Investment Rating - The industry is rated as "stronger than the market," indicating an expected relative increase of over 10% compared to the CSI 300 index within the next six months [17]. Core Insights - The A-share market experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 4134 points, while sectors such as battery, wind power equipment, infrastructure, and electronic components performed well [2][3]. - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are 17.02 times and 49.86 times, respectively, suggesting a favorable environment for medium to long-term investments [3][16]. - The market's trading volume reached 24,175 billion, above the median of the past three years, indicating robust trading activity [3][16]. - The recent geopolitical tensions in the Middle East have led to global market volatility, with rising oil prices causing concerns about "stagflation," which has dampened risk appetite [3][16]. - Domestic macroeconomic policies are becoming clearer, providing a solid support base for the market, with the central bank indicating a flexible approach to monetary policy [3][16]. Summary by Sections A-share Market Overview - On March 13, the A-share market showed slight fluctuations, with the Shanghai Composite Index closing at 4095.45 points, down 0.81%, and the Shenzhen Component Index at 14280.78 points, down 0.65% [7][8]. - Over 60% of stocks declined, with wind power equipment and household appliances among the top gainers, while small metals and oil and gas extraction sectors lagged [7][9]. Future Market Outlook and Investment Recommendations - The market is expected to maintain slight fluctuations, with a focus on sectors such as battery, wind power equipment, electronic components, and photovoltaic equipment for short-term investment opportunities [3][16]. - Investors are advised to closely monitor macroeconomic data, changes in overseas liquidity, and policy developments [3][16].

半导体 分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 海外模拟厂商陆续发布涨价函，国内 存储模组厂商 26Q1 业绩超预期 ——半导体行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2026 年 03 月 13 日 相关报告 半导体 芯片厂商投资机会。 日前海外模拟芯片厂商 TI、ADI、英飞凌陆续发布涨价函；模拟芯 片是 AI 系统稳定性、能效比与扩展性的关键环节，在电源转换、 电压调节、信号链管理等基础功能层发挥着关键作用，在 AI 数据 中心的规模化建设中扮演着重要的角色，AI 服务器推动电源管理 芯片、信号链芯片需求大幅提升，工业、汽车领域需求恢复，模 拟芯片行业正在复苏中。受益于全球模拟芯片行业复苏与 AI 需求 爆发，国内模拟芯片厂商国产替代加速推进，建议关注国内模拟 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第 1 页 / 共 49 页 半导体相对沪深 300 指数表现 投资要点： 资料来源：聚源，中原证券研究所 -15% -4% 7% 19% 30% 41% 52% ...

其他化学制品Ⅱ 分析师：牟国洪 登记编码：S0730513030002 证券研究报告-年报点评 增持(维持) 市场数据(2026-03-12) | 收盘价(元) | 48.63 | | --- | --- | | 一年内最高/最低(元) | 49.78/15.37 | | 沪深 300 指数 | 4,687.56 | | 市净率(倍) | 5.54 | | 流通市值(亿元) | 731.61 | | 基础数据(2025-12-31) | | | 每股净资产(元) | 8.78 | | 每股经营现金流(元) | 0.58 | | 毛利率(%) | 22.24 | | 净资产收益率_摊薄(%) | 7.63 | | 资产负债率(%) | 33.02 | | 总股本/流通股(万股) | 203,389.16/150,444.79 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所 -19% 5% 28% 52% 75% 99% 122% 146% 2025.03 2025.07 2025.11 2026.03 天赐材料 沪深300 相关报告 《天赐材 ...

其他化学制品Ⅱ 分析师：牟国洪 登记编码：S0730513030002 证券研究报告-年报点评 增持(维持) 市场数据(2026-03-12) | 收盘价(元) | 48.63 | | --- | --- | | 一年内最高/最低(元) | 49.78/15.37 | | 沪深 300 指数 | 4,687.56 | | 市净率(倍) | 5.54 | | 流通市值(亿元) | 731.61 | | 基础数据(2025-12-31) | | | 每股净资产(元) | 8.78 | | 每股经营现金流(元) | 0.58 | | 毛利率(%) | 22.24 | | 净资产收益率_摊薄(%) | 7.63 | | 资产负债率(%) | 33.02 | | 总股本/流通股(万股) | 203,389.16/150,444.79 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所 -19% 5% 28% 52% 75% 99% 122% 146% 2025.03 2025.07 2025.11 2026.03 天赐材料 沪深300 相关报告 《天赐材 ...

分析师：张刚 登记编码：S0730511010001 资料来源：聚源，中原证券研究所 -14% -7% 0% 7% 13% 20% 27% 34% 2025.03 2025.07 2025.11 2026.03 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 4,129.10 | -0.10 | | 深证成指 | | 14,374.87 | -0.63 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,687.56 | -0.36 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,572.73 | -0.60 | | 中证 | 500 | 8,359.47 | -0.52 | | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | 2000 | 7 ...

电气设备 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 | 收盘价(元) | 6.90 | | --- | --- | | 一年内最高/最低(元) | 7.36/3.73 | | 沪深 300 指数 | 4,704.50 | | 市净率(倍) | 4.03 | | 流通市值(亿元) | 113.37 | | 基础数据(2025-09-30) | | | 每股净资产(元) | 1.71 | | 每股经营现金流(元) | 0.16 | | 毛利率(%) | 12.13 | | 净资产收益率_摊薄(%) | 6.17 | | 资产负债率(%) | 53.83 | | 总股本/流通股(万股) | 267,515.51/164,297.65 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -9% 2% 13% 23% 34% 45% 56% 67% 2025.03 2025.07 2025.11 2026.03 宏盛华源 沪深300 联系人：李智 | | | | | ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 煤炭风电行业领涨 A 股小幅震荡 相关报告 《市场分析：电池光伏行业领涨 A 股小幅上 行》 2026-03-11 《市场分析：成长行业领涨 A 股震荡上行》 2026-03-10 《市场分析：资源通信行业领涨 A 股先抑后 扬》 2026-03-09 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2026 年 03 月 12 日 投资要点： ——市场分析 ◼ A 股市场综述 周四（03 月 12 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指平 开后震荡上行，盘中沪指在 4141 点附近遭遇阻力，随后股指震荡回 落，尾盘企稳回升，盘中煤炭、风电设备、电力以及油气开采等行 业表现较好；航天装备、航海装备、军工电子以及地面兵装等行业 表现较弱，沪指全天基本呈现小幅震荡整理的运行特征。创业板市 场周四震荡回落，创业板成分指数全天表现弱于主板市场。 ◼ ...

电气设备 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 预中标特高压直流输电工程项目，巩固输 电线路铁塔行业领先地位 ——宏盛华源(601096)公司点评报告 证券研究报告-公司点评报告 增持(首次) 市场数据(2026-03-11) | 收盘价(元) | 6.90 | | --- | --- | | 一年内最高/最低(元) | 7.36/3.73 | | 沪深 300 指数 | 4,704.50 | | 市净率(倍) | 4.03 | | 流通市值(亿元) | 113.37 | | 基础数据(2025-09-30) | | | 每股净资产(元) | 1.71 | | 每股经营现金流(元) | 0.16 | | 毛利率(%) | 12.13 | | 净资产收益率_摊薄(%) | 6.17 | | 资产负债率(%) | 53.83 | | 总股本/流通股(万股) | 267,515.51/164,297.65 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, predicting a price-to-earnings (PE) ratio of 18.90 and 15.60 for the years 2026 and 2027 respectively, based on the closing price of 376.30 yuan on March 10, 2026 [12]. Core Insights - The company's performance exceeded expectations in 2025, achieving a revenue of 423.70 billion yuan, a year-on-year increase of 17.04%. Operating profit reached 89.52 billion yuan, up 39.76%, and net profit attributable to shareholders was 72.20 billion yuan, growing by 42.28% [7][12]. - The global market for new energy vehicles continues to grow, with China's market share in the power battery sector increasing. In 2025, global sales of new energy passenger vehicles reached 20.54 million units, a 19.15% increase year-on-year [7][12]. - The company is a leader in the power battery and energy storage battery sectors, with a total lithium battery production capacity of 772 GWh by the end of 2025, a 14.20% increase from the previous year [7][12]. Financial Performance - In 2025, the company reported a net cash flow from operating activities of 144.22 billion yuan, a year-on-year increase of 37.35%. The basic earnings per share were 16.14 yuan, with a weighted average return on equity of 24.91% [7][12]. - The company’s gross profit margin improved to 27.27% in 2025, up 1.83 percentage points year-on-year, with the fourth quarter showing a margin of 28.21% [12]. Market Position - The company maintained its position as the top power battery manufacturer globally, with a market share of 39.15% in 2025, an increase of 1.15 percentage points from 2024 [7][12]. - The company’s energy storage battery sales volume reached 121 GWh in 2025, a year-on-year increase of 29.13%, with revenue from this segment amounting to 62.44 billion yuan [11][12]. Future Outlook - The report anticipates continued growth in the company's power battery sales and revenue in 2026, driven by the expected double-digit growth in global passenger vehicle sales [7][12]. - The company is expanding into new fields, including low-altitude transportation and maritime applications, and has established over 1,000 battery swap stations across 45 cities in China [11][12].

登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -14% -7% 0% 6% 13% 20% 27% 34% 2025.03 2025.07 2025.11 2026.03 上证指数 深证成指 分析师：张刚 | 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指数名称 | | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 4,133.43 | | 0.25 | | 深证成指 | | | 14,465.41 | 0.78 | | 创业板指 | | 2,022.77 | | -0.47 | | 沪深 | 300 | 4,704.50 | | 0.64 | | 上证 | 50 | 2,443.97 | | -0.52 | | 科创 | 50 | 891.46 | | 0.14 | | 创业板 | 50 | 1,924.26 | | -0.67 | | 中证 | 100 | 4,600.44 | | 0.80 | | 中证 | 500 | 8,403.3 ...