证券研究报告 | 公司点评 gszqdatemark 2026 03 03 年 月 日 伟星股份（002003.SZ） 汇兑亏损或拖累 2025 年利润，预计短期接单仍稳健增长 公司发布 2025 年业绩快报，财务费用增加导致公司 2025 年归母净利润 下降 8.4%。根据公司披露，公司 2025 年全年营收同比增长 2.41%至 47.87 亿元，归母净利润同比下降 8.38%至 6.42 亿元，经计算 2025Q4 公 司营收/归母净利润同比约+6%/-24%至 11.5/0.6 亿元。 ➢ 根据公司披露 2025 年公司利润承压主要系财务费用大幅上升以及 折旧等固定费用增加导致，其中我们判断财务费用的增加或是主要 因素。2025 年前三季度汇兑损失合计约 2300 万元，2024 年同期为 480 万元汇兑净收益，叠加募集资金投入增加及利率下行背景下利息 收入减少，综合导致财务费用大幅上升，若剔除财务费用影响后，我 们预计公司 2025 年归母净利润或有增长。 2025 年国际业务持续扩张，全球化布局助力公司中长期份额提升。2025 年上半年公司国内/国际营收分别同比-4.09%/+13.72%，国际 ...

伟星股份（002003.SZ） 汇兑亏损或拖累 2025 年利润，预计短期接单仍稳健增长 公司发布 2025 年业绩快报，财务费用增加导致公司 2025 年归母净利润 下降 8.4%。根据公司披露，公司 2025 年全年营收同比增长 2.41%至 47.87 亿元，归母净利润同比下降 8.38%至 6.42 亿元，经计算 2025Q4 公 司营收/归母净利润同比约+6%/-24%至 11.5/0.6 亿元。 ➢ 根据公司披露 2025 年公司利润承压主要系财务费用大幅上升以及 折旧等固定费用增加导致，其中我们判断财务费用的增加或是主要 因素。2025 年前三季度汇兑损失合计约 2300 万元，2024 年同期为 480 万元汇兑净收益，叠加募集资金投入增加及利率下行背景下利息 收入减少，综合导致财务费用大幅上升，若剔除财务费用影响后，我 们预计公司 2025 年归母净利润或有增长。 证券研究报告 | 公司点评 gszqdatemark 2026 03 03 年 月 日 股价走势 -30% -18% -6% 6% 18% 30% 2025-03 2025-07 2025-10 2026-03 伟星股份 沪深30 ...

证券研究报告|行业周报 2026 03 02 年 月 日 D e e p s e e k V 4 或 将 发 布 ， 关 注 游 戏 大 单 品 &Q1 高 景 气 传 媒 互 联 网 周 观 察 （ 260223 - 260227 ） 分析师 刘文轩 分析师 赵海楠 执业证书编号：S0680526020003 执业证书编号：S0680526020002 邮箱：liuwenxuan@gszq.com 邮箱：zhaohainan@gszq.com 打造极致专业与效率 国盛传媒互联网·周观察 上周行情复盘 周观点 2 ➢ 大幅跑输大盘，成交额及占比双回落。上周（2月24日-2月27日）传媒（申万）指数下跌5.1%，跑输上证指数7.1%，成交额3,367亿元，环比缩小； 成交额占万得全A比例为3.4%，环比降低。 ➢ 子版块&个股：各子板块全线收跌，中信出版周涨幅38%领涨，博纳影业周跌幅29%领跌。 ➢ 归因分析：我们认为主要源于节前电影春节档、AI应用、游戏高频数据等方向交易的兑现。 ➢ AI：本周DeepseekV4或将上线，全年维度看好应用生产力Agent方向+泛娱乐多模态方向，看好应用加速模型Token消 ...

Group 1: Core Insights - Commodity prices continue to rise, with the fundamental high-frequency index reaching 130.1 points, an increase of 6.0 points year-on-year [2] - The industrial production high-frequency index is at 129.0, showing a year-on-year increase of 5.1 points, indicating stable production growth [2] - The inventory high-frequency index stands at 165.1, reflecting a year-on-year increase of 7.4 points, suggesting a healthy inventory level [2] Group 2: Industry Performance - The coal industry showed a performance increase of 14.5% in March, while the steel industry increased by 20.1%, indicating strong demand [1] - The oil and petrochemical sector experienced a significant rise of 35.0% in March, reflecting robust market conditions [1] - The non-ferrous metals sector saw a remarkable increase of 44.7% in March, highlighting a strong recovery in this industry [1] Group 3: Agricultural Sector Insights - The agricultural sector is facing increased attention due to geopolitical factors, with rising production costs driven by higher crude oil prices [8] - The price of live pigs has dropped below 11 CNY/kg, leading to deeper losses for producers, suggesting a potential reduction in supply [8] - The mushroom market remains strong, with prices for enoki mushrooms maintaining a positive trend, indicating growth opportunities in this segment [8] Group 4: Media and Internet Sector Analysis - The media sector underperformed, with a 5.1% decline in the media index, lagging behind the Shanghai Composite Index by 7.1% [5] - The gaming sector is expected to perform well, with a focus on major titles and high demand in Q1, suggesting investment opportunities [6] - AI applications are anticipated to drive growth in the media sector, with several companies launching new products and upgrades [6]

证券研究报告 | 行业月报 gszqdatemark 2026 03 02 年 月 日 农林牧渔 关注地缘政治对农业整体板块的影响，生猪亏损加深逻辑增强 大宗农产品：市场对农产品关注度持续提升，从基本面上看，原油价格长 期中枢抬升会带动生产成本上涨同时拉动需求扩张，我们认为影响程度排 序为植物油类（棕榈油、菜籽油、豆油）、橡胶为先，其次为白糖、玉米， 粮食类小麦、稻谷为后。当前主要大宗农产品均处于低位，资金抄底意愿 较强，基本面反应在后但有望跟随，关注植物油类、橡胶、白糖、玉米等 相关对应标的。 生猪养殖：节后全国瘦肉型肉猪出栏价跌至 11 元/kg 下方，亏损程度加 深。我们预计未来较长时间成本偏高的参与者面临减量压力，母猪产能数 据变化仍将继续催化，建议投资者关注亏损阶段的配置机会。当前估值仍 位于相对低位，关注低成本的猪企的配置机会，关注德康农牧、温氏股份、 牧原股份、立华股份、天康生物、正邦科技等。 菌菇：本月金针菇价格保持景气，主要标的业绩预告发布高增，确认价格 反弹持续，冬虫夏草作为重点新产品放量期临近，年度配置价值高，建议 关注板块重点标的众兴菌业、雪榕生物、华绿生物等。 养殖配套：农产品上下游 ...

证券研究报告 | 固定收益定期 gszqdatemark 2026 03 02 年 月 日 固定收益定期 债看内部 上周债市总体震荡，超长表现偏弱。上周债市先跌后涨，总体呈现震荡态势。上周 10 年国债利率累计下行 1.5bps 至 1.78%，而超长债表现偏弱，30 年国债累计上 行 2.7bps 至 2.27%。二永小幅调整，3 年和 5 年 AAA-二级资本债分别上升 1.2bps 和 3.3bps。而存单利率小幅下行，1 年 AAA 存单利率下行 0.5bps 至 1.58%。 美以袭击伊朗，国际冲突加剧，从以往经验来看，对国内债市影响或有限。中东局 势恶化，这可能带来全球风险偏好下降，资金涌入债券等避险资产，驱动利率下 降。另一方面，石油供给冲击之下，全球通胀压力存在再度抬升可能，而这有可能 加剧利率上行压力。实际上，从以往几次战争冲突后国内债市走势来看，并无明确 的规律。例如伊拉克战争、利比亚战争之后，利率更多是下行，而俄乌冲突之后， 利率则有短暂上行。国内债市更多还是受内部经济、货币环境影响，地缘政治冲突 可能是较为间接的非主要影响因素。而且从冲击来看，还得密切关注时态发展，如 果冲突很快缓解， ...

Policy Focus - The recent policies emphasize the urgency of implementing government work post-Spring Festival, with a focus on enhancing responsibility and aiming for annual targets[2] - The People's Bank of China (PBOC) has lowered the foreign exchange risk reserve ratio for forward foreign exchange sales from 20% to 0%, marking the first use of this tool in nearly three and a half years[2] - Various regions, including Guangdong, Zhejiang, and Jiangsu, have held "New Year First Meetings" to set the tone for the 14th Five-Year Plan, focusing on new productivity, private economy, and high-quality development[2] Real Estate and Economic Measures - Shanghai's "Seven Measures" include easing purchase restrictions and increasing public housing loan limits (up to 3.24 million yuan), aimed at stabilizing the real estate market[2] - The emphasis on establishing a correct view of performance has been reiterated in multiple meetings, including the State Council and the Central Party's construction work meeting[2] - The government is promoting the silver economy and elderly care services, enhancing consumption capabilities through subsidies and new consumption scenarios[4] Industry Development - Multiple departments are focusing on strengthening industries, particularly in low-altitude and "AI+" sectors, with initiatives to support low-altitude industry development and establish a comprehensive low-altitude insurance system[9] - The PBOC's recent policy aims to stabilize the RMB exchange rate and promote a neutral foreign exchange policy, indicating a shift towards supporting enterprises in managing currency risks[6] Upcoming Events and Expectations - Attention is drawn to the upcoming National People's Congress (NPC) sessions, where GDP growth targets are expected to be set between 4.5% and 5% for 2026, with a CPI target around 2%[2] - Key indicators to watch include whether the PMI can return to expansion territory and if credit can achieve a strong start in the first quarter[2]

证券研究报告 | 朝闻国盛 gszqdatemark 2026 03 02 年 月 日 【策略研究】3 月策略观点与金股推荐：布局"涨价"扩散，博弈政策催 化——20260301 【金融工程】中证 1000、中证 2000 率先创出新高——20260301 【金融工程】择时雷达六面图：本周各项指标分数基本无变化—— 20260228 【固定收益】央行呵护资金宽松，存单利率小幅下行 ——流动性和机构 行为跟踪——20260228 【非银金融】行业周报|加强信息披露行为监管，提升私募基金运作透明 度——20260301 朝闻国盛 地缘风起，聚焦两会 今日概览 ◼ 重磅研报 【宏观】政策半月观—各部门各地"新春第一会"的看点——20260301 【海外】优选各赛道领先企业——2026 年 3 月海外金股推荐—— 20260301 【家用电器】惠而浦（600983.SH）-惠而浦深度二：如何看待大股东及 二股东的赋能？——20260301 【食品饮料】鸣鸣很忙（01768.HK）-鸣响渠道变革，忙驭万店星辰—— 20260227 ◼ 研究视点 【基础化工】聚焦算力链成长：关注东阳光、SST ——20260301 【环 ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 环保 两地政策共振，固废处理迎发展良机 浙桂两地加码固废治理，环保产业链迎来新风口 1）浙江省"十五五"工 业固废规划出炉，以"减量化、资源化、无害化"为核心，要求到 2030 年 工业固废产生强度控制在 0.2 吨/万元，综合利用率保持 98.0%以上，危 废填埋量占比压减至 5.0%以内。举措上，源头实施产生强度与总量"双 控"；过程推进大宗固废规模化消纳及新兴固废高值化利用；监管端通过 数字化改革实现全过程闭环管理。有利于固废处理行业发展，推荐关注惠 城环保、伟明环保等。2）广西印发《强龙头育链主行动方案》，以"绿色 化"为产业发展的核心方向，明确提出将现代绿色化工和绿色建材作为重 点支柱产业进行培育，优先支持链主企业及其产业链关键项目建设。直接 利好循环经济产业，推荐关注惠城环保等。 当周碳交易行情：本周（2.24-2.27）全国碳市场综合价格行情为：最高价 81.0 元/吨，最低价 80.5 元/吨，收盘价较上周五上涨 2.3%。本周挂牌协 议交易成交量 4.8 万吨，成交额 387.6 万元；大宗协议交易成交量 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including companies like Zijin Mining, Shandong Gold, and China Hongqiao [11]. Core Views - The geopolitical tensions, particularly between the US and Iran, are expected to boost the safe-haven appeal of precious metals like gold and silver [2]. - Despite inventory accumulation in copper, prices remain strong due to ongoing demand and strategic reserve considerations from both China and the US [3]. - The aluminum market is anticipated to experience price fluctuations as the consumption season approaches, supported by macroeconomic factors [4]. - Nickel prices are on an upward trend due to supply constraints and increased inquiries from steel mills [5]. - Tin prices are expected to remain strong amid renewed concerns over supply disruptions from Myanmar [8]. - Lithium prices are rising due to export bans from Zimbabwe, which may tighten supply in the coming months [9]. - Cobalt prices are showing strength as demand recovers with the resumption of production [10]. Summary by Sections Precious Metals - Geopolitical tensions are driving up demand for gold and silver as safe-haven assets, with specific companies recommended for investment [2]. Industrial Metals - **Copper**: Despite a significant increase in global copper inventories, prices remain resilient due to strategic reserve initiatives and expectations of domestic demand recovery [3]. - **Aluminum**: The market is expected to see price volatility as downstream production resumes post-holiday, with macroeconomic conditions remaining favorable [4]. - **Nickel**: Prices have increased by 4.7% to 141,560 CNY/ton, driven by supply constraints and demand from steel manufacturers [5]. - **Tin**: Prices are expected to experience strong fluctuations due to supply concerns stemming from Myanmar's political situation [8]. Energy Metals - **Lithium**: Prices have surged, with battery-grade lithium carbonate reaching 174,000 CNY/ton, influenced by export restrictions from Zimbabwe [9]. - **Cobalt**: The price of cobalt has risen by 3.4% to 440,000 CNY/ton, supported by recovering demand as production resumes [10]. Key Companies - Recommended companies for investment include Zijin Mining, Shandong Gold, and China Hongqiao, among others, reflecting strong growth potential in the non-ferrous metals sector [11].