证券研究报告 | 年报点评报告 gszqdatemark 2026 03 22 年 月 日 麦迪科技（603990.SH） 年报业绩符合预期，优麦机器人打开康养陪伴新蓝海 具体事件：3 月 18 日，公司发布 2025 年年报，2025 年实现营业收入 3.01 亿元， 较上年同期下降了 35.04%，实现归属于上市公司股东的净利润 3915.83 万元，较 上年同期扭亏为盈，盈利能力显著提升。 盈利能力触底反弹，持续强化医疗信息化创新优势。1）公司持续推动技术创新， 以现有产品为基础，紧密围绕医院落地场景及用户需求，加速公司现有业务与人 工智能、低空救援、人形康养机器人等前沿技术深度融合，进一步强化公司在医疗 信息化领域的创新优势，为医疗业务的高质量发展注入强大动力。公司 2025 年 Q4 单季度实现营业收入 0.79 亿元，较上年同期下降了 24.29%，实现归属于上市公 司股东的净利润 488.85 万元，同比+104.35%。2）分产品来看，2025 年全年自 制软件实现营业收入 1.03 亿元，较上年增长 1.99%；整体解决方案实现营业收入 4,037.28 万元，较上年增长 42.65%；外购 ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 22 年 月 日 交通运输 "当前去库+后续补库"有望演绎，重视中国油运公司 周观点：油运，霍尔木兹海峡困局依旧，若"当前去库+后期补库"情形发生， VLCC 预计将体现较大的量价弹性；集运，关注战争持续性与可能带来的供应 链紊乱概率、船用燃油价格上涨与加注难度。重点关注招商轮船、中远海能、 ST 松发、中远海运国际和海通发展等。 行情回顾：本周（2026.3.16-2026.3.20）交通运输板块行业指数下跌 2.65%， 跑赢上证指数 0.73 个百分点（上证指数下跌 3.38%）。从申万交通运输行业 三级分类看，涨幅第一名板块为航运，涨幅为 1.21%；跌幅前三名板块分别为 公交、航空运输、仓储物流，跌幅分别为-6.87%、-6.78%、-5.76%。 两年回购 15 亿美元。1-2 月快递行业量增提速，份额继续向头部集中、单价 环比提升。1-2 月，行业件量同增 7.1%，较 11、12 月增速提速；顺丰/圆通 /申通/韵达分别同比 9.4%/+16.7%/+11.2%/-6.7%；圆通、申通、顺丰份额 提升。单票收入方面，通达持续 ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 22 年 月 日 电力设备 海外光伏组件价格上涨，油价上行打开锂电材料端盈利空间 光伏：硅料电池片行情走弱，海外组件价格上涨。据安泰科，本周多晶硅 n 型复投料成交价 格区间为 4.2-4.5 万元/吨，成交均价为 4.32 万元/吨，环比下滑 4.42%。本周市场交投氛围 环比转淡，仅有 2-3 家企业达成新订单，成交量与活跃度均较前几周有所回落。据 Infolink， 本周硅片价格维持平稳，市场均价变动幅度有限，仅低价与高价区间出现小幅松动。整体来 看，价格走势由前期下行逐步转为横盘整理。本周电池片除了各尺寸供需关系影响外，因银 价走势导致的成本线下探，以及出口退税取消节点前的采购力度减弱，电池片整体价格皆出 现下行。组件方面，据 Infolink，本周中国区市场价格平稳，存在头部企业报价松动迹象。 海外 TOPCon 组件价格，本周顺应市场变化，受到出口退税的预期影响，多个区域皆出现调 涨，海外总体均价落在每瓦 0.104 美元。核心关注：1）供给侧改革下的产业链涨价机会， 核心关注通威股份、协鑫科技、隆基绿能、晶澳科技、晶科能源、天 ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 22 年 月 日 建筑装饰 北方国际："煤价/电价/战后重建"三重逻辑共振，基本面预计迎改善拐 点。1）煤价方面，近期中东战事扰动下油价飙升，煤价作为替代能源价格 有望显著上行，焦煤主连最新（（3/20）夜盘大涨 8.73%。年初以来蒙煤价 格稳步上行，均价 1030 元/吨（同增 14%）；最新价 1080 元/吨，同增 26%。公司 25 年受煤价回落影响，业绩有所承压，今年一季度受益价格 回暖，叠加成本端根据长协约定按 25Q4 价格核算，焦煤业务单吨毛利有 望明显改善，驱动整体业绩修复。2）电价方面，欧洲 4 月天然气期货价 已较战事爆发前上涨逾一倍，预计将带动区域电价上行（天然气约占欧洲 发电用能源 20%）。公司持有克罗地亚风电项目，2025 全年发电量 4.22 亿度，后续随电价上涨预计展现较大盈利弹性（2022 年欧洲能源紧缺带 动项目整体归母净利大幅增至 3.6 亿）。3）战后重建方面，公司在伊朗、 阿联酋等中东国家有较多项目经验，大股东北方工业是们国最大军贸公 司，在全球拥有较强渠道资源。若中东局势缓和，区域战后重建将带 ...

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [5]. Core Insights - The draft of the "Financial Law" aims to provide legal support for high-quality financial development, emphasizing the importance of long-term capital market stability and the optimization of financial institutions [1][2]. - The insurance sector is expected to benefit from long-term trends such as the migration of deposits and increasing demand for healthcare and pension security, despite short-term market adjustments [3][28]. - The securities sector is experiencing heightened market risk appetite and active trading, with IT companies and brokerages benefiting from favorable valuations and performance [3][28]. Summary by Sections Industry Dynamics - For the week of March 16-20, 2026, the non-bank financial sector, securities, insurance, and fintech indices experienced declines of -2.55%, -2.79%, -1.99%, and -5.19% respectively, while the Shanghai Composite Index fell by -3.38% [11]. Insurance - The National Financial Supervision Administration is seeking public opinion on the revised "Financial Consumer Complaint Handling Management Measures," aimed at protecting consumer rights [14]. - As of March 20, 2026, the yield on ten-year government bonds was 1.8299%, reflecting a change of 1.56 basis points from the previous week [15]. Securities - The China Securities Regulatory Commission held a meeting to discuss the "14th Five-Year Plan" for capital markets, focusing on enhancing market resilience and investor returns [18]. - As of March 20, 2026, the average daily trading volume of stock funds was 27,438.10 billion yuan, a decrease of 10.03% from the previous week, and the margin trading balance was 26,501.28 billion yuan, down 0.55% [20].

Investment Rating - Maintain Buy Rating [6] Core Insights - The GTC and OFC conferences have outlined a new starting point for the optical communication industry, correcting market misconceptions and expectations [1][23] - Strong demand for optical communication is expected before 2030, driven by both Scale-up and Scale-out strategies [2][24] - The industry is moving towards a multi-technology coexistence model, with both optical and copper technologies being utilized in parallel [4][26] Demand Outlook - NVIDIA anticipates that the procurement of Blackwell and subsequent chips could reach $1 trillion by 2027, with the top five cloud service providers contributing 60% of this demand [2][24] - Lumentum revealed that its capacity will be nearly sold out by the end of 2027, with a compound annual growth rate of 85% for indium phosphide demand in AI data centers by 2030 [2][24] Technology Trends - The concept of "optical and copper coexistence" has become an industry consensus, with NVIDIA emphasizing the importance of both technologies for different dimensions of expansion [4][26] - Various packaging technologies such as LPO, CPO, NPO, and XPO are developing concurrently, each finding its niche in different application scenarios [5][27] Industry Dynamics - Leading companies in the optical module sector are expanding their advantages, transitioning from single module suppliers to system-level solutions, and solidifying their positions across multiple technology routes [10][28] - The report highlights a strong trend of "the strong getting stronger," with leading firms maintaining robust core competencies and comprehensive technology layouts [11][30] Recommended Companies - Key companies to watch in the optical communication sector include Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others [12][17] - The report also suggests monitoring companies involved in liquid cooling and edge computing platforms, as well as satellite communication firms [12][17]

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The retail sales growth has accelerated, with a focus on feedback from the Spring Sugar Festival. The report suggests that the overall rhythm of the liquor industry is expected to improve on a month-on-month basis, with key recommendations including leading companies like Kweichow Moutai and others focusing on supply clearance [1][2] - The beer sector is witnessing a recovery, with a notable increase in beer production and the launch of new products, indicating a positive trend in consumer demand [3] - The food sector shows a recovery in retail sales, particularly in the restaurant segment, which is expected to drive opportunities in related supply chains [4][7] Summary by Sections Liquor Industry - Jinhuijiu reported a revenue of 2.918 billion yuan for 2025, a year-on-year decrease of 3.4%, while Shide Jiuye reported a revenue of 4.42 billion yuan, down 17.5% year-on-year. The report highlights a significant divergence in performance among liquor companies, with Kweichow Moutai leading the recovery through reforms [2] - Jinhuijiu's product structure upgrade is notable, with high-end products (above 300 yuan) increasing by 25.21% year-on-year, while low-end products (below 100 yuan) decreased by 36.88% [2] Beer and Beverage Sector - In the beer segment, the cumulative production of major enterprises reached 5.797 million kiloliters in January-February 2026, reflecting a year-on-year growth of 6.5%. The launch of the new Yanjing A10 product is expected to enhance market presence [3] - The beverage sector is characterized by intense competition, with companies launching new products to capture market share. Notable new releases include flavored waters and teas targeting specific consumer scenarios [3] Food Sector - Retail sales in the food sector increased by 2.8% year-on-year in January-February 2026, with restaurant income growing by 4.8%. This growth is attributed to the recovery of consumer spending and seasonal factors [4][7] - Wanchen Group reported a record high net profit margin of 5.7% in Q4 2025, indicating strong profitability and market expansion potential [7]

证券研究报告 | 年报点评报告 gszqdatemark 2026 03 22 年 月 日 紫金矿业（601899.SH） 金铜与多金属共振，向超一流国际矿业巨头迈进 公司发布 2025 年年度报告。2025 年实现营业收入 3491 亿元，同比增长 15.0%，归母净利润 517.8 亿元，同比增长 61.6%；2025Q4 实现收入 948.8 亿元，同比增长 29.5%，环比增长 9.7%，归母净利润 139.1 亿元，同比 增长 80.9%，环比下滑 4.52%。2025 年公司现金分红总额 159.5 亿元， 股利支付率 30.8%。 矿产金：2025 年产量同比增长 23%，业绩增长贡献显著。 产销量：2025 年产量 90 吨，同比+23%，销量 83 吨，同比+23%。Q4 产量 25.1 吨，环比+5.5%，销量 22.9 吨，环比+4.0%。 售价&成本：2025 年成本 275 元/克，同比+19.3%，Q4 成本 293 元/克， 环比+4.8%，单价 929 元/克，环比+20.9%。 业绩：2025 年实现收入 647 亿，同比+83.3%，毛利 418 亿，同比+113%， 毛利 ...

证券研究报告 | 公司点评 gszqdatemark 2026 03 22 年 月 日 吉比特（603444.SH） 强新品周期利润释放，看好《九牧》长生命周期贡献 事件：2025 年业绩预计高增。公司发布 2025 年年度业绩预增公告，预 计 2025 年度实现归母净利润 16.9 亿元到 18.6 亿元，与上年同期相比， 将增加 7.5 亿元到 9.2 亿元，YOY+79%~97%；实现扣非归母净利润 16.5 亿元到 18 亿元，与上年同期相比，将增加 7.7 亿元到 9.2 亿元， YOY+88%~105%。 点评： 25 年强新品周期，利润释放带动增长。2025 年业绩端同比增长，主要源 于 25 年上线的《杖剑传说（大陆版）》、《问剑长生（大陆版）》、《杖剑传 说（境外版）》、《道友来挖宝》等新产品贡献增量利润。 《九牧之野》流水表现稳健，看好长生命周期的收入、利润贡献。公司于 25 年 12 月 16 日开放率土 like-SLG 产品《九牧之野》的预下载，25 年 12 月 18 日正式开启公测。公测首日在国服 IOS 畅销榜排名 23 名。运营近 一个季度之后，已经进入稳态期。我们看好赛季制 ...

年报业绩符合预期，优麦机器人打开康养陪伴新蓝海 具体事件：3 月 18 日，公司发布 2025 年年报，2025 年实现营业收入 3.01 亿元， 较上年同期下降了 35.04%，实现归属于上市公司股东的净利润 3915.83 万元，较 上年同期扭亏为盈，盈利能力显著提升。 盈利能力触底反弹，持续强化医疗信息化创新优势。1）公司持续推动技术创新， 以现有产品为基础，紧密围绕医院落地场景及用户需求，加速公司现有业务与人 工智能、低空救援、人形康养机器人等前沿技术深度融合，进一步强化公司在医疗 信息化领域的创新优势，为医疗业务的高质量发展注入强大动力。公司 2025 年 Q4 单季度实现营业收入 0.79 亿元，较上年同期下降了 24.29%，实现归属于上市公 司股东的净利润 488.85 万元，同比+104.35%。2）分产品来看，2025 年全年自 制软件实现营业收入 1.03 亿元，较上年增长 1.99%；整体解决方案实现营业收入 4,037.28 万元，较上年增长 42.65%；外购软、硬件业务收入 795.24 万元，较上 年减少 44.83%，主要系外购软、硬件产品销售具有一定的偶发性；运维及技术服 ...