证券研究报告 | 2026年03月11日 SEA（SE.N） 优于大市 2025Q4 财报点评：收入表现亮眼，电商持续加大物流与营销投入 整体表现：电商/数字金融/游戏驱动收入增速亮眼。收入端看，2025Q4 公 司收入 68.5 亿美元，同比增长 38%，电商/数字金融/游戏业务增速分别 为 36%/57%/38%。利润端看，本季度公司实现净利润 4.11 亿美元，净利 率 6%，实现经调整 EBITDA 7.54 亿美元，对应利润率 11%。 电商业务：收入端快速增长，加大物流建设影响利润释放。2025Q4 电商业 务营收 49.8 亿美元，同比增长 36%，主要受益于 GMV 稳健增长及货币化 率企稳。Q4 GMV 达 367 亿美元，同比增长 28%，全年增速维持在 25%以 上。平台货币化率从去年同期 11.2%提升至 11.8%，主要来自广告收入 的强劲增长，广告收入 yoy 近 70%，平台付费卖家数量实现超 20%的增 长，且单个卖家平均广告支出同比增幅超过 45%。本季度电商经调整 EBITDA 为 2.02 亿美元，对应利润率 4.0%，环比下降 0.3pct。 数字金融：信贷规模强劲增长 ...

2026年03月11日 证券研究报告 | 赤子城科技（9911.HK） 全球化社交娱乐公司，灌木丛矩阵筑就出海壁垒 公司研究 · 海外公司深度报告 互联网 · 互联网II 投资评级：优于大市（首次评级） | 证券分析师：张伦可 | 证券分析师：陈淑媛 | | --- | --- | | 0755-81982651 | 021-60375431 | | zhanglunke@guosen.com.cn | chenshuyuan@guosen.com.cn | | S0980521120004 | S0980524030003 | 请务必阅读正文之后的免责声明及其项下所有内容 核心结论 请务必阅读正文之后的免责声明及其项下所有内容 2 Ø 赤子城是全球化社交娱乐头部玩家。公司凭借超 20 个本土化运营中心的深度布局，形成了独特的灌木丛产品矩阵，为全球 150多个国家和地区的超 10 亿用户提供服务。以中东北非为核心、辐射全球。公司业务分为核心社交业务与创新业务两大板块。 管理层均拥有十余年移动互联网出海经验，股权结构由创始人团队锁定核心控制权。 Ø 核心社交业务是公司的营收基本盘，分为泛人群社交与多元人群社交两 ...

证券研究报告 | 2026年03月11日 京东健康（06618.HK） 优于大市 2025H2 财报点评：收入利润增长亮眼，医药线上渗透率提升 空间大 核心观点 公司研究·海外公司财报点评 互联网·互联网Ⅱ | 证券分析师：张伦可 | 证券分析师：王颖婕 | | --- | --- | | 0755-81982651 | 0755-81983057 | | zhanglunke@guosen.com.cnwangyingjie1@guosen.com.cn | | | S0980521120004 | S0980525020001 | | 基础数据 | | | 投资评级 | 优于大市(维持) | | 合理估值 | | | 收盘价 | 49.18 港元 | | 总市值/流通市值 | 157906/157906 百万港元 | | 52 周最高价/最低价 | 71.70/27.15 港元 | | 近 3 个月日均成交额 | 475.85 百万港元 | 收入端：2025H2，公司实现营业收入 381.5 亿元，同比+28%。分拆看，1） 下半年商品收入 316 亿元，同比+27%，主要系活跃用户数增加以及产品 品类丰 ...

证券研究报告 | 2026年03月11日 京东集团-SW（09618.HK） 优于大市 2025Q4 点评：京东零售业绩稳健，2025 年股东回报率 10% 本季度收入稳健增长：本季度公司实现营业收入 3523 亿元，同比+1.53%， 分拆看，1）本季度京东零售收入 3019 亿元，同比-2%，主要受带电品 类拖累。我们测算自营收入同比-3%，其中带电品类收入增速-12%，商 超品类增速约 12%。自营增速环比持续显著回落，主要受国补政策退坡 及 Q4 多地补贴额度用尽影响，带电品类销售动能减弱。本季度平台活 跃用户数及购物频次均实现 30%以上增长。2）京东物流收入 635 亿元， 同比+22%，延续稳健增长。3）新业务收入 141 亿元，同比+201%，主要 受京东外卖业务快速增长推动，Q4 外卖单量环比进一步提升。值得一提 的是，零售与外卖业务的协同效应开始体现，Q4 外卖业务为广告业务贡 献 2-3%的增量收入。 公司利润：公司 non-GAAP 净利润 10.8 亿元，non-GAAP 净利率 0.3%，与 去年同期相比下降 3pct。其中经调 EBITDA 利润率从 3.6%降至-0.2%。 分 ...

经济研究·宏观快评 证券研究报告 | 2026年03月11日 1-2 月进出口数据点评 算力争夺成为出口主线 | 证券分析师： | 邵兴宇 | 010-88005483 | shaoxingyu@guosen.com.cn | 执证编码：S0980523070001 | | --- | --- | --- | --- | --- | | 证券分析师： | 田地 | 0755-81982035 | tiandi2@guosen.com.cn | 执证编码：S0980524090003 | | 证券分析师： | 董德志 | 021-60933158 | dongdz@guosen.com.cn | 执证编码：S0980513100001 | 事项： 3 月 10 日，海关总署发布进出口数据。我国 1-2 月出口（以美元计价，后同）同比增长 21.8%，进口增长 19.8%，1-2 月贸易顺差 2136.18 亿美元，实现外贸开门红。 评论： 图1：外贸量值表 | HO 井電車位 | 2月 2026年1至2月累计 | | 2025年1至2月累计 | | 相比去年同期 土% | | | --- | --- | --- ...

证券研究报告 | 2026年03月10日 2026年03月11日 $\Lambda_{\rm f}(t)=\Lambda_{\rm f}(t)$. 市场表现：20260310 市场全线上涨，规模指数中中证 2000 指数表现较好， 板块指数中创业板指表现较好，风格指数中沪深 300 成长指数表现较好。通 信、电子、机械、轻工制造、医药行业表现较好，石油石化、煤炭、农林牧 渔、钢铁、综合金融行业表现较差。光模块(CPO)、覆铜板、光纤、光通信、 通讯设备精选等概念表现较好，油气改革、央企煤炭、页岩气、油气开采、 聚丙烯等概念表现较差。 市场情绪：20260310 收盘时有 71 只股票涨停，有 7 只股票跌停。昨日涨 停股票今日收盘收益为 3.46%，昨日跌停股票今日收盘收益为-0.32%。今日 封板率 65%，较前日提升 13%，连板率 20%，较前日提升 5%。 市场资金流向：截至 20260309 两融余额为 26456 亿元，其中融资余额 26275 亿元，融券余额 181 亿元。两融余额占流通市值比重为 2.6%，两融 交易占市场成交额比重为 9.0%。 折溢价：20260309 当日 ETF 溢价较 ...

证券研究报告 | 2026年03月10日 2026年03月11日 $\Lambda_{\rm f}(t)=\Lambda_{\rm f}(t)$. 市场表现：20260310 市场全线上涨，规模指数中中证 2000 指数表现较好， 板块指数中创业板指表现较好，风格指数中沪深 300 成长指数表现较好。通 信、电子、机械、轻工制造、医药行业表现较好，石油石化、煤炭、农林牧 渔、钢铁、综合金融行业表现较差。光模块(CPO)、覆铜板、光纤、光通信、 通讯设备精选等概念表现较好，油气改革、央企煤炭、页岩气、油气开采、 聚丙烯等概念表现较差。 市场情绪：20260310 收盘时有 71 只股票涨停，有 7 只股票跌停。昨日涨 停股票今日收盘收益为 3.46%，昨日跌停股票今日收盘收益为-0.32%。今日 封板率 65%，较前日提升 13%，连板率 20%，较前日提升 5%。 市场资金流向：截至 20260309 两融余额为 26456 亿元，其中融资余额 26275 亿元，融券余额 181 亿元。两融余额占流通市值比重为 2.6%，两融 交易占市场成交额比重为 9.0%。 折溢价：20260309 当日 ETF 溢价较 ...

Macro and Strategy - The macro review highlights that China's CPI increased by 1.3% year-on-year in February 2026, while PPI decreased by 0.9% year-on-year, indicating persistent inflationary pressures [7][8] - The fixed income analysis discusses the characteristics of "fixed income+" funds, emphasizing the importance of asset allocation to mitigate risks and smooth net value fluctuations [8][9] Chemical Industry - The methionine market has seen significant price increases due to rising energy costs, with domestic solid methionine prices reaching 24,000 RMB/ton, a 25.33% increase from late February [9][10] - Global methionine demand is projected to grow from 1.023 million tons in 2014 to 1.7 million tons by 2024, with an average annual growth rate of 5.21% [10] - The production costs for methionine are expected to rise sharply due to increased prices of key raw materials such as natural gas and methanol, which have seen significant price hikes [11] Automotive Industry - The penetration rate of NOA (Navigation on Autopilot) in urban areas reached 23% in December 2025, with significant advancements in smart vehicle technology [14][15] - The market for L2 and above autonomous vehicles is expanding, with a penetration rate of 39.5% as of December 2025, reflecting a year-on-year increase of 23 percentage points [16] - Investment recommendations include companies like XPeng Motors and Jianghuai Automobile, focusing on both complete vehicles and key components for smart driving technology [16] Military Industry - The 2026 national defense budget is set at 1,909.561 billion RMB, reflecting a 7% year-on-year increase, marking the 11th consecutive year of stable growth [17] Renewable Energy and Power Equipment - The demand for energy storage is expected to grow significantly, with global storage capacity projected to reach 455 GWh in 2026, a 40% increase year-on-year [20] - The green fuel sector is identified as a key area for energy security and development, with government initiatives supporting the transition to renewable energy sources [18][19] - Companies involved in solid-state batteries and sodium batteries are highlighted as key players in the evolving energy landscape, with significant advancements in technology and production capabilities [19] Company-Specific Insights - Shangmei Co., Ltd. anticipates a net profit growth of 42-44% year-on-year, driven by multi-brand strategies and channel optimization [22] - The company expects revenue to reach 9.1-9.2 billion RMB in 2025, reflecting a growth of 34.0%-35.4% [22]

Group 1: Core Insights - The report emphasizes the importance of green fuels as a key direction for energy security and green development, with the establishment of a national low-carbon transition fund highlighted [1] - The potential of space photovoltaic technology is noted, with several domestic photovoltaic companies actively engaging in this sector and collaborating with commercial space enterprises [1] - The report suggests focusing on leading component companies in the photovoltaic equipment sector and space business, such as Maiwei Co., JinkoSolar, Junda Co., and Dongfang Risen [1] Group 2: AIDC Power Equipment Sector - Major global tech giants are significantly increasing their capital expenditures for 2026, with Amazon expected to reach approximately $200 billion, Google between $175 billion and $185 billion, and Meta between $115 billion and $135 billion, indicating a robust demand for power equipment in the AI era [2] - The report highlights the growth of solid-state and sodium batteries, with advancements in equipment and materials, and suggests monitoring companies like Xiamen Tungsten, Ronbay Technology, and others involved in these technologies [2][3] Group 3: Energy Storage Demand - Global energy storage demand is projected to grow steadily, with an expected installation demand of 455 GWh by 2026, representing a 40% year-on-year increase [3] - The report recommends focusing on companies such as CATL, EVE Energy, and others that are well-positioned to benefit from this growth in energy storage [3] Group 4: Wind Power Sector - The profitability of wind turbine manufacturers is recovering, with domestic wind power installations expected to grow by 10%-20% in 2026, supported by saturated orders and stable pricing [3] - Key companies in the wind power sector include Goldwind, Sany Heavy Energy, and others, which are expected to benefit from this growth [3] Group 5: Investment Recommendations - The report advises monitoring the development of controllable nuclear fusion, green hydrogen and ammonia industries, global energy storage demand, and the expansion of AIDC power equipment industry opportunities [4] - It also highlights the importance of supply-side adjustments in the photovoltaic industry and the recovery of the grid equipment sector [4] Group 6: Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for key companies, including Delijia, Pinggao Electric, and Sifang Co., with expected earnings per share (EPS) growth and price-to-earnings (PE) ratios indicating favorable investment opportunities [4]

证券研究报告 | 2026年03月10日 生物燃料及油脂化工行业 棕榈油价格大幅上行，生物燃料替代有望加速 优于大市 |  | 行业研究·行业快评 |  | 基础化工 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 杨林 | 010-88005379 | yanglin6@guosen.com.cn | 执证编码：S0980520120002 | | 证券分析师： | 薛聪 | 010-88005107 | xuecong@guosen.com.cn | 执证编码：S0980520120001 | | 证券分析师： | 张歆钰 | 021-60375408 | zhangxinyu4@guosen.com.cn | 执证编码：S0980524080004 | | 证券分析师： | 董丙旭 | 0755-81982570 | dongbingxu@guosen.com.cn | 执证编码：S0980524090002 | 事项： 据央视新闻，2 月 28 日，美以对伊朗全境 24 个省份约 500 个目标实施精准打击。2 月 28 ...