丨证券研究报告丨 公司研究丨点评报告丨杭州银行（600926.SH） [Table_Title] 高质量高成长，分红提升 DPS 增厚 25% ——2024 年年报点评 报告要点 [Table_Summary] 杭州银行 2024 全年营收增速 9.6%，Q4 单季增速 30%，归母净利润同比增速 18.1%。全年利 息净收入增速 4.4%，增速回升源于息差企稳+规模扩张；非利息净收入增速 20.2%，Q4 投资 收益拉动高增。全年 ROE 为 16.0%，同比上升 0.5pct。全年分红比例同比提升 2pct 至 24.5%， 叠加盈利高成长性，推动年度 DPS 同比大幅增长 25%至每股 0.65 元。年末贷款较期初增长 16.2%，存款超预期增长 22%。全年净息差 1.41%，Q4 企稳源于负债成本改善。年末不良率 环比持平于 0.76%，拨备覆盖率环比下降 1.8pct 至 541%。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% r ...

丨证券研究报告丨 公司研究丨点评报告丨晶晨股份（688099.SH） [Table_Title] 24 年全年收入、利润创历史新高 报告要点 [Table_Summary] 2024 年，公司实现营收 59.26 亿元、同比+10.34%，归母净利润 8.22 亿元、同比+65.03%， 扣非归母净利润 7.46 亿元、同比+93.97%。2024Q4，公司实现营收 12.86 亿元、同比-15.00%、 环比-20.79%，归母净利润 2.28 亿元、同比+23.79%、环比-1.52%，扣非归母净利润 1.93 亿 元、同比+63.11%、环比-9.91%。 分析师及联系人 [Table_Author] 杨洋 张梦杰 SAC：S0490517070012 SAC：S0490523120002 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 晶晨股份（688099.SH） cjzqdt11111 [Table_Title2] 24 年全年收入、利润创历史新高 [Table_Summary2] 事件描述 2025 年 4 月 10 日，晶晨 ...

丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] AI 仍是时代主线，内需关注能源 IT 2025 年第 15 周计算机行业周报 报告要点 [Table_Summary] 上周计算机板块大幅下跌 5.97%。在长江一级行业中排名第 26 位，两市成交额占比为 9.02%， 跨境支付、信创/国产替代概念活跃。上周中美关税博弈持续升级，信创及跨境支付产业有望受 益。本周 AI Agent 产业或迎变化，建议关注：1）AI Agent 相关厂商；2）中国推理算力产业 链，重点推荐国内 AI 芯片领军寒武纪；3）云服务厂商，重点关注与 DeepSeek 合作的相关 云厂商；4）IDC，重点关注与腾讯、阿里、字节等大厂合作的 IDC；同时，虚拟电厂政策出台， 虚拟电厂模式和综合能源服务商业模式或迎来高速发展，建议关注具备先发优势的厂商。 [Table_Title AI 仍是时代主线，内需关注能源 2] IT 2025 年第 15 周计算机行业周报 [Table_Summary2] 上周复盘：计算机板块大幅下跌 分析师及联系人 [Table_Author] 宗建树 SAC：S049052003 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - On April 9, 2025, Google Cloud officially launched the Agent2Agent (A2A) protocol, the first open standard designed for interoperability among AI agents, which is expected to accelerate innovation and transformation in the industry [2][5] - The A2A protocol addresses security communication and trust issues between different agents, enhancing interoperability among AI entities [11] - The introduction of open and standardized communication protocols like A2A and MCP (Model Context Protocol) is anticipated to shift AI agents from isolated systems to an open collaborative ecosystem, thereby accelerating industry transformation [11] Summary by Relevant Sections Event Description - Google Cloud's launch of the A2A protocol allows AI agents within the ecosystem to operate independently of underlying technologies, facilitating secure and standardized collaboration [5] Event Commentary - The A2A protocol is supported by over 50 major companies, including NVIDIA and MongoDB, and is expected to become a universal language for interoperability among AI applications [11] - The A2A and MCP protocols are complementary, addressing different aspects of AI agent connectivity, which may lead to a more integrated AI ecosystem [11] - The report suggests focusing on AI agent-related companies, the Chinese inference computing supply chain, cloud service providers collaborating with DeepSeek, and IDC firms working with major players like Tencent and Alibaba [2][11]

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - The ongoing US-China tariff dispute has led to an increase in tariffs on Chinese goods to 125%, which is expected to impact the existing cross-border payment systems in China [2][5] - The report suggests focusing on investment opportunities within the Chinese cross-border payment industry, particularly on cross-border payment platform entities [2][11] Summary by Sections Event Description - On April 10, 2025, the US government announced an increase in tariffs on Chinese goods to 125% [5] - Following this, on April 11, 2025, the State Council approved an adjustment to the tariff rates on US imports from 84% to 125% effective April 12, 2025 [5] Event Commentary - In the short term, the "reciprocal tariff" policy may disrupt China's existing cross-border payment systems, leading to increased prices for US-bound products and potentially reducing import reliance [11] - In the medium to long term, the fragmentation of global trade may accelerate the transition from globalization to regionalization in cross-border payments, fostering the development of new payment systems [11] - The report anticipates that the tariff policy could weaken the dominance of the US dollar in international payments, promoting regional cooperation among countries outside the US [11] - The report emphasizes the potential for the Chinese cross-border payment industry to benefit from the increasing market share of the Renminbi in international trade settlements and the establishment of new cross-border payment systems [11]

丨证券研究报告丨 行业研究丨行业周报丨建筑与工程 [Table_Title] 继续推荐建筑板块内需+"一带一路"双主线 报告要点 [Table_Summary] [Table_Summary] 中美关税博弈持续升级，关注后续实际落地进展；贸易格局变化带动"一带一路"迎来新进 展，关注周边外交；关税新形势下，继续关注内需增长与"一带一路"双主线。 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 龚子逸 SAC：S0490520080022 SAC：S0490522060005 请阅读最后评级说明和重要声明 SFC：BUT917 %% %% %% %% research.95579.com 1 建筑与工程 cjzqdt11111 [Table_Title2] 继续推荐建筑板块内需+"一带一路"双主线 [Table_Summary2] 中美关税博弈持续升级，关注后续实际落地进展 最近一段时间中美贸易博弈持续，以加码关税为主导。美国总统特朗普于当地时间 4 月 2 日在 白宫签署"对等关税"的行政令，宣布对中国大陆关税为 34%。作为应对，4 月 4 日中国国务 院关税税则委员会公告自 2025 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Viewpoints - The report emphasizes the importance of focusing on undervalued stocks that have shown good performance in the first quarter, particularly in the sectors of energy storage, power equipment, and lithium batteries, while also keeping an eye on themes related to robotics and AI [13][14] Summary by Sections 1. Photovoltaics - The report notes a decline in demand for installations, but highlights positive advancements in new technologies, such as Longi Green Energy's BC 2.0 product, which has improved bifacial rates to 75%-80% and achieved a battery production efficiency of over 27% [19][34] - The report suggests monitoring the price changes in the supply chain and the production situation of components in April, as well as advancements in new technologies like BC [34][22] 2. Energy Storage - The report indicates that the impact of tariffs is diminishing, and a recovery in the sector is expected. It highlights the significant demand growth in non-U.S. markets and suggests that the market has already priced in the negative expectations regarding tariffs [14][40] - Key recommendations include focusing on leading companies like Sungrow Power Supply and Deye Technology, as well as companies with strong performance in household storage and large-scale storage [14][40] 3. Lithium Batteries - The report identifies that the lithium battery sector has already reflected pessimistic expectations and is currently at a bottom stage. It anticipates a recovery opportunity as the performance window in mid to late April approaches [14][40] - Recommendations include focusing on companies with strong product upgrades and price elasticity, as well as those involved in overseas supply chains and new technologies [14][40] 4. Wind Power - The report notes that offshore wind construction is gradually accelerating, and the onshore wind production is showing positive trends. It expects significant recovery in the industry by 2025 [14][40] - Recommended stocks include Dongfang Cable and Mingyang Smart Energy, which are well-positioned for growth in offshore and export markets [14][40] 5. Power Equipment - The report highlights the potential for increased domestic demand and accelerated investment in the power grid, suggesting that there are opportunities in overseas markets that have been overlooked [14][40] - Key recommendations include focusing on companies like State Grid Corporation and Mingyang Electric, which are involved in power AI and digital transformation [14][40] 6. New Directions - The report emphasizes the importance of sectors with continuous catalysts, such as AI and robotics, and recommends stocks like Megmeet and Kehua Data, which are involved in server power and UPS systems [14][40]

Investment Rating - The investment rating for the company is "Buy" [14] Core Insights - Huadong Co., Ltd. is a leading player in the pig farming industry in Zhejiang Province, benefiting from high regional pig prices. The company focuses on developing a building-based farming model and improving management efficiency through breeding systems, feeding systems, and expanding contract farming models. The approval of the capital increase application by the China Securities Regulatory Commission in February 2025 is expected to support the company's continuous expansion of farming capacity, making it a key recommendation [4][8]. Company Overview - Established in 2001, Huadong Co., Ltd. is a dual leader in pig farming and slaughtering in Zhejiang Province, with main operations covering pig farming, slaughtering, and meat processing. The company has expanded into feed processing and poultry farming. Initially focused on slaughtering, it has since developed upstream and downstream operations, becoming a significant player in the pig industry chain [9][23]. Farming Model and Cost Management - The majority of Huadong's pig farming operations are located in Zhejiang Province, where the average selling price is higher than that of most competitors. In 2024, the pig price in Zhejiang is expected to exceed the national average by approximately 0.8 CNY/kg. The company has adopted a highly intensive building-based farming model to address environmental issues and continuously improve farming efficiency. As of December 2024, the company's latest total cost is approximately 15.2 CNY/kg, significantly improved from 18.6 CNY/kg in 2022 [10][68]. Capital Increase and Capacity Expansion - In November 2024, Huadong's capital increase application was approved, which will add a total of 448,000 pigs in new farming capacity and 180,000 tons in feed capacity. The company has successfully completed three rounds of refinancing since its listing, with each round leading to significant growth in operational scale. The capital increase is expected to facilitate high-quality expansion of farming capacity, with a target of approximately 3.2 million pigs to be slaughtered by 2025 [11][29]. Financial Performance - The company's revenue has shown fluctuations, with a rise from 7.706 billion CNY in 2019 to 9.452 billion CNY in 2022, followed by a slight decline in 2023. In the first three quarters of 2024, the revenue reached 6.485 billion CNY, a year-on-year increase of 5.21%. The net profit attributable to shareholders has also varied, with significant losses in 2021 and 2023 due to declining pig prices. However, the company anticipates a recovery in 2024, projecting a net profit of approximately 112.5 million CNY, a year-on-year increase of 118.6% [29][30].

丨证券研究报告丨 %% %% research.95579.com 1 小熊电器（002959.SZ） cjzqdt11111 [Table_Title 国补赋能+外延扩张双引擎，公司四季度营收实 2] 现较好增长 公司研究丨点评报告丨小熊电器（002959.SZ） [Table_Title] 国补赋能+外延扩张双引擎，公司四季度营收实 现较好增长 报告要点 [Table_Summary] 2024 年公司实现营业收入 47.58 亿元，同比增长 0.98%，实现归母净利润 2.88 亿元，同比下 滑 35.37%，实现扣非归母净利润 2.46 亿元，同比下滑 35.51%；其中，2024Q4 公司实现营业 收入 16.19 亿元，同比增长 16.18%，实现归母净利润 1.08 亿元，同比下滑 17.03%，实现扣 非归母净利润 1.2 亿元，同比增长 6.01%。 分析师及联系人 陈亮 SAC：S0490517070017 SFC：BIS999 请阅读最后评级说明和重要声明 %% %% [Table_Summary2] 事件描述 公司披露年报：2024 年公司实现营业收入 47.58 亿元，同比增长 0. ...

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Automobile's Q1 2025 performance is expected to exceed expectations, driven by strong sales in the new energy vehicle segment, with projected net profit before accounting policy changes estimated at 11.6-12.3 billion yuan, representing a year-on-year increase of 640%-690% [2][4]. - The company is entering a new product era supported by the GEA architecture, with positive developments across its brands including Zeekr, Lynk & Co, and Galaxy [2][8]. - The transition to new energy is progressing smoothly, with scale effects expected to enhance profitability, while the solid foundation of fuel vehicles and innovative overseas expansion strategies are opening new markets [8]. Summary by Sections Financial Performance - In Q1 2025, Geely is expected to achieve sales of 704,000 vehicles, a year-on-year increase of 47.9% and a quarter-on-quarter increase of 2.5%, marking a historical quarterly high [8]. - The projected net profit after accounting policy changes is estimated at 5.2-5.8 billion yuan, reflecting a year-on-year increase of 220%-270% [4][8]. - The single vehicle profit is expected to be between 0.74-0.82 million yuan, showing significant improvement [8]. Product Strategy - Geely plans to launch 10 new energy models in 2025, with various new and updated models across its brands [8]. - The company is focusing on both electrification and intelligence, with a significant increase in the adoption of intelligent driving capabilities [8]. Market Position - The new energy transition is accelerating profitability, with structural optimization and scale effects further enhancing profit margins [8]. - Geely's strong new vehicle cycle is expected to provide substantial profit elasticity, with a projected net profit of 16.1 billion yuan for 2025, corresponding to a PE ratio of 8.7X [8].