证券研究报告 电力设备 | 电池 北交所|首次覆盖报告 hyzqdatemark 2026 年 02 月 27 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | 2026 | 年 | 02 | 月 26 | 日 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 107.79 | | | | | | | | 内 | / | | | | | | 最 | | 低 | 最 | 高 | | | | | | | 142.65/96.00 | | | | | | | | | | | | | 7,774.17 | | | | | | | | 流通市值（百万元） | | | | | 1,552.18 | | | | | | | | 总股本（百万股） | | | | | 72.12 | ...

Group 1: Construction and Building Materials - The report emphasizes the importance of monitoring the resumption of work after the holiday, with expectations for a strong start in Q1 2026, driven by the release of projects and investment growth [2][7] - Historical analysis of previous five-year plans indicates that infrastructure investment typically shows a pattern of "high at the beginning, stable later," with the first half of the "14th Five-Year Plan" demonstrating this clearly [2][7] - In Q4 2025, Honglu Steel Construction achieved a production volume of 1.41 million tons, a year-on-year increase of 11.94%, indicating a significant return on the past three years of investment in automation [8] Group 2: Non-Banking Financial Institutions - China Life Insurance reported a 54.8% year-on-year increase in revenue and a 91.5% increase in net profit for Q3, reaching 298.7 billion yuan and 126.9 billion yuan respectively [12][13] - The company’s new business value (NBV) grew by 41.8% year-on-year, reflecting strong sales performance and improved sales capabilities [14][15] - The total investment return rate increased by 104 basis points to 6.42%, attributed to a rise in equity investments and successful participation in market opportunities [15] Group 3: Hong Kong Stock Exchange - The Hong Kong Stock Exchange reported a 37% year-on-year increase in revenue and a 45% increase in net profit for the first three quarters of 2025, reaching 21.9 billion HKD and 13.4 billion HKD respectively [19][20] - The average daily trading amount (ADT) for stock securities products increased by 150% year-on-year, indicating strong market activity [20] - The exchange continues to implement strategic measures to enhance market vitality, including the introduction of new trading facilities and adjustments to trading fees [21][22] Group 4: Basic Chemicals - Sanyou Chemical is expected to achieve a net profit of approximately 0.91 billion yuan in 2025, a decline of 82% year-on-year due to falling prices of soda ash, caustic soda, and organic silicon [26][27] - The report highlights the potential recovery in the viscose staple fiber industry, with no new capacity added in recent years and a significant increase in profitability expected from price increases [27][28] - The report suggests that the profitability of soda ash and caustic soda may have bottomed out, with market dynamics indicating a potential recovery in the future [29][30] Group 5: Transportation and Logistics - Hongchuan Wisdom is expected to report a net loss of 4.4 to 4.7 billion yuan in 2025, reflecting challenges in the chemical storage business due to decreased demand [31][32] - The chemical industry is showing signs of recovery, with increased production activity and improved demand expected to enhance profitability in the future [33] - The company is positioned as a leader in chemical storage, with ongoing capacity expansion through self-built and acquired facilities [34]

证券研究报告 非银金融 | 保险Ⅱ 港股|首次覆盖报告 hyzqdatemark 2026 年 02 月 26 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 沈晨 SAC：S1350525090002 shenchen@huayuanstock.com 市场表现： | 基本数据 | 2026 年 | 02 | 月 | 25 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 71.15 | | 一年内最高/最低（港 | | | 74.70/39.60 | | | | 元） | | | | | | | 总市值（百万港元） | | | 1,288,358.73 | | | | 流通市值（百万港元） | | | | 529,895.10 | | | 资产负债率（%） | | | | | 89.94 | | 资料来源：聚源数据 | | | | | | 中国平安(02318.HK) 投资评级： 买入（首次） ——利润数据大幅增长，寿险 NBV 持续高增 投资要点： 联系人 事 ...

葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 熊宇翔 xiongyuxiang@huayuanstock.com 证券研究报告 电子 | 半导体 非金融|首次覆盖报告 hyzqdatemark 2026 年 02 月 26 日 证券分析师 | 基本数据 | | | | 年 | 月 25 日 | | | 2026 | | | 02 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 101.30 | | | | | | | 一 | 最 | 高 | 年 内 | | | | 低 | | / | 最 | | | （元） | | | | | 114.50/32.71 | | | | | | | | 总市值（百万元） | | | | ...

证券研究报告 公用事业 | 燃气Ⅱ 港股|首次覆盖报告 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 豆鹏超 doupengchao@huayuanstock.com 秦雨茁 qinyuzhuo@huayuanstock.com | 基本数据 | 年 | 02 | 月 24 | 日 | 2026 | | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | 8.35 | | | | | 一年内最高/最低（港 | | | 8.48/6.80 | | | | | 元） | | | | | | | | 总市值（百万港元） | | | 72,300.99 | | | | | 流通市值（百万港元） | | | 72,300.99 | | | | | 资产负债率（%） | | | | | | ...

证券研究报告 非银金融 | 保险Ⅱ 港股|首次覆盖报告 hyzqdatemark 2026 年 02 月 26 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 沈晨 SAC：S1350525090002 shenchen@huayuanstock.com 市场表现： | 基本数据 | 2026 | 年 | 02 月 日 | 23 | | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 34.58 | | 一年内最高/最低（港 | | | 36.16/12.38 | | | | 元） | | | | | | | 总市值（百万港元） | | | | 977,393.50 | | | 流通市值（百万港元） | | | | 257,315.83 | | | 资产负债率（%） | | | | | 91.39 | | 资料来源：聚源数据 | | | | | | 中国人寿(02628.HK) 联系人 点评： 1、从财务指标来看： 3、投资业务：投资收益率同比提升 104bp A、 中国人寿 ...

证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2026 年 02 月 26 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 关注节后开复工情况，继续推荐鸿路钢构 投资评级： 看好（维持） ——建筑装饰行业周报（20260209-20260215） 投资要点： 本周观点： 联系人 积极关注节后开复工节奏，2026Q1 有望迎来"开门红"。复盘历次"五年规划"周期， 基建投资普遍呈现"前高后稳"的阶段性特征，"十三五""十四五"周期表现尤为清晰 ——前半段项目集中落地、投资增速处于相对高位，后半段节奏趋稳。2026 年作为"十 五五"开局之年，在规划密集落地与项目储备释放背景下，投资节奏有望重新进入抬升阶 ...

Investment Rating - The report assigns a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) as a first coverage [4]. Core Insights - The report highlights that Hong Kong Exchanges and Clearing Limited experienced a significant increase in revenue and net profit for the first three quarters of 2025, with revenue and net profit growing by 37% and 45% year-on-year, reaching HKD 21.9 billion and HKD 13.4 billion respectively [4]. - The EBITDA margin improved by 5 percentage points to 79% due to scale effects, with Q3 alone showing an 8% and 10% quarter-on-quarter growth in revenue and net profit [4]. - The report emphasizes the strong performance in spot trading and stock options, with average daily trading amounts (ADT) for stock securities products increasing by 150% year-on-year to HKD 267.9 billion in Q3 [5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the revenue from spot trading increased by 75% year-on-year to HKD 111 billion, accounting for 51% of total revenue [5]. - The average daily trading amount for southbound and northbound trading increased by 285% and 144% respectively, contributing to the overall growth in trading volume [5]. - The financial derivatives segment saw a decline in average daily contract volume by 7% year-on-year, while stock options trading increased by 30% [5]. Strategic Initiatives - Hong Kong Exchanges and Clearing Limited has implemented several strategic measures, including the launch of LME-approved warehousing facilities and adjustments to minimum price fluctuations in the securities market [6][7]. - The company is also focusing on enhancing market vitality and technological empowerment, with plans to shorten the settlement cycle for the cash market [6][7]. IPO Contributions - In the first three quarters of 2025, there were 69 successful IPOs on the Hong Kong Exchange, raising a total of HKD 188.3 billion, marking the highest level since 2022 [8]. - The report notes that internet and technology stocks were the main contributors to trading volume, with the top ten stocks accounting for 30% of the total market ADT [8]. Profit Forecast and Valuation - The report projects that the net profit for Hong Kong Exchanges and Clearing Limited will reach HKD 17.9 billion, HKD 20.3 billion, and HKD 22.1 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 37.5%, 13.1%, and 9.0% [9]. - The current price-to-earnings (P/E) ratios are forecasted to be 29.1, 25.7, and 23.6 for the years 2025, 2026, and 2027 [9].

证券研究报告 交通运输 | 物流 非金融|首次覆盖报告 hyzqdatemark 2026 年 02 月 25 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 高树根 gaoshugen@huayuanstock.com 市场表现： | 基本数据 | | 2026 | 年 | 02 | 月 24 | 日 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 12.90 | | | 一 年 内 最 / 最 | 高 | 低 | | | | | | （元） | | | | | 13.35/9.00 | | | 总市值（百万元） | | | | | 5,901.62 | | | ...

证券研究报告 晨会 hyzqdatemark 2026 年 02 月 25 日 投资要点： | 市场数据 指数名称 | 收盘价 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | | 上证指数 | 4,147.23 | 0.72% | 3.08% | | 创业板指 | 3,354.82 | 1.41% | 1.83% | | 沪深 300 | 4,735.89 | 0.60% | 0.38% | | 中证 1000 | 8,426.33 | 1.52% | 8.67% | | 科创 50 | 1,473.28 | 0.54% | 4.98% | | 北证 50 | 1,547.20 | 0.77% | 5.51% | 资料来源：聚源，华源证券研究所，截至2026年02月25日 华源晨会精粹 20260225 固定收益 25Q4 保险公司资金运用有何变化？根据国家金融监督管理总局数据，截 至 25Q4，保险公司资金运用余额共计 38.48 万亿元，较 25Q3 增长 2.71%。截至 25Q4 险资（财产险及人身险公司，下同）债券投资余额同比增长 17.43%，其中 25Q4 单季 ...