业 及 产 业 计算机 2025 年 03 月 05 日 产业"帕累托增进"，中国科技资 行 业 研 究 / 行 业 点 评 相关研究 联系人 徐平平 (8621)23297818× xupp@swsresearch.com 事件：3 月 3 日，根据中国基金报，全国政协十四届三次会议新闻发布会在人民大会堂一层 新闻发布厅举行。全国政协十四届三次会议副秘书长兼新闻发言人刘结一出席，介绍本次大 会的总体安排，并就本次大会和政协工作情况回答中外记者提问。发布会上，刘结一回答了 多名中外记者的提问，内容涵盖高质量发展、新质生产力、经济全球化、科技创新等热点问 题，释放了一系列重要信号。 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 行 产重估！ 《泛科技估值：从西方到"东西合璧"！— —连接实业与金融》 2024/09/19 《科技：东西合璧，世界领军-重新审视 TMT 地位、壁垒与估值（数字经济专题之 新质生产力篇）》 2024/04/27 证券分析师 洪依真 A0230519060003 hongyz@swsresearch.com 刘洋 A0230513050006 liuyang2@s ...

行 业 及 产 业 行 业 研 究 / 行 业 深 度 相关研究 《机器人：三层融合，2025 年产业质变！ ——机器人系列深度报告之二十一》 2025/01/17 《科技：东西合璧，世界领军-重新审视 TMT 地位、壁垒与估值（数字经济专题之 新质生产力篇）》 2024/04/27 证券分析师 刘洋 A0230513050006 liuyang2@swsresearch.com 王珂 A0230521120002 wangke@swsresearch.com 戴文杰 A0230522100006 daiwj@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 刘正 A0230518100001 liuzheng@swsresearch.com 韩强 A0230518060003 hanqiang@swsresearch.com 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 林起贤 A0230519060002 linqx@sw ...

证 券 研 究 报 告 AI与大模型时代，智慧交运物流赛道研究框架 ——智慧多维交运物流产业链跟踪研究（一） 证券分析师：闫海 A0230519010004 严天鹏 A0230524090004 刘衣云 A0230524100007 研究支持： 范晨轩 A0230123070006 郑逸欢 A 联系人：严天鹏 A0230524090004 2025.3.4 投资案件 ◼ 结论和投资分析意见 ◼ 原因及逻辑 • AI与大模型给交运物流行业插上智慧的翅膀，交运物流行业的发展经历了"物理资产"驱动周期、 "数字化变革"周期，现如今进入"AI+大模型变革"驱动周期。 • 智慧出行领域：无人出租车、无人公交、共享单车等新生业态值得关注。关注锦江在线、大众交 通、滴滴、永安行、上海凤凰、美团、通行宝、皖通科技、千方科技。 • 智慧物流供应链领域：AI与大模型赋能下的智慧供应链、B端物流等赛道值得关注。关注传化智 联、中储股份、海晨股份、厦门象屿、上海钢联、国联股份。 • 智慧货运领域：网络无车承运人和车队"线上化"优化了"交易成本"，AI+大模型的引入有望 驱动运输效率的再次跃升。关注满帮、中储股份、合金投资、传化智联。 ...

上 市 公 司 -35% 15% 65% 03/04 04/04 05/04 06/04 07/04 08/04 09/04 10/04 11/04 12/04 01/04 02/04 HSCEI 上美股份 资料来源：Bloomberg 美容护理 2025 年 03 月 04 日 上美股份 (02145) —— 业绩符合预期，看好多渠道拓展及多品牌增长曲线 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 03 日 | | --- | --- | | 收盘价（港币） | 37.45 | | 恒生中国企业指数 | 8419.69 | | 52 周最高/最低（港币） | 56.95/29.20 | | H 股市值（亿港币） | 149.06 | | 流通 H 股（百万股） | 206.27 | | 汇率（人民币/港币） | 1.0840 | 一年内股价与基准指数对比走势： 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 联系人 王盼 (8621) ...

Investment Rating - The report maintains a "Buy" investment rating for Gree Electric Appliances [1][7][8] Core Insights - The recent increase in shareholding by Jinghai Internet Technology Development Co., Ltd. reflects the long-term confidence of distributors in the company's development [7] - Gree's air conditioning sales in January showed a slight underperformance compared to the overall market, but production is expected to return to double-digit growth from February to May due to seasonal demand and replacement policies [7] - The company is projected to achieve net profits of 31.9 billion yuan, 35.1 billion yuan, and 38.6 billion yuan for the years 2024 to 2026, respectively, with a consistent growth rate of 10% [7] Financial Data and Profit Forecast - Total revenue for 2023 is estimated at 205,018 million yuan, with a projected growth rate of 7.8% [5] - The expected net profit for 2024 is 31,927 million yuan, with a corresponding PE ratio of 7 [5] - The gross profit margin is forecasted to improve slightly from 30.6% in 2024 to 31.4% in 2026 [5]

Investment Rating - The report assigns an AHP score of 1.93, placing Jiangnan New Materials in the 26.0% percentile of the non-Science and Technology Innovation Board AHP model, indicating a mid-to-upper level position. After considering liquidity premium factors, the AHP score increases to 2.56, positioning the company in the 42.3% percentile, indicating an upper mid-level standing [7][8]. Core Insights - Jiangnan New Materials is a leading domestic supplier of copper-based new materials, with its copper ball series products holding the largest global market share. The company specializes in the R&D, production, and sales of copper-based new materials, with applications primarily in the PCB and photovoltaic sectors [9][11]. - The demand in the downstream PCB sector is expected to grow steadily, with electronic-grade copper oxide powder anticipated to become a significant profit growth point. The global and Chinese PCB market is projected to reach $904.1 billion and $464.7 billion by 2028, respectively, with compound annual growth rates of 5.4% and 4.2% from 2023 to 2028 [14][16]. - Jiangnan New Materials has established long-term stable partnerships with well-known PCB manufacturers, and its copper ball products generated revenue of 5.541 billion yuan in 2023, capturing 24% of the global market and 41% of the domestic market [11][12]. Summary by Sections AHP Score and Expected Allocation Ratio - Jiangnan New Materials is set to be listed on the main board, with an AHP score of 1.93 excluding liquidity premium factors, and 2.56 including them. The expected allocation ratios for offline investors A and B are 0.0162% and 0.0090%, respectively [7][8]. Company Highlights and Features - The company is recognized as a leading supplier of copper-based new materials, with a focus on copper balls and copper oxide powder. The copper ball series has a wide range of specifications and is used in various PCB and photovoltaic applications. The sales revenue of the copper oxide powder series has grown at a CAGR of 75.3% from 2021 to 2023 [9][10]. Comparable Company Financial Metrics - Jiangnan New Materials has a larger revenue scale compared to comparable companies, with a revenue CAGR of 4.15% from 2021 to 2023. The net profit growth rate is leading among peers, and the gross margin in the first half of 2024 is higher than that of comparable companies [18][23]. Fundraising Projects and Development Vision - The company plans to raise funds for a project to produce 12,000 tons of electronic-grade copper oxide powder annually, which is expected to enhance its revenue and profit growth. The fundraising will also support the establishment of a research and marketing center [26][28].

证 券 研 究 报 告 险资"落子"银行股，已渐趋拉开序幕 ——中长期资金深度专题 证券分析师： 郑庆明 A0230519090001 林颖颖 A0230522070004 冯思远 A0230522090005 研究支持：李禹昊 A0230123070008 联系人： 李禹昊 A0230123070008 2025.03.03 投资要点 www.swsresearch.com 证券研究报告 2 | 时间 | | 主体 | 会议/文件 | 核心内容 | | --- | --- | --- | --- | --- | | | | | 就活跃资本市场 提振投资者信心 、 | 推动建立健全保险资金等权益投资长周期考核机制 促进其加大权益类投资力度；推 ， | | 2023/8/18 | | 中国证监会 | | 动研究优化保险资金权益投资会计处理 推动保险资金长期股票投资试点落地 并逐 ， ， | | | | | 答记者问 | 步扩大试点范围与资金规模 | | | | | | 。 | | 2023/8/25 | | 中国证监会 | 全国社保基金理事会和部分大型银行 | 将主动加强政策协同 共同为养老金 保险资金 银行理 ...

2025 年 03 月 03 日 整车投资策略更新 本期投资提示： 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 及 产 业 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 汽车 看好 ——一周一刻钟，大事快评（W096） 比亚迪的订单兑现度以及终端折扣情况值得重点关注。我们认为比亚迪最重要的边际 催化还是后续的 e 平台 4.0 发布会，其对销量和订单的维持、年度销量兑现度及单车盈利 表现影响重大。我们相信比亚迪的智能化有很强的兑现度，通过智能化强化竞争壁垒和产 品力，让消费者进一步认可品牌进而实现量利双升，才有可能去兑现其利润预期。在订单 方面，需要观察其市场渗透率、新车折扣。如果终端折扣出现松动则可能对其盈利和估值 产生负面影响。 核心风险：原材料价格波动风险、地缘政治风险、 ...

行 业 及 产 业 有色金属 2025 年 03 月 03 日 行 业 研 究 / 行 业 点 评 证券分析师 郭中伟 A0230524120004 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 郭中耀 A0230124070003 guozy@swsresearch.com 联系人 资料来源：ifind，申万宏源研究 郭中耀 (8621)23297818× guozy@swsresearch.com 海外供给端收紧，钴价触底反弹 看好 ——金属&新材料行业周报20250224-20250228 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 一周行情回顾：据 ifind，环比上周 1）上证指数下跌 1.72%，深证成指下跌 3.46%，沪 深 300 下跌 2.22%，有色金属（申万）指数下跌 2.32%，跑输沪深 300 指数 0.10 个百 分点。2）分子 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company reported significant quarter-over-quarter improvement in Q4 performance, with the Zhoushan base gradually contributing to incremental production [1][9] - The company plans to acquire Henan Yuxin Sorbitol, initiating industry consolidation and enhancing its core product market share [9] - The financial forecast indicates a projected revenue increase from 27.83 billion yuan in 2023 to 53.01 billion yuan in 2027, with a notable growth rate of 36% in 2025 [8][10] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 27.83 billion yuan, with a year-on-year growth rate of 26.5% [8] - The net profit attributable to the parent company is expected to be 3.71 billion yuan in 2023, with a projected increase to 6.17 billion yuan by 2027 [8][10] - The gross profit margin for 2024 is estimated at 21.77%, with a net profit margin of 9.57% [9] - The company plans to distribute a cash dividend of 5 yuan per 10 shares, amounting to approximately 152 million yuan, which represents 56.44% of the 2024 net profit [9] Production and Capacity Expansion - The company has seen a 13% year-on-year increase in the sales volume of crystalline sorbitol products, contributing to revenue growth [9] - The Zhoushan base's new production capacity is expected to be operational in 2025, which will support future growth [9] - The company is actively preparing for the release and absorption of new production capacity through recruitment and training [9] Acquisition and Market Position - The acquisition of Henan Yuxin Sorbitol is expected to strengthen the company's market position in the sorbitol industry, particularly in crystalline sorbitol [9] - The company holds a significant market share in the global sorbitol market, with a 25.5% share, ranking second globally [9]