, emphasizing the need for a more resilient and robust market mechanism, improved inclusivity and adaptability of the system, higher quality and better structure of listed companies, stronger regulatory enforcement and investor protection, and deeper levels of openness [2][12] - The report highlights two new measures aimed at enhancing the capital market's inclusivity and adaptability: the reform of the Growth Enterprise Market and the optimization of the refinancing mechanism [12] - The report emphasizes a focus on five key areas for risk prevention and strong regulation, including building a robust risk prevention framework, enhancing penalties for financial fraud, guiding industry institutions to focus on their core business, strengthening regulation of new business models, and ensuring investor rights protection [12] Summary by Sections Investment Rating - The investment rating for the industry is "Positive" and maintained, indicating an expectation of better performance compared to the relevant market indices [9] Reform Blueprint - The report details the capital market reform blueprint for the "15th Five-Year Plan," aiming for comprehensive improvements in market scale, structure, and quality to better serve new productive forces and integrate into the global financial system [2][12] New Measures - Two new measures are set to be introduced: 1. Deepening the reform of the Growth Enterprise Market with more inclusive listing standards and enhanced quality control for listed companies [12] 2. Optimizing the refinancing mechanism to improve efficiency and support high-quality companies [12] Risk Prevention and Regulation - The report outlines five focal points for risk prevention and regulatory strength, including establishing a solid risk prevention framework and enhancing the effectiveness of financial fraud penalties [12]

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [12] Core Insights - The land market in 2025 is characterized by a reduction in total volume but an increase in quality, indicating a shift from scale expansion to structured improvement. The focus is on precise investment and management to drive profits [6][22] - The average net profit margin for key companies in land acquisition is expected to stabilize between 5% and 10% in 2025, with companies like Jianfa, China Resources, and China Overseas potentially showing better performance [3][8] - The investment strategies of real estate companies have shifted from a broad "net-casting" approach to a more defensive focus on safety and efficiency, with a significant portion of land investment concentrated in six core cities [6][30] Summary by Sections Land Market Overview - The land market shows a narrowing decline in transaction volume, with a significant drop in the area and value of residential land transactions across 300 cities, down 13% and 10% year-on-year respectively. However, the decline is less severe than in previous years [23][24] - The average transaction premium rate for land reached over 15% in March, reflecting a temporary surge in market activity before returning to a more rational state [6][23] Methodology for Land Quality Assessment - A new evaluation tool for land quality has been developed, utilizing an entropy method to score 60 major cities and categorize them into four tiers based on location and planning attributes. This helps in assessing land quality and investment potential [7][40][41] Key Company Analysis - Key companies have shown improved granularity and prudence in investment decisions compared to previous upcycles. The report highlights that about 70-80% of land payments are focused on the six core cities, indicating a strategic shift towards safer investments [8][30] - Companies like China Resources, Jinmao, and Jianfa are expected to have stronger profitability from their acquired land, while others like Binjiang and Greentown have smaller land acquisition volumes but higher certainty in profit realization [8][9] Investment Recommendations - The report suggests focusing on value-oriented companies with strong balance sheets and excellent product delivery capabilities, such as China Resources and Jianfa, as well as companies like Greentown and Jinmao that are improving through refined management practices [9]

电网设备进入加速阶段， 通信设备维持上升趋势 长江证券研究所金融工程研究小组 2026-03-08 %% %% %% %% research.95579.com 1 分析师 覃川桃 SAC执业证书编号：S0490513030001 SFC执业证书编号：BUT353 分析师及联系人 证券研究报告 • 证券研究报告 • %% %% 看不如电网设备及MiniLed。 表：三月涨幅榜Top20（截至3月7日） | 序号 | 属性 | 名称 | 最低到最高涨幅 | 前最低价（元） | 起涨时自由流通市值（亿） | 起涨时成交额（千万） | | --- | --- | --- | --- | --- | --- | --- | | 1 | 化工 | 凌玮科技 | 70 83% . | 39 8 . | 15 01 . | 43 76 . | | 2 | 天然气 | 特瑞斯 | 61 13% . | 12 94 . | 5 97 . | 14 06 . | | 3 | 油服 | 科力股份 | 58 41% . | 62 3 . | 20 42 . | 78 54 . | | 4 | 航运 | 国航远洋 | 56 51% . ...

Investment Rating - The industry investment rating is "Positive" and is maintained [11] Core Insights - The financing ecosystem for China's biopharmaceutical industry is gradually entering a positive cycle, driven by the influx of funds from A/H listings and capital increases of innovative drug companies. This is expected to improve the willingness to invest in R&D, leading to a new cycle of prosperity in the innovative drug industry [2][41] - The IPO channels for innovative drugs are widening, with significant fundraising observed. In February 2026, the fundraising amount for H-share pharmaceutical companies reached 3 billion yuan, and the total for January-February 2026 was 3.8 billion yuan, indicating a positive trend [6][30] - The overall fundraising scale for pharmaceutical companies through capital increases is also on an upward trend, with A-share pharmaceutical companies raising 500 million yuan in February 2026, a year-on-year increase of 138% [7][32] - The investment amount in China's biopharmaceutical sector is showing signs of recovery, with a total of 510 million USD in February 2026, a year-on-year increase of 287% [8][35] - The upfront payments from external business development (BD) have become a significant new source of funding for R&D, with February 2026 seeing an amount of 860 million USD, a year-on-year increase of 627% [9][39] Summary by Sections Innovative Drug R&D Investment Climate - The investment climate for innovative drug R&D in China is improving, driven by increased cash flow and a willingness to invest in R&D [23][41] IPO and Fundraising Trends - The IPO market for innovative drugs is experiencing a resurgence, with a notable increase in fundraising amounts for both H-share and A-share pharmaceutical companies [6][30][31] Capital Increase Activities - The trend of capital increases among pharmaceutical companies is positive, with significant year-on-year growth in fundraising amounts [7][32] Biopharmaceutical Investment Recovery - The biopharmaceutical investment amounts are on the rise, indicating a potential recovery in the investment ecosystem [8][35] External BD Payments - External BD upfront payments are emerging as a major funding source for R&D, significantly surpassing traditional investment amounts [9][39]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - The company reported a total bus sales of 1,806 units in February 2026, representing a year-on-year increase of 15.0% and a month-on-month increase of 4.5%. The sales of medium and large buses were 1,410 units, with a year-on-year increase of 1.7% and a month-on-month increase of 6.5%. For January to February 2026, total bus sales reached 3,534 units, a decrease of 14.2% year-on-year, with medium and large bus sales down by 20.1% year-on-year [2][4][10]. - The company is recognized as a global leader in the bus industry, with good long-term growth potential and a strong ability to maintain high dividends, highlighting its investment value. In the domestic market, the growth of seated buses continues, supported by the "old-for-new" policy, which promotes the growth of new energy buses. In the overseas market, the company's globalization and high-end strategy are advancing, with exports demonstrating profitability, supporting continuous performance improvement [2][10]. Summary by Relevant Sections Sales Performance - In February 2026, the company sold 1,806 buses, with a year-on-year increase of 15.0% and a month-on-month increase of 4.5%. The sales for January to February 2026 totaled 3,534 units, down 14.2% year-on-year [2][4]. - The export volume in February included approximately 600 units, up from 312 units in the same month last year, with new energy exports reaching about 200 units, compared to 56 units last year [10]. Market Strategy - The company is enhancing its direct sales and service model, improving service quality and efficiency. The domestic market is expected to recover due to the "old-for-new" policy and the natural replacement cycle of new energy buses. In the overseas market, the company is accelerating its expansion, with the first overseas new energy commercial vehicle factory established in Qatar, designed for an initial annual output of 300 units, expandable to 1,000 units [10]. Financial Outlook - The company is expected to have sufficient cash flow to support high dividends, with a projected total dividend of 3.32 billion yuan for 2024, translating to a dividend per share of 1.5 yuan (before tax) and a dividend payout ratio of 80.7%. The estimated net profits for 2025 and 2026 are 5.03 billion yuan and 5.87 billion yuan, respectively, with corresponding price-to-earnings ratios of 12.9X and 11.1X [10].

Group 1 - The report highlights that the GDP increment for 2026 is expected to exceed 6 trillion yuan, with a growth target of 4.5%-5% [5][6] - The six emerging pillar industries in the technology sector (integrated circuits, aerospace, biomedicine, low-altitude economy, new energy storage, and intelligent robotics) are projected to reach a combined output of over 10 trillion yuan by 2030, doubling from nearly 6 trillion yuan in 2025 [6][15] - The service industry is anticipated to surpass 100 trillion yuan during the "14th Five-Year Plan" period, indicating significant growth potential in the consumption sector [6][15] Group 2 - The report emphasizes the importance of expanding domestic demand, with a focus on service consumption and new consumption models, including a special bond issuance of 250 billion yuan to support the replacement of consumer goods [7][17] - Key areas for service consumption include transportation, housekeeping, online audio-visual services, tourism, automotive aftermarket, and inbound consumption, along with potential growth in performance arts and experiential services [7][17] - The report suggests that the government will encourage consumption in lower-tier markets, promoting innovative consumption experiences and enhancing local cultural brands [7][17] Group 3 - The report recommends a focus on sectors aligned with the "14th Five-Year Plan," particularly in technology industry revolutions, national security, and the expansion of domestic demand [8] - Specific investment themes include the impact of geopolitical tensions on metal resources and energy transitions, as well as opportunities in AI infrastructure and hard technology sectors [8] - The report advises monitoring industries that are expected to benefit from policy support for service consumption and market expansion [8]

Investment Rating - The investment rating for the industry is "Positive" and is maintained [11]. Core Insights - The lithium battery sector is experiencing internal rotation, with mid-term demand expected to continue rising. However, short-term price increases and negative feedback on demand may create volatility. If upstream supply issues ease, such as the resumption of lithium mica production by CATL, market confidence in demand may strengthen. Additionally, if industry production exceeds expectations or enters a peak season, price elasticity may increase, particularly for lithium carbonate, 6F, and iron lithium [3][30]. - In the mid-term, segments with stronger certainty and greater potential, such as separators, copper foil, and anodes, are expected to lead the market [3][30]. Separator Segment - The separator industry is entering a period of oversupply, with prices declining significantly, leading to reduced profitability for companies. The capacity utilization rate for wet-process separators is expected to recover positively due to sustained lithium battery demand [6][32]. - The penetration rate of wet-process separators is projected to increase, with expectations of a significant demand boost from the transition to 5μm products. This may lead to a tightening supply-demand balance and potential price surges in the future [6][42][50]. Copper Foil Segment - The copper foil industry is facing challenges due to supply-demand mismatches and technological iterations. However, the industry is at a cost support stage, with production expansion stagnating and profitability expected to recover as demand strengthens [8][58]. - The market for high-value low-profile (HVLP) copper foil is anticipated to grow rapidly, driven by high-frequency and high-speed requirements in AI servers, leading to a potential upgrade cycle [8][58]. Anode Segment - The anode segment is currently experiencing low profitability, with weak expansion intentions across the industry. Capacity utilization rates are expected to improve gradually, with potential catalysts needed for price increases, such as rising upstream petroleum coke prices or stricter energy consumption policies [9][30].

丨证券研究报告丨 世界经济与海外市场丨点评报告 [Table_Title] 滞胀担忧升温，降息还有没有？ ——2 月美国非农就业数据点评 报告要点 [Table_Summary] 2026 年 2 月，美国就业数据整体偏弱：非农就业人数大幅低预期，失业率抬升且伴随劳动参与 率与就业率下降，时薪环比增速仍处高位。总体来看，就业下行风险有所抬升，同时服务通胀 压力边际升温。叠加近期美伊冲突推升原油价格，市场对滞胀的担忧再度升温。往前看， 1） 短期，就业虽有所走弱，但未失速下行，叠加近期通胀压力有所抬头，美联储大概率选择维持 当前利率水平不变。2）中期，随着 5 月沃什就任，届时美伊局势大概率已基本明朗，通胀前景 也将相对清晰，美联储或再根据就业市场表现择机启动降息，预计年内累计降息约 50BP。 分析师及联系人 [Table_Author] SAC：S0490520090001 SFC：BUX667 于博 敬成宇 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 世界经济与海外市场丨点评报告 [Table_Report] •《关税，美伊与再通胀——2026 年春节假 ...