龙靖宁 分析师 执业证书编号:S0530523120001 longjingning@hnchasing.com 评级系统说明 以报告发布日后的 6－12 个月内，所评股票/行业涨跌幅相对于同期市场指数的涨跌幅度为基准。 行业研究报告 此报告仅供内部客户参考 -2- 请务必阅读正文之后的免责条款部分 降幅温和，外资参与积极性高，产品供应丰富多元。本次集采延续第 四批国家高值耗材的风格，降幅较为温和，人工耳蜗类耗材最高降幅 （相对于最高申报价）为 40.27%，由上海力声特报出；外周血管支架 类耗材最高降幅为 58.55%，由美国康蒂思报出。此外，还有柯惠、雅 培、波士顿科学、德国百多力等知名外资企业中选，以及心脉医疗、 归创通桥、先健科技等内资企业中选，产品供应丰富多元。本次集采 外资企业参与积极性高，在所有 4 个组别（人工耳蜗及 3 个外周血管 支架组）均由头部外资企业以第一名中选。 强化创新支持，根据产品特征折算竞价系数。本次国采在价格竞争的 基础上，进一步纳入了对不同特征产品的临床价值的考量，按照质量、 功能与价格相匹配的原则，根据产品特征折算系数，将申报价格折算 后竞价比价，避免了单纯以低价为标准的 ...

-4- 相关报告 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|--------|-----------------------|------------|-----------------------|------------|-----------------------|-------| | \n重点股票 EPS | （元） | 2023A \n PE （倍） | EPS （元） | 2024E \n PE （倍） | EPS （元） | 2025E \n PE （倍） | 评级 | | 沃格光电 | -0.02 | -1175.00 | -0.03 | -700.06 | 0.30 | 78.57 | 增持 | | 深南电路 | 2.73 | 40.54 | 4.00 | 27.59 | 4.83 | 22.88 | 买入 | 封装基板是先进封装的关键材料。基板具备提升功能密度、缩短互连 长度、进行系统重构等优势，在先进封装领域取代了传统的引线框架。 目前主流的封装基板为 BT 和 ABF 基板，BT 基板常用于 ...

此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 一、财信研究观点 此报告仅供内部客户参考 -2- 请务必阅读正文之后的免责条款部分 【基金研究】基金数据日跟踪 刘鋆（S0530519090001） 12 月 24 日，1 年期国债到期收益率持平在 0.93%，10 年期国债到期收益率上行 1.5bp 至 1.72%，1 年期与 10 年 期国债期限利差走阔 1bp 至 79bp。1 年期国开债到期收益率下行 2.4bp 至 1.25%，10 年期国开债到期收益率上行 2.8bp 至 1.79%。DR001 上行 2.9bp 至 1.34%，DR007 下行 4.5bp 至 1.49%。国债期货 10 年期主力合约跌 0.09%，5 年期主力 合约跌 0.07%，2 年期主力合约涨 0.01%。3 年期 AAA 级信用利差上行 2.35bp 至 42.72bp，3 年期 AA-AAA 级等级利 差持平在 29.50bp。 据财政部官网消息，12 月 23 至 24 日，全国财政工作会议在北京召开。会议指出，2025 年要实施更加积极的财 政政策，持续用力、更加给力，打好政策"组合拳"。一是提高财政赤字 ...

| --- | --- | --- | |---------------------|----------|--------| | 市场数据 \n指数名称 | 收盘 | 涨跌 % | | 上证指数 | 3351.26 | -0.50 | | 深证成指 | 10537.40 | -1.03 | | 创业板指 | 2187.94 | -0.98 | | 科创 50 | 998.61 | -1.25 | | 北证 50 | 1140.88 | -2.64 | | 沪深 300 | 3933.57 | 0.15 | 袁闯 分析师 执业证书编号:S0530520010002 yuanchuang@hnchasing.com 贺剑虹 分析师 执业证书编号:S0530524100001 hejianhong@hnchasing.com 一、财信研究观点 【基金研究】基金数据日跟踪 二、重要财经资讯 【财经要闻】我国数字经济核心产业企业总量突破 450 万家 【财经要闻】首批债市违法违规处罚名单基本确定 【财经要闻】深圳明确安居型商品房取得完全产权补缴价款规定 【行业动态】广汽第三代具身智能人形机器人将于 12 月 26 日 ...

证券研究报告 鉴于高端橡塑密封产品进入壁垒高，竞争相对缓和，国产密封件企业 份额仍有较大的提升空间，我们给予行业"同步大市"的投资评级。 具体来看，行业内已有多家细分领域龙头崛起，在核心技术方面取得 了显著突破，逐步打破长期垄断，为我国密封件行业发展注入新动力。 同时，行业内一些头部密封件企业还通过在扩链及收并购方向上的持 续发力，快速提升市场影响力，并有望打造成平台型企业。建议关注： 中密控股、中鼎股份、唯万密封等企业。 1、密封装置的基本概念. 2.1 全球密封件市场规模超 800亿美元,中国市场占比近 30%… 3 、 橡塑密封件 3.4.1 汽车密封件市场规模超 250亿元,有望持续扩容………………………………………………………………………………………………………………………………14 6 、 风险提示 | --- | --- | |--------------------------------------------------------------------------|-------| | | | | 图 1: 密封件的分类 | | | 图 2: 密封件产业链. | | | 图 3: 常见 ...

近日，公司发布公告，公司控股子公司深圳智信生物医疗科技有限公司于近期收到广东省药品监督管理局颁发的 一项《中华人民共和国医疗器械注册证》。产品名称为气管插管用喉镜，产品由显示主机、操作手柄等组成，具备拍 照、录像、浏览、回放、冻结、解冻等功能，为医护人员准确进行气道插管以及口腔内诊察、治疗提供指引。本次取 得医疗器械注册证，有利于进一步丰富公司在呼吸、麻醉、重症领域的产品矩阵，有助于提升公司在临床医疗产品市 场的竞争力。 风险提示：产品销售推广不及预期，行业竞争加剧，集采降价风险等。 12 月 20 日晚，长春高新（000661.SZ）公告：控股子公司百克生物收到国家药品监督管理局核准签发的《药物临 床试验批准通知书》，Ⅱ型单纯疱疹病毒 mRNA 疫苗的临床试验申请获得批准，获批适应症为：预防由Ⅱ型单纯疱疹 病毒感染导致的生殖器疱疹。百克生物获批临床的Ⅱ型单纯疱疹病毒疫苗系与珠海丽凡达生物技术有限公司联合申报 （百克生物为批件持有人），该疫苗为多组分疫苗，能够同时诱导体液免疫应答和细胞免疫应答，且利用 mRNA 技术 路线进一步增强细胞免疫应答，与传统的技术路线相比提高了疫苗成功开发的可能性。截至目前，全球暂 ...

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Investment Rating - The report maintains an "Overweight" rating for the company, indicating a positive outlook on its performance and growth potential [196] Core Viewpoints - The company is well-positioned to benefit from the rapid growth in demand for high-performance network equipment in AI computing centers, particularly in the data center switch market [30][31] - The company's deep involvement in Ethernet solutions for AI computing centers and its partnerships with industry leaders like China Mobile and the Ultra Ethernet Consortium (UEC) are key drivers for future growth [22][23] - The company's data center switch products, especially the 400G and upcoming 800G switches, are expected to see significant volume growth due to increasing demand from internet and cloud service providers [32][36] AI Computing Center Network Demand - AI model training requires massive network bandwidth and low-latency communication between GPUs, leading to a surge in demand for high-performance switches in AI computing centers [7][10][11] - The total traffic generated during the training of large AI models like Llama3-70B can reach 85EB per epoch, necessitating the deployment of multiple high-capacity switches to handle the data flow [7] - AI computing centers require ultra-high bandwidth, ultra-low latency, zero packet loss, and strict time synchronization, which can only be met by deploying a large number of high-performance switches [11] Ethernet vs InfiniBand - Ethernet (RoCE) offers better cost-effectiveness and ecosystem compatibility compared to InfiniBand (IB), making it a more attractive option for AI computing centers [17] - The cost of Ethernet (RoCE) network equipment is approximately 50% lower than that of InfiniBand for large-scale AI computing clusters, according to Semianalysis [17] - Ethernet (RoCE) supports larger-scale network expansion and can achieve full interconnectivity for up to 100,000 H100 GPUs, compared to 65,536 for InfiniBand [17] Company's Competitive Advantages - The company has a strong market position in the data center switch market, ranking third in China with a market share of 16.8% in 2022 [32][74] - The company's 400G switches have seen rapid growth, with revenue increasing by 761% year-over-year in the first three quarters of 2024, driven by demand from internet customers [32] - The company has secured significant contracts with major internet and cloud service providers, including Alibaba, Tencent, and ByteDance, for the development of next-generation switches [30][192] White Box Switches - White box switches, which decouple hardware and software, are gaining traction in data center networks due to their flexibility, cost-effectiveness, and programmability [37][175] - The company has been actively involved in the development of white box switches and has secured contracts with major internet companies for JDM (Joint Design Manufacturing) projects [191][192] - The adoption of white box switches in data centers is expected to accelerate, driven by the need for cost-effective, scalable, and highly controllable network solutions [175][176] Financial Projections - The company is expected to achieve revenue of 12.75 billion, 14.67 billion, and 17.20 billion yuan in 2024, 2025, and 2026, respectively, with year-over-year growth rates of 10.47%, 15.05%, and 17.27% [196] - Net profit is projected to grow by 45.20%, 25.87%, and 21.26% in 2024, 2025, and 2026, reaching 583 million, 733 million, and 889 million yuan, respectively [196] - The company's data center switch business is expected to be the primary growth driver, with revenue projected to grow by 13.58%, 16.58%, and 18.67% over the next three years [193]

Industry Investment Rating - The industry is rated as "In Line with the Market" for December 2024 [6] Core Views - The cosmetics category experienced a significant year-on-year decline in retail sales in November, with a drop of 26.4% [5][8] - The decline is attributed to the early start of the Double 11 shopping festival, which shifted some online purchases to October, and a high base effect from the previous year [9] - Despite the November decline, the combined retail sales of cosmetics for October and November exceeded 90 billion yuan, the highest in the past five years, showing a recovery trend with a year-on-year increase of 4.18% [10] - The report maintains a positive outlook on the industry, expecting consumer confidence to continue recovering with stronger consumption-boosting policies [10] Key Stocks Analysis - **Proya (珀莱雅)**: - 2023 EPS: 3.01 yuan, PE: 30.02x - 2024E EPS: 3.82 yuan, PE: 23.66x - 2025E EPS: 4.75 yuan, PE: 19.03x - Rating: Buy [3] - **Aimeike (爱美客)**: - 2023 EPS: 6.14 yuan, PE: 33.56x - 2024E EPS: 6.93 yuan, PE: 29.73x - 2025E EPS: 7.83 yuan, PE: 26.32x - Rating: Buy [3] - **Runben (润本股份)**: - 2023 EPS: 0.56 yuan, PE: 42.50x - 2024E EPS: 0.73 yuan, PE: 32.60x - 2025E EPS: 0.91 yuan, PE: 26.15x - Rating: Buy [3] Industry Performance - The beauty and personal care industry underperformed the CSI 300 index in the short term, with a 1-month return of 1.61% compared to the CSI 300's -0.68% [20] - Over a 12-month period, the industry returned -2.41%, while the CSI 300 returned 17.97% [20] Investment Recommendations - Focus on companies with strong operational capabilities and a multi-brand strategy, such as Proya [10] - Pay attention to niche market leaders like Runben, which is expected to see rapid new product launches in Q4 [10] - Consider compliant medical beauty leaders like Aimeike, which have strong barriers to entry and high growth certainty [10]

证券研究报告 居民中长贷改善，化债资金沉淀推升 M1 2024 年 12 月 16 日 评级 同步大市 行业涨跌幅比较 洪欣佼 分析师 执业证书编号:S0530524110002 hongxinjiao@hnchasing.com | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|------------|---------------------|-------|--------|-----------------------|----------------------|---------------|-------| | 重点股票 | EPS （元） | 2023A \nPE （倍） | EPS | （元） | 2024E \n PE （倍） | 2025E \n EPS （元） | \n PE （倍） | 评级 | | 招商银行 | 5.81 | 6.42 | | 5.88 | 6.34 | 6.08 | 6.13 | 买入 | | 宁波银行 | 3.87 | 6.29 | | 4.31 | 5.65 | 4.72 ...