丨证券研究报告丨 行业研究丨专题报告丨汽车与汽车零部件 [Table_Title] 智驾平权系列之三：再论智能驾驶的安全可靠性 请阅读最后评级说明和重要声明 %% %% 报告要点 [Table_Summary] 特斯拉智驾方案建立在海量数据、自研芯片、超大算力等一系列综合能力之上， 恶劣环境下纯视觉感知可靠性可以通过扩展数据集进行一定程度弥补。以强算法 和数据为基础，视觉方案仍保持高安全，纯视觉方案具备可行性。相较于纯视觉 方案，以激光雷达为冗余的融合方案，可满足在车队规模、数据、算力没有达到 一定规模之前的需求，在激光雷达成本持续下探的趋势下也将迎来放量。纯视觉 方案与激光雷达方案将共同推进智驾产业发展，加速智驾平权大时代落地。 分析师及联系人 [Table_Author] 高伊楠 张永乾 张扬 SAC：S0490517060001 SAC：S0490524030002 SAC：S0490524030004 SFC：BUW101 %% %% research.95579.com 1 汽车与汽车零部件 cjzqdt11111 视觉方案仍保持高安全，强算法和数据是基础 特斯拉是领先的纯视觉智驾方案厂商，不采用激 ...

丨证券研究报告丨 行业研究丨专题报告丨环保行业 [Table_Title] 垃圾焚烧"三免三减半"所得税优惠政策到期后 如何影响企业利润 报告要点 [Table_Summary] 生活垃圾焚烧企业属于国家鼓励的再生资源、环境保护方向，享受多类税收优惠，市场担忧"三 免三减半"优惠政策到期后对垃圾焚烧企业利润产生较大影响。根据测算，2025 年~2026 年因 此影响造成利润波动应不超过 2%，无需担忧。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 环保行业 cjzqdt11111 [Table_Title 垃圾焚烧"三免三减半"所得税优惠政策到期后 2] 如何影响企业利润 [Table_Summary2] 垃圾焚烧企业适用多类增值税税收优惠政策 生活垃圾焚烧企业属于国家鼓励的再生资源、环 ...

投资策略丨深度报告 [Table_Title] 镜中泡沫：日本股市低利率时代的攻守之道（中） %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 日本股市低利率时代可以分为：1）通缩深化期（1998-2002）：内忧外患，红利风格明显走强； 2）改革驱动反弹期（2003-2007）：结构改革与外需拉动下的估值重估，外需敏感型行业以及 受益于结构性改革的金融、部分制造业等表现靠前；3）后危机时代（2008-2012）：危机应对 与结构转型，电信服务、必需消费品等跌幅相对较小，公用事业跌幅靠前，日本高股息指数相 对日经 225 的超额收益主要在 2008-2009 年间市场大跌阶段获得。 分析师及联系人 [Table_Author] 戴清 胡飞 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 2 / 30 %% %% %% %% research.95579.com 2 [Table_Title 镜中泡沫：日本股市低利率时代的攻守之道 2] （中） [Table_Summary2] 低利率时代的股市 ...

丨证券研究报告丨 公司研究丨点评报告丨百亚股份（003006.SZ） [Table_Title] 百亚股份 2025Q1 点评：Q1 业绩超预期，期待 规模效应提升后的盈利弹性 报告要点 [Table_Summary] 2025Q1 公司实现营收/归母净利润/扣非净利润 9.95/1.31/1.29 亿元，同增 30%/27%/32%。公 司 Q1 超预期的成长性，在于核心五省高增长以及外围省份增长持续环比提速；超预期的盈利 韧性，在于舆情扰动下仍有保持相对稳定的利润率。公司成长逻辑延续，建议重视品牌势能提 升后的盈利弹性，且中期盈利释放有望加速。 分析师及联系人 [Table_Author] 蔡方羿 米雁翔 应奇航 SAC：S0490516060001 SAC：S0490520070002 SAC：S0490524080008 SFC：BUV463 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 百亚股份（003006.SZ） cjzqdt11111 [Table_Title 百亚股份 2025 2] Q1 点评：Q1 业绩超预期，期待 规模效应提升后的盈利弹 ...

固定收益丨点评报告 [Table_Title] 窄幅震荡，涨跌互现 ——信用利差周报（4/20） 报告要点 [Table_Summary] 4 月 14 日-4 月 18 日债券收益率涨跌互现。收益率方面，0.5-1Y 商业银行二级资本债、商业银 行永续债收益率多数下行幅度超 1bp，产业债收益率多数上行幅度超 1bp。2-3Y 大多数券种收 益率波动幅度在 0-3bp，城投债、产业债收益率多数上行，商金债、商业银行二级资本债收益 率多数下行。5Y 大多数券种收益率上行，商业银行二级资本债、商业银行永续债收益率多数上 行幅度超 1bp。信用利差方面，0.5Y 产业债、证券公司永续债信用利差多数走阔超 1bp。 分析师及联系人 丨证券研究报告丨 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 窄幅震荡，涨跌互现 2] ——信用利差周报（4/20） [Table_Summary ...

丨证券研究报告丨 行业研究丨点评报告丨技术硬件与设备 [Table_Title] 5G-A、卫星通信、5G 出海等产业方向值得重视 报告要点 [Table_Summary] 从近年政策到向上看，面向 5G-A、卫星互联网、6G 等相关方向的支持力度显著提升。从运营 商资本开支角度看，其对 5G-A 的投入自 2023 年起有明显的提升，产业链相关公司 2024 年经 营成果已有反应，后续亦需重点关注。卫星互联网发展加速，宽带技术试验星发射有望带动消 费电子端加速应用卫星通信功能。中国通信设备商及其他相关配套产业链在经历 2020-2021 年 国内 5G 建设高峰期后，在技术、成本等方面均有明显优势，有望受益于海外 5G 建设。 分析师及联系人 [Table_Author] %% %% research.95579.com 1 技术硬件与设备 cjzqdt11111 [Table_Title2] 5G-A、卫星通信、5G 出海等产业方向值得重视 [Table_Summary2] 事件描述 4 月 18 日，国新办举行经济数据例行新闻发布会，表示下一步工信部将在拓展网络建设和应 用的广度上下功夫，持续提升 5G ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - In the short term, the cotton sock business is expected to see better orders in H2 2025 compared to H1 due to changes in customer rhythm. The seamless segment is anticipated to improve further with the increase in new customer volume and higher operational rates in Vietnam. Long-term, with a focus on customer relationships, strong R&D, and cost reduction, the cotton sock segment is expected to maintain stable growth, while the seamless segment is projected to become a flexible growth curve. The company’s net profit for 2025-2027 is forecasted to be 370 million, 440 million, and 520 million yuan respectively, representing year-on-year growth of 14%, 19%, and 17%, with corresponding PE ratios of 9, 8, and 6 [2][4][6]. Financial Performance - For 2024, the company achieved revenue of 2.57 billion yuan, a year-on-year increase of 12.8%. The net profit attributable to the parent company was 320 million yuan, up 20.2% year-on-year. The company declared a total dividend of 180 million yuan for the year, resulting in a dividend yield of 5.5% [4][6]. - In Q4 2024, the company reported revenue of 650 million yuan, with a net profit of 62 million yuan, reflecting a year-on-year change of +4.4% for revenue and -11.6% for net profit [4][6]. Business Segments - The cotton sock segment is expected to see low single-digit revenue growth in Q4 2024, with a full-year revenue increase driven by strong orders from quality existing customers. The seamless segment is projected to achieve low single-digit growth in Q4 2024, with a full-year revenue increase of 5% to 660 million yuan [8][6]. - The gross margin for the cotton sock segment is expected to remain stable, while the seamless segment is anticipated to see significant improvement in gross margin due to better order fulfillment and management improvements in the Vietnam factory [8][6].

丨证券研究报告丨 公司研究丨点评报告丨中国联通（600050.SH） [Table_Title] 中国联通 2025 一季报点评： 通服收入增速领跑，IDC 业务增长提速 报告要点 [Table_Summary] 2025Q1，公司通服收入增速领跑行业，利润表现符合预期。联网通信业务方面，用户规模保持 稳步增长；算网数智业务方面，公司 IDC 业务增长提速，智算规模进一步扩大。25Q1 公司应 收账款规模同比增幅较去年已下降较多，反映公司应收账款控制已有所成效。此外，公司与互 联网大厂全面深化战略合作，新动能活跃。展望 2025 年，公司努力达成营收、利润及净资产 收益率实现有力增长的全年目标。 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 中国联通（600050.SH） cjzqdt11111 [Table_Title 中国联通 2025 2] 一季报点评： 通服收入增速领跑，IDC 业务增长提速 于海宁 温筱婷 SAC：S0490517110002 SAC：S0490524100002 SFC：BUX641 2 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In 2024, the company achieved operating revenue of 3.25 billion yuan, a year-on-year increase of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89% year-on-year [4] - The company aims for a net profit target of 730 million yuan in 2025, representing a 25% year-on-year growth [2][10] - The report highlights significant improvements in overseas business gross margins, driven by self-research of core components and an increase in the proportion of high-end products [2][10] Financial Performance - The company reported a Q4 2024 operating revenue of 983 million yuan, a year-on-year increase of 15.30%, and a net profit of 194 million yuan, up 16.39% year-on-year [4] - Revenue from the resource and public utility sector reached 1.43 billion yuan, a year-on-year increase of 26.41% [10] - The geographical revenue breakdown shows domestic revenue of 2.31 billion yuan, up 18.07% year-on-year, and overseas revenue of 940 million yuan, up 30.39% year-on-year, accounting for approximately 29% of total revenue [10] Business Segments - The company is focusing on four main growth areas: overseas expansion, three-dimensional intelligence, precision agriculture, and intelligent driving [10] - The precision agriculture segment has expanded from controlling agricultural machinery to controlling tools, further broadening application scenarios [2][10] - The passenger vehicle business has progressed smoothly, with a delivery volume reaching 300,000 units [2] Research and Development - R&D expenses for 2024 were 469 million yuan, a year-on-year increase of 1.49%, accounting for 14.43% of total revenue [10] - The company is developing a new generation of self-researched high-precision navigation components, which are expected to be launched soon [10] Future Outlook - The company is expected to achieve net profits of 747 million yuan, 938 million yuan, and 1.18 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 28%, 26%, and 26% [10] - The projected valuation for the company is 30x, 24x, and 19x for the years 2025, 2026, and 2027, respectively [10]