[Table_IndustryInfo] 2026 年 03 月 15 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0309-0315） 机器人厂商集中亮相 AWE2026， Figure 03 实现完全自主整理客厅 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 分析师：周鑫雨 执业证号：S1250523070008 电话：021-58351893 邮箱：zxyu@swsc.com.cn 分析师：杨云杰 执业证号：S1250525100001 电话：021-58351893 邮箱：yyjie@swsc.com.cn [Table_QuotePic] 行业相对指数表现 数据来源：聚源数据 -17% -6% 6% 17% 29% 40% 25/3 25/5 25/7 25/9 25/11 26/1 26/3 机械设备 沪深300 | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 443 | | 行业总 ...

[Table_Report 2026 年 03 月 16 日 证券研究报告•固定收益定期报告 债券市场跟踪周报（3.9-3.13） 同业自律"补丁"落地，曲线走陡格局延续 S 3 月 13日，据财联社报道，部分成员银行参加市场利率定价自律机制会议， 被要求加强自律管理，高于 7天 OMO 政策利率的同业活期存款规模季度末占比 不超过 10%-20%。本次对同业活期存款管理进行进一步规范，是对市场利率定 价自律机制于 2024 年 11 月 29 日发布的《关于优化非银同业存款利率自律管理 的倡议》的最新"补丁"，从传导路径看，或主要有如下三方面市场影响：首先 对银行体系而言，此举将进一步压降高息同业负债，预计银行负债成本有望小幅 下降约 1-2BP；而考虑到部分银行此前对同业负债仍存在一定依赖，短期内或面 临一定负债补充需求。从监管指标看，同业活期存款减少对 LCR、NSFR及银行 账簿利率风险的直接影响有限，核心问题仍在于若负债规模下降可能带来的"缩 表"压力，因此银行或通过央行流动性工具及发行同业存单进行补充。在当前长 期限存单发行成本仍具吸引力的情况下，预计银行将更倾向于发行 9M 和 1Y 期 品种， ...

[Table_ReportInfo] 2026 年 03 月 16 日 证券研究报告•固定收益定期报告 债券 ETF 周度跟踪（3.9-3.13） 短久期品种占优，深度贴水产品或存套利机会 摘要 西南证券研究院 [Table_Author] 分析师：杨杰峰 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 联系人：李茂怡 电话：15528164673 邮箱：limaoyi@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 S 上周债市偏弱震荡，债券 ETF市场规模收缩。上周利率债类 ETF、信用债类 ETF、可转债类 ETF净流入资金分别-32.76亿元、-48.29亿元、-16.99亿元， 债券 ETF市场合计净流入金额-98.04亿元，整体来看，上周公布的 2月 CPI 涨幅和外贸数据均超预期，叠加地缘政治冲突导致油价剧烈波动，债券市场 在通胀忧虑情绪主导下偏弱震荡，债券 ETF 产品净值普遍走低，份 ...

ooo[Table_ReportInfo] 2026 年 03 月 13 日 证券研究报告•宏观简评报告 数据点评 企业信贷同比多增，M1 增速回升 ——2026 年 2 月社融数据点评 企业短贷和中长贷同比多增，居民贷款同比少增。2026 年 2 月，企（事）业 单位贷款增加 14900亿元，同比多增 4500亿元，企业信贷意愿有所增强。其 中，企业短期贷款增加 6000亿元，同比多增 2700亿元，或因节前发放工资、 奖金推升短期流动性需求；企业中长期贷款增加 8900 亿元，同比多增 3500 亿元，随着财政政策逐步落地，"两重"项目开工建设，企业增加配套融资， 另外出口大幅增长或也带动了企业投资需求增加；票据融资减少 350亿元，同 比多减 2043亿元，票据已连续三个月同比为负，冲量需求持续减少。2026年 2 月，居民贷款减少 6507亿元，同比少增 2616亿元。其中，居民短期贷款减 少 4693 亿元，同比少增 1952 亿元，或主要受到春节错位的扰动，消费信贷 需求已在节前释放，节日期间"只收不贷"拖累贷款融资读数；居民中长期贷 款减少 1815亿元，同比少增 665亿元，春节期间通常为楼市 ...

[ T able_StockInfo] 2026 年 03 月 10 日 证券研究报告•2025 年年报点评 当前价：21.98 港元 和黄医药（0013.HK）医疗保健 目标价：——港元 业绩符合预期，ATTC 平台进入临床试验阶段 | 指标/年度 | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入（百万美元） | 548.51 | 648.34 | 728.09 | 847.49 | | 增长率 | -12.96% | 18.20% | 12.30% | 16.40% | | 归属母公司净利润（百万美元） | 456.91 | 4.02 | 5.83 | 6.73 | | 增长率 | 1111.03% | -99.12% | 44.91% | 15.48% | | 每股收益 EPS（美元） | 0.52 | 0.00 | 0.01 | 0.01 | | 净资产收益率 ROE | 36.91% | 0.32% | 0.47% | 0.54% | | PE | 5.37 | 609.48 | 420.58 | 364 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative price increase of over 20% in the next six months [15]. Core Insights - The company is enhancing its universal CAR-T product portfolio, with the in vivo CAR-T expected to initiate clinical trials in 2026. The proprietary platforms, THANK-uCAR® and THANK-u Plus®TM, are being utilized to develop differentiated universal CAR-T cell products [2][3]. - The company reported a revenue of 1.3 billion yuan in 2025, with a net loss of 1 billion yuan, a significant reduction from the previous year's loss of 8 billion yuan. As of December 31, 2025, cash and cash equivalents stood at 1.12 billion yuan [8]. - The company has received 218 orders for its product, Sikeizai®, from East China Pharmaceutical in 2025 and has been included in the "Commercial Health Insurance Innovative Drug Directory" [8]. Financial Projections - Revenue projections for the company are as follows: 2.6 billion yuan in 2026, 4.9 billion yuan in 2027, and 8 billion yuan in 2028, driven by the commercialization of CT053 and CT041 [10][11]. - The company anticipates a significant increase in net profit, projecting a profit of 63.26 million yuan in 2027 and 249.58 million yuan in 2028, following a net loss of 97.86 million yuan in 2025 [3][11]. - Earnings per share (EPS) are expected to improve from -0.17 yuan in 2025 to 0.43 yuan in 2028, reflecting the anticipated growth in profitability [3][11]. Product Development - The company is advancing multiple universal CAR-T products targeting various antigens, including CT0596 (BCMA) and CT1190B (CD19/CD20), with initial data expected to be presented at the ASH conference in December 2025 [2]. - The in vivo CAR-T candidate, KJ-C2529, targeting CD19/CD20 for B-cell lymphoma, is set to begin clinical trials in 2026 [2].

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [1]. Core Insights - The machinery equipment industry is experiencing sustained growth, with February exports exceeding expectations. The main drivers are the "replacement cycle and external demand" [1][6]. - Domestic sales of excavators slightly decreased in January-February 2026, while exports continued to grow significantly. The overall upward trend for the year remains unchanged despite short-term fluctuations due to the Spring Festival [6]. Summary by Sections Market Review - In February 2026, the Shenwan Machinery Index rose approximately 7.35%, outperforming the Shanghai Composite Index by 6.26 percentage points and the CSI 300 by 7.26 percentage points [13]. - The performance of different segments includes: - Complete machine manufacturing for earthmoving/concrete/lifting machinery: -1.7% - Complete machine manufacturing for others: 2.5% - Components: 20.7% [13]. Industry Tracking - Excavator sales in January-February 2026 totaled 35,934 units, a year-on-year increase of 13.10%. Domestic sales were 15,478 units, down 9.19%, while exports reached 20,456 units, up 38.8% [18]. - Loader sales for the same period were 21,299 units, a year-on-year increase of 27.9%. Domestic sales were 9,156 units, up 11.5%, and exports were 12,143 units, up 43.9% [18]. Macro Dynamics - In February 2026, the manufacturing PMI fell to 49.0%, indicating a seasonal decline. However, high-tech manufacturing PMI remains in the expansion zone at 51.5% [48]. - The government has clarified its fiscal strategy, planning to issue 4.4 trillion yuan in special bonds and 800 billion yuan in ultra-long-term special bonds to support large-scale equipment updates [48]. Key Targets - Recommended leading manufacturers include: - Zoomlion Heavy Industry (000157) - Sany Heavy Industry (600031) - XCMG (000425) - LiuGong (000528) [6]. - Core component manufacturers to focus on: - Hengli Hydraulic (601100) - Aidi Precision (603638) - Fushite (301446) [6].

军工行业2026年春季投资策略 发展先进战斗力，拓展出海民用新市场 西南证券研究院 军工研究团队 2026年3月 核心观点 1 大国博弈+局部冲突，多国提高军费应对不确定性。近几年，世界局势呈现大国博弈，且局部冲突战争不断的态势。在强不确定性环 境下，全球多国加强国防开支和军事力量建设。2025年全球国防开支增长至2.63万亿美元，同比增长2.5%，国防开支占全球GDP的 比例从1.89%上升至2.01%。其中美国签署2026年9010亿美元国防法案，相对平稳；北约国防开支达到GDP的2%，在此基础上可 能继续增长；日本已将防卫预算占GDP比重提升至2%，军事装备展现攻击性扩张姿态。 我国国防预算稳定增长7%。3月5日，我国公布2026年中央和地方财政预算草案，我国2026年国防支出预算为1.91万亿元，较2025 年增长7%，增速略降0.2pp。我国国防预算虽增幅维持相对高位，但是占GDP比例仅有1.3%，远低于世界平均水平，仍有较大的增 长空间。 2027年重要节点，近两年行业增长动能必将加大。2026年的两会的政府工作报告中强调：要打好实现建军一百年奋斗目标攻坚战。 2027年建军百年奋斗目标节点在即， ...

核心观点 需求爆发&供给刚性，价格持续上涨，存储迎来超级周期。1）AI大模型技术超预期迭代升级，全球Token消耗量爆发式增长，由此带来海量的数 据存储、处理和检索需求，存储行业迎来超级景气周期。2）海外三大原厂将有限产能向高利润HBM和DDR5产品倾斜，对消费级和低端存储芯片 产能造成严重挤压，供需缺口扩大。3）存储原厂在上轮周期产能和资本开支过度后，本轮周期扩产动作均较为谨慎；且高端HBM存储芯片存在洁 净室建设周期长，良率爬坡困难等问题，短期供给持续偏紧。在需求爆发&供给刚性的背景下，据CFM闪存市场预计，2026年存储价格整体仍将 延续上涨。 需求端：本轮超级周期的根本原因在于，AI大模型技术超预期迭代升级，带来海量的数据存储、处理和检索需求。1）得益于生成式AI的快速迭代 ，AI agent、多模态应用与原生视频技术等新应用爆发式增长，由此带来海量数据的存储、处理和检索需求，直接推高了对HBM、DRAM、NAND 等存储介质的需求，开启一轮存储超级需求周期。2）根据Open Router，2026年2月同期全球主要大模型消耗的token是25年同期的10倍及以上， 彰显出极其旺盛的算力及存储需求。3 ...

Economic Growth and Expectations - The GDP growth target for 2026 is set at 4.5%-5%, reflecting a downward adjustment from previous years[8] - The weighted average GDP growth target for local governments in 2026 is approximately 5.10%, down from 5.37% in 2025[13] - The actual economic growth rate for 2026 is expected to reach around 4.9%, with nominal GDP growth projected to rise to about 4.2%[8] Manufacturing and Investment Trends - Manufacturing investment growth is anticipated to rebound to around 2% in 2026, supported by preemptive investments in key projects[5] - The manufacturing PMI in January 2026 fell to 49.3%, indicating a contraction in manufacturing activity[19] - The investment in the manufacturing sector decreased by 8.6% in 2025, marking the lowest level since 2021[21] Real Estate Market Dynamics - Real estate investment in 2025 declined by 17.2%, with a significant drop in new construction area[26] - The confidence index for real estate developers has reached a historical low, impacting land market transactions negatively[28] - The land transaction area in 2025 decreased by 9.66% year-on-year, with a further decline of 18.33% in January 2026[28] Consumer Confidence and Spending - The consumer confidence index showed a recovery, reaching 89.5 in December 2025, which is expected to positively influence retail sales growth[47] - Retail sales growth for 2025 was 3.7%, with an anticipated increase to around 4% in the first quarter of 2026 due to seasonal factors[47] - The average daily sales during the 2026 Spring Festival increased by 5.7% compared to the previous year[47] Infrastructure and Policy Support - A significant increase in project approvals was noted in January 2026, with 3,041 projects approved, 2.75 times the number from the previous year[39] - Infrastructure investment growth is expected to stabilize and potentially reach 6% in 2026, driven by policy support and project initiation[39] - The focus on "AI + manufacturing" is expected to accelerate investment in manufacturing upgrades in 2026[21]