电子 2025 年 3 月 13 日 生益科技(600183.SH) 高端CCL国产替代主力军，新品放量助力业绩增长 推荐（首次） 股价：29.4 元 | 行业 | 电子 | | --- | --- | | 公司网址 | www.sy st.com.cn | | 大股东/持股 | 广东省广新控股集团有限公司 | | | /24.38% | | 实际控制人 | | | 总股本(百万股) | 2,429 | | 流通 A 股(百万股) | 2,371 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 714 | | 流通 A 股市值(亿元) | 697 | | 每股净资产(元) | 5.91 | | 资产负债率(%) | 39.6 | 行情走势图 证券分析师 徐勇 投资咨询资格编号 S1060519090004 XUYONG318@pingan.com.cn 郭冠君 投资咨询资格编号 S1060524050003 GUOGUANJUN625@pingan.com.cn 平安观点： | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | ...

Investment Rating - The report maintains an "Outperform" rating for the real estate industry and non-bank financials [1]. Core Insights - The report highlights the active involvement of Asset Management Companies (AMCs) in revitalizing the real estate sector, emphasizing the need for collaborative efforts in government empowerment, management restructuring, and the introduction of partners [3][12]. - It notes that since the second half of 2021, high-leverage real estate companies have faced debt defaults, prompting regulatory encouragement for banks and AMCs to engage in "ensuring delivery and stabilizing livelihoods" initiatives [3][12]. - The report discusses the acceleration of debt restructuring among distressed real estate firms, with a trend towards high debt reduction and various measures being adopted [3][52]. Summary by Sections AMC Involvement in Real Estate Revitalization - AMCs have been encouraged to participate in real estate revitalization, with the establishment of real estate relief funds led by local governments and AMCs [3][15]. - The People's Bank of China set up a special re-lending facility of 800 billion for real estate companies, targeting five major AMCs [3][15]. - China Cinda has been particularly proactive, establishing a 200 billion fund for revitalizing distressed real estate assets [3][15]. Common Financing Tools and Business Models - Common financing tools include "beneficial debt," which is used to support distressed companies during bankruptcy restructuring [31][32]. - The report outlines the operational models of AMCs, which often involve debt restructuring, introducing investors, and financing construction [3][16]. Progress in Debt Restructuring of Distressed Firms - The report indicates that debt restructuring for distressed firms is progressing, with domestic restructuring primarily focused on extending repayment periods [3][52]. - It highlights that international debt restructuring is more diverse, involving debt reduction, debt-to-equity swaps, and other measures [3][52]. - The report notes that the willingness of creditors to accept significant debt reductions is increasing, reflecting a more pragmatic approach [3][62]. Investment Recommendations - The report suggests that the market-oriented relief efforts encouraged by policies are crucial for AMCs to accelerate their involvement in the distressed asset sector [3][52]. - It emphasizes the importance of focusing on high-quality projects with temporary liquidity issues that are expected to be profitable [3][52].

公 司 报 告 【平安证券】胜宏科技（300476.SZ）*季报点评*经 营业绩创历史新高，AI HDI放量打开长期增长空间*推 荐20241029 【平安证券】胜宏科技（300476.SZ）*半年报点评 *AI业务实现多点突破，高端产品放量推动业绩提升* 推荐20240818 2025年03月13日 胜宏科技(300476.SZ) AI浓度急速上升，经营业绩续创新高 推荐 ( 维持) 股价:69.84元 行情走势图 相关研究报告 证券分析师 郭冠君 投资咨询资格编号 S1060524050003 GUOGUANJUN625@pingan.com.cn 【平安证券】胜宏科技（300476.SZ）*年报点评*AI 业务持续突破，一季度业绩实现高增*推荐20240419 事项： 3月10日，胜宏科技发布2024年度业绩快报及2025年第一季度业绩预告， 2024年公司预计营收将同比+35.3%至107.3亿，归母净利润将同比+72.9%至 11.6亿元，25Q1公司预计归母净利润将落在7.8-9.8亿元期间。 平安观点： 证 券 研 究 报 告 【平安证券】胜宏科技（300476.SZ）*首次覆盖报 告*高端PC ...

证券研究报告 数据公布前后，美债利率变动不大（%） 来源：Bloomberg，平安证券研究所 美国居民消费支出中的进口比重（%） 美国CPI分项同比及环比增速（%） | 同比(%) 环比(%) 权重(%) | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 25-02 25-01 25-01 | | | 24-12 | 25-02 | | 24-12 | | CPI 100.0 | 2.8 | 3.0 | 2.9 | 0.2 | 0.5 | 0.4 | | 食 品 13.7 | 2.6 | 2.5 | 2.5 | 0.2 | 0.4 | 0.3 | | 家庭食品 8.0 | 1.9 | 1.9 | 1.8 | 0.0 | 0.5 | 0.3 | | 谷物和烘焙食品 1.1 | 0.3 | 0.4 | 0.8 | 0.4 | -0.4 | 1.0 | | 肉、禽、鱼、蛋 1.6 | 7.7 | 6.1 | 4.2 | 1.6 | 1.9 | 0.4 | | 乳制品及相关产品 0.7 | 0.8 | 1.2 | 1.3 | -1.0 | 0.3 ...

2025 年 3 月 13 日 海外宏观 美国 2025 年 2 月 CPI 数据简评 近忧缓解，远虑未散 证券分析师 | 钟正生 | 投资咨询资格编号 | | --- | --- | | | S1060520090001 | | | ZHONGZHENGSHENG934@pingan.com.cn | | 张璐 | 投资咨询资格编号 | | | S1060522100001 | | | ZHANGLU15@pingan.com.cn | | 范城恺 | 投资咨询资格编号 | | | S1060523010001 | | | FANCHENGKAI146@pingan.com.cn | 平安观点： 宏 观 报 告 宏 观 点 评 证 券 研 究 报 告 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。 美国 2025 年 2 月 CPI通胀全面改善，主要分项环比均放缓。我们认为，需 求放缓和特朗普新政，对通胀的暂时放缓都起到一定作用：近期美国经济数 据偏弱，薪资增速放缓；特朗普管控通胀行政令下，能源价格下跌。最新数 据有助于缓解滞胀的"近忧"，但 ...

有色金属与新材料 2025 年 3 月 9 日 有色金属与新材料周报 多品种供需收紧预期显现，关注有色金属板块行情 强于大市（维持） 行情走势图 -20% -10% 0% 10% 20% 30% 24/01 24/04 24/07 24/10 25/01 沪深300 有色金属 证券分析师 | 陈潇榕 | 投资咨询资格编号 | | --- | --- | | | S1060523110001 | | | chenxiaorong186@pingan.com.cn | 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 核心观点： 贵金属-黄金：美国失业率上行，金价短期震荡走高。 截至 3.7， COMEX 金主力合约环比上涨 1.76%至 2917.7 美元/盎司；SPDR 黄 金 ETF 环比下跌 1.1%为 894.34 吨。美国 2 月失业率达 4.1%，环比 走高 0.1 个百分点。美联储理事沃勒表示，虽然不支持 3 月份降息， 但他认为 2025 年有可能降息两次甚至三次，市场对于美联储降息预 期短期抬升，金价短期支撑加强。短期来看金价冲高后，部 ...

Investment Rating - The industry investment rating is "Outperform" [37] Core Insights - AbbVie reported total revenue of $56.334 billion in 2024, a year-on-year increase of 3.7%, with R&D investment rising by 66.7% to $12.791 billion [4][9] - The sales forecast for Skyrizi and Rinvoq has been raised, with combined sales expected to exceed $27 billion by 2027, including over $17 billion from Skyrizi and over $10 billion from Rinvoq [4][27] - AbbVie is gradually reducing its reliance on Humira, which saw a 37.6% decline in sales to $8.993 billion in 2024 due to patent expiration and competition from biosimilars [18] Summary by Sections Part 1: 2024 Financial Overview and Key Events - AbbVie achieved a net revenue of $56.334 billion in 2024, with significant growth in its immunology and oncology segments [9][10] - The company advanced five projects into regulatory approval stages and submitted four projects for regulatory review in 2024 [11][13] Part 2: Core Product Sales Analysis - Skyrizi and Rinvoq generated revenues of $11.718 billion and $5.971 billion respectively, marking increases of 50.9% and 50.4% [18] - The oncology segment saw stable growth with Venclexta reaching $2.583 billion in sales, a 12.9% increase [20] Part 3: 2025 Pipeline Milestones - In 2025, AbbVie expects two drugs to receive regulatory approval and plans to submit four regulatory decisions and readout three Phase III data [24] - Key regulatory submissions include Venclexta for high-risk MDS and Rinvoq for giant cell arteritis [24] Part 4: 2025 Financial Outlook - AbbVie anticipates earnings per share to reach between $12.12 and $12.32, with a strong sales outlook for Skyrizi and Rinvoq [27] Part 5: Investment Recommendations - The report suggests focusing on domestic companies targeting the IL-23 pathway, such as Innovent Biologics and Hansoh Pharmaceutical, due to the growth potential of Skyrizi [32]

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1]. Core Insights - Humanoid robots have significant potential, with the sensory system being one of the core subsystems. The market is expected to grow rapidly as humanoid robots begin to be deployed in various applications [3][9]. - The sensory layer is crucial for interaction with the environment, accounting for approximately 15% of the total cost of humanoid robots [10][11]. - The report emphasizes the importance of multi-sensory integration, including 3D vision, force sensing, inertial sensing, and tactile sensing, in enhancing the capabilities of humanoid robots [12][39]. Summary by Sections 1. Humanoid Robot Potential - The humanoid robot market is in its early stages but is expected to transform human production and lifestyle significantly. The global sales volume is projected to grow from approximately 26,000 units in 2025 to 606,000 units by 2030, with a CAGR of about 87.6% [9]. 2. 3D Vision - 3D vision is the primary environmental information input for humanoid robots, responsible for real-time modeling of the surroundings. The Chinese machine vision market is expected to grow from 4.687 billion yuan in 2016 to 39.529 billion yuan by 2028, with a CAGR of approximately 19.4% [19]. 3. Force and Inertial Sensing - Force sensing, particularly six-dimensional force sensing, is essential for precise operations in humanoid robots. The global market for humanoid robot force sensors is expected to grow from 179 million yuan in 2024 to 32.806 billion yuan by 2030, with a CAGR of 138% [46]. 4. Tactile Sensing - Tactile sensing is crucial for humanoid robots to perform delicate operations. The global market for robotic tactile sensors is projected to grow from 210 million USD in 2022 to 430 million USD by 2029, with a CAGR of 10.8% [71]. 5. Investment Recommendations - The report recommends focusing on companies involved in 3D vision, six-dimensional force sensing, MEMS IMU, and electronic skin technologies, highlighting firms like Chipone Technology, Aobo Technology, and Hanwei Technology as key players [3][9].

| 中国平安 PING AN | | --- | | 专业·价值 | 证券研究报告 海外MNC动态跟踪系列（十） 艾伯维：Skyriz和Rinvoq快速放量，带动自免板块重回增长 医药 强于大市（维持） 平安证券研究所 医药团队 分析师： 研究助理： 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 一般证券从业资格编号:S1060124120037 邮箱：ZHANGMENGGE752@PINGAN.COM.CN 2025年3月13日 请务必阅读正文后免责条款 行业观点 2025年艾伯维预计有2款药物迎来监管审批，提交4项监管决策、4项III期数据读出、5项早期数据读出： 2 事件：1月31日，艾伯维公布了2024年业绩，全年总营收563.34亿美元，同比增长3.7%。研发投入为127.91亿美元，同比增长66.7%。 艾伯维将2027年Skyriz和Rinvoq合并销售预期上调至超过270亿美元，其中Skyriz销售额预计超过 ...

证券研究报告 人形机器人系列专题（一） 感知系统：多传感融合构建具身智能信息端口 电子行业 强于大市（维持） 证券分析师 陈福栋 投资咨询资格编号：S1060524100001 徐勇 投资咨询资格编号：S1060519090004 2025年3月13日 请务必阅读正文后免责条款 投资要点 风险提示：（1）技术产品开发不及预期的风险。（2）下游落地不及预期的风险。（3）国内传感器行业进展不及预期的风险。 1 人形机器人潜力巨大，智能感知是核心子系统之一。人形机器人目前尚处于产业早期阶段，由于其拟人属性，未来有望深刻变革人类生 产生活方式，市场潜力巨大。感知层是人形机器人核心子系统之一，人形机器人通过视觉、力觉、触觉等多传感融合协调完成对环境的 感知和各种类人精细操作，成本占比约15%，地位举足轻重。 视觉：人形机器人最主要的环境信息输入口。3D视觉负责周围环境的实时建模，技术路线包括双目/多目视觉、结构光、ToF等，人形机 器人厂商根据自身软件处理能力选择纯视觉或多传感融合解决方案，激光雷达可直接测量深度信息，实现点云成像，大部分人形机器人 厂商均搭载激光雷达，但人形机器人领导者特斯拉仍采用纯视觉解决方案。国内 ...