Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for investment opportunities in the sector [7]. Core Views - The report highlights that geopolitical tensions and a strong US dollar are suppressing gold prices, with gold entering a "left-side batting zone." Despite short-term headwinds, the long-term outlook for gold remains positive, with potential for a rebound if geopolitical tensions ease [1][37]. - For copper, demand resilience persists despite geopolitical disturbances, and the long-term outlook remains optimistic. Inventory levels are decreasing, indicating healthy demand from downstream sectors [1]. - The aluminum market is experiencing significant price volatility due to ongoing overseas conflicts, with supply slightly increasing but demand remaining cautious [2]. - Nickel prices are under pressure from geopolitical disturbances, but supply constraints provide some support for prices. The market is expected to experience fluctuations driven by macroeconomic sentiment [3]. - Tin prices are weak due to improved supply expectations and macroeconomic pressures, but long-term demand from emerging sectors like AI and renewable energy remains strong [4]. - Lithium prices are experiencing downward pressure, but demand in the energy storage sector is robust, with expectations for a rebound in the electric vehicle market [5]. - Cobalt prices are fluctuating due to weak downstream demand, with cautious purchasing behavior from manufacturers [6]. Summary by Sections Precious Metals - Geopolitical tensions and a strong dollar are impacting gold prices, but the long-term outlook remains bullish [1][37]. Industrial Metals - **Copper**: Demand remains strong, with inventory levels decreasing, indicating healthy market activity [1]. - **Aluminum**: Prices are volatile due to geopolitical issues, with supply slightly increasing but demand cautious [2]. - **Nickel**: Prices are under pressure, but supply constraints provide some support [3]. - **Tin**: Weak prices expected in the short term, but long-term demand potential exists [4]. Energy Metals - **Lithium**: Prices are under pressure, but demand in energy storage is strong [5]. - **Cobalt**: Prices are fluctuating with weak demand from manufacturers [6].

证券研究报告 | 行业周报 gszqdatemark 2026 03 22 年 月 日 煤炭开采 国内煤价吹响全面反攻号角——终如愿 行情回顾（2026.3.16~2026.3.20）： 中信煤炭指数 4451.82 点，下跌 2.05%，跑赢沪深 300 指数 0.14pct，位列中信板块 涨跌幅榜第 4 位。 本周煤炭市场两个值得关注的现象。 ➢ 其背后所反映的逻辑并非单纯焦煤自身的供需驱动，更多在于地缘冲突持续发 酵背景下，能源成本上升后的替代效应（国内低成本替代海外高成本），煤化 工的传导效应（焦煤制焦炭过程中焦炉煤气制化工副产品利润大增）以及动力 煤逆季节性上涨下的催化。当前多数商品均处地缘冲突主导能源价格抬升阶段， 焦煤亦不例外，在局势未出现实质性缓解前，其价格便易涨难跌。 此外，我们一直强调本轮交易的核心在于海外，即海外市场出现"黑天鹅"事件，海 外价格暴涨，国内煤价想象空间才有望彻底打开。目前，市场正延此路径演绎中，我 们认为本轮煤价上涨总体或分三个阶段演绎： 年初我们推出"海外 3 小煤"概念，指出直接在海外销售的煤企将更为受益。重点关 注在海外布局的煤炭公司：中国秦发（布局印尼）、力量发展 ...

Group 1: Macro Insights - The report highlights the ongoing high oil prices, with Brent crude futures rising nearly 40% from $70 to $95.5 per barrel, and currently exceeding $110 per barrel, indicating a significant impact on asset prices due to geopolitical tensions [6] - There is a noted improvement in real estate sales, with new residential sales area declining by 13.5% year-on-year in January-February, a smaller drop compared to the 18.0% decline in Q4 2025, suggesting a trend of gradual recovery [6] Group 2: Market Performance - The Shanghai Composite Index fell by 3.38% over the week, confirming a daily downtrend across major indices including the CSI 300 and CSI 500, indicating a broad market decline rather than a structural one [7] - Despite the overall downtrend, 12 out of 28 sectors are still showing daily uptrends, suggesting potential opportunities for selective investments [7] Group 3: Industry-Specific Insights - The textile and apparel sector, particularly Mercury Home Textiles, is expected to benefit from the growing sleep economy, with projected revenue growth of 10% annually from 2025 to 2027, reaching approximately 56.42 billion yuan by 2027 [15][16] - The construction materials sector is experiencing a downturn, with a 6.46% decline in the SW construction materials index, and a focus on raw material price fluctuations is advised [19] - The coal industry is witnessing a significant rebound, with domestic coal prices rising sharply due to increased demand and geopolitical factors affecting LNG supply [20] Group 4: Investment Recommendations - The report suggests a cautious approach to investments in the current market environment, recommending defensive strategies and selective sector exposure, particularly in high-dividend yielding assets and growth-oriented companies [28][29] - In the non-bank financial sector, companies like China Pacific Insurance and Huatai Securities are highlighted as having strong performance potential due to favorable market conditions and valuation metrics [14]

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]