[ T able_StockInfo] 2026 年 03 月 30 日 证券研究报告•2025 年年报点评 当前价：123.58 元 荣昌生物（688331）医药生物 目标价：——元（6 个月） | 指标/年度 | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 3251.05 | 2820.94 | 3911.23 | 6482.08 | | 增长率 | 89.36% | -13.23% | 38.65% | 65.73% | | 归属母公司净利润（百万元） | 709.65 | -300.76 | -124.27 | 659.80 | | 增长率 | 148.33% | -142.38% | 58.68% | 630.95% | | 每股收益 EPS（元） | 1.26 | -0.53 | -0.22 | 1.17 | | 净资产收益率 ROE | 19.66% | -9.09% | -3.90% | 17.17% | | PE | 98.30 | -231.94 | -561.35 | 105. ...

持有 （维持） 当前价：246.97 元 [ T able_StockInfo] 2026 年 03 月 28 日 证券研究报告•2025 年年报点评 惠泰医疗（688617）医药生物 目标价：——元（6 个月） 风险提示：市场竞争风险、政策控费风险、研发失败风险、新品放量不及预期风险。 | [Table_MainProfit ] 指标 /年度 | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2583.93 | 3311.23 | 4105.04 | 5017.17 | | 增长率 | 25.08% | 28.15% | 23.97% | 22.22% | | 归属母公司净利润（百万元） | 820.64 | 1040.37 | 1273.71 | 1590.76 | | 增长率 | 21.91% | 26.78% | 22.43% | 24.89% | | 每股收益 EPS（元） | 5.82 | 7.38 | 9.03 | 11.28 | | 净资产收益率 ROE | 25.80% | 25.7 ...

[Table_ReportInfo] 2026 年 03 月 31 日 证券研究报告•金融工程报告 机器学习金融工程月报 机器学习因子选股月报（2026 年 4 月） 截至 2026年 3月 27日，2月当期多头组合超额收益最高的五个行业（除综合） 分别为传媒、农林牧渔、建材、轻工制造、煤炭，多头组合相对行业指数超额 收益分别为 4.57%、3.26%、3.19%、2.53%以及 2.22%。 近一年来看，多头组合月平均超额收益最高的五个行业（除综合）分别为房地 产、商贸零售、消费者服务、汽车、电力及公用事业，超额收益分别为 1.83%、 1.41%、1.39%、1.18%以及 1.07%。且 29 个中信一级行业（除综合）中， GAN_GRU因子多头组合近一年有 8个行业未跑赢对应中信一级行业指数（交 通运输、建材、煤炭、非银金融、传媒、有色、通信、煤炭）。 摘要 西南证券研究院 [Table_Author] 分析师：郑琳琳 执业证号：S1250522110001 邮箱：zhengll@swsc.com.cn 分析师：祝晨宇 执业证号：S1250525100004 邮箱：zhcy@swsc.com.cn 相 ...

Market Overview - The North Exchange A-shares market is experiencing increased risk aversion due to ongoing global geopolitical conflicts and fluctuating expectations of interest rate cuts by the Federal Reserve, leading to heightened volatility in global risk assets[6] - The average daily trading volume in the A-share market has decreased by CNY 100.6 billion, while the North Exchange A-shares' average daily trading volume has shrunk by CNY 28.7 billion, reaching a near one-year low[6] Valuation and Performance - The current PE (TTM) ratio for North Exchange A-shares has dropped to approximately 34 times, down from about 50 times in mid-2025, indicating a significant correction[6] - The North Exchange's valuation is now lower than that of the Sci-Tech Innovation Board (42.2 times) and the Growth Enterprise Market (38.0 times), suggesting a growing safety margin for long-term investments[6] Trading Activity - As of March 27, 2026, the North Exchange A-shares consist of 301 stocks with an average market capitalization of CNY 26.8 billion, compared to CNY 131.1 billion for the Growth Enterprise Market and CNY 187.2 billion for the Sci-Tech Innovation Board[13] - The total trading amount for the North Exchange during the week was CNY 677.6 billion, with an average trading amount per stock of CNY 2.2 billion and a turnover rate of 15.9%[13] Stock Performance - In the recent trading period, the North Exchange 50 index fell by 3.4%, underperforming the Growth Enterprise Market by approximately 1.7 percentage points[20] - Among the 301 stocks, 28 stocks increased in value, while 272 stocks decreased, with the top performer, Puan Medical, rising by 136.6%[22] New Listings - One new stock, Puan Medical (920069.BJ), was listed on March 27, 2026, with a first-day increase of 136.6% and a PE ratio of 15.0 times[30] - Upcoming listings include three companies: Yuelong Technology, Sain Electronics, and Longyuan Co., with expected issuance prices and PE ratios ranging from 13.8 to 15.0 times[34] Risk Factors - Key risks include policy changes, liquidity risks, and the potential for corporate earnings to fall short of expectations, which could further impact market sentiment[6]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 13.35 yuan and a target price not specified for the next 6 months [1]. Core Insights - The company reported a stable profit growth and continues to provide high dividends to shareholders, with a proposed annual cash dividend of 518 million yuan, accounting for 33.04% of net profit, and a total cash dividend of 752 million yuan, which is 48% of net profit [7]. - The revenue for 2025 was 11.73 billion yuan, a decrease of 4.84% year-on-year, while the net profit attributable to the parent company was 1.57 billion yuan, an increase of 1.53% year-on-year. The decline in revenue was primarily due to the market environment in the education service industry, affecting sales of textbooks and student reading materials [7]. - The company is focusing on digital product upgrades and exploring IP development in general books, while also implementing a "going out" strategy, exporting 54,000 books in 2025 [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue is expected to grow from 12.75 billion yuan in 2026 to 14.77 billion yuan in 2028, with growth rates of 8.69%, 7.62%, and 7.59% respectively [2][8]. - Net profit attributable to the parent company is projected to increase from 1.73 billion yuan in 2026 to 2.05 billion yuan in 2028, with corresponding growth rates of 10.15%, 7.46%, and 10.54% [2][8]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 1.40 yuan in 2026 to 1.66 yuan in 2028 [2]. - **Valuation Metrics**: - The Price-to-Earnings (PE) ratio is expected to decrease from 10 in 2026 to 8 in 2028, while the Price-to-Book (PB) ratio is projected to decline from 1.10 to 0.96 over the same period [2][9]. Business Segment Analysis - **Publishing and Distribution**: - The publishing segment is expected to see revenue growth from 3.13 billion yuan in 2026 to 3.59 billion yuan in 2028, with growth rates of 8% each year [8]. - The distribution segment is projected to grow from 11.03 billion yuan in 2026 to 12.62 billion yuan in 2028, with growth rates of 8%, 7%, and 7% respectively [8]. - **Digital Transformation**: - The company is actively upgrading its digital products and has partnered with apps like "Nano Box" and "Yuan Tutor" to provide educational resources, indicating a strategic shift towards digitalization in the education sector [7].

[Table_Report 2026 年 03 月 30 日 证券研究报告•固定收益定期报告 债券市场跟踪周报（3.23-3.27） 存单监管或迎重塑，债市做多窗口渐启 核心观点 西南证券研究院 [分析师：杨杰峰 Table_Author] 执业证号：S1250523060001 电话：18190773632 邮箱：yangjf@swsc.com.cn 分析师：叶昱宏 执业证号：S1250525070010 电话：18223492691 邮箱：yeyuh@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 S 据 21世纪经济报道，同业存单额度备案方式可能将面临调整，或有可能与二 级资本债、永续债等金融债统筹管理。2026 年以前，同业存单发行长期实行 年度额度备案制度：商业银行通常在当年发行首笔同业存单后即披露全年发行 计划，明确当年度同业存单发行总额度（含人民币及外币），并采取余额管理 方式，年内同业存单余额不得超过备案额度。2026 年以来，多数发行同业存 单的商业银行尚未发布本年度发行计划。因此，市场对于监管可能调整同业存 单额度管理方式、并与其他金融债额度合并管理的预期有所升温。 从市 ...

[Table_ReportInfo] 2026 年 03 月 30 日 证券研究报告•固定收益定期报告 债券 ETF 周度跟踪（3.23-3.27） 科创债 ETF 净增超百亿，后市关注资金中枢 S 规模显著增长，信用债类 ETF贡献主要增量。上周利率债类 ETF、信用债类 ETF、可转债类 ETF净流入资金分别 31.45亿元、196.69亿元、-13.36亿元， 债券 ETF市场合计净流入金额 214.79亿元，本月累计净流入 163.50亿元， 本年累计净流入-845.17亿元。截至 2026年 3月 27日，债券 ETF基金规模 7480.58 亿元，较前周收盘+3.13%，较年初-9.79%，在全市场 ETF规模中占 比 14.84%，环比前周末+62bp。整体来看，上周权益等风险资产大幅波动引 发对应ETF产品大量赎回，而债券ETF在浓厚避险氛围下获得资金集中申购， 净值表现上，纯债市场在央行季末投放加量等因素支撑下收益率曲线整体较 前周下移，尤其是超长债价格修复明显，纯债类 ETF 净值企稳提升。 具体来看，可转债 ETF规模走势分化，科创债类 ETF获资金大幅流入。上周 可转债类 ETF 净赎 ...

数据来源： ifind ，西南证券 请务必阅读正文后的重要声明部分 1 投资要点 西南证券研究院 [ T able_StockInfo] 2026 年 03 月 30 日 证券研究报告•2025 年年报点评 新华文轩（601811）传媒 目标价：——元（6 个月） 买入 （维持） 当前价：13.35 元 利润稳健增长，持续高分红回馈股东 | 指标/年度 [Table_MainProfit] | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 11731.68 | 12751.62 | 13723.93 | 14765.96 | | 增长率 | -4.84% | 8.69% | 7.62% | 7.59% | | 归属母公司净利润（百万元） | 1568.45 | 1727.57 | 1856.45 | 2052.18 | | 增长率 | 1.53% | 10.15% | 7.46% | 10.54% | | 每股收益 EPS（元） | 1.27 | 1.40 | 1.50 | 1.66 | | 净资产收 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a record high in fleet capacity and steady profit growth, with a total revenue of approximately 23.21 billion yuan in 2025, representing a year-on-year increase of 38.32% [7] - The net profit attributable to shareholders was about 1.78 billion yuan, up 16.29% year-on-year, with a basic earnings per share (EPS) of 0.686 yuan [7] - The company plans to distribute a cash dividend of 3.25 yuan per 10 shares (pre-tax) [7] Financial Performance Summary - Revenue projections for 2026-2028 are 25.71 billion yuan, 26.77 billion yuan, and 27.94 billion yuan, with growth rates of 10.75%, 4.13%, and 4.38% respectively [2][10] - The net profit attributable to shareholders is expected to be 1.91 billion yuan, 2.10 billion yuan, and 2.20 billion yuan for the same period, with growth rates of 7.61%, 9.85%, and 4.47% respectively [2][10] - The company’s return on equity (ROE) is projected to decline from 12.78% in 2025 to 11.24% in 2028 [2] Fleet and Market Position - The company’s fleet capacity reached a new high with 198 vessels and 9.12 million deadweight tons, a 48% increase year-on-year [7] - The company leads in several niche markets, including multi-purpose heavy-lift vessels and semi-submersible vessels, with significant revenue contributions from various vessel types [7] - The total cargo volume increased by 41.6% year-on-year to 26.20 million tons, with a target of over 31 million tons for 2026 [7] Revenue Breakdown by Vessel Type - Revenue from multi-purpose vessels, heavy-lift vessels, and semi-submersible vessels showed significant growth, with year-on-year increases of 13.16%, 44.38%, and 9.82% respectively in 2025 [10][11] - The revenue from pulp carriers is expected to grow significantly, with projections of 30.99% growth in 2026 [10][11] Profitability and Cost Structure - The overall gross margin is expected to remain stable around 20.81% to 20.98% from 2026 to 2028 [10] - The total operating costs are projected to increase significantly, with a growth rate of 84.91% in 2025 [10] Valuation Metrics - The price-to-earnings (PE) ratio is projected to decrease from 13 in 2025 to 10 in 2028, indicating a potentially attractive valuation [2][10] - The price-to-book (PB) ratio is expected to decline from 1.37 in 2025 to 1.03 in 2028 [2][10]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative performance increase of over 20% in the next six months compared to the relevant market index [14]. Core Insights - The company has achieved performance in line with expectations, driven by dual engines of growth, with significant revenue contributions from its key products [1][7]. - The revenue forecast for the company shows a substantial increase, with projected revenues of 5.7 billion CNY in 2025, growing to 36.5 billion CNY by 2028, reflecting a compound annual growth rate (CAGR) of over 200% from 2025 to 2028 [2][10]. - The company has a strong pipeline, with key products like Olverembatin and Lisatoclax showing promising growth trajectories and clinical advancements [7][9]. Financial Summary - Revenue projections for the company are as follows: - 2025: 5.7 billion CNY - 2026: 7.9 billion CNY - 2027: 12.1 billion CNY - 2028: 36.5 billion CNY - The expected growth rates for revenue are -41.46% in 2025, followed by 38.40% in 2026, 52.50% in 2027, and a remarkable 201.15% in 2028 [2][10]. - The net profit attributable to the parent company is projected to improve from -1,242.77 million CNY in 2025 to a profit of 178.75 million CNY in 2028, indicating a significant turnaround [2][10]. - Earnings per share (EPS) are expected to transition from -3.33 CNY in 2025 to 0.48 CNY in 2028, reflecting the company's recovery and growth [2][10]. Product Pipeline and Clinical Development - Lisatoclax (APG-2575) has received conditional approval for the treatment of CLL/SLL in China and is undergoing multiple Phase III clinical trials, indicating strong regulatory progress and market potential [7]. - Olverembatin has been included in the national medical insurance catalog, enhancing patient accessibility and affordability, which is expected to drive sales growth [7]. - The company is also advancing its PROTAC platform with APG-3288, which has received IND approval from both the FDA and CDE, showcasing its innovative capabilities [7].