执业证书编号：S0740519050002 城商行Ⅱ 详解青岛银行 2025 业绩快报： 资产质量改善显著，业绩维持高增 Email：dengmj@zts.com.cn 执业证书编号：S0740524090004 Email：yangcl@zts.com.cn | 总股本(百万股) | 5,820.35 | | --- | --- | | 流通股本(百万股) | 5,404.45 | | 市价(元) | 4.63 | | 市值(百万元) | 26,948.24 | | 流通市值(百万元) | 25,022.59 | 2025-10-29 2025-08-31 3、《详解青岛银行 2024 年报：业绩 高增；资产质量优化；制造业投放显 著回升》2025-03-28 | 证券研究报告/公司点评报告 | | --- | | 2026 | | 月 29 | | 青岛银行（002948.SZ） 年 01 日 | | 评级： 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 2023A | ...

详解青岛银行 2025 业绩快报： 资产质量改善显著，业绩维持高增 城商行Ⅱ 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 执业证书编号：S0740524090004 Email：yangcl@zts.com.cn | 总股本(百万股) | 5,820.35 | | --- | --- | | 流通股本(百万股) | 5,404.45 | | 市价(元) | 4.63 | | 市值(百万元) | 26,948.24 | | 流通市值(百万元) | 25,022.59 | 2025-10-29 2025-08-31 3、《详解青岛银行 2024 年报：业绩 高增；资产质量优化；制造业投放显 著回升》2025-03-28 | 证券研究报告/公司点评报告 | | --- | | 2026 | | 月 29 | | 青岛银行（002948.SZ） 年 01 日 | | 评级： 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 2023A | ...

回收现金聚焦梯媒主业，看好长期业绩韧性 广告营销 执业证书编号：S0740515080001 Email：kangyw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 14,442.20 | | 流通股本(百万股) | 14,442.20 | | 市价(元) | 7.14 | | 市值(百万元) | 103,117.31 | | 流通市值(百万元) | 103,117.31 | 1、《生活圈媒体龙头，碰一下+出海 支撑第二增长曲线》2025-12-30 分众传媒（002027.SZ） 证券研究报告/公司点评报告 2026 年 01 月 28 日 | 评级： | 买入（维持） | | 公司盈利预测及估值 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 指标 | | 2023A | 2024A | 2025E | | 2026E | 2027E | | 分析师：康雅雯 | | | 营业收入（百万元） | | 11,904 | 12 ...

业绩承压中海外稳健，AI 与 IP 布局持续深化 ——博纳影业点评报告 影视院线 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 执业证书编号：S0740525020002 Email：xianglan@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,374.52 | | 流通股本(百万股) | 1,374.52 | | 市价(元) | 9.49 | | 市值(百万元) | 13,044.19 | | 流通市值(百万元) | 13,044.19 | 报告摘要 公司披露 2025 年年度业绩预告。公司预计 2025 年归属于上市公司股东的净利润为负 值，经营业绩将出现亏损。公司 2025Q1~Q3 实现营收 9.72 亿元，同比增长 1.29%， 归母净利润-11.1 亿元，同比下滑 213.11%。 请务必阅读正文之后的重要声明部分 股价与行业-市场走势对比 公司持续深化电影主业，推进院线布局与剧集市场稳步发展。根据拓普数据，2025 年全年全国电影市场总票房 518.32 亿元（yoy+21.95%），观 ...

业绩承压中海外稳健，AI 与 IP 布局持续深化 ——博纳影业点评报告 影视院线 执业证书编号：S0740525020002 Email：xianglan@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,374.52 | | 流通股本(百万股) | 1,374.52 | | 市价(元) | 9.49 | | 市值(百万元) | 13,044.19 | | 流通市值(百万元) | 13,044.19 | 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 博纳影业（001330.SZ） 证券研究报告/公司点评报告 2026 年 01 月 28 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：冯胜 | | 营业收入（百万元） | 1,608 | 1,461 | 1,590 ...

回收现金聚焦梯媒主业，看好长期业绩韧性 广告营销 执业证书编号：S0740515080001 报告摘要 股价与行业-市场走势对比 联营公司数禾展业受限，公司计提资产减值，退出项目。2025 年 10 月 1 日起，国家 金融监督管理总局加强对互联网主带业务的资质审核、合作模式和风险分担机制等核 心环节的监管要求，对公司持股 54.97%（无控制权）的联营公司上海数禾信息科技 的核心经营业务产生不利影响。公司决定退出该项目。 Email：kangyw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 14,442.20 | | 流通股本(百万股) | 14,442.20 | | 市价(元) | 7.14 | | 市值(百万元) | 103,117.31 | | 流通市值(百万元) | 103,117.31 | 1、《生活圈媒体龙头，碰一下+出海 支撑第二增长曲线》2025-12-30 分众传媒（002027.SZ） 证券研究报告/公司点评报告 2026 年 01 月 28 日 | 评级： | 买入（维持） | | 公司盈利预测及估值 | | | | | | | | ...

Core Insights - The report highlights the slowdown in overall revenue growth in the restaurant industry, particularly in first-tier cities, while still identifying structural opportunities within the sector [3] - It emphasizes the need for the restaurant industry to adapt to changing consumer preferences, moving from premium brands to value-for-money options, and focusing on health and emotional value in dining experiences [4] Industry Overview - The current state of China's restaurant industry is characterized by a decline in revenue growth, primarily due to uneven wealth distribution and lower overall consumer spending compared to developed countries [3] - The labor force participation rate is decreasing, leading to a higher dependency ratio, with population migration favoring economically vibrant first-tier cities, which may benefit chain restaurants with a strong presence in these areas [3] Future Development Paths - The report suggests three potential development paths for the restaurant industry in China, inspired by Japan's consumption evolution: 1. High-quality and affordable dining options that leverage scale to reduce costs [4] 2. Automation and smart technology in kitchens to mitigate talent shortages [4] 3. Focusing on niche markets to cater to diverse consumer needs, such as single-person meals and aging populations [4] Supply Chain Dynamics - The upstream raw materials sector is fragmented, resulting in weak bargaining power and lower profitability, while the downstream restaurant sector is experiencing high closure rates, indicating a rapid industry reshuffle [4] - Midstream catering supply companies are encouraged to innovate and provide comprehensive solutions to enhance their profit margins and support the growth of restaurant brands, with specific opportunities in frozen baked goods and cold chain logistics [4]

Investment Rating - The report maintains a rating of "Buy" for Suplay, with a focus on its strong market position and growth potential in the collectible card industry [4]. Core Insights - Suplay is positioned as the leading company in China's collectible non-combat card market, with a market share of 3.2% as of 2024, significantly surpassing its closest competitors [10][28]. - The global market for entertainment products is projected to grow from USD 44.8 billion in 2019 to USD 82.2 billion in 2024, with a compound annual growth rate (CAGR) of 12.9% [28]. - The non-combat collectible card market is expected to reach USD 12 billion by 2024, with a CAGR of 19.5% from 2019 to 2024, and is projected to grow to USD 25.7 billion by 2029 [28][33]. - In China, the non-combat collectible card market is anticipated to grow to RMB 6.2 billion in 2024, with a CAGR of 24.5% from 2019 to 2024, and is expected to reach RMB 16.5 billion by 2029 [28][33]. Summary by Sections Company Overview - Suplay, founded in 2019, is the leading player in China's collectible non-combat card market, focusing on global expansion and promoting Chinese cultural IP [6][10]. - The company achieved revenues of RMB 281 million and RMB 283 million in 2024 and the first three quarters of 2025, respectively, representing year-on-year growth of 92% and 40% [6][15]. - Adjusted net profits for the same periods were RMB 65 million and RMB 86 million, with increases of 306% and 82% year-on-year [6][15]. Industry Analysis - The global entertainment product market is expanding rapidly, with significant growth in the non-combat collectible card segment, which is driven by IP globalization and increasing consumer engagement [28][39]. - The competitive landscape in China's non-combat collectible card market is relatively fragmented, with the top five companies holding a combined market share of 6.8% [28][39]. - Suplay's unique position as the only Chinese brand among the top five global collectible non-combat card brands highlights its competitive advantage [10][39]. Business Model - Suplay operates a dual-engine product strategy, focusing on both collectible and consumer-grade products, leveraging its strong IP portfolio to enhance brand engagement [51][48]. - The company has established a structured IP development and commercialization framework, successfully integrating both proprietary and licensed IP into its product offerings [59][60]. - Revenue from collectible products is expected to grow significantly, with projections indicating a strong increase in sales volume and average revenue per unit [49][52].

Agent 趋势乘风起，关注 CPU 产业机遇 电子 证券研究报告/行业点评报告 2026 年 01 月 28 日 | 分析师：王芳 | | --- | | 执业证书编号：S0740521120002 | | Email：wangfang02@zts.com.cn | 2026-01-05 沿主线，买缺口》2025-12-10 3、《【中泰电子】4F2+CBA 是国产 颈》2025-12-01 | 增持（维持） 评级： | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：王芳 | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740521120002 | 海光信息 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [25]. Core Insights - The report highlights a shift in mineral water consumption from "basic hydration" to "health empowerment," with consumers increasingly prioritizing water quality, mineral content, and source traceability [5][15][18]. - The company, Quan Yang Quan, is positioned to benefit from the growing health awareness among consumers, with a focus on high-quality natural mineral water sourced from the Changbai Mountain region, which is recognized as one of the world's top three mineral water sources [11][12]. - The report projects steady growth in the bottled water industry, with expected revenues for Quan Yang Quan of 1.274 billion yuan in 2025, 1.450 billion yuan in 2026, and 1.722 billion yuan in 2027, reflecting year-on-year growth rates of 6%, 14%, and 19% respectively [2][23]. Company Financial Forecasts - Revenue and profit forecasts indicate a recovery from previous losses, with net profit expected to reach 15 million yuan in 2025, 20 million yuan in 2026, and 30 million yuan in 2027, representing significant year-on-year growth of 137%, 40%, and 47% respectively [2][23]. - Earnings per share (EPS) are projected to be 0.02 yuan in 2025, 0.03 yuan in 2026, and 0.04 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 346, 247, and 168 [2][23]. Industry Overview - The mineral water market in China is expected to reach a scale of 73.63 billion yuan by 2025, with a year-on-year growth of 2.5% and a sales volume of 7.969 billion liters, reflecting a slight decrease in average price due to industry price wars [13][15]. - The report emphasizes the geographical concentration of mineral water resources, particularly in the Changbai Mountain area, which boasts superior water quality and a high concentration of mineral content, making it a prime location for high-end mineral water brands [11][12][10].