资料来源：中原证券研究所，聚源 相关报告 -17% 7% 31% 55% 79% 103% 127% 151% 2025.04 2025.07 2025.11 2026.03 寒武纪 沪深300 分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 AI 芯片产品持续迭代，巩固多领域竞争优 势 ——寒武纪(688256)年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2026-03-31) | 收盘价(元) | 983.00 | | --- | --- | | 一年内最高/最低(元) | 1,595.88/520.67 | | 沪深 300 指数 | 4,450.05 | | 市净率(倍) | 35.02 | | 流通市值(亿元) | 4,145.17 | | 基础数据(2025-12-31) | | | 每股净资产(元) | 28.07 | | 每股经营现金流(元) | -1.18 | | 毛利率(%) | 55.15 | | 净资产收益率_摊薄(%) | 17.40 | | 资产负债率(%) | 11.87 | | 总股本/流通股(万 ...

Group 1: Monthly Performance Review - In March 2026, the CSI 300 index fell by 4.93%, and the ChiNext index decreased by 2.21%. The monthly gold stock portfolio recorded a return of -12.18%, underperforming the CSI 300 index by 7.24 percentage points and the ChiNext index by 9.96 percentage points [3][10]. - The March market was characterized by high volatility due to policy expectations from the Two Sessions and escalating geopolitical conflicts in the Middle East. Early in the month, the Two Sessions emphasized expanding investment, domestic demand, and technological innovation, which boosted market confidence. However, worsening Middle Eastern tensions led to international oil prices exceeding $100 per barrel, increasing global "stagflation" trading [3][17]. Group 2: Strategy Outlook for April 2026 - The A-share market in April is expected to remain volatile, primarily influenced by uncertainties in the Middle East, which limits the upward potential of the index. A prudent allocation strategy is recommended, focusing on dividend assets (banks, transportation, public utilities) to mitigate volatility while also investing in energy security sectors such as electric power equipment and new energy (lithium batteries, photovoltaics) [4][18]. - The macroeconomic fundamentals show that March, being a traditional peak season for work resumption, saw the PMI return to the expansion zone, with strong investment, social financing, and export figures in January and February. However, the internal driving force for consumption remains insufficient [3][17]. Group 3: Recommended Stocks for April 2026 - The recommended stocks for the April 2026 monthly gold stock portfolio include: - 300750.SZ Ningde Times - 301358.SZ Hunan Youneng - 600989.SH Baofeng Energy - 002648.SZ Satellite Chemical - 603806.SH Foster - 688630.SH Chipbond - 601952.SH Sukang Agricultural Development - 002594.SZ BYD - 300394.SZ Tianfu Communication - 600595.SH Zhongfu Industrial [5][21]. - The rationale for these recommendations includes: - Ningde Times is a leader in the lithium battery industry, benefiting from the growth in demand for energy storage and power batteries. - Hunan Youneng is a leader in the LFP industry, also benefiting from the increasing demand for energy storage batteries. - Baofeng Energy and Satellite Chemical are both leaders in coal chemical and light hydrocarbon chemical sectors, respectively, benefiting from rising oil prices [23].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -11% -4% 3% 10% 17% 24% 31% 38% 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 | | 3,891.86 | | -0.80 | | 深证成指 | | 13,478.06 | | -1.81 | | 创业板指 | | 2,022.77 | | -0.47 | | 沪深 | 300 | 4,450.05 | | -0.93 | | 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 | 4,330.11 | | -1.09 | | 中证 | 500 | 7, ...

Market Overview - On March 31, the A-share market experienced a slight correction after an initial rise, with the Shanghai Composite Index facing resistance around 3948 points[2] - The Shanghai Composite Index closed at 3891.86 points, down 0.80%, while the Shenzhen Component Index fell 1.81% to 13478.06 points[7] - Total trading volume for both markets reached 20,061 billion yuan, above the median of the past three years[3] Sector Performance - Strong performers included automotive services, precious metals, aerospace equipment, and banking sectors[3] - Weaker sectors were coal, wind power equipment, electronic chemicals, and batteries[3] - The average P/E ratios for the Shanghai Composite and ChiNext were 16.21 times and 46.09 times, respectively, above the median levels of the past three years[3] Future Outlook - The market is expected to maintain a volatile trend, influenced by overseas factors such as potential escalation in Middle East conflicts and U.S. inflation rates[3] - Domestic macroeconomic policies are becoming clearer, providing a solid support base for the market[3] - Investors are advised to focus on sectors like consumer electronics, precious metals, banking, and aerospace equipment for short-term opportunities[3] Risk Factors - Risks include unexpected overseas recession impacting domestic recovery, slower-than-expected domestic policy implementation, and macroeconomic disturbances[4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][25]. Core Insights - The company reported a stable overall business performance with a 15.78% year-on-year increase in revenue, reaching 5.929 billion yuan in 2025, and a net profit of 1.836 billion yuan, up 11.63% year-on-year [10]. - The WPS personal business generated revenue of 3.626 billion yuan, growing by 10.42% year-on-year, with overseas growth at 53.67% and domestic growth at 7.87% [7]. - The WPS365 business remains the most growth-oriented segment, with a revenue increase of 64.93% year-on-year, reaching 720 million yuan [7]. - The company has significantly increased its investment in AI, achieving a threefold growth in monthly active users for WPS AI, reaching 80.13 million by the end of 2025 [11]. Financial Performance - The company’s gross profit margin stood at 85.95%, and the diluted return on equity was 14.29% [2][10]. - The company’s total market capitalization is approximately 108.2 billion yuan, with a price-to-earnings ratio of 58.93 [2][10]. - The earnings per share (EPS) for 2025 is projected at 3.96 yuan, with estimates of 4.72 yuan and 5.76 yuan for 2026 and 2027 respectively [13]. Business Segments - The WPS software segment generated 1.461 billion yuan in revenue, reflecting a 15.24% year-on-year increase, with notable seasonal fluctuations [8]. - The company is focusing on enhancing its AI capabilities, launching various AI products and services across different sectors, which is expected to further drive growth [11].

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 低温引领高质量增长，盈利能力持续提升 ——新乳业(002946)2025 年年报点评 证券研究报告-年报点评 增持(首次) 市场数据(2026-03-30) | 收盘价(元) | 18.10 | | --- | --- | | 一年内最高/最低(元) | 21.49/13.94 | | 沪深 300 指数 | 4,491.95 | | 市净率(倍) | 4.10 | | 流通市值(亿元) | 153.98 | | 基础数据(2025-12-31) | | | 每股净资产(元) | 4.41 | | 每股经营现金流(元) | 1.75 | | 毛利率(%) | 29.47 | | 净资产收益率_摊薄(%) | 18.77 | | 资产负债率(%) | 59.98 | | 总股本/流通股(万股) | 86,067.72/85,070.90 | | B 股/H 股(万股) | 0.00/0.00 | 联系人：李智 | | | 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew. ...

——九华旅游(603199)2025 年年报点评 证券研究报告-年报点评 增持(首次) 市场数据(2026-03-30) | 收盘价(元) | 38.99 | | --- | --- | | 一年内最高/最低(元) | 45.68/34.64 | | 沪深 300 指数 | 4,491.95 | | 市净率(倍) | 2.61 | | 流通市值(亿元) | 43.15 | | 基础数据(2025-12-31) | | | 每股净资产(元) | 14.93 | | 每股经营现金流(元) | 2.82 | | 毛利率(%) | 49.88 | | 净资产收益率_摊薄(%) | 12.88 | | 资产负债率(%) | 15.37 | | 总股本/流通股(万股) | 11,068.00/11,068.00 | | B 股/H 股(万股) | 0.00/0.00 | 旅游及休闲 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 业绩稳健增长，景区交通为第二增长曲线 个股相对沪深 300 指数表现 投资要点： 本报告版权属于中原证券股份有限公司 www.c ...

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 低温引领高质量增长，盈利能力持续提升 ——新乳业(002946)2025 年年报点评 证券研究报告-年报点评 增持(首次) 市场数据(2026-03-30) | 收盘价(元) | 18.10 | | --- | --- | | 一年内最高/最低(元) | 21.49/13.94 | | 沪深 300 指数 | 4,491.95 | | 市净率(倍) | 4.10 | | 流通市值(亿元) | 153.98 | | 基础数据(2025-12-31) | | | 每股净资产(元) | 4.41 | | 每股经营现金流(元) | 1.75 | | 毛利率(%) | 29.47 | | 净资产收益率_摊薄(%) | 18.77 | | 资产负债率(%) | 59.98 | | 总股本/流通股(万股) | 86,067.72/85,070.90 | | 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 -8% 0% 7% ...

旅游及休闲 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 业绩稳健增长，景区交通为第二增长曲线 ——九华旅游(603199)2025 年年报点评 证券研究报告-年报点评 增持(首次) 市场数据(2026-03-30) | 收盘价(元) | 38.99 | | --- | --- | | 一年内最高/最低(元) | 45.68/34.64 | | 沪深 300 指数 | 4,491.95 | | 市净率(倍) | 2.61 | | 流通市值(亿元) | 43.15 | | 基础数据(2025-12-31) | | | 每股净资产(元) | 14.93 | | 每股经营现金流(元) | 2.82 | | 毛利率(%) | 49.88 | | 净资产收益率_摊薄(%) | 12.88 | | 资产负债率(%) | 15.37 | | 总股本/流通股(万股) | 11,068.00/11,068.00 | | 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 -8% -3% ...

Investment Rating - The investment rating for the company is "Add" (maintained) [2][10] Core Insights - The company reported a total revenue of 5.929 billion yuan for 2025, representing a year-on-year growth of 15.78%. The net profit attributable to the parent company was 1.836 billion yuan, up 11.63% year-on-year [10] - The WPS personal business generated revenue of 3.626 billion yuan, with a year-on-year growth of 10.42%. The overseas segment showed higher growth at 53.67% compared to 7.87% for the domestic segment [7] - The WPS365 business remains the most growth-oriented segment, with revenue reaching 720 million yuan, a 64.93% increase year-on-year [7] - The company has significantly increased its investment in AI, achieving a threefold growth in monthly active users for WPS AI, reaching 80.13 million by the end of 2025 [11] Summary by Sections Financial Performance - The company maintained steady growth in Q4, with revenue of 1.750 billion yuan, a year-on-year increase of 17.16% [10] - The gross profit margin stood at 85.95%, and the diluted return on equity was 14.29% [2][10] - The company forecasts earnings per share (EPS) of 4.72 yuan, 5.76 yuan, and 6.82 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 49.45, 40.57, and 34.23 [10] Business Segments - WPS software revenue was 1.461 billion yuan, growing 15.24% year-on-year, with significant seasonal fluctuations [8] - The company is focusing on enhancing user payment habits and penetration rates, with annual paid user growth of 10.67% domestically and 63.39% internationally [7] AI Development - The company launched several AI products, including WPS AI 2.0 and 3.0, which restructured the Office core and introduced new functionalities [11] - The AI capabilities are expected to drive changes in the industry ecosystem, with ongoing innovations planned for 2026 [11]