商务部启动自贸协定实施系列宣介活动 2025 年 06 月 11 日 证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250611 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 薛路熹 执业证书：S0600123070027 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 相关研究 《中办、国办印发<关于完善中国特色 现代企业制度的意见>》 2025-06-06 《证监会发布修改后的<上市公司重 大资产重组管理办法>，深化并购重组 市场改革》 2025-06-05 东吴证券研究所 1/8 请务必阅读正文之后的免责声明部分 [Table_Tag] 北交所定期报告 内容目录 | 1. 资本市场新闻 | | --- | | 2. 行业新闻 | | 3. 市场表现 | | ...

证券研究报告 【AI金融新纪元】系列报告（四） ——金融与AI融合持续深化 证券分析师 ：孙婷 执业证书编号：S0600524120001 联系邮箱：sut@dwzq.com.cn 证券分析师 ：武欣姝 执业证书编号：S0600524060001 联系邮箱：wuxs@dwzq.com.cn 二零二五年六月十一日 引言：IT电子化→互联网金融→AI金融，金融与科技融合持续深化 2004年之前 2004年-2010年 2010年-2022年 2023年-至今 ⚫ 中国金融与技术的融合始于20 世纪80年代，互联网及数字技 术出现，传统金融机构受到提 高工作效率等需求推动，开始 通过传统IT软硬件实现办公自 动化、电子化，实现业务升级。 IT部门、银行卡、ATM、证券 交易所等线下部门快速普及。 ⚫ 互联网在中国迅速发展，2008 年牛市下PC端金融网络门户 兴起，新浪、搜狐、网易等传 统门户财经频道日益成熟，和 讯网、金融界、证券之星等垂 直财经网址厚积薄发。但是受 限于时代条件，互联网金融领 域仍处于起步阶段。东方财富 后来居上，成为该阶段的集大 成者。 ⚫ 2009年移动应用市场兴起， 财经类移动APP开始出 ...

证券研究报告 【AI金融新纪元】系列报告（四） ——金融与AI融合持续深化 证券分析师 ：孙婷 执业证书编号：S0600524120001 联系邮箱：sut@dwzq.com.cn 证券分析师 ：武欣姝 执业证书编号：S0600524060001 联系邮箱：wuxs@dwzq.com.cn 二零二五年六月十一日 引言：IT电子化→互联网金融→AI金融，金融与科技融合持续深化 2004年之前 2004年-2010年 2010年-2022年 2023年-至今 ⚫ 中国金融与技术的融合始于20 世纪80年代，互联网及数字技 术出现，传统金融机构受到提 高工作效率等需求推动，开始 通过传统IT软硬件实现办公自 动化、电子化，实现业务升级。 IT部门、银行卡、ATM、证券 交易所等线下部门快速普及。 ⚫ 互联网在中国迅速发展，2008 年牛市下PC端金融网络门户 兴起，新浪、搜狐、网易等传 统门户财经频道日益成熟，和 讯网、金融界、证券之星等垂 直财经网址厚积薄发。但是受 限于时代条件，互联网金融领 域仍处于起步阶段。东方财富 后来居上，成为该阶段的集大 成者。 ⚫ 2009年移动应用市场兴起， 财经类移动APP开始出 ...

证券研究报告·行业月报·非银金融 东吴金融 财富管理月报（2025/05） 基金日均成交额及换手率环比双降，新发基 金规模持续下降 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 06 月 11 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 武欣姝 执业证书：S0600524060001 wuxs@dwzq.com.cn 行业走势 -11% -4% 3% 10% 17% 24% 31% 38% 45% 52% 59% 2024/6/11 2024/10/10 2025/2/8 2025/6/9 非银金融 沪深300 相关研究 《基本面持续转好，估值低位，期待 政策催化》 2025-06-08 《权益 ETF 系列：寻觅合适时机，成 长风格已然启动。》 2025-06-07 东吴证券研究所 1 / 16 请务必阅读正文之后的免责声明部分 ◼ 2025 年 5 月，基金指数净值整体波动上升，各类型基金收益高于债券 型指数型。 ◼ 2025 年 5 月，股票型 ETF 基金资金净流入 1,686 亿元，现存总 ...

证券研究报告·行业研究·机械设备 掘金中东：油服设备出海机遇推荐&强推杰瑞股份纽威股份 首席证券分析师：周尔双 执业证书编号：S0600515110002 zhouersh@dwzq.com.cn 请务必阅读正文之后的免责声明部分 2025 年 6 月 11 日 核心观点 2 ◆ "一带一路"合作深化，中东油服市场空间广阔。中国对外主要投资&建设项目聚焦于在能源、交通基建、金 属等板块，集中于"一带一路"国家。 2020-2024年中国对外能源行业投资建设项目达1680亿美元，其中沙特阿 拉伯、伊拉克、阿联酋、科威特、卡塔尔、安哥拉（非洲）6国能源行业投资&建设项目累计达502.8亿美元，其 中主要的油气项目为291.5亿美元，且呈逐年上升趋势。根据Techsci Research，中东油服市场规模为千亿美元级， 油服设备市场至少为百亿美元级。中国油服设备公司目前在中东尚处于起步阶段，市场份额占比较低，具备高 度成长性受行业β影响较小。 ◆ 杰瑞vs纽威不同点：产品模式&商业模式不同导致收入确认节奏&客户导入速度有所差异。（1）产品模式：杰 瑞股份的主要业务分为两类：①设备类：以成套高端装备为主，非标属性强， ...

证券研究报告·行业月报·非银金融 东吴金融 财富管理月报（2025/05） 基金日均成交额及换手率环比双降，新发基 金规模持续下降 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 06 月 11 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 武欣姝 执业证书：S0600524060001 wuxs@dwzq.com.cn 东吴证券研究所 1 / 16 请务必阅读正文之后的免责声明部分 行业走势 -11% -4% 3% 10% 17% 24% 31% 38% 45% 52% 59% 2024/6/11 2024/10/10 2025/2/8 2025/6/9 非银金融 沪深300 相关研究 《基本面持续转好，估值低位，期待 政策催化》 2025-06-08 《权益 ETF 系列：寻觅合适时机，成 长风格已然启动。》 2025-06-07 ◼ 2025 年 5 月，基金指数净值整体波动上升，各类型基金收益高于债券 型指数型。 ◼ 2025 年 5 月，股票型 ETF 基金资金净流入 1,686 亿元，现存总 ...

证券研究报告·行业研究·机械设备 掘金中东：油服设备出海机遇推荐&强推杰瑞股份纽威股份 首席证券分析师：周尔双 执业证书编号：S0600515110002 zhouersh@dwzq.com.cn 请务必阅读正文之后的免责声明部分 2025 年 6 月 11 日 核心观点 2 ◆ "一带一路"合作深化，中东油服市场空间广阔。中国对外主要投资&建设项目聚焦于在能源、交通基建、金 属等板块，集中于"一带一路"国家。 2020-2024年中国对外能源行业投资建设项目达1680亿美元，其中沙特阿 拉伯、伊拉克、阿联酋、科威特、卡塔尔、安哥拉（非洲）6国能源行业投资&建设项目累计达502.8亿美元，其 中主要的油气项目为291.5亿美元，且呈逐年上升趋势。根据Techsci Research，中东油服市场规模为千亿美元级， 油服设备市场至少为百亿美元级。中国油服设备公司目前在中东尚处于起步阶段，市场份额占比较低，具备高 度成长性受行业β影响较小。 ◆ 杰瑞vs纽威不同点：产品模式&商业模式不同导致收入确认节奏&客户导入速度有所差异。（1）产品模式：杰 瑞股份的主要业务分为两类：①设备类：以成套高端装备为主，非标属性强， ...

Investment Rating - The report recommends "Fuyao Glass" as a leading player in the global automotive glass industry [64]. Core Viewpoints - The European automotive glass market is experiencing low and stable growth, with the market size projected to increase from 17.936 billion yuan in 2024 to 22.924 billion yuan by 2030, reflecting a compound annual growth rate (CAGR) of approximately 4.2% [2][9]. - Fuyao Glass is expected to continue increasing its market share in Europe due to its focus on the automotive glass sector, superior profitability compared to competitors, and a strategic production model that combines Chinese manufacturing with European value-added processing [2][30]. - The competitive landscape in the European automotive glass market is highly concentrated, with major players like Saint-Gobain, Asahi Glass, and Fuyao Glass holding significant market shares [14][19]. Market Size Summary - The European automotive glass market is projected to grow steadily, with the overall market size (OEM + AM) expected to reach 22.924 billion yuan by 2030 [2][9]. - The OEM market size is anticipated to grow from 14.494 billion yuan in 2024 to 18.372 billion yuan by 2030, while the AM market is expected to increase from 3.442 billion yuan to 4.552 billion yuan during the same period [9][62]. Competitive Landscape Summary - The European automotive glass market is characterized by high concentration, with the top three players (CR3) accounting for 81% of the market share [14][19]. - Fuyao Glass's market share in Europe is projected to rise from approximately 21% in 2024 to 40% in the OEM market by 2027, driven by new production capacity and a focus on high-value products [62][60]. - Competitors like Saint-Gobain and Asahi Glass are currently in low-profitability states and lack significant expansion intentions, focusing instead on improving profitability [45][58]. Investment Recommendations - Fuyao Glass is actively expanding its boundaries in the automotive glass sector, enhancing its research on smart glass and integrated trends, and continuously advancing its aluminum trim business to increase the value per vehicle [67]. - The company is expected to maintain a trend of increasing global market share, leveraging its competitive advantages in quality and cost-effectiveness to capture more market share from overseas competitors [67].

Macro Strategy - The report highlights that the merger and acquisition (M&A) market is entering a "fast lane," driven by favorable macroeconomic conditions and supportive policies, similar to the period from 2013 to 2015 [1][17][18] - The current macroeconomic environment is characterized by loose liquidity, which is conducive to M&A activities aimed at enhancing production efficiency and optimizing resource allocation [1][17] - The report notes that the focus of M&A activities is shifting towards emerging technology sectors, with significant advancements in AI, robotics, and smart driving technologies [1][17] Industry Insights - The report indicates that the current M&A wave is primarily led by state-owned enterprises, which accounted for 50% of completed projects in 2025, reflecting a strategic focus on key industries and sectors [1][17] - It emphasizes that the new M&A policies are designed to encourage high-value industries, particularly in technology, to foster innovation and industry upgrades [1][17] - The report suggests that the ongoing economic transformation necessitates M&A as a means to balance supply and demand, ultimately guiding the economy towards high-quality development [1][17] Company Recommendations - Lin Yang Energy is recommended for its stable expansion across three major business areas, benefiting from the tight electricity supply-demand balance in Hebei province [13][14] - Chipone Technology is highlighted for its leadership in ASIC chip customization, with a strong focus on AIGC and smart driving strategies, supported by a robust technology ecosystem [13][15] - Tai Ling Microelectronics is recognized for its innovative low-power wireless IoT chips, which are gaining traction in various high-value applications, positioning the company as a key player in the domestic market [13][15] - Huadong Medicine is noted for its innovative transformation, with new products expected to contribute to performance growth as the impact of previous generic drug policies diminishes [13][16]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is expected to see a significant increase in free cash flow by 2025, with a strong potential for dividend growth. The performance of its cement business is stabilizing, and the value of its equity is anticipated to be reassessed [1]. Summary by Sections 1. Cash Flow Turning Positive, High Dividend Potential - The company focuses on waste-to-energy projects and indirectly holds a 17.8% stake in Conch Cement. As of the end of 2024, the company’s net profit attributable to shareholders is projected at 2.02 billion yuan, a decrease of 18.03% year-on-year [8][14]. - Operating cash flow is expected to increase to 2.02 billion yuan in 2024, with capital expenditures decreasing significantly from 6.91 billion yuan in 2021 to 2.83 billion yuan in 2024 [8][31]. - The dividend payout for 2024 is projected at 657 million yuan, a 100% increase, with a dividend ratio of 32.51% [8][37]. 2. Strong Cost of Capital & Operational Efficiency, Profitable Small-scale Projects - The company has a financing cost of 2.51%, the lowest in its industry, and a capacity utilization rate of 111%, ranking second among peers [8][52]. - The company’s waste-to-energy projects are primarily located in small to medium-sized cities, with a focus on smaller-scale projects that have proven to be profitable [8][41]. 3. Cement Business Stabilizing, Equity Value Awaiting Reassessment - The cement business is showing signs of stabilization, with a projected net profit of 800 million yuan in 2025, leading to a valuation of 6.4 billion yuan based on a PE ratio of 8 [8][14]. - The current market value of the company is 15.4 billion yuan, indicating a significant discount on the value of its stake in Conch Cement, which is estimated at 17.2 billion yuan [8][14]. 4. Energy Efficiency Improvements and Revenue Growth - The company’s average electricity generation per ton of waste processed has increased to 279 kWh/ton, with a compound annual growth rate of 3% from 2018 to 2024 [8][62]. - The external steam supply has surged by 561% in 2024, indicating substantial potential for revenue growth through heat supply [8][63].