[Table_Page] 投资策略报告|煤炭开采 证券研究报告 | --- | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

能进入特斯拉供应链；核心技术的迭代风险等。 [Table_Page] 投资策略报告|通用设备 证券研究报告 | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------ ...

[Table_Page]公告点评|制药、生物科技与生命科学 证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------|--------------------------------------------------------|------------------------------------------|----------------------|-----------------------------------------------------------------------------------------------------------------------------|--------------|----------------|-----------------------------------------------------------------------------------------------------------|---------- ...

[Table_Page] 公司深度研究|轻工制造 盈利预测： 证券研究报告 [Table_Title] 奥瑞金（002701.SZ） 金属包装行业整合在即，奥瑞金稳中求进迎拐点 [Table_Summary] 核心观点： 深耕行业数十载，奥瑞金已成长为金属包装龙头。据 wind，18-23 年公 司营收从 81.8 亿元上升至 138.4 亿元，归母净利润从 2.3 亿元增长至 7.7 亿元，CAGR 分别达 11.1%、28.1%，当前在二片、三片罐行业皆 处领先位置，龙头地位稳固。 二片罐格局变化在即，三片罐格局较稳定。据观研天下，23 年我国二片 罐市场达 267 亿元，19-23 年 CAGR 达 5.5%，其中 56%的需求来自啤 酒包装。据奥瑞金《可转债募集书》，22 年我国啤酒罐化率达 27.1%， 虽较 16 年提升 2.5pct，但仍显著低于美国及英国，预计我国啤酒罐化 率有望持续增长，带动行业扩容。当前对于中粮包装的收购稳步进行中， 行业集中度有望进一步提升，利好龙头利润中枢上行。从三片罐来看， 据智研咨询，行业 CR3 达到 66%，下游客户分布在功能饮料及植物蛋 白饮料，当前中国红牛与 ...

[Table_Contacts] [Table_Title] 丸美股份（603983.SH） 更名为丸美生物，彰显在合成生物学的战略布局 [Table_Summary] 核心观点： ⚫ 事件：公司公告将名称改为丸美生物，彰显在合成生物学的战略布局。 丸美重点聚焦于生物护肤领域，实现了核心生物原料的自研自产与应 用。 ⚫ 小金针系列逐步完善、卡位胶原蛋白高景气赛道：丸美重组胶原蛋白 精华小金针 2021 年推出，今年推出重组胶原蛋白 2.0，今年 9 月推出 小金针面霜，后续该系列会有更多的产品。 ⚫ 大单品势能较强：据 2024 年三季度沪市主板美妆行业专场集体业绩说 明会，（1）小红笔眼霜： 8 月升级 3.0 版小红笔，24 年 1.1-12.5 GMV 预计 4.4 亿，同比+108%，双 11 期间同比+251%；（2）小金针精华： 4 月升级 2.0 版小金针，24 年 1.1-11.12.5 GMV 预计 3.25 亿，同比 +84%，双 11 期间同比+152%。 ⚫ 盈利预测与投资建议：预计 24、25、26 年公司归母净利 3.5、4.5、5.5 亿元，自 22 年底以来已实现 7 季度高增 ...

[Table_Page] 跟踪分析|传媒 光线传媒等，关注欢瑞世纪、中广天择（视频语料）等。（5）AI IP： 关注中文在线、上海电影、奥飞娱乐、汤姆猫、掌阅科技等。（6）AI 游 戏：推荐恺英网络、三七互娱、姚记科技、完美世界等。 证券研究报告 | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

竞争加剧。 [Table_Contacts] [Table_Page] 跟踪分析|机械设备 | --- | --- | --- | --- | |---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Page] 公司深度研究|城商行Ⅱ 证券研究报告 [Table_Invest] 公司评级 买入 当前价格 24.82 元 合理价值 36.43 元 前次评级 买入 报告日期 2024-12-10 总股本/流通股本（百万股） 6603.59/6523.60 总市值/流通市值（百万元） 163901.12/161915.71 一年内最高/最低（元） 27.97/18.43 30 日日均成交量/成交额（百万） 22.74/566.28 近 3 个月/6 个月涨跌幅（%） 30.91/10.60 [Table_Title] 宁波银行（002142.SZ） 拐点已现，高增可期 [Table_Summary] 核心观点： 宁波银行长期专注构筑核心竞争力，为后续跨越式发展奠定了扎实的 基础。（1）贷款业务：消费信贷成为重要的增长引擎，宁银消金全国性 展业属性助力宁波银行在个人消费信贷业务进一步发力。24H1 宁银消 金较年初增长 24.78%，其中线下自营业务发展迅猛，是公司未来的核 心业务，占比从 21 年末 0.16%增长至 24Q2 末 30.49%，主要采用"上 门收件、亲核亲访"模式，有利于挖掘并沉 ...

[Table_Page] 行业专题研究|计算机 2024 年 12 月 10 日 证券研究报告 [Table_Title] 计算机行业：OpenAI 新品发布追踪系列（一） OpenAI 积极探索商业化，Sora 正式上线，从创作工具向生产力 工具转变 | --- | --- | --- | --- | |----------------|--------------------------------------------------------------------------------------|----------|------------------------------| | | | | | | [Tabl 分析师： | 刘雪峰 | 分析师： | 周源 | | e_Author] | SAC 执证号： S0260514030002 SFC CE.no: BNX004 | | SAC 执证号： S0260523040001 | | | 021-38003675 | | 0755-23948351 | | | gfliuxuefeng@gf.com.cn | | shzhouyuan@gf. ...

Industry Investment Rating - The report does not explicitly provide an overall industry investment rating, but it maintains an optimistic outlook on the future demand and order growth for the medical IT sector over the next 3-5 years [5][58] Core Views - The medical IT industry's public order data for January-November 2024 shows slight fluctuations compared to 2023, with a 6% YoY decrease in total order value but a 33.2% YoY increase in order quantity [3][20] - The order structure is dominated by traditional hospital informatization projects (85.5%), followed by electronic medical records/interoperability (8.9%), public health IT (1.0%), and medical insurance IT (4.5%) [4][57] - Leading suppliers in the medical IT market, such as Winning Health, B-soft, Neusoft, and DHC Software, hold a combined market share of 68.6% for all orders and 81.1% for orders over 10 million RMB [5][57] - Future demand is expected to recover further, with continued policy support for medical IT framework and detailed regulations [5][58] Order Data Analysis Cumulative Order Data - Total medical IT order value for January-November 2024 was 5.594 billion RMB, a 6% decrease YoY but a 3.1% compound growth rate compared to 2022 [3][20] - Total order quantity for the same period was 3,584, a 33.2% YoY increase and a 38.2% compound growth rate compared to 2022 [3][20] Monthly Order Data - Monthly order value changes for January-November 2024 showed significant fluctuations, with notable YoY decreases in May (-9.2%), June (-1.8%), July (-38.3%), September (-32.0%), and November (-30.6%) [4][24][25] - The fluctuations are attributed to the high base effect from 2023 when hospitals were recovering from public health impacts [4][24] Regional Order Distribution - The top regions for medical IT investment in January-November 2024 were Jiangsu, Guangdong, and Shandong, while the lowest were Gansu, Hainan, Ningxia, Tibet, and Jilin [39] Large Orders (Over 10 Million RMB) - The total value of large orders in January-November 2024 was 2.074 billion RMB, a 42.1% YoY decrease and a 15.4% compound decline compared to 2022 [42] - The number of large orders decreased by 18.9% YoY to 133, with a 4.4% compound growth rate compared to 2022 [42] Supplier Landscape - In the large order segment (over 10 million RMB), B-soft (20.4%), Wonders Information (15.2%), Neusoft (26.4%), and DHC Software (19.1%) held a combined market share of 81.1% [5][46] - For all orders, Winning Health (24.0%), B-soft (12.7%), Neusoft (20.0%), and DHC Software (11.9%) led with a combined market share of 68.6% [5][46] Future Outlook - The report expects downstream demand to recover further, with continued policy support for medical IT framework and detailed regulations [5][58] - The industry is likely to see increased concentration, with leading suppliers having a clear advantage in future bidding processes [5][57]