房地产 2025 年 11 月 26 日 绿城管理控股(9979.HK) 行业竞争趋于理性，经营筑底分红较高 推荐（维持） 股价：3.12 港元 主要数据 | 行业 | 房地产 | | --- | --- | | 公司网址 | www.lcgljt.com | | 大股东/持股 | 绿城中国/71.63% | | 实际控制人 | 国务院国有资产监督管理委员会 | | 总股本(百万股) | 2000.00 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 2000.00 | | 总市值（亿港元） | 62.4 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 1.79 | | 资产负债率(%) | 45.41 | 行情走势图 相关研究报告 【平安证券】绿城管理控股（9979.HK）*半年报点评* 竞争加剧致业绩承压，回归理性增长*推荐20250825 【平安证券】绿城管理控股（9979.HK）*年报点评*规 模领先，竞争加剧*推荐20250331 证券分析师 | 杨侃 | 投资咨询资格编号 | | --- | --- | | | S1060514080002 ...

2025年11月26日 请务必阅读正文后免责条款 证券研究报告 地方化债系列之四： 2025年新增地方债限额的使用特点及展望 证券分析师 刘璐 投资咨询资格编号：S1060519060001 张君瑞 投资咨询资格编号：S1060519080001 PART2：2025年新增地方债用途新特征 摘要 PART3：年内及2026年展望 今年地方债新增限额分给自审自发省的比例最高，限额使用进度偏慢，项目建设债占比下降，这都说明新增地方债的防风险功能在强化，会使得政 府债供给对债市的负面影响减弱。1）今年地方债新增限额分给自审自发省的比例最高，重点省份额度只是恢复性增长。近两年有10个省份新增地 方债限额出现负增长，其中除了河南外均是重点省份。自审自发省主要是债务压力小的省份，近两年新增限额平均增速显著超过全国整体。2）今 年特殊再融资债发行较快，新增地方债发行较慢，新增地方债内的项目建设债和非自审自发省地方债尤其慢 。今年新增地方债发行速度在近6年中 仅快于2021年，可能是因为特殊再融资债发行占用了发行窗口以及稳增长压力下降。细分来看，今年项目建设债和非自审自发省地方债拖慢了新增 地方债整体发行速度。3）今年新增地 ...

证券研究报告 【平安固收】2025年11月托管月报： 年末债市需求仍有支撑 平安证券研究所固定收益团队 2025年11月25日 请务必阅读正文后免责条款 分析师：刘璐 S1060519060001 （证券投资咨询） 邮箱：liulu979@pingan.com.cn 分析师：郑子辰 S1060521090001（证券投资咨询） 邮箱： ZHENGZICHEN160@pingan.com.cn 核心摘要 10月托管规模同比持平于上月，券种上同业存单正贡献、利率债负贡献。2025年10月，债券托管余额同比增速为 14.0%，较9月下降0.1个百分点。当月新增托管规模为1.5万亿元，和去年同期新增规模基本持平。券种上，10月同业 存单是同比多增的主要贡献，银行10月可能在宽松的流动性环境下加大了同业存单的供给，以提前应对年末和明年开 门红的信贷需求。10月利率债（国债+地方债+政金债）明显少增，主要由于今年政府债供给前置。此外，信用债在企 业资产负债表修复、信用债收益率回落、科创债新政提振的背景下也实现了明显的同比多增。 分机构：配置型机构配债力量退坡，非法人产品明显增配。10月分机构来看，同比多增的主要是非法人产 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage with a target price of 60.67 CNY per share [1]. Core Views - The company is positioned as a leader in the high-end ophthalmic medical device market, with a strong focus on innovation and a comprehensive product matrix that supports growth in various segments, including surgical treatment, myopia control, and vision care [6][10]. - The approval of the "Longjing® PR" intraocular lens in January 2025 is expected to break the import monopoly and enhance the company's competitive edge in the high-end artificial lens market [6][27]. - The increasing demand for ophthalmic treatments driven by an aging population and rising consumer spending is anticipated to accelerate the domestic replacement of imported products [6][34]. Summary by Sections 1. Innovation and Market Position - The company has been deeply engaged in the ophthalmic device sector since its establishment in 2010, becoming a key player in the high-end refractive intraocular lens market [10]. - The product range includes high-end artificial lenses for cataract surgery and myopia control, with significant market penetration achieved through strategic expansions and acquisitions [10][16]. 2. Financial Performance - Revenue projections show a steady increase from 951 million CNY in 2023 to 2,118 million CNY by 2027, with a year-on-year growth rate of 64.1% in 2023 and 48.2% in 2024 [5]. - Net profit is expected to grow from 304 million CNY in 2023 to 563 million CNY by 2027, reflecting a compound annual growth rate of 21.8% [5]. 3. Product Matrix and Growth Drivers - The company’s artificial lens segment is the highest revenue contributor, accounting for 43.86% of total revenue in the first half of 2025, followed by contact lenses at 30.06% [18]. - The introduction of the "Longjing® PR" lens is expected to significantly enhance the product offering and cater to the growing demand for high-quality vision correction solutions [27][34]. 4. Market Trends and Opportunities - The aging population in China is projected to increase the number of cataract patients, thereby expanding the market for high-end artificial lenses [34]. - The company is also capitalizing on the growing myopia prevention market, with its "Punotong®" orthokeratology lenses gaining traction under national health initiatives [47]. 5. Competitive Landscape - The company has established a strong competitive position through its innovative product offerings and strategic acquisitions, which have allowed it to build a comprehensive product line that meets diverse consumer needs [6][10]. - The recent approval of its products underlines the company's commitment to innovation and its ability to compete effectively against established international brands [27][34].

分析师： 叶寅 投资咨询资格编号:S1060514100001 邮箱：YEYIN757@PINGAN.COM.CN 韩盟盟 投资咨询资格编号:S1060519060002 邮箱：HANMENGMENG005@PINGAN.COM.CN 张梦鸽 投资咨询资格编号:S1060525070003 邮箱：ZHANGMENGGE752@PINGAN.COM.CN 2025年11月25日 请务必阅读正文后免责条款 行业观点 证券研究报告 海外MNC动态跟踪系列（十八） 艾伯维发布2025Q3财报：自免双星销售强劲 医药 强于大市（维持） 平安证券研究所 医药团队 • 监管批准：1）Rinvoq 治疗白癜风；2）Venclexta 治疗高危骨髓增生异常综合征（MDS）；3）Pivekimab Sunirine 用于 BPDCN（母细胞性浆细 胞样树突细胞肿瘤）；4）Tavapadon用于帕金森病；5）BoNT/E治疗眉间纹（Glabellar Lines） • 监管提交：1）Rinvoq 治疗白癜风；2）Rinvoq 治疗斑秃（Alopecia Areata）；3）Rinvoq 治疗化脓性汗腺炎（Hidradenitis ...

汽车 2025 年 11 月 24 日 比较研究系列 AI 智驾 2.0，迈向智能涌现 强于大市（维持） 行情走势图 证券分析师 王德安 投资咨询资格编号 S1060511010006 BQV509 WANGDEAN002@pingan.com.cn 王跟海 投资咨询资格编号 S1060523080001 BVG944 WANGGENHAI964@pingan.com.cn 平安观点： 智能驾驶演进已从 2024 年的端到端范式确立，迈入智驾到 AI 2.0 的规模化能 力兑现期。基于模型能力提升及多样化的训练数据，智驾系统可能涌现出自主 应对极端边缘场景的能力，从而推动智驾系统进一步打通商业闭环。 行 业 报 告 行 业 深 度 报 告 证 券 研 究 报 告 | 一、 特斯拉智驾的软硬件层面新迭代 4 | 二、 我国高阶智驾发展迈入第三阶段 5 | | | --- | --- | --- | | 三、 技术架构：主流智驾玩家迭代方向 8 | | | | 3.1 VLA 方向 8 | | | | 3.2 华为 ADS4.0，面向 L3 12 | | | | 3.3 地平线机器人&Momenta 强调一段式端 ...

2025年11月24日 证券研究报告 海外策略周报: 美联储分歧加剧，降息预期显著波动 证券分析师 陈 骁 投资咨询资格编号：S1060516070001、BWH863 郝博韬 投资咨询资格编号：S1060521110001 请务必阅读正文后免责条款 1 ※ 核心观点 2 • 海外方面，美联储降息预期波动，风险资产全面回落，美元小幅走强。股市方面，本周MSCI全球股指下跌2.5%，主要 发达市场股指全面下跌，道指、标普、纳指、恒生跌幅较大。债市方面，本周10年期、2年期美债收益率分别变动- 8bp、-11bp至4.06%、3.51%。商品及外汇方面，本周美元指数上涨0.87%至100.15；COMEX黄金、ICE布油分别变动- 0.53%、-2.77%。港股方面，美元走强及资金流动方向转变，使香港市场整体承压、港股主要股指下跌。其中，恒生科技 下跌7.2%；恒生指数、恒生综合指数、恒生中国企业指数、恒生港股通分别下跌5.1%、5.4%、5.1%、5.3%。 • 海外宏观层面，美国9月新增非农表现良好；美联储内部分歧加剧，降息预期大幅波动。1）9月美国新增非农表现良好， 失业率受劳动参与率提升影响攀升至4.4% ...

电力设备及新能源 2025 年 11 月 24 日 行业周报 漂浮式海风企业扩产能，欧洲大储将推行强制构网 强于大市（维持） 行情走势图 -30% -20% -10% 0% 10% 20% 30% 40% 50% 2024-11-21 2025-04-21 2025-09-21 沪深300指数 电力设备及新能源 证券分析师 | 李梦强 | 投资咨询资格编号 | | --- | --- | | | S1060525090001 | | | LIMENGQIANG340@pingan.com.cn | | 皮秀 | 投资咨询资格编号 | | | S1060517070004 | | | PIXIU809@pingan.com.cn | | 张之尧 | 投资咨询资格编号 | | | S1060524070005 | | | ZHANGZHIYAO757@pingan.com.cn | 平安观点： 本周（2025.11.17-2025.11.21）新能源细分板 块行情回顾。风电指数 （866044.WI）下跌 6.88%，跑输沪深 300 指数 3.11 个百分点。截至本 周，风电板块 PE_TTM 估值约 24.1 ...

Investment Rating - The report gives a "Recommended" rating for Huaxia Eye Hospital (301267.SZ) [1] Core Views - The demand for ophthalmic diagnosis and treatment is continuously growing, supported by favorable national policies for the development of private specialty hospitals. The number of myopia patients in China has increased from 540 million in 2016 to 660 million in 2020, with the incidence rate rising from 39.2% to 47.1% [6][24] - The company is successfully expanding its operations, with a decrease in the revenue contribution from its core hospital, Xiamen Eye Center, indicating successful new hospital openings and improved performance from other facilities [6][40] - The profitability of cataract and refractive surgery projects is recovering, with revenue growth in refractive services driven by technological upgrades [6][34] Summary by Sections 1. Company Overview - Huaxia Eye Hospital focuses on ophthalmic medical services and has expanded its chain operations nationwide, establishing a network of 64 specialized hospitals and 67 vision centers across 49 cities [9][15] 2. Market Demand and Policy Support - The demand for eye care services is on the rise, with significant growth in the elderly population and increasing awareness of eye health among the public. The aging population is expected to drive the demand for cataract surgeries and other eye-related treatments [24][26] - National policies are favorable for the development of private specialty hospitals, enhancing the overall healthcare service quality and expanding the market for ophthalmic services [29][30] 3. Business Segments Performance - The refractive surgery segment is the company's core business, contributing the highest revenue share and showing a recovery in profit margins due to new surgical techniques [18][34] - The cataract business faced short-term pressure due to national procurement policies but is expected to stabilize and grow in the long term as the aging population increases [31][43] - The integrated vision care project has shown steady revenue growth, although initial investments in new centers have impacted profit margins [38] 4. Financial Performance and Forecast - The company achieved a revenue of 40.13 billion yuan in 2023, with a year-on-year growth of 24.1%. However, growth slowed in 2024 due to high base effects, with revenue of 40.27 billion yuan, a mere 0.3% increase [5][20] - Profit forecasts for 2025, 2026, and 2027 are 4.82 billion yuan, 5.52 billion yuan, and 6.29 billion yuan respectively, indicating a positive outlook for sustained growth [6][43]

Investment Rating - Industry investment rating is "Outperform the Market" [23] Core Viewpoints - Nvidia's Q3 2026 financial report shows impressive performance with revenue of $57 billion, a year-on-year increase of 62% and a quarter-on-quarter increase of 22%. The net profit reached $31.9 billion, growing 65% year-on-year and 21% quarter-on-quarter. The outlook for Q4 anticipates revenue of $65 billion, indicating a year-on-year growth of 65% and a quarter-on-quarter growth of 14%, reflecting strong global demand for AI computing power [5][10][19] - The competition in the global AI large model sector remains intense, which is expected to drive the application of large models and sustain high demand in the AI computing market. Domestic large models in China are continuously iterating and improving, positioning themselves among the top tier globally [19][22] Summary by Sections Industry News and Commentary - Nvidia's Q3 2026 report highlights a robust demand for AI computing power, with significant revenue growth driven by the data center business, which generated $51.2 billion, a 66% increase year-on-year and a 25% increase quarter-on-quarter. The gaming and professional visualization segments also showed strong performance [9][10][19] - The overall computer industry index fell by 2.74% this week, while the CSI 300 index dropped by 3.77%, indicating that the computer sector outperformed the broader market by 1.03 percentage points [13][16] Investment Recommendations - The report suggests focusing on investment opportunities in the AI sector, particularly in AI computing power and algorithms. Recommended stocks include Haiguang Information, Longxin Zhongke, and Industrial Fulian for AI computing power, and strong recommendations for companies like Hengsheng Electronics and Zhongke Chuangda in AI algorithms and applications [19][22]