势头 [Table_ReportDate] 亿帆医药(002019)公司简评报告 | 2026.01.08 核心观点 [Table_Title] 多元化方式补充创新药管线，核心品种延续快速增长 | 最新收盘价（元） | 12.77 | | --- | --- | | 一年内最高/最低价（元） | 16.66/9.88 | | 市盈率（当前） | 38.13 | | 市净率（当前） | 1.76 | | 总股本（亿股） | 12.16 | | 总市值（亿元） | 155.33 | 资料来源：聚源数据 相关研究 请务必仔细阅读本报告最后部分的重要法律声明 [Table_Summary] [Table_Chart] 市场指数走势（最近 1 年） -0.5 0 0.5 1 8-Jan 21-Mar 1-Jun 12-Aug 23-Oct 3-Jan 亿帆医药 沪深300 资料来源：聚源数据 [Table_Rank] 评级： 增持 [Table_Authors] 王斌 医药行业首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：010-81152644 [Tabl ...

Investment Rating - The report rates the textile and apparel industry as "Positive" [1] Core Insights - The textile and apparel sector has underperformed the market, with a year-to-date increase of 12%, lagging behind the CSI 300 index by 4.1 percentage points, ranking 18th among 31 first-level industries [4][10] - The apparel and home textile segment has seen an 11.3% increase, while the textile manufacturing segment rose by 9.6%, and the accessories segment outperformed with a 17.4% increase [4][10] - The report highlights a potential recovery in demand for textile manufacturing due to stable domestic consumption and a resilient export market, particularly in the U.S. [4][19] - The sleep economy is expanding rapidly, driven by increasing health awareness and consumer spending on sleep-related products [4][63] - The gold and jewelry sector faces short-term demand suppression due to rising gold prices, but consumer spending on gold jewelry remains strong [4][63] Summary by Sections Market Overview - The textile and apparel sector has a TTM price-to-earnings ratio of 27.48, above the historical average since January 2020 [4][14] - The apparel and home textile segment has a TTM P/E ratio of 29.07, while the textile manufacturing segment stands at 23.9, and the accessories segment at 30.27, all above historical averages [4][14] Textile Manufacturing - Raw material prices are at historical lows, with cotton and synthetic fiber prices declining, while Australian wool prices have recently increased [4][19] - Domestic retail sales are showing steady growth, with apparel sales experiencing a slight recovery [4][30] - Export performance is affected by fluctuating tariffs and weak external demand, with a 4.4% year-on-year decline in apparel exports from January to November [4][43] Apparel and Home Textiles - The sleep economy is projected to grow significantly, with the market size expected to exceed 500 billion yuan in 2024, driven by increased consumer awareness and spending on sleep health products [4][66] - The outdoor sports market is also expanding, with a trend towards specialization and segmentation, supported by rising consumer income levels [4][63] Gold and Jewelry - Gold prices have surged over 50% this year, temporarily suppressing demand for gold jewelry, but overall consumer budgets for gold jewelry are increasing [4][63] - The report notes that consumer preferences are shifting towards lighter and more innovative gold products, with a focus on craftsmanship and cultural connections [4][63] Investment Strategy - The report recommends investing in leading companies with strong barriers in production capacity, technology, and customer relationships within the textile manufacturing sector, such as Shenzhou International and Huayi Group [4][63] - For the apparel and home textile sector, it suggests focusing on high-growth segments related to the sleep economy and outdoor sports [4][63]

[Table_Title] 中央经济工作会议精神解读：以"投资于人"和"苦 练内功"稳预期、强动能 [宏Ta观ble经_R济eportDate] | 深度报告 | 2025.12.29 核心观点 请务必仔细阅读本报告最后部分的重要法律声明 韦志超 首席经济学家 SAC 执证编号：S0110520110004 weizhichao@sczq.com.cn 电话：86-10-81152692 [Table_Rank] [Table_Authors] [Table_Summary] 相关研究 市场赋能新质生产力的作用机制与 2025 年中央经济工作会议相较 2024 年，重点任务从"九项"整合调整 为"八项"，防风险紧迫性相对下降，提振内需的重要性增加。第一， 扩大内需从"大力提振消费、提高投资效益，全方位扩大国内需求"的 任务表述，升格为"坚持内需主导，建设强大国内市场"，并将其置于 八大任务之首。第二，"乡村振兴"与"区域协调发展"被合并为"坚 持协调发展，促进城乡融合和区域联动"。第三，"防范化解重点领域 风险"从 2024 年的第五位后移至第八位（最后一位）。这一调整反映 了 2025 年在债务置换、房地产 ...

[Table_Authors] 韦志超 首席经济学家 SAC 执证编号：S0110520110004 weizhichao@sczq.com.cn 电话：86-10-81152692 [Table_Title] 供强需弱，明年"投资于人"或可期待 [宏Ta观ble经_R济eportDate] | 深度报告 | 2025.12.26 核心观点 请务必仔细阅读本报告最后部分的重要法律声明 [Table_Rank] [Table_Summary] [Table首_O创th证erR券ep宏or观t]经济分析报告：美联 储决策迷雾未散，市场波动加大 社融数据不及预期 首创证券宏观经济分析报告：AI 分 歧加剧，仍需边走边看 11 月经济数据表现整体呈现"供强需弱"。11 月工业增加值当月同比 放缓至+4.8%，但年内累计增速仍保持韧性。1-11 月固定资产投资累计 同比增速较 10 月下滑 0.9pct 至-2.6%，为 2020 年 7 月以来新低。11 月 社零当月同比录得+1.3%，不及 Wind 一致预期+2.93%和前值+2.9%。 相关研究 首创证券周报：消费股表现回暖， 生产：今年以来工业生产保持韧性，1 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company specializes in high-end PCB manufacturing and is positioned in the core AI computing sector [2] - The company has a strong market presence, ranking sixth globally and third among domestic PCB manufacturers in China [5] - The company has achieved significant revenue growth driven by AI demand, with a projected revenue of 198.79 billion yuan in 2025, representing an 85.24% increase from the previous year [3][5] - The company is expanding its production capacity to meet the growing demand for high-end PCBs, particularly in AI applications [5] Financial Performance - The company reported a revenue of 141.17 billion yuan for the first three quarters of 2025, a year-on-year increase of 83.40% [5] - The net profit for the same period was 32.45 billion yuan, reflecting a year-on-year growth of 324.38% [5] - The gross margin for the first three quarters of 2025 was 35.85%, and the net margin was 22.98% [5] Revenue Forecast - Revenue projections for the company are as follows: - 2024: 107.31 billion yuan - 2025: 198.79 billion yuan - 2026: 333.64 billion yuan - 2027: 497.31 billion yuan [3] - The corresponding net profit forecasts are: - 2024: 11.54 billion yuan - 2025: 49.47 billion yuan - 2026: 91.58 billion yuan - 2027: 137.48 billion yuan [3] Market Outlook - The PCB market in China is expected to grow significantly, with an estimated increase of 8.5% in 2025 [5] - High-layer PCBs are projected to grow by 69.4%, while HDI boards are expected to increase by 14.2% [5] - The overall PCB market size is forecasted to grow from 73.565 billion USD in 2024 to 94.661 billion USD by 2029, with a compound annual growth rate of 5.2% [5]

[Table_Rank] 评级： 看好 韩杨 科技行业分析师 SAC 执证编号：S0110525060002 hanyang@sczq.com.cn 电话：010-81152681 [Table_Chart] 市场指数走势（最近 1 年） 相关研究 [Table_Title] 算力链高景气，消费电子迎 AI 新周期 [Table_ReportDate] 电子 | 行业深度报告 | 2025.12.23 核心观点 AI 算力：（1）北美算力：AI 大模型算力需求持续刚性扩张，北美算力 产业链在服务器组装、高端 PCB、光模块等环节具备成熟产能与技术壁 垒，是算力基础设施建设的核心支撑环节，建议关注：工业富联、沪电 股份，相关标的：胜宏科技、景旺电子、中际旭创、新易盛、天孚通信。 （2）国产算力：AI 大模型与国内芯片厂已逐步形成技术协同的完整生 态，叠加国产芯片厂产能持续扩张，国产算力芯片在自主可控+供应链 安全的双重逻辑下，有望加速打入国内算力基础设施供应链，建议关注： 北方华创、兆易创新，相关标的：中芯国际、寒武纪-U、海光信息。 AI 端侧：（1）AI 手机：AI 手机成为消费电子"换机+创新"的核心载体 ...

韦志超 首席经济学家 SAC 执证编号：S0110520110004 weizhichao@sczq.com.cn 电话：86-10-81152692 [Table_Title] 资本市场赋能新质生产力的作用机制与政策启示 [宏Ta观ble经_R济ep分ort析Da报te]告 | 2025.12.17 核心观点 请务必仔细阅读本报告最后部分的重要法律声明 [Table_Rank] [Table_Authors] [Table_Summary] [Table首_O创th证erR券ep宏or观t]经济分析报告：美联 储决策迷雾未散，市场波动加大 首创证券周报：消费股表现回暖， 社融数据不及预期 首创证券宏观经济分析报告：AI 分 歧加剧，仍需边走边看 科技创新和产业创新是发展新质生产力的基本路径。从理论上看，新质 生产力可以被理解为现代经济增长理论所描述的"技术内生化-制度激 励-资本结构"三要素耦合的结果。 相关研究 从功能机制看，资本市场在新质生产力中首先承担的是技术价值的"价 格发现"功能。高技术创新具有高不确定性、高沉没成本和强信息不对 称等特征，单一依赖银行信贷难以有效识别其潜在价值。有效的资本市 场能 ...

[科Ta技ble创_T新itle不] 断深化，新质生产力蓄势跃升 ——2016—2025 年中央经济工作会议创新部署的十年演进 [宏Ta观bl经e_济Rep分or析tD报ate告] | 2025.12.16 核心观点 韦志超 首席经济学家 SAC 执证编号：S0110520110004 weizhichao@sczq.com.cn 电话：86-10-81152692 请务必仔细阅读本报告最后部分的重要法律声明 [Table_Rank] [Table_Authors] | 从"支撑作用"到"核心引擎"：科技战略定位的根本跃升 | 1 | 1 | 从"补短板"到"塑优势"：创新政策重心的实质转向 | 2 | 1 | | --- | --- | --- | --- | --- | --- | | 从"给资源"到"建机制"：创新制度安排的持续深化 | 3 | 2 | 政策逻辑转变的现实启示：地方政府、企业与资本市场 | 4 | 2 | 宏观经济分析报告 证券研究报告 [Tabl通e_过Su对mm2a0r1y6] 至 2025 年中央经济工作会议中科技创新相关部署的梳理， 可以看出科技战略定位经历了从"支撑作用"到"核 ...

Investment Rating - The investment rating for the company is "Buy" [1][7] Core Insights - The company has achieved significant results from its marketing model transformation, optimizing operational efficiency. The sales expense ratio for the first three quarters of 2025 was 47.19%, a decrease of 2.69 percentage points year-on-year, indicating improved operational efficiency [7] - The innovative drug pipeline has established a matrix layout, with the company's independent innovation capabilities being validated. Key drugs are in various stages of clinical trials, including KC1036 in Phase III and KC1086 completing Phase I [7] - Revenue forecasts for 2025 to 2027 are projected at 9.11 billion yuan, 10.63 billion yuan, and 12.14 billion yuan, with year-on-year growth rates of 10.4%, 16.7%, and 14.2% respectively. Net profit attributable to shareholders is expected to be 1.69 billion yuan, 2.03 billion yuan, and 2.42 billion yuan, with growth rates of 299.8%, 20.2%, and 19.2% respectively [7] Financial Summary - The latest closing price of the company's stock is 44.40 yuan, with a market capitalization of 70.75 billion yuan and a total share capital of 1.59 billion shares [1] - The company's current price-to-earnings (PE) ratio is 123.87, and the price-to-book (PB) ratio is 2.21 [1] - The revenue for 2024 is projected at 8.25 billion yuan, with a revenue growth rate of -10.3%. The net profit for the same year is expected to be 0.43 billion yuan, reflecting a significant decline of 71.9% [4][8]

Group 1: Federal Reserve and Market Trends - The core driver of the global market is the significant weakening of the Federal Reserve's interest rate cut expectations, leading to liquidity concerns and a shift towards risk-averse strategies[3] - The performance of various assets has formed a risk-averse hierarchy: USD > US Treasuries > Gold/Silver > Equity Assets > Bitcoin[10] - The unemployment rate rose to 4.4% in September, despite a strong addition of 119,000 jobs, which exceeded market expectations of 51,000[15] Group 2: AI Sector Insights - Market focus is shifting from AI infrastructure development to the verification of AI application commercialization capabilities[16] - Nvidia's Q4 performance and revenue guidance exceeded expectations, indicating sustained high demand for AI infrastructure[16] - Google’s stock was the only one among the "Magnificent Seven" to rise, increasing by 8.4%, due to its effective response to investor concerns about AI profitability[22] Group 3: Market Volatility and Risks - Increased volatility in US stock and bond markets has been observed since November, influenced by market microstructure factors[17] - The investment-grade credit spread in the US has risen from low levels since November, reflecting cautious market sentiment regarding profitability in the AI sector[18] - Key risks include uncertainties in the Federal Reserve's policy path, slower-than-expected AI commercialization processes, and external shocks[21]