云服务 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 2025 年业绩总体符合预期，2026 收入增 速有望加快 ——润泽科技(300442)点评报告 证券研究报告-点评报告 买入(维持) 市场数据(2026-02-04) | 收盘价(元) | 82.18 | | --- | --- | | 一年内最高/最低(元) | 93.13/42.06 | | 沪深 300 指数 | 4,698.68 | | 市净率(倍) | 9.92 | | 流通市值(亿元) | 1,338 | 基础数据(2025-09-30) | 每股净资产(元) | 8.29 | | --- | --- | | 每股经营现金流(元) | 1.69 | | 毛利率(%) | 48.11 | | 净资产收益率_摊薄(%) | 34.73 | | 资产负债率(%) | 62.53 | | 总股本/流通股(万股) | 163,434.36/162,837.40 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -32% -20% -9% 2% ...

分析师：徐至 登记编码：S0730525040001 xuzhi@ccnew.com 相关报告 《月度策略：继续关注科技成长及高股息"哑 铃"策略——月度策略》 2026-01-07 《月度策略：平稳收官, 高股息防御与科技成 长布局——月度策略》 2025-12-03 《月度策略：增配价值资产，等待成长资产性 价比回归——月度策略》 2025-11-05 联系人：李智 温和修复中的震荡蓄势 ——月度策略 证券研究报告-月度策略 发布日期：2026 年 02 月 04 日 投资要点： 风险提示：政策及经济数据不及预期，风险事件冲击市场流动性。报 告样本数据有限，历史过往数据不代表未来表现。 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 14页 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 股市回顾。1 月 A 股市场整体表现强劲，主要指数普遍上涨，上证 指数、深证成指和创业板指分别录得 3.76%、5.03%和 4.47%的月 度涨幅，北证 50 和科创 50 更是 ...

电力及公用事业 分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 英国章鱼能源进军我国电力市场，建议以 哑铃策略配置电力资产 ——电力及公用事业行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2026 年 02 月 04 日 投资要点： -5% -1% 4% 8% 13% 17% 22% 26% 2025.02 2025.06 2025.10 2026.02 电力及公用事业 沪深300 资料来源：中原证券，聚源 相关报告 《电力及公用事业行业月报：全球市值最大的 电力上市公司与谷歌开展 AI 合作》 2025-12-29 《电力及公用事业行业月报：充换电服务业以 及信息传输、软件和信息技术服务业用电量增 长较快》 2025-12-03 《电力及公用事业行业年度策略：关注稳定性 和股东回报》 2025-11-28 联系人：李智 ⚫ 行情回顾：1 月电力及公用事业指数表现强于市场。截至 2026 年 1 月 30 日，中信电力及公用事业指数 1 月上涨 2.76%，跑赢沪深 300 （1.65%）1.11 百分点。子行业方面，截至 2026 年 1 月 30 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company's 2025 performance is generally in line with expectations, with a forecasted net profit of 5-5.3 billion yuan, representing a year-on-year growth of 179.28%-196.03% [6][7] - The company is expected to accelerate revenue growth in 2026, driven by the delivery of new data centers and a strong demand for computing power due to the explosion of AI applications [7][8] - The company has successfully delivered 220MW of computing power centers in 2025, with a total expected delivery of 440MW for the year, marking a historical high [7] - The company is positioned to benefit from the rapid development of AI chip localization in 2026, which is anticipated to enhance overall computing power construction [7] - The establishment of a data center in Hainan is expected to provide long-term benefits due to favorable policies following the island's customs closure [7] Summary by Sections Financial Performance - The company forecasts a net profit of 5-5.3 billion yuan for 2025, with a significant increase in revenue expected in 2026 [6][7] - The projected earnings per share (EPS) for 2025-2027 are 3.17 yuan, 1.85 yuan, and 2.63 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 25.91, 44.33, and 31.30 [8] Business Development - The company has made significant progress in the construction of data centers, with a focus on liquid cooling technology and high-performance computing clusters [7] - The company is actively seeking quality acquisition targets to strengthen its position in the industry and enhance its leadership in intelligent computing [8] Market Position - The company has established a strong presence in the AI computing market, with deep coverage among leading internet and AI companies, ensuring stable and certain business growth [7][8]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 光伏煤炭行业领涨 A 股小幅上行 ——市场分析 相关报告 《市场分析：成长行业领涨 A 股震荡上行》 2026-02-03 《市场分析：电网酿酒行业领涨 A 股宽幅震 荡》 2026-02-02 《市场分析：农业通信行业领涨 A 股宽幅震 荡》 2026-01-30 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 02 月 04 日 投资要点： ◼ A 股市场综述 周三（02 月 04 日）A 股市场低开高走、小幅震荡上行，早盘股指低 开后震荡上行，盘中沪指在 4087 点附近遭遇阻力，午后股指维持震 荡，尾盘再度上行，盘中煤炭、光伏设备、航空机场以及玻璃玻纤 等行业表现较好；贵金属、游戏、文化传媒以及互联网服务等行业 表现较弱，沪指全天基本呈现小幅震荡上行的运行特征。创业板市 场周三震荡整理，创业板成分指数全天表现弱于主板市场。 ◼ ...

Investment Rating - The report maintains an investment rating of "In line with the market" for the basic chemical industry [3][4]. Core Insights - In January 2026, the CITIC Basic Chemical Industry Index rose by 10.13%, outperforming the Shanghai Composite Index by 6.37 percentage points and the CSI 300 Index by 8.48 percentage points, ranking 6th among 30 CITIC first-level industries [3][7]. - The report highlights a significant recovery in chemical product prices, with notable increases in liquid chlorine, lithium hydroxide, acetonitrile, lithium carbonate, and butadiene [3][8]. - The investment strategy for February 2026 suggests focusing on industries benefiting from anti-involution policies, such as chlor-alkali, pesticides, and polyester filament, as well as coal chemical sectors benefiting from rising oil prices [3][8]. Market Review - The basic chemical sector saw 30 out of 33 sub-industries increase in January 2026, with the dyeing chemicals, chlor-alkali, and spandex industries leading with increases of 30.94%, 26.69%, and 20.16% respectively [3][8]. - Among 529 stocks in the basic chemical sector, 424 stocks rose while 104 fell, with the top gainers including SDIC, Hongbaoli, and Runtu, which saw increases of 90.53%, 68.92%, and 68.54% respectively [3][8]. Product Price Tracking - In January 2026, international oil prices saw significant increases, with WTI crude oil rising by 13.57% to $65.21 per barrel and Brent crude oil increasing by 16.17% to $70.69 per barrel [3][8]. - Among 319 tracked products, 207 saw price increases, with the largest gains in liquid chlorine (71.43%), lithium hydroxide (44.10%), and acetonitrile (32.86%) [3][8]. Industry and Company News - In 2025, the chemical raw materials and chemical products manufacturing industry achieved a total profit of 376.62 billion yuan, although this represented a 7.3% decline from the previous year [15][17]. - The report notes that the chemical industry is expected to benefit from ongoing anti-involution policies, which may strengthen supply-side constraints and favor certain sub-industries [3][8].

Key Insights - The report highlights the acquisition of xAI by SpaceX, with a projected valuation of $1.25 trillion post-merger, indicating significant growth potential in the AI and aerospace sectors [5][8] - The report notes a rise in domestic fuel prices, with gasoline and diesel prices increasing by 0.16 yuan and 0.17 yuan per liter respectively, reflecting ongoing inflationary pressures in the energy sector [5][8] - The macroeconomic analysis indicates that China's GDP for 2025 reached 14,018.79 billion yuan, growing by 5.0%, with a notable contribution from the tertiary sector [13] - The report emphasizes the strong performance of the new materials sector, which outperformed the broader market indices, suggesting a growing demand for innovative materials in various industries [20][22] - The communication industry is experiencing supply constraints in key materials, particularly optical chips, which may impact growth in the optical communication market [29][31] Domestic Market Performance - The Shanghai Composite Index closed at 4,067.74, up by 1.29%, while the Shenzhen Component Index rose by 2.19% to 14,127.11, indicating a positive trend in the domestic equity market [4] - The average P/E ratios for the Shanghai Composite and ChiNext indices are 16.49 and 51.57 respectively, suggesting a favorable environment for medium to long-term investments [9][11] Industry Analysis - The report discusses the strong rebound in the photovoltaic industry, with a 15.65% increase in the photovoltaic index, driven by developments in space solar power technology [23][24] - The semiconductor market continues to grow, with global sales reaching $75.28 billion in November 2025, a 29.8% year-on-year increase, highlighting the sector's resilience [21] - The report indicates a significant increase in the agricultural communication sector, which has led the A-share market in recent weeks, reflecting robust demand in this niche [10] Investment Recommendations - The report suggests focusing on sectors such as AI, high-end manufacturing, and consumer goods, which are expected to yield substantial investment opportunities in the near future [8][9] - It recommends monitoring the performance of leading companies in the new materials and communication sectors, as they are poised for growth amid ongoing technological advancements [20][29]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index in the next six months [19]. Core Insights - The company, Zhongji Xuchuang, is experiencing rapid growth in orders for 1.6T optical modules, with a continuous increase in the proportion of silicon photonics [7][8]. - The company is a leading global supplier of optical modules, providing high-speed optical modules for cloud data centers and telecom equipment, with a significant market share growth [7]. - The demand for optical modules is driven by the increasing requirements for AI applications and data center interconnectivity, with the global optical module market expected to exceed $23 billion in 2025, growing by 50% year-on-year [8]. - The company has locked in supply capacity for core materials with suppliers, ensuring sustained growth in shipment volumes and competitive advantages in both scale-out and scale-up markets [8]. Financial Performance Summary - The company forecasts a net profit attributable to shareholders of 9.8 to 11.8 billion yuan for 2025, representing a year-on-year growth of 89.5% to 128.17% [5]. - The projected net profit for 2026 is 26.03 billion yuan, with a compound annual growth rate (CAGR) of 140.23% from 2025 to 2027 [10]. - The company’s gross margin is expected to improve due to the increased proportion of high-margin products and advancements in technology [7][8]. Market Position and Growth Potential - The company ranks first among global optical module manufacturers, with a significant portion of its revenue coming from high-end optical communication products [7]. - The proportion of silicon photonics in the company's product offerings is expected to continue rising, with predictions that silicon photonics will capture 59% of the optical module market by 2030 [8]. - The company is actively developing scale-up optical interconnect products, anticipating substantial demand growth starting in 2027 [8].

通信设备 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 1.6T 光模块订单增长迅速，硅光占比持续 提升 ——中际旭创(300308)公司点评报告 证券研究报告-公司点评报告 买入(维持) 市场数据(2026-02-02) | 收盘价(元) | 591.00 | | --- | --- | | 一年内最高/最低(元) | 658.80/67.20 | | 沪深 300 指数 | 4,605.98 | | 市净率(倍) | 24.88 | | 流通市值(亿元) | 6,533.51 | | 基础数据(2025-09-30) | | | 每股净资产(元) | 23.75 | | 每股经营现金流(元) | 4.91 | | 毛利率(%) | 40.74 | | 净资产收益率_摊薄(%) | 27.03 | | 资产负债率(%) | 29.47 | | 总股本/流通股(万股) | 111,111.83/110,550.05 | | 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 -2 ...

Core Insights - The report highlights the performance of various sectors in the A-share market, indicating a mixed trend with certain industries like electric grid and liquor leading the gains while others like precious metals and fertilizers lag behind [3][7][13] - The macroeconomic analysis suggests that while the GDP growth target for 2025 was achieved, structural issues such as weak demand persist, necessitating policy support to sustain growth momentum [10][11] - The telecommunications sector is experiencing significant changes due to tax adjustments, which may impact revenue and profit margins for major players like China Mobile, China Unicom, and China Telecom [3][6] Market Performance - The A-share market has shown volatility with the Shanghai Composite Index and Shenzhen Component Index experiencing declines of 2.48% and 2.69% respectively [1] - The telecommunications industry index outperformed the broader market, reflecting a 12.82% increase in December, driven by strong demand for communication equipment [27] - The new materials sector has also shown robust performance, with a 10.54% increase in January, significantly outperforming the broader indices [18] Industry Analysis - The report discusses the upcoming launch of DeepSeek's new AI model, DeepSeek V4, which is expected to surpass existing models in performance and could significantly impact the AI landscape [15][17] - The photovoltaic industry is highlighted for its strong growth, with over 300GW of new installations in 2025, despite facing challenges such as rising costs and regulatory changes [21][22] - The media sector is experiencing a surge in activity, particularly in gaming and film, with the upcoming Spring Festival expected to drive significant box office revenues [24][26] Economic Indicators - The report notes that China's GDP for 2025 reached 1401879 billion, marking a 5.0% increase from the previous year, with consumption playing a more significant role in growth [10] - The fixed asset investment showed a decline of 3.8%, indicating potential weaknesses in the investment landscape [10] - The telecommunications retail sector saw a year-on-year increase of 20.9% in 2025, reflecting strong consumer demand for communication devices [28] Investment Recommendations - Investors are advised to adopt a balanced strategy, focusing on sectors like AI and high-end manufacturing while also considering cyclical and resource sectors for potential opportunities [3][14] - The report suggests that the media sector, particularly gaming and film, presents high growth potential due to favorable policy environments and technological advancements in AI [26] - In the telecommunications sector, companies involved in optical fiber and AI mobile technologies are recommended for investment due to their growth prospects [31]