证券研究报告 恒瑞、罗氏、康哲药业新药/新适应症国内获批， 多款创新药迎来研发进展 生物医药行业强于大市（维持） 平安证券研究所生物医药团队 分析师： 叶寅 投资咨询资格编号:S1060514100001邮箱：YEYIN757@PINGAN.COM.CN 倪亦道 投资咨询资格编号:S1060518070001邮箱：NIYIDAO242@PINGAN.COM.CN 韩盟盟 投资咨询资格编号:S1060519060002邮箱：HANMENGMENG005@PINGAN.COM.CN 裴晓鹏 投资咨询资格编号:S1060523090002邮箱：PEIXIAOPENG719@PINGAN.COM.CN 何敏秀 投资咨询资格编号:S1060524030001邮箱：HEMINXIU894@PINGAN.COM.CN 王钰畅 投资咨询资格编号:S1060524090001邮箱：WANGYUCHANG804@PINGAN.COM.CN 曹艳凯 投资咨询资格编号:S1060524120001邮箱：CAOYANKAI947@PINGAN.COM.CN 张梦鸽 投资咨询资格编号:S1060525070003邮箱：ZHANGMENG ...

银行 2026 年 3 月 17 日 浦发银行(600000.SH) 数智转型赋能质效提升，化风险轻装上阵 推荐（首次） 股价：10.29 元 平安观点： | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业净收入(百万元) | 171,025 | 168,690 | 171,916 | 180,807 | 188,821 | | YOY(%) | -8.5 | -1.4 | 1.9 | 5.2 | 4.4 | | 归母净利润(百万元) | 36,702 | 45,257 | 49,993 | 55,387 | 60,988 | | YOY(%) | -28.3 | 23.3 | 10.5 | 10.8 | 10.1 | | ROE(%) | 6.1 | 7.2 | 7.2 | 7.4 | 7.7 | | EPS(摊薄/元) | 1.25 | 1.35 | 1.49 | 1.65 | 1.81 | | P/E(倍) | 8.2 | 7.6 | 6.9 | 6.2 | 5.7 | | P/B( ...

证券研究报告 白酒：改革中寻找底部价值 食品饮料行业 强于大市（维持） 证券分析师 2026年3月17日 请务必阅读正文后免责条款 张晋溢 投资咨询资格编号：S1060521030001 韦 毓 投资咨询资格编号：S1060525120002 核心观点 风险提示：1）宏观经济波动影响；2）消费复苏不及预期；3）行业竞争加剧风险。 上一轮白酒周期与地产投资相关度较高 0 1,000 2,000 3,000 4,000 5,000 6,000 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 12/01 12/04 12/07 12/10 13/01 13/04 13/07 13/10 14/01 14/04 14/07 14/10 15/01 15/04 15/07 15/10 16/01 16/04 16/07 16/10 17/01 白酒(中信) 沪深300 八项规定+酒鬼塑 化剂，白酒跑输行 业，但仅维持1年 白酒跟随大盘涨跌 白酒开始 跑出超额 (5) 0 5 10 15 20 25 30 35 40 11/02 11/06 11/ ...

公 司 报 告 食品饮料 2026 年 03 月 17 日 锅圈(2517.HK) 2025圆满收官，2026纵情向前 推荐（维持） 主要数据 | 行业 | 食品饮料 | | --- | --- | | 公司网址 | www.zzgqsh.com | | 大股东/持股 | 锅圈实业(上海)有限公司 | | 实际控制人 | 杨明超 | | 总股本(百万股) | 2747.36 | | 流通 A 股(百万股) | | | 流通 B/H 股(百万股) | 2747.36 | | 总市值（亿元） | 102.76 | | 流通 A 股市值(亿元) | | | 每股净资产(元) | 1.11 | | 资产负债率(%) | 39.31 | | 行情走势图 | | 证券分析师 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn 韦毓 投资咨询资格编号 S1060525120002 WEIYU001@pingan.com.cn 事项： 公司发布 2025 年年度业绩公告，2025 全年实现营业收入 78.10 亿元，同比增 长 20.71%；实现归母净利润 4.33 亿元 ...

公 司 报 告 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.scc.com.cn | | 大股东/持股 | 深天科技控股(深圳)有限公司/62.61% | | 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) | 681 | | 流通A股(百万股) | 665 | | 流通B/H股(百万股) | | | 总市值(亿元) | 1,744 | | 流通A股市值(亿元) | 1,702 | | 每股净资产(元) | 25.18 | | 资产负债率(%) | 43.8 | 行情走势图 电子 深南电路(002916.SZ) 业绩高增，AI算力及存储产品持续放量 推荐 ( 维持) 股价:256元 证券分析师 | 杨钟 | 投资咨询资格编号 | | --- | --- | | | S1060525080001 | | | yangzhong035@pingan.com.cn | | 徐勇 | 投资咨询资格编号 | | | S1060519090004 | | | XUYONG318@pingan.com.cn | 事项： 公司公布2025年年报，2025年公 ...

2026 年 3 月 17 日 2026 年 1-2 月经济增长数据点评 中国经济"开门红" | 钟正生 | 投资咨询资格编号 | | --- | --- | | | S1060520090001 | | | ZHONGZHENGSHENG93 4@pingan.com.cn | | 张璐 | 投资咨询资格编号 | | | S1060522100001 | | | ZHANGLU150@pingan.com.cn | | 常艺馨 | 投资咨询资格编号 | S1060522080003 CHANGYIXIN050@pingan.com.cn 事项： 国家统计局发布 2026 年 1-2 月主要增长数据。 平安观点： 证券分析师 图表2 2026 年 1-2 月高技术制造业增加值回升 图表3 2026 年 1-2 月社会消费品零售总额增长情况 资料来源 : Wind ，平安证券研究所 资料来源 : Wind ，平安证券研究所 (15) (10) (5) 0 5 10 15 20 25 19 20 21 22 23 24 25 26 % 出口交货值 高技术制造业 全部 (10) (5) 0 5 10 15 20 1 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][10]. Core Insights - The company achieved a revenue of 19.292 billion yuan in 2025, representing a year-on-year increase of 79.77%, and a net profit of 4.312 billion yuan, up 273.52% year-on-year [5][9]. - The company is positioned as a leading supplier in the AI PCB market, benefiting from strong demand and technological advantages [9][10]. - The company plans to distribute a cash dividend of 20 yuan per 10 shares (including tax) [5]. Financial Performance Summary - **Revenue Growth**: Projected revenues for 2026, 2027, and 2028 are 35.440 billion yuan, 51.742 billion yuan, and 69.076 billion yuan, respectively, with year-on-year growth rates of 83.7%, 46.0%, and 33.5% [8][12]. - **Net Profit**: Expected net profits for the same years are 9.640 billion yuan, 15.166 billion yuan, and 20.526 billion yuan, with growth rates of 123.6%, 57.3%, and 35.3% [8][12]. - **Profitability Ratios**: The gross margin is projected to improve to 40.1% in 2026 and 41.5% in 2027, while the net margin is expected to reach 27.2% in 2026 and 29.3% in 2027 [12]. - **Return on Equity (ROE)**: The ROE is forecasted to be 38.9% in 2026 and 40.4% in 2027 [12]. Capacity Expansion and Globalization - The company is actively expanding its production capacity through domestic and international facilities, with projects in Guangdong, Hunan, Thailand, and Malaysia [10]. - The new capacity is expected to enhance delivery capabilities and open up growth opportunities for the company [10]. Research and Development - The company increased its R&D expenditure by 72.88% to 778 million yuan in 2025, focusing on advanced technologies in AI computing, autonomous driving, and robotics [9][10]. - The company has developed capabilities for high-layer PCBs and is advancing next-generation technologies [9].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][13] Core Insights - The company has entered a new growth cycle driven by AI, significantly enhancing its profitability. In 2025, it achieved a revenue of 902.89 billion yuan, a year-on-year increase of 48.22%, and a net profit attributable to shareholders of 35.29 billion yuan, up 51.99% year-on-year [4][8] - The company has established deep strategic collaborations with leading global clients to tackle core aspects of next-generation AI servers and liquid cooling technology, solidifying its position in the high-performance AI data center cluster market [8][9] - The cloud computing segment has become a crucial growth engine, with revenues reaching 602.68 billion yuan in 2025, representing an 88.70% year-on-year increase [8][9] Financial Performance Summary - **Revenue and Profitability**: - 2025 revenue: 902.89 billion yuan (+48.22% YoY) - 2025 net profit: 35.29 billion yuan (+51.99% YoY) - 2025 gross margin: 6.98% (-0.3 percentage points YoY) - 2025 net margin: 3.91% (+0.09 percentage points YoY) [4][8] - **Future Projections**: - Expected revenue for 2026: 1,500.14 billion yuan - Expected net profit for 2026: 60.16 billion yuan - Projected P/E ratios for 2026-2028 are 17.4X, 13.6X, and 10.9X respectively [6][11] - **Cash Flow and Financial Ratios**: - Operating cash flow for 2025: 3.45 billion yuan - Debt levels and liquidity ratios indicate a manageable financial structure, with a current ratio of 1.4 and a debt-to-asset ratio of 63.4% [10][12] Business Segment Analysis - **Cloud Computing**: - Revenue from cloud computing reached 602.68 billion yuan in 2025, marking a significant growth and becoming a key driver for the company's overall performance [8][9] - **Telecommunications Equipment**: - Revenue from telecommunications and mobile network equipment was 297.85 billion yuan, showing a modest growth of 3.46% year-on-year [8][9] - **Product Development**: - The company is focusing on high-value product upgrades, particularly in AI servers and high-speed networking equipment, which are expected to continue driving growth [9]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][57]. Core Viewpoints - Precious Metals - Gold: Inflation expectations have risen, leading to a month-on-month decline in gold prices. As of March 13, the COMEX gold futures contract reached $5023.1 per ounce, down 3.05% month-on-month. The SPDR Gold ETF decreased by 0.2% to 1072 tons. The geopolitical situation in the Middle East is expected to keep gold prices under pressure in the short term, but long-term trends may still favor an increase due to unresolved U.S. debt issues and weakening dollar credit [4]. - Industrial Metals: Geopolitical disturbances are intensifying, causing fluctuations in industrial metal prices. As of March 13, the SHFE copper futures contract fell by 0.73% to 100,310 yuan per ton, with domestic copper social inventory at 573,900 tons. The LME copper inventory stood at 311,800 tons. The global copper resource bottleneck is expected to persist, and AI technology may drive future demand growth [5][6]. Summary by Sections 1. Non-Ferrous Metal Index Trends - As of March 13, 2026, the non-ferrous metal index closed at 10,666.85 points, down 3.7% month-on-month. The precious metal index fell by 2.0% to 32,995.22 points, while the industrial metal index decreased by 3.2% to 3,849.03 points. The energy metal index dropped by 2.3% to 3,007.01 points, with the Shanghai Composite Index rising by 0.19% during the same period [10]. 2. Precious Metals 2.1 Gold - The gold market is influenced by rising inflation expectations and geopolitical tensions, leading to a short-term price decline but potential long-term gains due to macroeconomic factors [4][12]. 3. Industrial Metals 3.1 Copper - The copper market is facing short-term pressure due to geopolitical tensions and rising interest rate expectations. The domestic copper social inventory is at 573,900 tons, and LME copper inventory is at 311,800 tons. The copper concentrate index is reported at $60.39 per ton [6][23]. 3.2 Aluminum - The aluminum market is experiencing upward pressure on prices due to geopolitical tensions affecting supply. As of March 13, the SHFE aluminum futures contract rose by 1.0% to 24,960 yuan per ton, with domestic aluminum social inventory at 1,294,000 tons [6][29]. 3.3 Tin - The tin market is also under pressure, with the SHFE tin futures contract down 5.0% to 374,000 yuan per ton. The domestic social inventory stands at 13,357 tons [6][37]. 5. Investment Recommendations - The report suggests focusing on the gold, copper, and aluminum sectors. For gold, the recommendation is to pay attention to Chifeng Jilong Gold Mining. For copper, the focus is on Luoyang Molybdenum. In the aluminum sector, Tianshan Aluminum is highlighted due to expected price increases [7][55].

行 业 报 告 行业点评 相关研究报告 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 郑茜文 投资咨询资格编号 S1060520090003 ZHENGXIWEN239@pingan.com.cn 事项： 国家统计局公布2026年1-2月全国房地产开发投资及销售数据。 房价环比降幅收敛，关注"小阳春"热度持续性 强于大市( 维持) 平安观点： 【平安证券】行业点评*房地产*2025年楼市降幅收 窄，2026年曙光渐行渐近*强于大市20260119 证券分析师 房地产 2026年03月16日 行 业 点 评 隆地产、太古地产及经纪商美联集团；3）净现金流及分红稳定的企业华 润万象生活、保利物业、招商积余、中海物业、绿城服务等。同时持续 关注经纪（贝壳）、代建（绿城管理控股）、商业（新城控股）等细分 领域优质企业。 风险提示：1）楼市修复不及预期风险：若居民预期改善缓慢，而拿地开 工下滑背景下新增优质住宅供应不足，楼市磨底时间可能拉长；2）政策 呵护不及预期风险：若后续政策呵护力度有限，楼市修复、房企现金流 压力改善持续性可能不足；3）个别房 ...