Group 1: Macro Overview - The midstream manufacturing sector is a key driver of economic stability, with 8 out of 10 tracked prices rising this year, indicating a positive trend[1] - The PPI weight of midstream manufacturing has increased by approximately 6 percentage points over the past decade to 41%[1] - Midstream manufacturing is expected to benefit from technological upgrades and global supply chain restructuring, marking a strategic era for the sector[1] Group 2: Price Tracking Indicators - In the computer and communication electronics sector, the PPI weight is projected to be around 12.5% in 2025, with DDR5 prices rising by approximately 33% this year[1] - The electrical machinery sector, with a PPI weight of about 8.5%, has seen a 7% increase in photovoltaic component prices this year[2] - The automotive manufacturing sector, accounting for 8.1% of PPI, is experiencing a marginal improvement in vehicle prices, with some companies indicating potential price increases due to rising costs[5] Group 3: Material Costs - The metal products industry, with a PPI weight of 3.4%, has seen steel prices decrease by about 2% this year, while copper prices have increased by 2%[6] - The new shipbuilding price index in the railway, shipbuilding, and aerospace sector, which has a PPI weight of 1.3%, has risen by 1% this year[7] - The price of battery-grade lithium carbonate, crucial for battery manufacturing, has surged by approximately 34% this year, reflecting its significant cost share in lithium batteries[3]

行业研究 "低空装备+低空基建"："十五五"规划纲要 推荐（维持） 为低空经济发展指明方向 交通运输 2026 年 3 月 15 日 华创证券研究所 证券分析师：吴一凡 证 券 研 究 报 告 华创交运|低空经济周报（第 67 期） 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 证券分析师：李清影 邮箱：liqingying@hcyjs.com 执业编号：S0360525080004 联系人：刘邢雨 邮箱：liuxingyu@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 122 | ...

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy sector, indicating an expectation of growth exceeding the benchmark index by more than 5% in the next 3-6 months [50]. Core Insights - The "14th Five-Year Plan" outlines a clear direction for the development of the low-altitude economy, emphasizing the importance of low-altitude equipment and infrastructure [4][10]. - The report highlights that 2026 may mark a year of accelerated construction in the low-altitude economy, focusing on four application scenarios, two new infrastructures, and five industrial chain segments to identify investment opportunities [10][12]. - Key companies recommended for investment include market leaders with clear competitive advantages such as WanFeng AoWei, ZongShen Power, and YiHang Intelligent, along with smaller market cap stocks like FuLin YunYe and ZongHeng Co [12][33]. Industry Overview - The low-altitude economy has been included in government work reports for three consecutive years and is recognized as one of the emerging pillar industries [4]. - The report notes that the low-altitude economy is expected to see significant legislative support and infrastructure development, including the establishment of 200 vocational training bases focused on this sector [5][9]. Company Performance - YiHang Intelligent reported a revenue of 510 million yuan for 2025, a year-on-year increase of 11.7%, with a significant Q4 revenue growth of 48.4% [13][15]. - The company achieved a non-GAAP profit for the second consecutive year, with an adjusted net profit of 29.4 million yuan in 2025 [15][21]. - YiHang Intelligent is set to launch commercial operations for its EH216-S model in March 2026, marking a significant milestone in the low-altitude economy's commercial landscape [21][22]. Market Index Performance - The Huachuang Transportation Low Altitude 60 Index decreased by 4.5% in the week ending March 13, 2026, while the annual performance remained flat [23][24]. - Comparatively, the CSI 300 Index increased by 0.8% over the same period, indicating a relative underperformance of the low-altitude sector [26]. Investment Recommendations - The report suggests focusing on various segments of the low-altitude economy, including manufacturers, supply chains, low-altitude digitalization, and operational aspects [32][33]. - Specific companies to watch include WanFeng AoWei for its dual focus on general aviation and eVTOL, and ZongShen Power for its strong growth in traditional and emerging sectors [33][34].

宏观研究 为什么关注中游制造的价格？ 证 券 研 究 报 告 中游制造是今年经济基本面中景气度最确定的方向，未来几年，受益于技术升 级和全球秩序重构之下的供给恐慌，或迎来我国中游制造的战略时代。 【宏观专题】 如何具象化和跟踪中游制造的价格？ ——战略看多中游制造系列三 对于物价而言，其一，中游制造价格对 PPI 的影响在逐年扩大，PPI 权重近十 年来提升约 6 个百分点至 41%；其二，随着供需格局持续优化，中游制造 PPI 环比已连续四个月上涨，将是带动 PPI 回升的主要内生动能。 核心观点：中游制造涵盖的行业广泛且产品大多非标准化，本篇报告核心是选 取重点行业的代表性的 10 个产成品/核心部件/原材料价格，具象化和跟踪中 游制造价格，对齐 PPI 口径和市场感知的"价格颗粒度"。10 个跟踪价格指标 中，今年以来 8 个都在上涨（趋势重于幅度）（图 1）。 一、计算机通信电子 PPI：存储芯片和 CPU 价格 计算机通信电子是中游制造也是工业大类行业中营收规模最大的行业，2025 年的 PPI 权重约 12.5%。跟踪存储芯片和 CPU 价格（日频）。今年以来，DDR5 上涨约 33%，NAND ...

证 券 研 究 报 告 厦门港务（000905）2025 年报点评 推荐（维持） 2025 年业绩整体平稳，关注重大资产重组进展 风险提示：并购整合进度不及预期；经济大幅下滑、腹地经济明显波动。 [ReportFinancialIndex] 主要财务指标 | | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 22,128 | 22,869 | 23,399 | 23,684 | | 同比增速(%) | -0.1% | 3.3% | 2.3% | 1.2% | | 归母净利润(百万) | 206 | 218 | 244 | 265 | | 同比增速(%) | 3.0% | 5.9% | 12.0% | 8.7% | | 每股盈利(元) | 0.28 | 0.29 | 0.33 | 0.36 | | 市盈率(倍) | 42 | 40 | 36 | 33 | | 市净率(倍) | 1.7 | 1.7 | 1.6 | 1.5 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 3 月 13 日收盘 ...

宏观研究 证 券 研 究 报 告 【宏观快评】 从金融视角评估价格传导的机制 ——2026 年 2 月金融数据点评 事 项 2026 年 2 月，社融存量同比 8.2%（前值 8.2%），M2 同比 9%（前值 9 %），新 口径 M1 同比 5.9%（前值 4.9%）。 核心观点。 1、从金融数据视角下，如何评估价格传导的顺畅程度？ ①框架上，结合我们的三部门存款分布框架，即存款在企业手里，企业会进行 生产投资带动实体经济，存款在非银机构手里，非银机构会在金融市场交易带 动资本市场，存款在居民手里，意味着居民不投资不消费，这就是需求的收缩 的力量。 ②结合上述框架，对企业而言，评估价格传导观察两个指标，一是 PPI 同比抬 升期间企业活期存款同比变化，如果活期存款同比抬升，意味着 PPI 同比的抬 升没有影响企业投资生产意愿，价格传导顺畅；反之则意味着 PPI 同比抬升增 加了企业生产投资的成本；第二个指标是企业存款同比和企业贷款同比，如果 PPI 同比抬升伴随着企业存款同比和贷款同比同时回落，意味着企业可能在选 择债务偿还，历史经验来看，这对应着 PPI 同比已基本铸顶或在加速铸顶。 ③对于居民而言，成本 ...

证 券 研 究 报 告 厦门港务（000905）2025 年报点评 推荐（维持） 2025 年业绩整体平稳，关注重大资产重组进展 风险提示：并购整合进度不及预期；经济大幅下滑、腹地经济明显波动。 [ReportFinancialIndex] 主要财务指标 | | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 22,128 | 22,869 | 23,399 | 23,684 | | 同比增速(%) | -0.1% | 3.3% | 2.3% | 1.2% | | 归母净利润(百万) | 206 | 218 | 244 | 265 | | 同比增速(%) | 3.0% | 5.9% | 12.0% | 8.7% | | 每股盈利(元) | 0.28 | 0.29 | 0.33 | 0.36 | | 市盈率(倍) | 42 | 40 | 36 | 33 | | 市净率(倍) | 1.7 | 1.7 | 1.6 | 1.5 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 3 月 13 日收盘 ...

Investment Rating - The report does not explicitly state an investment rating for the IVUS industry but highlights significant growth potential driven by multiple factors. Core Insights - The IVUS industry is experiencing growth due to three main factors: increasing PCI surgery volumes, rising IVUS penetration in PCI procedures, and substantial domestic replacement opportunities for imported products. Summary by Sections Market Overview - The IVUS technology is essential for guiding PCI (Percutaneous Coronary Intervention) procedures, providing real-time imaging of vascular structures and improving diagnostic accuracy [14][21]. Growth Drivers - **Increasing PCI Surgery Volumes**: The number of PCI procedures is expected to grow significantly, with China's PCI surgeries projected to increase from 1.906 million in 2024 to 4.298 million by 2030, reflecting a CAGR of 14.5% [27][28]. - **Rising IVUS Penetration**: The penetration rate of IVUS in PCI procedures in China is expected to rise from 15.4% in 2021, with projections indicating a market size growth from 1.76 billion RMB in 2024 to 5.11 billion RMB by 2030, achieving a CAGR of 19.4% [38][39]. - **Domestic Replacement Opportunities**: The IVUS market in China is currently dominated by imported brands, with local manufacturers like Beixin Life and Kaili Medical beginning to capture market share. The domestic market share for Beixin Life is projected to reach 10.6% by 2024 [39][40]. Competitive Landscape - The IVUS market is characterized by a mix of domestic and international players, with significant room for growth in domestic production and innovation. The report identifies key players such as Beixin Life and Kaili Medical as emerging competitors in the IVUS space [44][47].

Investment Rating - The report maintains a "Buy" rating for the steel industry, indicating a positive outlook as the industry enters its traditional peak season with expected improvements in supply and demand dynamics [2]. Core Insights - The supply side shows structural differences, with a notable decline in daily iron water output from 247 sample enterprises due to policy impacts on blast furnace companies. However, electric arc furnace companies are resuming production, leading to an increase in the output of five major steel products to 8.2097 million tons. Demand is driven by construction steel, with average daily transaction volumes nearing 100,000 tons, close to the 2025 annual average of 101.5 million tons. Post "Two Sessions," steel companies are expected to have some recovery motivation, although current profit levels remain low, limiting significant production increases. Future output of five major products is projected to rise by 4-5% in the coming weeks, while demand is expected to rebound by around 7% [3][4]. Industry Data Tracking Production Data - As of March 13, the steel (Shenwan) index closed at 2972.26 points, down 1.67% for the week. The total market capitalization of the steel sector is approximately 1,270.203 billion yuan, with a circulating market capitalization of about 1,134.568 billion yuan [6][4]. Consumption Volume of Major Steel Products - The total consumption of five major steel products reached 7.9808 million tons, reflecting a week-on-week increase of 106.73 thousand tons. The apparent consumption of rebar, wire rod, hot-rolled, cold-rolled, and medium plate changed by +785.8 thousand tons, +89.1 thousand tons, +137.9 thousand tons, +62.4 thousand tons, and -7.9 thousand tons respectively [8][9]. Inventory Situation - The total steel inventory reached 19.7489 million tons, with a week-on-week increase of 2.289 million tons. Social inventory accounted for 1.2328 million tons, up 2.015 million tons week-on-week, while steel mill inventory rose to 5.5161 million tons, an increase of 0.274 million tons [8][9]. Profitability - As of March 13, the profit margins for various steel products are as follows: high furnace rebar at 64 yuan/ton, building steel (electric furnace) at -84 yuan/ton, hot-rolled coil at -9 yuan/ton, and cold-rolled coil at -160 yuan/ton. Approximately 41.13% of the sampled steel enterprises are currently profitable [8][9].

【债券周报】 运输成本抬升，小幅扰动出口 ——每周高频跟踪 20260314 （1）动力煤：煤价由涨转跌。受港口行情走弱、大集团外购价下调、外运 成本上升等影响，终端采购减少，煤价承压下行。 （2）螺纹钢：价格止跌回稳，累库压力明显缓和。螺纹钢（HRB400 20mm）现货价格环比+0.8%，螺纹钢社会库存环比+2.6%，累库速度显著放 缓，螺纹表观需求环比+80.9%，显示下游投资施工加快。 （3）沥青：开工率回落。下游沥青出货量同比也保持低位，成本端上涨， 但中下游需求端观望情绪仍强。 2、地产：（1）新房：本周 30 城新房成交面积环比+26.7%。截至 3 月 13 日， 30城新房（滚动 7 天求和）成交面积 110.75万平方米，农历同比-9.4%，由正 转负。（2）二手房：本周 17 城二手房成交面积环比+9.6%，对齐春节看，截 至 3 月 13 日，二手房成交（滚动 7 天求和）12.6 万平方米，同比+3.0%，保 持季节性回升，但同比增幅较上周有所收窄。 证券研究报 告 消费相关：美伊冲突暂未缓和，国际油价继续上涨 1、出行：25 城地铁客运量继续上行。25 城地铁客运量日均 322.2 ...