❖ 调整：30 年国债、万得全 A 指数、中证红利全收益指数、恒生科技 指数、科创 50 指数、万得微盘指数、国证 2000 指数； ❖ 震荡：3 年 AAA 中短票、10 年国债、COMEX 黄金、IPE 布油； ❖ 30 年国债原始信号 86.06%，MA5 为 78.05%，模型观点为【调整】；信号 持续【超过 10】个交易日；3 年 AAA 中短票原始信号 44.54%，MA5 为 51.95%，模型观点为【震荡】；信号持续【2】个交易日；10 年国债原始信 号 84.94%，MA5 为 57.90%，模型观点为【震荡】；信号持续【2】个交易 日；2 年国债原始信号 8.02%，MA5 为 14.70%，模型观点为【看多】；信 号持续【超过 10】个交易日；万得全 A 指数原始信号 82.39%，MA5 为 78.87%，模型观点为【调整】，信号持续【5】个交易日；中证红利全收益指 数原始信号 74.71%，MA5 为 76.97%，模型观点为【调整】；信号持续【9】 个交易日；恒生科技指数原始信号 82.16%，MA5 为 83.97%，模型观点为 【调整】；信号持续【10】个交易日；科创 50 指 ...

优化新拓布局结构，持续强化股东回报 绿城管理控股(09979) 证券研究报告 房地产服务 / 公司点评 / 2026.03.31 投资评级:买入(维持) | 基本数据 | 2026-03-31 | | --- | --- | | 收盘价(港元) | 2.13 | | 流通股本(亿股) | 20.00 | | 每股净资产(元) | 1.79 | | 总股本(亿股) | 20.00 | 最近 12 月市场表现 -21% -10% 1% 11% 22% 32% 绿城管理控股 恒生指数 分析师 房诚琦 SAC 证书编号：S0160525090002 fangcq@ctsec.com 分析师 陈思宇 SAC 证书编号：S0160525090008 chensy04@ctsec.com 分析师 何裕佳 SAC 证书编号：S0160525090001 heyj@ctsec.com 相关报告 1. 《代建龙头深耕致远，持续坚守股东回 报》 2025-12-02 核心观点 | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | --- | | [币种Table_FinchinaSi ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 9.491 billion yuan for 2025, representing a year-on-year increase of 53.83%, with a net profit of 705 million yuan, up 52.42% year-on-year [7][8] - The company is experiencing multi-category collaborative growth and deepening global layout, with significant revenue increases across its four main business segments [9][10] - The company is actively promoting digital transformation, although one-time expenses have impacted profit levels [11][12] - The company is expected to continue its growth trajectory with the launch of the world's first AI NAS with a built-in large language model in 2026, which is anticipated to enhance profitability [14] Summary by Sections Financial Performance - For 2025, the company achieved a revenue of 94.91 billion yuan, with a net profit of 7.05 billion yuan, and proposed a cash dividend of 2.49 billion yuan, accounting for 35.33% of net profit [7][8] - The revenue growth rate is projected to be 28.5% in 2024, 53.8% in 2025, and 35.7% in 2026, with net profit growth rates of 19.3%, 52.4%, and 42.5% respectively [6] Business Segments - The charging products segment generated 4.356 billion yuan in revenue for 2025, up 47.28% year-on-year, driven by high-end and intelligent product iterations [9] - The smart storage segment saw a remarkable revenue increase of 213.18% year-on-year, reaching 1.226 billion yuan, supported by the demand for data privacy and self-management [9][10] Cost and Profitability - The company's gross margin for 2025 was 37.01%, a slight decrease of 0.37 percentage points year-on-year, while the net margin was 7.42%, down 0.07 percentage points [12][13] - The sales expense ratio increased due to higher service fees and employee compensation, while the R&D expense ratio rose due to team expansion [11] Future Outlook - The company is expected to maintain a strong growth trajectory with projected net profits of 1 billion yuan in 2026, 1.34 billion yuan in 2027, and 1.72 billion yuan in 2028, corresponding to PE ratios of 29x, 21x, and 17x respectively [14]

海信视像(600060) 证券研究报告 黑色家电 / 公司点评 / 2026.03.31 Miniled 驱动公司稳健增长 投资评级:买入(维持) | 基本数据 | 2026-03-30 | | --- | --- | | 收盘价(元) | 21.19 | | 流通股本(亿股) | 13.00 | | 每股净资产(元) | 16.29 | | 总股本(亿股) | 13.05 | 最近 12 月市场表现 -13% -6% 2% 9% 16% 23% 海信视像 沪深300 分析师 孙谦 SAC 证书编号：S0160525060001 sunqian@ctsec.com 分析师 于雪娇 SAC 证书编号：S0160525080005 yuxj@ctsec.com 分析师 邢瀚文 SAC 证书编号：S0160525050001 xinghw@ctsec.com 相关报告 1. 《海信视像 2025 年中报告总结》 2025-08-29 2. 《深耕"1+4+N"， 质价比&中高端助力 品牌布局》 2025-06-30 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2024A ...

股东回报机制升级，收入业绩符合预期 美的集团(000333) 证券研究报告 白色家电 / 公司点评 / 2026.03.31 投资评级:买入(维持) | 基本数据 | 2026-03-30 | | --- | --- | | 收盘价(元) | 72.10 | | 流通股本(亿股) | 75.03 | | 每股净资产(元) | 29.38 | | 总股本(亿股) | 76.03 | 最近 12 月市场表现 -14% -7% 1% 8% 16% 23% 美的集团 沪深300 分析师 孙谦 SAC 证书编号：S0160525060001 sunqian@ctsec.com 分析师 于雪娇 SAC 证书编号：S0160525080005 yuxj@ctsec.com 相关报告 1. 《科技与效率赋能，穿越周期的价值锚》 2026-01-23 2. 《出口业务高 增，投 资 收益充裕》 2021-05-10 3. 《内外需求 共振， 业绩 拐点向上》 2020-11-16 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2024A | 2025A | 2026E | 2027E ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 18.02 billion RMB for 2025, representing a year-on-year growth of 5.1%, and a net profit attributable to shareholders of 3.97 billion RMB, which is a 10.3% increase year-on-year [7] - The company has shown steady revenue growth, with an increase in gross margin and a reduction in expense ratio. The overall gross margin improved by 2.5 percentage points to 35.5% in 2025 [7] - The company opened 14 new shopping centers and signed contracts for 12 third-party shopping centers in 2025, maintaining a leading position in the industry [7] - The company has a strong commitment to shareholder returns, with a dividend payout ratio of 100% for three consecutive years, distributing a total of 1.73 RMB per share in 2025 [7] - The company is expected to achieve net profits of 4.52 billion RMB and 5.02 billion RMB for 2026 and 2027, respectively, with a projected PE ratio of 19.7 and 17.8 [7] Financial Performance - Revenue projections for the company are as follows: 17.04 billion RMB in 2024, 18.02 billion RMB in 2025, 19.92 billion RMB in 2026, 21.86 billion RMB in 2027, and 23.82 billion RMB in 2028, with growth rates of 15.41%, 5.74%, 10.52%, 9.77%, and 8.95% respectively [6] - The net profit attributable to shareholders is projected to be 3.63 billion RMB in 2024, 3.97 billion RMB in 2025, 4.51 billion RMB in 2026, 5.02 billion RMB in 2027, and 5.52 billion RMB in 2028, with growth rates of 23.92%, 9.36%, 13.74%, 11.17%, and 10.02% respectively [6] - The company’s return on equity (ROE) is expected to increase from 21.96% in 2024 to 35.71% in 2028 [6] Market Performance - The company’s stock price closed at 44.16 HKD on March 30, 2026, with a circulating share capital of 2.282 billion shares [2] - The company’s market performance over the last 12 months showed a decline of 14%, while the Hang Seng Index experienced a decline of 1% [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 5.35 billion RMB in 2025, with a year-on-year growth of 2.6%, and a net profit attributable to shareholders of 715 million RMB, reflecting a year-on-year increase of 23.2% [7] - The company plans to expand its store count, focusing on lower-tier markets, with a total of 819 stores by the end of 2025, including 807 under the "Little Garden" brand [7] - The company has adjusted its pricing strategy, leading to a decrease in same-store sales, while dine-in and takeout revenues have shown steady growth [7] - The company is positioned as a leader in the new Huizhou cuisine sector, emphasizing cost-effective dining options and leveraging its supply chain for rapid expansion [7] Financial Performance - Revenue projections for the company are as follows: 5.21 billion RMB in 2024, 5.35 billion RMB in 2025, 5.51 billion RMB in 2026, 6.33 billion RMB in 2027, and 7.47 billion RMB in 2028 [6] - The net profit attributable to shareholders is expected to be 581 million RMB in 2024, 715 million RMB in 2025, 615 million RMB in 2026, 759 million RMB in 2027, and 909 million RMB in 2028 [6] - The company's earnings per share (EPS) are projected to be 0.56 RMB in 2024, 0.61 RMB in 2025, 0.52 RMB in 2026, 0.65 RMB in 2027, and 0.77 RMB in 2028 [6] - The price-to-earnings (PE) ratio is expected to decrease from 14.95 in 2024 to 8.26 in 2028, indicating improving valuation over time [6] Market Performance - The company's stock has experienced a decline of 26% over the past 12 months, compared to a 5% increase in the Hang Seng Index [4]

股东回报机制升级，收入业绩符合预期 美的集团(000333) 证券研究报告 白色家电 / 公司点评 / 2026.03.31 投资评级:买入(维持) | 基本数据 | 2026-03-30 | | --- | --- | | 收盘价(元) | 72.10 | | 流通股本(亿股) | 75.03 | | 每股净资产(元) | 29.38 | | 总股本(亿股) | 76.03 | 最近 12 月市场表现 -14% -7% 1% 8% 16% 23% 美的集团 沪深300 分析师 孙谦 SAC 证书编号：S0160525060001 sunqian@ctsec.com 分析师 于雪娇 SAC 证书编号：S0160525080005 yuxj@ctsec.com 相关报告 1. 《科技与效率赋能，穿越周期的价值锚》 2026-01-23 2. 《出口业务高 增，投 资 收益充裕》 2021-05-10 3. 《内外需求 共振， 业绩 拐点向上》 2020-11-16 ❖ 事件：2026 年 3 月 30 日，公司发布 2025 年业绩公告。公司 2025 年实现 营业收入 4585.02 亿元，同比+12.08% ...

从 AI 芯片到算力工厂，生态壁垒持续巩固 英伟达(NVDA) 证券研究报告 电子 / 公司深度研究报告 / 2026.03.30 | 投资评级:增持(首次) | | | --- | --- | | 基本数据 | 2026-03-30 | | 收盘价(美元) | 167.52 | | 流通股本(亿股) | 243.00 | | 每股净资产(美元) | 6.47 | | 总股本(亿股) | 243.00 | 分析师 郝艳辉 SAC 证书编号：S0160525080001 haoyh@ctsec.com 分析师 景柄维 SAC 证书编号：S0160525090009 jingbw@ctsec.com 相关报告 核心观点 盈利预测 | [币种Table_FinchinaSimple] (美元) | 2025A | 2026A | 2027E | 2028E | 2029E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万) | 130497 | 215938 | 357529 | 465754 | 547009 | | 收入增长率(%) | 114% | 65% | ...

Core Insights - The report highlights the ongoing geopolitical conflicts and their impact on capital markets, particularly the volatility in the A-share market and the upcoming earnings disclosure period [2][5] - It discusses the potential outcomes of the Iran conflict, suggesting that military results may emerge in April, which could affect market risk preferences [2][5] - The report anticipates strong performance in sectors with high economic momentum, including non-bank financials, chemicals, and telecommunications, while also identifying recovery sectors such as home appliances and retail [6] Industry Overview - The report categorizes industries based on their economic momentum, identifying expansionary sectors like non-bank financials, chemicals, and telecommunications, and recovery sectors including home appliances, food and beverage, and retail [6] - It notes that the chemical sector benefits from rising upstream energy prices, while the coal sector is seeing improved supply-demand dynamics [6] - The consumer chain is expected to recover gradually, with food and beverage production showing year-on-year growth, and home appliances benefiting from overseas inventory replenishment [6] Investment Strategy - The report recommends a "HALO PLUS" strategy, focusing on defensive investments in high cash flow and low correlation sectors, such as coal and utilities, while also targeting growth sectors with low competition and sensitivity to interest rates [6] - It emphasizes the importance of maintaining a balanced portfolio to hedge against macroeconomic volatility [6] Stock Recommendations - The report lists ten recommended stocks, including TCL Electronics, Anjuke Food, Muyuan Foods, and Tencent Holdings, highlighting their growth potential and market positioning [3][4]